# EDGAR Filing Document

**Accession Number:** 0001516212
**File Stem:** 0001193125-23-064060
**Filing Date:** 2023-3
**Character Count:** 1396715
**Document Hash:** d7ee7321d50bd51f14ef4450c4d694f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064060.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064060

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SSGA Active Trust
- **CENTRAL INDEX KEY:** 0001516212
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22542
- **FILM NUMBER:** 23715225

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 617-664-1465

**MAIL ADDRESS:**
- **STREET 1:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SSgA Active Trust
- **DATE OF NAME CHANGE:** 20141208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SSgA Active ETF Trust
- **DATE OF NAME CHANGE:** 20110322

## Series and Classes Contracts Data

### SPDR SSGA Multi-Asset Real Return ETF (Series ID: S000033059)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000101916 | SPDR SSGA Multi-Asset Real Return ETF | RLY             |

### SPDR SSGA Income Allocation ETF (Series ID: S000033060)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000101917 | SPDR SSGA Income Allocation ETF | INKM            |

### SPDR SSGA Global Allocation ETF (Series ID: S000033062)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000101919 | SPDR SSGA Global Allocation ETF | GAL             |

### SPDR Blackstone Senior Loan ETF (Series ID: S000033064)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000101921 | SPDR Blackstone Senior Loan ETF | SRLN            |

### SPDR SSGA Ultra Short Term Bond ETF (Series ID: S000038607)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000119098 | SPDR SSGA Ultra Short Term Bond ETF | ULST            |

### SPDR DoubleLine Total Return Tactical ETF (Series ID: S000046314)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000144728 | SPDR DoubleLine Total Return Tactical ETF | TOTL            |

### SPDR DoubleLine Short Duration Total Return Tactical ETF (Series ID: S000052162)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000164160 | SPDR DoubleLine Short Duration Total Return Tactical ETF | STOT            |

### SPDR DoubleLine Emerging Markets Fixed Income ETF (Series ID: S000052163)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000164161 | SPDR DoubleLine Emerging Markets Fixed Income ETF | EMTL            |

### SPDR(R) SSGA US Sector Rotation ETF (Series ID: S000054091)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000170017 | SPDR(R) SSGA US Sector Rotation ETF | XLSR            |

### SPDR SSGA Fixed Income Sector Rotation ETF (Series ID: S000055185)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000173571 | SPDR SSGA Fixed Income Sector Rotation ETF | FISR            |

### SPDR Nuveen Municipal Bond ETF (Series ID: S000070917)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000225200 | SPDR Nuveen Municipal Bond ETF | MBND            |

### SPDR Loomis Sayles Opportunistic Bond ETF (Series ID: S000072972)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000229692 | SPDR Loomis Sayles Opportunistic Bond ETF | OBND            |

### SPDR(R) Nuveen Municipal Bond ESG ETF (Series ID: S000074034)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000231369 | SPDR(R) Nuveen Municipal Bond ESG ETF | MBNE            |

### SPDR(R) Blackstone High Income ETF (Series ID: S000075269)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000234159 | SPDR(R) Blackstone High Income ETF | HYBL            |

------

------

**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 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, 2022** 

------

**<u>Item 1. Reports to Shareholders.</u>**

(a) The Reports to Shareholders are attached herewith.

------

## Semi-Annual Report
December 31, 2022

## SSGA Active Trust

---

| |
|:---|
| SPDR SSGA Multi-Asset Real Return ETF |
| SPDR SSGA Income Allocation ETF |
| SPDR SSGA Global Allocation ETF |
| SPDR SSGA Ultra Short Term Bond ETF |
| SPDR Loomis Sayles Opportunistic Bond ETF |
| SPDR Nuveen Municipal Bond ETF |
| SPDR Nuveen Municipal Bond ESG ETF |
| SPDR SSGA Fixed Income Sector Rotation ETF |
| SPDR SSGA US Sector Rotation ETF |
| SPDR DoubleLine Emerging Markets Fixed Income ETF |
| SPDR DoubleLine Short Duration Total Return Tactical ETF |
| SPDR DoubleLine Total Return Tactical ETF |

---

**The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting *https://www.ssga.com/spdrs*. Please read the prospectus carefully before you invest.**<br> ![](g422341img9496f4411.jpg)

------

**TABLE OF CONTENTS** (Unaudited)

---

| | |
|:---|:---|
| **[Portfolio Statistics (Unaudited)](#xx_f5ffc414-31dd-427f-935e-63817d71dd8c_2)** |  |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Multi-Asset Real Return ETF (RLY)](#xx_f5ffc414-31dd-427f-935e-63817d71dd8c_2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Income Allocation ETF (INKM)](#xx_fbeead37-7215-4a51-b947-cea97f6eb512_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Global Allocation ETF (GAL)](#xx_1a429eaa-0ae7-4aa6-ad49-de8e29a2107c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Ultra Short Term Bond ETF (ULST)](#xx_93265d4a-1bd4-4082-aa8f-10e08ba4dbc2_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; [SPDR Loomis Sayles Opportunistic Bond ETF (OBND)](#xx_d3301f05-1184-48a9-96db-a58e94e0db06_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; [SPDR Nuveen Municipal Bond ETF (MBND)](#xx_27f32439-b525-43f4-80dc-eb0f5dbdf057_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; [SPDR Nuveen Municipal Bond ESG ETF (MBNE)](#xx_d02e0df3-2e45-4827-8816-955103d6511f_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Fixed Income Sector Rotation ETF (FISR)](#xx_081a68d2-53a7-4afc-8b26-45bb1cf6c2b3_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA US Sector Rotation ETF (XLSR)](#xx_1a063d5c-33e1-46b1-9774-c9fd8d188fe6_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)](#xx_faef65bc-e47c-487b-8f7a-28dd7faa044f_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)](#xx_41d582a3-a94a-4e57-9d2b-374afcef80cb_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Total Return Tactical ETF (TOTL)](#xx_d2727b12-e59b-4cba-81b5-846fc0c03694_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| **[Schedules of Investments (Unaudited)](#xx_eff7c683-c60a-4963-b29a-57d06e0866c4_1)** |  |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Multi-Asset Real Return ETF (RLY)](#xx_eff7c683-c60a-4963-b29a-57d06e0866c4_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Income Allocation ETF (INKM)](#xx_a3386d35-7947-44ea-9ea2-7860f23c917a_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Global Allocation ETF (GAL)](#xx_97a927dd-484c-4efe-9e60-b0b62bc5387e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Ultra Short Term Bond ETF (ULST)](#xx_3c1bacf2-4679-4d85-b47b-1ed844019537_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp; [SPDR Loomis Sayles Opportunistic Bond ETF (OBND)](#xx_327474a6-c636-42b9-ad4c-5978664690d8_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp; [SPDR Nuveen Municipal Bond ETF (MBND)](#xx_bab630d0-08f4-491c-9b0b-d926da98dd41_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp; [SPDR Nuveen Municipal Bond ESG ETF (MBNE)](#xx_cb1918c6-1d3c-470d-ad62-556e4e03311c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA Fixed Income Sector Rotation ETF (FISR)](#xx_ec7528e0-b6c6-4f48-89cd-03f411c8428d_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp; [SPDR SSGA US Sector Rotation ETF (XLSR)](#xx_093e6434-cd79-4ba1-bec9-70fa9137e1de_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)](#xx_4389f5dc-147a-4c5a-9137-0e578030af84_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)](#xx_81eeabf9-67ba-4c49-9b8f-bba84ba250ca_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp; [SPDR DoubleLine Total Return Tactical ETF (TOTL)](#xx_d792b444-8b5f-483c-9991-0655420c5ead_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| **[Financial Statements (Unaudited)](#xx_88cb0c43-e422-4584-a0dc-c8fcd449fd55_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| **[Financial Highlights (Unaudited)](#xx_ff1e8e04-efad-48e3-a7c2-7e96dc44c9da_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| **[Notes to Financial Statements (Unaudited)](#xx_d173d874-d696-49d9-9385-cad98a4e5071_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| **[Other Information (Unaudited)](#xx_128bfa40-fa89-4c46-9ed2-464b8d3bc136_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;144 |

---

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

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

[This Page Intentionally Left Blank]

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA Multi-Asset Real Return ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

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

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;29.6% |
| &nbsp;&nbsp;International Equity | &nbsp;&nbsp;&nbsp;&nbsp;25.2 |
| &nbsp;&nbsp;Commodities | &nbsp;&nbsp;&nbsp;&nbsp;21.7 |
| &nbsp;&nbsp;Inflation Linked | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;Domestic Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;International Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(7.1) |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA Income Allocation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

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

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Domestic Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;42.3% |
| &nbsp;&nbsp;International Equity | &nbsp;&nbsp;&nbsp;&nbsp;20.9 |
| &nbsp;&nbsp;International Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;17.1 |
| &nbsp;&nbsp;Domestic Equity | &nbsp;&nbsp;&nbsp;&nbsp;14.5 |
| &nbsp;&nbsp;Inflation Linked | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(7.8) |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA Global Allocation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Portfolio Developed World ex-US ETF | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;13.0 |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;SPDR Bloomberg 1-10 Year TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Vanguard FTSE Pacific ETF | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;54.9% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;International Equity | &nbsp;&nbsp;&nbsp;&nbsp;35.9% |
| &nbsp;&nbsp;Domestic Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;23.5 |
| &nbsp;&nbsp;Domestic Equity | &nbsp;&nbsp;&nbsp;&nbsp;22.0 |
| &nbsp;&nbsp;International Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Inflation Linked | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Commodities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;21.5 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;(19.0) |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA Ultra Short Term Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;U.S. Treasury Bill<br> Zero Coupon, 1/10/2023 | &nbsp;&nbsp;15.6% |
| &nbsp;&nbsp;U.S. Treasury Bill<br> Zero Coupon, 1/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;U.S. Treasury Notes<br> 0.25% 9/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust ABS<br> 4.82% 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust<br> 2.44% 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;33.3% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;51.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;29.3 |
| &nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR Loomis Sayles Opportunistic Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;OneMain Direct Auto Receivables Trust ABS<br> 0.87% 7/14/2028 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Credit Suisse AG<br> 4.75% 8/9/2024 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;UniCredit SpA<br> 7.30% 4/2/2034 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;HSBC Holdings PLC<br> 8.11% 11/3/2033 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;HSBC Holdings PLC<br> 4.18% 12/9/2025 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;7.1% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Industry Breakdown as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;20.1 |
| &nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Investment Company Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Health Care Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Advertising | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Health Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Machinery, Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Miscellaneous Manufacturer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR Loomis Sayles Opportunistic Bond ETF

Portfolio Statistics (Unaudited) (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR Nuveen Municipal Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

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

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Municipal Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;92.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR Nuveen Municipal Bond ESG ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

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

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Municipal Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;93.2% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA Fixed Income Sector Rotation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Portfolio Mortgage Backed Bond ETF | &nbsp;&nbsp;29.5% |
| &nbsp;&nbsp;SPDR Portfolio Intermediate Term Treasury ETF | &nbsp;&nbsp;28.9 |
| &nbsp;&nbsp;SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;SPDR Portfolio Long Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;94.3% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Domestic Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;99.8% |
| &nbsp;&nbsp;Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;18.2 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;(18.0) |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR SSGA US Sector Rotation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;The Financial Select Sector SPDR Fund | &nbsp;&nbsp;20.8% |
| &nbsp;&nbsp;The Technology Select Sector SPDR Fund | &nbsp;&nbsp;18.2 |
| &nbsp;&nbsp;The Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;The Health Care Select Sector SPDR Fund | &nbsp;&nbsp;15.1 |
| &nbsp;&nbsp;The Industrial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;79.2% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Domestic Equity | &nbsp;&nbsp;&nbsp;&nbsp;99.6% |
| &nbsp;&nbsp;Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;26.6 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;(26.2) |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR DoubleLine Emerging Markets Fixed Income ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Minejesa Capital B.V.<br> 5.63% 8/10/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd.<br> 2.16% 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Chile Electricity PEC SpA<br> Zero Coupon, 1/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Temasek Financial I Ltd.<br> 1.00% 10/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Dominican Republic International Bond<br> 4.88% 9/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;13.1% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Portfolio Composition as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;69.3% |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;29.1 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |

---

(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR DoubleLine Short Duration Total Return Tactical ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;U.S. Treasury Bill<br> 4.12% 2/9/2023 | &nbsp;&nbsp;17.2% |
| &nbsp;&nbsp;U.S. Treasury Notes<br> 4.25% 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;U.S. Treasury Notes<br> 3.00% 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust CMO<br> 3.59% 7/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Luminent Mortgage Trust CMO<br> 4.71% 11/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;31.8% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Portfolio Composition as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;28.1% |
| &nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;23.0 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;Senior Floating Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |

---

(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR DoubleLine Total Return Tactical ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

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

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Industry Breakdown as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;28.2% |
| &nbsp;&nbsp;U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;26.8 |
| &nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Health Care Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Miscellaneous Manufacturer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Advertising | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Investment Company Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SPDR DoubleLine Total Return Tactical ETF

Portfolio Statistics (Unaudited) (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Health Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Housewares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Metal Fabricate & Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Update Category Library | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |

---

\* Amount shown represents less than 0.05% of net assets.

(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA MULTI-ASSET REAL RETURN ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.3%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.3%** |  |
| **COMMODITIES — 21.7%** | **COMMODITIES — 21.7%** | **COMMODITIES — 21.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF<br>| &nbsp;&nbsp;9303192 | &nbsp;&nbsp;$137501178 |
| **DOMESTIC EQUITY — 5.7%** | **DOMESTIC EQUITY — 5.7%** | **DOMESTIC EQUITY — 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; The Energy Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;412441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36076214 |
| **INFLATION LINKED — 10.2%** | **INFLATION LINKED — 10.2%** | **INFLATION LINKED — 10.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-10 Year TIPS ETF (a)<br>| &nbsp;&nbsp;3484996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64298176 |
| **INTERNATIONAL EQUITY — 25.2%** | **INTERNATIONAL EQUITY — 25.2%** | **INTERNATIONAL EQUITY — 25.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Infrastructure ETF (a)(b)<br>| &nbsp;&nbsp;3003846 | &nbsp;&nbsp;&nbsp;&nbsp;157461607 |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Agribusiness ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;159049390 |
| **INTERNATIONAL FIXED INCOME — 2.4%** | **INTERNATIONAL FIXED INCOME — 2.4%** | **INTERNATIONAL FIXED INCOME — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR FTSE International Government Inflation-Protected Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;372365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15341438 |
| **NATURAL RESOURCES — 29.6%** | **NATURAL RESOURCES — 29.6%** | **NATURAL RESOURCES — 29.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Natural Resources ETF (a)(b)<br>| &nbsp;&nbsp;2953956 | &nbsp;&nbsp;&nbsp;&nbsp;168434571 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Metals & Mining ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;374553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18656485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;187091056 |
| **REAL ESTATE — 2.5%** | **REAL ESTATE — 2.5%** | **REAL ESTATE — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Dow Jones International Real Estate ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976235 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Dow Jones REIT ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;145604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15665624 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $638,663,056)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $638,663,056)<br>** | &nbsp;&nbsp;&nbsp;615023076 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)<br>| &nbsp;&nbsp;16786567 | &nbsp;&nbsp;&nbsp;$16786567 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;&nbsp;45511787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45511787 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $62,298,354)<br>**  |  | &nbsp;&nbsp;&nbsp;$62298354 |
| **TOTAL INVESTMENTS — 107.1%<br>(Cost $700,961,410)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;677321430 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (7.1)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45177130) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$632144300 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (a) | Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at December 31, 2022. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Mutual Funds and Exchange Traded Products<br>| $615023076 | $— | $— | $615023076 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;62298354 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;62298354 |
| **TOTAL INVESTMENTS<br>**  | $677321430 | $— | $— | $677321430 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA MULTI-ASSET REAL RETURN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;2036829 | $39636692 | $36841600 | &nbsp;&nbsp;&nbsp;$9707435 | &nbsp;&nbsp;$(391075) | $(2081606) | &nbsp;&nbsp;3484996 | $64298176 | $1196217 |
| SPDR Dow Jones International Real Estate ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;90476 | &nbsp;&nbsp;&nbsp;&nbsp;2553233 | &nbsp;&nbsp;&nbsp;&nbsp;1081690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555201 | &nbsp;&nbsp;&nbsp;&nbsp;(28988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74499) | &nbsp;&nbsp;&nbsp;&nbsp;111178 | &nbsp;&nbsp;&nbsp;&nbsp;2976235 | &nbsp;&nbsp;&nbsp;&nbsp;61748 |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;369583 | &nbsp;&nbsp;&nbsp;35139952 | &nbsp;&nbsp;&nbsp;&nbsp;8166857 | &nbsp;&nbsp;&nbsp;28924158 | &nbsp;&nbsp;(4672066) | &nbsp;&nbsp;&nbsp;2978804 | &nbsp;&nbsp;&nbsp;&nbsp;145604 | &nbsp;&nbsp;&nbsp;12689389 | &nbsp;&nbsp;&nbsp;&nbsp;354888 |
| SPDR FTSE International Government Inflation-Protected Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;55737 | &nbsp;&nbsp;&nbsp;&nbsp;2521542 | &nbsp;&nbsp;&nbsp;14162368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611855 | &nbsp;&nbsp;&nbsp;&nbsp;(14293) | &nbsp;&nbsp;&nbsp;&nbsp;(716324) | &nbsp;&nbsp;&nbsp;&nbsp;372365 | &nbsp;&nbsp;&nbsp;15341438 | &nbsp;&nbsp;&nbsp;&nbsp;228842 |
| SPDR S&P Global Infrastructure ETF<br>| &nbsp;&nbsp;2215734 | &nbsp;&nbsp;118408825 | &nbsp;&nbsp;&nbsp;69513960 | &nbsp;&nbsp;&nbsp;28665470 | &nbsp;&nbsp;(1004621) | &nbsp;&nbsp;&nbsp;&nbsp;(791087) | &nbsp;&nbsp;3003846 | &nbsp;&nbsp;157461607 | &nbsp;&nbsp;2546399 |
| SPDR S&P Global Natural Resources ETF<br>| &nbsp;&nbsp;2278511 | &nbsp;&nbsp;118687638 | &nbsp;&nbsp;&nbsp;65537108 | &nbsp;&nbsp;&nbsp;27085429 | &nbsp;&nbsp;(1145852) | &nbsp;&nbsp;12441106 | &nbsp;&nbsp;2953956 | &nbsp;&nbsp;168434571 | &nbsp;&nbsp;3757015 |
| SPDR S&P Metals & Mining ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;293310 | &nbsp;&nbsp;&nbsp;12729654 | &nbsp;&nbsp;&nbsp;&nbsp;8370879 | &nbsp;&nbsp;&nbsp;&nbsp;4540795 | &nbsp;&nbsp;&nbsp;&nbsp;152938 | &nbsp;&nbsp;&nbsp;1943809 | &nbsp;&nbsp;&nbsp;&nbsp;374553 | &nbsp;&nbsp;&nbsp;18656485 | &nbsp;&nbsp;&nbsp;&nbsp;189593 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;8773651 | &nbsp;&nbsp;&nbsp;&nbsp;8773651 | &nbsp;&nbsp;&nbsp;48685151 | &nbsp;&nbsp;&nbsp;40672235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16786567 | &nbsp;&nbsp;&nbsp;16786567 | &nbsp;&nbsp;&nbsp;&nbsp;453357 |
| State Street Navigator Securities Lending Portfolio II<br>| 48571637 | &nbsp;&nbsp;&nbsp;48571637 | &nbsp;&nbsp;610131893 | &nbsp;&nbsp;613191743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 45511787 | &nbsp;&nbsp;&nbsp;&nbsp;45511787 | &nbsp;&nbsp;&nbsp;&nbsp;112604 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;271581 | &nbsp;&nbsp;&nbsp;19420757 | &nbsp;&nbsp;&nbsp;21048397 | &nbsp;&nbsp;&nbsp;&nbsp;9466348 | &nbsp;&nbsp;&nbsp;&nbsp;863972 | &nbsp;&nbsp;&nbsp;4209436 | &nbsp;&nbsp;&nbsp;&nbsp;412441 | &nbsp;&nbsp;&nbsp;36076214 | &nbsp;&nbsp;&nbsp;&nbsp;597541 |
| Total<br>|  | $406443581 | $883539903 | $763420669 | $(6239985) | $17909639 |  | $538232469 | $9498204 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA INCOME ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%** |  |
| **DOMESTIC EQUITY — 14.5%** | **DOMESTIC EQUITY — 14.5%** | **DOMESTIC EQUITY — 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco KBW Premium Yield Equity REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;88800 | &nbsp;&nbsp;&nbsp;&nbsp;$1730712 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Mortgage Real Estate ETF (a)<br>| &nbsp;&nbsp;151920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447065 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR ICE Preferred Securities ETF (b)<br>| &nbsp;&nbsp;158837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213030 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 High Dividend ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;54747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12557693 |
| **DOMESTIC FIXED INCOME — 42.3%** | **DOMESTIC FIXED INCOME — 42.3%** | **DOMESTIC FIXED INCOME — 42.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab US Dividend Equity ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;28732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170415 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF (a)(b)<br>| &nbsp;&nbsp;213095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8715586 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible Securities ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;67660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353244 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;87149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843410 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Long Term Treasury ETF (b)<br>| &nbsp;&nbsp;469300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36706434 |
| **INFLATION LINKED — 3.0%** | **INFLATION LINKED — 3.0%** | **INFLATION LINKED — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-10 Year TIPS ETF (b)<br>| &nbsp;&nbsp;141473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610177 |
| **INTERNATIONAL EQUITY — 20.9%** | **INTERNATIONAL EQUITY — 20.9%** | **INTERNATIONAL EQUITY — 20.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Infrastructure ETF (a)(b)<br>| &nbsp;&nbsp;131653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901250 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P International Dividend ETF (b)<br>| &nbsp;&nbsp;347055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11216818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118068 |
| **INTERNATIONAL FIXED INCOME — 17.1%** | **INTERNATIONAL FIXED INCOME — 17.1%** | **INTERNATIONAL FIXED INCOME — 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg Emerging Markets Local Bond ETF (b)<br>| &nbsp;&nbsp;508036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10445220 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg International Corporate Bond ETF (b)<br>| &nbsp;&nbsp;156901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794516 |
| **REAL ESTATE — 2.0%** | **REAL ESTATE — 2.0%** | **REAL ESTATE — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Dow Jones REIT ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732106 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $95,591,198)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $95,591,198)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;86518994 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 8.0%** | **SHORT-TERM INVESTMENTS — 8.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;143821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$143821 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784842 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $6,928,663)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6928663 |
| **TOTAL INVESTMENTS — 107.8%<br>(Cost $102,519,861)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93447657 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (7.8)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6745213) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;&nbsp;$86702444 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (a) | All or a portion of the shares of the security are on loan at December 31, 2022. |
| (b) | Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA INCOME ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Mutual Funds and Exchange Traded Products<br>| $86518994 | $— | $— | $86518994 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;6928663 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6928663 |
| **TOTAL INVESTMENTS<br>**  | $93447657 | $— | $— | $93447657 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;478391 | $19920201 | &nbsp;&nbsp;&nbsp;$5205961 | $16060881 | $(1730926) | $1381231 | &nbsp;&nbsp;&nbsp;213095 | $8715586 | &nbsp;&nbsp;$666126 |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2610640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463) | &nbsp;&nbsp;&nbsp;141473 | &nbsp;&nbsp;&nbsp;2610177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Bloomberg Convertible Securities ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;44018 | &nbsp;&nbsp;&nbsp;&nbsp;2841802 | &nbsp;&nbsp;&nbsp;&nbsp;2381848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59602 | &nbsp;&nbsp;&nbsp;&nbsp;(62290) | &nbsp;&nbsp;&nbsp;&nbsp;67660 | &nbsp;&nbsp;&nbsp;4353244 | &nbsp;&nbsp;&nbsp;&nbsp;38561 |
| SPDR Bloomberg Emerging Markets Local Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;471277 | &nbsp;&nbsp;&nbsp;&nbsp;9637615 | &nbsp;&nbsp;&nbsp;&nbsp;3743679 | &nbsp;&nbsp;&nbsp;&nbsp;2921008 | &nbsp;&nbsp;&nbsp;&nbsp;(374096) | &nbsp;&nbsp;&nbsp;&nbsp;359030 | &nbsp;&nbsp;&nbsp;508036 | &nbsp;&nbsp;10445220 | &nbsp;&nbsp;&nbsp;&nbsp;286295 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;20953 | &nbsp;&nbsp;&nbsp;&nbsp;1900647 | &nbsp;&nbsp;&nbsp;10430187 | &nbsp;&nbsp;&nbsp;&nbsp;4045881 | &nbsp;&nbsp;&nbsp;&nbsp;(524844) | &nbsp;&nbsp;&nbsp;&nbsp;83301 | &nbsp;&nbsp;&nbsp;&nbsp;87149 | &nbsp;&nbsp;&nbsp;7843410 | &nbsp;&nbsp;&nbsp;&nbsp;167882 |
| SPDR Bloomberg International Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4348511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;156901 | &nbsp;&nbsp;&nbsp;4349296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1732842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736) | &nbsp;&nbsp;&nbsp;&nbsp;19875 | &nbsp;&nbsp;&nbsp;1732106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR ICE Preferred Securities ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;135451 | &nbsp;&nbsp;&nbsp;&nbsp;4855918 | &nbsp;&nbsp;&nbsp;&nbsp;2325015 | &nbsp;&nbsp;&nbsp;&nbsp;1591940 | &nbsp;&nbsp;&nbsp;&nbsp;(135039) | &nbsp;&nbsp;&nbsp;(240924) | &nbsp;&nbsp;&nbsp;158837 | &nbsp;&nbsp;&nbsp;5213030 | &nbsp;&nbsp;&nbsp;&nbsp;159281 |
| SPDR Portfolio Long Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;99847 | &nbsp;&nbsp;&nbsp;&nbsp;2405314 | &nbsp;&nbsp;&nbsp;&nbsp;3723704 | &nbsp;&nbsp;&nbsp;&nbsp;6154027 | &nbsp;&nbsp;&nbsp;&nbsp;(503367) | &nbsp;&nbsp;&nbsp;&nbsp;528376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40580 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;410560 | &nbsp;&nbsp;&nbsp;13577219 | &nbsp;&nbsp;&nbsp;&nbsp;8240979 | &nbsp;&nbsp;&nbsp;&nbsp;6663890 | &nbsp;&nbsp;(1486141) | &nbsp;&nbsp;&nbsp;&nbsp;(44388) | &nbsp;&nbsp;&nbsp;469300 | &nbsp;&nbsp;13623779 | &nbsp;&nbsp;&nbsp;&nbsp;169012 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;309596 | &nbsp;&nbsp;&nbsp;12355976 | &nbsp;&nbsp;&nbsp;&nbsp;8415059 | &nbsp;&nbsp;&nbsp;18796710 | &nbsp;&nbsp;&nbsp;&nbsp;(302475) | &nbsp;&nbsp;&nbsp;&nbsp;495036 | &nbsp;&nbsp;&nbsp;&nbsp;54747 | &nbsp;&nbsp;&nbsp;2166886 | &nbsp;&nbsp;&nbsp;&nbsp;150958 |
| SPDR S&P Global Infrastructure ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;144598 | &nbsp;&nbsp;&nbsp;&nbsp;7727317 | &nbsp;&nbsp;&nbsp;&nbsp;1820398 | &nbsp;&nbsp;&nbsp;&nbsp;2507131 | &nbsp;&nbsp;&nbsp;&nbsp;(13387) | &nbsp;&nbsp;&nbsp;(125947) | &nbsp;&nbsp;&nbsp;131653 | &nbsp;&nbsp;&nbsp;6901250 | &nbsp;&nbsp;&nbsp;&nbsp;114527 |
| SPDR S&P International Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;250835 | &nbsp;&nbsp;&nbsp;&nbsp;8606149 | &nbsp;&nbsp;&nbsp;&nbsp;11741420 | &nbsp;&nbsp;&nbsp;&nbsp;8398315 | &nbsp;&nbsp;(1043058) | &nbsp;&nbsp;&nbsp;&nbsp;310622 | &nbsp;&nbsp;&nbsp;347055 | &nbsp;&nbsp;11216818 | &nbsp;&nbsp;&nbsp;&nbsp;306863 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;3843857 | &nbsp;&nbsp;&nbsp;&nbsp;3843857 | &nbsp;&nbsp;&nbsp;&nbsp;11554700 | &nbsp;&nbsp;&nbsp;15254736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;143821 | &nbsp;&nbsp;&nbsp;&nbsp;143821 | &nbsp;&nbsp;&nbsp;&nbsp;66681 |
| State Street Navigator Securities Lending Portfolio II<br>| 30179720 | &nbsp;&nbsp;&nbsp;30179720 | &nbsp;&nbsp;109915691 | &nbsp;&nbsp;133310569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6784842 | &nbsp;&nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;&nbsp;190904 |
| Total<br>|  | $117851735 | $188190634 | $216572806 | $(6053731) | $2683633 |  | $86099465 | $2357670 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA GLOBAL ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.5%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.5%** |  |
| **COMMODITIES — 3.1%** | **COMMODITIES — 3.1%** | **COMMODITIES — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;479240 | &nbsp;&nbsp;&nbsp;&nbsp;$7083167 |
| **DOMESTIC EQUITY — 22.0%** | **DOMESTIC EQUITY — 22.0%** | **DOMESTIC EQUITY — 22.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 600 Small Cap ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325967 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30309490 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P MidCap 400 ETF Trust (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654166 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Consumer Staples Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650876 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Energy Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348919 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Financial Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;136278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660708 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Materials Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51268874 |
| **DOMESTIC FIXED INCOME — 23.5%** | **DOMESTIC FIXED INCOME — 23.5%** | **DOMESTIC FIXED INCOME — 23.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513637 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170810 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg International Treasury Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;516638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588190 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Aggregate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;1111720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27937524 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Intermediate Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330365 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Long Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;279170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8104305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54644831 |
| **INFLATION LINKED — 6.0%** | **INFLATION LINKED — 6.0%** | **INFLATION LINKED — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-10 Year TIPS ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14005635 |
| **INTERNATIONAL EQUITY — 35.9%** | **INTERNATIONAL EQUITY — 35.9%** | **INTERNATIONAL EQUITY — 35.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Developed World ex-US ETF (a)(b)<br>| &nbsp;&nbsp;1482487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44015039 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Emerging Markets ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;350421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549876 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Europe ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;266436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9242665 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P International Small Cap ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;236909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Pacific ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;180239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83373454 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INTERNATIONAL FIXED INCOME — 6.0%** | **INTERNATIONAL FIXED INCOME — 6.0%** | **INTERNATIONAL FIXED INCOME — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg Emerging Markets Local Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340898 | &nbsp;&nbsp;&nbsp;&nbsp;$7008863 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg International Corporate Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14011295 |
| **REAL ESTATE — 1.0%** | **REAL ESTATE — 1.0%** | **REAL ESTATE — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Dow Jones International Real Estate ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166503 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Dow Jones REIT ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329868 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $222,467,610)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $222,467,610)<br>** | &nbsp;&nbsp;&nbsp;226717124 |
| **SHORT-TERM INVESTMENTS — 21.5%** | **SHORT-TERM INVESTMENTS — 21.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4808444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808444 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;45214621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45214621 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $50,023,065)<br>**  |  | &nbsp;&nbsp;&nbsp;$50023065 |
| **TOTAL INVESTMENTS — 119.0%<br>(Cost $272,490,675)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;276740189 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (19.0)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44183555) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$232556634 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (a) | Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at December 31, 2022. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA GLOBAL ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Mutual Funds and Exchange Traded Products<br>| $226717124 | $— | $— | $226717124 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;50023065 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;50023065 |
| **TOTAL INVESTMENTS<br>**  | $276740189 | $— | $— | $276740189 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;202281 | &nbsp;&nbsp;&nbsp;$8422981 | &nbsp;&nbsp;&nbsp;$1605404 | &nbsp;&nbsp;&nbsp;$6362957 | &nbsp;&nbsp;$(651005) | &nbsp;&nbsp;$499214 | &nbsp;&nbsp;&nbsp;&nbsp;85908 | &nbsp;&nbsp;&nbsp;$3513637 | &nbsp;&nbsp;$297135 |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;867998 | &nbsp;&nbsp;&nbsp;16891241 | &nbsp;&nbsp;&nbsp;&nbsp;3513120 | &nbsp;&nbsp;&nbsp;&nbsp;5492154 | &nbsp;&nbsp;&nbsp;&nbsp;(503824) | &nbsp;&nbsp;&nbsp;(402748) | &nbsp;&nbsp;&nbsp;&nbsp;759113 | &nbsp;&nbsp;&nbsp;14005635 | &nbsp;&nbsp;&nbsp;&nbsp;481768 |
| SPDR Bloomberg Emerging Markets Local Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;296971 | &nbsp;&nbsp;&nbsp;&nbsp;6073057 | &nbsp;&nbsp;&nbsp;&nbsp;1855862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958561 | &nbsp;&nbsp;&nbsp;&nbsp;(79259) | &nbsp;&nbsp;&nbsp;&nbsp;117764 | &nbsp;&nbsp;&nbsp;&nbsp;340898 | &nbsp;&nbsp;&nbsp;&nbsp;7008863 | &nbsp;&nbsp;&nbsp;&nbsp;190131 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4937155 | &nbsp;&nbsp;&nbsp;&nbsp;3610067 | &nbsp;&nbsp;&nbsp;&nbsp;(160636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | &nbsp;&nbsp;&nbsp;&nbsp;13009 | &nbsp;&nbsp;&nbsp;&nbsp;1170810 | &nbsp;&nbsp;&nbsp;&nbsp;19239 |
| SPDR Bloomberg International Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7001169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;&nbsp;252613 | &nbsp;&nbsp;&nbsp;&nbsp;7002432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Bloomberg International Treasury Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;418602 | &nbsp;&nbsp;&nbsp;&nbsp;9694823 | &nbsp;&nbsp;&nbsp;12478484 | &nbsp;&nbsp;&nbsp;10247159 | &nbsp;&nbsp;(1330481) | &nbsp;&nbsp;&nbsp;&nbsp;992523 | &nbsp;&nbsp;&nbsp;&nbsp;516638 | &nbsp;&nbsp;&nbsp;&nbsp;11588190 | &nbsp;&nbsp;&nbsp;&nbsp;126539 |
| SPDR Dow Jones International Real Estate ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43111 | &nbsp;&nbsp;&nbsp;&nbsp;1216593 | &nbsp;&nbsp;&nbsp;&nbsp;1185879 | &nbsp;&nbsp;&nbsp;&nbsp;1222192 | &nbsp;&nbsp;&nbsp;&nbsp;(227955) | &nbsp;&nbsp;&nbsp;&nbsp;214178 | &nbsp;&nbsp;&nbsp;&nbsp;43575 | &nbsp;&nbsp;&nbsp;&nbsp;1166503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp;1163859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) | &nbsp;&nbsp;&nbsp;&nbsp;13349 | &nbsp;&nbsp;&nbsp;&nbsp;1163365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Portfolio Aggregate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;231832 | &nbsp;&nbsp;&nbsp;&nbsp;6108773 | &nbsp;&nbsp;&nbsp;43397529 | &nbsp;&nbsp;&nbsp;20954291 | &nbsp;&nbsp;&nbsp;&nbsp;(728800) | &nbsp;&nbsp;&nbsp;&nbsp;114313 | &nbsp;&nbsp;1111720 | &nbsp;&nbsp;&nbsp;27937524 | &nbsp;&nbsp;&nbsp;&nbsp;149218 |
| SPDR Portfolio Developed World ex-US ETF<br>| &nbsp;&nbsp;1740818 | &nbsp;&nbsp;&nbsp;50205191 | &nbsp;&nbsp;&nbsp;&nbsp;6458640 | &nbsp;&nbsp;&nbsp;13887909 | &nbsp;&nbsp;&nbsp;&nbsp;(468747) | &nbsp;&nbsp;1707864 | &nbsp;&nbsp;1482487 | &nbsp;&nbsp;&nbsp;44015039 | &nbsp;&nbsp;&nbsp;&nbsp;515608 |
| SPDR Portfolio Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;422956 | &nbsp;&nbsp;&nbsp;14706180 | &nbsp;&nbsp;&nbsp;&nbsp;2634352 | &nbsp;&nbsp;&nbsp;&nbsp;5120272 | &nbsp;&nbsp;&nbsp;&nbsp;(921022) | &nbsp;&nbsp;&nbsp;&nbsp;250638 | &nbsp;&nbsp;&nbsp;&nbsp;350421 | &nbsp;&nbsp;&nbsp;&nbsp;11549876 | &nbsp;&nbsp;&nbsp;&nbsp;276255 |
| SPDR Portfolio Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13560742 | &nbsp;&nbsp;&nbsp;&nbsp;4962694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74404 | &nbsp;&nbsp;&nbsp;&nbsp;570213 | &nbsp;&nbsp;&nbsp;&nbsp;266436 | &nbsp;&nbsp;&nbsp;&nbsp;9242665 | &nbsp;&nbsp;&nbsp;&nbsp;53467 |
| SPDR Portfolio Intermediate Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;373341 | &nbsp;&nbsp;&nbsp;&nbsp;11002359 | &nbsp;&nbsp;&nbsp;&nbsp;5814064 | &nbsp;&nbsp;&nbsp;14035827 | &nbsp;&nbsp;&nbsp;&nbsp;(338537) | &nbsp;&nbsp;&nbsp;&nbsp;(111694) | &nbsp;&nbsp;&nbsp;&nbsp;82520 | &nbsp;&nbsp;&nbsp;&nbsp;2330365 | &nbsp;&nbsp;&nbsp;&nbsp;54449 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;443258 | &nbsp;&nbsp;&nbsp;14658542 | &nbsp;&nbsp;&nbsp;&nbsp;9489401 | &nbsp;&nbsp;&nbsp;14339727 | &nbsp;&nbsp;(3415281) | &nbsp;&nbsp;1711370 | &nbsp;&nbsp;&nbsp;&nbsp;279170 | &nbsp;&nbsp;&nbsp;&nbsp;8104305 | &nbsp;&nbsp;&nbsp;&nbsp;161821 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;374403 | &nbsp;&nbsp;&nbsp;13471020 | &nbsp;&nbsp;&nbsp;&nbsp;3196957 | &nbsp;&nbsp;&nbsp;14517071 | &nbsp;&nbsp;&nbsp;&nbsp;(816367) | &nbsp;&nbsp;&nbsp;&nbsp;991428 | &nbsp;&nbsp;&nbsp;&nbsp;62915 | &nbsp;&nbsp;&nbsp;&nbsp;2325967 | &nbsp;&nbsp;&nbsp;&nbsp;36421 |
| SPDR S&P 500 ETF Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp;80272 | &nbsp;&nbsp;&nbsp;30282612 | &nbsp;&nbsp;&nbsp;26167590 | &nbsp;&nbsp;&nbsp;27275530 | &nbsp;&nbsp;&nbsp;&nbsp;563868 | &nbsp;&nbsp;&nbsp;&nbsp;570950 | &nbsp;&nbsp;&nbsp;&nbsp;79255 | &nbsp;&nbsp;&nbsp;30309490 | &nbsp;&nbsp;&nbsp;&nbsp;210885 |
| SPDR S&P International Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;254837 | &nbsp;&nbsp;&nbsp;&nbsp;7372435 | &nbsp;&nbsp;&nbsp;&nbsp;1168150 | &nbsp;&nbsp;&nbsp;&nbsp;1736769 | &nbsp;&nbsp;&nbsp;&nbsp;(221080) | &nbsp;&nbsp;&nbsp;&nbsp;384758 | &nbsp;&nbsp;&nbsp;&nbsp;236909 | &nbsp;&nbsp;&nbsp;&nbsp;6967494 | &nbsp;&nbsp;&nbsp;&nbsp;92706 |
| SPDR S&P MidCap 400 ETF Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11823 | &nbsp;&nbsp;&nbsp;&nbsp;4888692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728729 | &nbsp;&nbsp;&nbsp;&nbsp;1329352 | &nbsp;&nbsp;&nbsp;&nbsp;140841 | &nbsp;&nbsp;&nbsp;&nbsp;225256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10511 | &nbsp;&nbsp;&nbsp;&nbsp;4654166 | &nbsp;&nbsp;&nbsp;&nbsp;36646 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 11863750 | &nbsp;&nbsp;&nbsp;&nbsp;11863750 | &nbsp;&nbsp;&nbsp;42240584 | &nbsp;&nbsp;&nbsp;49295890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;4808444 | &nbsp;&nbsp;&nbsp;&nbsp;4808444 | &nbsp;&nbsp;&nbsp;&nbsp;308475 |
| State Street Navigator Securities Lending Portfolio II<br>| 36578077 | &nbsp;&nbsp;&nbsp;36578077 | &nbsp;&nbsp;601570842 | &nbsp;&nbsp;592934298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 45214621 | &nbsp;&nbsp;&nbsp;45214621 | &nbsp;&nbsp;&nbsp;&nbsp;264192 |
| The Consumer Staples Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4905144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3091) | &nbsp;&nbsp;&nbsp;(106730) | &nbsp;&nbsp;&nbsp;&nbsp;62386 | &nbsp;&nbsp;&nbsp;&nbsp;4650876 | &nbsp;&nbsp;&nbsp;&nbsp;33701 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;68732 | &nbsp;&nbsp;&nbsp;&nbsp;4915025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684055 | &nbsp;&nbsp;&nbsp;&nbsp;4149018 | &nbsp;&nbsp;&nbsp;&nbsp;286959 | &nbsp;&nbsp;&nbsp;&nbsp;611898 | &nbsp;&nbsp;&nbsp;&nbsp;26854 | &nbsp;&nbsp;&nbsp;&nbsp;2348919 | &nbsp;&nbsp;&nbsp;&nbsp;74133 |
| The Financial Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5520229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp;62013 | &nbsp;&nbsp;&nbsp;&nbsp;136278 | &nbsp;&nbsp;&nbsp;&nbsp;4660708 | &nbsp;&nbsp;&nbsp;&nbsp;53096 |
| The Health Care Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2512657 | &nbsp;&nbsp;&nbsp;&nbsp;2449148 | &nbsp;&nbsp;&nbsp;&nbsp;(63509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| The Materials Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;66063 | &nbsp;&nbsp;&nbsp;&nbsp;4862237 | &nbsp;&nbsp;&nbsp;&nbsp;2608535 | &nbsp;&nbsp;&nbsp;&nbsp;5262223 | &nbsp;&nbsp;&nbsp;&nbsp;(589857) | &nbsp;&nbsp;&nbsp;&nbsp;700056 | &nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp;&nbsp;2318748 | &nbsp;&nbsp;&nbsp;&nbsp;15047 |
| The Utilities Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;71668 | &nbsp;&nbsp;&nbsp;&nbsp;5026077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904147 | &nbsp;&nbsp;&nbsp;&nbsp;6090670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20985 | &nbsp;&nbsp;&nbsp;&nbsp;139461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30803 |
| Total<br>|  | $258243658 | $807303279 | $807316633 | $(9419594) | $9247932 |  | $258058642 | $3481735 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 51.0%** |  |  |
| **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 2/4/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2665000 | &nbsp;&nbsp;&nbsp;&nbsp;$2655326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 2/4/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495080 |
| L3Harris Technologies, Inc.<br>3 Month USD LIBOR + 0.75%, 5.49%, 3/10/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107486 |
| **AGRICULTURE — 1.2%** | **AGRICULTURE — 1.2%** | **AGRICULTURE — 1.2%** |
| Imperial Brands Finance PLC<br>3.50%, 2/11/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491875 |
| Philip Morris International, Inc.<br>5.13%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994000 |
| **AUTO MANUFACTURERS — 3.9%** | **AUTO MANUFACTURERS — 3.9%** | **AUTO MANUFACTURERS — 3.9%** |
| American Honda Finance Corp.<br>Series MTN, 3 Month USD LIBOR + 0.37%, 4.96%, 5/10/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899449 |
| Daimler Trucks Finance North America LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.60%, 4.92%, 12/14/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994980 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.75%, 5.06%, 12/13/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987070 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/6/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485330 |
| General Motors Financial Co., Inc.<br>3.80%, 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414900 |
| Hyundai Capital America<br>0.80%, 1/8/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952180 |
| Mercedes-Benz Finance North America LLC<br>5.50%, 11/27/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029050 |
| Nissan Motor Acceptance Co. LLC<br>3 Month USD LIBOR + 0.64%, 5.37%, 3/8/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16278677 |
| **BANKS — 10.8%** | **BANKS — 10.8%** | **BANKS — 10.8%** |
| Banco Santander SA<br>3.85%, 4/12/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979250 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 4/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN, SOFR + 0.73%, 4.68%, 10/24/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989270 |
| Bank of Montreal<br>SOFR + 0.35%, 4.62%, 12/8/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747243 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Citigroup, Inc.<br>SOFR + 1.37%, 4.14%, 5/24/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;$1477080 |
| Cooperatieve Rabobank UA<br>3 Month USD LIBOR + 0.48%, 4.39%, 1/10/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250020 |
| Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 0.75%, 5.44%, 2/23/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500615 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.49%, 4.37%, 10/21/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474125 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.58%, 4.85%, 3/8/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992850 |
| HSBC Holdings PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/14/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982650 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.43%, 5.70%, 3/10/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981190 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.58%, 4.75%, 11/22/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220138 |
| JPMorgan Chase & Co.<br>3 Month USD LIBOR + 0.73%, 5.05%, 4/23/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999570 |
| KeyBank NA<br>4.15%, 8/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752975 |
| Macquarie Group, Ltd.<br>SOFR + 0.71%, 4.50%, 10/14/2025 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975230 |
| Morgan Stanley: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.16%, 3.62%, 4/17/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GMTN, 3 Month USD LIBOR + 1.22%, 5.77%, 5/8/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GMTN, SOFR + 0.51%, 0.79%, 1/22/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420545 |
| National Australia Bank, Ltd.<br>1.39%, 1/12/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398885 |
| NatWest Markets PLC<br>SOFR + 0.53%, 4.66%, 8/12/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087472 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GMTN, 3 Month USD LIBOR + 0.36%, 4.44%, 1/17/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GMTN, SOFR + 0.53%, 4.40%, 1/20/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484865 |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 0.80%, 4.88%, 10/16/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 0.86%, 5.09%, 7/19/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004300 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Sumitomo Mitsui Trust Bank, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 9/16/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2308425 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.44%, 4.75%, 9/16/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488840 |
| Toronto-Dominion Bank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.91%, 5.18%, 3/8/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN, SOFR + 0.35%, 4.63%, 9/10/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491078 |
| Truist Bank<br>SOFR + 0.20%, 4.00%, 1/17/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992700 |
| Wells Fargo & Co.<br>Series MTN, SOFR + 1.09%, 2.41%, 10/30/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420485 |
| Westpac Banking Corp.<br>3 Month USD LIBOR + 0.39%, 4.33%, 1/13/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45090021 |
| **BIOTECHNOLOGY — 0.5%** | **BIOTECHNOLOGY — 0.5%** | **BIOTECHNOLOGY — 0.5%** |
| Royalty Pharma PLC<br>0.75%, 9/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938140 |
| **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** |
| DuPont de Nemours, Inc.<br>3 Month USD LIBOR + 1.11%, 5.72%, 11/15/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998970 |
| LyondellBasell Industries NV<br>5.75%, 4/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006210 |
| Nutrien, Ltd.<br>5.90%, 11/7/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840325 |
| Sherwin-Williams Co.<br>4.05%, 8/8/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709288 |
| **COMMERCIAL SERVICES — 0.1%** | **COMMERCIAL SERVICES — 0.1%** | **COMMERCIAL SERVICES — 0.1%** |
| Cintas Corp. No. 2<br>3.45%, 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565859 |
| **COMPUTERS — 0.3%** | **COMPUTERS — 0.3%** | **COMPUTERS — 0.3%** |
| Leidos, Inc.<br>2.95%, 5/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422630 |
| **DIVERSIFIED FINANCIAL SERVICES — 3.0%** | **DIVERSIFIED FINANCIAL SERVICES — 3.0%** | **DIVERSIFIED FINANCIAL SERVICES — 3.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.68%, 5.00%, 9/29/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1, 1.75%, 10/29/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922170 |
| Air Lease Corp.<br>3.00%, 9/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472655 |
| Aircastle, Ltd.<br>4.40%, 9/25/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214170 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Blackstone Holdings Finance Co. LLC<br>4.75%, 2/15/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;$1498980 |
| Synchrony Financial<br>4.25%, 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12511732 |
| **ELECTRIC — 4.2%** | **ELECTRIC — 4.2%** | **ELECTRIC — 4.2%** |
| Alliant Energy Finance LLC<br>3.75%, 6/15/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992050 |
| CenterPoint Energy, Inc.<br>SOFR + 0.65%, 4.78%, 5/13/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481670 |
| DTE Energy Co.<br>4.22%, 11/1/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230038 |
| Duke Energy Corp.<br>SOFR + 0.25%, 4.53%, 6/10/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996310 |
| National Rural Utilities Cooperative Finance Corp.<br>Series D, SOFR + 0.33%, 4.14%, 10/18/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464200 |
| NextEra Energy Capital Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 9/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234950 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.40%, 4.47%, 11/3/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494015 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.02%, 5.34%, 3/21/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498365 |
| Pacific Gas & Electric Co.<br>3.85%, 11/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426787 |
| Southern California Edison Co.<br>Series J, 0.70%, 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17566437 |
| **ENTERTAINMENT — 0.8%** | **ENTERTAINMENT — 0.8%** | **ENTERTAINMENT — 0.8%** |
| WarnerMedia Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 3/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951160 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.78%, 6.09%, 3/15/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444410 |
| **GAS — 1.6%** | **GAS — 1.6%** | **GAS — 1.6%** |
| Atmos Energy Corp.<br>3 Month USD LIBOR + 0.38%, 5.10%, 3/9/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122875 |
| CenterPoint Energy Resources Corp.<br>3 Month USD LIBOR + 0.50%, 5.28%, 3/2/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571288 |
| **HEALTH CARE PRODUCTS — 2.5%** | **HEALTH CARE PRODUCTS — 2.5%** | **HEALTH CARE PRODUCTS — 2.5%** |
| GE HealthCare Technologies, Inc.<br>5.55%, 11/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954454 |
| PerkinElmer, Inc.<br>0.85%, 9/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927580 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Thermo Fisher Scientific, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.35%, 4.16%, 4/18/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2996760 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.39%, 4.20%, 10/18/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488000 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.53%, 4.34%, 10/18/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491136 |
| **HEALTH CARE SERVICES — 0.5%** | **HEALTH CARE SERVICES — 0.5%** | **HEALTH CARE SERVICES — 0.5%** |
| Centene Corp.<br>4.25%, 12/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878100 |
| **INSURANCE — 2.2%** | **INSURANCE — 2.2%** | **INSURANCE — 2.2%** |
| Allstate Corp.<br>3 Month USD LIBOR + 0.63%, 5.36%, 3/29/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499430 |
| Athene Global Funding<br>SOFR + 0.70%, 4.90%, 5/24/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981120 |
| Jackson National Life Global Funding<br>SOFR + 0.60%, 4.28%, 1/6/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397976 |
| MET Tower Global Funding<br>SOFR + 0.55%, 4.35%, 1/17/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499520 |
| Metropolitan Life Global Funding I<br>SOFR + 0.57%, 4.34%, 1/13/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500075 |
| Pricoa Global Funding I<br>2.40%, 9/23/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306421 |
| **INVESTMENT COMPANY SECURITY — 0.2%** | **INVESTMENT COMPANY SECURITY — 0.2%** | **INVESTMENT COMPANY SECURITY — 0.2%** |
| Blackstone Private Credit Fund<br>2.35%, 11/22/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915330 |
| **LEISURE TIME — 0.2%** | **LEISURE TIME — 0.2%** | **LEISURE TIME — 0.2%** |
| Brunswick Corp.<br>0.85%, 8/18/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924050 |
| **LODGING — 0.4%** | **LODGING — 0.4%** | **LODGING — 0.4%** |
| Hyatt Hotels Corp.<br>1.30%, 10/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483519 |
| **MACHINERY-DIVERSIFIED — 1.6%** | **MACHINERY-DIVERSIFIED — 1.6%** | **MACHINERY-DIVERSIFIED — 1.6%** |
| CNH Industrial Capital LLC<br>3.95%, 5/23/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930595 |
| John Deere Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 6/6/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN, SOFR + 0.20%, 3.87%, 10/11/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483290 |
| Rockwell Automation, Inc.<br>0.35%, 8/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705994 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MEDIA — 0.6%** | **MEDIA — 0.6%** | **MEDIA — 0.6%** |
| WarnerMedia Holdings, Inc.<br>3.53%, 3/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2422475 |
| **MISCELLANEOUS MANUFACTURER — 0.6%** | **MISCELLANEOUS MANUFACTURER — 0.6%** | **MISCELLANEOUS MANUFACTURER — 0.6%** |
| Carlisle Cos., Inc.<br>0.55%, 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556456 |
| Parker-Hannifin Corp.<br>3.65%, 6/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978370 |
| Siemens Financieringsmaatschappij NV<br>SOFR + 0.43%, 4.71%, 3/11/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529616 |
| **OIL & GAS — 0.7%** | **OIL & GAS — 0.7%** | **OIL & GAS — 0.7%** |
| Chevron USA, Inc.<br>3.90%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983140 |
| Continental Resources, Inc.<br>2.27%, 11/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084025 |
| Shell International Finance B.V.<br>3 Month USD LIBOR + 0.40%, 5.05%, 11/13/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067335 |
| **PACKAGING & CONTAINERS — 1.4%** | **PACKAGING & CONTAINERS — 1.4%** | **PACKAGING & CONTAINERS — 1.4%** |
| Berry Global, Inc.<br>0.95%, 2/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326575 |
| Graphic Packaging International LLC<br>0.82%, 4/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936230 |
| Sonoco Products Co.<br>1.80%, 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629817 |
| **PHARMACEUTICALS — 2.6%** | **PHARMACEUTICALS — 2.6%** | **PHARMACEUTICALS — 2.6%** |
| Astrazeneca Finance LLC<br>0.70%, 5/28/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886560 |
| Bayer US Finance II LLC<br>3 Month USD LIBOR + 1.01%, 5.78%, 12/15/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500075 |
| Bristol-Myers Squibb Co.<br>0.54%, 11/13/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580829 |
| Cigna Corp.<br>3 Month USD LIBOR + 0.89%, 4.97%, 7/15/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001430 |
| Mylan, Inc.<br>4.20%, 11/29/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968140 |
| Shire Acquisitions Investments Ireland DAC<br>2.88%, 9/23/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10902174 |
| **PIPELINES — 2.5%** | **PIPELINES — 2.5%** | **PIPELINES — 2.5%** |
| Cheniere Corpus Christi Holdings LLC<br>7.00%, 6/30/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053070 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Enbridge, Inc.<br>0.55%, 10/4/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966640 |
| Sabine Pass Liquefaction LLC<br>5.63%, 3/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505925 |
| TransCanada PipeLines, Ltd.<br>1.00%, 10/12/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885020 |
| Williams Cos., Inc.<br>4.55%, 6/24/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388495 |
| **REAL ESTATE INVESTMENT TRUSTS — 1.4%** | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** |
| American Tower Corp.<br>5.00%, 2/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997850 |
| Omega Healthcare Investors, Inc.<br>4.38%, 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957800 |
| **RETAIL — 0.9%** | **RETAIL — 0.9%** | **RETAIL — 0.9%** |
| 7-Eleven, Inc.<br>0.80%, 2/10/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902500 |
| Dollar General Corp.<br>4.25%, 9/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075830 |
| Genuine Parts Co.<br>1.75%, 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595192 |
| **SEMICONDUCTORS — 1.7%** | **SEMICONDUCTORS — 1.7%** | **SEMICONDUCTORS — 1.7%** |
| Microchip Technology, Inc.<br>4.33%, 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990900 |
| NXP B.V./NXP Funding LLC<br>4.88%, 3/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743978 |
| Skyworks Solutions, Inc.<br>0.90%, 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277938 |
| **TELECOMMUNICATIONS — 1.3%** | **TELECOMMUNICATIONS — 1.3%** | **TELECOMMUNICATIONS — 1.3%** |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 3/25/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425390 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.64%, 4.96%, 3/25/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994950 |
| Verizon Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 1.10%, 5.71%, 5/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511985 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.50%, 4.82%, 3/22/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423145 |
| **TRANSPORTATION — 0.4%** | **TRANSPORTATION — 0.4%** | **TRANSPORTATION — 0.4%** |
| Canadian Pacific Railway Co.<br>1.35%, 12/2/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301605 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| United Parcel Service, Inc.<br>3 Month USD LIBOR + 0.45%, 5.20%, 4/1/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501537 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $216,211,843)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;212600042 |
| **ASSET-BACKED SECURITIES — 6.8%** |  |  |
| **ASSET-BACKED - OTHER — 4.0%** |  |  |
| Ford Credit Floorplan Master Owner Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A, 2.44%, 9/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, Class A2, 1 Month USD LIBOR + 0.50%, 4.82%, 9/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16393688 |
| **AUTOMOBILE — 0.0% (d)** |  |  |
| Enterprise Fleet Financing LLC<br>Series 2019-3, Class A2, 2.06%, 5/20/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58549 |
| **CREDIT CARD — 2.8%** |  |  |
| Master Credit Card Trust<br>Series 2021-1A, Class A, 0.53%, 11/21/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695692 |
| Master Credit Card Trust II<br>Series 2018-1A, Class A, 1 Month USD LIBOR + 0.49%, 4.84%, 7/21/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695574 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $28,342,956)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28147811 |
| **U.S. TREASURY OBLIGATIONS — 29.3%** |  |  |
| U.S. Treasury Bill: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29993942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/10/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64954277 |
| U.S. Treasury Notes 0.25%, 9/30/2023<br>(Cost $27,946,598)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27995200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27076607 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $122,872,055)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;122024826 |
| **MORTGAGE-BACKED SECURITIES — 2.7%** |  |  |
| BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 Month USD LIBOR + 1.25%, 5.57%, 7/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771916 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| BX Commercial Mortgage Trust Series 2019-XL, Class A, 1 Month USD Term LIBOR + 1.03%, 5.37%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1430053 | &nbsp;&nbsp;&nbsp;&nbsp;$1412401 |
| Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class A, 1 Month USD LIBOR + 0.98%, 5.30%, 5/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265574 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $11,616,701)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11449891 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 2.9%** |  |  |
| BPR Trust Series 2022-OANA, Class A, 1 Month USD Term LIBOR + 1.90%, 6.23%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772480 |
| BX 2021-LBA3 Mortgage Trust Series 2021-PAC, Class B, 1 Month USD LIBOR + 0.90%, 5.22%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359749 |
| Cold Storage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ICE5, Class A, 1 Month USD LIBOR + 0.90%, 5.22%, 11/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ICE5, Class B, 1 Month USD LIBOR + 1.30%, 5.62%, 11/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758393 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $12,335,087)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11986398 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 6.3%** | **SHORT-TERM INVESTMENT — 6.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (e) (f)<br>(Cost $26,321,701) | 26321701 | &nbsp;&nbsp;&nbsp;$26321701 |
| **TOTAL INVESTMENTS — 99.0%<br>(Cost $417,700,343)<br>** | **TOTAL INVESTMENTS — 99.0%<br>(Cost $417,700,343)<br>** | &nbsp;&nbsp;&nbsp;412530669 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100140 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $416630809 |

---

(a) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. 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 19.3% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Step-up
 bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2022. Maturity date shown is the final maturity.

(d) Amount
 is less than 0.05% of net assets.

(e) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(f) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| GMTN | Global Medium Term Note |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |

---

At December 31, 2022, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| 2 Yr. U.S. Treasury Note Futures (short) | (297) | 03/31/2023 | $(60844814) | $(60908767) | $(63953) |

---

During the period ended December 31, 2022, average notional value related to futures contracts was $56,996,690.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $212600042 | $— | $212600042 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28147811 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28147811 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;122024826 | &nbsp;&nbsp;— | &nbsp;&nbsp;122024826 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11449891 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11449891 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11986398 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11986398 |
| Short-Term Investment<br>| &nbsp;&nbsp;26321701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26321701 |
| **TOTAL INVESTMENTS<br>**  | $26321701 | $386208968 | $— | $412530669 |
| **LIABILITIES:** |  |  |  |  |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63953) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$(63953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(63953) |

---

(a) Futures
 Contracts are valued at unrealized appreciation (depreciation).

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 29493611 | $29493611 | $236918682 | $240090592 | $— | $— | 26321701 | $26321701 | $315538 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 73.1%** |  |  |
| **AUSTRALIA — 0.8%** |  |  |
| FMG Resources August 2006 Pty, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 |
| Glencore Funding LLC<br>2.85%, 4/27/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69688 |
| Infrabuild Australia Pty, Ltd.<br>12.00%, 10/1/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21286 |
| Mineral Resources, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 5/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274911 |
| **BELGIUM — 0.7%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc.<br>3.50%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231925 |
| **BERMUDA — 0.0% (b)** |  |  |
| NCL Corp., Ltd.<br>7.75%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763 |
| **BRAZIL — 0.1%** |  |  |
| MercadoLibre, Inc.<br>2.00%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28443 |
| **CANADA — 2.0%** |  |  |
| Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.<br>8.75%, 7/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22773 |
| Baytex Energy Corp.<br>8.75%, 4/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14240 |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/1/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35065 |
| Enerflex, Ltd.<br>9.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84800 |
| Garda World Security Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21303 |
| Methanex Corp.<br>5.65%, 12/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17079 |
| Nutrien, Ltd.<br>5.95%, 11/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327072 |
| Parkland Corp.<br>4.50%, 10/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 |
| Strathcona Resources, Ltd.<br>6.88%, 8/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40364 |
| Taseko Mines, Ltd.<br>7.00%, 2/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652843 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CHINA — 1.0%** |  |  |
| Alibaba Group Holding, Ltd.<br>3.15%, 2/9/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;$159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99456 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc.<br>5.00%, 1/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50953 |
| Pinduoduo, Inc.<br>Zero Coupon, 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13956 |
| Prosus NV<br>4.19%, 1/19/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330623 |
| **FINLAND — 0.1%** |  |  |
| Nokia Oyj<br>6.63%, 5/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34450 |
| **FRANCE — 1.9%** |  |  |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 year CMT + 3.75%, 4.63%, 1/12/2027 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year CMT + 4.90%, 7.75%, 8/16/2029 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197200 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.22%, 2.16%, 9/15/2029 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163170 |
| Credit Agricole SA 5 Year CMT + 3.24%,<br>4.75%, 3/23/2029 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640478 |
| **GERMANY — 1.2%** |  |  |
| Deutsche Bank AG: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.72%, 3.04%, 5/28/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83373 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.87%, 2.13%, 11/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132317 |
| Volkswagen Group of America Finance LLC<br>3.95%, 6/6/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409316 |
| **HONG KONG — 0.1%** |  |  |
| Seaspan Corp.<br>5.50%, 8/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41656 |
| **IRELAND — 1.2%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>3.30%, 1/30/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85944 |
| Bank of Ireland Group PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 year CMT + 2.65%, 6.25%, 9/16/2026 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199132 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRN, 1 year CMT + 1.10%, 2.03%, 9/30/2027 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406652 |
| **ITALY — 3.1%** |  |  |
| Enel Finance International NV<br>5.50%, 6/15/2052 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120774 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Intesa Sanpaolo SpA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 6/26/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 year CMT + 2.75%, 4.95%, 6/1/2042 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191947 |
| Telecom Italia Capital SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530 |
| UniCredit SpA 5 Year US ISDA + 4.91%,<br>7.30%, 4/2/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005413 |
| **JAPAN — 1.2%** |  |  |
| Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.70%,<br>4.79%, 7/18/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197840 |
| NTT Finance Corp.<br>4.14%, 7/26/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394650 |
| **LUXEMBOURG — 0.1%** |  |  |
| Intelsat Jackson Holdings SA<br>6.50%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15255 |
| **MACAU — 0.6%** |  |  |
| Sands China, Ltd.<br>5.63%, 8/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193590 |
| **NORWAY — 0.6%** |  |  |
| DNB Bank ASA<br>5.90%, 10/9/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200208 |
| **SPAIN — 1.2%** |  |  |
| Banco Santander SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 8/18/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195114 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRN, 5 Year US ISDA + 4.99%, 7.50%, 2/8/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390334 |
| **SWITZERLAND — 1.5%** |  |  |
| Credit Suisse AG<br>4.75%, 8/9/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477625 |
| **UNITED KINGDOM — 6.1%** |  |  |
| Barclays PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 year CMT + 1.30%, 2.89%, 11/24/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 year CMT + 2.30%, 5.30%, 8/9/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year CMT + 3.41%, 4.38%, 3/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263521 |
| British Telecommunications PLC<br>9.63%, 12/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137273 |
| HSBC Holdings PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.51%, 4.18%, 12/9/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388292 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 4.25%, 8.11%, 11/3/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423900 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Lloyds Banking Group PLC 1 year CMT + 3.75%,<br>7.95%, 11/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$254352 |
| Standard Chartered PLC 1 year CMT + 0.95%,<br>1.82%, 11/23/2025 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182820 |
| TechnipFMC PLC<br>6.50%, 2/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016993 |
| **UNITED STATES — 49.6%** |  |  |
| Academy, Ltd.<br>6.00%, 11/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9606 |
| AdaptHealth LLC<br>4.63%, 8/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41910 |
| ADT Security Corp.<br>4.88%, 7/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19565 |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41246 |
| Affinity Gaming<br>6.88%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42513 |
| Airbnb, Inc.<br>Zero Coupon, 3/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9931 |
| Akumin Escrow, Inc.<br>7.50%, 8/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24378 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC<br>3.50%, 2/15/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8947 |
| Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.<br>7.50%, 5/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43664 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>9.75%, 7/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38622 |
| Alta Equipment Group, Inc.<br>5.63%, 4/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |
| Amazon.com, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/12/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188565 |
| American Express Co.<br>5.85%, 11/5/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46752 |
| American International Group, Inc. Series A-9, 3 Month USD LIBOR + 2.87%,<br>5.75%, 4/1/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21024 |
| American Tower Corp.<br>2.30%, 9/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85645 |
| Ameriprise Financial, Inc.<br>4.50%, 5/13/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52179 |
| Amgen, Inc.<br>4.20%, 3/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102077 |
| Aon Corp. / Aon Global Holdings PLC<br>5.00%, 9/12/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113757 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Aramark Services, Inc.<br>6.38%, 5/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34656 |
| Arches Buyer, Inc.<br>6.13%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 |
| Arko Corp.<br>5.13%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39220 |
| Armor Holdco, Inc.<br>8.50%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18668 |
| Arrow Bidco LLC<br>9.50%, 3/15/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21986 |
| Artera Services LLC<br>9.03%, 12/4/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32547 |
| Ashland LLC<br>3.38%, 9/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44560 |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 |
| Athene Global Funding<br>2.65%, 10/4/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84010 |
| Atkore, Inc.<br>4.25%, 6/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41514 |
| AutoZone, Inc.<br>4.75%, 8/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97143 |
| Avnet, Inc.<br>5.50%, 6/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47904 |
| Bain Capital Specialty Finance, Inc.<br>2.55%, 10/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154611 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.33%, 5.65%, 4/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99111 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.99%, 6.20%, 11/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108090 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 2.16%, 5.02%, 7/22/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147061 |
| Bank of New York Mellon Corp.<br>5.80%, 10/25/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30980 |
| Bath & Body Works, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 |
| Beazer Homes USA, Inc.<br>7.25%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44743 |
| BGC Partners, Inc.<br>4.38%, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146968 |
| Bill.com Holdings, Inc.<br>Zero Coupon, 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15430 |
| BlackRock TCP Capital Corp.<br>2.85%, 2/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132988 |
| BlackRock, Inc.<br>2.10%, 2/25/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62676 |
| Blackstone Holdings Finance Co. LLC<br>5.90%, 11/3/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85705 |
| Blackstone Private Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;$161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$133337 |
| Blackstone Secured Lending Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/16/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 9/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43710 |
| Block, Inc.<br>0.13%, 3/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23790 |
| BlueLinx Holdings, Inc.<br>6.00%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32473 |
| Boeing Co.<br>5.71%, 5/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247523 |
| Booking Holdings, Inc.<br>0.75%, 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 |
| Bristow Group, Inc.<br>6.88%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40765 |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123940 |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>6.00%, 2/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41064 |
| Builders FirstSource, Inc.<br>5.00%, 3/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65968 |
| C&S Group Enterprises LLC<br>5.00%, 12/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27128 |
| Caesars Entertainment, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917 |
| Calpine Corp.<br>5.13%, 3/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56393 |
| Calumet Specialty Products Partners L.P./Calumet Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 1/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 4/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 |
| Carpenter Technology Corp.<br>7.63%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51238 |
| Carriage Purchaser, Inc.<br>7.88%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7127 |
| Cars.com, Inc.<br>6.38%, 11/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40096 |
| Caterpillar Financial Services Corp.<br>3.65%, 8/12/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102429 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 8/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86942 |
| Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.90%, 6/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66226 |
| Citigroup, Inc.<br>4.65%, 7/23/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72168 |
| Civitas Resources, Inc.<br>5.00%, 10/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66167 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Clarios Global L.P./Clarios US Finance Co.<br>8.50%, 5/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38154 |
| CMG Media Corp.<br>8.88%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20315 |
| Colgate Energy Partners III LLC<br>7.75%, 2/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43929 |
| Comcast Corp.<br>2.99%, 11/1/2063<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57843 |
| Commercial Metals Co.<br>4.38%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57973 |
| CommScope Technologies LLC<br>6.00%, 6/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45503 |
| CommScope, Inc.<br>7.13%, 7/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192 |
| Conduent Business Services LLC/Conduent State & Local Solutions, Inc.<br>6.00%, 11/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31879 |
| Constellation Brands, Inc.<br>4.75%, 5/9/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95842 |
| Continental Resources, Inc.<br>2.27%, 11/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63307 |
| CoreCivic, Inc.<br>8.25%, 4/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59417 |
| Cornerstone Building Brands, Inc.<br>6.13%, 1/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21852 |
| Corporate Office Properties L.P.<br>2.75%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16469 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC<br>4.75%, 1/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30760 |
| CPI CG, Inc.<br>8.63%, 3/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29542 |
| Crescent Energy Finance LLC<br>7.25%, 5/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18996 |
| CTR Partnership L.P./CareTrust Capital Corp.<br>3.88%, 6/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63334 |
| CVR Energy, Inc.<br>5.25%, 2/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36779 |
| CVS Health Corp.<br>5.05%, 3/25/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74922 |
| Datadog, Inc.<br>0.13%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462 |
| DaVita, Inc.<br>4.63%, 6/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27401 |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp.<br>7.13%, 6/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73915 |
| Dell International LLC/EMC Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/2051 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 7/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20649 |
| Diamondback Energy, Inc.<br>6.25%, 3/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106638 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.88%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86987 |
| DISH DBS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205194 |
| Domtar Corp.<br>6.75%, 10/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60731 |
| DPL, Inc.<br>4.35%, 4/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85340 |
| DT Midstream, Inc.<br>4.38%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51854 |
| Eco Material Technologies, Inc.<br>7.88%, 1/31/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37277 |
| Edgewell Personal Care Co.<br>4.13%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14576 |
| Embecta Corp.<br>5.00%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765 |
| Enact Holdings, Inc.<br>6.50%, 8/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82580 |
| Encino Acquisition Partners Holdings LLC<br>8.50%, 5/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21865 |
| EnLink Midstream LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50558 |
| EnLink Midstream Partners L.P.<br>4.85%, 7/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69005 |
| Enphase Energy, Inc.<br>Zero Coupon, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221 |
| Enstar Group, Ltd.<br>3.10%, 9/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19715 |
| Enviva Partners L.P./Enviva Partners Finance Corp.<br>6.50%, 1/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36787 |
| EQT Corp.<br>1.75%, 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13962 |
| Equifax, Inc.<br>5.10%, 12/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88904 |
| Expedia Group, Inc.<br>Zero Coupon, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081 |
| Fidelity National Financial, Inc.<br>2.45%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29551 |
| FirstEnergy Corp. Series C,<br>5.35%, 7/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21450 |
| Fluor Corp.<br>4.25%, 9/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63472 |
| Foot Locker, Inc.<br>4.00%, 10/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63016 |
| Ford Motor Credit Co. LLC<br>5.58%, 3/18/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271903 |
| Forestar Group, Inc.<br>5.00%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60401 |
| Freeport-McMoRan, Inc.<br>4.63%, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126190 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Frontier Communications Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 |
| Frontier Florida LLC Series E,<br>6.86%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9204 |
| Full House Resorts, Inc.<br>8.25%, 2/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15018 |
| Gannett Holdings LLC<br>6.00%, 11/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31816 |
| Gap, Inc.<br>3.63%, 10/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56930 |
| Gartner, Inc.<br>3.63%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58732 |
| General Motors Financial Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 2/26/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/9/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80466 |
| Genworth Holdings, Inc.<br>6.50%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39616 |
| Georgia Power Co.<br>5.13%, 5/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94234 |
| Global Medical Response, Inc.<br>6.50%, 10/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17498 |
| Global Partners L.P./GLP Finance Corp.<br>6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40757 |
| Global Payments, Inc.<br>5.40%, 8/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42902 |
| Goldman Sachs Group, Inc. SOFR + 1.51%,<br>3.21%, 4/22/2042 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166989 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<br>7.00%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 |
| Granite US Holdings Corp.<br>11.00%, 10/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21057 |
| GrubHub Holdings, Inc.<br>5.50%, 7/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36218 |
| Guitar Center, Inc.<br>8.50%, 1/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37237 |
| Haemonetics Corp.<br>Zero Coupon, 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16605 |
| Hertz Corp.<br>5.00%, 12/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14411 |
| Hexcel Corp.<br>4.95%, 8/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29250 |
| Hilcorp Energy I L.P./Hilcorp Finance Co.<br>6.25%, 11/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37197 |
| HLF Financing SARL LLC/Herbalife International, Inc.<br>4.88%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 |
| Howmet Aerospace, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33019 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34457 |
| HP, Inc.<br>5.50%, 1/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18813 |
| Ingles Markets, Inc.<br>4.00%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36987 |
| International Business Machines Corp.<br>4.40%, 7/27/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95265 |
| Ionis Pharmaceuticals, Inc.<br>Zero Coupon, 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13890 |
| Iron Mountain, Inc.<br>5.63%, 7/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37502 |
| ITT Holdings LLC<br>6.50%, 8/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37970 |
| Jackson Financial, Inc.<br>3.13%, 11/23/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54732 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.46%, 3.16%, 4/22/2042 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69067 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.56%, 4.32%, 4/26/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156343 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 2.08%, 4.91%, 7/25/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128425 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 2.58%, 5.72%, 9/14/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73699 |
| Kinder Morgan, Inc.<br>4.80%, 2/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97378 |
| KKR Group Finance Co. XII LLC<br>4.85%, 5/17/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31806 |
| Kohl's Corp.<br>3.63%, 5/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45633 |
| Koppers, Inc.<br>6.00%, 2/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43127 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br>5.25%, 10/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46155 |
| Lamb Weston Holdings, Inc.<br>4.88%, 5/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52140 |
| Liberty Mutual Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 2/1/2061 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 2/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42178 |
| Live Nation Entertainment, Inc.<br>2.00%, 2/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14866 |
| Lowe's Cos., Inc.<br>2.80%, 9/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78283 |
| LSF11 A5 Holdco LLC<br>6.63%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12164 |
| LSF9 Atlantis Holdings LLC/Victra Finance Corp.<br>7.75%, 2/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39004 |
| M/I Homes, Inc.<br>4.95%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79947 |
| Macy's Retail Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51592 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Marsh & McLennan Cos., Inc.<br>5.75%, 11/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;$105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110169 |
| Massachusetts Mutual Life Insurance Co.<br>5.67%, 12/1/2052 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123977 |
| Meritage Homes Corp.<br>3.88%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243 |
| Micron Technology, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101751 |
| Millennium Escrow Corp.<br>6.63%, 8/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21643 |
| Moody's Corp.<br>2.00%, 8/19/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56250 |
| Morgan Stanley: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.36%, 2.48%, 9/16/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83884 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 2.08%, 4.89%, 7/20/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103310 |
| Moss Creek Resources Holdings, Inc.<br>7.50%, 1/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40532 |
| MPLX L.P.<br>4.95%, 9/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70331 |
| Murphy Oil Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59023 |
| Murphy Oil USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49473 |
| Navient Corp.<br>5.63%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43144 |
| NCL Corp., Ltd.<br>3.63%, 12/15/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23123 |
| NCL Finance, Ltd.<br>6.13%, 3/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 |
| Nestle Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/14/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146536 |
| Netflix, Inc.<br>5.38%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79303 |
| New Fortress Energy, Inc.<br>6.75%, 9/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81532 |
| NextEra Energy Capital Holdings, Inc.<br>4.26%, 9/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59278 |
| NextEra Energy Operating Partners L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75483 |
| NMI Holdings, Inc.<br>7.38%, 6/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55719 |
| Nordstrom, Inc.<br>6.95%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73022 |
| Northern Oil & Gas, Inc.<br>8.13%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43180 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47708 |
| NuStar Logistics L.P.<br>5.63%, 4/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75204 |
| Occidental Petroleum Corp.<br>7.95%, 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45830 |
| Oceaneering International, Inc.<br>6.00%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42089 |
| OI European Group B.V.<br>4.75%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49477 |
| Olin Corp.<br>5.00%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127 |
| OWL Rock Core Income Corp.<br>5.50%, 3/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116490 |
| Patterson-UTI Energy, Inc.<br>5.15%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45913 |
| PayPal Holdings, Inc.<br>5.05%, 6/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48371 |
| PBF Holding Co. LLC/PBF Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35401 |
| PennyMac Financial Services, Inc.<br>5.38%, 10/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52550 |
| PepsiCo, Inc.<br>4.20%, 7/18/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18321 |
| PG&E Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40039 |
| PHH Mortgage Corp.<br>7.88%, 3/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36609 |
| Phillips 66<br>3.30%, 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37462 |
| Pike Corp.<br>5.50%, 9/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26223 |
| Pioneer Natural Resources Co.<br>0.25%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11670 |
| PM General Purchaser LLC<br>9.50%, 10/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25852 |
| Prime Healthcare Services, Inc.<br>7.25%, 11/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38085 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<br>5.75%, 4/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11563 |
| Prudential Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 3.92%, 5.63%, 6/15/2043 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year CMT + 3.23%, 6.00%, 9/1/2052 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165264 |
| Public Storage<br>2.25%, 11/9/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43546 |
| Pure Storage, Inc.<br>0.13%, 4/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10794 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| QUALCOMM, Inc.<br>5.40%, 5/20/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;$160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166725 |
| Rain CII Carbon LLC/CII Carbon Corp.<br>7.25%, 4/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41392 |
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.<br>9.75%, 12/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23347 |
| ROCC Holdings LLC<br>9.25%, 8/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33998 |
| Rockies Express Pipeline LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20157 |
| Royal Caribbean Cruises, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165874 |
| Santander Holdings USA, Inc. SOFR + 1.25%,<br>2.49%, 1/6/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116142 |
| Sarepta Therapeutics, Inc.<br>1.50%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18656 |
| Scripps Escrow II, Inc.<br>3.88%, 1/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13017 |
| Sealed Air Corp.<br>6.88%, 7/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33834 |
| SEG Holding LLC/SEG Finance Corp.<br>5.63%, 10/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38248 |
| Sempra Energy<br>3.70%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24635 |
| Service Properties Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 |
| Sinclair Television Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 |
| Sirius XM Radio, Inc.<br>4.13%, 7/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72700 |
| Smyrna Ready Mix Concrete LLC<br>6.00%, 11/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34875 |
| Southern Co.<br>5.15%, 10/6/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216572 |
| Southwest Airlines Co.<br>1.25%, 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12059 |
| Spirit AeroSystems, Inc.<br>4.60%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31587 |
| Splunk, Inc.<br>1.13%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12709 |
| Standard Industries, Inc.<br>4.38%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31947 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154003 |
| Stellantis Finance US, Inc.<br>5.63%, 1/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198446 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| StoneX Group,Inc.<br>8.63%, 6/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80724 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38388 |
| Sunnova Energy Corp.<br>5.88%, 9/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39325 |
| Sunoco L.P./Sunoco Finance Corp.<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54230 |
| Sylvamo Corp.<br>7.00%, 9/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37233 |
| Synchrony Financial<br>4.88%, 6/13/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69265 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.<br>5.50%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66652 |
| Taylor Morrison Communities, Inc.<br>5.75%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54498 |
| Tempur Sealy International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53737 |
| Thor Industries, Inc.<br>4.00%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15777 |
| Toledo Hospital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.33%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768 |
| TreeHouse Foods, Inc.<br>4.00%, 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23020 |
| Triton Water Holdings, Inc.<br>6.25%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24304 |
| Uber Technologies, Inc.<br>Zero Coupon, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 |
| United Airlines 2020-1 Pass Through Trust Series 2020-1, Class B,<br>4.88%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125533 |
| UnitedHealth Group, Inc.<br>5.88%, 2/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114003 |
| Urban One, Inc.<br>7.38%, 2/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34665 |
| US Acute Care Solutions LLC<br>6.38%, 3/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34613 |
| USA Compression Partners L.P./USA Compression Finance Corp.<br>6.88%, 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48035 |
| Verizon Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 9/3/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/22/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54405 |
| Verscend Escrow Corp.<br>9.75%, 8/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26448 |
| ViaSat, Inc.<br>6.50%, 7/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34471 |
| Victoria's Secret & Co.<br>4.63%, 7/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40017 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Virginia Electric & Power Co. Series C,<br>4.63%, 5/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66880 |
| Vishay Intertechnology, Inc.<br>2.25%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13570 |
| Vista Outdoor, Inc.<br>4.50%, 3/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17679 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42021 |
| Wabash National Corp.<br>4.50%, 10/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38158 |
| WarnerMedia Holdings, Inc.<br>5.14%, 3/15/2052 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39651 |
| Waste Pro USA, Inc.<br>5.50%, 2/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17723 |
| Watco Cos. LLC/Watco Finance Corp.<br>6.50%, 6/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610 |
| Weatherford International, Ltd.<br>8.63%, 4/30/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53111 |
| Wells Fargo & Co. SOFR + 1.32%,<br>3.91%, 4/25/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135002 |
| WESCO Distribution, Inc.<br>7.25%, 6/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69956 |
| Western Global Airlines LLC<br>10.38%, 8/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21914 |
| White Cap Buyer LLC<br>6.88%, 10/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19170 |
| Windstream Escrow LLC/Windstream Escrow Finance Corp. REGS,<br>7.75%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24543 |
| Winnebago Industries,Inc.<br>6.25%, 7/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79473 |
| Ziff Davis, Inc.<br>1.75%, 11/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25063 |
| Zscaler, Inc.<br>0.13%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16376296 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $25,847,331)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24125424 |
| **ASSET-BACKED SECURITIES — 4.6%** |  |  |
| AMMC CLO, Ltd. Series 2014-15A, Class BR3,<br>5.73%, 1/15/2032 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239325 |
| CBAM Ltd. Series 2018-6A, Class B2R, ABS, 3 Month SOFR + 2.36%,<br>6.23%, 1/15/2031 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247529 |
| Generate CLO, Ltd. Series 2A, Class BR,<br>5.77%, 1/22/2031 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238300 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Hayfin US XII, Ltd. Series 2018-8A, Class B, ABS, 3 Month USD LIBOR + 1.48%,<br>5.72%, 4/20/2031 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$238150 |
| OneMain Direct Auto Receivables Trust Series 2021-1A, Class A, ABS,<br>0.87%, 7/14/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557220 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $1,572,715)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520524 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **CONVERTIBLE BONDS — 0.3%** |  |  |
| **PANAMA — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a)<br>| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;22445 |
| **UNITED STATES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc.<br>| 58000 | &nbsp;&nbsp;&nbsp;&nbsp;47524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (a)<br>| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. (a)<br>| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;12646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84186 |
| **TOTAL CONVERTIBLE BONDS<br>(Cost $115,771)<br>**  |  | &nbsp;&nbsp;106631 |
| **CONVERTIBLE PREFERRED STOCKS — 0.1%** |  |  |
| **UNITED STATES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;15803 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS<br>(Cost $16,816)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;15803 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.1%** |  |  |
| **UNITED STATES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 6.13%<br>| 192 | &nbsp;&nbsp;&nbsp;&nbsp;9903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp., 5.00%<br>| &nbsp;&nbsp;11 | &nbsp;&nbsp;14922 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., 7.75%<br>| 115 | &nbsp;&nbsp;&nbsp;11875 |
|  |  | &nbsp;&nbsp;36700 |
| **TOTAL PREFERRED STOCKS<br>(Cost $39,910)<br>**  |  | &nbsp;&nbsp;36700 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** |  |
| **SENIOR FLOATING RATE LOANS — 15.3%** |  |  |
| **ADVERTISING SERVICES — 0.5%** |  |  |
| CMG Media Corp., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50%, 12/17/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$147739 | &nbsp;&nbsp;138743 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Summer Holdco B SARL, Senior Secured 2021 USD Term Loan B2, 3 Month USD LIBOR + 4.50%, 9.23%, 12/4/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171379 |
| **AIRLINES — 1.2%** |  |  |
| American Airlines, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 8.99%, 4/20/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109708 |
| SkyMiles IP Ltd., Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75%, 7.99%, 10/20/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110289 |
| United Airlines, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.11%, 4/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406860 |
| **AUTO COMPONENTS — 0.3%** |  |  |
| USI, Inc., Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 3.75%, 8.33%, 11/22/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99002 |
| **BEVERAGES — 0.1%** |  |  |
| City Brewing Company LLC, Senior Secured Closing Date Term Loan, 1 Month USD LIBOR + 3.50%, 7.79%, 4/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24977 |
| **BROADCAST SERV/PROGRAM — 1.0%** |  |  |
| E.W. Scripps Co. (The), Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 2.56%, 6.95%, 5/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320804 |
| **BUILDING PRODUCTS — 0.2%** |  |  |
| ACProducts, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.98%, 5/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45345 |
| Oscar Acquisitionco LLC, Senior Secured Term Loan B, 3 Month USD SOFR + 4.50%, 9.18%, 4/29/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74702 |
| **CHEMICALS — 0.8%** |  |  |
| Illuminate Buyer LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 6/30/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107955 |
| LSF11 A5 Holdco LLC, Senior Secured Term Loan, 1 Month USD SOFR + 3.50%, 8.05%, 10/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107166 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Olympus Water U.S. Holding Corp., Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 8.50%, 11/9/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268120 |
| **COMMERCIAL SERVICES — 0.3%** |  |  |
| Albion Financing 3 SARL, Senior Secured USD Term Loan, 3 Month USD LIBOR + 5.25%, 9.57%, 8/17/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99649 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.5%** |  |  |
| McGraw-Hill Global Education Holdings LLC, Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 4.75%, 8.32%, 7/28/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125435 |
| Prime Security Services Borrower LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.75%, 6.50%, 9/23/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172413 |
| **COMMUNICATIONS EQUIPMENT — 0.5%** |  |  |
| CommScope, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173982 |
| **CONTAINERS & PACKAGING — 0.4%** |  |  |
| Graham Packaging Company, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 8/4/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116357 |
| **DIVERSIFIED CONSUMER SERVICES — 0.3%** |  |  |
| Ascend Learning LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 12/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89320 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.4%** |  |  |
| DirecTV Financing LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 8/2/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122394 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENERGY EQUIPMENT & SERVICES — 0.4%** |  |  |
| Carnival Corp., Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 6/30/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$142276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$136814 |
| **ENERGY-ALTERNATE SOURCES — 0.3%** |  |  |
| Array Technologies, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 7.94%, 10/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109727 |
| **FINANCE-CREDIT CARD — 0.1%** |  |  |
| Paysafe Holdings (US) Corp., Senior Secured USD Term Loan B1, 1 Month USD LIBOR + 2.75%, 7.14%, 6/28/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41680 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.2%** |  |  |
| Agiliti Health, Inc, Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 2.75%, 6.88%, 1/4/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57133 |
| CHG Healthcare Services, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 9/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290470 |
| Medline Borrower LP, Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/23/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400605 |
| **HOTELS, RESTAURANTS & LEISURE — 0.9%** |  |  |
| Caesars Resort Collection LLC, Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 12/23/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301672 |
| **INSURANCE — 0.9%** |  |  |
| Amynta Agency Borrower, Inc., Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 4.50%, 8.88%, 2/28/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98461 |
| Sedgwick Claims Management Services, Inc., Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/31/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312863 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **INTERNET & CATALOG RETAIL — 0.5%** |  |  |
| Uber Technologies, Inc., Senior Secured 2021 1st Lien Term Loan B, 3 Month USD LIBOR + 3.50%, 7.17%, 4/4/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$160060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$159727 |
| **INTERNET & TELECOM — 0.3%** |  |  |
| Arches Buyer, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/6/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96017 |
| **IT SERVICES — 0.2%** |  |  |
| CoreLogic, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.94%, 6/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52166 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.1%** |  |  |
| Avantor Funding, Inc., Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25%, 6.63%, 11/8/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 |
| **MACHINERY-CONSTRUCTION & MINING — 0.2%** |  |  |
| Clear Channel Outdoor Holdings, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 7.91%, 8/21/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56015 |
| **MEDIA — 0.3%** |  |  |
| MH Sub I LLC, Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 9/13/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106850 |
| **MISCELLANEOUS MANUFACTUR — 0.2%** |  |  |
| Gates Global LLC, Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.50%, 6.88%, 3/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75251 |
| **PHARMACEUTICALS — 0.3%** |  |  |
| Jazz Financing Lux SARL, Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 5/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92586 |
| **PROFESSIONAL SERVICES — 0.8%** |  |  |
| Dun & Bradstreet Corp., Senior Secured Term Loan, 1 Month USD LIBOR + 3.25%, 7.64%, 2/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125406 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Proofpoint, Inc., Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 7.98%, 8/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$133987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254248 |
| **RETAIL-BUILDING PRODUCTS — 0.2%** |  |  |
| Park River Holdings, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 6.99%, 12/28/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78096 |
| **RETAIL-RESTAURANTS — 0.4%** |  |  |
| IRB Holding Corp., Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/5/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119420 |
| **SOFTWARE — 0.9%** |  |  |
| Camelot U.S. Acquisition LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 10/30/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125234 |
| RealPage, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 4/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56228 |
| Sabre GLBL, Inc.: |  |  |
| Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.88%, 12/17/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41636 |
| Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.88%, 12/17/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289468 |
| **SPECIALTY RETAIL — 0.3%** |  |  |
| At Home Group, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.98%, 7/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42408 |
| Michaels Companies, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.98%, 4/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106402 |
| **TRANSPORT-SERVICES — 0.3%** |  |  |
| Endure Digital, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.72%, 2/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90111 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $5,289,681)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053377 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 2.0%** |  |  |
| **UNITED STATES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF (d)<br>| &nbsp;&nbsp;8015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327814 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond ETF (d)<br>| &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660814 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $661,295)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660814 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** |  |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 0.3%** |  |  |
| COMM Mortgage Trust Series 2012-CR3, Class B, 3.92%, 10/15/2045 (a)<br>(Cost $99,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88827 |
| **TOTAL INVESTMENTS — 95.8%<br>(Cost $33,642,519)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31608100 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 4.2% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379169 |
| **NET ASSETS — 100.0% <br>**  |  | &nbsp;&nbsp;&nbsp;$32987269 |

---

(a) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 36.3% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(b) Amount
 is less than 0.05% of net assets.

(c) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d) Affiliated
 fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| ISDA | International Swaps and Derivatives Association |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

At December 31, 2022, open forward foreign currency exchange contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Bought** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement <br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 37,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 39,404 | &nbsp;&nbsp;&nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$(123) |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 95,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 101,339 | &nbsp;&nbsp;&nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(274) |

---

During the period December 31, 2022, average notional value related to foreign currency exchange contracts wa $127,594.

At December 31, 2022, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| 10 Yr. U.S. Treasury Ultra Futures (long) | &nbsp;&nbsp;52 | 03/22/2023 | $6241153 | $6150625 | &nbsp;&nbsp;$(90823) |
| 5 Yr. U.S. Treasury Note Futures (long) | &nbsp;&nbsp;63 | 03/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6877923 | &nbsp;&nbsp;&nbsp;&nbsp;6799570 | &nbsp;&nbsp;&nbsp;&nbsp;(78353) |
| 2 Yr. U.S. Treasury Note Futures (long) | &nbsp;&nbsp;28 | 03/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5769263 | &nbsp;&nbsp;&nbsp;&nbsp;5742188 | &nbsp;&nbsp;&nbsp;&nbsp;(27075) |
|  |  |  |  |  | $(196251) |
| Euro-Bund Futures (short) | (14) | 03/08/2023 | &nbsp;&nbsp;&nbsp;(2031593) | &nbsp;&nbsp;&nbsp;(1986173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54033 |
|  |  |  |  |  | $(142218) |

---

During the period ended June 30, 2022, average notional value related to long futures contracts was $10,134,349 and short futures contracts was $283,789.

During the period ended December 31, 2022, average notional value related to swap contracts was $651,214. There were no swaps held at December 31, 2022.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $24125424 | $— | $24125424 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1520524 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1520524 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88827 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88827 |
| Convertible Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106631 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106631 |
| Convertible Preferred Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;15803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15803 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;660814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660814 |
| Preferred Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36700 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5053377 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5053377 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **TOTAL INVESTMENTS<br>**  | $713317 | $30894783 | $— | $31608100 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Short Futures<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54033 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | &nbsp;&nbsp;&nbsp;$54033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54033 |
| **TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS<br>**  | $767350 | $30894783 | $— | $31662133 |
| **LIABILITIES:** |  |  |  |  |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Foreign Currency Exchange Contracts<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) |
| Futures Contracts<sup>(a)</sup><br>| &nbsp;&nbsp;(196251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196251) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(196251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(274) | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(196525) |

---

(a) Futures
 Contracts are valued at unrealized appreciation (depreciation).

(b) Forward
 Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$625451 | &nbsp;&nbsp;&nbsp;$295103 | $(871) | $(1664) | 8015 | $327813 | $7499 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;627764 | &nbsp;&nbsp;&nbsp;&nbsp;296695 | &nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;1182 | 3700 | &nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;7305 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 1958487 | &nbsp;&nbsp;1958487 | &nbsp;&nbsp;17245680 | &nbsp;&nbsp;19204167 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;23215 |
| Total<br>|  | $1958487 | $18498895 | $19795965 | $(122) | &nbsp;&nbsp;$(482) |  | $660813 | $38019 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL BONDS & NOTES — 92.5%** | **MUNICIPAL BONDS & NOTES — 92.5%** |  |
| **ALABAMA — 2.4%** |  |  |
| Black Belt Energy Gas District<br>Series B, 4.00%, 10/1/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$494034 |
| Southeast Energy Authority, A Cooperative District , General Obligation<br>Series B, 4.00%, 12/1/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976281 |
| **ARIZONA — 0.2%** |  |  |
| Maricopa County Industrial Development Authority Revenue<br>AMT, 4.00%, 10/15/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80873 |
| **ARKANSAS — 1.2%** |  |  |
| Arkansas Development Finance Authority<br>AMT, 5.45%, 9/1/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483558 |
| **CALIFORNIA — 13.0%** |  |  |
| Anaheim Public Financing Authority Revenue<br>Series C, ETM, Zero Coupon, 9/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197149 |
| California Housing Finance Revenue<br>3.50%, 11/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158639 |
| California, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301421 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue<br>5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806675 |
| Los Angeles, CA, Department of Water & Power System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389684 |
| Municipal Improvement Corp. of Los Angeles, Revenue<br>Series A, 1.45%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457338 |
| Norman Y Mineta San Jose International Airport SJC Revenue<br>Series A, 5.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216246 |
| Orange County Community Facilities District<br>Series A, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260820 |
| Palomar Health, General Obligation<br>Series A, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85707 |
| Sacramento City Financing Authority Revenue<br>5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202714 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue<br>Series H, AMT, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$186735 |
| University of California, Revenue<br>Series BI, 1.37%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213210 |
| **COLORADO — 2.1%** |  |  |
| City & County of Denver Co. Airport System Revenue<br>Series B2, 5.00%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418320 |
| Denver Convention Center Hotel Authority Revenue<br>5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828151 |
| **CONNECTICUT — 2.7%** |  |  |
| Connecticut, State Health & Educational Facility Authority Revenue<br>Series A, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123406 |
| South Central Connecticut Regional Water Authority Revenue<br>Series B, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131541 |
| State of Connecticut<br>Series F, 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666483 |
| State of Connecticut, General Obligation<br>Series B, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087326 |
| **DELAWARE — 0.8%** |  |  |
| Delaware Transportation Authority<br>5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311991 |
| **FLORIDA — 6.3%** |  |  |
| County of Miami-Dade FL Aviation Revenue<br>Series A, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214474 |
| County of Miami-Dade FL Water & Sewer System Revenue<br>3.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452733 |
| Florida Development Finance Corp.<br>AMT, VRN, 7.25%, 7/1/2057 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538391 |
| Miami-Dade County, FL, General Obligation<br>Series A, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259434 |
| State of Florida Department of Transportation<br>Series A, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518450 |
| **GUAM — 0.8%** |  |  |
| Territory of Guam Revenue<br>Series A, 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312630 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **HAWAII — 2.4%** |  |  |
| Hawaii, State General Obligation<br>Series EY, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;$905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$961879 |
| **ILLINOIS — 8.4%** |  |  |
| Chicago Board of Education, General Obligation<br>Series A, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302055 |
| Chicago Transit Authority Capital Grant Receipts Revenue<br>5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153748 |
| Chicago, IL, Board of Education, General Obligation<br>Series A, 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300569 |
| Chicago, IL, O'Hare International Airport Revenue<br>Series B, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166092 |
| Illinois, State Finance Authority Revenue<br>5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250630 |
| Illinois, State Toll Highway Authority Revenue<br>Series A, 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429386 |
| Northern Illinois Municipal Power Agency Revenue<br>Series A, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388626 |
| State of Illinois Sales Tax Revenue<br>5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588231 |
| State of Illinois, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383267 |
| **IOWA — 0.5%** |  |  |
| Iowa Finance Authority Revenue<br>4.00%, 12/1/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191298 |
| **KENTUCKY — 0.2%** |  |  |
| Kentucky, Economic Development Finance Authority Revenue<br>Series A, 4.25%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93391 |
| **LOUISIANA — 0.7%** |  |  |
| Louisiana Local Gov't Environmental Facilities & Community Development Auth<br>Series B, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262939 |
| **MARYLAND — 3.0%** |  |  |
| State of Maryland Department of Transportation Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182911 |
| **MASSACHUSETTS — 3.9%** |  |  |
| Massachusetts Clean Water Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707677 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24B, 5.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$855496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563173 |
| **MICHIGAN — 0.3%** |  |  |
| Michigan, State Finance Authority Revenue<br>5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121189 |
| **MINNESOTA — 0.3%** |  |  |
| State of Mississippi, General Obligation<br>Series A, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110561 |
| **MISSOURI — 2.7%** |  |  |
| City of State Louis, MO, Airport Revenue<br>5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111594 |
| Park Hill School District of Platte County<br>3.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092277 |
| **NEW JERSEY — 3.4%** |  |  |
| New Jersey Economic Development Authority Revenue<br>5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090011 |
| New Jersey Transportation Trust Fund Authority Revenue<br>Series A, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345252 |
| **NEW MEXICO — 2.5%** |  |  |
| New Mexico Hospital Equipment Loan Council<br>4.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987312 |
| **NEW YORK — 4.9%** |  |  |
| City of New York, NY, General Obligation<br>Series A-1, 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995266 |
| New York City Transitional Finance Authority Future Tax Secured Revenue<br>5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10161 |
| New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue<br>5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123808 |
| New York, State Dormitory Authority Revenue, State Supported Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-GRP B, 5.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424508 |
| Triborough Bridge & Tunnel Authority Revenue<br>Series A, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956416 |
| **NORTH CAROLINA — 1.3%** |  |  |
| County of Wake NC<br>Series A, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524006 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **OHIO — 2.4%** |  |  |
| State of Ohio Revenue<br>5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;$850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$952197 |
| **OREGON — 4.4%** |  |  |
| Medford Hospital Facilities Authority Revenue<br>Series A, 5.00%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993773 |
| Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, General Obligation<br>Series A, 5.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751435 |
| **PENNSYLVANIA — 5.3%** |  |  |
| City of Philadelphia PA Airport Revenue<br>Series B, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782811 |
| Commonwealth Financing Authority<br>4.00%, 6/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491938 |
| Pennsylvania Economic Development Financing Authority Revenue<br>Series A, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102948 |
| Pennsylvania, State General Obligation<br>5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104614 |
| Pennsylvania, State University, Revenue<br>Series B, 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128230 |
| **TENNESSEE — 1.1%** |  |  |
| New Memphis Arena Public Building Authority Revenue<br>4.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462167 |
| **TEXAS — 3.1%** |  |  |
| Harris County-Houston Sports Authority<br>Series A, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517863 |
| Houston of Harris County, TX, Port Authority General Obligation<br>Series A, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284486 |
| New Hope, Cultural Education Facilities Corp. Revenue<br>Series A-1, 5.50%, 1/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230620 |
| Plano, TX, Independent School District, General Obligation<br>Series A, 5.00%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262763 |
| **UTAH — 3.9%** |  |  |
| City of Salt Lake City UT Airport Revenue<br>Series A, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834693 |
| Vineyard Redevelopment Agency: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359364 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;$325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$352704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546761 |
| **VIRGINIA — 1.2%** |  |  |
| Virginia Small Business Financing Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496170 |
| **WASHINGTON — 3.0%** |  |  |
| Port of Seattle WA<br>Series C, 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762649 |
| Port of Seattle WA Revenue<br>Series A, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266201 |
| Washington, State General Obligation<br>Series A, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190192 |
| **WISCONSIN — 4.1%** |  |  |
| Public Finance Authority<br>6.00%, 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228514 |
| Wisconsin Health & Educational Facilities Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923333 |
| Wisconsin, State General Obligation<br>Series 2, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636861 |
| **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $39,788,552)<br>** | **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $39,788,552)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;37015117 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 3.6%** | **SHORT-TERM INVESTMENT — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (d) (e)<br>(Cost $1,442,669) | 1442669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442669 |
| **TOTAL INVESTMENTS — 96.1%<br>(Cost $41,231,221)<br>** | **TOTAL INVESTMENTS — 96.1%<br>(Cost $41,231,221)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;38457786 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.9% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.9% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578828 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | &nbsp;&nbsp;&nbsp;$40036614 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

(a) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. 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 2.8% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Bond
 is insured by the following:

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Assured Guaranty Municipal Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Permanent School Fund Guaranteed<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.6% |

---

(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, 2022 are shown in the Affiliate Table below.

(e) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| ETM | Escrowed to Maturity |
| UT | Unlimited Tax |
| VRN | Variable Rate Note |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Municipal Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $37015117 | $— | $37015117 |
| Short-Term Investment<br>| &nbsp;&nbsp;1442669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1442669 |
| **TOTAL INVESTMENTS<br>**  | $1442669 | $37015117 | $— | $38457786 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 1595897 | $1595897 | $9012977 | $9166205 | $— | $— | 1442669 | $1442669 | $35463 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL BONDS & NOTES — 93.2%** | **MUNICIPAL BONDS & NOTES — 93.2%** |  |
| **ARIZONA — 0.7%** |  |  |
| City of Phoenix Civic Improvement Corp.<br>Series D, Class D, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;$215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$234866 |
| **CALIFORNIA — 10.8%** |  |  |
| California Health Facilities Financing Authority<br>Series A-1, Class A1, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222188 |
| California, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126114 |
| Compton Unified School District<br>Series B, Class B, Build America Mutual Assurance Company, 4.00%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183035 |
| Folsom Ranch Financing Authority Revenue<br>5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155663 |
| Hartnell Community College District/CA<br>Series B, 4.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223731 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue<br>Series A, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132608 |
| Los Angeles, CA, Department of Water & Power System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615291 |
| Orange County Community Facilities District<br>Series A, 5.00%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200986 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue<br>Class D, 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394655 |
| San Francisco Unified School District, General Obligations<br>4.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193504 |
| San Mateo Foster City Public Financing Authority, Revenue<br>4.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802511 |
| **COLORADO — 2.1%** |  |  |
| Colorado Health Facilities Authority Revenue<br>Series A, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312740 |
| Regional Transportation District Revenue<br>Series A, Class A, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729167 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CONNECTICUT — 4.6%** |  |  |
| State of Connecticut<br>Series F, 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;$610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$666483 |
| State of Connecticut, General Obligation<br>Series E, 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540259 |
| University of Connecticut Revenue<br>Series A, Class A, 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614214 |
| **DELAWARE — 1.5%** |  |  |
| Delaware Municipal Electric Corp. Revenue<br>5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342873 |
| Delaware Transportation Authority Revenue<br>3.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524320 |
| **DISTRICT OF COLUMBIA — 2.8%** |  |  |
| District of Columbia Revenue<br>Class A, 5.00%, 8/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728547 |
| Washington Metropolitan Area Transit Authority Revenue<br>5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986727 |
| **FLORIDA — 9.5%** |  |  |
| City of Gainesville FL Utilities System Revenue<br>Series A, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306569 |
| City of Pompano Beach, FL , Revenue<br>3.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224300 |
| County of Miami-Dade FL Aviation Revenue<br>Series A, Class A, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383636 |
| Florida Development Finance Corp.<br>AMT, VRN, 7.25%, 7/1/2057 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299106 |
| Florida Development Finance Corp. Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426527 |
| Miami-Dade County Expressway Authority Revenue<br>Series A, Class A, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102593 |
| Orlando Utilities Commission Revenue Revenue<br>Series A, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165597 |
| Palm Beach County Health Facilities Authority Revenue<br>5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100657 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Somerset Community Development District: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$185023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177855 |
| Tallahassee, FL, Energy System Revenue<br>Series A, 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334682 |
| **ILLINOIS — 3.8%** |  |  |
| Chicago, IL, O'Hare International Airport Revenue<br>5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433395 |
| Illinois Finance Authority, Water Revenue<br>5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303111 |
| Illinois State Toll Highway Authority Revenue<br>Series B, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151908 |
| Mount Prospect Park District, General Obligation<br>Series A, Class A, 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319113 |
| State of Illinois, General Obligation<br>5.50%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344826 |
| **IOWA — 0.8%** |  |  |
| Iowa Finance Authority Revenue<br>4.00%, 12/1/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286947 |
| **MAINE — 0.3%** |  |  |
| City of Auburn ME<br>5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103655 |
| **MARYLAND — 4.3%** |  |  |
| County of Montgomery MD, General Obligation<br>Series B, Class B, 4.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134362 |
| Maryland Economic Development Corp.Revenue<br>Series B, Class B, 5.00%, 12/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432301 |
| Maryland, State General Obligation<br>Series B, Class B, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441879 |
| State of Maryland Department of Transportation Revenue<br>5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315249 |
| Washington Suburban Sanitary Commission Revenue<br>5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488961 |
| **MASSACHUSETTS — 4.3%** |  |  |
| Massachusetts Bay Transportation Authority Sales Tax Revenue<br>Series A, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370083 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Massachusetts Clean Water Trust<br>Series 24B, 5.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$855496 |
| Massachusetts Development Finance Agency Revenue<br>Series A-2, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498648 |
| **MINNESOTA — 1.9%** |  |  |
| City of Minneapolis MN/St. Paul Housing & Redevelopment Authority Revenue<br>Class A, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354706 |
| Minneapolis, St. Paul Metropolitan Airports Commission Revenue<br>Series B, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680463 |
| **NEW JERSEY — 4.4%** |  |  |
| Hudson County Improvement Authority Revenue<br>3.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92954 |
| New Jersey Economic Development Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MMM, 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299581 |
| New Jersey Transportation Trust Fund Authority<br>Series CC, 5.25%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329167 |
| New Jersey, Transportation Trust Fund Authority Revenue<br>Series AA, Ambac Financial Group, 5.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250885 |
| State of New Jersey<br>Series A, Class A, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527393 |
| **NEW YORK — 10.5%** |  |  |
| City of New York NY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461238 |
| Hudson Yards Infrastructure Corp.<br>Series A, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327120 |
| Metropolitan Transportation Authority<br>Series A, 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634156 |
| Metropolitan Transportation Authority Revenue<br>Series E, Class E, 3.50%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230018 |
| New York City Transitional Finance Authority Building Aid Revenue<br>Series S1A, Class A, 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515720 |
| New York City Transitional Finance Authority Future Tax Secured Revenue<br>5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285824 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| New York State Dormitory Authority Revenue<br>5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$533203 |
| New York Transportation Development Corp. Revenue<br>5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308696 |
| New York Transportation Development Corp. Revenue<br>5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665624 |
| **NORTH CAROLINA — 2.9%** |  |  |
| City of Charlotte NC Water & Sewer System Revenue<br>4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826571 |
| County of Wake NC, Revenue<br>Series A, Class A, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026674 |
| **OHIO — 2.0%** |  |  |
| Ohio, State General Obligation<br>Series A, Class A, 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705582 |
| **OKLAHOMA — 2.2%** |  |  |
| Carter County Public Facilities Authority Revenue<br>5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212370 |
| Muskogee Industrial Trust Revenue<br>4.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102415 |
| Norman Regional Hospital Authority Revenue<br>4.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207372 |
| Oklahoma County Finance Authority Revenue<br>4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778277 |
| **OREGON — 3.4%** |  |  |
| Medford Hospital Facilities Authority<br>Series A, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770664 |
| Port of Portland OR Airport Revenue<br>Series A, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205759 |
| **PENNSYLVANIA — 3.8%** |  |  |
| Central Bucks School District, General Obligation<br>5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284719 |
| Commonwealth of Pennsylvania, General Obligation<br>2nd Series, 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507314 |
| Pennsylvania Turnpike Commission Revenue<br>5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320261 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **TEXAS — 4.0%** |  |  |
| City of Garland TX Electric Utility System Revenue<br>5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$306730 |
| County of Williamson, TX , General Obligation<br>5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171660 |
| Love Field Airport Modernization Corp. Revenue<br>5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108841 |
| Texas Woman's University<br>Series A, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334501 |
| University of Texas, Revenue<br>Series B, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408588 |
| **VIRGINIA — 2.1%** |  |  |
| Chesapeake Bay Bridge & Tunnel District<br>5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615573 |
| Hampton Roads Transportation Accountability Commission Revenue<br>Series A, Class A, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750208 |
| **WASHINGTON — 8.1%** |  |  |
| Central Puget Sound, Regional Transit Authority Revenue<br>Series S-1, 5.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111811 |
| Energy Northwest, WA, Revenue<br>Series A, Class A, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836917 |
| King County Public Hospital District No 1<br>5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625322 |
| Port of Seattle WA<br>Series C, 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762649 |
| Port of Seattle WA, Revenue<br>Series B, 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226201 |
| State of Washington, General Obligation<br>Series A, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834568 |
| **WISCONSIN — 2.4%** |  |  |
| Public Finance Authority Revenue<br>Series A, Class A, 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533505 |
| State of Wisconsin Revenue<br>Series A, Class A, 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849229 |
| **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $33,239,363)<br>** | **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $33,239,363)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;32702150 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 3.4%** | **SHORT-TERM INVESTMENT — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (d) (e)<br>(Cost $1,207,057) | 1207057 | &nbsp;&nbsp;&nbsp;&nbsp;$1207057 |
| **TOTAL INVESTMENTS — 96.6%<br>(Cost $34,446,420)<br>** | **TOTAL INVESTMENTS — 96.6%<br>(Cost $34,446,420)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;33909207 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.4% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.4% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202168 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | &nbsp;&nbsp;&nbsp;$35111375 |

---

(a) Bond
 is insured by the following:

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Build America Mutual Assurance Company<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.5% |

---

(b) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(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, 2022 are shown in the Affiliate Table below.

(e) The
 rate shown is the annualized seven-day yield at December 31, 2022.

AMT Alternative Minimum Tax <br> VRN Variable Rate Note

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Municipal Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $32702150 | $— | $32702150 |
| Short-Term Investment<br>| &nbsp;&nbsp;1207057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1207057 |
| **TOTAL INVESTMENTS<br>**  | $1207057 | $32702150 | $— | $33909207 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street ESG Liquid Reserves Fund, Premier Class<br>| 1543320 | $1543320 | $2576364 | $4120138 | $485 | $(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $6665 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;6395309 | &nbsp;&nbsp;5188252 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 1207057 | &nbsp;&nbsp;1207057 | &nbsp;&nbsp;16472 |
| Total<br>|  | $1543320 | $8971673 | $9308390 | $485 | $(31) |  | $1207057 | $23137 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%** |  |
| **DOMESTIC FIXED INCOME — 99.8%** | **DOMESTIC FIXED INCOME — 99.8%** | **DOMESTIC FIXED INCOME — 99.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-3 Month T-Bill ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34470 | &nbsp;&nbsp;&nbsp;&nbsp;$3152971 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg International Treasury Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656221 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Intermediate Term Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21418184 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Intermediate Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1456630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41135231 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Long Term Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748912 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Long Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100111 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio Mortgage Backed Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1938441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42064170 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $151,811,574)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $151,811,574)<br>** | &nbsp;&nbsp;&nbsp;142275800 |
| **SHORT-TERM INVESTMENTS — 18.2%** | **SHORT-TERM INVESTMENTS — 18.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354569 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25608951 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $25,963,519)<br>**  |  | &nbsp;&nbsp;&nbsp;$25963520 |
| **TOTAL INVESTMENTS — 118.0%<br>(Cost $177,775,093)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;168239320 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (18.0)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25624205) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$142615115 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (a) | Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at December 31, 2022. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Mutual Funds and Exchange Traded Products<br>| $142275800 | $— | $— | $142275800 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;25963520 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25963520 |
| **TOTAL INVESTMENTS<br>**  | $168239320 | $— | $— | $168239320 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Bloomberg 1-3 Month T-Bill ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;208058 | $19035227 | $17319628 | $33197324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4887 | &nbsp;&nbsp;&nbsp;&nbsp;$(9447) | &nbsp;&nbsp;&nbsp;&nbsp;34470 | &nbsp;&nbsp;&nbsp;$3152971 | &nbsp;&nbsp;$185379 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3452942 | &nbsp;&nbsp;&nbsp;&nbsp;3307424 | &nbsp;&nbsp;&nbsp;&nbsp;(145518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17687 |
| SPDR Bloomberg International Treasury Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;26869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622286 | &nbsp;&nbsp;&nbsp;&nbsp;7681688 | &nbsp;&nbsp;&nbsp;&nbsp;3764253 | &nbsp;&nbsp;&nbsp;&nbsp;(17957) | &nbsp;&nbsp;&nbsp;&nbsp;134457 | &nbsp;&nbsp;&nbsp;&nbsp;207589 | &nbsp;&nbsp;&nbsp;&nbsp;4656221 | &nbsp;&nbsp;&nbsp;&nbsp;31050 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;526060 | &nbsp;&nbsp;&nbsp;17165338 | &nbsp;&nbsp;&nbsp;14329241 | &nbsp;&nbsp;&nbsp;&nbsp;9680989 | &nbsp;&nbsp;&nbsp;&nbsp;(646265) | &nbsp;&nbsp;&nbsp;&nbsp;250859 | &nbsp;&nbsp;&nbsp;&nbsp;672893 | &nbsp;&nbsp;&nbsp;21418184 | &nbsp;&nbsp;&nbsp;&nbsp;322891 |
| SPDR Portfolio Intermediate Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;628939 | &nbsp;&nbsp;&nbsp;18534832 | &nbsp;&nbsp;&nbsp;35492772 | &nbsp;&nbsp;&nbsp;&nbsp;11320807 | &nbsp;&nbsp;&nbsp;&nbsp;(807673) | &nbsp;&nbsp;&nbsp;(763893) | &nbsp;&nbsp;1456630 | &nbsp;&nbsp;&nbsp;41135231 | &nbsp;&nbsp;&nbsp;&nbsp;304032 |
| SPDR Portfolio Long Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268844 | &nbsp;&nbsp;&nbsp;13309525 | &nbsp;&nbsp;&nbsp;&nbsp;2978573 | &nbsp;&nbsp;&nbsp;&nbsp;(234469) | &nbsp;&nbsp;&nbsp;(616415) | &nbsp;&nbsp;&nbsp;&nbsp;434250 | &nbsp;&nbsp;&nbsp;&nbsp;9748912 | &nbsp;&nbsp;&nbsp;&nbsp;49744 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;986122 | &nbsp;&nbsp;&nbsp;&nbsp;32611055 | &nbsp;&nbsp;&nbsp;15854157 | &nbsp;&nbsp;&nbsp;25416618 | &nbsp;&nbsp;(4894706) | &nbsp;&nbsp;1946223 | &nbsp;&nbsp;&nbsp;&nbsp;692391 | &nbsp;&nbsp;&nbsp;&nbsp;20100111 | &nbsp;&nbsp;&nbsp;&nbsp;390322 |
| SPDR Portfolio Mortgage Backed Bond ETF<br>| &nbsp;&nbsp;1318878 | &nbsp;&nbsp;&nbsp;30136362 | &nbsp;&nbsp;&nbsp;27561671 | &nbsp;&nbsp;&nbsp;13426485 | &nbsp;&nbsp;(1437637) | &nbsp;&nbsp;&nbsp;(769741) | &nbsp;&nbsp;1938441 | &nbsp;&nbsp;&nbsp;42064170 | &nbsp;&nbsp;&nbsp;&nbsp;588370 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;188090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;354569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 |
| State Street Navigator Securities Lending Portfolio II<br>| 20836025 | &nbsp;&nbsp;&nbsp;20836025 | &nbsp;&nbsp;355522760 | &nbsp;&nbsp;350749834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25608951 | &nbsp;&nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;&nbsp;103805 |
| Total<br>|  | $139398059 | $491087979 | $454239423 | $(8179338) | &nbsp;&nbsp;$172043 |  | $168239320 | $1996400 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA US SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.6%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.6%** |  |
| **DOMESTIC EQUITY — 99.6%** | **DOMESTIC EQUITY — 99.6%** | **DOMESTIC EQUITY — 99.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; The Consumer Discretionary Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116106 | &nbsp;&nbsp;&nbsp;$14996251 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Consumer Staples Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34883287 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Energy Select Sector SPDR Fund (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15648296 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Financial Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1367763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46777495 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Health Care Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34045640 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Industrial Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21697142 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Materials Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15104255 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Technology Select Sector SPDR Fund (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40883766 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $225,194,386)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $225,194,386)<br>** | &nbsp;&nbsp;&nbsp;224036132 |
| **SHORT-TERM INVESTMENTS — 26.6%** | **SHORT-TERM INVESTMENTS — 26.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1048991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048991 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58900996 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $59,949,987)<br>**  |  | &nbsp;&nbsp;&nbsp;$59949987 |
| **TOTAL INVESTMENTS — 126.2%<br>(Cost $285,144,373)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;283986119 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (26.2)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58980728) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$225005391 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (a) | Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at December 31, 2022. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Mutual Funds and Exchange Traded Products<br>| $224036132 | $— | $— | $224036132 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;59949987 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;59949987 |
| **TOTAL INVESTMENTS<br>**  | $283986119 | $— | $— | $283986119 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR SSGA US SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;747558 | &nbsp;&nbsp;&nbsp;&nbsp;$747558 | &nbsp;&nbsp;&nbsp;$3825872 | &nbsp;&nbsp;&nbsp;$3524439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;1048991 | &nbsp;&nbsp;&nbsp;$1048991 | &nbsp;&nbsp;&nbsp;&nbsp;$6057 |
| State Street Navigator Securities Lending Portfolio II<br>| 34939526 | &nbsp;&nbsp;&nbsp;34939526 | &nbsp;&nbsp;530992125 | &nbsp;&nbsp;507030655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58900996 | &nbsp;&nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;&nbsp;55173 |
| The Communication Services Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71118 | &nbsp;&nbsp;&nbsp;&nbsp;3859574 | &nbsp;&nbsp;&nbsp;&nbsp;9894873 | &nbsp;&nbsp;&nbsp;12662008 | &nbsp;&nbsp;&nbsp;(1817340) | &nbsp;&nbsp;&nbsp;&nbsp;724901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10940 |
| The Consumer Discretionary Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;101186 | &nbsp;&nbsp;&nbsp;&nbsp;13911051 | &nbsp;&nbsp;&nbsp;12191555 | &nbsp;&nbsp;&nbsp;&nbsp;9845904 | &nbsp;&nbsp;&nbsp;(2249044) | &nbsp;&nbsp;&nbsp;&nbsp;988593 | &nbsp;&nbsp;&nbsp;&nbsp;116106 | &nbsp;&nbsp;&nbsp;14996251 | &nbsp;&nbsp;&nbsp;&nbsp;79330 |
| The Consumer Staples Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;87688 | &nbsp;&nbsp;&nbsp;&nbsp;6329320 | &nbsp;&nbsp;&nbsp;&nbsp;46767911 | &nbsp;&nbsp;&nbsp;17808575 | &nbsp;&nbsp;&nbsp;&nbsp;(281675) | &nbsp;&nbsp;&nbsp;&nbsp;(123694) | &nbsp;&nbsp;&nbsp;&nbsp;467918 | &nbsp;&nbsp;&nbsp;34883287 | &nbsp;&nbsp;&nbsp;&nbsp;334011 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;177229 | &nbsp;&nbsp;&nbsp;12673646 | &nbsp;&nbsp;&nbsp;&nbsp;5444748 | &nbsp;&nbsp;&nbsp;&nbsp;5817362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629973 | &nbsp;&nbsp;&nbsp;2717291 | &nbsp;&nbsp;&nbsp;&nbsp;178899 | &nbsp;&nbsp;&nbsp;15648296 | &nbsp;&nbsp;&nbsp;&nbsp;336634 |
| The Financial Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;748783 | &nbsp;&nbsp;&nbsp;23549225 | &nbsp;&nbsp;&nbsp;24778515 | &nbsp;&nbsp;&nbsp;&nbsp;4107445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429516 | &nbsp;&nbsp;&nbsp;2127684 | &nbsp;&nbsp;1367763 | &nbsp;&nbsp;&nbsp;46777495 | &nbsp;&nbsp;&nbsp;&nbsp;485528 |
| The Health Care Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;246210 | &nbsp;&nbsp;&nbsp;31573970 | &nbsp;&nbsp;&nbsp;18258908 | &nbsp;&nbsp;&nbsp;18477224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40445 | &nbsp;&nbsp;&nbsp;2649541 | &nbsp;&nbsp;&nbsp;&nbsp;250612 | &nbsp;&nbsp;&nbsp;34045640 | &nbsp;&nbsp;&nbsp;&nbsp;283129 |
| The Industrial Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;229397 | &nbsp;&nbsp;&nbsp;20035534 | &nbsp;&nbsp;&nbsp;15162268 | &nbsp;&nbsp;&nbsp;15092771 | &nbsp;&nbsp;&nbsp;(1766047) | &nbsp;&nbsp;&nbsp;3358158 | &nbsp;&nbsp;&nbsp;&nbsp;220926 | &nbsp;&nbsp;&nbsp;21697142 | &nbsp;&nbsp;&nbsp;&nbsp;195801 |
| The Materials Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;278774 | &nbsp;&nbsp;&nbsp;20517766 | &nbsp;&nbsp;&nbsp;19216280 | &nbsp;&nbsp;&nbsp;24275972 | &nbsp;&nbsp;&nbsp;(3769096) | &nbsp;&nbsp;&nbsp;3415277 | &nbsp;&nbsp;&nbsp;&nbsp;194442 | &nbsp;&nbsp;&nbsp;15104255 | &nbsp;&nbsp;&nbsp;&nbsp;147419 |
| The Real Estate Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;136665 | &nbsp;&nbsp;&nbsp;&nbsp;5584133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31935 | &nbsp;&nbsp;&nbsp;&nbsp;5675084 | &nbsp;&nbsp;&nbsp;&nbsp;(803327) | &nbsp;&nbsp;&nbsp;&nbsp;862343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| The Technology Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;394971 | &nbsp;&nbsp;&nbsp;50208714 | &nbsp;&nbsp;&nbsp;22142088 | &nbsp;&nbsp;&nbsp;30640808 | &nbsp;&nbsp;&nbsp;(1607107) | &nbsp;&nbsp;&nbsp;&nbsp;780879 | &nbsp;&nbsp;&nbsp;&nbsp;328542 | &nbsp;&nbsp;&nbsp;40883766 | &nbsp;&nbsp;&nbsp;&nbsp;258900 |
| The Utilities Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;204622 | &nbsp;&nbsp;&nbsp;14350141 | &nbsp;&nbsp;&nbsp;10533603 | &nbsp;&nbsp;&nbsp;24227957 | &nbsp;&nbsp;&nbsp;(1331293) | &nbsp;&nbsp;&nbsp;&nbsp;675506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;155207 |
| Total<br>|  | $238280158 | $719240681 | $679186204 | $(12524995) | $18176479 |  | $283986119 | $2348129 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 69.3%** | **CORPORATE BONDS & NOTES — 69.3%** |  |
| **BRAZIL — 2.5%** | **BRAZIL — 2.5%** |  |
| Braskem Netherlands Finance B.V. 5 Year CMT + 8.22%, 8.50%, 1/23/2081 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$387620 |
| MC Brazil Downstream Trading SARL 7.25%, 6/30/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741735 |
| Movida Europe SA 5.25%, 2/8/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225150 |
| MV24 Capital B.V. 6.75%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156572 |
| Simpar Europe SA 5.20%, 1/26/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662243 |
| **CHILE — 9.8%** | **CHILE — 9.8%** |  |
| CAP SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/27/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783460 |
| Chile Electricity PEC SpA Zero Coupon, 1/25/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793600 |
| Empresa Electrica Angamos SA Series REGS, 4.88%, 5/25/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100626 |
| Empresa Electrica Cochrane SpA Series REGS, 5.50%, 5/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102613 |
| Inversiones La Construccion SA 4.75%, 2/7/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142022 |
| Mercury Chile Holdco LLC 6.50%, 1/24/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763216 |
| Telefonica Moviles Chile SA 3.54%, 11/18/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123453 |
| VTR Comunicaciones SpA 5.13%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124716 |
| VTR Finance NV Series REGS, 6.38%, 7/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598937 |
| **COLOMBIA — 7.5%** | **COLOMBIA — 7.5%** |  |
| AI Candelaria Spain SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554792 |
| Banco Davivienda SA 10 Year CMT + 5.10%, 6.65%, 4/22/2031 (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308285 |
| Ecopetrol SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/2/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/28/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/2/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168950 |
| Empresas Publicas de Medellin ESP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.25%, 7/18/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.38%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385015 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Oleoducto Central SA Series REGS, 4.00%, 7/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;$950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$837681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050038 |
| **INDIA — 5.6%** | **INDIA — 5.6%** |  |
| Adani Electricity Mumbai, Ltd. Series REGS, 3.87%, 7/22/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144010 |
| Adani International Container Terminal Pvt, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 3.00%, 2/16/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735092 |
| Adani Ports & Special Economic Zone, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/2/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.38%, 7/3/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588077 |
| JSW Steel, Ltd. 5.05%, 4/5/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158048 |
| Periama Holdings LLC 5.95%, 4/19/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186738 |
| UPL Corp., Ltd. 4.63%, 6/16/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700717 |
| Vedanta Resources, Ltd. Series REGS, 6.13%, 8/9/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794360 |
| **INDONESIA — 6.7%** | **INDONESIA — 6.7%** |  |
| Freeport Indonesia PT: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 4/14/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 4/14/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261879 |
| Indofood CBP Sukses Makmur Tbk PT 3.40%, 6/9/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164548 |
| Indonesia Asahan Aluminium Persero PT 5.80%, 5/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167544 |
| LLPL Capital Pte., Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/4/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/4/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264697 |
| Minejesa Capital B.V. Series REGS, 5.63%, 8/10/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536390 |
| **ISRAEL — 3.0%** | **ISRAEL — 3.0%** |  |
| Bank Hapoalim BM 5 year CMT + 2.16%, 3.26%, 1/21/2032 (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946528 |
| Bank Leumi Le-Israel BM 5 Year CMT + 1.63%, 3.28%, 1/29/2031 (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008384 |
| **JAMAICA — 0.0% (c)** | **JAMAICA — 0.0% (c)** |  |
| Digicel Group Holdings, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/2099 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18331 |
| **KUWAIT — 1.2%** | **KUWAIT — 1.2%** |  |
| Equate Petrochemical B.V. Series REGS, 2.63%, 4/28/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783000 |
| **LUXEMBOURG — 0.3%** | **LUXEMBOURG — 0.3%** |  |
| Guara Norte SARL 5.20%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230881 |
| **MALAYSIA — 0.5%** | **MALAYSIA — 0.5%** |  |
| Petronas Capital, Ltd. 2.48%, 1/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329852 |
| **MAURITIUS — 0.9%** | **MAURITIUS — 0.9%** |  |
| Network i2i Ltd. Series REGS, 5 Year CMT + 3.39%, 3.98%, 12/31/2099 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610134 |
| **MEXICO — 4.8%** | **MEXICO — 4.8%** |  |
| Banco Mercantil del Norte SA Series REGS, 10 Year CMT + 5.47%, 7.50%, 6/27/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732168 |
| Banco Nacional de Comercio Exterior SNC 5 Year CMT + 2.00%, 2.72%, 8/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166154 |
| BBVA Bancomer SA 5 Year CMT + 4.31%, 5.88%, 9/13/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647906 |
| Braskem Idesa SAPI 6.99%, 2/20/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142950 |
| Cemex SAB de CV 5 Year CMT + 4.53%, 5.13%, 6/8/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463125 |
| Mexarrend SAPI de CV 10.25%, 7/24/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66291 |
| Mexico Generadora de Energia S de rl Series REGS, 5.50%, 12/6/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656331 |
| Petroleos Mexicanos 6.75%, 9/21/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352016 |
| Unifin Financiera SAB de CV Series REGS, 5 Year CMT + 6.31%, 8.88%, 1/29/2025 (a)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232229 |
| **PANAMA — 2.0%** | **PANAMA — 2.0%** |  |
| Banco Nacional de Panama 2.50%, 8/11/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240555 |
| C&W Senior Financing DAC Series REGS, 6.88%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371300 |
| Empresa de Transmision Electrica SA 5.13%, 5/2/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200350 |
| UEP Penonome II SA 6.50%, 10/1/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344652 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **PARAGUAY — 0.3%** | **PARAGUAY — 0.3%** |  |
| Bioceanico Sovereign Certificate, Ltd. Zero Coupon, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;$319650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217228 |
| **PERU — 6.2%** | **PERU — 6.2%** |  |
| Banco BBVA Peru SA 5 Year CMT + 2.75%, 5.25%, 9/22/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194210 |
| Banco Internacional del Peru SAA Interbank Series REGS, 1 year CMT + 3.71%, 4.00%, 7/8/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950407 |
| Fenix Power Peru SA Series REGS, 4.32%, 9/20/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753123 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru Series REGS, 6.38%, 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121790 |
| Orazul Energy Peru SA 5.63%, 4/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226873 |
| Petroleos del Peru SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/19/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/19/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130130 |
| Scotiabank Peru SAA Series REGS, 3 Month USD LIBOR + 3.86%, 8.63%, 12/13/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154072 |
| **QATAR — 1.6%** | **QATAR — 1.6%** |  |
| QatarEnergy Trading LLC 2.25%, 7/12/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075701 |
| **SAUDI ARABIA — 2.3%** | **SAUDI ARABIA — 2.3%** |  |
| EIG Pearl Holdings SARL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 8/31/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.39%, 11/30/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614043 |
| SA Global Sukuk, Ltd. 2.69%, 6/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543879 |
| **SINGAPORE — 6.2%** | **SINGAPORE — 6.2%** |  |
| DBS Group Holdings, Ltd. Series GMTN, 5 Year CMT + 1.10%, 1.82%, 3/10/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843989 |
| Oversea-Chinese Banking Corp., Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year CMT + 1.58%, 1.83%, 9/10/2030 (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 5 Year CMT + 1.58%, 1.83%, 9/10/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179988 |
| SingTel Group Treasury Pte, Ltd. 1.88%, 6/10/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048809 |
| Temasek Financial I Ltd. 1.00%, 10/6/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147295 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SOUTH AFRICA — 1.1%** | **SOUTH AFRICA — 1.1%** |  |
| AngloGold Ashanti Holdings PLC 3.75%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$436625 |
| Sasol Financing USA LLC 5.50%, 3/18/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761337 |
| **SOUTH KOREA — 2.0%** | **SOUTH KOREA — 2.0%** |  |
| KT Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 2.50%, 7/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364248 |
| LG Chem, Ltd. 2.38%, 7/7/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157142 |
| Shinhan Financial Group Co., Ltd. 5 Year CMT + 2.06%, 2.88%, 5/12/2026 (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349219 |
| **UNITED ARAB EMIRATES — 2.7%** | **UNITED ARAB EMIRATES — 2.7%** |  |
| Galaxy Pipeline Assets Bidco, Ltd. 2.16%, 3/31/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807413 |
| **UNITED STATES — 2.1%** | **UNITED STATES — 2.1%** |  |
| Freeport-McMoRan, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402698 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $54,411,626)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46658273 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 29.1%** | **FOREIGN GOVERNMENT OBLIGATIONS — 29.1%** |  |
| **BRAZIL — 1.4%** | **BRAZIL — 1.4%** |  |
| Brazilian Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/27/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/21/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936951 |
| **CHILE — 3.0%** | **CHILE — 3.0%** |  |
| Chile Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/27/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 7/27/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/7/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/22/2061<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/25/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027088 |
| **COLOMBIA — 3.9%** | **COLOMBIA — 3.9%** |  |
| Colombia Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/22/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570352 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$480081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588424 |
| **DOMINICAN REPUBLIC — 2.6%** | **DOMINICAN REPUBLIC — 2.6%** |  |
| Dominican Republic International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 144A, 4.88%, 9/23/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 144A, 6.00%, 2/22/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761672 |
| **INDONESIA — 3.7%** | **INDONESIA — 3.7%** |  |
| Indonesia Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/11/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430940 |
| Perusahaan Penerbit SBSN Indonesia III 2.55%, 6/9/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517612 |
| **MEXICO — 5.3%** | **MEXICO — 5.3%** |  |
| Mexico Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 8/14/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/12/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583055 |
| **PANAMA — 3.0%** | **PANAMA — 3.0%** |  |
| Panama Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 7/23/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/29/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017893 |
| **PHILIPPINES — 2.7%** | **PHILIPPINES — 2.7%** |  |
| Philippine Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/2/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800759 |
| **SAUDI ARABIA — 0.9%** | **SAUDI ARABIA — 0.9%** |  |
| Saudi Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 2.25%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 3.45%, 2/2/2061<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619994 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SOUTH AFRICA — 1.1%** | **SOUTH AFRICA — 1.1%** |  |
| Republic of South Africa Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$534792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/20/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715168 |
| **SOUTH KOREA — 1.5%** | **SOUTH KOREA — 1.5%** |  |
| Korea East-West Power Co., Ltd. Series REGS, 1.75%, 5/6/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827739 |
| Korea Electric Power Corp. Series REGS, 1.13%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008707 |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $25,721,709)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19577323 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (e)(f)<br>(Cost $127,818) | 127818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127818 |
| **TOTAL INVESTMENTS — 98.6%<br>(Cost $80,261,153)<br>** | **TOTAL INVESTMENTS — 98.6%<br>(Cost $80,261,153)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;66363414 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES — 1.4% <br>** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES — 1.4% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949930 |
| **NET ASSETS — 100.0% <br>** | **NET ASSETS — 100.0% <br>** | &nbsp;&nbsp;&nbsp;$67313344 |

---

(a) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. 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 23.0% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Amount
 is less than 0.05% of net assets.

(d) Security
 is currently in default and/or issuer is in bankruptcy.

(e) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(f) The
 rate shown is the annualized seven-day yield at December 31, 2022.

CMT Constant Maturity Treasury <br> GMTN Global Medium Term Note <br> LIBOR London Interbank Offered Rate

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $46658273 | $— | $46658273 |
| Foreign Government Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19577323 | &nbsp;&nbsp;— | &nbsp;&nbsp;19577323 |
| Short-Term Investment<br>| &nbsp;&nbsp;127818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127818 |
| **TOTAL INVESTMENTS<br>**  | $127818 | $66235596 | $— | $66363414 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Industry Breakdown as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;29.1% |
| &nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;14.6 |
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Investment Company Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |

---

(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 681102 | $681102 | $13443370 | $13996654 | $— | $— | 127818 | $127818 | $33106 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 14.9%** |  |  |
| **AGRICULTURE — 0.2%** | **AGRICULTURE — 0.2%** | **AGRICULTURE — 0.2%** |
| BAT International Finance PLC<br>1.67%, 3/25/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$274471 |
| **AUTO MANUFACTURERS — 0.5%** | **AUTO MANUFACTURERS — 0.5%** | **AUTO MANUFACTURERS — 0.5%** |
| General Motors Financial Co., Inc.<br>5.25%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275738 |
| Hyundai Capital America<br>1.00%, 9/17/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309674 |
| Nissan Motor Acceptance Co. LLC<br>1.13%, 9/16/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662888 |
| **BANKS — 3.7%** | **BANKS — 3.7%** | **BANKS — 3.7%** |
| Banco BBVA Peru SA<br>5 Year CMT + 2.75%, 5.25%, 9/22/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97105 |
| Banco Bilbao Vizcaya Argentaria Colombia SA<br>Series REGS, 4.88%, 4/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192188 |
| Banco Internacional del Peru SAA Interbank<br>Series REGS, 1 year CMT + 3.71%, 4.00%, 7/8/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135773 |
| Banco Mercantil del Norte SA<br>5 Year CMT + 4.64%, 5.88%, 1/24/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178066 |
| Banco Nacional de Comercio Exterior SNC<br>5 Year CMT + 2.00%, 2.72%, 8/11/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166154 |
| Bank Hapoalim BM<br>5 year CMT + 2.16%, 3.26%, 1/21/2032 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172096 |
| Bank Leumi Le-Israel BM<br>5 Year CMT + 1.63%, 3.28%, 1/29/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176976 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.69%, 4.64%, 4/22/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN, 3 Month USD LIBOR + 0.79%, 5.56%, 3/5/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194858 |
| Bank of Montreal<br>SOFR + 0.71%, 4.98%, 3/8/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278522 |
| Bank of Nova Scotia<br>0.65%, 7/31/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144488 |
| BBVA Bancomer SA<br>Series REGS, 5 Year CMT + 3.00%, 5.35%, 11/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195770 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month USD LIBOR + 1.02%, 5.78%, 6/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210122 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.53%, 1.28%, 11/3/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82911 |
| Goldman Sachs Group, Inc.<br>3.50%, 4/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279183 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278870 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.32%, 5.27%, 4/26/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143731 |
| Macquarie Group, Ltd.<br>3 Month USD LIBOR + 1.33%, 4.15%, 3/27/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288770 |
| Morgan Stanley<br>Series MTN, SOFR + 0.46%, 0.53%, 1/25/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278272 |
| Royal Bank of Canada<br>3.38%, 4/14/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290478 |
| Toronto-Dominion Bank<br>Series MTN, 0.70%, 9/10/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279198 |
| Truist Financial Corp.<br>SOFR + 1.46%, 4.26%, 7/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290203 |
| Wells Fargo & Co.<br>Series MTN, SOFR + 1.60%, 1.65%, 6/2/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722832 |
| **BEVERAGES — 0.2%** | **BEVERAGES — 0.2%** | **BEVERAGES — 0.2%** |
| Keurig Dr Pepper, Inc.<br>0.75%, 3/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289674 |
| **BIOTECHNOLOGY — 0.2%** | **BIOTECHNOLOGY — 0.2%** | **BIOTECHNOLOGY — 0.2%** |
| Royalty Pharma PLC<br>0.75%, 9/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290721 |
| **CHEMICALS — 0.4%** | **CHEMICALS — 0.4%** | **CHEMICALS — 0.4%** |
| Braskem Netherlands Finance B.V.<br>5 Year CMT + 8.22%, 8.50%, 1/23/2081 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193810 |
| Sasol Financing USA LLC<br>4.38%, 9/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177210 |
| UPL Corp., Ltd.<br>4.50%, 3/8/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539117 |
| **COMMERCIAL SERVICES — 0.5%** | **COMMERCIAL SERVICES — 0.5%** | **COMMERCIAL SERVICES — 0.5%** |
| Adani International Container Terminal Pvt, Ltd.<br>Series REGS, 3.00%, 2/16/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147018 |
| Adani Ports & Special Economic Zone, Ltd.<br>4.00%, 7/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175028 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Triton Container International, Ltd.<br>0.80%, 8/1/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616469 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.9%** | **DIVERSIFIED FINANCIAL SERVICES — 0.9%** | **DIVERSIFIED FINANCIAL SERVICES — 0.9%** |
| American Express Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/3/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142119 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.93%, 5.18%, 3/4/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139507 |
| Avolon Holdings Funding, Ltd.<br>5.13%, 10/1/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286938 |
| Capital One Financial Corp.<br>SOFR + 2.16%, 4.99%, 7/24/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279576 |
| Charles Schwab Corp.<br>SOFR + 1.05%, 5.30%, 3/3/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135042 |
| **ELECTRIC — 1.6%** | **ELECTRIC — 1.6%** | **ELECTRIC — 1.6%** |
| Empresa Electrica Angamos SA<br>Series REGS, 4.88%, 5/25/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100627 |
| Entergy Louisiana LLC<br>0.95%, 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288824 |
| Fenix Power Peru SA<br>Series REGS, 4.32%, 9/20/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273863 |
| Mexico Generadora de Energia S de rl<br>Series REGS, 5.50%, 12/6/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131266 |
| Minejesa Capital B.V.<br>Series REGS, 4.63%, 8/10/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352228 |
| Pacific Gas & Electric Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 6/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113268 |
| Southern California Edison Co.<br>SOFR + 0.83%, 5.15%, 4/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282982 |
| TNB Global Ventures Capital Bhd<br>Series EMTN, 3.24%, 10/19/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990884 |
| **ENERGY-ALTERNATE SOURCES — 0.1%** | **ENERGY-ALTERNATE SOURCES — 0.1%** | **ENERGY-ALTERNATE SOURCES — 0.1%** |
| Empresa Electrica Cochrane SpA<br>Series REGS, 5.50%, 5/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122513 |
| **ENTERTAINMENT — 0.2%** | **ENTERTAINMENT — 0.2%** | **ENTERTAINMENT — 0.2%** |
| WarnerMedia Holdings, Inc.<br>3.79%, 3/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291617 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENVIRONMENTAL CONTROL — 0.2%** | **ENVIRONMENTAL CONTROL — 0.2%** | **ENVIRONMENTAL CONTROL — 0.2%** |
| Republic Services, Inc.<br>2.50%, 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$277977 |
| **FOOD — 0.1%** | **FOOD — 0.1%** | **FOOD — 0.1%** |
| Conagra Brands, Inc.<br>4.30%, 5/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46334 |
| **HEALTH CARE PRODUCTS — 0.2%** | **HEALTH CARE PRODUCTS — 0.2%** | **HEALTH CARE PRODUCTS — 0.2%** |
| Zimmer Biomet Holdings, Inc.<br>1.45%, 11/22/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288508 |
| **HEALTH CARE SERVICES — 0.5%** | **HEALTH CARE SERVICES — 0.5%** | **HEALTH CARE SERVICES — 0.5%** |
| Elevance Health, Inc.<br>3.50%, 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214515 |
| HCA, Inc.<br>5.00%, 3/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288411 |
| UnitedHealth Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646512 |
| **INSURANCE — 0.6%** | **INSURANCE — 0.6%** | **INSURANCE — 0.6%** |
| Athene Global Funding<br>SOFR + 0.70%, 4.90%, 5/24/2024 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289430 |
| Brighthouse Financial Global Funding<br>0.60%, 6/28/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131936 |
| Marsh & McLennan Cos., Inc.<br>3.88%, 3/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702410 |
| **INTERNET — 0.2%** | **INTERNET — 0.2%** | **INTERNET — 0.2%** |
| Expedia Group, Inc.<br>6.25%, 5/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287058 |
| **IRON/STEEL — 0.2%** | **IRON/STEEL — 0.2%** | **IRON/STEEL — 0.2%** |
| Periama Holdings LLC<br>5.95%, 4/19/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186738 |
| **LODGING — 0.2%** | **LODGING — 0.2%** | **LODGING — 0.2%** |
| Marriott International, Inc.<br>3.60%, 4/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288737 |
| **MEDIA — 0.1%** | **MEDIA — 0.1%** | **MEDIA — 0.1%** |
| Comcast Corp.<br>5.25%, 11/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141905 |
| **MINING — 0.4%** | **MINING — 0.4%** | **MINING — 0.4%** |
| Freeport-McMoRan, Inc.<br>4.13%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139258 |
| Glencore Funding LLC<br>4.13%, 5/30/2023 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427733 |
| **MISCELLANEOUS MANUFACTURER — 0.2%** | **MISCELLANEOUS MANUFACTURER — 0.2%** | **MISCELLANEOUS MANUFACTURER — 0.2%** |
| Parker-Hannifin Corp.<br>3.65%, 6/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259268 |
| **OIL & GAS — 0.2%** | **OIL & GAS — 0.2%** | **OIL & GAS — 0.2%** |
| Ecopetrol SA<br>4.13%, 1/16/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95330 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| SA Global Sukuk, Ltd.<br>1.60%, 6/17/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274096 |
| **PIPELINES — 0.8%** | **PIPELINES — 0.8%** | **PIPELINES — 0.8%** |
| AI Candelaria Spain SA<br>Series REGS, 7.50%, 12/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223505 |
| Energy Transfer L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 3/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260660 |
| GNL Quintero SA<br>Series REGS, 4.63%, 7/31/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318796 |
| Transportadora de Gas del Peru SA<br>Series REGS, 4.25%, 4/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019726 |
| **REAL ESTATE INVESTMENT TRUSTS — 0.2%** | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |
| Welltower, Inc.<br>REIT, 3.63%, 3/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288657 |
| **RETAIL — 0.4%** | **RETAIL — 0.4%** | **RETAIL — 0.4%** |
| Dollar Tree, Inc.<br>4.00%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263685 |
| Lowe's Cos., Inc.<br>4.40%, 9/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431419 |
| **SEMICONDUCTORS — 0.5%** | **SEMICONDUCTORS — 0.5%** | **SEMICONDUCTORS — 0.5%** |
| Broadcom Corp./Broadcom Cayman Finance, Ltd.<br>3.88%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56802 |
| Broadcom, Inc.<br>3.15%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218081 |
| Microchip Technology, Inc.<br>0.97%, 2/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564850 |
| **SOFTWARE — 0.2%** | **SOFTWARE — 0.2%** | **SOFTWARE — 0.2%** |
| Oracle Corp.<br>5.80%, 11/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280904 |
| **TELECOMMUNICATIONS — 0.8%** | **TELECOMMUNICATIONS — 0.8%** | **TELECOMMUNICATIONS — 0.8%** |
| KT Corp.<br>Series REGS, 2.50%, 7/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182124 |
| Millicom International Cellular SA<br>Series REGS, 5.13%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167485 |
| SingTel Group Treasury Pte, Ltd.<br>Class EMTN, 3.25%, 6/30/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192630 |
| Verizon Communications, Inc.<br>3 Month USD LIBOR + 1.10%, 5.71%, 5/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287277 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| VTR Comunicaciones SpA<br>5.13%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954232 |
| **TRANSPORTATION — 0.2%** | **TRANSPORTATION — 0.2%** | **TRANSPORTATION — 0.2%** |
| Canadian Pacific Railway Co.<br>1.35%, 12/2/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289245 |
| **TRUCKING & LEASING — 0.2%** | **TRUCKING & LEASING — 0.2%** | **TRUCKING & LEASING — 0.2%** |
| Penske Truck Leasing Co. L.P./PTL Finance Corp.<br>2.70%, 11/1/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287865 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $19,857,527)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18880402 |
| **ASSET-BACKED SECURITIES — 23.0%** |  |  |
| **AUTOMOBILE — 1.1%** |  |  |
| CPS Auto Receivables Trust<br>Series 2021-A, Class D, 1.16%, 12/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568500 |
| Exeter Automobile Receivables Trust<br>Series 2021-1A, Class C, 0.74%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392795 |
| Hertz Vehicle Financing LLC<br>Series 2021-1A, Class B, 1.56%, 12/26/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320678 |
| USASF Receivables 2020-1 LLC<br>Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356103 |
| **OTHER ABS — 21.8%** |  |  |
| ACREC 2021-FL1, Ltd.<br>Series 2021-FL1, Class A, 1 Month USD LIBOR + 1.15%, 5.48%, 10/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172258 |
| Affirm Asset Securitization Trust<br>Series 2022-A, Class A, 4.30%, 5/17/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475116 |
| Anchorage Capital CLO 19, Ltd.<br>Series 2021-19A, Class A, 3 Month USD LIBOR + 1.21%, 5.29%, 10/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447800 |
| Arbor Realty Collateralized Loan Obligation 2020-FL1, Ltd.<br>Series 2020-FL1, Class AS, 1 Month USD Term LIBOR + 1.51%, 5.85%, 2/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127455 |
| Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd.<br>Series 2022-FL1, Class A, SOFR30A + 1.45%, 5.26%, 1/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239406 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Bain Capital Credit CLO, Ltd.<br>Series 2019-1A, Class AR, 3 Month USD LIBOR + 1.13%, 5.36%, 4/19/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486127 |
| BDS LLC<br>Series 2022-FL11, Class ATS, 1 Month USD Term LIBOR + 1.80%, 6.12%, 3/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240945 |
| BDS, Ltd.<br>Series 2019-FL4, Class A, 1 Month USD LIBOR + 1.10%, 5.43%, 8/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 |
| BRSP, Ltd.<br>Series 2021-FL1, Class A, 1 Month USD LIBOR + 1.15%, 5.49%, 8/19/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146441 |
| BSPRT Issuer, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class A, 1 Month USD LIBOR + 1.32%, 5.64%, 12/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL6, Class A, 1 Month USD LIBOR + 1.10%, 5.42%, 3/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134274 |
| Carlyle U.S. CLO Ltd.<br>Series 2021-1A, Class A1, 3 Month USD LIBOR + 1.14%, 5.22%, 4/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968499 |
| CarVal CLO IV, Ltd.<br>Series 2021-1A, Class A1A, 3 Month USD LIBOR + 1.18%, 5.42%, 7/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484500 |
| CHCP, Ltd.<br>Series 2021-FL1, Class A, 1 Month USD Term LIBOR + 1.16%, 5.49%, 2/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276879 |
| CLNC, Ltd.<br>Series 2019-FL1, Class AS, 1 Month USD Term LIBOR + 1.66%, 5.99%, 8/20/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126721 |
| CQS U.S. CLO, Ltd.<br>Series 2021-1A, Class A, 3 Month USD LIBOR + 1.22%, 5.46%, 1/20/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964500 |
| Credit-Based Asset Servicing & Securitization LLC<br>Series 2004-CB7, Class M1, 1 Month USD LIBOR + 1.01%, 3.32%, 10/25/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502168 |
| Diamond Resorts Owner Trust<br>Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474221 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| FS Rialto Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL1, Class A, 1 Month USD LIBOR + 1.20%, 5.53%, 12/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.25%, 5.58%, 11/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL5, Class A, Class A, 1 Month USD Term LIBOR + 2.30%, 6.63%, 6/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4, Class AS, SOFR30A + 2.40%, 6.21%, 1/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2, Class A, 1 Month USD LIBOR + 1.22%, 5.55%, 5/16/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143656 |
| HalseyPoint CLO 3, Ltd.<br>Series 2020-3A, Class A1A, 3 Month USD LIBOR + 1.45%, 5.86%, 11/30/2032 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130450 |
| Jamestown CLO XV, Ltd.<br>Series 2020-15A, Class A, 3 Month USD LIBOR + 1.34%, 5.42%, 4/15/2033 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 |
| KREF 2021-FL2, Ltd.<br>Series 2021-FL2, Class AS, 1 Month USD LIBOR + 1.30%, 5.63%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233419 |
| LCCM Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.45%, 5.77%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2, Class A, 1 Month USD LIBOR + 1.20%, 5.52%, 12/13/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146369 |
| Lendingpoint Asset Securitization Trust<br>Series 2021-A, Class B, 1.46%, 12/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387300 |
| LoanCore Issuer, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CRE2, Class AS, 1 Month USD LIBOR + 1.50%, 5.82%, 5/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, SOFR30A + 1.55%, 5.36%, 1/17/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483633 |
| Loanpal Solar Loan, Ltd.<br>Series 2021-1GS, Class A, 2.29%, 1/20/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259093 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Marble Point CLO XXI, Ltd.<br>Series 2021-3A, Class A1, 3 Month USD LIBOR + 1.24%, 5.32%, 10/17/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1921264 |
| Marlette Funding Trust<br>Series 2021-1A, Class C, 1.41%, 6/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617507 |
| MF1 Multifamily Housing Mortgage Loan Trust<br>Series 2021-FL6, Class A, 1 Month USD LIBOR + 1.10%, 5.43%, 7/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144113 |
| MF1, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8, Class A, SOFR30A + 1.35%, 5.18%, 2/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class A, 1 Month USD LIBOR + 1.08%, 5.42%, 10/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183573 |
| NLY Commercial Mortgage Trust<br>Series 2019-FL2, Class AS, 1 Month USD LIBOR + 1.60%, 5.92%, 2/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117600 |
| Northwoods Capital XVI, Ltd.<br>Series 2017-16A, Class A, 3 Month USD LIBOR + 1.27%, 5.88%, 11/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983115 |
| Octagon Investment Partners 51, Ltd.<br>Series 2021-1A, Class A, 3 Month USD LIBOR + 1.15%, 5.39%, 7/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966600 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B, 1.74%, 5/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class B, 2.63%, 8/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914388 |
| Peace Park CLO, Ltd.<br>Series 2021-1A, Class A, 3 Month USD LIBOR + 1.13%, 5.37%, 10/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972300 |
| Regatta VI Funding, Ltd.<br>Series 2016-1A, Class AR2, 3 Month USD LIBOR + 1.16%, 5.40%, 4/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968700 |
| Regatta XXIII Funding, Ltd.<br>Series 2021-4A, Class A1, 3 Month USD LIBOR + 1.15%, 5.39%, 1/20/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185951 |
| Sapphire Aviation Finance II, Ltd.<br>Series 2020-1A, Class A, 3.23%, 3/15/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282270 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Shackleton CLO, Ltd.<br>Series 2013-3A, Class AR, 3 Month USD LIBOR + 1.12%, 5.20%, 7/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$497278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$489421 |
| Sound Point CLO XXVI, Ltd.<br>Series 2020-1A, Class AR, 3 Month USD LIBOR + 1.17%, 5.41%, 7/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963738 |
| STWD, Ltd.<br>Series 2019-FL1, Class AS, 1 Month USD Term LIBOR + 1.51%, 5.84%, 7/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98140 |
| TRTX Issuer, Ltd.<br>Series 2022-FL5, Class A, SOFR30A + 1.65%, 5.46%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192710 |
| Vibrant ClO VIII, Ltd.<br>Series 2018-8A, Class A1A, 3 Month USD LIBOR + 1.14%, 5.38%, 1/20/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491200 |
| VMC Finance LLC<br>Series 2022-FL5, Class A, SOFR30A + 1.90%, 5.71%, 2/18/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438029 |
| VOLT C LLC<br>Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384093 |
| VOLT CI LLC<br>Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288400 |
| Washington Mutural Asset-Backed Certificates WMABS Trust<br>Series 2006-HE5, Class 2A2, 1 Month USD LIBOR + 0.18%, 3.82%, 10/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27548629 |
| **STUDENT LOAN ABS — 0.1%** |  |  |
| Commonbond Student Loan Trust<br>Series 2018-BGS, Class B, 3.99%, 9/25/2045 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122308 |
| Laurel Road Prime Student Loan Trust<br>Series 2019-A, Class A1FX, 2.34%, 10/25/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151368 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $30,349,896)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29056100 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.5%** |  |  |
| **COLOMBIA — 0.1%** |  |  |
| Colombia Government International Bond<br>4.50%, 1/28/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$188040 |
| **PANAMA — 0.2%** |  |  |
| Panama Government International Bond<br>3.75%, 3/16/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241790 |
| **SOUTH AFRICA — 0.2%** |  |  |
| Republic of South Africa Government International Bond<br>4.88%, 4/14/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193148 |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $678,058)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622978 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.1%** |  |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4211, Class AP, 1.60%, 3/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4461, Class BA, CMO, 2.00%, 12/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5179, Class GD, CMO, 2.00%, 12/25/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class AN, CMO, REMIC, 1.75%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4484, Class CD, CMO, REMIC, 1.75%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K722, Class X1, IO, 1.37%, 3/25/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-141, Class FB, CMO, REMIC, 1 Month USD LIBOR + 0.47%, 4.86%, 12/25/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-32, Class DA, CMO, REMIC, 2.00%, 11/25/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8, Class FA, CMO, REMIC, 1 Month USD LIBOR + 0.45%, 4.84%, 3/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224660 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27, Class FJ, CMO, REMIC, 1 Month USD LIBOR + 0.30%, 4.69%, 12/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-45, Class FA, CMO, REMIC, 1 Month USD LIBOR + 0.30%, 4.69%, 6/25/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M49, Class 1A1, VRN, 1.26%, 11/25/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921310 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $10,042,137)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917117 |
| **U.S. TREASURY OBLIGATIONS — 28.1%** |  |  |
| U.S. Treasury Bill 4.12%, 2/9/2023<br>(Cost $21,730,614)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21713029 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994375 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $35,651,233)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35550373 |
| **MORTGAGE-BACKED SECURITIES — 10.3%** |  |  |
| Alternative Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J7, Class 1A3, 6.25%, 11/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 1A3, CMO, 6.00%, 1/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136420 |
| Citigroup Mortgage Loan Trust Series 2007-AR8, Class 2A1A, CMO, 3.59%, 7/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454961 |
| CSMC Mortgage Backed Trust Series 2020-RPL3, Class A1, CMO, 2.69%, 3/25/2060 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826704 |
| Legacy Mortgage Asset Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS2, Class A1, 1.75%, 4/25/2061 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311172 |
| Luminent Mortgage Trust Series 2007-1, Class 1A1, CMO, 1 Month USD LIBOR + 0.32%, 4.71%, 11/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309529 |
| PRPM LLC Series 2022-1, Class A1, 3.72%, 2/25/2027 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607556 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Residential Asset Securitization Trust Series 2006-A6, Class 1A4, CMO, IO, 6.00%, 7/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2585498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$636627 |
| Residential Mortgage Loan Trust Series 2020-1, Class A1, 2.38%, 1/26/2060 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071552 |
| Toorak Mortgage Corp., Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435943 |
| Verus Securitization Trust Series 2022-3, Class A1, 4.13%, 2/25/2067 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777178 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 2A1, CMO, 3.41%, 12/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566853 |
| Washington Mutual Mortgage Pass-Through Certificates Trust Series 2005-8, Class 2CB3, CMO, 1 Month USD LIBOR + 0.41%, 4.80%, 10/25/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268672 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $14,960,497)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12975249 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 5.6%** |  |  |
| Arbor Multifamily Mortgage Securities Trust Series 2021-MF2, Class A2, 2.02%, 6/15/2054 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122305 |
| BANK: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6, Class XA, IO, 0.77%, 7/15/2060 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class XA, IO, VRN, 1.23%, 3/15/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83299 |
| BBCMS Mortgage Trust Series 2017-DELC, Class E, 1 Month USD LIBOR + 2.63%, 6.94%, 8/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36862 |
| Benchmark Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class XA, IO, 0.53%, 1/15/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class XA, IO, VRN, 0.82%, 12/15/2072 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162334 |
| BPR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class A, 1 Month USD LIBOR + 1.05%, 5.37%, 9/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182366 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OANA, Class A, 1 Month USD Term LIBOR + 1.90%, 6.23%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246178 |
| BX Commercial Mortgage Trust Series 2021-21M, Class A, 1 Month USD LIBOR + 0.73%, 5.05%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129581 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class A, 1 Month USD LIBOR + 1.28%, 5.60%, 6/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PSB, Class A, 1 Month USD Term LIBOR + 2.45%, 6.79%, 8/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147971 |
| BXHPP Trust Series 2021-FILM, Class B, 1 Month USD LIBOR + 0.90%, 5.22%, 8/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207472 |
| BXMT, Ltd. Series 2021-FL4, Class A, 1 Month USD LIBOR + 1.05%, 5.37%, 5/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134714 |
| Cantor Commercial Real Estate Series 2019-CF1, Class 65A, 4.41%, 5/15/2052 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152192 |
| Citigroup Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PRM, Class D, 4.35%, 5/10/2036 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class XA, IO, 1.65%, 4/10/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15686 |
| COMM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HCLV, Class A, 1 Month USD LIBOR + 1.10%, 5.42%, 9/15/2033 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, IO, 0.80%, 8/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19036 |
| Credit Suisse Mortgage Capital Certificates Series 2017-CHOP, Class D, 1 Month USD LIBOR + 1.90%, 6.22%, 7/15/2032 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25923 |
| CSAIL Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA, IO, 1.10%, 6/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XA, IO, 0.75%, 11/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX9, Class XA, IO, 0.66%, 9/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22862 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| EQUS 2021-EQAZ Mortgage Trust Series 2021-EQAZ, Class A, 1 Month USD LIBOR + 0.75%, 5.07%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$180996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174270 |
| Extended Stay America Trust Series 2021-ESH, Class A, 1 Month USD LIBOR + 1.08%, 5.40%, 7/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142172 |
| GPMT, Ltd. Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.25%, 5.59%, 7/16/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63185 |
| Great Wolf Trust Series 2019-WOLF, Class E, 1 Month USD LIBOR + 2.73%, 7.05%, 12/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118356 |
| GS Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class A, 1 Month USD LIBOR + 0.95%, 5.27%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA, IO, 1.08%, 8/10/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class XA, IO, VRN, 1.13%, 5/12/2053 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127908 |
| JP Morgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class A, 1 Month USD LIBOR + 0.96% , 5.28%, 7/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class A, 1 Month USD Term LIBOR + 0.60%, 4.93%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP4, Class XA, IO, 0.59%, 12/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24173 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class XA, IO, VRN, 1.47%, 6/13/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class B, VRN, 4.35%, 11/15/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140722 |
| LoanCore Issuer, Ltd. Series 2019-CRE3, Class AS, 1 Month USD LIBOR + 1.37%, 5.69%, 4/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107134 |
| MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL5, Class AS, 1 Month USD Term LIBOR + 1.31%, 5.65%, 7/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133060 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| MHP Trust Series 2022-MHIL, Class A, 1 Month USD Term LIBOR + 0.81%, 5.15%, 1/15/2027 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$145927 |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C15, Class XA, IO, 0.87%, 4/15/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class LNCX, IO, 0.60%, 12/15/2046 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10241 |
| Morgan Stanley Capital I Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PLND, Class B, 1 Month USD LIBOR + 1.30%, 5.62%, 5/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PLND, Class D, 1 Month USD LIBOR + 1.75%, 6.07%, 5/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, IO, 0.65%, 12/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27244 |
| Morgan Stanley Captial I Trust Series 2021-L6, Class A2, 2.13%, 6/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133370 |
| MSC Trust Series 2021-ILP, Class A, 1 Month USD LIBOR + 0.78%, 5.10%, 11/15/2023 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173524 |
| MSCG Trust Series 2018-SELF, Class A, 1 Month USD LIBOR + 0.90%, 5.22%, 10/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70786 |
| Natixis Commercial Mortgage Securities Trust Series 2018-FL1, Class A, 1 Month USD LIBOR + 0.95%, 5.27%, 6/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47722 |
| RIAL Issuer, Ltd. Series 2022-FL8, Class A, 1 Month USD Term LIBOR + 2.25%, 6.57%, 1/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243750 |
| SMR 2022-IND Mortgage Trust Series 2022-IND, Class A, 1 Month USD Term LIBOR + 1.65%, 5.99%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149329 |
| SREIT Trust Series 2021-MFP, Class A, 1 Month USD LIBOR + 0.73%, 5.05%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174056 |
| UBS Commercial Mortgage Trust Series 2017-C1, Class XA, IO, 1.53%, 6/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30823 |
| Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257290 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Wells Fargo Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A2, 2.04%, 8/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class A, 1 Month USD LIBOR + 1.15%, 5.47%, 2/15/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class B, 1 Month USD LIBOR + 1.45%, 5.77%, 2/15/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ONL, Class A, 3.86%, 12/15/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class XA, IO, VRN, 1.33%, 6/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA, IO, VRN, 1.60%, 8/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206394 |
| WFRBS Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class AS, 3.89%, 8/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C18, Class XA, IO, 0.73%, 12/15/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class AS, VRN, 4.21%, 10/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224202 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $8,338,672)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124014 |
| **SENIOR FLOATING RATE LOANS — 6.3%** | **SENIOR FLOATING RATE LOANS — 6.3%** |  |
| **CABLE/SATELLITE TV — 0.2%** |  |  |
| Cable One, Inc. Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.39%, 5/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279781 |
| **CAPITAL MARKETS — 0.0% (d)** |  |  |
| Focus Financial Partners LLC Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.82%, 6/30/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34064 |
| **CASINO SERVICES — 0.3%** |  |  |
| Stars Group Holdings B.V. Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25%, 6.98%, 7/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355884 |
| **CHEMICALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B B.V Senior Secured 2022 USD Term Loan B, 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115259 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 2.00%, 6.07%, 1/31/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$181873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$181872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297131 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.1%** |  |  |
| Clean Harbors, Inc. Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 10/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74054 |
| **DISTRIBUTION/WHOLESALE — 0.2%** |  |  |
| Resideo Funding, Inc. Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25%, 6.83%, 2/11/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293828 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC Senior Secured Term Loan B, 3 Month USD LIBOR + 2.00%, 6.73%, 11/5/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trans Union LLC Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 11/16/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368694 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| Level 3 Financing, Inc. Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316447 |
| **ENTERTAINMENT — 0.2%** |  |  |
| WMG Acquisition Corp. Senior Secured 2021 Term Loan G, 1 Month USD LIBOR + 2.13%, 6.51%, 1/20/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274989 |
| **FOOD PRODUCTS — 0.2%** |  |  |
| KFC Holding Co. Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.09%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265964 |
| **FORESTRY — 0.3%** |  |  |
| Asplundh Tree Expert LLC Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 9/7/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418401 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% (d)** |  |  |
| ICU Medical, Inc. Senior Secured Term Loan B, 1 Month USD SOFR + 2.50%, 6.92%, 1/8/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28882 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics USA, Inc. Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.19%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418722 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON Luxembourg SARL Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203531 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc. Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672963 |
| **HOUSEHOLD PRODUCTS — 0.3%** |  |  |
| Reynolds Consumer Products LLC Senior Secured Term Loan, 1 Month USD LIBOR + 1.75%, 6.13%, 2/4/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405113 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%** |  |  |
| Vistra Operations Co. LLC Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.12%, 12/31/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365800 |
| **INTERNET & TELECOM — 0.3%** |  |  |
| Go Daddy Operating Company LLC Senior Secured 2022 Term Loan B5, 1 Month USD SOFR + 3.25%, 7.57%, 11/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307630 |
| **IT SERVICES — 0.3%** |  |  |
| Fleetcor Technologies Operating Co. LLC Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 4/28/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414967 |
| **MACHINERY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ali Group North America Corp. Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.44%, 7/30/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74708 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll-Rand Services Co. Senior Secured 2020 USD Spinco Term Loan, 1 Month USD SOFR + 1.75%, 6.17%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$443164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$440211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514919 |
| **MEDIA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc. Senior Secured 2021 Term Loan D, 1 Month USD LIBOR + 3.00%, 7.12%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Broadcasting, Inc. Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.88%, 9/18/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212014 |
| **MRI/MEDICAL DIAG IMAGING — 0.2%** |  |  |
| IQVIA, Inc. Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75%, 6.48%, 6/11/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271098 |
| **PHARMACEUTICALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent Pharma Solutions, Inc. Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.00%, 6.38%, 2/22/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 5.87%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 11/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610323 |
| **PROFESSIONAL SERVICES — 0.1%** |  |  |
| Trans Union LLC Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25%, 6.63%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75048 |
| **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 6.38%, 1/2/2026(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413704 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SOFTWARE — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock, Inc. Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 9/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$277494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273390 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 4/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681925 |
| **THRIFTS & MORTGAGE FINANCE — 0.0% (d)** |  |  |
| Walker & Dunlop, Inc. Senior Secured 2021 Term Loan, 1 Month USD SOFR + 2.25%, 6.67%, 12/16/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38907 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $8,046,662)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 3.6%** | **SHORT-TERM INVESTMENT — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (e) (f)<br>(Cost $4,559,807) | 4559807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559807 |
| **TOTAL INVESTMENTS — 99.4%<br>(Cost $132,484,489)<br>** | **TOTAL INVESTMENTS — 99.4%<br>(Cost $132,484,489)<br>** | &nbsp;&nbsp;&nbsp;125678570 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818856 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $126497426 |

---

(a) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 33.3% of net assets as of December 31, 2022, are considered liquid and 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 December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Step-up
 bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2022. Maturity date shown is the final maturity.

(d) Amount
 is less than 0.05% of net assets.

(e) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(f) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| EMTN | Euro Medium Term Note |
| IO | Interest Only |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium Term Note |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$18880402 | $— | &nbsp;&nbsp;$18880402 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29056100 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29056100 |
| Foreign Government Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622978 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622978 |
| U.S. Government Agency Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917117 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917117 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35550373 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35550373 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12975249 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12975249 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124014 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124014 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992530 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992530 |
| Short-Term Investment<br>| &nbsp;&nbsp;4559807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559807 |
| **TOTAL INVESTMENTS<br>**  | $4559807 | $121118763 | $— | $125678570 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 7824635 | $7824635 | $44833238 | $48098066 | $— | $— | 4559807 | $4559807 | $78186 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 12.2%** |  |  |
| **ARGENTINA — 0.0% (a)** |  |  |
| Pampa Energia SA Series REGS,<br>9.13%, 4/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138117 |
| **AUSTRALIA — 0.2%** |  |  |
| Glencore Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 4/27/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/23/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736012 |
| Macquarie Group, Ltd. SOFR + 1.53%,<br>2.87%, 1/14/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933670 |
| Westpac Banking Corp. 5 Year CMT + 1.53%,<br>3.02%, 11/18/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356793 |
| **BELGIUM — 0.1%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc.<br>5.55%, 1/23/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744120 |
| **BERMUDA — 0.1%** |  |  |
| Triton Container International, Ltd./TAL International Container Corp.<br>3.25%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652401 |
| **BRAZIL — 0.2%** |  |  |
| Banco do Brasil SA Series REGS, 10 Year CMT + 6.36%,<br>9.00%, 6/18/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095380 |
| Braskem Netherlands Finance B.V. 5 Year CMT + 8.22%,<br>8.50%, 1/23/2081 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065955 |
| MC Brazil Downstream Trading SARL<br>7.25%, 6/30/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494490 |
| Movida Europe SA<br>5.25%, 2/8/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300200 |
| MV24 Capital B.V.<br>6.75%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234857 |
| Petrobras Global Finance B.V.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/10/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/3/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873850 |
| Simpar Europe SA<br>5.20%, 1/26/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369450 |
| **CANADA — 0.5%** |  |  |
| 1375209 BC, Ltd.<br>9.00%, 1/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76961 |
| Bank of Montreal 5 Year CMT + 1.40%,<br>3.09%, 1/10/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810358 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Bank of Nova Scotia<br>3.45%, 4/11/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3209054 |
| Bombardier, Inc.<br>7.88%, 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355353 |
| Garda World Security Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392386 |
| Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180884 |
| Mattamy Group Corp.<br>4.63%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322814 |
| Parkland Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249924 |
| Primo Water Holdings, Inc.<br>4.38%, 4/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280683 |
| Superior Plus L.P./Superior General Partner, Inc.<br>4.50%, 3/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339214 |
| Telesat Canada/Telesat LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49949 |
| Tervita Corp.<br>11.00%, 12/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255583 |
| Titan Acquisition, Ltd./Titan Co-Borrower LLC<br>7.75%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288963 |
| Toronto-Dominion Bank<br>4.69%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11858685 |
| **CAYMAN ISLANDS — 0.0% (a)** |  |  |
| Global Aircraft Leasing Co., Ltd. PIK,<br>6.50%, 9/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497944 |
| **CHILE — 0.1%** |  |  |
| CAP SA<br>3.90%, 4/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057671 |
| Chile Electricity PEC SpA<br>Zero Coupon, 1/25/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358720 |
| Empresa Electrica Cochrane SpA Series REGS,<br>5.50%, 5/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490050 |
| Inversiones La Construccion SA<br>4.75%, 2/7/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734157 |
| Telefonica Moviles Chile SA<br>3.54%, 11/18/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123453 |
| VTR Comunicaciones SpA<br>5.13%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138199 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CHINA — 0.1%** |  |  |
| NXP B.V./NXP Funding LLC/NXP USA, Inc.<br>3.88%, 6/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1342292 |
| **COLOMBIA — 0.2%** |  |  |
| AI Candelaria Spain SA<br>5.75%, 6/15/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688707 |
| Banco Davivienda SA VRN, 10 Year CMT + 5.10%,<br>6.65%, 4/22/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462426 |
| Ecopetrol SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/2/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/28/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/2/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385390 |
| Empresas Publicas de Medellin ESP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.25%, 7/18/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.38%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770030 |
| Grupo Aval, Ltd.<br>4.38%, 2/4/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243762 |
| Millicom International Cellular SA Series REGS,<br>5.13%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167485 |
| Oleoducto Central SA Series REGS,<br>4.00%, 7/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718875 |
| **FRANCE — 0.1%** |  |  |
| Altice France SA<br>5.50%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352194 |
| TotalEnergies Capital International SA<br>3.39%, 6/29/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139084 |
| **GERMANY — 0.0% (a)** |  |  |
| TK Elevator US Newco, Inc.<br>5.25%, 7/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622678 |
| **HONG KONG — 0.0% (a)** |  |  |
| Seaspan Corp.<br>5.50%, 8/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246152 |
| **INDIA — 0.2%** |  |  |
| Adani Electricity Mumbai, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 3.87%, 7/22/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 3.95%, 2/12/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151558 |
| Adani International Container Terminal Pvt, Ltd. Series REGS,<br>3.00%, 2/16/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588074 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Adani Ports & Special Economic Zone, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$175028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.38%, 7/3/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336044 |
| JSW Hydro Energy, Ltd.<br>4.13%, 5/18/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295848 |
| JSW Steel, Ltd.<br>5.05%, 4/5/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790240 |
| Reliance Industries, Ltd.<br>2.88%, 1/12/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649072 |
| UPL Corp., Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/8/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/16/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155715 |
| Vedanta Resources Finance II PLC<br>9.25%, 4/23/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426058 |
| **INDONESIA — 0.2%** |  |  |
| Freeport Indonesia PT: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 4/14/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 4/14/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174586 |
| Indofood CBP Sukses Makmur Tbk PT: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 6/9/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 4/27/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163063 |
| Indonesia Asahan Aluminium Persero PT<br>5.80%, 5/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167544 |
| LLPL Capital Pte., Ltd.<br>6.88%, 2/4/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967121 |
| Minejesa Capital B.V.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.63%, 8/10/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 5.63%, 8/10/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038324 |
| **IRELAND — 0.1%** |  |  |
| Avolon Holdings Funding, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747624 |
| **ISRAEL — 0.1%** |  |  |
| Bank Hapoalim BM 5 year CMT + 2.16%,<br>3.26%, 1/21/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860480 |
| Bank Leumi Le-Israel BM 5 Year CMT + 1.63%,<br>3.28%, 1/29/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214432 |
| **JAMAICA — 0.0% (a)** |  |  |
| Digicel Group Holdings, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK, 7.00%, 12/31/2099 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55990 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK, 8.00%, 4/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$873471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$238152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294142 |
| **KUWAIT — 0.0% (a)** |  |  |
| Equate Petrochemical B.V. Series REGS,<br>2.63%, 4/28/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609000 |
| **LUXEMBOURG — 0.0% (a)** |  |  |
| Altice Financing SA<br>5.00%, 1/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193963 |
| Altice France Holding SA<br>6.00%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253889 |
| Guara Norte SARL<br>5.20%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230882 |
| Intelsat Jackson Holdings SA<br>6.50%, 3/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894103 |
| **MAURITIUS — 0.0% (a)** |  |  |
| Network i2i Ltd. Series REGS, 5 Year CMT + 3.39%,<br>3.98%, 12/31/2099 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522972 |
| **MEXICO — 0.2%** |  |  |
| Banco Mercantil del Norte SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10 year CMT + 5.03%, 6.63%, 1/24/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10 year CMT + 5.47%, 7.50%, 6/27/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281294 |
| Banco Nacional de Comercio Exterior SNC 5 Year CMT + 2.00%,<br>2.72%, 8/11/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664616 |
| BBVA Bancomer SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRN, 5 Year CMT + 4.31%, 5.88%, 9/13/2034 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 5 Year CMT + 2.65%, 5.13%, 1/18/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179950 |
| Braskem Idesa SAPI<br>6.99%, 2/20/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357375 |
| Cemex SAB de CV 5 Year CMT + 4.53%,<br>5.13%, 6/8/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833625 |
| Credito Real SAB de CV Series REGS, 5 Year CMT + 7.03%,<br>9.13%, 11/29/2027 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245 |
| Mexarrend SAPI de CV<br>10.25%, 7/24/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62314 |
| Unifin Financiera SAB de CV Series REGS, 5 Year CMT + 6.31%,<br>8.88%, 1/29/2025 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121253 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **NETHERLANDS — 0.0% (a)** |  |  |
| Mong Duong Finance Holdings BV Series REGS,<br>5.13%, 5/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$208308 |
| **PANAMA — 0.1%** |  |  |
| Banco Nacional de Panama<br>2.50%, 8/11/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240555 |
| C&W Senior Financing DAC Series REGS,<br>6.88%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417713 |
| Empresa de Transmision Electrica SA<br>5.13%, 5/2/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162886 |
| UEP Penonome II SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 6.50%, 10/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326642 |
| **PARAGUAY — 0.0% (a)** |  |  |
| Bioceanico Sovereign Certificate, Ltd.<br>Zero Coupon, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93098 |
| Rutas 2 and 7 Finance, Ltd.<br>Zero Coupon, 9/30/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239127 |
| **PERU — 0.2%** |  |  |
| Banco de Credito del Peru S.A. VRN, 5 Year CMT + 3.00%,<br>3.13%, 7/1/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363364 |
| Banco Internacional del Peru SAA Interbank Series REGS, VRN, 1 year CMT + 3.71%,<br>4.00%, 7/8/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086180 |
| Fenix Power Peru SA Series REGS,<br>4.32%, 9/20/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273863 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru Series REGS,<br>6.38%, 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747860 |
| Petroleos del Peru SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/19/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/19/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130130 |
| Scotiabank Peru SAA Series REGS, 3 Month USD LIBOR + 3.86%,<br>8.63%, 12/13/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630680 |
| **QATAR — 0.0% (a)** |  |  |
| QatarEnergy Trading LLC<br>2.25%, 7/12/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827462 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SAUDI ARABIA — 0.1%** |  |  |
| EIG Pearl Holdings SARL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 8/31/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$419980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series REGS, 4.39%, 11/30/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110779 |
| **SINGAPORE — 0.1%** |  |  |
| Avation Capital SA PIK,<br>8.25%, 10/31/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210631 |
| Oversea-Chinese Banking Corp., Ltd. Series REGS, VRN, 5 Year CMT + 1.58%,<br>1.83%, 9/10/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629958 |
| Temasek Financial I Ltd.<br>1.00%, 10/6/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310410 |
| **SOUTH AFRICA — 0.0% (a)** |  |  |
| AngloGold Ashanti Holdings PLC<br>3.75%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436625 |
| Sasol Financing USA LLC<br>5.50%, 3/18/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086049 |
| **SOUTH KOREA — 0.1%** |  |  |
| KT Corp.<br>1.38%, 1/21/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600936 |
| LG Chem, Ltd.<br>2.38%, 7/7/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196428 |
| Shinhan Financial Group Co., Ltd. VRN, 5 Year CMT + 2.06%,<br>2.88%, 5/12/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567818 |
| **SPAIN — 0.0% (a)** |  |  |
| Grifols Escrow Issuer SA<br>4.75%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553728 |
| **THAILAND — 0.0% (a)** |  |  |
| Bangkok Bank PCL VRN, 5 Year CMT + 4.73%,<br>5.00%, 12/31/2099 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380060 |
| Kasikornbank PCL Series EMTN, VRN, 5 Year CMT + 4.94%,<br>5.28%, 10/14/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036310 |
| **UNITED ARAB EMIRATES — 0.0% (a)** |  |  |
| Galaxy Pipeline Assets Bidco, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 3/31/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 9/30/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312371 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **UNITED KINGDOM — 0.1%** |  |  |
| BAT Capital Corp.<br>2.73%, 3/25/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1789848 |
| eG Global Finance PLC<br>8.50%, 10/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178549 |
| **UNITED STATES — 9.1%** |  |  |
| AbbVie, Inc.<br>3.85%, 6/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791317 |
| Academy, Ltd.<br>6.00%, 11/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369812 |
| Acrisure LLC/Acrisure Finance, Inc.<br>6.00%, 8/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173030 |
| Acuris Finance US, Inc./Acuris Finance SARL<br>5.00%, 5/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379055 |
| AdaptHealth LLC<br>5.13%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766008 |
| AEP Texas, Inc. Series H,<br>3.45%, 1/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225030 |
| Aethon United BR L.P./Aethon United Finance Corp.<br>8.25%, 2/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302874 |
| Air Lease Corp.<br>3.25%, 3/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429163 |
| Air Methods Corp.<br>8.00%, 5/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458 |
| Alexandria Real Estate Equities, Inc.<br>1.88%, 2/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246356 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>6.75%, 10/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310859 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399390 |
| AMC Entertainment Holdings, Inc.<br>7.50%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59837 |
| American Airlines, Inc./AAdvantage Loyalty IP, Ltd.<br>5.75%, 4/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585510 |
| American Axle & Manufacturing, Inc.<br>5.00%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124322 |
| American Express Co.<br>3.95%, 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700300 |
| AmWINS Group, Inc.<br>4.88%, 6/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283328 |
| Antero Resources Corp.<br>5.38%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305877 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| APi Group DE, Inc.<br>4.75%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$416057 |
| Arconic Corp.<br>6.13%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808357 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>5.25%, 8/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220566 |
| Arrow Electronics, Inc.<br>3.88%, 1/12/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444678 |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>4.63%, 4/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182133 |
| ASP Unifrax Holdings, Inc.<br>5.25%, 9/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475121 |
| AssuredPartners, Inc.<br>5.63%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348923 |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415175 |
| AthenaHealth Group, Inc.<br>6.50%, 2/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411161 |
| Athene Holding, Ltd.<br>3.95%, 5/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786002 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year CMT + 1.20%, 2.48%, 9/21/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668700 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.11%, 3.84%, 4/25/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375814 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.75%, 4.83%, 7/22/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533947 |
| Bausch Health Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 9/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16633 |
| BCPE Empire Holdings, Inc.<br>7.63%, 5/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390247 |
| Berry Global, Inc.<br>0.95%, 2/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681346 |
| Blackstone Holdings Finance Co. LLC<br>2.00%, 1/30/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075443 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.63%, 12/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233757 |
| Boeing Co.<br>2.95%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646384 |
| Boxer Parent Co., Inc.<br>7.13%, 10/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34326 |
| Brighthouse Financial Global Funding<br>1.00%, 4/12/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625432 |
| Broadcom, Inc.<br>3.42%, 4/15/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789174 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Brown & Brown, Inc.<br>2.38%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1219840 |
| Builders FirstSource, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356584 |
| Bunge, Ltd. Finance Corp.<br>2.75%, 5/14/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964534 |
| Caesars Entertainment, Inc.<br>4.63%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378138 |
| Callon Petroleum Co.<br>7.50%, 6/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417699 |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176651 |
| Capital One Financial Corp. SOFR + 2.16%,<br>4.99%, 7/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814794 |
| Carnival Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397845 |
| Carrier Global Corp.<br>3.58%, 4/5/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848768 |
| Castle US Holding Corp.<br>9.50%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92423 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304016 |
| Cedar Fair L.P.<br>5.25%, 7/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387701 |
| Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.30%, 2/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140084 |
| Chesapeake Energy Corp.<br>5.88%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395350 |
| Chord Energy Corp.<br>6.38%, 6/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247044 |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114068 |
| Citigroup, Inc. 3 Month USD LIBOR + 1.39%,<br>3.67%, 7/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614022 |
| Clarivate Science Holdings Corp.<br>4.88%, 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174307 |
| Clean Harbors, Inc.<br>5.13%, 7/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134421 |
| Clear Channel Outdoor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160021 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58714 |
| Clearway Energy Operating LLC<br>4.75%, 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347704 |
| CNX Midstream Partners L.P.<br>4.75%, 4/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454008 |
| CNX Resources Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110343 |
| Coherent Corp.<br>5.00%, 12/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350418 |
| Comcast Corp.<br>2.94%, 11/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816458 |
| CommScope Technologies LLC<br>5.00%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157746 |
| CommScope, Inc.<br>4.75%, 9/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379553 |
| Consolidated Communications, Inc.<br>5.00%, 10/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213858 |
| Constellation Brands, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490722 |
| Continental Resources, Inc.<br>2.27%, 11/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550685 |
| Cornerstone Building Brands, Inc.<br>6.13%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239663 |
| Coty, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235384 |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC<br>5.50%, 6/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889363 |
| Crown Castle, Inc.<br>4.30%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544110 |
| CSC Holdings LLC<br>5.75%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457990 |
| CSI Compressco L.P./CSI Compressco Finance, Inc.<br>7.50%, 4/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266042 |
| CSX Corp.<br>3.35%, 9/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804827 |
| CVR Partners L.P./CVR Nitrogen Finance Corp.<br>6.13%, 6/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341495 |
| Dana, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272916 |
| Dealer Tire LLC/DT Issuer LLC<br>8.00%, 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387706 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Diamond Sports Group LLC/Diamond Sports Finance Co.<br>5.38%, 8/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45838 |
| Dick's Sporting Goods, Inc.<br>4.10%, 1/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345152 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.88%, 8/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434933 |
| Discover Financial Services<br>4.10%, 2/9/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788242 |
| DISH DBS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102597 |
| Dollar General Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/3/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848820 |
| Dollar Tree, Inc.<br>4.00%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721763 |
| DTE Energy Co.<br>4.22%, 11/1/2024 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905308 |
| Duke Energy Carolinas LLC<br>3.55%, 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506145 |
| Duke Energy Corp.<br>2.65%, 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734596 |
| Dun & Bradstreet Corp.<br>5.00%, 12/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435164 |
| Elevance Health, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 5/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746558 |
| Embarq Corp.<br>8.00%, 6/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132545 |
| Emergent BioSolutions, Inc.<br>3.88%, 8/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118536 |
| Encompass Health Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52840 |
| Endo Luxembourg Finance Co. I SARL/Endo US, Inc.<br>6.13%, 4/1/2029 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163424 |
| Energizer Holdings, Inc.<br>6.50%, 12/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224152 |
| Energy Transfer L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777090 |
| Entergy Louisiana LLC<br>4.75%, 9/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523038 |
| Enterprise Products Operating LLC<br>3.75%, 2/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546180 |
| EQM Midstream Partners L.P.<br>4.75%, 1/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325492 |
| Essential Utilities, Inc.<br>3.35%, 4/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841214 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Everi Holdings, Inc.<br>5.00%, 7/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$499844 |
| Exelon Corp.<br>4.10%, 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202709 |
| Expedia Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387016 |
| Exxon Mobil Corp.<br>2.99%, 3/19/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108565 |
| Ferrellgas L.P./Ferrellgas Finance Corp.<br>5.38%, 4/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250561 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>6.75%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411692 |
| Ford Motor Co.<br>3.25%, 2/12/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959374 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/17/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373608 |
| Fortress Transportation and Infrastructure Investors LLC<br>5.50%, 5/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426170 |
| Freeport-McMoRan, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675087 |
| Frontier Communications Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342271 |
| Full House Resorts, Inc.<br>8.25%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446122 |
| Gap, Inc.<br>3.88%, 10/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285719 |
| General Motors Financial Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/12/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871883 |
| Georgia-Pacific LLC<br>3.60%, 3/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810092 |
| Glatfelter Corp.<br>4.75%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197353 |
| Goldman Sachs Group, Inc. 3 Month USD LIBOR + 1.17%,<br>5.78%, 5/15/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060552 |
| Goodyear Tire & Rubber Co.<br>5.25%, 7/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437839 |
| GrafTech Finance, Inc.<br>4.63%, 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160994 |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877901 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Guardian Life Global Funding<br>1.25%, 5/13/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1538421 |
| Gulfport Energy Corp.<br>8.00%, 5/17/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173343 |
| Halliburton Co.<br>2.92%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791832 |
| HCA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935980 |
| Hertz Corp.<br>5.00%, 12/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163067 |
| Hess Midstream Operations L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285098 |
| H-Food Holdings LLC/Hearthside Finance Co., Inc.<br>8.50%, 6/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215179 |
| Hightower Holding LLC<br>6.75%, 4/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263683 |
| Hilcorp Energy I L.P./Hilcorp Finance Co.<br>6.25%, 11/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489910 |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp.<br>5.25%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353045 |
| iHeartCommunications, Inc.<br>8.38%, 5/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63878 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<br>9.00%, 7/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429216 |
| Installed Building Products, Inc.<br>5.75%, 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392231 |
| Invitation Homes Operating Partnership L.P.<br>2.70%, 1/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781884 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161176 |
| &nbsp;&nbsp;&nbsp;&nbsp; REIT, 4.50%, 2/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214159 |
| Jeld-Wen, Inc.<br>4.63%, 12/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183788 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.25%, 2.58%, 4/22/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732087 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.26%, 2.96%, 1/25/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727497 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.99%, 4.85%, 7/25/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878652 |
| LD Holdings Group LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71571 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Leeward Renewable Energy Operations LLC<br>4.25%, 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$368071 |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.<br>5.00%, 2/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302794 |
| LFS Topco LLC<br>5.88%, 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318153 |
| Lifepoint Health, Inc.<br>5.38%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161347 |
| Lions Gate Capital Holdings LLC<br>5.50%, 4/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159184 |
| Lowe's Cos., Inc.<br>4.40%, 9/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047340 |
| LSF9 Atlantis Holdings LLC/Victra Finance Corp.<br>7.75%, 2/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483115 |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208486 |
| M/I Homes, Inc.<br>4.95%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324230 |
| Madison IAQ LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151325 |
| Marriott International, Inc. Series HH,<br>2.85%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786248 |
| Marvell Technology, Inc.<br>1.65%, 4/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300524 |
| Massachusetts Mutual Life Insurance Co.<br>3.38%, 4/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375526 |
| Match Group Holdings II LLC<br>5.00%, 12/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719657 |
| Mativ Holdings, Inc.<br>6.88%, 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218695 |
| McGraw-Hill Education, Inc.<br>5.75%, 8/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256722 |
| Medline Borrower L.P.<br>5.25%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441103 |
| Metis Merger Sub LLC<br>6.50%, 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177576 |
| Michaels Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134978 |
| Microsoft Corp.<br>2.92%, 3/17/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776604 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<br>4.88%, 5/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316154 |
| ModivCare Escrow Issuer, Inc.<br>5.00%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160088 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| ModivCare, Inc.<br>5.88%, 11/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246207 |
| Monongahela Power Co.<br>5.40%, 12/15/2043 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867285 |
| Morgan Stanley SOFR + 1.36%,<br>2.48%, 9/16/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552324 |
| Moss Creek Resources Holdings, Inc.<br>7.50%, 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81065 |
| MPLX L.P.<br>1.75%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696290 |
| Murphy Oil USA, Inc.<br>4.75%, 9/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260362 |
| Nabors Industries, Ltd.<br>7.25%, 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288725 |
| Nationstar Mortgage Holdings, Inc.<br>5.75%, 11/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481740 |
| Navient Corp.<br>5.00%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249275 |
| NCL Corp., Ltd.<br>5.88%, 3/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310889 |
| NetApp, Inc.<br>1.88%, 6/22/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405394 |
| News Corp.<br>5.13%, 2/15/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140921 |
| NextEra Energy Capital Holdings, Inc.<br>4.26%, 9/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805187 |
| NFP Corp.<br>4.88%, 8/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238392 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<br>7.50%, 2/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244945 |
| NGL Energy Partners L.P./NGL Energy Finance Corp.<br>7.50%, 4/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84876 |
| NRG Energy, Inc.<br>3.63%, 2/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416996 |
| NuStar Logistics L.P.<br>6.00%, 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492573 |
| Occidental Petroleum Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 9/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 3/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315153 |
| Olympus Water US Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303956 |
| Omnicom Group, Inc.<br>2.45%, 4/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816364 |
| OneMain Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204810 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$308066 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/9/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173258 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<br>5.13%, 4/30/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493745 |
| Owens & Minor, Inc.<br>6.63%, 4/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455742 |
| Pacific Gas & Electric Co.<br>2.50%, 2/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882451 |
| Par Petroleum LLC/Par Petroleum Finance Corp.<br>7.75%, 12/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240983 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<br>4.88%, 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245476 |
| Parker-Hannifin Corp.<br>4.25%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442133 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>6.00%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88502 |
| PECF USS Intermediate Holding III Corp.<br>8.00%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103867 |
| Penn Entertainment, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561664 |
| PennyMac Financial Services, Inc.<br>4.25%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386927 |
| Penske Truck Leasing Co. L.P./PTL Finance Corp.<br>4.20%, 4/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863898 |
| PepsiCo, Inc.<br>3.60%, 2/18/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528302 |
| Performance Food Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436982 |
| PetSmart, Inc./PetSmart Finance Corp.<br>7.75%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466450 |
| Pike Corp.<br>5.50%, 9/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489496 |
| Pioneer Natural Resources Co.<br>1.13%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100558 |
| Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126837 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<br>5.63%, 9/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$224416 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%, 1/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319589 |
| Qorvo, Inc.<br>1.75%, 12/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645848 |
| Quanta Services, Inc.<br>2.35%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789988 |
| Radiate Holdco LLC/Radiate Finance, Inc.<br>4.50%, 9/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220482 |
| Radiology Partners, Inc.<br>9.25%, 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129343 |
| Raytheon Technologies Corp.<br>3.03%, 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779110 |
| Realogy Group LLC/Realogy Co-Issuer Corp.<br>5.25%, 4/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328131 |
| Rent-A-Center, Inc.<br>6.38%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166073 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177225 |
| Royal Caribbean Cruises, Ltd.<br>5.50%, 8/31/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353363 |
| Royalty Pharma PLC<br>3.30%, 9/2/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759167 |
| RP Escrow Issuer LLC<br>5.25%, 12/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160604 |
| Sabine Pass Liquefaction LLC<br>5.00%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206618 |
| Santander Holdings USA, Inc. SOFR + 1.25%,<br>2.49%, 1/6/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755032 |
| Scientific Games Holdings L.P./Scientific Games US FinCo, Inc.<br>6.63%, 3/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396873 |
| Scotts Miracle-Gro Co.<br>4.50%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356426 |
| Scripps Escrow II, Inc.<br>3.88%, 1/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138310 |
| Scripps Escrow, Inc.<br>5.88%, 7/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94038 |
| SEG Holding LLC/SEG Finance Corp.<br>5.63%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564392 |
| Select Medical Corp.<br>6.25%, 8/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466990 |
| Sirius XM Radio, Inc.<br>5.50%, 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310624 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| SK Invictus Intermediate II SARL<br>5.00%, 10/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$341412 |
| Smithfield Foods, Inc.<br>4.25%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715352 |
| Sonic Automotive, Inc.<br>4.63%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415265 |
| Southern Co. Series A,<br>3.70%, 4/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761610 |
| Southwestern Energy Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379754 |
| Spectrum Brands, Inc.<br>5.00%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323650 |
| SRS Distribution, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288136 |
| Staples, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108038 |
| Station Casinos LLC<br>4.63%, 12/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237738 |
| Suburban Propane Partners L.P./Suburban Energy Finance Corp.<br>5.00%, 6/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338128 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435066 |
| Sunoco L.P./Sunoco Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167850 |
| SWF Escrow Issuer Corp.<br>6.50%, 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95684 |
| Sysco Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 2/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632776 |
| Tenet Healthcare Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235325 |
| Textron, Inc.<br>2.45%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651244 |
| T-Mobile USA, Inc.<br>2.25%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659302 |
| TMS International Corp.<br>6.25%, 4/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129559 |
| Townsquare Media, Inc.<br>6.88%, 2/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132183 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444744 |
| Transocean Poseidon, Ltd.<br>6.88%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319715 |
| Trident TPI Holdings, Inc.<br>6.63%, 11/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360878 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Triton Water Holdings, Inc.<br>6.25%, 4/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178226 |
| Triumph Group, Inc.<br>7.75%, 8/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125193 |
| Uber Technologies, Inc.<br>4.50%, 8/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331292 |
| United Airlines, Inc.<br>4.63%, 4/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349084 |
| United Natural Foods, Inc.<br>6.75%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437642 |
| Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC<br>6.50%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215196 |
| Univision Communications, Inc.<br>4.50%, 5/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271629 |
| US Foods, Inc.<br>4.75%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301923 |
| USA Compression Partners L.P./USA Compression Finance Corp.<br>6.88%, 9/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243838 |
| Verizon Communications, Inc.<br>1.75%, 1/20/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845807 |
| Viatris, Inc.<br>1.65%, 6/22/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543564 |
| Victoria's Secret & Co.<br>4.63%, 7/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302090 |
| Viking Cruises, Ltd.<br>5.88%, 9/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779509 |
| Virtusa Corp.<br>7.13%, 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118918 |
| VMware, Inc.<br>2.20%, 8/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266144 |
| Vontier Corp.<br>1.80%, 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064142 |
| Vornado Realty L.P.<br>2.15%, 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580277 |
| WarnerMedia Holdings, Inc.<br>3.76%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814105 |
| WASH Multifamily Acquisition, Inc.<br>5.75%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523082 |
| Weatherford International, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/30/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284867 |
| Wells Fargo & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 1.98%, 4.81%, 7/25/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN, 3 Month USD LIBOR + 1.31%, 3.58%, 5/22/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769233 |
| Welltower, Inc.<br>2.05%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819821 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Western Midstream Operating L.P.<br>4.30%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$345988 |
| Wheel Pros, Inc.<br>6.50%, 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37503 |
| Williams Cos., Inc.<br>3.75%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641883 |
| Workday, Inc.<br>3.70%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793464 |
| WR Grace Holdings LLC<br>5.63%, 8/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218435 |
| WRKCo, Inc.<br>3.75%, 3/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751193 |
| XHR L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258672 |
| Yum! Brands, Inc.<br>4.75%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344704 |
| Zayo Group Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211171650 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $333,031,053)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284252581 |
| **ASSET-BACKED SECURITIES — 10.7%** |  |  |
| AccessLex Institute Series 2004-2, Class A3, 3 Month USD LIBOR + 0.19%,<br>4.55%, 10/25/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104579 |
| ACE Securities Corp. Home Equity Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FM1, Class A2C, Class A2C, ABS, 1 Month USD LIBOR + 0.30%, 4.69%, 7/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WM2, Class A2C, ABS, 1 Month USD LIBOR + 0.28%, 4.67%, 2/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198885 |
| Affirm Asset Securitization Trust Series 2022-A, Class A,<br>4.30%, 5/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850696 |
| Aimco CLO 11, Ltd. Series 2020-11A, Class AR, 3 Month USD LIBOR + 1.13%,<br>5.21%, 10/17/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933000 |
| Ameriquest Mortgage Securities Asset-Backed Pass-Through Series 2004-FR1, Class M5,<br>3.97%, 5/25/2034 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360303 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| AMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, ABS, 2.48%, 8/17/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2497276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F1, ABS, 3.28%, 8/17/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F2, ABS, 3.67%, 8/17/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647008 |
| Anchorage Capital CLO 19, Ltd. Series 2021-19A, Class A, ABS, 3 Month USD LIBOR + 1.21%,<br>5.29%, 10/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930400 |
| Argent Securities Trust Series 2006-M1, Class A2B, ABS, 1 Month USD LIBOR + 0.18%,<br>4.57%, 7/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17971001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800156 |
| Bain Capital Credit CLO, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class DR, ABS, 3 Month USD LIBOR + 3.10%, 7.38%, 10/21/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class D, ABS, 3 Month USD LIBOR + 3.55%, 7.79%, 1/20/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A1, 3 Month USD LIBOR + 1.15%, 5.43%, 10/21/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 3 Month SOFR + 3.70%, 7.56%, 7/17/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888600 |
| Blackbird Capital Aircraft Series 2021-1A, Class B, ABS,<br>3.45%, 7/15/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534285 |
| BNC Mortgage Loan Trust Series 2006-1, Class A1, ABS, 1 Month USD LIBOR + 0.36%,<br>3.80%, 10/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16946131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11306902 |
| Canyon Capital CLO, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class DR, ABS, 3 Month USD LIBOR + 3.00%, 7.08%, 7/15/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 3.10%, 7.18%, 4/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793150 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Carlyle U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 6.00%, 10.08%, 4/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$874827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A2, Class A2, 3 Month SOFR + 2.00%, 5.96%, 4/20/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916000 |
| Catamaran CLO, Ltd. Series 2018-1A, Class C, 3 Month USD LIBOR + 2.50%,<br>6.86%, 10/25/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918600 |
| CIFC Funding, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR, ABS, 3 Month USD LIBOR + 3.55%, 7.63%, 7/16/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class D, ABS, 3 Month USD LIBOR + 3.50%, 7.78%, 4/23/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, ABS, 3 Month USD LIBOR + 6.00%, 10.36%, 4/25/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class B, Class B, 3 Month SOFR + 2.00%, 5.99%, 4/21/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918200 |
| Dryden 68 CLO, Ltd. Series 2019-68A, Class DR, ABS, 3 Month USD LIBOR + 3.35%,<br>7.43%, 7/15/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389318 |
| Elmwood CLO VIII, Ltd. Series 2021-1A, Class D1, ABS, 3 Month USD LIBOR + 3.00%,<br>7.24%, 1/20/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413818 |
| Exeter Automobile Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, ABS, 1.08%, 11/16/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, ABS, 2.21%, 2/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357740 |
| First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1, ABS, 1 Month USD LIBOR + 0.14%,<br>4.53%, 3/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9173789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782956 |
| FirstKey Homes Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class D, ABS, 1.97%, 10/19/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755206 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1765792 |
| FMC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1, Class A, CMO, VRN, 4.45%, 1/25/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125183 |
| FREED ABS Trust Series 2021-2, Class C, ABS,<br>1.94%, 6/19/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614880 |
| FS Rialto Issuer LLC Series 2021-FL2, Class A, ABS, 1 Month USD LIBOR + 1.22%,<br>5.55%, 5/16/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915408 |
| GAIA Aviation, Ltd. Series 2019-1, Class A,<br>3.97%, 12/15/2044 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965237 |
| Galaxy XVIII CLO, Ltd. Series 2018-28A, Class D, ABS, 3 Month USD LIBOR + 3.00%,<br>7.08%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921534 |
| GoodLeap Sustainable Home Solutions Trust Series 2021-5CS, Class C,<br>3.50%, 10/20/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384139 |
| Greystone CRE Notes, Ltd. Series 2021-FL3, Class B, ABS, 1 Month USD LIBOR + 1.65%,<br>5.97%, 7/15/2039 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690336 |
| GSAA Home Equity Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class A2A, 6.50%, 11/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class A3A, Class A3A, ABS, 1 Month USD LIBOR + 0.60%, 4.99%, 3/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402556 |
| Hardee's Funding LLC Series 2018-1A, Class A23, ABS,<br>5.71%, 6/20/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497937 |
| Hayfin Kingsland X, Ltd. Series 2019-1A, Class B1R, ABS, 3 Month USD LIBOR + 1.85%,<br>6.22%, 4/28/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957564 |
| Helios Issuer LLC Series 2021-A, Class A, ABS,<br>1.80%, 2/20/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928312 |
| Jamestown CLO XII, Ltd. Series 2019-1A, Class A2, ABS, 3 Month USD LIBOR + 2.15%,<br>6.39%, 4/20/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971600 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| JOL Air, Ltd. Series 2019-1, Class A,<br>3.97%, 4/15/2044 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2228440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1820439 |
| LCCM Trust Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.45%,<br>5.77%, 11/15/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782728 |
| Lendbuzz Securitization Trust Series 2022-1A, Class A, Class A,<br>4.22%, 5/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580048 |
| Lendingpoint Asset Securitization Trust Series 2021-A, Class C, ABS,<br>2.75%, 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794167 |
| LoanCore Issuer, Ltd. Series 2019-CRE2, Class AS, 1 Month USD LIBOR + 1.50%,<br>5.82%, 5/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881832 |
| Madison Park Funding XI, Ltd. Series 2013-11A, Class DR, ABS, 3 Month USD LIBOR + 3.25%,<br>7.57%, 7/23/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937600 |
| Madison Park Funding XLVIII, Ltd. Series 2021-48A, Class D, ABS, 3 Month USD LIBOR + 3.00%,<br>7.23%, 4/19/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928425 |
| Madison Park Funding XVII, Ltd. Series 2015-17A, Class DR, 3 Month USD LIBOR + 3.60%,<br>7.88%, 7/21/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945300 |
| Magnetite CLO, Ltd. Series 2021-31A, Class E, 3 Month USD LIBOR + 6.00%,<br>10.08%, 7/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438134 |
| Magnetite XXIX, Ltd. Series 2021-29A, Class E, ABS, 3 Month USD LIBOR + 5.75%,<br>9.83%, 1/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446040 |
| Mosaic Solar Loan Trust Series 2018-1A, Class C, ABS, PO,<br>0.01%, 6/22/2043 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245448 |
| MVW LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class C, ABS, 1.94%, 1/22/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class D, ABS, 3.17%, 1/22/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259824 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Neuberger Berman Loan Advisers CLO, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40A, Class D, ABS, 3 Month USD LIBOR + 2.75%, 6.83%, 4/16/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1382954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-47A, Class D, ABS, 3 Month SOFR + 3.10%, 6.93%, 4/14/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447250 |
| Ocean Trails CLO V Series 2014-5A, Class DRR, ABS, 3 Month USD LIBOR + 3.45%,<br>7.39%, 10/13/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847800 |
| Octagon Investment Partners 27, Ltd. Series 2016-1A, Class DR, ABS, 3 Month USD LIBOR + 2.95%,<br>7.03%, 7/15/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433700 |
| Octagon Investment Partners 30, Ltd. Series 2017-1A, Class CR, ABS, 3 Month USD LIBOR + 3.30%,<br>7.54%, 3/17/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952506 |
| Octagon Investment Partners 31 Ltd. Series 2017-1A, Class DR, ABS, 3 Month USD LIBOR + 3.40%,<br>7.64%, 7/20/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955683 |
| Octagon Investment Partners 40, Ltd. Series 2019-1A, Class DR, ABS, 3 Month USD LIBOR + 3.35%,<br>7.59%, 1/20/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431000 |
| Octagon Investment Partners 49, Ltd. Series 2020-5A, Class D, ABS, 3 Month USD LIBOR + 3.40%,<br>7.48%, 1/15/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258000 |
| Octagon Investment Partners 51, Ltd. Series 2021-1A, Class A, ABS, 3 Month USD LIBOR + 1.15%,<br>5.39%, 7/20/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338741 |
| Pagaya AI Debt Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 2.03%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, ABS, 3.34%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, Class A, 4.97%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643379 |
| PMT Issuer Trust - FMSR Series 2021-FT1, Class A, ABS, 1 Month USD LIBOR + 3.00%,<br>7.39%, 3/25/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260976 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PRET LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL5, Class A1, 2.49%, 10/25/2051 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4286950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3870546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RN1, Class A1, 3.72%, 7/25/2051 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13299002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12412893 |
| Regatta VI Funding, Ltd. Series 2016-1A, Class AR2, 3 Month USD LIBOR + 1.16%,<br>5.40%, 4/20/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823395 |
| Regatta XXIII Funding, Ltd. Series 2021-4A, Class A1, 3 Month USD LIBOR + 1.15%,<br>5.39%, 1/20/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342950 |
| Renaissance Home Equity Loan Trust Series 2006-2, Class AF4, ABS,<br>6.12%, 8/25/2036 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654048 |
| Sapphire Aviation Finance II, Ltd. Series 2020-1A, Class A,<br>3.23%, 3/15/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846811 |
| Securitized Asset Backed Receivables LLC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR4, Class A2A, Class A2A, ABS, 1 Month USD LIBOR + 0.09%, 4.48%, 5/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR4, Class A2B, Class A2B, ABS, 1 Month USD LIBOR + 0.20%, 4.59%, 5/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25457289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400367 |
| Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2B, Class A2B, 1 Month USD LIBOR + 0.18%,<br>4.57%, 5/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36103677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26769353 |
| Shenton Aircraft Investment I, Ltd. Series 2015-1A, Class A, ABS,<br>4.75%, 10/15/2042 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509262 |
| SOFI Alternative Trust Series 2021-A, Class PT1, ABS, VRN,<br>1.48%, 3/15/2047 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| Sound Point Clo XII, Ltd. Series 2016-2A, Class DR, ABS, 3 Month USD LIBOR + 3.85%,<br>8.09%, 10/20/2028 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977600 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Sound Point Clo XIV, Ltd. Series 2016-3A, Class DR, ABS, 3 Month USD LIBOR + 3.65%,<br>7.97%, 1/23/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$962987 |
| Sound Point CLO XXIII, Ltd. Series 2019-2A, Class ER, 3 Month USD LIBOR + 6.47%,<br>10.55%, 7/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797410 |
| Sound Point CLO XXVI, Ltd. Series 2020-1A, Class DR, 3 Month USD LIBOR + 3.35%,<br>7.59%, 7/20/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443807 |
| Sound Point CLO XXVIII, Ltd. Series 2020-3A, Class D, ABS, 3 Month USD LIBOR + 3.65%,<br>8.01%, 1/25/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641820 |
| Sound Point CLO XXXIII, Ltd. Series 2022-1A, Class D, ABS, 3 Month SOFR + 3.30%,<br>7.36%, 4/25/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584430 |
| Start II Ltd. Series 2019-1, Class A,<br>4.09%, 3/15/2044 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418404 |
| Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 1 Month USD LIBOR + 0.34%,<br>4.73%, 12/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703895 |
| Sunrun Demeter Issuer Series 2021-2A, Class A,<br>2.27%, 1/30/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838485 |
| THL Credit Wind River CLO, Ltd. Series 2017-3A, Class AR, ABS, 3 Month USD LIBOR + 1.15%,<br>5.23%, 4/15/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065720 |
| TIF Funding II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, ABS, 1.65%, 2/20/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, ABS, 2.54%, 2/20/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368391 |
| Trimaran Cavu, Ltd. Series 2021-3A, Class D, ABS, 3 Month USD LIBOR + 3.78%,<br>7.97%, 1/18/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386221 |
| TRTX Issuer, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL3, Class AS, 1 Month USD Term LIBOR + 1.56%, 5.89%, 10/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508208 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, ABS, 1 Month USD LIBOR + 1.20%, 5.53%, 3/15/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193274 |
| Upstart Pass-Through Trust Series 2021-ST3, Class A, ABS,<br>2.00%, 5/20/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952511 |
| Upstart Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C, ABS, 4.90%, 4/22/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 4.48%, 3/20/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985098 |
| USASF Receivables 2020-1 LLC Series 2020-1A, Class B,<br>3.22%, 5/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463312 |
| Venture CLO, Ltd. Series 2020-39A, Class D, ABS, 3 Month USD LIBOR + 4.25%,<br>8.33%, 4/15/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601425 |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, CMO,<br>2.12%, 3/27/2051 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456437 |
| Voya CLO, Ltd. Series 2017-3A, Class CR, ABS, 3 Month USD LIBOR + 3.15%,<br>7.39%, 4/20/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919625 |
| Wellfleet CLO X, Ltd. Series 2019-XA, Class A2R, 3 Month USD LIBOR + 1.75%,<br>5.99%, 7/20/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311350 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $283,598,705)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249806639 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.8%** |  |  |
| **BRAZIL — 0.1%** |  |  |
| Brazilian Government International Bond<br>5.63%, 2/21/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952692 |
| **CHILE — 0.1%** |  |  |
| Chile Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/27/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/7/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/22/2061<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/25/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714792 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **COLOMBIA — 0.1%** |  |  |
| Colombia Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$520205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/22/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957770 |
| **INDONESIA — 0.1%** |  |  |
| Indonesia Government International Bond<br>3.70%, 10/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470068 |
| **MEXICO — 0.2%** |  |  |
| Mexico Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 8/14/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511377 |
| **PANAMA — 0.1%** |  |  |
| Panama Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 7/23/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/29/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776938 |
| **PERU — 0.0% (a)** |  |  |
| Corp. Financiera de Desarrollo SA Series REGS, 3 Month USD LIBOR + 5.61%,<br>5.25%, 7/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191652 |
| **PHILIPPINES — 0.1%** |  |  |
| Philippine Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 6/10/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 5/5/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/2/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005415 |
| **SAUDI ARABIA — 0.0% (a)** |  |  |
| Saudi Government International Bond Series REGS,<br>2.25%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810988 |
| **SOUTH AFRICA — 0.0% (a)** |  |  |
| Republic of South Africa Government International Bond<br>4.30%, 10/12/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579358 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SOUTH KOREA — 0.0% (a)** |  |  |
| Korea Development Bank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/19/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$628696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/25/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947016 |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $25,473,233)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18918066 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.0% (a)** |  |  |
| **UNITED KINGDOM — 0.0% (a)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avation Capital SA<br>| 4550 | &nbsp;&nbsp;&nbsp;&nbsp;1642 |
| **UNITED STATES — 0.0% (a)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Bidco B.V. (f)<br>| &nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;13934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlson Travel, Inc. (f)<br>| 5125 | &nbsp;&nbsp;33313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Energy (f)<br>| &nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;6861 |
|  |  | &nbsp;&nbsp;54108 |
| **TOTAL COMMON STOCKS<br>(Cost $160,402)<br>**  |  | &nbsp;&nbsp;55750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** |  |
| **SENIOR FLOATING RATE LOANS — 2.0%** |  |  |
| **ADVERTISING SERVICES — 0.0% (a)** |  |  |
| CMG Media Corp., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50%, 12/17/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$151531 | &nbsp;&nbsp;142305 |
| **AEROSPACE & DEFENSE — 0.0% (a)** |  |  |
| Dynasty Acquisition Co., Inc.: |  |  |
| Senior Secured 2020 CAD Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.92%, 4/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp;72735 |
| Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.80%, 4/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141547 | &nbsp;&nbsp;135287 |
| Spirit Aerosystems, Inc., Senior Secured 2022 Term Loan, 1 Month USD SOFR + 4.50%, 8.82%, 1/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79800 | &nbsp;&nbsp;&nbsp;&nbsp;79277 |
|  |  | &nbsp;&nbsp;287299 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **AIR FREIGHT & LOGISTICS — 0.0% (a)** |  |  |
| Kenan Advantage Group, Inc., Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.75%, 8.13%, 3/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$378528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$369943 |
| Worldwide Express Operations LLC, Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 7/26/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542695 |
| **AIRLINES — 0.1%** |  |  |
| Air Canada, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.13%, 8/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192357 |
| American Airlines, Inc.: |  |  |
| Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 1.75%, 6.14%, 1/29/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205205 |
| Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 8.99%, 4/20/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309177 |
| Mileage Plus Holdings LLC, Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 5.25%, 10.00%, 6/21/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468305 |
| SkyMiles IP Ltd., Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75%, 7.99%, 10/20/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219556 |
| United Airlines, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.11%, 4/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743580 |
| **AUTO COMPONENTS — 0.0% (a)** |  |  |
| DexKo Global, Inc., Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 8.59%, 10/4/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135606 |
| Wheel Pros LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.5%, 8.82%, 5/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185546 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **BEVERAGES — 0.0% (a)** |  |  |
| Triton Water Holdings, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$296405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276657 |
| **BROADCAST SERV/PROGRAM — 0.0% (a)** |  |  |
| E.W. Scripps Co. (The), Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 2.56%, 6.95%, 5/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441842 |
| **BUILDING PRODUCTS — 0.0% (a)** |  |  |
| Quikrete Holdings, Inc., Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.00%, 7.38%, 6/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123258 |
| Tamko Building Products LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00%, 7.73%, 6/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294542 |
| **CASINO SERVICES — 0.0% (a)** |  |  |
| Stars Group Holdings B.V., Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25%, 6.98%, 7/21/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310043 |
| **CHEMICALS — 0.1%** |  |  |
| Axalta Coating Systems Dutch Holding B B.V, Senior Secured 2022 USD Term Loan B, 12/20/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145326 |
| Diamond (BC) B.V., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.16%, 9/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436092 |
| Illuminate Buyer LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 6/30/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357008 |
| Messer Industries GmbH, Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 7.23%, 3/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106113 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Olympus Water U.S. Holding Corp., Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 8.50%, 11/9/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$190603 |
| PMHC II, Inc., Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.25%, 8.49%, 4/23/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106017 |
| Polar U.S. Borrower LLC, Senior Secured 2018 1st Lien Term Loan, 2 Month USD LIBOR + 4.75%, 9.02%, 10/15/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125519 |
| PQ Corp., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.50%, 6.91%, 6/9/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97207 |
| Vantage Specialty Chemicals, Inc., Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 10/28/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838945 |
| **COMMERCIAL SERVICES — 0.1%** |  |  |
| Allied Universal Holdco LLC, Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 3.75%, 8.17%, 5/12/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278577 |
| APX Group, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.50%, 9.75%, 7/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137019 |
| EAB Global, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 8/16/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150931 |
| Mavis Tire Express Services Corp., Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 4.00%, 8.50%, 5/4/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308397 |
| PECF USS Intermediate Holding III Corp., Senior Secured Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 12/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252175 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Spin Holdco, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.00%, 7.14%, 3/4/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$247212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$209760 |
| Verscend Holding Corp., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 8/27/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413686 |
| Viad Corp., Senior Secured Initial Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 7/30/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159220 |
| VT Topco, Inc., Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62937 |
| Wand NewCo 3, Inc., Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 2/5/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135550 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.1%** |  |  |
| Asurion LLC: |  |  |
| Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25%, 9.63%, 1/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55008 |
| Senior Secured 2021 Second Lien Term Loan B4, 1 Month USD LIBOR + 5.25%, 9.63%, 1/20/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227132 |
| Garda World Security Corp.: |  |  |
| Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.93%, 10/30/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282043 |
| Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.25%, 8.53%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149201 |
| Packaging Coordinators Midco, Inc., Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75%, 8.23%, 11/30/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144810 |
| Packers Holdings LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 7.54%, 3/9/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242149 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Prometric Holdings, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 7.39%, 1/29/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360488 |
| **COMPUTER SERVICES — 0.0% (a)** |  |  |
| Redstone Holdco 2 LP, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 9.11%, 4/27/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66131 |
| Tempo Acquisition LLC, Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 8/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209466 |
| **CONSTRUCTION & ENGINEERING — 0.0% (a)** |  |  |
| Brown Group Holding LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 6/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49866 |
| DG Investment Intermediate Holdings 2, Inc.: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 11.07%, 3/30/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 |
| Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.07%, 3/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275676 |
| KKR Apple Bidco LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 9/23/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185822 |
| Tecta America Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.25%, 8.69%, 4/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749536 |
| **CONSTRUCTION MATERIALS — 0.0% (a)** |  |  |
| Traverse Midstream Partners LLC, Senior Secured 2017 Term Loan, 3 Month USD SOFR + 4.25%, 8.80%, 9/27/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254366 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSUMER FINANCE — 0.0% (a)** |  |  |
| Amentum Government Services Holdings LLC: |  |  |
| Senior Secured 2022 Term Loan, 3 Month USD SOFR + 4.00%, 8.76%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87479 |
| Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 1/29/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375019 |
| **CONTAINERS & PACKAGING — 0.1%** |  |  |
| Charter NEX U.S., Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 12/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291633 |
| Pretium PKG Holdings, Inc.: |  |  |
| Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 7.74%, 10/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174707 |
| Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.75%, 11.48%, 10/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28069 |
| TricorBraun Holdings, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 3/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310113 |
| Trident TPI Holdings, Inc., Senior Secured 2021 Incremental Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 9/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871104 |
| **COSMETICS & TOILETRIES — 0.0% (a)** |  |  |
| Solis IV BV, Senior Secured USD Term Loan B1, 3 Month USD SOFR + 3.50%, 7.86%, 2/26/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281755 |
| **DISTRIBUTION/WHOLESALE — 0.0% (a)** |  |  |
| BCPE Empire Holdings, Inc., Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 4.63%, 9.05%, 6/11/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33869 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **DISTRIBUTORS — 0.0% (a)** |  |  |
| American Tire Distributors Holdings, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25%, 10.61%, 10/20/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$163762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150662 |
| **DIVERSIFIED CONSUMER SERVICES — 0.0% (a)** |  |  |
| Ascend Learning LLC: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.75%, 10.13%, 12/10/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55999 |
| Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 12/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340153 |
| Mister Car Wash Holdings, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.42%, 5/14/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732119 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.1%** |  |  |
| AllSpring Buyer LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00%, 7.75%, 11/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239277 |
| Astra Acquisition Corp.: |  |  |
| Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 5.25%, 9.63%, 10/25/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123523 |
| Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 8.88%, 13.26%, 10/25/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143966 |
| Castlelake Aviation Ltd., Senior Secured Term Loan B, 3 Month USD LIBOR + 2.75%, 7.52%, 10/22/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339984 |
| Clydesdale Acquisition Holdings, Inc., Senior Secured Term Loan B, 1 Month USD SOFR + 4.18%, 8.60%, 4/13/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285030 |
| Deerfield Dakota Holding LLC, Senior Secured 2020 USD Term Loan B, 1 Month USD SOFR + 3.75%, 8.07%, 4/9/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393280 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| DirecTV Financing LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 8/2/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$241453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$235593 |
| HighTower Holdings LLC, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 8.28%, 4/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065275 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (a)** |  |  |
| CenturyLink, Inc., Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 3/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158899 |
| Cincinnati Bell, Inc., Senior Secured 2021 Term Loan B2, 1 Month USD SOFR + 3.25%, 7.67%, 11/22/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67862 |
| Intelsat Jackson Holdings SA, Senior Secured 2021 Exit Term Loan B, 6 Month USD SOFR + 4.25%, 7.44%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289135 |
| Telesat Canada, Senior Secured Term Loan B5, 3 Month USD LIBOR + 2.75%, 7.17%, 12/7/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564288 |
| **ELECTRICAL EQUIPMENT — 0.0% (a)** |  |  |
| Gates Global LLC, Senior Secured 2022 Term Loan B4, 1 Month USD SOFR + 3.50%, 7.82%, 11/16/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59532 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.0% (a)** |  |  |
| Compass Power Generation LLC, Senior Secured 2022 Term Loan B2, 1 Month USD SOFR + 4.25%, 8.69%, 4/14/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224172 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Mirion Technologies, Inc., Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 2.75%, 7.90%, 10/20/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$242550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$238652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462824 |
| **ENERGY EQUIPMENT & SERVICES — 0.0% (a)** |  |  |
| Carnival Corp., Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 6/30/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135947 |
| Granite Holdings U.S. Acquisition Co., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 8.75%, 9/30/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487657 |
| **ENTERTAINMENT — 0.1%** |  |  |
| AMC Entertainment Holdings, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.27%, 4/22/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26894 |
| Fertitta Entertainment LLC, Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 1/27/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222218 |
| Formula One Holdings Ltd., Senior Secured Term Loan B, 3 Month USD SOFR + 3.25%, 7.57%, 1/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260195 |
| NASCAR Holdings, Inc, Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 10/19/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205763 |
| Sweetwater Borrower LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 4.25%, 8.69%, 8/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793343 |
| **FINANCIAL SERVICES — 0.0% (a)** |  |  |
| Greystone Select Financial LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 5.00%, 9.23%, 6/16/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84979 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **FOOD & STAPLES RETAILING — 0.0% (a)** |  |  |
| Monogram Food Solutions LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00%, 8.44%, 8/28/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$257400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$249035 |
| United Natural Foods, Inc., Senior Secured Term Loan B, 1 Month USD SOFR + 3.25%, 7.69%, 10/22/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343581 |
| **FOOD-MISC/DIVERSIFIED — 0.0% (a)** |  |  |
| H Food Holdings LLC, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.69%, 8.07%, 5/23/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285775 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%** |  |  |
| Bausch & Lomb, Inc., Senior Secured Term Loan, 3 Month USD SOFR + 3.25%, 7.84%, 5/10/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308613 |
| Gainwell Acquisition Corp., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 10/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395464 |
| Zelis Healthcare Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 9/30/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022423 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.1%** |  |  |
| Air Methods Corporation, Senior Secured 2017 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.23%, 4/22/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68908 |
| Aveanna Healthcare LLC: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00%, 11.39%, 12/10/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 |
| Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.14%, 7/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| CHG Healthcare Services, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 9/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$256750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251741 |
| Envision Healthcare Corp.: |  |  |
| Senior Secured 2022 Second Out Term Loan, 3 Month USD SOFR + 4.25%, 8.83%, 3/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37931 |
| Senior Secured 2022 Third Out Term Loan, 3 Month USD SOFR + 3.75%, 8.33%, 3/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70759 |
| Global Medical Response, Inc.: |  |  |
| Senior Secured 2017 Incremental Term Loan, 1 Month USD LIBOR + 2.25%, 8.63%, 3/14/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77593 |
| Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 4.25%, 8.42%, 10/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85743 |
| Heartland Dental LLC, Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 4.00%, 8.39%, 4/30/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268416 |
| Horizon Therapeutics USA, Inc., Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.19%, 3/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255519 |
| ICON Luxembourg SARL, Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149149 |
| MED ParentCo LP, Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 4.25%, 8.63%, 8/31/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160103 |
| Pediatric Associates Holding Company LLC: |  |  |
| Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201049 |
| Senior Secured 2022 Delayed Draw Term Loan, 1 Month USD LIBOR + 3.25%, 5.43%, 12/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15231 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PRA Health Sciences, Inc., Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37161 |
| RegionalCare Hospital Partners Holdings, Inc., Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.16%, 11/16/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012505 |
| **HOME FURNISHINGS — 0.0% (a)** |  |  |
| AI Aqua Merger Sub, Inc.: |  |  |
| Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 7/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131551 |
| Senior Secured 2022 Delayed Draw Term loan, 7/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 |
| Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 3.75%, 7.84%, 7/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132801 |
| **HOTELS, RESTAURANTS & LEISURE — 0.1%** |  |  |
| Alterra Mountain Co., Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 8/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167149 |
| ClubCorp Holdings, Inc., Senior Secured 2017 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.48%, 9/18/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139209 |
| Penn National Gaming, Inc., Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 5/3/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74008 |
| Peraton Corp., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412498 |
| Playa Resorts Holding B.V., Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.25%, 8.58%, 1/5/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156267 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Scientific Games International, Inc., Senior Secured 2022 USD Term Loan, 1 Month USD SOFR + 3.00%, 7.42%, 4/14/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$137758 |
| Travel Leaders Group LLC, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 1/25/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109457 |
| Travelport Finance (Luxembourg) SARL: |  |  |
| Senior Secured 2020 Super Priority Term Loan, 3 Month USD LIBOR + 1.50%, 6.23%, 2/28/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303312 |
| Senior Secured 2021 Consented Term Loan, 3 Month USD LIBOR + 6.75%, 11.48%, 5/29/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499833 |
| **HOUSEHOLD DURABLES — 0.0% (a)** |  |  |
| Springs Windows Fashions LLC, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 8.75%, 10/6/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96946 |
| **HOUSEHOLD PRODUCTS — 0.0% (a)** |  |  |
| Conair Holdings LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 5/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154599 |
| TGP Holdings III LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 6/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227181 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% (a)** |  |  |
| Calpine Corp., Senior Secured 2019 Term Loan B10, 1 Month USD LIBOR + 2.00%, 6.38%, 8/12/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76544 |
| **INSURANCE — 0.1%** |  |  |
| Acrisure LLC: |  |  |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$303572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$285602 |
| Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 2/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134499 |
| Alliant Holdings Intermediate LLC, Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50%, 7.85%, 11/6/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149810 |
| AmWINS Group, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 2/19/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304994 |
| AssuredPartners, Inc.: |  |  |
| Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312636 |
| Senior Secured 2022 Term Loan, 1 Month USD SOFR + 3.50%, 7.82%, 2/12/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101451 |
| OneDigital Borrower LLC, Senior Secured 2021 Term Loan, 3 Month USD SOFR + 4.25%, 8.49%, 11/16/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632113 |
| **INTERACTIVE MEDIA & SERVICES — 0.0% (a)** |  |  |
| Rentpath, Inc., Senior Secured 2021 Stub Current Face Term Loan, 4/1/2028 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
| **INTERNET & CATALOG RETAIL — 0.0% (a)** |  |  |
| PUG LLC, Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259720 |
| **INTERNET & TELECOM — 0.0% (a)** |  |  |
| Cablevision Lightpath LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 3.25%, 7.57%, 11/30/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371376 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| CNT Holdings I Corp., Senior Secured 2020 Term Loan, 3 Month USD SOFR + 3.50%, 7.24%, 11/8/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$209762 |
| Go Daddy Operating Company LLC, Senior Secured 2022 Term Loan B5, 1 Month USD SOFR + 3.25%, 7.57%, 11/9/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631120 |
| **IT SERVICES — 0.1%** |  |  |
| Access CIG LLC, Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.75%, 7.82%, 2/27/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77499 |
| Blackhawk Network Holdings, Inc., Senior Secured 2018 1st Lien Term Loan, 3 Month USD SOFR + 3.00%, 7.08%, 6/15/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297192 |
| VS Buyer LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 2/28/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867629 |
| **LEISURE INDUSTRY — 0.0% (a)** |  |  |
| Carnival Corp., Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/18/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275968 |
| **LEISURE&REC/GAMES — 0.0% (a)** |  |  |
| Scientific Games Holdings LP, Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.50%, 7.10%, 4/4/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147824 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.0% (a)** |  |  |
| eResearchTechnology, Inc., Senior Secured 2020 1st Lien Term Loan, 1 Month USD LIBOR + 4.50%, 8.88%, 2/4/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26091 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Parexel International Corp., Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 11/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$382113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$368846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394937 |
| **MACHINERY — 0.1%** |  |  |
| Alliance Laundry Systems LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 7.41%, 10/8/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114191 |
| American Trailer World Corp., Senior Secured Term Loan B, 1 Month USD SOFR + 3.75%, 8.07%, 3/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64334 |
| Columbus McKinnon Corp., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.50%, 5/14/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31088 |
| Filtration Group Corporation, Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 3/29/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385016 |
| Grinding Media Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 7.70%, 10/12/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221595 |
| Hillman Group, Inc.: |  |  |
| Senior Secured 2021 Delayed Draw Term Loan, 1 Month USD LIBOR + 2.75%, 7.14%, 7/14/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 |
| Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 2.75%, 7.14%, 7/14/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115060 |
| Madison IAQ LLC, Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 7.99%, 6/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335394 |
| Titan Acquisition Ltd., Senior Secured 2018 Term Loan B, 6 Month USD LIBOR + 3.00%, 8.15%, 3/28/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MACHINERY-CONSTRUCTION & MINING — 0.0% (a)** |  |  |
| Clear Channel Outdoor Holdings, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 7.91%, 8/21/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$238946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218188 |
| **MEDIA — 0.1%** |  |  |
| Charter Communications Operating LLC, Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.14%, 2/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179079 |
| Diamond Sports Group LLC, Senior Secured 2022 2nd Lien Term Loan, 1 Month USD SOFR + 3.25%, 7.57%, 8/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22009 |
| NEP/NCP Holdco, Inc., Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 10/20/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124111 |
| Radiate Holdco LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 9/25/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185508 |
| Sinclair Television Group, Inc., Senior Secured Term Loan B2B, 1 Month USD LIBOR + 2.50%, 6.89%, 9/30/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122128 |
| Univision Communications, Inc., Senior Secured 2022 First Lien Term Loan B, 3 Month USD SOFR + 4.25%, 8.83%, 6/24/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44350 |
| Ziggo Financing Partnership, Senior Secured USD Term Loan I, 1 Month USD LIBOR + 2.50%, 6.82%, 4/30/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862896 |
| **METALS & MINING — 0.0% (a)** |  |  |
| Tiger Acquisition LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 6/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110902 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MRI/MEDICAL DIAG IMAGING — 0.0% (a)** |  |  |
| Radiology Partners, Inc, Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.64%, 7/9/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$306250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$258495 |
| **OIL, GAS & CONSUMABLE FUELS — 0.0% (a)** |  |  |
| Gulf Finance LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 6.75%, 11.14%, 8/25/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164784 |
| Oryx Midstream Services Permian Basin LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 7.92%, 10/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184392 |
| Pacific Gas & Electric Co., Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.44%, 6/23/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208815 |
| Waterbridge Midstream Operating LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 5.75%, 9.13%, 6/22/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718536 |
| **PERSONAL PRODUCTS — 0.0% (a)** |  |  |
| Kronos Acquisition Holdings, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 12/22/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263780 |
| **PHARMACEUTICALS — 0.1%** |  |  |
| Jazz Financing Lux SARL, Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 5/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507019 |
| Organon & Co., Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.00%, 6/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530523 |
| Pathway Vet Alliance LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 8.13%, 3/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160425 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Perrigo Investments LLC, Senior Secured Term Loan B, 1 Month USD SOFR + 2.50%, 6.82%, 4/20/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104083 |
| PetVet Care Centers LLC, Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.50%, 7.88%, 2/14/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209139 |
| Southern Veterinary Partners LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 4.00%, 8.38%, 10/5/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563263 |
| **PIPELINES — 0.0% (a)** |  |  |
| BCP Renaissance Parent LLC, Senior Secured 2022 Term Loan B3, 3 Month USD SOFR + 3.50%, 8.04%, 10/31/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137489 |
| CQP Holdco LP, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 6/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272779 |
| Freeport LNG Investments, LLLP, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 7.74%, 12/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201699 |
| GIP II Blue Holding LP, Senior Secured Term Loan B, 3 Month USD LIBOR + 4.50%, 9.23%, 9/29/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725590 |
| **PROFESSIONAL SERVICES — 0.0% (a)** |  |  |
| Dun & Bradstreet Corp. (The), Senior Secured 2022 Incremental Term Loan B2, 1 Month USD SOFR + 3.25%, 7.57%, 1/18/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68531 |
| Proofpoint, Inc., Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 7.98%, 8/31/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324490 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Trans Union LLC, Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25%, 6.63%, 12/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$137562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$136444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529465 |
| **PUBLISHING-BOOKS — 0.0% (a)** |  |  |
| Getty Images, Inc., Senior Secured 2019 USD Term Loan B, 1 Month USD LIBOR + 4.50%, 8.89%, 2/19/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163469 |
| **RETAIL-BUILDING PRODUCTS — 0.0% (a)** |  |  |
| LBM Acquisition LLC, Senior Secured Term Loan B, 6 Month USD LIBOR + 3.75%, 7.12%, 12/17/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109776 |
| Park River Holdings, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 6.99%, 12/28/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215729 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.0% (a)** |  |  |
| Bright Bidco B.V., Senior Secured 2022 Exit Term Loan, 3 Month USD SOFR + 8.00%, 12.09%, 10/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20487 |
| Ultra Clean Holdings, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 8/27/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155504 |
| **SOFTWARE — 0.3%** |  |  |
| Applied Systems, Inc.: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 3 Month USD SOFR + 5.50%, 10.23%, 9/19/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208819 |
| Senior Secured 2022 Extended 1st Lien Term Loan, 3 Month USD SOFR + 4.50%, 9.08%, 9/18/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276987 |
| Artera Services LLC, Senior Secured Incremental Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/6/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153871 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Atlas Purchaser, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 5.25%, 9.81%, 5/8/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67665 |
| Banff Merger Sub, Inc., Senior Secured 2021 USD Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 10/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169198 |
| Castle U.S. Holding Corp., Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 1/29/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195368 |
| CDK Global, Inc., Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.50%, 9.08%, 7/6/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143937 |
| Cengage Learning, Inc., Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 4.75%, 7.81%, 7/14/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306455 |
| Constant Contact, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 4.00%, 7.91%, 2/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101575 |
| Cornerstone OnDemand, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 10/16/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302861 |
| DCert Buyer, Inc.: |  |  |
| Senior Secured 2019 Term Loan B, 6 Month USD SOFR + 4.00%, 8.70%, 10/16/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90127 |
| Senior Secured 2021 2nd Lien Term Loan, 6 Month USD LIBOR + 7.00%, 11.70%, 2/19/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435 |
| Finastra USA, Inc.: |  |  |
| Senior Secured USD 1st Lien Term Loan, 3 Month USD LIBOR + 3.50%, 6.87%, 6/13/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227081 |
| Senior Secured USD 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 10.62%, 6/13/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78825 |
| First Advantage Holdings LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 1/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271187 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| GoTo Group, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 4.75%, 9.14%, 8/31/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83039 |
| Grab Holdings, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 4.50%, 8.89%, 1/29/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296095 |
| Greeneden U.S. Holdings II LLC, Senior Secured 2020 USD Term Loan B4, 1 Month USD LIBOR + 4.00%, 8.38%, 12/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308071 |
| Helios Software Holdings, Inc., Senior Secured 2021 USD Term Loan B, 3 Month USD SOFR + 3.75%, 8.48%, 3/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264398 |
| Hyland Software, Inc.: |  |  |
| Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 7/1/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344200 |
| Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.25%, 10.63%, 7/7/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42795 |
| I-Logic Technologies Bidco Ltd., Senior Secured 2021 USD Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/16/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160062 |
| Informatica LLC, Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.19%, 10/27/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322121 |
| ION Trading Finance Ltd., Senior Secured 2021 USD Term Loan, 3 Month USD LIBOR + 4.75%, 9.48%, 4/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259933 |
| Ivanti Software, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 9.01%, 12/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57736 |
| McAfee LLC, Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 3/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| MedAssets Software Intermediate Holdings, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.00%, 8.38%, 12/18/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$181558 |
| Mitchell International, Inc.: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 11.23%, 10/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33425 |
| Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.41%, 10/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224896 |
| PointClickCare Technologies, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00%, 7.75%, 12/29/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138547 |
| Polaris Newco LLC, Senior Secured USD Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 6/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250305 |
| Renaissance Holding Corp., Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00%, 11.38%, 5/29/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140374 |
| Sophia LP, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 8.23%, 10/7/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407987 |
| Surf Holdings LLC, Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/5/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152119 |
| Ultimate Software Group, Inc., Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25%, 9.00%, 5/3/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636737 |
| **SPECIALTY RETAIL — 0.1%** |  |  |
| Great Outdoors Group LLC, Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.75%, 8.13%, 3/6/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261210 |
| Jo-Ann Stores, Inc., Senior Secured 2021 Term Loan B1, 3 Month USD LIBOR + 4.75%, 9.08%, 7/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162543 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| K-Mac Holdings Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 7/21/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182959 |
| Michaels Companies, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.98%, 4/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77515 |
| PetSmart, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/11/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290787 |
| Rent-A-Center, Inc., Senior Secured 2021 First Lien Term Loan B, 3 Month USD LIBOR + 3.25%, 7.69%, 2/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161388 |
| Restoration Hardware, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 10/20/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218692 |
| SRS Distribution, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 6/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255556 |
| Staples, Inc., Senior Secured 7 Year Term Loan, 3 Month USD LIBOR + 5.00%, 9.44%, 4/16/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191765 |
| Victoria's Secret & Co., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 7.98%, 8/2/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202191 |
| Whatabrands LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 8/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287529 |
| **STEEL-PRODUCERS — 0.0% (a)** |  |  |
| Phoenix Services International LLC: |  |  |
| Senior Secured 2022 DIP New Money Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 3/28/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38671 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Senior Secured 2022 DIP PIK Roll Up Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 9/29/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57688 |
| Senior Secured Term Loan, 3 Month USD LIBOR + 2.75%, 10.25%, 3/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132661 |
| **TELECOM SERVICES — 0.0% (a)** |  |  |
| Connect Finco SARL, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 12/11/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139676 |
| **TELECOMMUNICATION EQUIP — 0.0% (a)** |  |  |
| Cyxtera DC Holdings, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00%, 7.36%, 5/1/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253809 |
| Delta TopCo, Inc., Senior Secured 2020 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 11.65%, 12/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51757 |
| GOGO Intermediate Holdings LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.75%, 8.16%, 4/30/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472832 |
| **THRIFTS & MORTGAGE FINANCE — 0.0% (a)** |  |  |
| Walker & Dunlop, Inc., Senior Secured 2021 Term Loan, 1 Month USD SOFR + 2.25%, 6.67%, 12/16/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111858 |
| **TRANSPORT-AIR FREIGHT — 0.0% (a)** |  |  |
| Kestrel Bidco, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 7.35%, 12/11/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110189 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **TRANSPORT-SERVICES — 0.1%** |  |  |
| Echo Global Logistics, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 3.500%, 7.88%, 11/23/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$203462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191763 |
| Edelman Financial Center LLC: |  |  |
| Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 11.13%, 7/20/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82887 |
| Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 4/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175980 |
| Edgewater Generation LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 12/13/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141470 |
| EG America LLC, Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 2/7/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165969 |
| EG Group Ltd., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 7.92%, 3/31/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143917 |
| Eisner Advisory Group LLC, Senior Secured Term Loan, 1 Month USD SOFR + 4.48%, 9.69%, 7/28/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150101 |
| Element Materials Technology Group U.S. Holdings, Inc.: |  |  |
| Senior Secured 2022 USD Delayed Draw Term Loan B, 3 Month USD SOFR + 4.25%, 8.93%, 7/6/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40215 |
| Senior Secured 2022 USD Term Loan, 3 Month USD SOFR + 4.25%, 8.93%, 7/6/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87131 |
| Endure Digital, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.72%, 2/10/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110348 |
| Everi Holdings, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 8/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112806 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| ExGen Renewables IV LLC, Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 2.50%, 7.24%, 12/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$198332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$196741 |
| LaserShip, Inc.: |  |  |
| Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 7.50%, 12.23%, 5/7/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 |
| Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.50%, 9.23%, 5/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723901 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $49,749,189)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46577968 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.8%** |  |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13533797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11556711 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>3.00%, 11/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443899 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>3.00%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14082482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12717977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18028080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750859 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>3.50%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12082615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18156545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17476725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2, CMO, SOFR30A + 2.35%, 6.28%, 12/25/2041 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, SOFR30A + 3.75%, 7.68%, 2/25/2042 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990495 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, SOFR30A + 2.90%, 6.83%, 4/25/2042 (b) (c)<br>| &nbsp;&nbsp;&nbsp;$20000000 | &nbsp;&nbsp;&nbsp;&nbsp;$19765101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 326, Class 300, CMO, 3.00%, 3/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class NS, CMO, IO, REMIC, 1 Month USD LIBOR + 6.00%, 1.68%, 5/15/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3889, Class VZ, CMO, REMIC, 4.00%, 7/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3935, Class SJ, CMO, IO, REMIC, 1 Month USD LIBOR + 6.65%, 2.33%, 5/15/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4120, Class KA, CMO, REMIC, 1.75%, 10/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4165, Class ZT, CMO, REMIC, 3.00%, 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4364, Class ZX, CMO, REMIC, 4.00%, 7/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29855522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28544958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4434, Class LZ, CMO, REMIC, 3.00%, 2/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4444, Class CZ, CMO, REMIC, 3.00%, 2/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13909917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4471, Class BA, CMO, REMIC, 3.00%, 12/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4471, Class GA, CMO, REMIC, 3.00%, 2/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4474, Class ZX, CMO, REMIC, 4.00%, 4/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14009785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4483, Class CA, CMO, REMIC, 3.00%, 6/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4484, Class CD, CMO, REMIC, 1.75%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4492, Class GZ, CMO, REMIC, 3.50%, 7/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4504, Class CA, CMO, REMIC, 3.00%, 4/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4533, Class AB, CMO, REMIC, 3.00%, 6/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777556 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4543, Class HG, CMO, REMIC, 2.70%, 4/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5361897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5024934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4702, Class ZL, CMO, 3.00%, 7/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14585001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4792, Class A, CMO, REMIC, 3.00%, 5/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5130, Class SD, CMO, IO, SOFR30A + 2.60%, 0.32%, 8/25/2051 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81960747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5243, Class IB, 3.00%, 1/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17979262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021531 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 12/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 12/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 10/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 12/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19268063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16912561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7161062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11166036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11077822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11532779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11053405 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>4.50%, 3/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-109, Class N, CMO, REMIC, 3.00%, 10/25/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051065 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-51, Class CI, CMO, IO, REMIC, 1 Month USD LIBOR + 6.00%, 1.61%, 6/25/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2026977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-127, Class PA, CMO, REMIC, 2.75%, 11/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-151, Class SB, CMO, REMIC, 1 Month USD LIBOR + 6.00%, 0.35%, 1/25/2043 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-114, Class HZ, CMO, REMIC, 3.00%, 11/25/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18783079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-18, Class CD, CMO, REMIC, 1.50%, 10/25/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30, Class PS, CMO, REMIC, 1 Month USD LIBOR + 6.00%, 0.35%, 4/25/2043 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-21, Class GZ, CMO, REMIC, 3.00%, 4/25/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-39, Class ZA, CMO, REMIC, 3.00%, 7/25/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-42, Class CA, CMO, REMIC, 3.00%, 3/25/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-32, Class LA, CMO, REMIC, 3.00%, 10/25/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-72, Class PA, CMO, REMIC, 3.00%, 7/25/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-81, Class PA, CMO, REMIC, 3.00%, 2/25/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-9, Class A, CMO, REMIC, 3.00%, 9/25/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-92, Class A, CMO, REMIC, 3.00%, 4/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-87, Class BA, CMO, REMIC, 3.00%, 12/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A1, 3.36%, 7/25/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47, Class GL, CMO, 2.00%, 5/25/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7839966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M12, Class IO, 1.28%, 7/25/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99009712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29, Class BA, CMO, 1.25%, 5/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8584867 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-35, Class EH, CMO, 2.00%, 2/25/2037<br>| &nbsp;&nbsp;&nbsp;$16598044 | &nbsp;&nbsp;&nbsp;&nbsp;$14749186 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-34, Class PL, CMO, REMIC, 3.00%, 3/20/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-43, Class PS, CMO, IO, REMIC, 1 Month USD LIBOR + 6.18%, 1.83%, 7/20/2042 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-116, Class HS, CMO, IO, 1 Month USD LIBOR + 6.20%, 1.85%, 8/20/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-173, Class SY, CMO, IO, 1 Month USD LIBOR + 6.30%, 1.95%, 11/20/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27689794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-173, Class TI, CMO, IO, 2.00%, 11/20/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34302453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-176, Class SL, CMO, IO, 1 Month USD LIBOR + 5.00%, 0.65%, 11/20/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-185, Class SE, CMO, IO, 1 Month USD LIBOR + 6.30%, 1.95%, 12/20/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33148709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class IH, 2.50%, 1/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40982139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class SN, CMO, IO, 1 Month USD LIBOR + 4.20%, 0.26%, 1/20/2051 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-143, Class IO, IO, VRN, 0.97%, 10/16/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84506102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-196, Class UI, IO, 3.00%, 11/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47263313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30, Class KI, 3.00%, 2/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40, Class IO, IO, VRN, 0.82%, 2/16/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73675467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44, Class IQ, 3.00%, 3/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57, Class AI, 2.00%, 2/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9413014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-60, Class IO, IO, VRN, 0.83%, 5/16/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56944266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-79, Class IO, IO, 0.91%, 8/16/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84568919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739428 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class KX, 3.00%, 1/20/2051<br>| &nbsp;&nbsp;&nbsp;$11873297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1713279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-80, Class IO, IO, VRN, 0.90%, 12/16/2062 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89243842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-85, Class IO, IO, VRN, 0.68%, 3/16/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;101546792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-99, Class IO, IO, VRN, 0.59%, 5/16/2061 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42093521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-180, Class IO, 2.50%, 6/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46395608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-61, Class EI, 3.00%, 7/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-91, Class IO, 0.43%, 7/16/2064 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82442335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136301 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $724,758,559)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624283460 |
| **U.S. TREASURY OBLIGATIONS — 28.2%** |  |  |
| U.S. Treasury Bill Zero Coupon, 4/20/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093091 |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;197500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163739844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;119500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120153516 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;282000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/30/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8654422 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $666,936,461)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655689947 |
| **MORTGAGE-BACKED SECURITIES — 9.9%** |  |  |
| Alternative Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A3, CMO, 5.25%, 6/25/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-79CB, Class A4, CMO, 5.50%, 1/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971068 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A9, CMO, 6.00%, 8/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2565392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1492418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-43CB, Class 1A12, CMO, 5.75%, 2/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A1, CMO, 1 Month USD LIBOR + 0.42%, 4.77%, 5/20/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453200 |
| Banc of America Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8T2, Class A4, CMO, 5.83%, 10/25/2036 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5, Class CA1, CMO, 6.00%, 7/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684071 |
| BCAP LLC Trust Series 2010-RR4, Class 3212, CMO, 5.98%, 1/26/2037 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163347 |
| ChaseFlex Trust Series 2007-3, Class 1A2, CMO , IO, 1 Month USD LIBOR + 0.46%, 4.85%, 7/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154254 |
| CHL Mortgage Pass-Through Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J2, Class 3A14, CMO, 5.50%, 8/25/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class A4, 5.50%, 7/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12, Class A9, CMO, 5.75%, 8/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HYB1, Class 2A1, CMO, 3.42%, 3/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877908 |
| Citigroup Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class 2A2A, CMO, 3.87%, 9/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 1A1A, CMO, 3.46%, 3/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR5, Class 1A2A, CMO, 3.56%, 4/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JL1, Class A, 2.75%, 2/27/2062 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879156 |
| CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7, CMO, 6.00%, 1/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090042 |
| COLT Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, 2/25/2067 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17229908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15475434 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 4.21%, 2/25/2067 (b) (c)<br>| &nbsp;&nbsp;&nbsp;$10023000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7521672 |
| Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2, CMO, SOFR30A + 3.00%, 6.93%, 1/25/2042 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11308934 |
| Credit Suisse Mortgage Capital Certificates Series 2021-RPL9, Class A1, 2.44%, 2/25/2061 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847713 |
| Credit Suisse Mortgage Trust Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11057932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521228 |
| CSMC MortgageBacked Trust Series 2006-7, Class 7A7, CMO, 6.00%, 8/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056146 |
| CSMC Trust Series 2021-JR2, Class A1, 2.22%, 11/25/2061 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828692 |
| Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704389 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-AR3, Class 1A4, 1 Month USD LIBOR + 0.64%, 5.03%, 6/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997893 |
| FWD Securitization Trust Series 2019-INV1, Class A3, 3.11%, 6/25/2049 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530027 |
| GSR Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 1A1, CMO, 1 Month USD LIBOR + 0.44%, 4.83%, 8/25/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1, 3.47%, 3/25/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674376 |
| IndyMac IMJA Mortgage Loan Trust Series 2007-A4, Class A1, CMO, 6.25%, 2/25/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21352069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7553440 |
| IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 3A1B, CMO, 3.11%, 4/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019988 |
| Legacy Mortgage Asset Trust Series 2020-SL1, Class M, 3.25%, 1/25/2060 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775934 |
| Lehman XS Trust Series 2006-GP2, Class 1A4, 1 Month USD LIBOR + 0.66%, 5.05%, 6/25/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922387 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Luminent Mortgage Trust Series 2007-1, Class 1A1, CMO, 1 Month USD LIBOR + 0.32%, 4.71%, 11/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7117376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6300894 |
| Morgan Stanley Resecuritization Trust Series 2014-R7, Class B2, CMO, 3.93%, 1/26/2051 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14219390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994478 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2020-RPL1, Class A1, CMO, VRN, 2.69%, 10/25/2060 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688860 |
| NRPL Trust Series 2019-3A, Class A1, CMO, 6.00%, 7/25/2059 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318939 |
| PMT Credit Risk Transfer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A, 1 Month USD LIBOR + 2.75%, 7.14%, 5/27/2023 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1R, Class A, 1 Month USD LIBOR + 2.90%, 7.29%, 2/27/2024 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865451 |
| PRPM LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, CMO, 2.36%, 11/25/2025 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.72%, 2/25/2027 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15473743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14467999 |
| RALI Trust Series 2005-QA7, Class A22, CMO, 3.84%, 7/25/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742599 |
| Residential Asset Securitization Trust Series 2005-A16, Class A3, Class A3, 6.00%, 2/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236308 |
| Seasoned Credit Risk Transfer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class MV, 3.00%, 2/25/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15938346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13891427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class MT, CMO, 2.00%, 11/25/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372654 |
| Seasoned Credit Risk Transfer Trust Series 2020-3, Class MT, CMO, 2.00%, 5/25/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10622638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781927 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-8, Class 4A3, CMO, 3.94%, 9/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192355 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Structured Asset Mortgage Investments II Trust Series 2004-AR3, Class M, CMO, 1 Month USD LIBOR + 0.68%, 5.01%, 7/19/2034 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1142495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1079435 |
| Verus Securitization Trust Series 2022-3, Class A1, 4.13%, 2/25/2067 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18295525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17270632 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR14, Class 1A5, 3.33%, 11/25/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798459 |
| Washington Mutual Mortgage Pass-Through Certificates Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8, Class 2CB1, CMO, 5.50%, 10/25/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 4CB, 6.50%, 2/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 3A2, CMO, 6.50%, 7/25/2036 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A3, CMO, 6.00%, 4/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1, Class A3A, CMO, 1 Month USD LIBOR + 0.46%, 4.85%, 2/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957625 |
| Wells Fargo Mortgage Backed Securities Trust Series 2007-AR4, Class A1, CMO, 4.10%, 8/25/2037 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703243 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $264,222,033)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230200699 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 4.9%** |  |  |
| ACRE Commercial Mortgage, Ltd. Series 2021-FL4, Class B, 1 Month USD LIBOR + 1.40%, 5.74%, 12/18/2037 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888910 |
| BANK: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class XA, IO, 1.34%, 5/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24802552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6, Class XA, IO, 0.77%, 7/15/2060 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49433989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class XA, IO, VRN, 1.05%, 6/15/2064 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540942 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| BBCMS Mortgage Trust Series 2017-DELC, Class B, 1 Month USD LIBOR + 1.16%, 5.47%, 8/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$904485 |
| Benchmark Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class C, VRN, 4.23%, 2/15/2051 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class XA, IO, VRN, 1.77%, 9/15/2053 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19958610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class XA, IO, VRN, 1.15%, 3/15/2054 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207627 |
| BX Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21M, Class H, 1 Month USD LIBOR + 4.01%, 8.33%, 10/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class E, 1 Month USD LIBOR + 2.00%, 6.32%, 9/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F, 1 Month USD LIBOR + 2.40%, 6.72%, 9/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class E, 1 Month USD LIBOR + 1.85%, 6.16%, 10/15/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502990 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SLCT, Class E, 1 Month USD LIBOR + 3.28%, 7.59%, 7/15/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 3.94%, 12/9/2041 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934678 |
| CD Mortgage Trust Series 2017-CD4, Class XA, IO, 1.23%, 5/10/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13447611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530900 |
| CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA, IO, 1.61%, 5/10/2058 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10009421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408016 |
| Citigroup Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class C, VRN, 4.42%, 2/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class D, 4.42%, 2/10/2048 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372247 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class C, 4.04%, 6/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1330580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class C, 4.57%, 9/10/2058 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class XA, IO, 1.21%, 2/10/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19526691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555, Class E, 3.50%, 12/10/2041 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510117 |
| COMM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR12, Class XA, IO, 1.06%, 10/10/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24543164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class XA, IO, 0.82%, 3/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class XA, IO, 0.90%, 10/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18726351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class C, VRN, 4.30%, 2/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class XA, IO, 0.98%, 2/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6113289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class XA, IO, 0.94%, 2/10/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14723761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PANW, Class D, 3.93%, 10/10/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PANW, Class E, 3.81%, 10/10/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HCLV, Class A, 1 Month USD LIBOR + 1.10%, 5.42%, 9/15/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325465 |
| CSAIL Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class AS, 3.85%, 6/15/2057 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class XA, IO, 0.81%, 11/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31619896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XA, IO, 0.75%, 11/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55127001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, IO, VRN, 1.35%, 9/15/2052 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29909408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807312 |
| CSMC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 3.65%, 11/13/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427811 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET, Class A, 2.26%, 8/15/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2384659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2145496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33, Class A1, 3.05%, 10/10/2043 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33, Class A2, 3.17%, 10/10/2043 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719814 |
| DBUBS Mortgage Trust Series 2017-BRBK, Class E, VRN, 3.53%, 10/10/2034 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408088 |
| DOLP Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class D, VRN, 3.70%, 5/10/2041 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class E, VRN, 3.70%, 5/10/2041 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636476 |
| Grace Trust Series 2020-GRCE, Class D, VRN, 2.68%, 12/10/2040 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783114 |
| Great Wolf Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF, Class E, 1 Month USD LIBOR + 2.73%, 7.05%, 12/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF, Class F, 1 Month USD LIBOR + 3.13%, 7.45%, 12/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94196 |
| GS Mortgage Securities Corp. II Series 2013-GC10, Class XA, IO, 1.22%, 2/10/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| GS Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class XA, IO, 0.71%, 9/10/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24925544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class XA, IO, 0.71%, 7/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21309180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class XA, IO, 1.20%, 10/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14812388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1, Class XA, IO, 0.76%, 11/10/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA, IO, 1.20%, 10/10/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23753498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA, IO, 1.08%, 8/10/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38729520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class A, 1 Month USD LIBOR + 1.15%, 5.47%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270534 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class D, 1 Month USD LIBOR + 1.85%, 6.17%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$572894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class E, 1 Month USD LIBOR + 2.35%, 6.67%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class F, 1 Month USD LIBOR + 3.05%, 7.37%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class G, 1 Month USD LIBOR + 4.17%, 8.49%, 7/15/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class XA, IO, 0.95%, 2/10/2052 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40266745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780871 |
| HPLY Trust Series 2019-HIT, Class F, 1 Month USD LIBOR + 3.15%, 7.47%, 11/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415670 |
| JP Morgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class B, 4.40%, 7/15/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class XA, IO, 0.89%, 1/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14895202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class B, VRN, 3.40%, 8/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class A, 1 Month USD Term LIBOR + 0.60%, 4.93%, 4/15/2037 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183608 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class B, VRN, 4.34%, 8/15/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class XA, IO, 0.81%, 11/15/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class XA, IO, 0.95%, 10/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8175118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class XA, IO, 0.43%, 7/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22194655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32, Class C, 4.65%, 11/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820662 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA, IO, 1.49%, 6/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15874677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589921 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| LSTAR Commercial Mortgage Trust Series 2017-5, Class X, IO, 0.79%, 3/10/2050 (b) (c)<br>| &nbsp;&nbsp;&nbsp;$34884848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$714805 |
| Manhattan West Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1MW, Class C, VRN, 2.34%, 9/10/2039 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1MW, Class D, VRN, 2.34%, 9/10/2039 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955359 |
| Med Trust Series 2021-MDLN, Class G, 1 Month USD LIBOR + 5.25%, 9.57%, 11/15/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617187 |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C12, Class XA, IO, 0.55%, 10/15/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11141485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C7, Class XA, IO, 0.87%, 2/15/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20, Class C, 4.45%, 2/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class XA, IO, 1.15%, 1/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18133107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class XA, IO, 1.35%, 9/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16951319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class C, 4.27%, 11/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750241 |
| Morgan Stanley Capital I Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS8, Class XA, IO, 0.86%, 12/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23195467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, IO, 0.65%, 12/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47505666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3, Class XA, IO, 0.64%, 11/15/2052 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55715677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8, Class XA, IO, VRN, 1.84%, 7/15/2053 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13598763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class XA, IO, VRN, 1.08%, 2/15/2053 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32980989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956903 |
| One New York Plaza Trust Series 2020-1NYP, Class C, 1 Month USD LIBOR + 2.20%, 6.52%, 1/15/2036 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483644 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$386034 |
| SLG Office Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class E, 2.85%, 7/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class F, 2.85%, 7/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288942 |
| SREIT Trust Series 2021-MFP, Class D, 1 Month USD LIBOR + 1.58%, 5.90%, 11/15/2038 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702313 |
| UBS Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class XA, IO, 1.53%, 6/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17341203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class XA, IO, 1.09%, 10/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20374832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788251 |
| Velocity Commercial Capital Loan Trust Series 2020-1, Class M3, VRN, 3.19%, 2/25/2050 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013514 |
| Waterfall Commercial Mortgage Trust Series 2015-SBC5, Class A, 4.10%, 9/14/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238663 |
| Wells Fargo Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class XA, IO, 1.20%, 2/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20, Class XA, IO, 1.29%, 4/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class XA, IO, 1.07%, 5/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class XA, IO, 0.61%, 7/15/2058 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21222571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P2, Class XA, IO, 0.93%, 12/15/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14220623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class XB, IO, VRN, 1.32%, 8/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33, Class XA, IO, 1.58%, 3/15/2059 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10699722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class B, 3.44%, 7/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class C, VRN, 4.43%, 10/15/2049 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636876 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class XA, IO, 0.97%, 7/15/2050 (c)<br>| &nbsp;&nbsp;&nbsp;$34315568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1123552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC1, Class XA, IO, 1.38%, 1/15/2060 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16298840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class XA, IO, 1.41%, 5/15/2052 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26965642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class XA, IO, VRN, 1.87%, 7/15/2053 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973483 |
| WFRBS Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class XA, IO, 0.96%, 3/15/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6131090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class XA, IO, 1.00%, 8/15/2047 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12676660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145427 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $176,953,081)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113955496 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 3.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (h) (i)<br>(Cost $90,237,657)<br>| 90237657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90237657 |
| **TOTAL INVESTMENTS — 99.4%<br>(Cost $2,615,120,369)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;2313978263 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14244423 |
| **NET ASSETS — 100.0% <br>**  |  | &nbsp;&nbsp;$2328222686 |

---

(a) Amount
 is less than 0.05% of net assets.

(b) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 20.7% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d) Security
 is currently in default and/or issuer is in bankruptcy.

(e) Step-up
 bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2022. Maturity date shown is the final maturity.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

(f) Fair
 valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair
value of the securities is $54,108, representing less than 0.05% of the Fund's net assets.

(g) Position
 is unsettled. Contract rate was not determined at December 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(h) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(i) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| EMTN | Euro Medium Term Note |
| IO | Interest Only |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium Term Note |
| PIK | Payment in Kind |
| PO | Principal Only |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

At December 31, 2022, the Fund had unfunded loan commitments of $57,604, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;**Unfunded Loan<br> Commitment ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation/(Depreciation) ($)** |
| Hillman Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(721) |
| Pediatric Associates Holding Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772) |
| TGP Holdings III, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1090) |
| VT Topco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
| AI Aqua Merger Sub, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$57604 | &nbsp;&nbsp;&nbsp;&nbsp;$54637 | &nbsp;&nbsp;&nbsp;&nbsp;$(2966) |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$284252581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$284252581 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;249806639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;249806639 |
| Foreign Government Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18918066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18918066 |
| U.S. Government Agency Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;624283460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;624283460 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;655689947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;655689947 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;230200699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;230200699 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113955496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113955496 |
| Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;54108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55750 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46577968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46577968 |
| Short-Term Investment<br>| &nbsp;&nbsp;90237657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90237657 |
| **TOTAL INVESTMENTS<br>**  | $90237657 | $2223686498 | $54108 | $2313978263 |
| **LIABILITIES:** |  |  |  |  |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2966) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2966) |

---

(a) Unfunded
 loan commitments are valued at unrealized appreciation (depreciation).

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 78929216 | $78929216 | $532782583 | $521474142 | $— | $— | 90237657 | $90237657 | $1351711 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### December 31, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR SSGA Multi-Asset Real Return ETF** | **SPDR SSGA Income Allocation ETF** | **SPDR SSGA Global Allocation ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$139088961 | &nbsp;&nbsp;&nbsp;&nbsp;$7348192 | &nbsp;&nbsp;$18681547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;538232469 | &nbsp;&nbsp;&nbsp;&nbsp;86099465 | &nbsp;&nbsp;&nbsp;258058642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments<br>| &nbsp;&nbsp;&nbsp;677321430 | &nbsp;&nbsp;&nbsp;&nbsp;93447657 | &nbsp;&nbsp;&nbsp;276740189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23257600 | &nbsp;&nbsp;&nbsp;&nbsp;21524354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;689561169 | &nbsp;&nbsp;&nbsp;116751951 | &nbsp;&nbsp;&nbsp;298520127 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45511787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;&nbsp;45214621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870675 | &nbsp;&nbsp;&nbsp;&nbsp;23264665 | &nbsp;&nbsp;&nbsp;&nbsp;20741945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker – accumulated variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;57416869 | &nbsp;&nbsp;&nbsp;&nbsp;30049507 | &nbsp;&nbsp;&nbsp;&nbsp;65963493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $632144300 | &nbsp;&nbsp;$86702444 | $232556634 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital<br>| $712750168 | $114948333 | $245467129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(80605868) | &nbsp;&nbsp;&nbsp;&nbsp;(28245889) | &nbsp;&nbsp;&nbsp;&nbsp;(12910495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $632144300 | &nbsp;&nbsp;$86702444 | $232556634 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$160097251 | &nbsp;&nbsp;&nbsp;&nbsp;$8655649 | &nbsp;&nbsp;$18346153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;540864159 | &nbsp;&nbsp;&nbsp;&nbsp;93864212 | &nbsp;&nbsp;&nbsp;254144522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cost of investments<br>| $700961410 | $102519861 | $272490675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Includes investments in securities on loan, at value<br>| &nbsp;&nbsp;$44497363 | &nbsp;&nbsp;$10843490 | &nbsp;&nbsp;$45846754 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

------

---

| | | | |
|:---|:---|:---|:---|
| **SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ESG ETF** |
| &nbsp;&nbsp;&nbsp;$386208968 | &nbsp;&nbsp;&nbsp;&nbsp;$30947287 | &nbsp;&nbsp;$37015117 | &nbsp;&nbsp;$32702150 |
| &nbsp;&nbsp;&nbsp;&nbsp;26321701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660813 | &nbsp;&nbsp;&nbsp;&nbsp;1442669 | &nbsp;&nbsp;&nbsp;&nbsp;1207057 |
| &nbsp;&nbsp;412530669 | &nbsp;&nbsp;&nbsp;&nbsp;31608100 | &nbsp;&nbsp;&nbsp;&nbsp;38457786 | &nbsp;&nbsp;&nbsp;&nbsp;33909207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192317 | &nbsp;&nbsp;&nbsp;&nbsp;1108167 | &nbsp;&nbsp;&nbsp;&nbsp;1045465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;416760683 | &nbsp;&nbsp;&nbsp;&nbsp;33189228 | &nbsp;&nbsp;&nbsp;&nbsp;40050287 | &nbsp;&nbsp;&nbsp;&nbsp;35375784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264409 |
| $416630809 | &nbsp;&nbsp;$32987269 | &nbsp;&nbsp;$40036614 | &nbsp;&nbsp;$35111375 |
| $421736979 | &nbsp;&nbsp;$38536071 | &nbsp;&nbsp;$44219888 | &nbsp;&nbsp;$35863658 |
| &nbsp;&nbsp;&nbsp;&nbsp;(5106170) | &nbsp;&nbsp;&nbsp;&nbsp;(5548802) | &nbsp;&nbsp;&nbsp;&nbsp;(4183274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(752283) |
| $416630809 | &nbsp;&nbsp;$32987269 | &nbsp;&nbsp;$40036614 | &nbsp;&nbsp;$35111375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;10425000 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;$391378642 | &nbsp;&nbsp;&nbsp;&nbsp;$32981224 | &nbsp;&nbsp;$39788552 | &nbsp;&nbsp;$33239363 |
| &nbsp;&nbsp;&nbsp;&nbsp;26321701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661295 | &nbsp;&nbsp;&nbsp;&nbsp;1442669 | &nbsp;&nbsp;&nbsp;&nbsp;1207057 |
| $417700343 | &nbsp;&nbsp;$33642519 | &nbsp;&nbsp;$41231221 | &nbsp;&nbsp;$34446420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR SSGA Fixed Income Sector Rotation ETF** | **SPDR SSGA US Sector Rotation ETF** | **SPDR DoubleLine Emerging Markets Fixed Income ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $66235596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;168239320 | &nbsp;&nbsp;&nbsp;283986119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments<br>| &nbsp;&nbsp;&nbsp;168239320 | &nbsp;&nbsp;&nbsp;283986119 | &nbsp;&nbsp;&nbsp;&nbsp;66363414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;168284565 | &nbsp;&nbsp;&nbsp;284048891 | &nbsp;&nbsp;&nbsp;&nbsp;67350955 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;25669450 | &nbsp;&nbsp;&nbsp;&nbsp;59043500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $142615115 | $225005391 | $67313344 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital<br>| $165894449 | $244572003 | $83906904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(23279334) | &nbsp;&nbsp;&nbsp;&nbsp;(19566612) | &nbsp;&nbsp;&nbsp;(16593560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $142615115 | $225005391 | $67313344 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $80133335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;177775093 | &nbsp;&nbsp;&nbsp;285144373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cost of investments<br>| $177775093 | $285144373 | $80261153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Includes investments in securities on loan, at value<br>| &nbsp;&nbsp;$27447700 | &nbsp;&nbsp;$72479637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

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*See accompanying notes to financial statements.*

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

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| | |
|:---|:---|
| **SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** |
| &nbsp;&nbsp;&nbsp;$121118763 | &nbsp;&nbsp;&nbsp;&nbsp;$2223740606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90237657 |
| &nbsp;&nbsp;125678570 | &nbsp;&nbsp;&nbsp;&nbsp;2313978263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22019886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16136001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814 |
| &nbsp;&nbsp;126659420 | &nbsp;&nbsp;&nbsp;&nbsp;2353795351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24389020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25572665 |
| $126497426 | &nbsp;&nbsp;$2328222686 |
| $137641896 | &nbsp;&nbsp;$2897597183 |
| &nbsp;&nbsp;&nbsp;(11144470) | &nbsp;&nbsp;&nbsp;&nbsp;(569374497) |
| $126497426 | &nbsp;&nbsp;$2328222686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58250000 |
| &nbsp;&nbsp;&nbsp;$127924682 | &nbsp;&nbsp;&nbsp;&nbsp;$2524882712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90237657 |
| $132484489 | &nbsp;&nbsp;$2615120369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

#### For the Six Months Ended December 31, 2022 (Unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | **SPDR SSGA Multi-Asset Real Return ETF** | **SPDR SSGA Income Allocation ETF** | **SPDR SSGA Global Allocation ETF** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16260716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9385600 | &nbsp;&nbsp;&nbsp;&nbsp;2166766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;25825832 | &nbsp;&nbsp;&nbsp;&nbsp;2764689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563326 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proxy voting expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by the Adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)<br>**  | $25563610 | $2739266 | &nbsp;&nbsp;&nbsp;$4432355 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1716290) | &nbsp;&nbsp;&nbsp;(1134624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9236645) | &nbsp;&nbsp;&nbsp;(5726045) | &nbsp;&nbsp;&nbsp;(11279490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(7051777) | &nbsp;&nbsp;&nbsp;(7273584) | &nbsp;&nbsp;&nbsp;&nbsp;(9992015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23989113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374153 | &nbsp;&nbsp;&nbsp;&nbsp;(1234224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909639 | &nbsp;&nbsp;&nbsp;&nbsp;2683633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;(6079474) | &nbsp;&nbsp;&nbsp;&nbsp;3057786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;(13131251) | &nbsp;&nbsp;&nbsp;(4215798) | &nbsp;&nbsp;&nbsp;&nbsp;(1978307) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $12432359 | $(1476532) | &nbsp;&nbsp;&nbsp;$2454048 |

---

*See accompanying notes to financial statements.*

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ESG ETF** | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** |
| &nbsp;&nbsp;&nbsp;$4913965 | &nbsp;&nbsp;&nbsp;&nbsp;$789591 | &nbsp;&nbsp;&nbsp;&nbsp;324309 | &nbsp;&nbsp;&nbsp;&nbsp;452672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$1755551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;&nbsp;1892595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642) |
| &nbsp;&nbsp;5229503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829082 | &nbsp;&nbsp;&nbsp;&nbsp;359772 | &nbsp;&nbsp;&nbsp;&nbsp;475809 | &nbsp;&nbsp;&nbsp;&nbsp;2002882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412127 | &nbsp;&nbsp;&nbsp;&nbsp;1787015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;370612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;370612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229058 |
| $4858891 | &nbsp;&nbsp;&nbsp;&nbsp;$748808 | &nbsp;&nbsp;$282256 | &nbsp;&nbsp;$401468 | &nbsp;&nbsp;$1762773 | &nbsp;&nbsp;&nbsp;$1752612 | &nbsp;&nbsp;$1557957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1447762) | &nbsp;&nbsp;&nbsp;&nbsp;(805188) | &nbsp;&nbsp;&nbsp;&nbsp;(63695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1951222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;(7510796) | &nbsp;&nbsp;&nbsp;&nbsp;(14549592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;1576721 | &nbsp;&nbsp;&nbsp;&nbsp;(1877312) | &nbsp;&nbsp;&nbsp;&nbsp;(805188) | &nbsp;&nbsp;&nbsp;&nbsp;(63210) | &nbsp;&nbsp;&nbsp;&nbsp;(8179338) | &nbsp;&nbsp;&nbsp;&nbsp;(12524995) | &nbsp;&nbsp;&nbsp;&nbsp;(1951222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427197 | &nbsp;&nbsp;&nbsp;&nbsp;632779 | &nbsp;&nbsp;&nbsp;&nbsp;(60475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172043 | &nbsp;&nbsp;&nbsp;&nbsp;18176479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(21393) | &nbsp;&nbsp;&nbsp;&nbsp;1313102 | &nbsp;&nbsp;&nbsp;&nbsp;632779 | &nbsp;&nbsp;&nbsp;&nbsp;(60506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172043 | &nbsp;&nbsp;&nbsp;&nbsp;18176479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919590 |
| &nbsp;&nbsp;1555328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564210) | &nbsp;&nbsp;&nbsp;&nbsp;(172409) | &nbsp;&nbsp;&nbsp;&nbsp;(123716) | &nbsp;&nbsp;&nbsp;&nbsp;(8007295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651484 | &nbsp;&nbsp;&nbsp;&nbsp;(1031632) |
| $6414219 | &nbsp;&nbsp;&nbsp;&nbsp;$184598 | &nbsp;&nbsp;$109847 | &nbsp;&nbsp;$277752 | &nbsp;&nbsp;$(6244522) | &nbsp;&nbsp;&nbsp;$7404096 | &nbsp;&nbsp;&nbsp;&nbsp;$526325 |

---

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Six Months Ended December 31, 2022 (Unaudited)

------

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| | | |
|:---|:---|:---|
|  | **SPDR DoubleLine Short Duration Total Return Tactical ETF** | **SPDR DoubleLine Total Return Tactical ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2255206 | &nbsp;&nbsp;&nbsp;$47030243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3154) |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2342776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48378800 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proxy voting expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)<br>**  | $2043377 | &nbsp;&nbsp;&nbsp;$42201197 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762247) | &nbsp;&nbsp;&nbsp;&nbsp;(58887547) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597383) | &nbsp;&nbsp;&nbsp;&nbsp;(41865759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597383) | &nbsp;&nbsp;&nbsp;&nbsp;(41860116) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;(1359630) | &nbsp;&nbsp;&nbsp;(100747663) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$683747 | &nbsp;&nbsp;$(58546466) |

---

*See accompanying notes to financial statements.*

------

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR SSGA Multi-Asset Real Return ETF** | **SPDR SSGA Multi-Asset Real Return ETF** | **SPDR SSGA Income Allocation ETF** | **SPDR SSGA Income Allocation ETF** |
|  | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25563610 | &nbsp;&nbsp;$23531552 | &nbsp;&nbsp;&nbsp;$2739266 | &nbsp;&nbsp;&nbsp;&nbsp;$4230037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7051777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007362 | &nbsp;&nbsp;&nbsp;&nbsp;(7273584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6079474) | &nbsp;&nbsp;&nbsp;&nbsp;(26093305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057786 | &nbsp;&nbsp;&nbsp;&nbsp;(15709270) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;12432359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445609 | &nbsp;&nbsp;&nbsp;&nbsp;(1476532) | &nbsp;&nbsp;&nbsp;&nbsp;(11481783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(23810351) | &nbsp;&nbsp;&nbsp;&nbsp;(26209495) | &nbsp;&nbsp;&nbsp;&nbsp;(2567121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4045876) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230862230 | &nbsp;&nbsp;&nbsp;419842759 | &nbsp;&nbsp;&nbsp;&nbsp;17870869 | &nbsp;&nbsp;&nbsp;&nbsp;38728531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55370793) | &nbsp;&nbsp;&nbsp;&nbsp;(57424560) | &nbsp;&nbsp;&nbsp;(22683940) | &nbsp;&nbsp;&nbsp;&nbsp;(52680244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2661692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;175644489 | &nbsp;&nbsp;&nbsp;359774762 | &nbsp;&nbsp;&nbsp;&nbsp;(4830656) | &nbsp;&nbsp;&nbsp;&nbsp;(13935104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;164113445 | &nbsp;&nbsp;&nbsp;337672568 | &nbsp;&nbsp;&nbsp;&nbsp;(8856724) | &nbsp;&nbsp;&nbsp;&nbsp;(29479372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;468030855 | &nbsp;&nbsp;&nbsp;130358287 | &nbsp;&nbsp;&nbsp;&nbsp;95559168 | &nbsp;&nbsp;&nbsp;125038540 |
|  **NET ASSETS AT END OF PERIOD<br>**  | $632144300 | $468030855 | $86702444 | &nbsp;&nbsp;$95559168 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220000 | &nbsp;&nbsp;&nbsp;&nbsp;14140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2010000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210000 | &nbsp;&nbsp;&nbsp;&nbsp;12190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR SSGA Global Allocation ETF** | **SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** |
| **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> 6/30/22** | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> 6/30/22** | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**For the Period<br> 9/28/21\*-<br> 6/30/22** |
| &nbsp;&nbsp;&nbsp;&nbsp;$4432355 | &nbsp;&nbsp;&nbsp;&nbsp;$9954711 | &nbsp;&nbsp;&nbsp;&nbsp;$4858891 | &nbsp;&nbsp;&nbsp;&nbsp;$2171248 | &nbsp;&nbsp;&nbsp;&nbsp;$748808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9992015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12256385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685236) | &nbsp;&nbsp;&nbsp;&nbsp;(1877312) | &nbsp;&nbsp;&nbsp;&nbsp;(2421925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013708 | &nbsp;&nbsp;&nbsp;&nbsp;(53905411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6068494) | &nbsp;&nbsp;&nbsp;&nbsp;1313102 | &nbsp;&nbsp;&nbsp;&nbsp;(3484542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454048 | &nbsp;&nbsp;&nbsp;&nbsp;(31694315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4582482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184598 | &nbsp;&nbsp;&nbsp;&nbsp;(4939886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29064) |
| &nbsp;&nbsp;&nbsp;(11188770) | &nbsp;&nbsp;&nbsp;&nbsp;(12089236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5303291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2137247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23306997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36021408 | &nbsp;&nbsp;&nbsp;&nbsp;172628992 | &nbsp;&nbsp;&nbsp;&nbsp;239500100 | &nbsp;&nbsp;&nbsp;&nbsp;4971463 | &nbsp;&nbsp;&nbsp;&nbsp;44823447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22849995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34093710) | &nbsp;&nbsp;&nbsp;&nbsp;(59900582) | &nbsp;&nbsp;&nbsp;&nbsp;(332794845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10438804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927506 | &nbsp;&nbsp;&nbsp;&nbsp;112690898 | &nbsp;&nbsp;&nbsp;&nbsp;(93076372) | &nbsp;&nbsp;&nbsp;&nbsp;4973576 | &nbsp;&nbsp;&nbsp;&nbsp;34503354 |
| &nbsp;&nbsp;&nbsp;&nbsp;(8277191) | &nbsp;&nbsp;&nbsp;&nbsp;(41855853) | &nbsp;&nbsp;&nbsp;&nbsp;113903107 | &nbsp;&nbsp;&nbsp;&nbsp;(99875761) | &nbsp;&nbsp;&nbsp;&nbsp;4284173 | &nbsp;&nbsp;&nbsp;&nbsp;28703096 |
| &nbsp;&nbsp;240833825 | &nbsp;&nbsp;&nbsp;&nbsp;282689678 | &nbsp;&nbsp;&nbsp;&nbsp;302727702 | &nbsp;&nbsp;&nbsp;&nbsp;402603463 | &nbsp;&nbsp;&nbsp;&nbsp;28703096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $232556634 | &nbsp;&nbsp;$240833825 | &nbsp;&nbsp;$416630809 | &nbsp;&nbsp;$302727702 | &nbsp;&nbsp;$32987269 | &nbsp;&nbsp;$28703096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |

---

<br> \* Commencement of operations.

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Nuveen Municipal Bond ETF** | **SPDR Nuveen Municipal Bond ETF** | **SPDR Nuveen Municipal Bond ESG ETF** | **SPDR Nuveen Municipal Bond ESG ETF** |
|  | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **For the Period<br> 4/5/22\*-<br> 6/30/22** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$282256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231606 | &nbsp;&nbsp;&nbsp;&nbsp;$401468 | &nbsp;&nbsp;&nbsp;&nbsp;$152659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632779 | &nbsp;&nbsp;&nbsp;&nbsp;(3416424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476707) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109847 | &nbsp;&nbsp;&nbsp;&nbsp;(3374814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102786) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291272 | &nbsp;&nbsp;&nbsp;&nbsp;10685680 | &nbsp;&nbsp;&nbsp;&nbsp;2863918 | &nbsp;&nbsp;&nbsp;32963912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16723473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32964 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;5284772 | &nbsp;&nbsp;&nbsp;&nbsp;(6025994) | &nbsp;&nbsp;&nbsp;&nbsp;2865952 | &nbsp;&nbsp;&nbsp;32995227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;4975247 | &nbsp;&nbsp;&nbsp;(10102796) | &nbsp;&nbsp;&nbsp;&nbsp;2646624 | &nbsp;&nbsp;&nbsp;32464751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;35061367 | &nbsp;&nbsp;&nbsp;&nbsp;45164163 | &nbsp;&nbsp;&nbsp;32464751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **NET ASSETS AT END OF PERIOD<br>**  | $40036614 | $35061367 | $35111375 | $32464751 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR SSGA Fixed Income Sector Rotation ETF** | **SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** |
| **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> 6/30/22** | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> 6/30/22** | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> 6/30/22** |
| &nbsp;&nbsp;&nbsp;$1762773 | &nbsp;&nbsp;&nbsp;&nbsp;$1864166 | &nbsp;&nbsp;&nbsp;&nbsp;$1752612 | &nbsp;&nbsp;&nbsp;&nbsp;$2044310 | &nbsp;&nbsp;&nbsp;$1557957 | &nbsp;&nbsp;&nbsp;&nbsp;$2925925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8179338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5800454) | &nbsp;&nbsp;&nbsp;&nbsp;(12524995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571374 | &nbsp;&nbsp;&nbsp;&nbsp;(1951222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9885098) | &nbsp;&nbsp;&nbsp;&nbsp;18176479 | &nbsp;&nbsp;&nbsp;&nbsp;(30518656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919590 | &nbsp;&nbsp;&nbsp;&nbsp;(17006267) |
| &nbsp;&nbsp;&nbsp;&nbsp;(6244522) | &nbsp;&nbsp;&nbsp;&nbsp;(13821386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404096 | &nbsp;&nbsp;&nbsp;&nbsp;(25902972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526325 | &nbsp;&nbsp;&nbsp;&nbsp;(13310835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15165) |
| &nbsp;&nbsp;&nbsp;&nbsp;(1704355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1883135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2616810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7269494) | &nbsp;&nbsp;&nbsp;&nbsp;(1804193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5404954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59955295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112910613 | &nbsp;&nbsp;&nbsp;&nbsp;37812948 | &nbsp;&nbsp;&nbsp;&nbsp;107170499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7947071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9309790 |
| &nbsp;&nbsp;&nbsp;&nbsp;(27936748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61634491) | &nbsp;&nbsp;&nbsp;&nbsp;(20839830) | &nbsp;&nbsp;&nbsp;&nbsp;(45148661) | &nbsp;&nbsp;&nbsp;&nbsp;(13574299) | &nbsp;&nbsp;&nbsp;&nbsp;(40124127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68054 |
| &nbsp;&nbsp;&nbsp;32379030 | &nbsp;&nbsp;&nbsp;&nbsp;51785381 | &nbsp;&nbsp;&nbsp;&nbsp;17077332 | &nbsp;&nbsp;&nbsp;&nbsp;62164418 | &nbsp;&nbsp;&nbsp;&nbsp;(5578322) | &nbsp;&nbsp;&nbsp;&nbsp;(30731118) |
| &nbsp;&nbsp;&nbsp;24069670 | &nbsp;&nbsp;&nbsp;&nbsp;35571601 | &nbsp;&nbsp;&nbsp;&nbsp;21760404 | &nbsp;&nbsp;&nbsp;&nbsp;28849372 | &nbsp;&nbsp;&nbsp;&nbsp;(6867682) | &nbsp;&nbsp;&nbsp;&nbsp;(49462072) |
| &nbsp;&nbsp;118545445 | &nbsp;&nbsp;&nbsp;&nbsp;82973844 | &nbsp;&nbsp;&nbsp;&nbsp;203244987 | &nbsp;&nbsp;&nbsp;&nbsp;174395615 | &nbsp;&nbsp;&nbsp;&nbsp;74181026 | &nbsp;&nbsp;&nbsp;&nbsp;123643098 |
| $142615115 | &nbsp;&nbsp;$118545445 | &nbsp;&nbsp;$225005391 | &nbsp;&nbsp;$203244987 | &nbsp;&nbsp;$67313344 | &nbsp;&nbsp;$74181026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2060000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1040000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825000) |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625000) |

---

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR DoubleLine Short Duration Total Return Tactical ETF** | **SPDR DoubleLine Short Duration Total Return Tactical ETF** | **SPDR DoubleLine Total Return Tactical ETF** | **SPDR DoubleLine Total Return Tactical ETF** |
|  | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2043377 | &nbsp;&nbsp;&nbsp;&nbsp;$2322666 | &nbsp;&nbsp;&nbsp;&nbsp;$42201197 | &nbsp;&nbsp;&nbsp;&nbsp;$77993893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3083762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58887547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71677135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6559270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41860116) | &nbsp;&nbsp;&nbsp;&nbsp;(268963903) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7320366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58546466) | &nbsp;&nbsp;&nbsp;&nbsp;(262647145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2329017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2972526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65247706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96266392) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89243755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464427759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12031920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6954553) | &nbsp;&nbsp;&nbsp;(107825844) | &nbsp;&nbsp;&nbsp;&nbsp;(258273252) | &nbsp;&nbsp;&nbsp;&nbsp;(597715967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3446453) | &nbsp;&nbsp;&nbsp;&nbsp;(18318208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207321651 | &nbsp;&nbsp;&nbsp;&nbsp;(585059066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5107959) | &nbsp;&nbsp;&nbsp;&nbsp;(28633289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83527479 | &nbsp;&nbsp;&nbsp;&nbsp;(943975804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;131605385 | &nbsp;&nbsp;&nbsp;&nbsp;160238674 | &nbsp;&nbsp;&nbsp;2244695207 | &nbsp;&nbsp;&nbsp;3188671011 |
|  **NET ASSETS AT END OF PERIOD<br>**  | $126497426 | $131605385 | $2328222686 | $2244695207 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12950000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12700000) |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** | &nbsp;&nbsp;**SPDR SSGA Multi-Asset Real Return ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$27.93 | &nbsp;&nbsp;&nbsp;$28.52 | &nbsp;&nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;&nbsp;$26.62 | &nbsp;&nbsp;&nbsp;$23.97 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(d) |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;$27.93 | &nbsp;&nbsp;&nbsp;$28.52 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;&nbsp;$25.18 | &nbsp;&nbsp;&nbsp;$26.62 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.12% | &nbsp;&nbsp;&nbsp;&nbsp;(12.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.26% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$632144 | &nbsp;&nbsp;$468031 | &nbsp;&nbsp;$130358 | &nbsp;&nbsp;$53750 | &nbsp;&nbsp;$112792 | &nbsp;&nbsp;$143742 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Does not
include expenses of the Underlying Funds in which the Fund invests.

(g) Annualized.

(h) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Income Allocation ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$30.73 | &nbsp;&nbsp;$35.62 | &nbsp;&nbsp;&nbsp;$30.37 | &nbsp;&nbsp;&nbsp;$33.32 | &nbsp;&nbsp;&nbsp;$32.42 | &nbsp;&nbsp;$32.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$29.49 | &nbsp;&nbsp;$30.73 | &nbsp;&nbsp;&nbsp;$35.62 | &nbsp;&nbsp;&nbsp;$30.37 | &nbsp;&nbsp;&nbsp;$33.32 | &nbsp;&nbsp;$32.42 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16)% | &nbsp;&nbsp;&nbsp;&nbsp;(10.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$86702 | &nbsp;&nbsp;$95559 | &nbsp;&nbsp;$125039 | &nbsp;&nbsp;$126039 | &nbsp;&nbsp;$104613 | &nbsp;&nbsp;$92389 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Does not
include expenses of the Underlying Funds in which the Fund invests.

(g) Annualized.

(h) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** | &nbsp;&nbsp;**SPDR SSGA Global Allocation ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$38.97 | &nbsp;&nbsp;&nbsp;$46.04 | &nbsp;&nbsp;&nbsp;$36.88 | &nbsp;&nbsp;&nbsp;$38.33 | &nbsp;&nbsp;&nbsp;$37.72 | &nbsp;&nbsp;&nbsp;$35.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$37.51 | &nbsp;&nbsp;&nbsp;$38.97 | &nbsp;&nbsp;&nbsp;$46.04 | &nbsp;&nbsp;&nbsp;$36.88 | &nbsp;&nbsp;&nbsp;$38.33 | &nbsp;&nbsp;&nbsp;$37.72 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$232557 | &nbsp;&nbsp;$240834 | &nbsp;&nbsp;$282690 | &nbsp;&nbsp;$237850 | &nbsp;&nbsp;$255687 | &nbsp;&nbsp;$248929 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% |
| Portfolio turnover rate (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Does not
include expenses of the Underlying Funds in which the Fund invests.

(g) Annualized.

(h) Portfolio
turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(i) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** | &nbsp;&nbsp;**SPDR SSGA Ultra Short Term Bond ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$39.83 | &nbsp;&nbsp;&nbsp;$40.46 | &nbsp;&nbsp;&nbsp;$40.26 | &nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;&nbsp;$40.27 | &nbsp;&nbsp;$40.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$39.96 | &nbsp;&nbsp;&nbsp;$39.83 | &nbsp;&nbsp;&nbsp;$40.46 | &nbsp;&nbsp;&nbsp;$40.26 | &nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;$40.27 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$416631 | &nbsp;&nbsp;$302728 | &nbsp;&nbsp;$402603 | &nbsp;&nbsp;$298907 | &nbsp;&nbsp;$167719 | &nbsp;&nbsp;$50344 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**For the<br> Period<br> 9/28/2021<sup>\*</sup>-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$26.09 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$25.37 | &nbsp;&nbsp;$26.09 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;(11.25)% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$32987 | &nbsp;&nbsp;$28703 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%(d) |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101%(f) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**For the<br> Period<br> 2/3/21<sup>\*</sup>-<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$26.97 | &nbsp;&nbsp;$30.11 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$26.69 | &nbsp;&nbsp;$26.97 | &nbsp;&nbsp;$30.11 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$40037 | &nbsp;&nbsp;$35061 | &nbsp;&nbsp;$45164 |
| **Ratios to average net assets:** |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%(g) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ESG ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ESG ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**For the<br> Period<br> 4/5/2022<sup>\*</sup>-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$29.51 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$29.26 | &nbsp;&nbsp;$29.51 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31)% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$35111 | &nbsp;&nbsp;$32465 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%(g) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA Fixed Income Sector Rotation ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**For the<br> Period<br> 4/3/2019<sup>\*</sup>-<br> 6/30/19** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$27.13 | &nbsp;&nbsp;&nbsp;$31.31 | &nbsp;&nbsp;$31.98 | &nbsp;&nbsp;$31.08 | &nbsp;&nbsp;$30.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$25.60 | &nbsp;&nbsp;&nbsp;$27.13 | &nbsp;&nbsp;$31.31 | &nbsp;&nbsp;$31.98 | &nbsp;&nbsp;$31.08 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$142615 | &nbsp;&nbsp;$118545 | &nbsp;&nbsp;$82974 | &nbsp;&nbsp;$47014 | &nbsp;&nbsp;$10877 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%(f) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%(f) |
| Portfolio turnover rate (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%(h) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Does not include expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**For the<br> Period<br> 4/3/2019<sup>\*</sup>-<br> 6/30/19** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$38.06 | &nbsp;&nbsp;&nbsp;$44.38 | &nbsp;&nbsp;&nbsp;$32.83 | &nbsp;&nbsp;$30.73 | &nbsp;&nbsp;$30.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$38.93 | &nbsp;&nbsp;&nbsp;$38.06 | &nbsp;&nbsp;&nbsp;$44.38 | &nbsp;&nbsp;$32.83 | &nbsp;&nbsp;$30.73 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$225005 | &nbsp;&nbsp;$203245 | &nbsp;&nbsp;$174396 | &nbsp;&nbsp;$68617 | &nbsp;&nbsp;$14136 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39%(g) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of Units at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Broker commission charges are not included in this calculation.

(d) Does not include expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** | &nbsp;&nbsp;**SPDR DoubleLine Emerging Markets Fixed Income ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$41.21 | &nbsp;&nbsp;$50.99 | &nbsp;&nbsp;&nbsp;$49.09 | &nbsp;&nbsp;$51.02 | &nbsp;&nbsp;$48.25 | &nbsp;&nbsp;$50.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$40.19 | &nbsp;&nbsp;$41.21 | &nbsp;&nbsp;&nbsp;$50.99 | &nbsp;&nbsp;$49.09 | &nbsp;&nbsp;$51.02 | &nbsp;&nbsp;$48.25 |
| **Total return (b)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;(14.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$67313 | &nbsp;&nbsp;$74181 | &nbsp;&nbsp;$123643 | &nbsp;&nbsp;$94494 | &nbsp;&nbsp;$65050 | &nbsp;&nbsp;$48253 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

(a) Per share numbers have been
calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(c) Annualized.

(d) Portfolio
turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(e) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Short Duration Total Return Tactical ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$46.59 | &nbsp;&nbsp;&nbsp;$49.69 | &nbsp;&nbsp;&nbsp;$49.57 | &nbsp;&nbsp;&nbsp;$49.53 | &nbsp;&nbsp;&nbsp;$48.81 | &nbsp;&nbsp;$49.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$46.00 | &nbsp;&nbsp;&nbsp;$46.59 | &nbsp;&nbsp;&nbsp;$49.69 | &nbsp;&nbsp;&nbsp;$49.57 | &nbsp;&nbsp;&nbsp;$49.53 | &nbsp;&nbsp;$48.81 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$126497 | &nbsp;&nbsp;$131605 | &nbsp;&nbsp;$160239 | &nbsp;&nbsp;$142519 | &nbsp;&nbsp;$121344 | &nbsp;&nbsp;$82984 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

(a) Per share numbers have been
calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(c) Amount is
less than $0.005 per share.

(d) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio
turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not
annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** | &nbsp;&nbsp;**SPDR DoubleLine Total Return Tactical ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.03 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.60 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2328223 | &nbsp;&nbsp;$2244695 | &nbsp;&nbsp;$3188671 | &nbsp;&nbsp;$3191242 | &nbsp;&nbsp;$3336881 | &nbsp;&nbsp;$3182239 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%(h)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%(j) |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) If an
affiliate had not made a contribution during the year ended ended June 30, 2021, the total return would have remained 0.81%.

(g) Annualized.

(h) Not
annualized.

(i) Portfolio
turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(j) Portfolio
turnover is from the Fund's Portfolio prior to discontinuance of master-feeder structure.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2022 (Unaudited)

------

1. Organization

SSGA Active Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2022, the Trust consists of fourteen (14) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the "Board") to authorize the issuance of an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate to the following series (each, a "Fund" and collectively, the "Funds"):

---

| |
|:---|
| SPDR SSGA Multi-Asset Real Return ETF |
| SPDR SSGA Income Allocation ETF |
| SPDR SSGA Global Allocation ETF |
| SPDR SSGA Ultra Short Term Bond ETF |
| SPDR Loomis Sayles Opportunistic Bond ETF |
| SPDR Nuveen Municipal Bond ETF |

---

---

| |
|:---|
| SPDR Nuveen Municipal Bond ESG ETF |
| SPDR SSGA Fixed Income Sector Rotation ETF |
| SPDR SSGA US Sector Rotation ETF |
| SPDR DoubleLine Emerging Markets Fixed Income ETF |
| SPDR DoubleLine Short Duration Total Return Tactical ETF |
| SPDR DoubleLine Total Return Tactical ETF |

---

The SPDR Loomis Sayles Opportunistic Bond ETF was formed on September 27, 2021 and commenced operations on September 28, 2021. The SPDR Nuveen Municipal Bond ESG ETF was formed on April 4, 2022 and commenced operations on April 5, 2022.

The SPDR SSGA Ultra Short Term Bond ETF, SPDR Loomis Sayles Opportunistic Bond ETF, SPDR Nuveen Municipal Bond ETF, SPDR Nuveen Municipal Bond ESG ETF and the SPDR DoubleLine Total Return Tactical ETF are each classified as a non-diversified investment company. The remaining Funds are each classified as a diversified investment company under the 1940 Act.

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### 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 a 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:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

• 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.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Forward foreign currency exchange contracts are valued based on that day's prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with the valuation policy and procedures approved by the Board.

• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event the advisor is unable to obtain an independent, third–party valuation the agreements will be fair valued.

• Senior loans or other loans are valued at evaluated bid prices supplied by an independent pricing service, if available. Senior loans and other loans for which the Committee determines that there are no reliable valuations available from pricing services or brokers will be initially valued at cost and adjusted for amortization of principal until remeasurement is warranted due to a credit or economic event or other factors affecting the loan.

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.

Various inputs are used in determining the value of the 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

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

• 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 December 31, 2022, is disclosed in each Fund's respective Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from the sale and disposition of investments are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

#### Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

#### Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

#### Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gain on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

#### Equalization
The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

#### Distributions
Distributions from net investment income are declared and paid quarterly for SPDR SSGA Multi-Asset Real Return ETF, SPDR SSGA Income Allocation ETF, SPDR SSGA Global Allocation ETF and SPDR SSGA US Sector Rotation ETF and declared and paid monthly for SPDR SSGA Ultra Short Term Bond ETF, SPDR Loomis Sayles Opportunistic Bond ETF, SPDR Doubline Total Return Tactical ETF, SPDR Doubline Emerging Markets Fixed Income ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF, SPDR SSGA Fixed Income Sector Rotation ETF, SPDR Nuveen Municipal Bond ESG ETF and SPDR Nuveen Municipal Bond ETF.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code").

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

#### Delayed Delivery Transactions
During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors.

#### Loan Agreements
The SPDR DoubleLine Total Return Tactical ETF invest in Senior Loans. Senior Loans consist generally of obligations of companies and other entities (collectively, "borrowers") incurred for the purpose of reorganizing the assets and liabilities of a borrower; acquiring another company; taking over control of a company (leveraged buyout); temporary refinancing; or financing internal growth or other general business purposes. Senior Loans are often obligations of borrowers who have incurred a significant percentage of debt compared to their total assets and thus are highly leveraged. The Fund do not treat the banks originating or acting as agents for the lenders, or granting or acting as intermediary in participation interests, in loans held by the Fund as the issuers of such loans.

4. Derivative Financial Instruments

#### Forward Foreign Currency Exchange Contracts
The SPDR Loomis Sayles Opportunitistic Bond ETF may engage in forward foreign currency exchange contracts to acquire exposure to foreign currencies or to hedge the Fund's investments against currency fluctuations. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

#### Futures Contracts
Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the period ended December 31, 2022, the SPDR SSGA Ultra Short Term Bond ETF and SPDR Loomis Sayles Opportunistic Bond ETF entered into futures contracts to hedge interest rate exposure and manage duration.

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Credit Default Swaps
During the period ended December 31, 2022, the SPDR Loomis Sayles Opportunistic Bond ETF engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party ("CCP") in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement.

As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund's risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

The following tables summarize the value of the Fund's derivative instruments as of December 31, 2022, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Interest <br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign <br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit <br> Risk** | &nbsp;&nbsp;**Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA Ultra Short Term Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;$63389 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$63389 |
| **SPDR Loomis Sayles Opportunistic Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;&nbsp;141923 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;141923 |

---

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest <br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign <br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit <br> Risk** | &nbsp;&nbsp;**Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA Ultra Short Term Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;$1856251 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1856251 |
| **SPDR Loomis Sayles Opportunistic Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;(356926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(356926) |
| &nbsp;&nbsp;&nbsp; Swap Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(75570) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75570) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** |
|  | &nbsp;&nbsp;**Interest <br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign <br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit <br> Risk** | &nbsp;&nbsp;**Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA Ultra Short Term Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;$(188350) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(188350) |
| **SPDR Loomis Sayles Opportunistic Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2840) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| &nbsp;&nbsp;&nbsp;(127134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(127134) |
| &nbsp;&nbsp;&nbsp; Swap Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10911 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 |

---

For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on their Statements of Assets and Liabilities. The following tables set forth the SPDR Loomis Sayles Opportunistic Bond ETF's net exposure to derivative assets and liabilities available for offset and net of collateral at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Counterparty** | **Gross Amounts<br> of Liabilities** | **Amount <br> Eligible<br> to Offset** | **Collateral <br> (Received)<br> Pledged** | **Net <br> Amount** |
| Commonwealth Bank of Australia<br>| $(274) | $— | $— | $(274) |
|  | $(274) | $— | $— | $(274) |

---

5. Fees and Transactions with Affiliates

#### Advisory Fee
The Trust on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. As compensation for services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee ("Management/Advisory fee") accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| &nbsp;&nbsp;0.50 <sup>\*</sup>% |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;0.50 <sup>\*</sup> |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;0.35 <sup>\*</sup> |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;0.20 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;0.55 |

---

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;0.40% |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;0.43 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;0.50 <sup>\*</sup> |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;0.70 <sup>\*</sup> |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;0.65 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;0.45 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;0.55 |

---

<sup>\*</sup> The Advisory fees are reduced for SPDR SSGA Multi-Asset Real Return ETF, SPDR SSGA Income Allocation ETF, SPDR SSGA Global Allocation ETF, SPDR SSGA Fixed Income Sector Rotation ETF and SPDR SSGA US Sector Rotation ETF by the acquired fund fees and expenses and for the period ended December 31, 2022, the net annualized advisory fees were 0.09%, 0.05%, 0.10%, 0.36% and 0.58% respectively.

From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2022. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2022, except with the approval of the Board.

The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trusts's trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustee's counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

#### Distributor
State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), an affiliate of the Adviser, serves as the Distributor of the Trust.

#### Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement January 6, 2017, as amended.

Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 10 for additional information regarding securities lending.

#### 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 December 31, 2022 are disclosed in the Schedules of Investments.

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

6. Trustees' Fees

The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2022, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **Other Securities** | **Other Securities** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$87319752 | &nbsp;&nbsp;$90646363 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55616033 | &nbsp;&nbsp;&nbsp;&nbsp;51898904 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;161136471 | &nbsp;&nbsp;&nbsp;161674853 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74045477 | &nbsp;&nbsp;&nbsp;&nbsp;54823256 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656915 | &nbsp;&nbsp;&nbsp;&nbsp;20511684 | &nbsp;&nbsp;&nbsp;&nbsp;16919391 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14899126 | &nbsp;&nbsp;&nbsp;&nbsp;10312876 |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390559 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75040806 | &nbsp;&nbsp;&nbsp;&nbsp;75158672 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;146608289 | &nbsp;&nbsp;&nbsp;147794822 |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10379455 | &nbsp;&nbsp;&nbsp;&nbsp;15769281 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13915820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549776 | &nbsp;&nbsp;&nbsp;&nbsp;13484999 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;1213695200 | &nbsp;&nbsp;&nbsp;896431130 | &nbsp;&nbsp;&nbsp;&nbsp;50610738 | &nbsp;&nbsp;&nbsp;175901399 |

---

For the period ended December 31, 2022, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind <br> Contributions** | **In-kind <br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $220099587 | $47823906 | $3901158 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;16180347 | &nbsp;&nbsp;&nbsp;20861161 | &nbsp;&nbsp;&nbsp;&nbsp;(412915) |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;21904973 | &nbsp;&nbsp;&nbsp;21478839 | &nbsp;&nbsp;&nbsp;2087157 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;59960818 | &nbsp;&nbsp;&nbsp;27933800 | &nbsp;&nbsp;&nbsp;&nbsp;(668542) |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;37814398 | &nbsp;&nbsp;&nbsp;20836288 | &nbsp;&nbsp;&nbsp;2024597 |

---

8. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

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[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

9. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. SPDR Loomis Sayles Opportunistic Bond ETF and SPDR Nuveen Municipal Bond ESG ETF intend to qualify as regulated investment company under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax <br> Cost** | **Gross <br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| &nbsp;&nbsp;$702408454 | $7083888 | &nbsp;&nbsp;$32170912 | &nbsp;&nbsp;$(25087024) |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;103150802 | &nbsp;&nbsp;&nbsp;&nbsp;226948 | &nbsp;&nbsp;&nbsp;&nbsp;9930093 | &nbsp;&nbsp;&nbsp;&nbsp;(9703145) |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;275988474 | &nbsp;&nbsp;6670831 | &nbsp;&nbsp;&nbsp;&nbsp;5919116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751715 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;417779620 | &nbsp;&nbsp;&nbsp;&nbsp;193664 | &nbsp;&nbsp;&nbsp;&nbsp;5442615 | &nbsp;&nbsp;&nbsp;&nbsp;(5248951) |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33645792 | &nbsp;&nbsp;&nbsp;&nbsp;273723 | &nbsp;&nbsp;&nbsp;&nbsp;2453633 | &nbsp;&nbsp;&nbsp;&nbsp;(2179910) |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41452274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 | &nbsp;&nbsp;&nbsp;&nbsp;3004503 | &nbsp;&nbsp;&nbsp;&nbsp;(2994488) |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34458512 | &nbsp;&nbsp;&nbsp;&nbsp;100618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549305) |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;177792489 | &nbsp;&nbsp;&nbsp;&nbsp;118224 | &nbsp;&nbsp;&nbsp;&nbsp;9671393 | &nbsp;&nbsp;&nbsp;&nbsp;(9553169) |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;287454440 | &nbsp;&nbsp;3520950 | &nbsp;&nbsp;&nbsp;&nbsp;6989271 | &nbsp;&nbsp;&nbsp;&nbsp;(3468321) |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80261569 | &nbsp;&nbsp;&nbsp;&nbsp;172410 | &nbsp;&nbsp;&nbsp;&nbsp;14070565 | &nbsp;&nbsp;&nbsp;&nbsp;(13898155) |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;132489619 | &nbsp;&nbsp;&nbsp;&nbsp;115646 | &nbsp;&nbsp;&nbsp;&nbsp;6926695 | &nbsp;&nbsp;&nbsp;&nbsp;(6811049) |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;2615396218 | &nbsp;&nbsp;2150022 | &nbsp;&nbsp;303567977 | &nbsp;&nbsp;(301417955) |

---

10. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, the Funds will bear the risk of loss of any cash collateral that it may invest. The Funds receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, the Funds will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of December 31, 2022, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds does not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash <br> Collateral<br> Received** | **Non-Cash <br> Collateral<br> Received\*** | **Total <br> Collateral<br> Received** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $44497363 | $45511787 | &nbsp;&nbsp;&nbsp;&nbsp;$134250 | $45646037 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;10843490 | &nbsp;&nbsp;&nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;&nbsp;4368875 | &nbsp;&nbsp;&nbsp;11153717 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;45846754 | &nbsp;&nbsp;&nbsp;45214621 | &nbsp;&nbsp;&nbsp;&nbsp;2011450 | &nbsp;&nbsp;&nbsp;47226071 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;27447700 | &nbsp;&nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;&nbsp;2787750 | &nbsp;&nbsp;&nbsp;28396701 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;72479637 | &nbsp;&nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;15402475 | &nbsp;&nbsp;&nbsp;74303471 |

---

\* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2022** |
| **Fund** | **Securities <br> Lending<br> Transactions** | **Overnight <br> and<br> Continuous** | **<30 Days** | **Between <br> 30 & 90<br> Days** | **>90 Days** | **Total <br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| Mutual Funds and Exchange Traded Products | $45511787 | $— | $— | $— | $45511787 | $45511787 |
| SPDR SSGA Income Allocation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6784842 | &nbsp;&nbsp;&nbsp;&nbsp;6784842 |
| SPDR SSGA Global Allocation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;45214621 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;45214621 | &nbsp;&nbsp;&nbsp;45214621 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25608951 | &nbsp;&nbsp;&nbsp;25608951 |
| SPDR SSGA US Sector Rotation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;58900996 | &nbsp;&nbsp;&nbsp;58900996 |

---

11. Line of Credit

Certain Funds and other affiliated funds (each a "Participant" and, collectively, the "Participants") have access to $200 million of a $1.275 billion ($1.1 billion prior to October 6, 2022) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.

The following Funds participate in the credit facility as of December 31, 2022:

---

| |
|:---|
| SPDR SSGA Ultra Short Term Bond ETF |
| SPDR Loomis Sayles Opportunistic Bond ETF |
| SPDR DoubleLine Emerging Markets Fixed Income ETF |
| SPDR DoubleLine Short Duration Total Return Tactical ETF |
| SPDR DoubleLine Total Return Tactical ETF |

---

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

The Funds had no outstanding loans as of December 31, 2022.

12. Risks

#### Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the were more broadly diversified.

#### Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the undefined invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the undefined invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

#### Credit Risk
The Funds may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

#### Market Risk
Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.

13. Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 848)". In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

14. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### December 31, 2022 (Unaudited)

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#### Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table below illustrates your Fund's cost in two ways:

**Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading "Expenses Paid During Period".**

**Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Hypothetical (assuming a 5%<br> return before expenses)** | **Hypothetical (assuming a 5%<br> return before expenses)** |
|  | **Annualized <br> Expense Ratio** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| 0.10% | $1025.50 | $0.51 | $1024.70 | $0.51 |
| SPDR SSGA Income Allocation ETF<br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988.40 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;1024.90 | &nbsp;&nbsp;&nbsp;0.31 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;1010.30 | &nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;0.56 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| 0.21 | &nbsp;&nbsp;&nbsp;1018.10 | &nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;1024.10 | &nbsp;&nbsp;&nbsp;1.07 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| 0.53 | &nbsp;&nbsp;&nbsp;1001.10 | &nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;1022.50 | &nbsp;&nbsp;&nbsp;2.70 |
| SPDR Nuveen Municipal Bond ETF<br>| 0.41 | &nbsp;&nbsp;&nbsp;1000.70 | &nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;1023.10 | &nbsp;&nbsp;&nbsp;2.09 |
| SPDR Nuveen Municipal Bond ESG ETF<br>| 0.44 | &nbsp;&nbsp;&nbsp;1006.20 | &nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;1023.00 | &nbsp;&nbsp;&nbsp;2.24 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956.40 | &nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;1023.30 | &nbsp;&nbsp;&nbsp;1.89 |
| SPDR SSGA US Sector Rotation ETF<br>| 0.58 | &nbsp;&nbsp;&nbsp;1034.90 | &nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;1022.30 | &nbsp;&nbsp;&nbsp;2.96 |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| 0.66 | &nbsp;&nbsp;&nbsp;1001.00 | &nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;1021.90 | &nbsp;&nbsp;&nbsp;3.36 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| 0.46 | &nbsp;&nbsp;&nbsp;1005.50 | &nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;1022.90 | &nbsp;&nbsp;&nbsp;2.35 |
| SPDR DoubleLine Total Return Tactical ETF<br>| 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974.20 | &nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;1022.40 | &nbsp;&nbsp;&nbsp;2.85 |

---

(a) Expenses
 are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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#### SSGA ACTIVE TRUST

#### OTHER INFORMATION (continued)

#### December 31, 2022 (Unaudited)

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#### Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at *www.sec.gov.*

Information regarding how the Funds voted for the 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC's website, at *www.sec.gov* and on the Funds' website at *https://www.ssga.com/spdrs.*

#### Shareholder Meeting Results
A Special Meeting of the Shareholders of SSGA Active Trust (the "Shareholder Meeting") was held on October 20, 2022. The purpose of the Shareholder Meeting was to ask shareholders to approve the election of Trustees. At the Shareholder Meeting, the shareholders of each Fund approved the election of Trustees. The results of the voting are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee Nominee Name** | &nbsp;&nbsp;**Shares For** | &nbsp;&nbsp;**Shares Withheld** |
| &nbsp;&nbsp;Clare S. Richer | &nbsp;&nbsp;458963922.211 | &nbsp;&nbsp;3805311.071 |
| &nbsp;&nbsp;Sandra G. Sponem | &nbsp;&nbsp;458912867.553 | &nbsp;&nbsp;3856365.729 |
| &nbsp;&nbsp;Kristi L. Rowsell | &nbsp;&nbsp;459030936.405 | &nbsp;&nbsp;3738296.877 |
| &nbsp;&nbsp;Gunjan Chauhan | &nbsp;&nbsp;458827846.171 | &nbsp;&nbsp;3941387.111 |
| &nbsp;&nbsp;Carolyn M. Clancy | &nbsp;&nbsp;459042164.143 | &nbsp;&nbsp;3727069.139 |

---

#### Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at *https://www.ssga.com/spdrs* and on the SEC's website at *www.sec.gov*. The Funds' Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free)*.*

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SPDR Series Trust

#### Trustees
Gunjan Chauhan, Interested Trustee

Dwight D. Churchill

Carolyn M. Clancy

Clare S. Richer

James E. Ross, Interested Non-management Trustee

Kristi L. Rowsell

Sandra G. Sponem

Carl G. Verboncoeur, Chairman

#### Investment Manager and Administrator
SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210

#### Distributor
State Street Global Advisors Funds Distributors, LLC<br> One Iron Street<br> Boston, MA 02210

#### Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111

#### Legal Counsel
Morgan, Lewis & Bockius LLP<br> 1111 Pennsylvania Avenue, NW<br> Washington, DC 20004

#### Independent Registered Public Accounting Firm
Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, MA 02116

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

------

[**Table of Contents**](#job_ssga__f95a7fe9-fafa-4191-a36e-eca172e4dc5c_toc-lettersize-standard)

SSGA Active Trust

For more complete information, please call 1.866.787.2257 or visit *https://www.ssga.com/spdrs* today.

State Street Global Advisors<br> One Iron Street<br> Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

Because the Funds are actively managed, they are therefore subject to the risk that the investments selected by SSGA may cause the Funds to underperform relative to their benchmarks or other funds with similar investment objectives. Actively managed ETFs do not seek to replicate the performance of a specified index.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates.

**Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index performance is not meant to represent that of any particular fund.**

Standard & Poor's, S& P and SPDR are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

DoubleLine<sup>®</sup> is a registered trademark of DoubleLine Capital LP.

State Street Global Advisors Funds Distributors, LLC is the distributor for all registered products on behalf of the adviser. SSGA Funds Management has retained GSO Capital Partners, Massachusetts Financial Services Company & DoubleLine Capital LP as the Sub-Adviser.

**Before investing, consider a Fund's investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit *https://www.ssga.com/spdrs*. Read it carefully.**

#### Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting *https://www.ssga.com/spdrs*. Please read the prospectus carefully before you invest.© 2022 State Street Corporation - All Rights Reserved

SPDRACTIVESAR

------

## Semi-Annual Report
December 31, 2022

## SSGA Active Trust
SPDR Blackstone High Income ETF <br> SPDR Blackstone Senior Loan ETF

**The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting *https://www.ssga.com/spdrs*. Please read the prospectus carefully before you invest.**<br> ![](g422341img7d7931d71.jpg)

------

**TABLE OF CONTENTS** (Unaudited)

---

| | |
|:---|:---|
| **[Portfolio Statistics (Unaudited)](#xx_98135d20-8e74-4fe9-a7b6-8a379f177367_2)** |  |
| &nbsp;&nbsp;&nbsp; [SPDR Blackstone High Income ETF (HYBL)](#xx_98135d20-8e74-4fe9-a7b6-8a379f177367_2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; [SPDR Blackstone Senior Loan ETF (SRLN)](#xx_f8fc61dd-29e2-415b-9ac8-6cfc5299ce80_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **[Schedules of Investments (Unaudited)](#xx_5eb0e13c-d486-43e9-962b-f8a51a99b830_1)** |  |
| &nbsp;&nbsp;&nbsp; [SPDR Blackstone High Income ETF (HYBL)](#xx_5eb0e13c-d486-43e9-962b-f8a51a99b830_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; [SPDR Blackstone Senior Loan ETF (SRLN)](#xx_3c99d0f1-eea2-409c-a124-2be2238b6b49_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25 |
| **[Financial Statements (Unaudited)](#xx_427acb8d-d50e-4a8c-9796-eb32a60fdec4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| **[Financial Highlights (Unaudited)](#xx_076f4ff6-ebc6-4aad-8810-7253e45558ce_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| **[Notes to Financial Statements (Unaudited)](#xx_209c0705-21be-47f9-9a1a-665e5f1bf681_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| **[Other Information (Unaudited)](#xx_bacb7f19-475a-471d-8fc4-e43ea95415c3_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;57 |

---

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

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

[This Page Intentionally Left Blank]

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[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SPDR Blackstone High Income ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Point Au Roche Park CLO Ltd.<br> 10.34% 7/20/2034 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Mineral Resources, Ltd.<br> 8.50% 5/1/2030 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Intesa Sanpaolo SpA<br> 5.71% 1/15/2026 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;LTI Holdings, Inc. Senior Secured 2018 2nd Lien Term Loan<br> 11.13% 9/6/2026 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Sunoco L.P./Sunoco Finance Corp.<br> 4.50% 5/15/2029 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;3.7% |

---

(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, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Retail-Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Other ABS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Leisure Industry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Transport-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Metal-Iron | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Miscellaneous Manufactur | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Steel-Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Advertising Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Commercial Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Auto Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Computer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Telecom Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Cosmetics & Toiletries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SPDR Blackstone High Income ETF

Portfolio Statistics (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;% of Net Assets |
|  | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
|  | &nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;Office Automation&Equip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;Electronic Compo-Misc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Telecommunication Equip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Retail-Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Casino Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;Television | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Food-Misc/Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Internet Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Leisure&Rec/Games | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Environ Monitoring&Det | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;MRI/Medical Diag Imaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Transport-Air Freight | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Food & Beverage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Internet & Telecom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Forestry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Cable/Satellite TV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Finance-Credit Card | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Thrifts & Mortgage Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Gaming & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Office Furnishings-Orig | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Medical Labs&Testing Srv | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 |
|  | &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(6.2) |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |
| \* | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SPDR Blackstone Senior Loan ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;1011778 B.C. Unlimited Liability Co. Senior Secured Term Loan B4<br> 5.82% 11/19/2026 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Caesars Resort Collection LLC Senior Secured 2017 1st Lien Term Loan B<br> 7.13% 12/23/2024 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Peraton Corp. Senior Secured Term Loan B<br> 8.13% 2/1/2028 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Medline Borrower LP Senior Secured USD Term Loan B<br> 7.63% 10/23/2028 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Berry Global, Inc. Senior Secured 2021 Term Loan Z<br> 6.02% 7/1/2026 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;8.6% |

---

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Industry Breakdown as of December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Retail-Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Casino Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Telecom Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;MRI/Medical Diag Imaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Cosmetics & Toiletries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Retail-Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Transport-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Auto Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Food-Misc/Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Leisure Industry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Internet & Telecom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Metal-Iron | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SPDR Blackstone Senior Loan ETF

Portfolio Statistics (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;% of Net Assets |
|  | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Advertising Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Leisure&Rec/Games | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Internet Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Commercial Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Auto/Trk Prts&Equip-Orig | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Computer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Office Automation&Equip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;Steel-Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Telecommunication Equip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Miscellaneous Manufactur | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Leisure Equipment & Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Medical Labs&Testing Srv | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Gaming & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Environ Monitoring&Det | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 \* |
|  | &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
|  | &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
|  | &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.7) |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;100.0% |
| \* | &nbsp;&nbsp;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.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SENIOR FLOATING RATE LOANS — 50.1% (a)** |  |  |
| **ADVERTISING SERVICES — 0.5%** |  |  |
| AppLovin Corp.<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 8/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$353137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$340961 |
| CMG Media Corp.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50%, 12/17/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105797 |
| Lamar Media Corp.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.50%, 5.86%, 2/5/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563114 |
| **AEROSPACE & DEFENSE — 0.6%** |  |  |
| Dynasty Acquisition Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 CAD Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.92%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.80%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50750 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan E, 3 Month USD LIBOR + 2.25%, 6.98%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan F, 3 Month USD LIBOR + 2.25%, 6.98%, 12/9/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678089 |
| **AIR FREIGHT & LOGISTICS — 0.4%** |  |  |
| Kenan Advantage Group, Inc.<br>Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.25%, 11.63%, 9/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80883 |
| Worldwide Express Operations LLC<br>Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 7/26/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56675 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| XPO Logistics, Inc.<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 5.93%, 2/24/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$340594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$339502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477060 |
| **AIRLINES — 0.7%** |  |  |
| American Airlines, Inc.<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 6/27/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275846 |
| United Airlines, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.11%, 4/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783289 |
| **AUTO COMPONENTS — 0.5%** |  |  |
| Belron Finance U.S. LLC<br>Senior Secured 2019 USD Term Loan B, 3 Month USD LIBOR + 2.50%, 6.69%, 10/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122988 |
| Clarios Global LP<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283909 |
| USI, Inc.<br>Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 3.75%, 8.33%, 11/22/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555400 |
| **BEVERAGES — 0.2%** |  |  |
| Triton Water Holdings, Inc.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178427 |
| **BUILDING PRODUCTS — 0.4%** |  |  |
| Cornerstone Building Brands, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.57%, 4/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101598 |
| Standard Industries, Inc.<br>Senior Secured 2021 Term Loan B, 6.68%, 9/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144813 |
| Summit Materials LLC<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.00%, 7.61%, 12/14/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446536 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CABLE/SATELLITE TV — 0.1%** |  |  |
| Cable One, Inc.<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.39%, 5/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$123056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$120548 |
| **CAPITAL MARKETS — 0.8%** |  |  |
| Focus Financial Partners LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.82%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309266 |
| LPL Holdings, Inc.<br>Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 1.75%, 5.87%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339103 |
| Victory Capital Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.25%, 6.60%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952152 |
| **CASINO SERVICES — 0.3%** |  |  |
| Stars Group Holdings B.V.<br>Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.25%, 8.09%, 7/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397837 |
| **CHEMICALS — 0.7%** |  |  |
| Axalta Coating Systems Dutch Holding B B.V<br>Senior Secured 2022 USD Term Loan B, 12/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250562 |
| Messer Industries GmbH<br>Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 7.23%, 3/2/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139304 |
| PQ Corp.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.50%, 6.91%, 6/9/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124743 |
| Starfruit Finco B.V<br>Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 2.75%, 7.16%, 10/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855935 |
| **COMMERCIAL SERVICES — 1.2%** |  |  |
| AEA International Holdings (Lux) S.a.r.l.<br>Senior Secured Term Loan B, COR, 8.14%, 9/7/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Allied Universal Holdco LLC<br>Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 3.75%, 8.17%, 5/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$121705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115863 |
| Corporation Service Co.<br>Senior Secured Term Loan B, 1 Month USD SOFR + 3.25%, 7.67%, 11/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495625 |
| Galaxy U.S. Opco, Inc.<br>Senior Secured Term Loan, 1 Month USD SOFR + 4.75%, 9.07%, 4/29/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53278 |
| Sabre GLBL Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.25%, 8.67%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43723 |
| Vaco Holdings LLC<br>Senior Secured 2022 Term Loan, 3 Month USD SOFR + 5.00%, 9.73%, 1/21/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396958 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.5%** |  |  |
| Aramark Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.13%, 3/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 1/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.88%, 4/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352203 |
| Asurion LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25%, 9.63%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Second Lien Term Loan B4, 1 Month USD LIBOR + 5.25%, 9.63%, 1/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B9, 1 Month USD LIBOR + 3.25%, 7.63%, 7/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201368 |
| Cast and Crew Payroll LLC<br>Senior Secured 2019 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 1.00%, 2/9/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197117 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Clean Harbors, Inc.<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 10/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$323182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$322329 |
| Covanta Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.50%, 6.82%, 11/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan C, 1 Month USD LIBOR + 2.50%, 6.57%, 11/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |
| Garda World Security Corp.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.93%, 10/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298355 |
| McGraw-Hill Global Education Holdings LLC<br>Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 4.75%, 8.32%, 7/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233225 |
| Packaging Coordinators Midco, Inc.<br>Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75%, 8.23%, 11/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179819 |
| Prime Security Services Borrower LLC<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.75%, 6.50%, 9/23/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962025 |
| **COMMUNICATIONS EQUIPMENT — 0.5%** |  |  |
| Ciena Corp.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 9/26/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286618 |
| Cogeco Financing 2 LP<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 9/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124329 |
| CommScope, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620156 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **COMPUTER SERVICES — 0.4%** |  |  |
| Maximus, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 2.00%, 6.42%, 5/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$110970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110323 |
| Tempo Acquisition LLC<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 8/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468953 |
| **COMPUTERS — 0.4%** |  |  |
| Magenta Buyer LLC<br>Senior Secured 2021 USD 1st Lien Term Loan, 3 Month USD LIBOR + 4.75%, 9.17%, 7/27/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464930 |
| **CONSTRUCTION & ENGINEERING — 1.0%** |  |  |
| AECOM<br>Senior Secured 2021 Term Loan B, 6.07%, 4/13/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313433 |
| Brown Group Holding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Incremental Term Loan B2, 1.00%, 7/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 6/7/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332781 |
| KKR Apple Bidco LLC<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 9/23/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196775 |
| Pike Corp.<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.00%, 7.39%, 1/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179389 |
| **CONSTRUCTION MATERIALS — 0.4%** |  |  |
| Quikrete Holdings, Inc.<br>Senior Secured 2016 1st Lien Term Loan, 1 Month USD LIBOR + 2.63%, 7.01%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421001 |
| **CONSUMER FINANCE — 0.3%** |  |  |
| Amentum Government Services Holdings LLC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 1/29/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346262 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CONTAINERS & PACKAGING — 0.6%** |  |  |
| Berlin Packaging LLC<br>Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 3.75%, 7.88%, 3/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59064 |
| Berry Global, Inc.<br>Senior Secured 2021 Term Loan Z, 1 Month USD LIBOR + 1.75%, 6.02%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390702 |
| Charter NEX U.S., Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184617 |
| Graham Packaging Company, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 8/4/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684621 |
| **COSMETICS & TOILETRIES — 0.1%** |  |  |
| Sunshine Luxembourg VII SARL<br>Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75%, 8.48%, 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103728 |
| **DISTRIBUTION/WHOLESALE — 0.4%** |  |  |
| Resideo Funding, Inc.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25%, 6.83%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303159 |
| Univar Solutions USA, Inc.<br>Senior Secured Term Loan B6, 1 Month USD LIBOR + 1.75%, 6.13%, 6/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431059 |
| **DISTRIBUTORS — 0.2%** |  |  |
| American Tire Distributors Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25%, 10.61%, 10/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196557 |
| **DIVERSIFIED CONSUMER SERVICES — 0.1%** |  |  |
| Ascend Learning LLC<br>Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.75%, 10.13%, 12/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136228 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED FINANCIAL SERVICES — 2.0%** |  |  |
| AlixPartners, LLP<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$178217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$177023 |
| Citadel Securities LP<br>Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 2.50%, 6.94%, 2/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395688 |
| Clipper Acquisitions Corp.<br>Senior Secured 2017 Term Loan B, Finance, 6.48%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283396 |
| Clydesdale Acquisition Holdings, Inc.<br>Senior Secured Term Loan B, 1 Month USD SOFR + 4.18%, 8.60%, 4/13/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211369 |
| Deerfield Dakota Holding LLC<br>Senior Secured 2020 USD Term Loan B, 1 Month USD SOFR + 3.75%, 8.07%, 4/9/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96814 |
| DirecTV Financing LLC<br>Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 8/2/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466338 |
| Setanta Aircraft Leasing DAC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 2.00%, 6.73%, 11/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159283 |
| Trans Union LLC<br>Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 11/16/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292835 |
| William Morris Endeavor Entertainment LLC<br>Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 2.75%, 7.14%, 5/18/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354386 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%** |  |  |
| CenturyLink, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235312 |
| Intelsat Jackson Holdings SA<br>Senior Secured 2021 Exit Term Loan B, 6 Month USD SOFR + 4.25%, 7.44%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369039 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Level 3 Financing, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$175501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168622 |
| Numericable Group SA<br>Senior Secured USD Term Loan B11, 3 Month USD LIBOR + 2.75%, 7.16%, 7/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965966 |
| **ELECTRICAL EQUIPMENT — 0.1%** |  |  |
| Generac Power Systems, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 5.97%, 12/13/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112165 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%** |  |  |
| II-VI, Inc.<br>Senior Secured 2022 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.13%, 7/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403895 |
| Ingram Micro, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.22%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335010 |
| MX Holdings U.S., Inc.<br>Senior Secured 2018 USD Term Loan B1C, 1 Month USD LIBOR + 2.75%, 7/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116158 |
| TTM Technologies, Inc.<br>Senior Secured 2017 Term Loan, 1 Month USD LIBOR + 2.50%, 6.62%, 9/28/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966781 |
| **ENERGY EQUIPMENT & SERVICES — 0.1%** |  |  |
| WIN Waste Innovations Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR, 1.00%, 3/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145194 |
| **ENERGY-ALTERNATE SOURCES — 0.1%** |  |  |
| TerraForm Power Operating LLC<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.41%, 5/21/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112933 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENTERTAINMENT — 1.9%** |  |  |
| AMC Entertainment Holdings, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.27%, 4/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53499 |
| AP Gaming I LLC<br>Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158960 |
| Crown Finance U.S., Inc.<br>Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 4.00%, 2/28/2025 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18013 |
| Fertitta Entertainment LLC<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 1/27/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336539 |
| Formula One Holdings Ltd.<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.25%, 7.57%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250187 |
| GVC Holdings (Gibraltar) Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 USD Term Loan B4, 3 Month USD LIBOR + 2.50%, 7.23%, 3/29/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 10/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278663 |
| Live Nation Entertainment, Inc.<br>Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 10/17/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121683 |
| Motion Finco SARL<br>Senior Secured Delayed Draw Term Loan B2, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23991 |
| NASCAR Holdings, Inc<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 10/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287101 |
| SMG U.S. Midco 2, Inc.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 2.50%, 6.91%, 1/23/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136989 |
| UFC Holdings LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.11%, 4/29/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321369 |
| WMG Acquisition Corp.<br>Senior Secured 2021 Term Loan G, 1 Month USD LIBOR + 2.13%, 6.51%, 1/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200726 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **FINANCE-CREDIT CARD — 0.1%** |  |  |
| Paysafe Holdings (US) Corp.<br>Senior Secured USD Term Loan B1, 1 Month USD LIBOR + 2.75%, 7.14%, 6/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73475 |
| **FINANCIAL SERVICES — 0.4%** |  |  |
| Belron Finance U.S. LLC<br>Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 2.50%, 7.06%, 4/13/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301397 |
| CE Intermediate I LLC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.59%, 11/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483125 |
| **FOOD & BEVERAGE — 0.1%** |  |  |
| Caesars Resort Collection LLC<br>Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.88%, 7/21/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151225 |
| **FOOD & STAPLES RETAILING — 0.4%** |  |  |
| Hostess Brands LLC<br>Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 2.25%, 6.66%, 8/3/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119202 |
| U.S. Foods, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 9/13/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477348 |
| **FOOD PRODUCTS — 0.3%** |  |  |
| KFC Holding Co.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.09%, 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318866 |
| **FOOD-MISC/DIVERSIFIED — 0.2%** |  |  |
| Skopima Merger Sub, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 5/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180159 |
| **FORESTRY — 0.1%** |  |  |
| Asplundh Tree Expert LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 9/7/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **GAMING & ENTERTAINMENT — 0.1%** |  |  |
| PCI Gaming Authority<br>Senior Secured Term Loan, 1 Month USD LIBOR + 2.50%, 6.88%, 5/29/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$130998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130453 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%** |  |  |
| Bausch & Lomb, Inc.<br>Senior Secured Term Loan, 3 Month USD SOFR + 3.25%, 7.84%, 5/10/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122078 |
| Gainwell Acquisition Corp.<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 10/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477967 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.1%** |  |  |
| GHX Ultimate Parent Corp.<br>Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 6/28/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167805 |
| Horizon Therapeutics USA, Inc.<br>Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.19%, 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146473 |
| ICON Luxembourg SARL<br>Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201394 |
| Medline Borrower LP<br>Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/23/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202354 |
| National Mentor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 8.33%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan C, 3 Month USD LIBOR + 3.75%, 8.48%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 |
| Pediatric Associates Holding Company LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term Loan, 1 Month USD LIBOR + 3.25%, 5.43%, 12/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PRA Health Sciences, Inc.<br>Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50178 |
| Vizient, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month SOFR CME + 2.25%, 6.67%, 4/28/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116371 |
| WP CityMD Bidco LLC<br>Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317454 |
| **HOME FURNISHINGS — 0.2%** |  |  |
| AI Aqua Merger Sub, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term loan, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 3.75%, 7.84%, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235432 |
| **HOTELS, RESTAURANTS & LEISURE — 2.4%** |  |  |
| 1011778 B.C. Unlimited Liability Co.<br>Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75%, 5.82%, 11/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292404 |
| Alterra Mountain Co.<br>Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 8/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311534 |
| Aristocrat Technologies, Inc.<br>Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 2.25%, 6.93%, 5/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124904 |
| Caesars Resort Collection LLC<br>Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 12/23/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319080 |
| Marriott Ownership Resorts, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 8/29/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122166 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Motion Finco SARL<br>Senior Secured USD Term Loan B1, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$175965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168285 |
| Penn National Gaming, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 5/3/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383641 |
| Peraton Corp.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528139 |
| Scientific Games International, Inc.<br>Senior Secured 2022 USD Term Loan, 1 Month USD SOFR + 3.00%, 7.42%, 4/14/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306422 |
| Twin River Worldwide Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.54%, 10/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148587 |
| Wyndham Hotels & Resorts, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838424 |
| **HOUSEHOLD PRODUCTS — 0.4%** |  |  |
| Champ Acquisition Corp.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 5.50%, 10.23%, 12/19/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139820 |
| Energizer Holdings, Inc.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 2.00%, 6.63%, 12/22/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133028 |
| Reynolds Consumer Products LLC<br>Senior Secured Term Loan, 1 Month USD LIBOR + 1.75%, 6.13%, 2/4/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434084 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.6%** |  |  |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.89%, 12/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan B9, 1 Month USD LIBOR + 2.25%, 6.39%, 4/5/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335827 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Vistra Operations Co. LLC<br>Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.12%, 12/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$319813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$317506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679159 |
| **INSURANCE — 3.1%** |  |  |
| Acrisure LLC<br>Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554556 |
| Alliant Holdings Intermediate LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50%, 7.85%, 11/6/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484469 |
| AmWINS Group, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 2/19/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314806 |
| AssuredPartners, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359939 |
| Broadstreet Partners, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 1/27/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201065 |
| Hub International Ltd.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.53%, 4/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491180 |
| Hyperion Insurance Group Ltd.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.69%, 11/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546829 |
| NFP Corp.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130239 |
| Ryan Specialty Group LLC<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.00%, 7.32%, 9/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145953 |
| Sedgwick Claims Management Services, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 9/3/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581750 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **INTERNET & TELECOM — 0.1%** |  |  |
| Adevinta ASA<br>Senior Secured USD Term Loan B, 6/26/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$115358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114377 |
| **INTERNET SECURITY — 0.2%** |  |  |
| Proofpoint, Inc.<br>Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 6.25%, 10.98%, 8/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231739 |
| **INVESTMENT COMPANIES — 0.1%** |  |  |
| AL GCX Holdings LLC<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.75%, 7.42%, 5/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137687 |
| **IT SERVICES — 1.0%** |  |  |
| Access CIG LLC<br>Senior Secured 2018 2nd Lien Term Loan, 3 Month USD LIBOR + 7.75%, 11.82%, 2/27/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173208 |
| Ahead DB Holdings LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 10/18/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183723 |
| CoreLogic, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.94%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116218 |
| Fleetcor Technologies Operating Co. LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 4/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154444 |
| Presidio Holdings, Inc.<br>Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.50%, 1/22/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164920 |
| Science Applications International Corp.<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.875%, 6.30%, 10/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113467 |
| WEX, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153001 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **LEISURE INDUSTRY — 0.2%** |  |  |
| Carnival Corp.<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/18/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$185922 |
| **LEISURE&REC/GAMES — 0.2%** |  |  |
| Scientific Games Holdings LP<br>Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.50%, 7.10%, 4/4/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266259 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.5%** |  |  |
| Avantor Funding, Inc.<br>Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25%, 6.63%, 11/8/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237722 |
| Parexel International Corp.<br>Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 11/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552047 |
| **MACHINERY — 0.5%** |  |  |
| Clark Equipment Co.<br>Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 2.25%, 7.18%, 4/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123749 |
| Ingersoll-Rand Services Co.<br>Senior Secured 2020 USD Spinco Term Loan, 1 Month USD SOFR + 1.75%, 6.17%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332938 |
| Madison IAQ LLC<br>Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 7.99%, 6/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642321 |
| **MACHINERY-CONSTRUCTION & MINING — 0.3%** |  |  |
| Brookfield WEC Holdings, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332412 |
| **MEDIA — 3.9%** |  |  |
| Charter Communications Operating LLC<br>Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.14%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540368 |
| Cogeco Communications Finance (USA) LP<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 1/3/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146718 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2017 Term Loan B1, 1 Month USD LIBOR + 2.25%, 6.57%, 7/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$297638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.82%, 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332086 |
| Go Daddy Operating Co. LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.38%, 8/10/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317519 |
| Gray Television, Inc.<br>Senior Secured 2021 Term Loan D, 1 Month USD LIBOR + 3.00%, 7.12%, 12/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58450 |
| MH Sub I LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 9/13/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 3 Month USD SOFR + 6.25%, 10.65%, 2/23/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174059 |
| Nexstar Broadcasting, Inc.<br>Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.88%, 9/18/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135971 |
| Radiate Holdco LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 9/25/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288556 |
| Telenet Financing USD LLC<br>Senior Secured 2020 USD Term Loan AR, 1 Month USD LIBOR + 2.00%, 6.32%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303857 |
| Univision Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 3/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 1/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150474 |
| UPC Broadband Holding BV<br>Senior Secured 2020 USD Term Loan AT, 1 Month USD LIBOR + 2.25%, 6.57%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315475 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Vertical U.S. Newco, Inc.<br>Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50%, 6.87%, 7/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$339742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327773 |
| Virgin Media Bristol LLC<br>Senior Secured USD Term Loan N, 1 Month USD LIBOR + 2.50%, 6.82%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162292 |
| Ziggo Financing Partnership<br>Senior Secured USD Term Loan I, 1 Month USD LIBOR + 2.50%, 6.82%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512431 |
| **MEDICAL LABS&TESTING SRV (d) — 0.0%** |  |  |
| Electron BidCo, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 11/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59719 |
| **MISCELLANEOUS MANUFACTUR — 0.7%** |  |  |
| LTI Holdings, Inc.<br>Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 11.13%, 9/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769486 |
| **MRI/MEDICAL DIAG IMAGING — 0.1%** |  |  |
| IQVIA, Inc.<br>Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75%, 6.48%, 6/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124321 |
| **OIL, GAS & CONSUMABLE FUELS — 0.9%** |  |  |
| Buckeye Partners LP<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 11/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307709 |
| ITT Holdings LLC<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 7/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118123 |
| Oryx Midstream Services Permian Basin LLC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 7.92%, 10/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347331 |
| Pacific Gas & Electric Co.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.44%, 6/23/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **PERSONAL PRODUCTS — 0.1%** |  |  |
| Prestige Brands, Inc.<br>Senior Secured 2021 Term Loan B5, 6.39%, 7/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$112009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111851 |
| **PHARMACEUTICALS — 1.2%** |  |  |
| Catalent Pharma Solutions, Inc.<br>Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.00%, 6.38%, 2/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344317 |
| Elanco Animal Health, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 5.87%, 8/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184493 |
| Grifols Worldwide Operations USA, Inc.<br>Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 11/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165781 |
| Jazz Financing Lux SARL<br>Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 5/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306310 |
| Organon & Co.<br>Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.00%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31464 |
| Padagis LLC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75%, 8.49%, 7/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381310 |
| **PIPELINES — 0.5%** |  |  |
| CQP Holdco LP<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 6/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391160 |
| TransMontaigne Operating Co. LP<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50%, 7.87%, 11/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541074 |
| **PROFESSIONAL SERVICES — 0.5%** |  |  |
| Anticimex International AB<br>Senior Secured 2021 USD Term Loan B1, 3 Month USD LIBOR + 3.50%, 8.23%, 11/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170804 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Dun & Bradstreet Corp.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.25%, 7.64%, 2/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$385135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$382281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553085 |
| **RETAIL-BUILDING PRODUCTS — 0.1%** |  |  |
| LBM Acquisition LLC<br>Senior Secured Term Loan B, 6 Month USD LIBOR + 3.75%, 7.12%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93814 |
| Specialty Building Products Holdings LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 7.64%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115823 |
| **RETAIL-RESTAURANTS — 0.9%** |  |  |
| CT Technologies Intermediate Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 12/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189490 |
| Hilton Domestic Operating Company, Inc<br>Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.17%, 6/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327457 |
| IRB Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/5/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 12/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008159 |
| **ROAD & RAIL — 0.3%** |  |  |
| Genesee & Wyoming, Inc.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 2.00%, 6.73%, 12/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318803 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%** |  |  |
| Entegris, Inc.<br>Senior Secured 2022 Term Loan B, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260404 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| MKS Instruments, Inc.<br>Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 8/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$141431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400496 |
| **SOFTWARE — 5.4%** |  |  |
| Applied Systems, Inc.<br>Senior Secured 2022 Extended 1st Lien Term Loan, 3 Month USD SOFR + 4.50%, 9.08%, 9/18/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124594 |
| Apttus Corp.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 8.66%, 5/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160975 |
| Athenahealth, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term Loan, 1 Month CME Term SOFR + 3.50%, 3.50%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.50%, 7.82%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231083 |
| Banff Merger Sub, Inc.<br>Senior Secured 2021 USD 2nd Lien Term Loan, 1 Month USD LIBOR + 5.50%, 9.88%, 2/27/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68101 |
| CCC Intelligent Solutions, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 9/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143933 |
| CDK Global, Inc.<br>Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.50%, 9.08%, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397068 |
| Cengage Learning, Inc.<br>Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 4.75%, 7.81%, 7/14/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111432 |
| DCert Buyer, Inc.<br>Senior Secured 2019 Term Loan B, 6 Month USD SOFR + 4.00%, 8.70%, 10/16/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242281 |
| EP Purchaser LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.23%, 11/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144844 |
| Epicor Software Corp.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 7/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89807 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| EverCommerce, Inc.<br>Senior Secured Term Loan B, 7.64%, 7/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$137764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$135559 |
| First Advantage Holdings LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 1/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114654 |
| Flexera Software LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.14%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181340 |
| Fortra LLC<br>Senior Secured 2021 Term Loan, 3 Month USD SOFR + 4.00%, 8.19%, 11/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88358 |
| Greeneden U.S. Holdings II LLC<br>Senior Secured 2020 USD Term Loan B4, 1 Month USD LIBOR + 4.00%, 8.38%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182385 |
| Hyland Software, Inc.<br>Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 7/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121474 |
| Idera, Inc.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 7.50%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179327 |
| I-Logic Technologies Bidco Ltd.<br>Senior Secured 2021 USD Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175251 |
| Informatica LLC<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.19%, 10/27/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151796 |
| McAfee LLC<br>Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 3/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474061 |
| MeridianLink, Inc.<br>Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 3.00%, 8.15%, 11/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111215 |
| Mitchell International, Inc.<br>Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 11.23%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64660 |
| NortonLifeLock, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 9/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Open Text Corp.<br>Senior Secured 2022 Term Loan B, 11/16/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$253721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248424 |
| Polaris Newco LLC<br>Senior Secured USD Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166645 |
| Project Alpha Intermediate Holding, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 8.39%, 4/26/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49909 |
| Project Ruby Ultimate Parent Corp.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 3/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182518 |
| RealPage, Inc.<br>Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 4/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331353 |
| SolarWinds Holdings, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 2/5/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249318 |
| Sovos Compliance LLC<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50%, 8.88%, 8/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202821 |
| SS&C Technologies, Inc.<br>Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 4/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421412 |
| Surf Holdings LLC<br>Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/5/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92252 |
| Ultimate Software Group, Inc.<br>Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25%, 9.00%, 5/3/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92892 |
| Vision Solutions, Inc.<br>Senior Secured 2021 Incremental Term Loan, 3 Month USD LIBOR + 4.00%, 8.36%, 4/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289442 |
| **SPECIALTY RETAIL — 1.3%** |  |  |
| Petco Health & Wellness Company, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.98%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434639 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PetSmart, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$468042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$459411 |
| Pilot Travel Centers LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 8/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355279 |
| Whatabrands LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 8/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548738 |
| **STEEL-PRODUCERS — 0.2%** |  |  |
| Phoenix Services International LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 DIP New Money Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 3/28/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 DIP PIK Roll Up Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 9/29/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan, 3 Month USD LIBOR + 2.75%, 10.25%, 3/1/2025 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284355 |
| **TELECOM SERVICES — 0.3%** |  |  |
| SBA Senior Finance II LLC<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 4/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313846 |
| **TELECOMMUNICATION EQUIP — 0.3%** |  |  |
| Coral-US Co-Borrower LLC<br>Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25%, 7.32%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297285 |
| Delta Topco, Inc.<br>Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.15%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408271 |
| **TELEVISION — 0.2%** |  |  |
| Gray Television, Inc.<br>Senior Secured 2018 Term Loan C, 1 Month USD LIBOR + 2.50%, 6.62%, 1/2/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** |  |  |
| Varsity Brands, Inc.<br>Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 12/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$172643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166881 |
| **THRIFTS & MORTGAGE FINANCE — 0.1%** |  |  |
| Walker & Dunlop, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD SOFR + 2.25%, 6.67%, 12/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115891 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.2%** |  |  |
| Foundation Building Materials Holding Co. LLC<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 7.66%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191690 |
| **TRANSPORT-AIR FREIGHT — 0.1%** |  |  |
| Kestrel Bidco, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 7.35%, 12/11/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71952 |
| **TRANSPORT-SERVICES — 0.3%** |  |  |
| EG America LLC<br>Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 2/7/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223840 |
| Endure Digital, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.72%, 2/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396725 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $59,919,426)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58432886 |
| **ASSET-BACKED SECURITIES — 3.0%** |  |  |
| **OTHER ABS — 3.0%** |  |  |
| Balboa Bay Loan Funding Ltd.<br>Series 2022-1A, Class E, 3 Month SOFR + 7.93%, 11.89%, 4/20/2034 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445200 |
| Carlyle U.S. CLO Ltd.<br>Series 2020-1A, Class DR, 3 Month USD LIBOR + 6.25%, 10.49%, 7/20/2034 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408250 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Goldentree Loan Management US CLO Ltd.<br>Series 2022-12A, Class E, 3 Month SOFR + 7.25%, 11.21%, 4/20/2034 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$438550 |
| Point Au Roche Park CLO Ltd.<br>Series 2021-1A, Class E, 3 Month USD LIBOR + 6.10%, 10.34%, 7/20/2034 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203832 |
| Rad CLO, Ltd.<br>Series 2021-15A, Class E, 3 Month USD LIBOR + 6.20%, 10.44%, 1/20/2034 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543537 |
| RR, Ltd.<br>Series 2022-20A, Class D, 3 Month SOFR + 7.25%, 11.11%, 7/15/2037 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496819 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,945,547)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496819 |
| **CORPORATE BONDS & NOTES — 44.9%** |  |  |
| **ADVERTISING — 0.2%** |  |  |
| Lamar Media Corp.<br>4.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184836 |
| **AEROSPACE & DEFENSE — 1.6%** |  |  |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335882 |
| Howmet Aerospace, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48558 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226686 |
| Triumph Group, Inc.<br>7.75%, 8/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886361 |
| **AIRLINES — 0.1%** |  |  |
| American Airlines Group, Inc.<br>3.75%, 3/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144879 |
| **APPAREL — 0.2%** |  |  |
| Crocs, Inc.<br>4.25%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85322 |
| Kontoor Brands, Inc.<br>4.13%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197995 |
| **AUTO MANUFACTURERS — 0.6%** |  |  |
| Allison Transmission, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111431 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74177 |
| Ford Motor Credit Co. LLC<br>2.90%, 2/10/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199577 |
| Wabash National Corp.<br>4.50%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676426 |
| **AUTO PARTS & EQUIPMENT — 0.1%** |  |  |
| Titan International, Inc.<br>7.00%, 4/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152176 |
| **BANKS — 0.7%** |  |  |
| Intesa Sanpaolo SpA<br>5.71%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770872 |
| **BEVERAGES — 0.1%** |  |  |
| Primo Water Holdings, Inc.<br>4.38%, 4/30/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172728 |
| **BUILDING MATERIALS — 0.5%** |  |  |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182896 |
| Louisiana-Pacific Corp.<br>3.63%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103525 |
| Masonite International Corp.<br>5.38%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213035 |
| PGT Innovations, Inc.<br>4.38%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625102 |
| **CHEMICALS — 1.6%** |  |  |
| Ashland LLC<br>3.38%, 9/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350117 |
| Chemours Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89792 |
| HB Fuller Co.<br>4.25%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202476 |
| Ingevity Corp.<br>3.88%, 11/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172530 |
| Nufarm Australia, Ltd./Nufarm Americas, Inc.<br>5.00%, 1/27/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113663 |
| Rayonier AM Products, Inc.<br>7.63%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365324 |
| Valvoline, Inc.<br>3.63%, 6/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863035 |
| **COAL — 0.2%** |  |  |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187675 |
| **COMMERCIAL SERVICES — 1.8%** |  |  |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123737 |
| ASGN, Inc.<br>4.63%, 5/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91530 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>5.75%, 7/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227047 |
| Gartner, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86706 |
| Korn Ferry<br>4.63%, 12/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91776 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287630 |
| Service Corp. International: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348008 |
| TriNet Group, Inc.<br>3.50%, 3/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063574 |
| **COMPUTERS — 0.4%** |  |  |
| Booz Allen Hamilton, Inc.<br>3.88%, 9/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312046 |
| KBR, Inc.<br>4.75%, 9/30/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78780 |
| Science Applications International Corp.<br>4.88%, 4/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530242 |
| **COSMETICS/PERSONAL CARE — 0.3%** |  |  |
| Edgewell Personal Care Co.<br>5.50%, 6/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327666 |
| **DIVERSIFIED FINANCIAL SERVICES — 2.5%** |  |  |
| Enova International, Inc.<br>8.50%, 9/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138611 |
| LPL Holdings, Inc.<br>4.38%, 5/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154341 |
| Nationstar Mortgage Holdings, Inc.<br>5.50%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531797 |
| Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/25/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136623 |
| OneMain Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288405 |
| PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218716 |
| PHH Mortgage Corp.<br>7.88%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160724 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PRA Group, Inc.<br>5.00%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872103 |
| **ELECTRIC — 0.8%** |  |  |
| DPL, Inc.<br>4.13%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482123 |
| PG&E Corp.<br>5.00%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183014 |
| Vistra Operations Co. LLC<br>4.38%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880840 |
| **ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%** |  |  |
| Energizer Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459468 |
| **ELECTRONICS — 0.4%** |  |  |
| Sensata Technologies B.V.<br>4.00%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362267 |
| TTM Technologies, Inc.<br>4.00%, 3/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508219 |
| **ENERGY-ALTERNATE SOURCES — 0.3%** |  |  |
| Atlantica Sustainable Infrastructure PLC<br>4.13%, 6/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124386 |
| Enviva Partners L.P./Enviva Partners Finance Corp.<br>6.50%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313038 |
| **ENGINEERING & CONSTRUCTION — 0.3%** |  |  |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>6.00%, 2/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104028 |
| Fluor Corp.<br>4.25%, 9/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90674 |
| Tutor Perini Corp.<br>6.88%, 5/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361254 |
| **ENTERTAINMENT — 1.0%** |  |  |
| CDI Escrow Issuer, Inc.<br>5.75%, 4/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631099 |
| Cinemark USA, Inc.<br>5.88%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249579 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>REGS, 5.13%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155107 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENVIRONMENTAL CONTROL — 0.2%** |  |  |
| Stericycle, Inc.<br>3.88%, 1/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$230461 |
| **FOOD — 1.3%** |  |  |
| Lamb Weston Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379200 |
| Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524545 |
| **FOREST PRODUCTS & PAPER — 0.3%** |  |  |
| Clearwater Paper Corp.<br>4.75%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202904 |
| Mativ Holdings, Inc.<br>6.88%, 10/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325373 |
| **GAS — 0.6%** |  |  |
| AmeriGas Partners L.P./AmeriGas Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/20/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650383 |
| **HEALTH CARE PRODUCTS — 0.6%** |  |  |
| Hologic, Inc.<br>3.25%, 2/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706425 |
| **HEALTH CARE SERVICES — 1.4%** |  |  |
| Acadia Healthcare Co., Inc.<br>5.50%, 7/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303786 |
| Charles River Laboratories International, Inc.<br>4.25%, 5/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55210 |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135699 |
| Encompass Health Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685038 |
| **HOME BUILDERS — 1.3%** |  |  |
| Beazer Homes USA, Inc.<br>5.88%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229291 |
| Forestar Group, Inc.<br>3.85%, 5/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259629 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Installed Building Products, Inc.<br>5.75%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81151 |
| KB Home<br>7.25%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97114 |
| LGI Homes, Inc.<br>4.00%, 7/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77173 |
| M/I Homes, Inc.<br>4.95%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177660 |
| Meritage Homes Corp.<br>3.88%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254595 |
| Taylor Morrison Communities, Inc.<br>5.13%, 8/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156622 |
| Tri Pointe Homes, Inc.<br>5.70%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515375 |
| **HOME FURNISHINGS — 0.3%** |  |  |
| Tempur Sealy International, Inc.<br>4.00%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403027 |
| **HOUSEHOLD PRODUCTS & WARES — 0.3%** |  |  |
| Central Garden & Pet Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322016 |
| **INSURANCE — 0.2%** |  |  |
| MGIC Investment Corp.<br>5.25%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277071 |
| **INTERNET — 0.2%** |  |  |
| Gen Digital, Inc.<br>6.75%, 9/30/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185568 |
| **INVESTMENT COMPANY SECURITY — 0.5%** |  |  |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641547 |
| **IRON/STEEL — 1.5%** |  |  |
| ATI, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286725 |
| Carpenter Technology Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150699 |
| Commercial Metals Co.<br>3.88%, 2/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295127 |
| Mineral Resources, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 5/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783205 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **LEISURE TIME — 1.8%** |  |  |
| Carnival Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447261 |
| Life Time, Inc.<br>8.00%, 4/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179688 |
| NCL Corp., Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203189 |
| Royal Caribbean Cruises, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/31/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 8/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472491 |
| Vista Outdoor, Inc.<br>4.50%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104399 |
| **LODGING — 1.2%** |  |  |
| Full House Resorts, Inc.<br>8.25%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88341 |
| Hilton Domestic Operating Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45366 |
| Las Vegas Sands Corp.<br>3.90%, 8/8/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263358 |
| Marriott Ownership Resorts, Inc.<br>4.75%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260712 |
| Travel & Leisure Co.<br>4.50%, 12/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138565 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<br>REGS, 5.25%, 5/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421786 |
| **MACHINERY-DIVERSIFIED — 0.0% (d)** |  |  |
| ATS Corp.<br>4.13%, 12/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34504 |
| **MEDIA — 1.2%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 1/15/2034 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81343 |
| DISH DBS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403505 |
| Sirius XM Radio, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374282 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MINING — 1.3%** |  |  |
| Compass Minerals International, Inc.<br>6.75%, 12/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144789 |
| Eldorado Gold Corp.<br>6.25%, 9/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194148 |
| FMG Resources August 2006 Pty, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219177 |
| FMG Resources August Pty. Ltd.<br>5.88%, 4/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296699 |
| Hecla Mining Co.<br>7.25%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98676 |
| Hudbay Minerals, Inc.<br>6.13%, 4/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54684 |
| IAMGOLD Corp.<br>5.75%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62173 |
| Kaiser Aluminum Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87668 |
| New Gold, Inc.<br>7.50%, 7/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87828 |
| Taseko Mines, Ltd.<br>7.00%, 2/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559587 |
| **MISCELLANEOUS MANUFACTURER — 0.1%** |  |  |
| LSB Industries, Inc.<br>6.25%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91119 |
| **OFFICE & BUSINESS EQUIPMENT — 0.4%** |  |  |
| Pitney Bowes, Inc.<br>6.88%, 3/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128371 |
| Xerox Holdings Corp.<br>5.50%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491557 |
| **OFFICE FURNISHINGS — 0.1%** |  |  |
| Interface, Inc.<br>5.50%, 12/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82359 |
| **OIL & GAS — 4.1%** |  |  |
| Apache Corp.<br>5.35%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227657 |
| Calumet Specialty Products Partners L.P./Calumet Finance Corp.<br>8.13%, 1/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216179 |
| CVR Energy, Inc.<br>5.75%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347312 |
| Energean PLC<br>6.50%, 4/30/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220944 |
| Nabors Industries, Ltd.<br>7.50%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359991 |
| Northern Oil & Gas, Inc.<br>8.13%, 3/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297464 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Occidental Petroleum Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 3/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248433 |
| Patterson-UTI Energy, Inc.<br>5.15%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171049 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>6.00%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221255 |
| Petrofac, Ltd.<br>9.75%, 11/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112994 |
| Precision Drilling Corp.<br>6.88%, 1/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299856 |
| ROCC Holdings LLC<br>9.25%, 8/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73995 |
| Sunoco L.P./Sunoco Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34736 |
| Transocean, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817318 |
| **OIL & GAS SERVICES — 0.2%** |  |  |
| Enerflex, Ltd.<br>9.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209506 |
| **PACKAGING & CONTAINERS — 0.6%** |  |  |
| Ball Corp.<br>3.13%, 9/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104358 |
| OI European Group B.V.<br>4.75%, 2/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318067 |
| Owens-Brockway Glass Container, Inc.<br>6.63%, 5/13/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145995 |
| TriMas Corp.<br>4.13%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700007 |
| **PHARMACEUTICALS — 0.1%** |  |  |
| AdaptHealth LLC<br>5.13%, 3/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85112 |
| **PIPELINES — 2.3%** |  |  |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223654 |
| Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49917 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp.<br>7.13%, 6/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153238 |
| EnLink Midstream Partners L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176618 |
| EQM Midstream Partners L.P.<br>6.50%, 7/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127502 |
| Global Partners L.P./GLP Finance Corp.<br>6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230959 |
| Holly Energy Partners L.P./Holly Energy Finance Corp.<br>5.00%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339068 |
| NuStar Logistics L.P.<br>6.38%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352522 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<br>8.50%, 10/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189894 |
| Western Midstream Operating L.P.<br>5.50%, 8/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718151 |
| **REAL ESTATE — 0.2%** |  |  |
| Howard Hughes Corp.<br>4.13%, 2/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255139 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.3%** |  |  |
| Apollo Commercial Real Estate Finance, Inc.<br>4.63%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160042 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139544 |
| &nbsp;&nbsp;&nbsp;&nbsp; REIT, 4.50%, 2/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378897 |
| MPT Operating Partnership L.P./MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252450 |
| Office Properties Income Trust<br>2.65%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248928 |
| Rithm Capital Corp.<br>6.25%, 10/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179534 |
| SBA Communications Corp.<br>3.13%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116586 |
| Service Properties Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125420 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726400 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **RETAIL — 3.5%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89929 |
| Abercrombie & Fitch Management Co.<br>8.75%, 7/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69266 |
| Asbury Automotive Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142706 |
| Bath & Body Works, Inc.<br>6.75%, 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201616 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<br>5.13%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67254 |
| FirstCash, Inc.<br>4.63%, 9/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359517 |
| Gap, Inc.<br>3.63%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334461 |
| Group 1 Automotive, Inc.<br>4.00%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161538 |
| Macy's Retail Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84053 |
| Murphy Oil USA, Inc.<br>3.75%, 2/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133222 |
| Papa John's International, Inc.<br>3.88%, 9/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116851 |
| Patrick Industries, Inc.<br>4.75%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209660 |
| Sonic Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138563 |
| Superior Plus L.P./Superior General Partner, Inc.<br>4.50%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197517 |
| Yum! Brands, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/31/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072925 |
| **SOFTWARE — 1.4%** |  |  |
| Consensus Cloud Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118799 |
| Fair Isaac Corp.<br>4.00%, 6/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553368 |
| MSCI, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324683 |
| Open Text Corp.<br>3.88%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266051 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Open Text Holdings, Inc.<br>4.13%, 2/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48812 |
| Ziff Davis, Inc.<br>4.63%, 10/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597511 |
| **TELECOMMUNICATIONS — 1.2%** |  |  |
| CommScope, Inc.<br>8.25%, 3/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285565 |
| Frontier Communications Holdings LLC<br>6.75%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529120 |
| Hughes Satellite Systems Corp.<br>6.63%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186682 |
| ViaSat, Inc.<br>6.50%, 7/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403533 |
| **TRANSPORTATION — 0.1%** |  |  |
| Cargo Aircraft Management, Inc.<br>4.75%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99755 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $53,993,355)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52428580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (g) (h)<br>(Cost $9,542,516)<br>| 9542516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542516 |
| **TOTAL INVESTMENTS — 106.2%<br>(Cost $127,392,957)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;123900801 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (6.2)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7236493) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$116664308 |

---

(a) The
 rate shown represents the rate at December 31, 2022.

(b) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Security
 is currently in default and/or issuer is in bankruptcy.

(d) Amount
 is less than 0.05% of net assets.

(e) Position
 is unsettled. Contract rate was not determined at December 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

(f) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 34.1% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(g) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(h) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CVR | Contingent Value Rights |
| LIBOR | London Interbank Offered Rate |
| PIK | Payment in Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

At December 31, 2022, the Fund had unfunded loan commitments of $43,961, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;**Unfunded Loan<br> Commitment ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation/(Depreciation) ($)** |
| Pediatric Associates Holding Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544) |
| Athenahealth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3086) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$43961 | &nbsp;&nbsp;&nbsp;&nbsp;$40331 | &nbsp;&nbsp;&nbsp;&nbsp;$(3630) |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$52428580 | $— | &nbsp;&nbsp;$52428580 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496819 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496819 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58432886 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58432886 |
| Short-Term Investment<br>| &nbsp;&nbsp;9542516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542516 |
| **TOTAL INVESTMENTS<br>**  | $9542516 | $114358285 | $— | $123900801 |
| **LIABILITIES:** |  |  |  |  |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3630) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3630) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3630) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3630) |

---

(a) Unfunded
 loan commitments are valued at unrealized appreciation (depreciation).

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $2327133 | $2323843 | $(3290) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $14072 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 2996829 | &nbsp;&nbsp;2996829 | &nbsp;&nbsp;56734518 | &nbsp;&nbsp;50188831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | 9542516 | &nbsp;&nbsp;9542516 | &nbsp;&nbsp;106191 |
| Total<br>|  | $2996829 | $59061651 | $52512674 | $(3290) | $— |  | $9542516 | $120263 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SENIOR FLOATING RATE LOANS — 87.0% (a)** |  |  |
| **ADVERTISING SERVICES — 0.1%** |  |  |
| AppLovin Corp.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.00%, 9.50%, 10/25/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6126748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5835728 |
| **AEROSPACE & DEFENSE — 1.4%** |  |  |
| Dynasty Acquisition Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 CAD Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.92%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.80%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326244 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; , 2/22/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan E, 3 Month USD LIBOR + 2.25%, 6.98%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan F, 3 Month USD LIBOR + 2.25%, 6.98%, 12/9/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73555056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72801117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83118222 |
| **AIR FREIGHT & LOGISTICS — 0.2%** |  |  |
| Kenan Advantage Group, Inc.<br>Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.75%, 8.13%, 3/24/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178225 |
| Worldwide Express Operations LLC<br>Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 7/26/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11669259 |
| **AIRLINES — 1.7%** |  |  |
| Air Canada<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.13%, 8/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233144 |
| American Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 6/27/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171172 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 8.99%, 4/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$997345 |
| Mileage Plus Holdings LLC<br>Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 5.25%, 10.00%, 6/21/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18752670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19322283 |
| SkyMiles IP Ltd.<br>Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75%, 7.99%, 10/20/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10930756 |
| United Airlines, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.11%, 4/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67769071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67105612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101760312 |
| **AUTO COMPONENTS — 0.5%** |  |  |
| Clarios Global LP<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18611132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300977 |
| USI, Inc.<br>Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 3.75%, 8.33%, 11/22/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9522335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9450918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27751895 |
| **BEVERAGES — 0.6%** |  |  |
| Triton Water Holdings, Inc.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36454461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34025682 |
| **BUILDING PRODUCTS — 0.7%** |  |  |
| Cornerstone Building Brands, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.57%, 4/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39585403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35704647 |
| Summit Materials LLC<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.00%, 7.61%, 12/14/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39162514 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CAPITAL MARKETS — 0.9%** |  |  |
| AqGen Ascensus, Inc.<br>Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 10.25%, 8/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7194340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6319004 |
| Ascensus Holdings, Inc.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 8.25%, 8/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477770 |
| Focus Financial Partners LLC<br>Senior Secured 2022 Term Loan B5, 1 Month USD SOFR + 3.25%, 7.57%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15803752 |
| LPL Holdings, Inc.<br>Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 1.75%, 5.87%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31326280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53926806 |
| **CASINO SERVICES — 1.5%** |  |  |
| Stars Group Holdings B.V.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25%, 6.98%, 7/21/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81908640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80907306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.25%, 8.09%, 7/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92444577 |
| **CHEMICALS — 1.0%** |  |  |
| Axalta Coating Systems Dutch Holding B B.V<br>Senior Secured 2022 USD Term Loan B, 12/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17574803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17614347 |
| Messer Industries GmbH<br>Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 7.23%, 3/2/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872605 |
| SCIH Salt Holdings, Inc.<br>Senior Secured 2021 Incremental Term Loan B, 3 Month USD LIBOR + 4.00%, 8.41%, 3/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261813 |
| Starfruit Finco B.V<br>Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 2.75%, 7.16%, 10/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36153075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35728277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59477042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMERCIAL SERVICES — 1.7%** |  |  |
| Allied Universal Holdco LLC<br>Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 3.75%, 8.17%, 5/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;$67634054 | &nbsp;&nbsp;&nbsp;&nbsp;$64387957 |
| Corporation Service Co.<br>Senior Secured Term Loan B, 1 Month USD SOFR + 3.25%, 7.67%, 11/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991250 |
| Galaxy U.S. Opco, Inc.<br>Senior Secured Term Loan, 1 Month USD SOFR + 4.75%, 9.07%, 4/29/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612675 |
| Sabre GLBL Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.25%, 8.67%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728355 |
| <br>Senior Secured 2022 Term Loan, 9.73%, 1/21/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160088 |
| Verscend Holding Corp.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 8/27/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17217447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17142121 |
| VT Topco, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.88%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Delayed Draw Term Loan, 1 Month USD LIBOR + 3.75%, 6.16%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8146430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7919022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99279158 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.2%** |  |  |
| Aramark Services, Inc.<br>Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.13%, 3/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847848 |
| Asurion LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B7, 1 Month USD LIBOR + 3.00%, 7.38%, 11/3/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822708 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B8, 1 Month USD LIBOR + 3.25%, 7.63%, 12/23/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$994924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$889422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25%, 9.63%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38035258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29889247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Second Lien Term Loan B4, 1 Month USD LIBOR + 5.25%, 9.63%, 1/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32985009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25834354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B9, 1 Month USD LIBOR + 3.25%, 7.63%, 7/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988387 |
| Covanta Holding Corporation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; , 6.57%, 11/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918236 |
| &nbsp;&nbsp;&nbsp;&nbsp; , 6.82%, 11/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69437 |
| Garda World Security Corp.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.93%, 10/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975500 |
| GFL Environmental, Inc.<br>Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.00%, 7.41%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996511 |
| McGraw-Hill Global Education Holdings LLC<br>Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 4.75%, 8.32%, 7/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303846 |
| Prime Security Services Borrower LLC<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.75%, 6.50%, 9/23/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50360625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49982920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129518416 |
| **COMMUNICATIONS EQUIPMENT — 0.7%** |  |  |
| CommScope, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43047744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690880 |
| **COMPUTERS — 0.7%** |  |  |
| Magenta Buyer LLC<br>Senior Secured 2021 USD 1st Lien Term Loan, 3 Month USD LIBOR + 4.75%, 9.17%, 7/27/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45483885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39158896 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION & ENGINEERING — 0.0% (c)** |  |  |
| DG Investment Intermediate Holdings 2, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.07%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$496215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475746 |
| Pike Corp.<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.00%, 7.39%, 1/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463636 |
| **CONSTRUCTION MATERIALS — 0.2%** |  |  |
| Quikrete Holdings, Inc.<br>Senior Secured 2016 1st Lien Term Loan, 1 Month USD LIBOR + 2.63%, 7.01%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11330900 |
| **CONTAINERS & PACKAGING — 1.5%** |  |  |
| Berry Global, Inc.<br>Senior Secured 2021 Term Loan Z, 1 Month USD LIBOR + 1.75%, 6.02%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90113204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89560360 |
| **COSMETICS & TOILETRIES — 0.8%** |  |  |
| Sunshine Luxembourg VII SARL<br>Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75%, 8.48%, 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50371744 |
| **DISTRIBUTION/WHOLESALE — 0.1%** |  |  |
| Resideo Funding, Inc.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25%, 6.83%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867002 |
| **DISTRIBUTORS — 0.6%** |  |  |
| American Tire Distributors Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25%, 10.61%, 10/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36051203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33167107 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED CONSUMER SERVICES — 0.1%** |  |  |
| Bright Horizons Family Solutions LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.69%, 11/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4194421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4128884 |
| St. George's University Scholastic Services<br>Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 2/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172663 |
| **DIVERSIFIED FINANCIAL SERVICES — 5.4%** |  |  |
| AlixPartners, LLP<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20981744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20841271 |
| Apex Group Treasury LLC<br>Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.75%, 8.26%, 7/27/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477541 |
| Avolon TLB Borrower 1 (U.S.) LLC<br>Senior Secured Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.10%, 1/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9612896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9596890 |
| Camelot U.S. Acquisition LLC<br>Senior Secured 2020 Incremental Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 10/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878238 |
| Citadel Securities LP<br>Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 2.50%, 6.94%, 2/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83376804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82001087 |
| Clydesdale Acquisition Holdings, Inc.<br>Senior Secured Term Loan B, 1 Month USD SOFR + 4.18%, 8.60%, 4/13/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44077484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42088488 |
| Deerfield Dakota Holding LLC<br>Senior Secured 2020 USD Term Loan B, 1 Month USD SOFR + 3.75%, 8.07%, 4/9/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| DirecTV Financing LLC<br>Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 8/2/2027 (b)<br>| &nbsp;&nbsp;&nbsp;$56098874 | &nbsp;&nbsp;&nbsp;&nbsp;$54737354 |
| Minotaur Acquisition, Inc.<br>Senior Secured Term Loan B, 1 Month USD SOFR + 4.75%, 9.17%, 3/27/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825547 |
| Setanta Aircraft Leasing DAC<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 2.00%, 6.73%, 11/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528973 |
| Trans Union LLC<br>Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 11/16/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48482852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47881179 |
| William Morris Endeavor Entertainment LLC<br>Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 2.75%, 7.14%, 5/18/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55490170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54435857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320224058 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%** |  |  |
| CenturyLink, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58507304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55670577 |
| Intelsat Jackson Holdings SA<br>Senior Secured 2021 Exit Term Loan B, 6 Month USD SOFR + 4.25%, 7.44%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894760 |
| Level 3 Financing, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40656113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39062597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95627934 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** |  |  |
| II-VI, Inc.<br>Senior Secured 2022 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.13%, 7/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21973220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797434 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENTERTAINMENT — 2.4%** |  |  |
| AMC Entertainment Holdings, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.27%, 4/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;$32093713 | &nbsp;&nbsp;&nbsp;&nbsp;$17547880 |
| AP Gaming I LLC<br>Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13454353 |
| Crown Finance U.S., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 4.00%, 2/28/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49204796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Incremental Term Loan, 3 Month USD LIBOR + 2.75%, 4.25%, 9/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118890 |
| Fertitta Entertainment LLC<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 1/27/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27203578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918345 |
| Formula One Holdings Ltd.<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.25%, 7.57%, 1/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10507576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515456 |
| GVC Holdings (Gibraltar) Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 USD Term Loan B4, 3 Month USD LIBOR + 2.50%, 7.23%, 3/29/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 10/31/2029 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559553 |
| Motion Finco SARL<br>Senior Secured Delayed Draw Term Loan B2, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272260 |
| NASCAR Holdings, Inc<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 10/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17631697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17613801 |
| UFC Holdings LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.11%, 4/29/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33061732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32689787 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| WMG Acquisition Corp.<br>Senior Secured 2021 Term Loan G, 1 Month USD LIBOR + 2.13%, 6.51%, 1/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3960000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142516544 |
| **FOOD & STAPLES RETAILING — 0.1%** |  |  |
| Hostess Brands LLC<br>Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 2.25%, 6.66%, 8/3/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7242832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231896 |
| U.S. Foods, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 9/13/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082844 |
| **FOOD PRODUCTS — 0.6%** |  |  |
| KFC Holding Co.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.09%, 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35197086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34801119 |
| **FOOD-MISC/DIVERSIFIED — 0.2%** |  |  |
| Froneri International Ltd.<br>Senior Secured 2020 USD Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 1/29/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11145574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868496 |
| Skopima Merger Sub, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 5/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11417399 |
| **GAMING & ENTERTAINMENT — 0.0% (c)** |  |  |
| PCI Gaming Authority<br>Senior Secured Term Loan, 1 Month USD LIBOR + 2.50%, 6.88%, 5/29/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995835 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%** |  |  |
| Bausch & Lomb, Inc.<br>Senior Secured Term Loan, 3 Month USD SOFR + 3.25%, 7.84%, 5/10/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50275313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47958124 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Carestream Health, Inc.<br>Senior Secured 2022 Term Loan, 3 Month USD SOFR + 7.50%, 12.18%, 9/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4786437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3661625 |
| Gainwell Acquisition Corp.<br>Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 10/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65659715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61802206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113421955 |
| **HEALTH CARE PROVIDERS & SERVICES — 5.7%** |  |  |
| AmSurg LLC<br>Senior Secured 2022 Revolver, 7/20/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11164500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9796878 |
| Covenant Surgical Partners, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Delayed Draw Term Loan, 3 Month USD LIBOR + 4.00%, 8.41%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 4.00%, 8.41%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365720 |
| DaVita, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 8/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70645888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68986062 |
| Envision Healthcare Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 First Out Term Loan, 3 Month USD SOFR + 7.875%, 12.61%, 3/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21171494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18961719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Second Out Term Loan, 3 Month USD SOFR + 4.25%, 8.83%, 3/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7656271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679695 |
| Horizon Therapeutics USA, Inc.<br>Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.19%, 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26956214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26963492 |
| ICON Luxembourg SARL<br>Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66072225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65956929 |
| Medline Borrower LP<br>Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/23/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96423287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91805094 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| National Mentor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 8.33%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;$37363353 | &nbsp;&nbsp;&nbsp;&nbsp;$26320428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan C, 3 Month USD LIBOR + 3.75%, 8.48%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840750 |
| Pediatric Associates Holding Company LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term Loan, 1 Month USD LIBOR + 3.25%, 5.43%, 12/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64428 |
| PRA Health Sciences, Inc.<br>Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16531034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16502187 |
| Radnet Management, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.74%, 4/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973634 |
| Surgery Center Holdings, Inc.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 8.05%, 8/31/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354753 |
| Team Health Holdings, Inc.<br>Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 2/6/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222528 |
| Vizient, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month SOFR CME + 2.25%, 6.67%, 4/28/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995249 |
| WP CityMD Bidco LLC<br>Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341922656 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **HOME FURNISHINGS — 0.0% (c)** |  |  |
| AI Aqua Merger Sub, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1278160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1207063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term loan, 7/31/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 3.75%, 7.84%, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898211 |
| **HOTELS, RESTAURANTS & LEISURE — 7.0%** |  |  |
| 1011778 B.C. Unlimited Liability Co.<br>Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75%, 5.82%, 11/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;131880400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129866587 |
| Alterra Mountain Co.<br>Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 8/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982146 |
| Aristocrat Technologies, Inc.<br>Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 2.25%, 6.93%, 5/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| Caesars Resort Collection LLC<br>Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 12/23/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98664793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98570075 |
| Marriott Ownership Resorts, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 8/29/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7936000 |
| Motion Finco SARL<br>Senior Secured USD Term Loan B1, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271287 |
| Penn National Gaming, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 5/3/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12380909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12278581 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Peraton Corp.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/1/2028 (b)<br>| &nbsp;&nbsp;$100145366 | &nbsp;&nbsp;&nbsp;&nbsp;$97975717 |
| Scientific Games International, Inc.<br>Senior Secured 2022 USD Term Loan, 1 Month USD SOFR + 3.00%, 7.42%, 4/14/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36410309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36007247 |
| Twin River Worldwide Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.54%, 10/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923337 |
| Wyndham Hotels & Resorts, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25269854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25276171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416587148 |
| **HOUSEHOLD PRODUCTS — 0.4%** |  |  |
| Reynolds Consumer Products LLC<br>Senior Secured Term Loan, 1 Month USD LIBOR + 1.75%, 6.13%, 2/4/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22530913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22384800 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.4%** |  |  |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B10, 1 Month USD LIBOR + 2.00%, 6.38%, 8/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33236426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32868831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.89%, 12/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978363 |
| Vistra Operations Co. LLC<br>Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.12%, 12/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48391579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48042434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82889628 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **INDUSTRIAL CONGLOMERATES — 0.2%** |  |  |
| Magenta Buyer LLC<br>Senior Secured 2021 USD 2nd Lien Term Loan, 3 Month USD LIBOR + 8.25%, 12.67%, 7/27/2029 (b)<br>| &nbsp;&nbsp;&nbsp;$13082319 | &nbsp;&nbsp;&nbsp;&nbsp;$10400444 |
| **INSURANCE — 4.3%** |  |  |
| Acrisure LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56694042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53338039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947701 |
| Alliant Holdings Intermediate LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 5/9/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50%, 7.85%, 11/6/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21274561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20822477 |
| AmWINS Group, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 2/19/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26535612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26098172 |
| AssuredPartners, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan, 1 Month USD SOFR + 3.50%, 7.82%, 2/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483093 |
| Baldwin Risk Partners LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 7.79%, 10/14/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041679 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Broadstreet Partners, Inc.<br>Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 1/27/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$994885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966700 |
| Hub International Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 3.00%, 7.33%, 4/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81215081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80458157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.53%, 4/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53339479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52933299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.00%, 8.22%, 11/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7291667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224838 |
| Hyperion Insurance Group Ltd.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.69%, 11/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695703 |
| NFP Corp.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 2/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254585644 |
| **INTERACTIVE MEDIA & SERVICES — 0.0% (c)** |  |  |
| Ivanti Software, Inc.<br>Senior Secured 2021 Add On Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787870 |
| **INTERNET & TELECOM — 0.2%** |  |  |
| Go Daddy Operating Company LLC<br>Senior Secured 2022 Term Loan B5, 1 Month USD SOFR + 3.25%, 7.57%, 11/9/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11175633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171721 |
| **INTERNET SECURITY — 0.1% (c)** |  |  |
| <br>Senior Secured 2nd Lien Term Loan, 10.98%, 8/31/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551227 |
| **INVESTMENT COMPANIES — 0.2%** |  |  |
| AL GCX Holdings LLC<br>Senior Secured Term Loan B, 3 Month USD SOFR + 3.75%, 7.42%, 5/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974550 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Energize HoldCo LLC<br>Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 12/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;$11465589 | &nbsp;&nbsp;&nbsp;&nbsp;$10995500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11970050 |
| **IT SERVICES — 1.2%** |  |  |
| Ahead DB Holdings LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 10/18/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963235 |
| CoreLogic, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.94%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66788433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55956351 |
| Fleetcor Technologies Operating Co. LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 4/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987235 |
| WEX, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15142980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15076729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72983550 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.0% (c)** |  |  |
| Cinemark USA, Inc.<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.15%, 3/31/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17893 |
| **LEISURE INDUSTRY — 0.1%** |  |  |
| Carnival Corp.<br>Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/18/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967645 |
| **LEISURE&REC/GAMES — 0.1%** |  |  |
| Scientific Games Holdings LP<br>Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.50%, 7.10%, 4/4/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814819 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 0.6%** |  |  |
| Avantor Funding, Inc.<br>Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25%, 6.63%, 11/8/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$781811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$779368 |
| Parexel International Corp.<br>Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 11/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36481263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35214633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35994001 |
| **MACHINERY — 0.0% (c)** |  |  |
| Ingersoll-Rand Services Co.<br>Senior Secured 2020 USD Spinco Term Loan, 1 Month USD SOFR + 1.75%, 6.17%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988254 |
| Madison IAQ LLC<br>Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 7.99%, 6/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078905 |
| **MACHINERY-CONSTRUCTION & MINING — 1.1%** |  |  |
| Brookfield WEC Holdings, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68548563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67688279 |
| **MEDIA — 6.5%** |  |  |
| Charter Communications Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 1.75%, 6.14%, 4/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.14%, 2/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56716376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55468616 |
| Colibri Group LLC<br>Senior Secured 2022 Term Loan, 3 Month USD SOFR + 4.00%, 8.77%, 3/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931248 |
| Coral-US Co-Borrower LLC<br>Senior Secured 2020 Term Loan B2, 1 Month USD LIBOR + 2.25%, 6.57%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851250 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2017 Term Loan B1, 1 Month USD LIBOR + 2.25%, 6.57%, 7/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;$31623681 | &nbsp;&nbsp;&nbsp;&nbsp;$29995061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Incremental Term Loan, 1 Month USD LIBOR + 2.25%, 6.57%, 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.82%, 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58378964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52322147 |
| Go Daddy Operating Co. LLC<br>Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.38%, 8/10/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993739 |
| iHeartCommunications, Inc.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 5/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783556 |
| MH Sub I LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 9/13/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11584424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 9/13/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18351450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17873028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 3 Month USD SOFR + 6.25%, 10.65%, 2/23/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13868141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12420653 |
| Nexstar Broadcasting, Inc.<br>Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.88%, 9/18/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37084289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36847877 |
| Radiate Holdco LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 9/25/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50137704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40958995 |
| Telenet Financing USD LLC<br>Senior Secured 2020 USD Term Loan AR, 1 Month USD LIBOR + 2.00%, 6.32%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975750 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Univision Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 3/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;$27472557 | &nbsp;&nbsp;&nbsp;&nbsp;$27094809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 First Lien Term Loan B, 3 Month USD SOFR + 4.25%, 8.83%, 6/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 1/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan C5, 1 Month USD LIBOR + 2.75%, 7.13%, 3/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474510 |
| UPC Financing Partnership<br>Senior Secured 2021 USD Term Loan AX, 1 Month USD LIBOR + 2.93%, 7.24%, 1/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979165 |
| Vertical U.S. Newco, Inc.<br>Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50%, 6.87%, 7/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41516072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40053460 |
| Virgin Media Bristol LLC<br>Senior Secured USD Term Loan N, 1 Month USD LIBOR + 2.50%, 6.82%, 1/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30551875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30096347 |
| Ziggo Financing Partnership<br>Senior Secured USD Term Loan I, 1 Month USD LIBOR + 2.50%, 6.82%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8977712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389627859 |
| **MEDICAL LABS&TESTING SRV — 0.0% (c)** |  |  |
| Electron BidCo, Inc.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 11/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002575 |
| **MISCELLANEOUS MANUFACTUR — 0.0% (c)** |  |  |
| LTI Holdings, Inc.<br>Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 11.13%, 9/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542739 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **MRI/MEDICAL DIAG IMAGING — 0.8%** |  |  |
| IQVIA, Inc.<br>Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75%, 6.48%, 6/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;$30648836 | &nbsp;&nbsp;&nbsp;&nbsp;$30562713 |
| Radiology Partners, Inc<br>Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.64%, 7/9/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20453306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17263919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47826632 |
| **OIL, GAS & CONSUMABLE FUELS — 1.9%** |  |  |
| Buckeye Partners LP<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 11/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36683716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36525243 |
| Pacific Gas & Electric Co.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.44%, 6/23/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75226766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74756599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111281842 |
| **PHARMACEUTICALS — 1.7%** |  |  |
| Amneal Pharmaceuticals LLC<br>Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.09%, 5/4/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908901 |
| Catalent Pharma Solutions, Inc.<br>Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.00%, 6.38%, 2/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11462802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11307022 |
| Elanco Animal Health, Inc.<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 5.87%, 8/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11011697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596996 |
| Grifols Worldwide Operations USA, Inc.<br>Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 11/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938061 |
| Jazz Financing Lux SARL<br>Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 5/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68160211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67665028 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Organon & Co.<br>Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.00%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6334398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6288600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101704608 |
| **PIPELINES — 0.4%** |  |  |
| CQP Holdco LP<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 6/5/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9544080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9514255 |
| TransMontaigne Operating Co. LP<br>Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50%, 7.87%, 11/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15951935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15677801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25192056 |
| **PROFESSIONAL SERVICES — 1.2%** |  |  |
| Dun & Bradstreet Corp.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.25%, 7.64%, 2/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42195818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41883147 |
| Proofpoint, Inc.<br>Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 7.98%, 8/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771013 |
| Trans Union LLC<br>Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25%, 6.63%, 12/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23481450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23290664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68944824 |
| **RETAIL-BUILDING PRODUCTS — 0.7%** |  |  |
| LBM Acquisition LLC<br>Senior Secured Term Loan B, 6 Month USD LIBOR + 3.75%, 7.12%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50554199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44053434 |
| **RETAIL-RESTAURANTS — 3.3%** |  |  |
| CT Technologies Intermediate Holdings, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 12/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13546844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465197 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Hilton Domestic Operating Company, Inc<br>Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.17%, 6/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;$86263332 | &nbsp;&nbsp;&nbsp;&nbsp;$86096412 |
| IRB Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/5/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26155441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25963329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 12/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73208250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71158419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195683357 |
| **ROAD & RAIL — 1.2%** |  |  |
| Genesee & Wyoming, Inc.<br>Senior Secured Term Loan, 3 Month USD LIBOR + 2.00%, 6.73%, 12/30/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70549981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70272366 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%** |  |  |
| Entegris, Inc.<br>Senior Secured 2022 Term Loan B, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064559 |
| MKS Instruments, Inc.<br>Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 8/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21849615 |
| **SOFTWARE — 12.2%** |  |  |
| Apttus Corp.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 8.66%, 5/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466451 |
| Athenahealth, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Delayed Draw Term Loan, 1 Month CME Term SOFR + 3.50%, 3.50%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.50%, 7.82%, 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74841700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67758681 |
| Banff Merger Sub, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 USD 2nd Lien Term Loan, 1 Month USD LIBOR + 5.50%, 9.88%, 2/27/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20197744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18676652 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 USD Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 10/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;$20567862 | &nbsp;&nbsp;&nbsp;&nbsp;$19740520 |
| CCC Intelligent Solutions, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 9/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989973 |
| CDK Global, Inc.<br>Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.50%, 9.08%, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40751319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40452612 |
| Cengage Learning, Inc.<br>Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 4.75%, 7.81%, 7/14/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991253 |
| Cloudera, Inc.<br>Senior Secured 2021 Second Lien Term Loan, 1 Month USD LIBOR + 6.00%, 10.38%, 10/8/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934738 |
| ConnectWise LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 7.88%, 9/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832308 |
| DCert Buyer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2019 Term Loan B, 6 Month USD SOFR + 4.00%, 8.70%, 10/16/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 6 Month USD LIBOR + 7.00%, 11.70%, 2/19/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848042 |
| ECI Macola Max Holdings LLC<br>Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.75%, 8.48%, 11/9/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393855 |
| EP Purchaser LLC<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.23%, 11/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990602 |
| Epicor Software Corp.<br>Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 7/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493528 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Flexera Software LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.14%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$994906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$957289 |
| Fortra LLC<br>Senior Secured 2021 Term Loan, 3 Month USD SOFR + 4.00%, 8.19%, 11/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19599522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17722867 |
| Greeneden U.S. Holdings II LLC<br>Senior Secured 2020 USD Term Loan B4, 1 Month USD LIBOR + 4.00%, 8.38%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11045645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629169 |
| Idera, Inc.<br>Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 7.50%, 3/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488793 |
| I-Logic Technologies Bidco Ltd.<br>Senior Secured 2021 USD Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751984 |
| Imperva, Inc.<br>Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 7.75%, 12.42%, 1/11/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177135 |
| Informatica LLC<br>Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.19%, 10/27/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978570 |
| Ivanti Software, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 12.01%, 12/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8443209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 9.01%, 12/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953007 |
| McAfee LLC<br>Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 3/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80025320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74709238 |
| MeridianLink, Inc.<br>Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 3.00%, 8.15%, 11/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7799732 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Mitchell International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 11.23%, 10/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7600023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6350769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.41%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20661501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19101248 |
| Navicure, Inc.<br>Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 10/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322059 |
| NortonLifeLock, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 9/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42297879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41672293 |
| Open Text Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B, 11/16/2029 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34336840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33620058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 5/30/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644495 |
| Polaris Newco LLC<br>Senior Secured USD Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63858156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58430213 |
| Project Ruby Ultimate Parent Corp.<br>Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 3/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124584 |
| Quest Software U.S. Holdings, Inc.<br>Senior Secured 2022 Term Loan, 1 Month USD SOFR + 4.25%, 8.49%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57662466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44742614 |
| RealPage, Inc.<br>Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 4/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69931847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66645050 |
| Rocket Software, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan, 1 Month USD LIBOR + 4.25%, 8.64%, 11/28/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 11/28/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641192 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.88%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$268568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$245404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.88%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391156 |
| SolarWinds Holdings, Inc.<br>Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 2/5/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842288 |
| Sophia LP<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 8.23%, 10/7/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480100 |
| SS&C European Holdings SARL<br>Senior Secured 2018 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 4/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761490 |
| SS&C Technologies Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B6, 1 Month USD SOFR + 2.25%, 6.57%, 3/22/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 Term Loan B7, 1 Month USD SOFR + 2.25%, 6.67%, 3/22/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15075040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14834819 |
| SS&C Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.13%, 4/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 4/16/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714940 |
| Ultimate Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25%, 9.00%, 5/3/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 7.00%, 5/4/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57184666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54539876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 5/4/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641766 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Vision Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 11.61%, 4/23/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1233333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$919993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2021 Incremental Term Loan, 3 Month USD LIBOR + 4.00%, 8.36%, 4/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30384072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25241568 |
| Weld North Education LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 12/21/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727262608 |
| **SPECIALTY RETAIL — 2.6%** |  |  |
| Petco Health & Wellness Company, Inc.<br>Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.98%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24696074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24009276 |
| PetSmart, Inc.<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43616670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42812379 |
| Pilot Travel Centers LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 8/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88327280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87477130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154298785 |
| **STEEL-PRODUCERS — 0.0% (c)** |  |  |
| Phoenix Services International LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 DIP New Money Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 3/28/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured 2022 DIP PIK Roll Up Term Loan, 1 Month USD SOFR + 12.00%, 16.32%, 9/29/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Term Loan, 3 Month USD LIBOR + 2.75%, 10.25%, 3/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292341 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **TELECOM SERVICES — 1.1%** |  |  |
| SBA Senior Finance II LLC<br>Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 4/11/2025 (b)<br>| &nbsp;&nbsp;&nbsp;$65965589 | &nbsp;&nbsp;&nbsp;&nbsp;$65828380 |
| **TELECOMMUNICATION EQUIP — 0.0% (c)** |  |  |
| Altice France SA<br>Senior Secured 2018 Term Loan B13, 3 Month USD LIBOR + 4.00%, 8.65%, 8/14/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612708 |
| CCI Buyer, Inc.<br>Senior Secured Term Loan, 3 Month USD SOFR + 4.00%, 8.58%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163683 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** |  |  |
| Varsity Brands, Inc.<br>Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 12/15/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877628 |
| **TRANSPORT-SERVICES — 0.5%** |  |  |
| Edelman Financial Center LLC<br>Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 4/7/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20903653 |
| EG America LLC<br>Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 2/7/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466755 |
| Endure Digital, Inc.<br>Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.72%, 2/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32426602 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $5,355,357,183)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;5182464346 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.1%** |  |  |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carestream Health, Inc. (e)<br>| 396286 | &nbsp;&nbsp;5944290 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 5.2%** |  |  |
| **AEROSPACE & DEFENSE — 0.2%** |  |  |
| Bombardier, Inc.<br>6.00%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6274429 |
| Howmet Aerospace, Inc.<br>6.88%, 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498466 |
| TransDigm UK Holdings PLC<br>6.88%, 5/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882009 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11824830 |
| **APPAREL — 0.0% (c)** |  |  |
| Crocs, Inc.<br>4.25%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870284 |
| **AUTO MANUFACTURERS — 0.2%** |  |  |
| Allison Transmission, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286325 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 2/10/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319324 |
| Wabash National Corp.<br>4.50%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11687340 |
| **AUTO PARTS & EQUIPMENT — 0.1%** |  |  |
| American Axle & Manufacturing, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909479 |
| Dana, Inc.<br>4.50%, 2/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807350 |
| Titan International, Inc.<br>7.00%, 4/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857113 |
| **BANKS — 0.1%** |  |  |
| Intesa Sanpaolo SpA<br>5.71%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109161 |
| **BEVERAGES — 0.0% (c)** |  |  |
| Primo Water Holdings, Inc.<br>4.38%, 4/30/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554552 |
| **BUILDING MATERIALS — 0.1% (c)** |  |  |
| Builders FirstSource, Inc.<br>4.25%, 2/1/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244239 |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414227 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| PGT Innovations, Inc.<br>4.38%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1432365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090831 |
| **CHEMICALS — 0.1%** |  |  |
| Ashland LLC<br>3.38%, 9/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477432 |
| CVR Partners L.P./CVR Nitrogen Finance Corp.<br>6.13%, 6/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691976 |
| Ingevity Corp.<br>3.88%, 11/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509637 |
| Nufarm Australia, Ltd./Nufarm Americas, Inc.<br>5.00%, 1/27/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250292 |
| Rayonier AM Products, Inc.<br>7.63%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845849 |
| Valvoline, Inc.<br>3.63%, 6/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931032 |
| **COAL — 0.0% (c)** |  |  |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526995 |
| **COMMERCIAL SERVICES — 0.1%** |  |  |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792833 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739330 |
| Service Corp. International<br>4.00%, 5/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103440 |
| ZipRecruiter, Inc.<br>5.00%, 1/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302816 |
| **COMPUTERS — 0.1%** |  |  |
| Booz Allen Hamilton, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221563 |
| Conduent Business Services LLC/Conduent State & Local Solutions, Inc.<br>6.00%, 11/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376013 |
| KBR, Inc.<br>4.75%, 9/30/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262599 |
| Science Applications International Corp.<br>4.88%, 4/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169295 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED FINANCIAL SERVICES — 0.4%** |  |  |
| Burford Capital Global Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777972 |
| Enova International, Inc.<br>8.50%, 9/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942551 |
| goeasy, Ltd.<br>4.38%, 5/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706746 |
| Nationstar Mortgage Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766120 |
| Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963061 |
| OneMain Finance Corp.<br>7.13%, 3/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367542 |
| PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669572 |
| PHH Mortgage Corp.<br>7.88%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341092 |
| PRA Group, Inc.<br>5.00%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24750825 |
| **ELECTRIC — 0.1% (c)** |  |  |
| DPL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628824 |
| PG&E Corp.<br>5.25%, 7/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238629 |
| **ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%** |  |  |
| Energizer Holdings, Inc.<br>6.50%, 12/31/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637194 |
| **ENERGY-ALTERNATE SOURCES — 0.1% (c)** |  |  |
| Enviva Partners L.P./Enviva Partners Finance Corp.<br>6.50%, 1/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876943 |
| **ENGINEERING & CONSTRUCTION — 0.1% (c)** |  |  |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>6.00%, 2/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396171 |
| Tutor Perini Corp.<br>6.88%, 5/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158117 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **ENTERTAINMENT — 0.1%** |  |  |
| CDI Escrow Issuer, Inc.<br>5.75%, 4/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450785 |
| Churchill Downs, Inc.<br>4.75%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789740 |
| Cinemark USA, Inc.<br>5.88%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497474 |
| Scientific Games International, Inc.<br>7.25%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863577 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>REGS, 5.13%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002828 |
| **ENVIRONMENTAL CONTROL — 0.0% (c)** |  |  |
| Stericycle, Inc.<br>3.88%, 1/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436480 |
| **FOOD — 0.1%** |  |  |
| Lamb Weston Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96075 |
| Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025515 |
| **FOREST PRODUCTS & PAPER — 0.0% (c)** |  |  |
| Clearwater Paper Corp.<br>4.75%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529314 |
| Mercer International, Inc.<br>5.13%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490438 |
| **GAS — 0.0% (c)** |  |  |
| AmeriGas Partners L.P./AmeriGas Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/20/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032117 |
| **HEALTH CARE PRODUCTS — 0.0% (c)** |  |  |
| Varex Imaging Corp.<br>7.88%, 10/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905332 |
| **HEALTH CARE SERVICES — 0.1%** |  |  |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Encompass Health Corp.<br>4.75%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1585206 |
| ModivCare, Inc.<br>5.88%, 11/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431143 |
| **HOME BUILDERS — 0.1%** |  |  |
| Beazer Homes USA, Inc.<br>7.25%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850117 |
| Forestar Group, Inc.<br>3.85%, 5/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716040 |
| Installed Building Products, Inc.<br>5.75%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495924 |
| KB Home<br>7.25%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359322 |
| LGI Homes, Inc.<br>4.00%, 7/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933793 |
| M/I Homes, Inc.<br>4.95%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532980 |
| Meritage Homes Corp.<br>3.88%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551623 |
| Taylor Morrison Communities, Inc.<br>5.13%, 8/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479204 |
| Tri Pointe Homes, Inc.<br>5.70%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685761 |
| **HOME FURNISHINGS — 0.0% (c)** |  |  |
| Tempur Sealy International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646617 |
| **INSURANCE — 0.0% (c)** |  |  |
| NMI Holdings, Inc.<br>7.38%, 6/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337266 |
| **INVESTMENT COMPANY SECURITY — 0.1%** |  |  |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314660 |
| **IRON/STEEL — 0.2%** |  |  |
| ATI, Inc.<br>5.13%, 10/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886679 |
| Carpenter Technology Corp.<br>7.63%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047497 |
| Commercial Metals Co.<br>4.38%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173054 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Mineral Resources, Ltd.<br>8.50%, 5/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6180002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6320040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11427270 |
| **LEISURE TIME — 0.2%** |  |  |
| Carnival Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/1/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437624 |
| NCL Corp., Ltd.<br>5.88%, 2/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758540 |
| Royal Caribbean Cruises, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/31/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 8/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301590 |
| Vista Outdoor, Inc.<br>4.50%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113500 |
| **LODGING — 0.1%** |  |  |
| Hilton Domestic Operating Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421120 |
| Las Vegas Sands Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/25/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 8/8/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846810 |
| Marriott Ownership Resorts, Inc.<br>4.50%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206603 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905700 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGS, 5.25%, 5/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732295 |
| **MEDIA — 0.1%** |  |  |
| DISH DBS Corp.<br>7.75%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161402 |
| Sirius XM Radio, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803147 |
| Urban One, Inc.<br>7.38%, 2/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290232 |
| **MINING — 0.2%** |  |  |
| Compass Minerals International, Inc.<br>6.75%, 12/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312754 |
| FMG Resources August 2006 Pty, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268431 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Hecla Mining Co.<br>7.25%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1904447 |
| Kaiser Aluminum Corp.<br>4.50%, 6/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241026 |
| New Gold, Inc.<br>7.50%, 7/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431596 |
| Taseko Mines, Ltd.<br>7.00%, 2/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240573 |
| **MISCELLANEOUS MANUFACTURER — 0.0% (c)** |  |  |
| LSB Industries, Inc.<br>6.25%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127567 |
| **OFFICE & BUSINESS EQUIPMENT — 0.1%** |  |  |
| Pitney Bowes, Inc.<br>7.25%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796661 |
| Xerox Holdings Corp.<br>5.50%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413938 |
| **OIL & GAS — 0.3%** |  |  |
| Apache Corp.<br>5.35%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406530 |
| CVR Energy, Inc.<br>5.75%, 2/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170090 |
| Nabors Industries, Inc.<br>7.38%, 5/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518752 |
| Northern Oil & Gas, Inc.<br>8.13%, 3/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821106 |
| Occidental Petroleum Corp.<br>7.88%, 9/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876392 |
| Patterson-UTI Energy, Inc.<br>5.15%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873252 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>6.00%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566485 |
| Petrofac, Ltd.<br>9.75%, 11/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749715 |
| Precision Drilling Corp.<br>6.88%, 1/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914226 |
| Sunoco L.P./Sunoco Finance Corp.<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040976 |
| Vermilion Energy, Inc.<br>6.88%, 5/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20166912 |
| **OIL & GAS SERVICES — 0.0% (c)** |  |  |
| Enerflex, Ltd.<br>9.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995300 |
| **PACKAGING & CONTAINERS — 0.1%** |  |  |
| OI European Group B.V.<br>4.75%, 2/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712406 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Owens-Brockway Glass Container, Inc.<br>6.63%, 5/13/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1498882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4211288 |
| **PHARMACEUTICALS — 0.1% (c)** |  |  |
| AdaptHealth LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030830 |
| **PIPELINES — 0.3%** |  |  |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp.<br>5.38%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006203 |
| Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617311 |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp.<br>7.13%, 6/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442794 |
| EnLink Midstream Partners L.P.<br>5.45%, 6/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457602 |
| EQM Midstream Partners L.P.<br>6.50%, 7/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510007 |
| Global Partners L.P./GLP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95434 |
| Hess Midstream Operations L.P.<br>5.13%, 6/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600683 |
| NuStar Logistics L.P.<br>6.38%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810901 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<br>8.50%, 10/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15442267 |
| **REAL ESTATE — 0.0% (c)** |  |  |
| Howard Hughes Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738726 |
| **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |
| Apollo Commercial Real Estate Finance, Inc.<br>4.63%, 6/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624426 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Iron Mountain Information Management Services, Inc.<br>5.00%, 7/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5139904 |
| Iron Mountain, Inc.<br>5.63%, 7/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872150 |
| Rithm Capital Corp.<br>6.25%, 10/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001804 |
| Service Properties Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903809 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21160505 |
| **RETAIL — 0.6%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348935 |
| Abercrombie & Fitch Management Co.<br>8.75%, 7/15/2025 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414999 |
| Asbury Automotive Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154944 |
| Bath & Body Works, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400036 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<br>5.13%, 4/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042431 |
| FirstCash, Inc.<br>5.63%, 1/1/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465383 |
| Foot Locker, Inc.<br>4.00%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921609 |
| Gap, Inc.<br>3.63%, 10/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558100 |
| Group 1 Automotive, Inc.<br>4.00%, 8/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020240 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC<br>4.75%, 6/1/2027 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986634 |
| Macy's Retail Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2032 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790329 |
| Papa John's International, Inc.<br>3.88%, 9/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166930 |
| Patrick Industries, Inc.<br>4.75%, 5/1/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712844 |
| Sonic Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629832 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| Suburban Propane Partners L.P./Suburban Energy Finance Corp.<br>5.00%, 6/1/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$667696 |
| Superior Plus L.P./Superior General Partner, Inc.<br>4.50%, 3/15/2029 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34510817 |
| **SOFTWARE — 0.1%** |  |  |
| Consensus Cloud Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781988 |
| Fair Isaac Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2026 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468905 |
| MSCI, Inc.<br>3.88%, 2/15/2031 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615092 |
| **TELECOMMUNICATIONS — 0.1%** |  |  |
| Hughes Satellite Systems Corp.<br>6.63%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304271 |
| ViaSat, Inc.<br>6.50%, 7/15/2028 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770453 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $309,601,200)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309881679 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **U.S. TREASURY OBLIGATIONS — 2.5%** |  |  |
| U.S. Treasury Bill: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 1/12/2023<br>| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;24978297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/26/2023<br>| 85000000 | &nbsp;&nbsp;&nbsp;&nbsp;84789267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 3/23/2023<br>| 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;39627702 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $149,674,562)<br>**  |  | &nbsp;&nbsp;149395266 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (g) (h)<br>(Cost $350,922,450)<br>| &nbsp;&nbsp;350922450 | &nbsp;&nbsp;&nbsp;$350922450 |
| **TOTAL INVESTMENTS — 100.7%<br>(Cost $6,173,143,928)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;5998608031 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44536826) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$5954071205 |

---

(a) The
 rate shown represents the rate at December 31, 2022.

(b) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Amount
 is less than 0.05% of net assets.

(d) Position
 is unsettled. Contract rate was not determined at December 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(e) Fair
 valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair
value of the security is $5,944,290, representing 0.10% of the Fund's net assets.

(f) 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 December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(g) The
 Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.

(h) The
 rate shown is the annualized seven-day yield at December 31, 2022.

---

| | |
|:---|:---|
| CDI | CREST Depository Interest |
| CME | Chicago Mercantile Exchange |
| CVR | Contingent Value Rights |
| LIBOR | London Interbank Offered Rate |
| PIK | Payment in Kind |
| SOFR | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2022 (Unaudited)

------

At December 31, 2022, the Fund had unfunded loan commitments of $10,813,190, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;**Unfunded Loan<br> Commitment ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation/(Depreciation) ($)** |
| Pediatric Associates Holding Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3267) |
| Athenahealth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878096) |
| VT Topco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6825) |
| AI Aqua Merger Sub, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68243) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$10813190 | &nbsp;&nbsp;&nbsp;&nbsp;$9856759 | &nbsp;&nbsp;&nbsp;&nbsp;$(956431) |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Corporate Bonds & Notes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$309881679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$309881679 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;149395266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;149395266 |
| Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;5944290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944290 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;5182464346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;5182464346 |
| Short-Term Investment<br>| &nbsp;&nbsp;350922450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;350922450 |
| **TOTAL INVESTMENTS<br>**  | $350922450 | $5641741291 | $5944290 | $5998608031 |
| **LIABILITIES:** |  |  |  |  |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956431) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(956431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(956431) |

---

(a) Unfunded
 loan commitments are valued at unrealized appreciation (depreciation).

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/22** | **Value at<br>6/30/22** | **Cost of<br> Purchases** | **Proceeds <br> from<br> Shares Sold** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 12/31/22** | **Value at<br>12/31/22** | **Dividend <br> Income** |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$25027937 | &nbsp;&nbsp;&nbsp;$24446819 | $(581118) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$129475 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 910350809 | &nbsp;&nbsp;910350809 | &nbsp;&nbsp;2489173927 | &nbsp;&nbsp;3048602286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | 350922450 | &nbsp;&nbsp;350922450 | &nbsp;&nbsp;5439203 |
| Total<br>|  | $910350809 | $2514201864 | $3073049105 | $(581118) | $— |  | $350922450 | $5568678 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **SPDR Blackstone High Income ETF** | **SPDR Blackstone Senior Loan ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;$114358285 | $5647685581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350922450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments<br>| &nbsp;&nbsp;&nbsp;123900801 | &nbsp;&nbsp;&nbsp;&nbsp;5998608031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28464092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441971375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48051767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;128660565 | &nbsp;&nbsp;&nbsp;&nbsp;6518449478 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11929711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508485657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51465142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11996257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564378273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $116664308 | $5954071205 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital<br>| $129020750 | $7140775445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(12356442) | &nbsp;&nbsp;&nbsp;(1186704240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS <br>**  | $116664308 | $5954071205 |
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144550000 |
| **COST OF INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$117850441 | $5822221478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350922450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cost of investments<br>| $127392957 | $6173143928 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

#### For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **SPDR Blackstone High Income ETF** | **SPDR Blackstone Senior Loan ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4275483 | $254440483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;4395746 | &nbsp;&nbsp;&nbsp;&nbsp;260009161 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25459615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25770534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by the Adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)<br>**  | $3981635 | $234431393 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6095190) | &nbsp;&nbsp;&nbsp;(510126381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;(6098480) | &nbsp;&nbsp;&nbsp;(510707499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846766 | &nbsp;&nbsp;&nbsp;&nbsp;425649131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;5845656 | &nbsp;&nbsp;&nbsp;&nbsp;426030697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252824) | &nbsp;&nbsp;&nbsp;&nbsp;(84676802) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $3728811 | $149754591 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Blackstone High Income ETF** | **SPDR Blackstone High Income ETF** | **SPDR Blackstone Senior Loan ETF** | **SPDR Blackstone Senior Loan ETF** |
|  | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **For the Period<br> 2/17/22\*-<br> 6/30/22** | **Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | **Year Ended<br> 6/30/22** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3981635 | &nbsp;&nbsp;&nbsp;&nbsp;$2126689 | &nbsp;&nbsp;&nbsp;&nbsp;$234431393 | &nbsp;&nbsp;&nbsp;&nbsp;$375689558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6098480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2925500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510707499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250379712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9341442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426030697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698437560) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728811 | &nbsp;&nbsp;&nbsp;&nbsp;(10140253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149754591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573127714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4397000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251791500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384792728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2807272) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to shareholders <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4397000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251791500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387600000) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116887 | &nbsp;&nbsp;&nbsp;128999422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941162104 | &nbsp;&nbsp;&nbsp;&nbsp;6597224116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4102865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3357350934) | &nbsp;&nbsp;&nbsp;(3482041836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1160238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11592704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30929 | &nbsp;&nbsp;&nbsp;128999536 | &nbsp;&nbsp;&nbsp;(2405295604) | &nbsp;&nbsp;&nbsp;&nbsp;3125453045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647269) | &nbsp;&nbsp;&nbsp;&nbsp;117311577 | &nbsp;&nbsp;&nbsp;(2506172275) | &nbsp;&nbsp;&nbsp;&nbsp;2166047270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;117311577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8460243480 | &nbsp;&nbsp;&nbsp;&nbsp;6294196210 |
|  **NET ASSETS AT END OF PERIOD<br>**  | $116664308 | $117311577 | $5954071205 | $8460243480 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79550000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66300000 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Blackstone High Income ETF** | &nbsp;&nbsp;**SPDR Blackstone High Income ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**For the<br> Period<br> 02/17/22<sup>\*</sup>-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;$27.28 | &nbsp;&nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.86) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.36) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;$27.13 | &nbsp;&nbsp;&nbsp;$27.28 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.93)% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$116664 | &nbsp;&nbsp;$117312 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(e) |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%(e) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55%(f) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** | &nbsp;&nbsp;**SPDR Blackstone Senior Loan ETF** |
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 12/31/22<br> (Unaudited)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/21** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/20(a)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/19(a)** | &nbsp;&nbsp;**Year <br> Ended<br> 6/30/18(a)** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Net equalization credits and charges (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other capital (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) |
| Return of Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.04 |
| **Total return (e)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.97%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23)%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$5954071 | &nbsp;&nbsp;$8460243 | &nbsp;&nbsp;$6294196 | &nbsp;&nbsp;$1433094 | &nbsp;&nbsp;$2222400 | &nbsp;&nbsp;$3189624 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90%(i) |

---

(a) The per share amounts and
percentages include the Fund's proportionate share of income and expenses of the Portfolio prior to discontinuance of the master feeder structure.

(b) Per share
numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) Amounts
shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for
the Fund.

(d) Amount is
less than $0.005 per share.

(e) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) If an
affiliate had not made a contribution during the years ended ended June 30, 2021 and June 30, 2020, the total return would have remained 11.97% and (1.23)%, respectively.

(g) Annualized.

(h) Not
annualized.

(i) Portfolio
turnover rate is from the the affiliated Portfolio prior to the discontinuance of the master feeder structure.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2022 (Unaudited)

------

1. Organization

SSGA Active Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2022, the Trust consists of fourteen (14) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the "Board") to authorize the issuance of an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate to the following series (each, a "Fund" and collectively, the "Funds"):

SPDR Blackstone High Income ETF <br> SPDR Blackstone Senior Loan ETF

SPDR Blackstone High Income ETF was formed on February 16, 2022 and commenced operations on February 17, 2022.

Each Fund is classified as a diversified investment company under the 1940 Act.

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### 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 a 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.

• Debt obligations (including short-term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Senior loans or other loans are valued at evaluated bid prices supplied by an independent pricing service, if available. Senior loans and other loans for which the Committee determines that there are no reliable valuations available from pricing services or brokers will be initially valued at cost and adjusted for amortization of principal until remeasurement is warranted due to a credit or economic event or other factors affecting the loan.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

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 the Fund's NAV and the prices used by the Fund's underlying benchmark.

Various inputs are used in determining the value of the 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 December 31, 2022, is disclosed in each Fund's respective Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from the sale and disposition of investments are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Paydown gains and losses are recorded as an adjustment to interest income. Non-cash dividends, if any, received in the form of stock are recorded as dividend income at fair value.

#### Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust. Class specific expenses are borne by each class.

#### Equalization
The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

#### Distributions
Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

#### Loan Agreements
The Funds invest in Senior Loans. Senior Loans consist generally of obligations of companies and other entities (collectively, "borrowers") incurred for the purpose of reorganizing the assets and liabilities of a borrower; acquiring another company; taking over control of a company (leveraged buyout); temporary refinancing; or financing internal growth or other general business purposes. Senior Loans are often obligations of borrowers who have incurred a significant percentage of debt compared to their total assets and thus are highly leveraged. Funds do not treat the banks originating or acting as agents for the lenders, or granting or acting as intermediary in participation interests, in loans held by the Funds as the issuers of such loans.

4. Fees and Transactions with Affiliates

#### Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"). For its advisory services to the Fund, facilities furnished and expenses borne by the Adviser, the Fund pays the Adviser a fee ("Management/Advisory fee") accrued daily and paid monthly, based on a percentage of the Fund's average daily net assets as shown in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR Blackstone High Income ETF<br>| &nbsp;&nbsp;0.70% |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;0.70 |

---

From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2023. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2023, except with the approval of the Fund's Board of Trustees.

The Adviser pays all operating expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust's Trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustees' counsel fees), litigation expenses and other extraordinary expenses.

Blackstone Liquid Credit Strategies LLC receives fees for its services as the Sub-Adviser to the Funds from the Adviser.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

#### Distributor
State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), an affiliate of the Adviser, serves as the Distributor of the Trust.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (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 December 31, 2022 are disclosed in the Schedules of Investments.

5. Trustees' Fees

The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| SPDR Blackstone High Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;$77477811 | &nbsp;&nbsp;&nbsp;&nbsp;$74924121 |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;3587006200 | &nbsp;&nbsp;&nbsp;5742157806 |

---

7. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

8. Income Tax Information

The SPDR Blackstone Senior Loan ETF has qualified and intends to continue to qualify as aregulated investment company under Subchapter M of the Internal Revenue Code . The SPDR Blackstone High Income ETF intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, SSGA FM has analyzed the Fund 's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax <br> Cost** | **Gross <br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SPDR Blackstone High Income ETF<br>| &nbsp;&nbsp;$127369049 | $684086 | &nbsp;&nbsp;&nbsp;$4239527 | &nbsp;&nbsp;&nbsp;$(3555441) |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;6209771349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;211148991 | &nbsp;&nbsp;(211148991) |

---

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

9. Line of Credit

The Funds and other affiliated funds (each a "Participant" and, collectively, the "Participants") participate in a $1.275 billion ($1.1 billion prior to October 6, 2022) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. The SPDR Blackstone Senior Loan ETF has exclusive access to $1.05 billion ($900 million prior to October 6, 2022) of the total credit facility. The SPDR Blackstone High Income ETF, along with other Participants, has access to $200 million of the total credit facility. This agreement expires in October 2023 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. SPDR Blackstone Senior Loan ETF is allocated the commitment fee for its exclusive portion of the credit line. Commitment fees are ordinary fund operating expenses paid by the Adviser. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.

The Funds have no outstanding loans as of December 31, 2022.

The SPDR Blackstone Senior Loan ETF also has exclusive access to a $500 million uncommitted line of credit with State Street that may be used solely for temporary or emergency purposes, including to temporarily finance the redemption of shares or for other temporary and emergency purposes consistent with the current investment objectives and investment restrictions of the Fund. The Adviser, on behalf of the Fund, paid an upfront fee to participate in this uncommitted line of credit.

10. Risks

#### Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if they were more broadly diversified.

#### Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Funds' invest in securities of issuers located in emerging markets, these risks may be even more pronounced.

#### Credit Risk
The Funds may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

#### Market Risk
Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### December 31, 2022 (Unaudited)

------

11. Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 848)". In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### December 31, 2022 (Unaudited)

------

#### Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table below illustrates your Fund's cost in two ways:

**Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading "Expenses Paid During Period".**

**Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | |
|:---|:---|
|  | **SPDR Blackstone High Income ETF** |
| Annualized Expense Ratio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Actual: |  |
| &nbsp;&nbsp;&nbsp; Ending Account Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1032.50 |
| &nbsp;&nbsp;&nbsp; Expenses Paid During Period(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| Hypothetical (assuming a 5% return before expenses): |  |
| &nbsp;&nbsp;&nbsp; Ending Account Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.70 |
| &nbsp;&nbsp;&nbsp; Expenses Paid During Period(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |

---

(a) Expenses are equal to the
Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

---

| | |
|:---|:---|
|  | **SPDR Blackstone Senior Loan ETF** |
| Annualized Expense Ratio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Actual: |  |
| &nbsp;&nbsp;&nbsp; Ending Account Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1020.00 |
| &nbsp;&nbsp;&nbsp; Expenses Paid During Period(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| Hypothetical (assuming a 5% return before expenses): |  |
| &nbsp;&nbsp;&nbsp; Ending Account Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.70 |
| &nbsp;&nbsp;&nbsp; Expenses Paid During Period(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |

---

(a) Expenses are equal to the
Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION (continued)

#### December 31, 2022 (Unaudited)

------

#### Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (*i.e.*, at a premium) or below (*i.e.,* at a discount) the NAV of the Fund during the past calendar year can be found at *https://www.ssga.com/spdrs.*

#### Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds' investment Adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at *www.sec.gov*.

Information regarding how the Funds voted for the prior 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC's website at *www.sec.gov* and on the Funds' website at *https://www.ssga.com/spdrs*.

#### Shareholder Meeting Results
A Special Meeting of the Shareholders of SSGA Active Trust (the "Shareholder Meeting") was held on October 20, 2022. The purpose of the Shareholder Meeting was to ask shareholders to approve the election of Trustees. At the Shareholder Meeting, the shareholders of each Fund approved the election of Trustees. The results of the voting are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee Nominee Name** | &nbsp;&nbsp;**Shares For** | &nbsp;&nbsp;**Shares Withheld** |
| &nbsp;&nbsp;Clare S. Richer | &nbsp;&nbsp;458963922.211 | &nbsp;&nbsp;3805311.071 |
| &nbsp;&nbsp;Sandra G. Sponem | &nbsp;&nbsp;458912867.553 | &nbsp;&nbsp;3856365.729 |
| &nbsp;&nbsp;Kristi L. Rowsell | &nbsp;&nbsp;459030936.405 | &nbsp;&nbsp;3738296.877 |
| &nbsp;&nbsp;Gunjan Chauhan | &nbsp;&nbsp;458827846.171 | &nbsp;&nbsp;3941387.111 |
| &nbsp;&nbsp;Carolyn M. Clancy | &nbsp;&nbsp;459042164.143 | &nbsp;&nbsp;3727069.139 |

---

#### Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at *https://www.ssga.com/spdrs* and on the SEC's website at *www.sec.gov*. The Funds' Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free)*.*

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[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SSGA Active Trust

#### Trustees
Gunjan Chauhan, Interested Trustee

Dwight D. Churchill

Carolyn M. Clancy

Clare S. Richer

James E. Ross, Interested Non-management Trustee

Kristi L. Rowsell

Sandra G. Sponem

Carl G. Verboncoeur, Chairman

#### Investment Manager and Administrator
SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210

#### Distributor
State Street Global Advisors Funds Distributors, LLC<br> One Iron Street<br> Boston, MA 02210

#### Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111

#### Legal Counsel
Morgan, Lewis & Bockius LLP<br> 1111 Pennsylvania Avenue, NW<br> Washington, DC 20004

#### Independent Registered Public Accounting Firm
Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, MA 02116

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

------

[**Table of Contents**](#job_black_4a16021b-654c-4663-a9b7-4b058406695d_toc-lettersize-standard)

SSGA Active Trust

For more complete information, please call 1.866.787.2257 or visit *https://www.ssga.com/spdrs* today.

State Street Global Advisors<br> One Iron Street<br> Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates.

**Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index**

#### performance is not meant to represent that of any particular fund.
Standard & Poor's, S& P and SPDR are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

SSGA Funds Management has retained Blackstone Liquid Credit Strategies LLC as the Sub-Advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with Blackstone Liquid Credit Strategies LLC.

**Before investing, consider a Fund's investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit *https://www.ssga.com/spdrs*. Read it carefully.**

#### Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting *https://www.ssga.com/spdrs*. Please read the prospectus carefully before you invest.© 2022 State Street Corporation - All Rights Reserved

SPDRGSOSAR

------

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

**<u>Item 5. Audit Committees of Listed Registrants.</u>**

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

**<u>Item 6. Investments.</u>**

(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable to the registrant.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board.

**<u>Item 11. Controls and Procedures.</u>**

(a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

------

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

**<u>Item 13. Exhibits.</u>**

(a)(1) Not applicable to the registrant.

(a)(2) [Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.](d422341dex99cert.htm)

(a)(3) Not applicable to the registrant.

(a)(4) Not applicable.

(b) [A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the 1934 Act, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.](d422341dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SSGA Active Trust

---

| | |
|:---|:---|
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President and Principal Executive Officer |

---

Date: March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President and Principal Executive Officer |

---

Date: March 8, 2023

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

---

Date: March 8, 2023

## Ex-99.Cert

**Exhibit 13(a)(2)** 

**<u>CERTIFICATIONS</u>**

I, Ellen M. Needham, President and Principal Executive Officer of SSGA Active Trust, certify that:

1. I have reviewed this report on Form N-CSR of SSGA Active Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 8, 2023

---

| | |
|:---|:---|
|  By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President and Principal Executive Officer |

---

------

I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer of SSGA Active Trust, certify that:

1. I have reviewed this report on Form N-CSR of SSGA Active Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 8, 2023

---

| | |
|:---|:---|
|  By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 13(b)** 

**SECTION 906 CERTIFICATION** 

I, Ellen M. Needham, President and Principal Executive Officer, and I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer, of SSGA Active Trust (the "Trust") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Form N-CSR filing for the Trust (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President and Principal Executive Officer |

---

Date: March 8, 2023

---

| | |
|:---|:---|
|  By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

---

Date: March 8, 2023