# EDGAR Filing Document

**Accession Number:** 0001516212
**File Stem:** 0001193125-25-197988
**Filing Date:** 2025-9
**Character Count:** 1742537
**Document Hash:** 4428a1b7f267fef40f983b1d36573c6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197988.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-197988

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22542
- **FILM NUMBER:** 251299041

**BUSINESS ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**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            |

### SPDR SSGA US Equity Premium Income ETF (Series ID: S000087670)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000253545 | SPDR SSGA US Equity Premium Income ETF | SPIN            |

?xml version='1.0' encoding='ASCII'? SSGA Active Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-22542

## SSGA ACTIVE TRUST

#### (Exact name of registrant as specified in charter)

#### One Iron Street, Boston, Massachusetts 02210

#### (Address of principal executive offices) (zip code)

#### Andrew J. DeLorme, Esq.

#### Chief Legal Officer

#### 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) 664-3920

#### Date of fiscal year end: June 30

#### Date of reporting period: June 30, 2025

------

#### Item 1. Report to Shareholders.
(a) The Reports to Shareholders are attached herewith.

# SPDR Blackstone High Income ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# HYBL

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Blackstone High Income ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Blackstone High Income ETF | $72 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
The Fund's allocation to shorter duration assets coupled with the contribution from its credit risk exposure were contributors to the Fund's outperformance vs. the Primary Index during the reporting period.The Fund's asset allocation, especially its allocation to CLOs, was the largest contributor to the Fund's outperformance relative to the Secondary Index during the reporting period. This was augmented by the Fund's credit selection within bonds.On an issuer level, the top contributors to the Fund's total return during the reporting period were CCO Holdings, SPDR Blackstone Senior Loan ETF, and Uniti Group. The top detractors from the Fund's total return during the reporting period were CDK Global, Compass Group, and W&T Offshore.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454iaddd054926e5a1b93fdd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HYBL** | **Bloomberg U.S. Aggregate Bond Index** | **SPDR Blackstone High Income Composite Index** |
| **02/16/22** | $10000 | $10000 | $10000 |
| **02/28/22** | $10019 | $10085 | $10017 |
| **03/31/22** | $9973 | $9805 | $9974 |
| **04/30/22** | $9803 | $9433 | $9803 |
| **05/31/22** | $9705 | $9493 | $9690 |
| **06/30/22** | $9207 | $9345 | $9255 |
| **07/31/22** | $9589 | $9573 | $9632 |
| **08/31/22** | $9529 | $9302 | $9589 |
| **09/30/22** | $9163 | $8900 | $9288 |
| **10/31/22** | $9344 | $8785 | $9466 |
| **11/30/22** | $9508 | $9108 | $9611 |
| **12/31/22** | $9506 | $9067 | $9595 |
| **01/31/23** | $9802 | $9346 | $9910 |
| **02/28/23** | $9736 | $9104 | $9875 |
| **03/31/23** | $9813 | $9336 | $9928 |
| **04/30/23** | $9929 | $9392 | $10029 |
| **05/31/23** | $9813 | $9290 | $9972 |
| **06/30/23** | $9988 | $9257 | $10166 |
| **07/31/23** | $10114 | $9250 | $10304 |
| **08/31/23** | $10168 | $9191 | $10380 |
| **09/30/23** | $10146 | $8958 | $10369 |
| **10/31/23** | $10078 | $8816 | $10303 |
| **11/30/23** | $10400 | $9216 | $10601 |
| **12/31/23** | $10682 | $9568 | $10884 |
| **01/31/24** | $10712 | $9542 | $10922 |
| **02/29/24** | $10754 | $9407 | $10987 |
| **03/31/24** | $10883 | $9494 | $11100 |
| **04/30/24** | $10894 | $9254 | $11078 |
| **05/31/24** | $11011 | $9411 | $11192 |
| **06/30/24** | $11082 | $9500 | $11266 |
| **07/31/24** | $11213 | $9722 | $11415 |
| **08/31/24** | $11334 | $9862 | $11542 |
| **09/30/24** | $11468 | $9994 | $11677 |
| **10/31/24** | $11483 | $9746 | $11696 |
| **11/30/24** | $11615 | $9849 | $11811 |
| **12/31/24** | $11635 | $9688 | $11819 |
| **01/31/25** | $11755 | $9739 | $11941 |
| **02/28/25** | $11796 | $9954 | $11986 |
| **03/31/25** | $11681 | $9958 | $11903 |
| **04/30/25** | $11676 | $9997 | $11900 |
| **05/31/25** | $11917 | $9925 | $12093 |
| **06/30/25** | $12088 | $10078 | $12254 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 02/16/22** |
| HYBL | 9.08% | 5.79% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 0.23% |
| SPDR Blackstone High Income Composite Index | 8.77% | 6.22% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$405,201,894

* Number of Portfolio Holdings645

* Portfolio Turnover Rate192%

* Total Advisory Fees Paid$1,793,526

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Corporate Bonds & Notes | 47.1% |
| Senior Floating Rate Loans | 38.6% |
| Asset-Backed Securities | 10.3% |
| Short-Term Investments | 5.7% |
| Mutual Funds and Exchange Traded Products | 1.4% |
| Common Stocks | 0.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR Blackstone Senior Loan ETF | 1.4% |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, due 09/20/31 | 0.8% |
| Fair Isaac Corp., 4.00%, due 06/15/28 | 0.7% |
| Nexstar Media, Inc., 4.75%, due 11/01/28 | 0.7% |
| Rakuten Group, Inc., 9.75%, due 04/15/29 | 0.7% |
| TransDigm, Inc., 6.38%, due 03/01/29 | 0.7% |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, due 09/01/29 | 0.7% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, due 01/15/30 | 0.7% |
| goeasy Ltd., 7.63%, due 07/01/29 | 0.6% |
| MPT Operating Partnership LP/MPT Finance Corp., 4.63%, due 08/01/29 | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR HYBL

# SPDR Blackstone Senior Loan ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# SRLN

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Blackstone Senior Loan ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Blackstone Senior Loan ETF | $73 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
The Fund outperformed the Primary Index during the reporting period, mainly driven by its allocation to high yield bonds. Credit selection was positive; we maintain conviction in the loans in the portfolio, which represent the senior-most obligation in the capital structure. Similarly, the Fund's allocation to bonds drove its outperformance to the Secondary Index during the reporting period. Within sectors, overweight to Software & Services and Healthcare Equipment & Services contributed to total return. On an issuer level, the top contributors to the Fund's total return during the reporting period were Asurion, Numericable, and Zayo. The top detractors from the Fund's total return during the reporting period were CDK Global, Newfold Digital, and Peraton.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ib067037d020d0b72d6ad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SRLN** | **Bloomberg U.S. Aggregate Bond Index** | **Markit iBoxx USD Liquid Leveraged Loan Index** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **06/30/15** | $10000 | $10000 | $10000 | $10000 |
| **07/31/15** | $9991 | $10070 | $9948 | $9964 |
| **08/31/15** | $9908 | $10055 | $9830 | $9872 |
| **09/30/15** | $9796 | $10123 | $9761 | $9777 |
| **10/31/15** | $9807 | $10125 | $9787 | $9778 |
| **11/30/15** | $9705 | $10098 | $9661 | $9675 |
| **12/31/15** | $9631 | $10065 | $9562 | $9557 |
| **01/31/16** | $9597 | $10204 | $9525 | $9516 |
| **02/29/16** | $9564 | $10276 | $9484 | $9495 |
| **03/31/16** | $9758 | $10371 | $9787 | $9795 |
| **04/30/16** | $9861 | $10410 | $9981 | $10024 |
| **05/31/16** | $9918 | $10413 | $10028 | $10085 |
| **06/30/16** | $9885 | $10600 | $9990 | $10069 |
| **07/31/16** | $10007 | $10667 | $10165 | $10234 |
| **08/31/16** | $10064 | $10655 | $10233 | $10306 |
| **09/30/16** | $10117 | $10649 | $10280 | $10368 |
| **10/31/16** | $10161 | $10567 | $10305 | $10443 |
| **11/30/16** | $10185 | $10317 | $10334 | $10462 |
| **12/31/16** | $10290 | $10332 | $10442 | $10597 |
| **01/31/17** | $10301 | $10352 | $10425 | $10632 |
| **02/28/17** | $10355 | $10422 | $10496 | $10686 |
| **03/31/17** | $10370 | $10416 | $10457 | $10680 |
| **04/30/17** | $10412 | $10497 | $10498 | $10723 |
| **05/31/17** | $10454 | $10577 | $10538 | $10771 |
| **06/30/17** | $10455 | $10567 | $10495 | $10747 |
| **07/31/17** | $10534 | $10612 | $10575 | $10830 |
| **08/31/17** | $10519 | $10707 | $10523 | $10807 |
| **09/30/17** | $10557 | $10656 | $10559 | $10844 |
| **10/31/17** | $10615 | $10663 | $10624 | $10905 |
| **11/30/17** | $10623 | $10649 | $10620 | $10913 |
| **12/31/17** | $10660 | $10698 | $10652 | $10947 |
| **01/31/18** | $10752 | $10575 | $10789 | $11065 |
| **02/28/18** | $10752 | $10474 | $10787 | $11071 |
| **03/31/18** | $10779 | $10542 | $10809 | $11101 |
| **04/30/18** | $10815 | $10463 | $10856 | $11146 |
| **05/31/18** | $10820 | $10538 | $10854 | $11147 |
| **06/30/18** | $10814 | $10525 | $10855 | $11148 |
| **07/31/18** | $10894 | $10527 | $10964 | $11247 |
| **08/31/18** | $10947 | $10595 | $11011 | $11303 |
| **09/30/18** | $11020 | $10527 | $11093 | $11382 |
| **10/31/18** | $11005 | $10444 | $11045 | $11359 |
| **11/30/18** | $10909 | $10506 | $10904 | $11235 |
| **12/31/18** | $10634 | $10699 | $10586 | $10880 |
| **01/31/19** | $10879 | $10813 | $10915 | $11267 |
| **02/28/19** | $11078 | $10806 | $11129 | $11493 |
| **03/31/19** | $11026 | $11014 | $11095 | $11438 |
| **04/30/19** | $11235 | $11017 | $11306 | $11676 |
| **05/31/19** | $11160 | $11212 | $11206 | $11598 |
| **06/30/19** | $11212 | $11353 | $11234 | $11619 |
| **07/31/19** | $11313 | $11378 | $11357 | $11740 |
| **08/31/19** | $11273 | $11673 | $11292 | $11694 |
| **09/30/19** | $11378 | $11611 | $11362 | $11773 |
| **10/31/19** | $11342 | $11646 | $11332 | $11750 |
| **11/30/19** | $11434 | $11640 | $11418 | $11838 |
| **12/31/19** | $11626 | $11632 | $11609 | $12038 |
| **01/31/20** | $11658 | $11855 | $11624 | $12065 |
| **02/29/20** | $11474 | $12069 | $11400 | $11831 |
| **03/31/20** | $10281 | $11998 | $10295 | $10849 |
| **04/30/20** | $10601 | $12211 | $10587 | $11204 |
| **05/31/20** | $10999 | $12268 | $10927 | $11588 |
| **06/30/20** | $11074 | $12345 | $10888 | $11565 |
| **07/31/20** | $11358 | $12530 | $11104 | $11819 |
| **08/31/20** | $11529 | $12428 | $11257 | $11973 |
| **09/30/20** | $11550 | $12422 | $11241 | $11974 |
| **10/31/20** | $11520 | $12366 | $11230 | $11930 |
| **11/30/20** | $11793 | $12488 | $11541 | $12249 |
| **12/31/20** | $11941 | $12505 | $11633 | $12380 |
| **01/31/21** | $12086 | $12415 | $11752 | $12504 |
| **02/28/21** | $12161 | $12236 | $11815 | $12545 |
| **03/31/21** | $12145 | $12083 | $11760 | $12507 |
| **04/30/21** | $12214 | $12178 | $11791 | $12563 |
| **05/31/21** | $12309 | $12218 | $11847 | $12633 |
| **06/30/21** | $12399 | $12304 | $11852 | $12648 |
| **07/31/21** | $12334 | $12442 | $11800 | $12618 |
| **08/31/21** | $12393 | $12418 | $11864 | $12692 |
| **09/30/21** | $12479 | $12310 | $11950 | $12772 |
| **10/31/21** | $12482 | $12307 | $11945 | $12774 |
| **11/30/21** | $12426 | $12343 | $11853 | $12712 |
| **12/31/21** | $12527 | $12312 | $11954 | $12818 |
| **01/31/22** | $12541 | $12047 | $11962 | $12835 |
| **02/28/22** | $12465 | $11912 | $11875 | $12766 |
| **03/31/22** | $12443 | $11581 | $11875 | $12794 |
| **04/30/22** | $12392 | $11142 | $11843 | $12779 |
| **05/31/22** | $12050 | $11214 | $11536 | $12459 |
| **06/30/22** | $11722 | $11038 | $11226 | $12114 |
| **07/31/22** | $11979 | $11307 | $11545 | $12489 |
| **08/31/22** | $12117 | $10988 | $11666 | $12631 |
| **09/30/22** | $11703 | $10513 | $11381 | $12270 |
| **10/31/22** | $11786 | $10377 | $11544 | $12468 |
| **11/30/22** | $11909 | $10759 | $11658 | $12665 |
| **12/31/22** | $11956 | $10710 | $11741 | $12730 |
| **01/31/23** | $12243 | $11040 | $12050 | $13099 |
| **02/28/23** | $12210 | $10754 | $12085 | $13115 |
| **03/31/23** | $12196 | $11027 | $12128 | $13104 |
| **04/30/23** | $12302 | $11094 | $12259 | $13254 |
| **05/31/23** | $12261 | $10973 | $12192 | $13193 |
| **06/30/23** | $12537 | $10934 | $12463 | $13541 |
| **07/31/23** | $12667 | $10927 | $12606 | $13686 |
| **08/31/23** | $12792 | $10857 | $12729 | $13848 |
| **09/30/23** | $12861 | $10581 | $12806 | $13959 |
| **10/31/23** | $12834 | $10414 | $12777 | $13959 |
| **11/30/23** | $13015 | $10886 | $12917 | $14133 |
| **12/31/23** | $13245 | $11302 | $13129 | $14410 |
| **01/31/24** | $13288 | $11271 | $13145 | $14457 |
| **02/29/24** | $13389 | $11112 | $13291 | $14618 |
| **03/31/24** | $13494 | $11215 | $13414 | $14697 |
| **04/30/24** | $13571 | $10931 | $13507 | $14781 |
| **05/31/24** | $13699 | $11117 | $13612 | $14946 |
| **06/30/24** | $13721 | $11222 | $13642 | $15001 |
| **07/31/24** | $13801 | $11484 | $13761 | $15115 |
| **08/31/24** | $13920 | $11649 | $13846 | $15192 |
| **09/30/24** | $14021 | $11805 | $13910 | $15285 |
| **10/31/24** | $14158 | $11512 | $14039 | $15432 |
| **11/30/24** | $14293 | $11634 | $14194 | $15599 |
| **12/31/24** | $14373 | $11444 | $14238 | $15665 |
| **01/31/25** | $14460 | $11504 | $14328 | $15774 |
| **02/28/25** | $14465 | $11757 | $14297 | $15796 |
| **03/31/25** | $14355 | $11762 | $14224 | $15735 |
| **04/30/25** | $14346 | $11808 | $14255 | $15811 |
| **05/31/25** | $14639 | $11723 | $14437 | $16055 |
| **06/30/25** | $14783 | $11904 | $14558 | $16168 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SRLN | 7.74% | 5.95% | 3.99% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |
| Markit iBoxx USD Liquid Leveraged Loan Index | 6.72% | 5.98% | 3.83% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.78% | 6.93% | 4.92% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$6,924,282,261

* Number of Portfolio Holdings668

* Portfolio Turnover Rate195%

* Total Advisory Fees Paid$50,453,280

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Senior Floating Rate Loans | 86.5% |
| Corporate Bonds & Notes | 11.3% |
| Short-Term Investments | 4.0% |
| Repurchase Agreements | 1.4% |
| Common Stocks | 0.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| AssuredPartners, Inc., 7.83%, due 02/14/31 | 2.2% |
| Twitter, Inc., 10.93%, due 10/26/29 | 1.9% |
| Zayo Group Holdings, Inc., 7.44%, due 03/09/27 | 1.5% |
| Barclays Capital, Inc, 4.48%, due 06/15/26 | 1.4% |
| Boost Newco Borrower LLC, 6.30%, due 01/31/31 | 1.4% |
| McAfee LLC, 7.32%, due 03/01/29 | 1.3% |
| Gainwell Acquisition Corp., 8.40%, due 10/01/27 | 1.3% |
| Team Health Holdings, Inc., 9.53%, due 03/02/27 | 1.3% |
| Allied Universal Holdco LLC, 8.18%, due 05/12/28 | 1.3% |
| Great Outdoors Group LLC, 7.58%, due 01/23/32 | 1.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SRLN

# SPDR DoubleLine Emerging Markets Fixed Income ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# EMTL

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR DoubleLine Emerging Markets Fixed Income ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR DoubleLine Emerging Markets Fixed Income ETF | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Over the reporting period, Emerging Markets sovereign debt saw significant spread compression, while EM corporates generated positive returns but lagged sovereigns. The primary driver of the Fund's relative underperformance was asset allocation. The Fund maintained an underweight to high yield credits relative to the Index which detracted from performance. Over the 12-month period, risk was broadly rewarded with the high yield subsector of the Index generating a return of 9.01% and the investment grade portion, 7.01%. In terms of regional allocation, the Fund lacked exposure to Europe, the best performing region within the Index, detracting from relative performance. In contrast, the Fund benefitted from its underweight to the Middle East and Asia, which had the least positive returns within the Index. The Fund ended the period with a shorter duration than the Index.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i14c91955b55119b90c85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **EMTL** | **Bloomberg Global Aggregate Bond Index** | **JP Morgan Corporate Emerging Market Bond Index Broad Diversified Index** |
| **04/13/16** | $10000 | $10000 | $10000 |
| **04/30/16** | $10096 | $10085 | $10097 |
| **05/31/16** | $10130 | $9950 | $10118 |
| **06/30/16** | $10355 | $10240 | $10299 |
| **07/31/16** | $10576 | $10318 | $10462 |
| **08/31/16** | $10685 | $10267 | $10600 |
| **09/30/16** | $10692 | $10324 | $10616 |
| **10/31/16** | $10710 | $10037 | $10615 |
| **11/30/16** | $10546 | $9639 | $10395 |
| **12/31/16** | $10586 | $9594 | $10476 |
| **01/31/17** | $10710 | $9703 | $10605 |
| **02/28/17** | $10849 | $9748 | $10753 |
| **03/31/17** | $10898 | $9763 | $10787 |
| **04/30/17** | $11030 | $9873 | $10908 |
| **05/31/17** | $11123 | $10026 | $10978 |
| **06/30/17** | $11149 | $10017 | $11000 |
| **07/31/17** | $11234 | $10186 | $11087 |
| **08/31/17** | $11389 | $10287 | $11194 |
| **09/30/17** | $11381 | $10194 | $11233 |
| **10/31/17** | $11411 | $10156 | $11271 |
| **11/30/17** | $11391 | $10268 | $11274 |
| **12/31/17** | $11391 | $10304 | $11309 |
| **01/31/18** | $11324 | $10427 | $11317 |
| **02/28/18** | $11230 | $10334 | $11203 |
| **03/31/18** | $11218 | $10444 | $11182 |
| **04/30/18** | $11167 | $10277 | $11109 |
| **05/31/18** | $11147 | $10199 | $11031 |
| **06/30/18** | $11077 | $10154 | $10985 |
| **07/31/18** | $11226 | $10137 | $11144 |
| **08/31/18** | $11091 | $10147 | $11024 |
| **09/30/18** | $11204 | $10060 | $11128 |
| **10/31/18** | $11152 | $9947 | $11062 |
| **11/30/18** | $11100 | $9979 | $11044 |
| **12/31/18** | $11170 | $10180 | $11123 |
| **01/31/19** | $11468 | $10335 | $11425 |
| **02/28/19** | $11563 | $10276 | $11549 |
| **03/31/19** | $11732 | $10404 | $11696 |
| **04/30/19** | $11792 | $10374 | $11787 |
| **05/31/19** | $11892 | $10514 | $11845 |
| **06/30/19** | $12183 | $10747 | $12106 |
| **07/31/19** | $12288 | $10717 | $12214 |
| **08/31/19** | $12155 | $10935 | $12229 |
| **09/30/19** | $12209 | $10824 | $12307 |
| **10/31/19** | $12291 | $10896 | $12411 |
| **11/30/19** | $12292 | $10814 | $12458 |
| **12/31/19** | $12433 | $10877 | $12579 |
| **01/31/20** | $12650 | $11015 | $12773 |
| **02/29/20** | $12674 | $11089 | $12771 |
| **03/31/20** | $11074 | $10841 | $11300 |
| **04/30/20** | $11445 | $11054 | $11762 |
| **05/31/20** | $11934 | $11102 | $12223 |
| **06/30/20** | $12178 | $11201 | $12559 |
| **07/31/20** | $12387 | $11558 | $12851 |
| **08/31/20** | $12483 | $11541 | $12966 |
| **09/30/20** | $12474 | $11499 | $12904 |
| **10/31/20** | $12512 | $11510 | $12937 |
| **11/30/20** | $12693 | $11719 | $13282 |
| **12/31/20** | $12874 | $11877 | $13476 |
| **01/31/21** | $12854 | $11772 | $13467 |
| **02/28/21** | $12844 | $11570 | $13454 |
| **03/31/21** | $12744 | $11347 | $13368 |
| **04/30/21** | $12808 | $11490 | $13448 |
| **05/31/21** | $12875 | $11598 | $13535 |
| **06/30/21** | $13041 | $11496 | $13648 |
| **07/31/21** | $13060 | $11649 | $13678 |
| **08/31/21** | $13169 | $11600 | $13775 |
| **09/30/21** | $12961 | $11394 | $13683 |
| **10/31/21** | $12961 | $11367 | $13619 |
| **11/30/21** | $12886 | $11334 | $13544 |
| **12/31/21** | $12988 | $11318 | $13599 |
| **01/31/22** | $12605 | $11086 | $13371 |
| **02/28/22** | $12304 | $10954 | $12724 |
| **03/31/22** | $12206 | $10620 | $12400 |
| **04/30/22** | $11606 | $10039 | $12144 |
| **05/31/22** | $11677 | $10066 | $12073 |
| **06/30/22** | $11141 | $9743 | $11703 |
| **07/31/22** | $11436 | $9950 | $11826 |
| **08/31/22** | $11290 | $9557 | $11847 |
| **09/30/22** | $10514 | $9066 | $11394 |
| **10/31/22** | $10358 | $9004 | $11160 |
| **11/30/22** | $11070 | $9428 | $11750 |
| **12/31/22** | $11153 | $9479 | $11931 |
| **01/31/23** | $11563 | $9790 | $12294 |
| **02/28/23** | $11274 | $9465 | $12098 |
| **03/31/23** | $11384 | $9764 | $12198 |
| **04/30/23** | $11505 | $9807 | $12306 |
| **05/31/23** | $11467 | $9615 | $12234 |
| **06/30/23** | $11545 | $9614 | $12366 |
| **07/31/23** | $11699 | $9681 | $12487 |
| **08/31/23** | $11632 | $9549 | $12431 |
| **09/30/23** | $11472 | $9270 | $12334 |
| **10/31/23** | $11276 | $9159 | $12184 |
| **11/30/23** | $11776 | $9621 | $12628 |
| **12/31/23** | $12168 | $10021 | $13015 |
| **01/31/24** | $12253 | $9882 | $13092 |
| **02/29/24** | $12300 | $9758 | $13185 |
| **03/31/24** | $12413 | $9812 | $13317 |
| **04/30/24** | $12290 | $9564 | $13199 |
| **05/31/24** | $12456 | $9690 | $13391 |
| **06/30/24** | $12570 | $9703 | $13516 |
| **07/31/24** | $12763 | $9971 | $13719 |
| **08/31/24** | $12971 | $10207 | $13950 |
| **09/30/24** | $13098 | $10381 | $14121 |
| **10/31/24** | $12964 | $10033 | $14000 |
| **11/30/24** | $13000 | $10067 | $14084 |
| **12/31/24** | $12943 | $9851 | $14008 |
| **01/31/25** | $13078 | $9907 | $14119 |
| **02/28/25** | $13260 | $10049 | $14338 |
| **03/31/25** | $13310 | $10111 | $14347 |
| **04/30/25** | $13279 | $10408 | $14285 |
| **05/31/25** | $13379 | $10371 | $14373 |
| **06/30/25** | $13526 | $10568 | $14573 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 04/13/16** |
| EMTL | 7.61% | 2.12% | 3.33% |
| Bloomberg Global Aggregate Bond Index | 8.91% | (1.16%) | 0.60% |
| JP Morgan Corporate Emerging Market Bond Index Broad Diversified Index | 7.82% | 3.02% | 4.17% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$92,547,077

* Number of Portfolio Holdings124

* Portfolio Turnover Rate56%

* Total Advisory Fees Paid$593,343

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Top Ten Countries

---

| | |
|:---|:---|
| **Country** | **%** |
| Peru | 14.9% |
| Mexico | 14.1% |
| Chile | 12.8% |
| India | 11.1% |
| Brazil | 10.7% |
| Singapore | 7.3% |
| Colombia | 7.1% |
| Paraguay | 4.9% |
| Indonesia | 4.4% |
| Morocco | 1.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Chile Electricity Lux MPC II SARL, 5.67%, due 10/20/35 | 2.5% |
| Oversea-Chinese Banking Corp. Ltd., 1.83%, due 09/10/30 | 2.5% |
| Pertamina Persero PT, 1.40%, due 02/09/26 | 2.4% |
| DBS Group Holdings Ltd., 1.82%, due 03/10/31 | 2.4% |
| Banco Internacional del Peru SAA Interbank, 4.00%, due 07/08/30 | 2.2% |
| Guara Norte SARL, 5.20%, due 06/15/34 | 2.1% |
| Raizen Fuels Finance SA, 5.70%, due 01/17/35 | 2.0% |
| Banco de Credito del Peru SA, 3.25%, due 09/30/31 | 2.0% |
| GNL Quintero SA, 4.63%, due 07/31/29 | 1.9% |
| Mexico Generadora de Energia S de Real, 5.50%, due 12/06/32 | 1.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR EMTL

# SPDR DoubleLine Short Duration Total Return Tactical ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# STOT

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR DoubleLine Short Duration Total Return Tactical ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR DoubleLine Short Duration Total Return Tactical ETF | $46 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The primary driver of underperformance was duration positioning as the Fund maintains a slightly shorter duration than the Index. This was not accretive to performance as rates at the short end of the U.S. Treasury yield curve, particularly the 2-year Treasury, fell materially over the reporting period. The Fund continues to maintain a higher credit allocation than the Index with a roughly sixty-five percent weighting to credit risk sectors, compared to approximately thirty percent in the Index.

The Fund's best performing sector was non-Agency MBS as the sector experienced credit spread tightening and yields fell across the intermediate segment of the U.S. Treasury yield curve. Investment grade corporates and bank loans also delivered strong performance, as credit spreads on corporate assets tended to tighten over the period.

Every sector within the portfolio generated a positive return. The greatest contribution to the Fund's performance during the period was U.S. Treasurys. No sector detracted from performance.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i02c1224b05abe03441b7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **STOT** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate 1-3 Year Index** |
| **04/13/16** | $10000 | $10000 | $10000 |
| **04/30/16** | $10022 | $10008 | $10010 |
| **05/31/16** | $10026 | $10010 | $10003 |
| **06/30/16** | $10104 | $10190 | $10063 |
| **07/31/16** | $10146 | $10254 | $10065 |
| **08/31/16** | $10153 | $10243 | $10055 |
| **09/30/16** | $10170 | $10237 | $10066 |
| **10/31/16** | $10166 | $10158 | $10063 |
| **11/30/16** | $10077 | $9918 | $10022 |
| **12/31/16** | $10092 | $9932 | $10028 |
| **01/31/17** | $10105 | $9952 | $10047 |
| **02/28/17** | $10142 | $10018 | $10063 |
| **03/31/17** | $10154 | $10013 | $10070 |
| **04/30/17** | $10202 | $10090 | $10088 |
| **05/31/17** | $10226 | $10168 | $10105 |
| **06/30/17** | $10219 | $10158 | $10101 |
| **07/31/17** | $10252 | $10202 | $10127 |
| **08/31/17** | $10283 | $10293 | $10148 |
| **09/30/17** | $10268 | $10244 | $10136 |
| **10/31/17** | $10267 | $10250 | $10133 |
| **11/30/17** | $10247 | $10237 | $10112 |
| **12/31/17** | $10256 | $10284 | $10115 |
| **01/31/18** | $10223 | $10165 | $10088 |
| **02/28/18** | $10205 | $10069 | $10078 |
| **03/31/18** | $10226 | $10134 | $10095 |
| **04/30/18** | $10212 | $10058 | $10084 |
| **05/31/18** | $10258 | $10130 | $10122 |
| **06/30/18** | $10263 | $10118 | $10123 |
| **07/31/18** | $10270 | $10120 | $10129 |
| **08/31/18** | $10303 | $10185 | $10165 |
| **09/30/18** | $10298 | $10120 | $10158 |
| **10/31/18** | $10292 | $10040 | $10168 |
| **11/30/18** | $10314 | $10100 | $10198 |
| **12/31/18** | $10375 | $10285 | $10277 |
| **01/31/19** | $10432 | $10394 | $10318 |
| **02/28/19** | $10457 | $10388 | $10334 |
| **03/31/19** | $10530 | $10588 | $10402 |
| **04/30/19** | $10567 | $10590 | $10426 |
| **05/31/19** | $10622 | $10778 | $10499 |
| **06/30/19** | $10692 | $10914 | $10557 |
| **07/31/19** | $10708 | $10938 | $10553 |
| **08/31/19** | $10762 | $11221 | $10636 |
| **09/30/19** | $10770 | $11161 | $10631 |
| **10/31/19** | $10798 | $11195 | $10668 |
| **11/30/19** | $10808 | $11189 | $10668 |
| **12/31/19** | $10837 | $11182 | $10692 |
| **01/31/20** | $10887 | $11397 | $10753 |
| **02/29/20** | $10935 | $11602 | $10840 |
| **03/31/20** | $10644 | $11534 | $10884 |
| **04/30/20** | $10793 | $11739 | $10943 |
| **05/31/20** | $10891 | $11793 | $10964 |
| **06/30/20** | $10952 | $11868 | $10979 |
| **07/31/20** | $11014 | $12045 | $10996 |
| **08/31/20** | $11040 | $11948 | $10998 |
| **09/30/20** | $11041 | $11941 | $10997 |
| **10/31/20** | $11043 | $11888 | $10996 |
| **11/30/20** | $11087 | $12004 | $11007 |
| **12/31/20** | $11123 | $12021 | $11022 |
| **01/31/21** | $11137 | $11935 | $11026 |
| **02/28/21** | $11109 | $11762 | $11019 |
| **03/31/21** | $11084 | $11616 | $11013 |
| **04/30/21** | $11118 | $11707 | $11022 |
| **05/31/21** | $11131 | $11746 | $11035 |
| **06/30/21** | $11138 | $11828 | $11019 |
| **07/31/21** | $11163 | $11960 | $11038 |
| **08/31/21** | $11171 | $11938 | $11038 |
| **09/30/21** | $11155 | $11834 | $11029 |
| **10/31/21** | $11127 | $11831 | $10993 |
| **11/30/21** | $11101 | $11866 | $10984 |
| **12/31/21** | $11115 | $11836 | $10967 |
| **01/31/22** | $11015 | $11581 | $10889 |
| **02/28/22** | $10945 | $11451 | $10840 |
| **03/31/22** | $10839 | $11133 | $10693 |
| **04/30/22** | $10750 | $10711 | $10633 |
| **05/31/22** | $10713 | $10780 | $10698 |
| **06/30/22** | $10635 | $10611 | $10624 |
| **07/31/22** | $10695 | $10870 | $10681 |
| **08/31/22** | $10687 | $10563 | $10595 |
| **09/30/22** | $10580 | $10106 | $10465 |
| **10/31/22** | $10520 | $9976 | $10451 |
| **11/30/22** | $10652 | $10342 | $10538 |
| **12/31/22** | $10694 | $10296 | $10559 |
| **01/31/23** | $10839 | $10612 | $10645 |
| **02/28/23** | $10803 | $10338 | $10565 |
| **03/31/23** | $10855 | $10601 | $10718 |
| **04/30/23** | $10917 | $10665 | $10755 |
| **05/31/23** | $10949 | $10549 | $10723 |
| **06/30/23** | $10980 | $10511 | $10680 |
| **07/31/23** | $11058 | $10504 | $10725 |
| **08/31/23** | $11098 | $10437 | $10765 |
| **09/30/23** | $11117 | $10172 | $10758 |
| **10/31/23** | $11137 | $10011 | $10793 |
| **11/30/23** | $11235 | $10464 | $10918 |
| **12/31/23** | $11370 | $10865 | $11050 |
| **01/31/24** | $11441 | $10835 | $11094 |
| **02/29/24** | $11451 | $10682 | $11055 |
| **03/31/24** | $11512 | $10781 | $11100 |
| **04/30/24** | $11506 | $10508 | $11062 |
| **05/31/24** | $11591 | $10687 | $11143 |
| **06/30/24** | $11654 | $10788 | $11205 |
| **07/31/24** | $11776 | $11040 | $11338 |
| **08/31/24** | $11872 | $11198 | $11442 |
| **09/30/24** | $11935 | $11348 | $11537 |
| **10/31/24** | $11894 | $11067 | $11470 |
| **11/30/24** | $11953 | $11184 | $11509 |
| **12/31/24** | $11973 | $11001 | $11534 |
| **01/31/25** | $12035 | $11059 | $11587 |
| **02/28/25** | $12131 | $11302 | $11669 |
| **03/31/25** | $12170 | $11307 | $11722 |
| **04/30/25** | $12226 | $11351 | $11810 |
| **05/31/25** | $12249 | $11270 | $11796 |
| **06/30/25** | $12332 | $11443 | $11872 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 04/13/16** |
| STOT | 5.82% | 2.40% | 2.30% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.47% |
| Bloomberg U.S. Aggregate 1-3 Year Index | 5.95% | 1.57% | 1.88% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$254,073,888

* Number of Portfolio Holdings473

* Portfolio Turnover Rate70%

* Total Advisory Fees Paid$820,018

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Top Ten Security Types

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| U.S. Treasury Obligations | 31.7% |
| Asset-Backed Securities | 20.6% |
| Mortgage-Backed Securities | 13.6% |
| Commercial Mortgage-Backed Securities | 7.3% |
| U.S. Government Agency Obligations | 5.6% |
| Banks | 2.5% |
| Electric | 2.1% |
| Pipelines | 1.8% |
| Short-Term Investments | 1.8% |
| Diversified Financial Services | 1.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Notes, 0.63%, due 07/31/26 | 7.0% |
| U.S. Treasury Notes, 0.75%, due 01/31/28 | 5.7% |
| U.S. Treasury Notes, 0.75%, due 05/31/26 | 5.5% |
| U.S. Treasury Notes, 0.88%, due 09/30/26 | 3.8% |
| U.S. Treasury Notes, 0.50%, due 06/30/27 | 3.3% |
| U.S. Treasury Bills, 4.18%, due 07/31/25 | 2.4% |
| U.S. Treasury Notes, 0.88%, due 11/15/30 | 2.0% |
| OBX Trust, Class A1, 5.56%, due 05/25/55 | 1.5% |
| PRPM Trust, Class A1, 5.69%, due 04/25/70 | 1.5% |
| U.S. Treasury Notes, 0.63%, due 03/31/27 | 1.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR STOT

# SPDR DoubleLine Total Return Tactical ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# TOTL

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR DoubleLine Total Return Tactical ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR DoubleLine Total Return Tactical ETF | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
The primary driver of Fund performance was asset allocation as the Fund maintained a roughly forty percent weighting to credit risk sectors compared to approximately thirty percent in the Index. This contributed positively to performance as credit spreads tightened during the reporting period. The Fund maintained a slightly shorter duration than the Index.

The Fund's best performing sector was high yield bonds as these assets significantly outperformed their investment grade counterparts because of material credit spread tightening in lower rated credits. Agency and non-Agency MBS also delivered strong performance as these longer-duration sectors benefitted from falling interest rates across the intermediate segment of the U.S. Treasury yield curve.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i4c098213f9812ce57cc3.jpg)

---

| | | |
|:---|:---|:---|
| | **TOTL** | **Bloomberg U.S. Aggregate Bond Index** |
| **06/30/15** | $10000 | $10000 |
| **07/31/15** | $10061 | $10070 |
| **08/31/15** | $10051 | $10055 |
| **09/30/15** | $10080 | $10123 |
| **10/31/15** | $10090 | $10125 |
| **11/30/15** | $10049 | $10098 |
| **12/31/15** | $10010 | $10065 |
| **01/31/16** | $10097 | $10204 |
| **02/29/16** | $10126 | $10276 |
| **03/31/16** | $10210 | $10371 |
| **04/30/16** | $10265 | $10410 |
| **05/31/16** | $10276 | $10413 |
| **06/30/16** | $10403 | $10600 |
| **07/31/16** | $10493 | $10667 |
| **08/31/16** | $10493 | $10655 |
| **09/30/16** | $10517 | $10649 |
| **10/31/16** | $10475 | $10567 |
| **11/30/16** | $10298 | $10317 |
| **12/31/16** | $10312 | $10332 |
| **01/31/17** | $10340 | $10352 |
| **02/28/17** | $10418 | $10422 |
| **03/31/17** | $10433 | $10416 |
| **04/30/17** | $10518 | $10497 |
| **05/31/17** | $10588 | $10577 |
| **06/30/17** | $10564 | $10567 |
| **07/31/17** | $10611 | $10612 |
| **08/31/17** | $10698 | $10707 |
| **09/30/17** | $10654 | $10656 |
| **10/31/17** | $10654 | $10663 |
| **11/30/17** | $10636 | $10649 |
| **12/31/17** | $10665 | $10698 |
| **01/31/18** | $10573 | $10575 |
| **02/28/18** | $10514 | $10474 |
| **03/31/18** | $10574 | $10542 |
| **04/30/18** | $10516 | $10463 |
| **05/31/18** | $10577 | $10538 |
| **06/30/18** | $10571 | $10525 |
| **07/31/18** | $10573 | $10527 |
| **08/31/18** | $10628 | $10595 |
| **09/30/18** | $10592 | $10527 |
| **10/31/18** | $10546 | $10444 |
| **11/30/18** | $10587 | $10506 |
| **12/31/18** | $10698 | $10699 |
| **01/31/19** | $10816 | $10813 |
| **02/28/19** | $10839 | $10806 |
| **03/31/19** | $10978 | $11014 |
| **04/30/19** | $11009 | $11017 |
| **05/31/19** | $11153 | $11212 |
| **06/30/19** | $11261 | $11353 |
| **07/31/19** | $11280 | $11378 |
| **08/31/19** | $11428 | $11673 |
| **09/30/19** | $11401 | $11611 |
| **10/31/19** | $11435 | $11646 |
| **11/30/19** | $11425 | $11640 |
| **12/31/19** | $11444 | $11632 |
| **01/31/20** | $11616 | $11855 |
| **02/29/20** | $11750 | $12069 |
| **03/31/20** | $11318 | $11998 |
| **04/30/20** | $11517 | $12211 |
| **05/31/20** | $11652 | $12268 |
| **06/30/20** | $11726 | $12345 |
| **07/31/20** | $11826 | $12530 |
| **08/31/20** | $11787 | $12428 |
| **09/30/20** | $11809 | $12422 |
| **10/31/20** | $11762 | $12366 |
| **11/30/20** | $11850 | $12488 |
| **12/31/20** | $11892 | $12505 |
| **01/31/21** | $11882 | $12415 |
| **02/28/21** | $11795 | $12236 |
| **03/31/21** | $11679 | $12083 |
| **04/30/21** | $11757 | $12178 |
| **05/31/21** | $11787 | $12218 |
| **06/30/21** | $11821 | $12304 |
| **07/31/21** | $11888 | $12442 |
| **08/31/21** | $11910 | $12418 |
| **09/30/21** | $11839 | $12310 |
| **10/31/21** | $11807 | $12307 |
| **11/30/21** | $11821 | $12343 |
| **12/31/21** | $11815 | $12312 |
| **01/31/22** | $11612 | $12047 |
| **02/28/22** | $11511 | $11912 |
| **03/31/22** | $11220 | $11581 |
| **04/30/22** | $10904 | $11142 |
| **05/31/22** | $10876 | $11214 |
| **06/30/22** | $10668 | $11038 |
| **07/31/22** | $10894 | $11307 |
| **08/31/22** | $10708 | $10988 |
| **09/30/22** | $10268 | $10513 |
| **10/31/22** | $10093 | $10377 |
| **11/30/22** | $10420 | $10759 |
| **12/31/22** | $10393 | $10710 |
| **01/31/23** | $10754 | $11040 |
| **02/28/23** | $10539 | $10754 |
| **03/31/23** | $10731 | $11027 |
| **04/30/23** | $10809 | $11094 |
| **05/31/23** | $10701 | $10973 |
| **06/30/23** | $10721 | $10934 |
| **07/31/23** | $10708 | $10927 |
| **08/31/23** | $10600 | $10857 |
| **09/30/23** | $10344 | $10581 |
| **10/31/23** | $10136 | $10414 |
| **11/30/23** | $10575 | $10886 |
| **12/31/23** | $11000 | $11302 |
| **01/31/24** | $10998 | $11271 |
| **02/29/24** | $10906 | $11112 |
| **03/31/24** | $11015 | $11215 |
| **04/30/24** | $10761 | $10931 |
| **05/31/24** | $10933 | $11117 |
| **06/30/24** | $11072 | $11222 |
| **07/31/24** | $11334 | $11484 |
| **08/31/24** | $11522 | $11649 |
| **09/30/24** | $11674 | $11805 |
| **10/31/24** | $11391 | $11512 |
| **11/30/24** | $11487 | $11634 |
| **12/31/24** | $11335 | $11444 |
| **01/31/25** | $11407 | $11504 |
| **02/28/25** | $11640 | $11757 |
| **03/31/25** | $11660 | $11762 |
| **04/30/25** | $11709 | $11808 |
| **05/31/25** | $11617 | $11723 |
| **06/30/25** | $11807 | $11904 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| TOTL | 6.64% | 0.14% | 1.67% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,842,263,416

* Number of Portfolio Holdings1,484

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$18,490,203

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Type** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| U.S. Government Agency Obligations | 34.5% |
| U.S. Treasury Obligations | 21.4% |
| Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 12.0% |
| Asset-Backed Securities | 11.4% |
| Short-Term Investments | 3.9% |
| Commercial Mortgage Backed Securities | 2.4% |
| Senior Floating Rate Loans | 1.0% |
| Foreign Government Obligations | 0.2% |
| Common Stocks | 0.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Notes, 0.75%, due 03/31/26 | 6.4% |
| U.S. Treasury Notes, 0.75%, due 01/31/28 | 6.1% |
| U.S. Treasury Notes, 0.88%, due 09/30/26 | 2.4% |
| U.S. Treasury Notes, 0.88%, due 11/15/30 | 1.7% |
| U.S. Treasury Notes, 0.75%, due 05/31/26 | 1.7% |
| U.S. Treasury Notes, 0.63%, due 08/15/30 | 1.6% |
| U.S. Treasury Notes, 0.38%, due 11/30/25 | 1.5% |
| Federal Home Loan Mortgage Corp., 5.50%, due 07/01/54 | 1.3% |
| Federal Home Loan Mortgage Corp., 5.50%, due 10/01/54 | 0.9% |
| Federal National Mortgage Association, 5.50%, due 09/01/54 | 0.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR TOTL

# SPDR Loomis Sayles Opportunistic Bond ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# OBND

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Loomis Sayles Opportunistic Bond ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Loomis Sayles Opportunistic Bond ETF | $53 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
U.S. high yield corporate bond spreads tightened over the period and the sector was aided by generally lower rates and solid fundamentals despite headline volatility. Within the portfolio, our allocation to the sector positively contributed to absolute performance. Communications and consumer cyclical names were mostly responsible for the positive impact on return.

U.S. investment grade corporate bonds performed well as spreads tightened over the period. Within the portfolio, investment grade corporates contributed to absolute performance. Financial, particularly banking, names were primarily responsible for the positive impact.

Over the reporting period, bank loans were resilient as persistent inflation and growth dynamics lent themselves to the idea that the U.S. Federal Reserve may be slower to cut than originally anticipated. For the portfolio, our allocation to bank loans aided absolute performance, with individual technology issues adding in particular.

The use of derivatives instruments within the Fund had a positive impact over the period. The majority of this effect is attributed to long exposure in interest rate futures.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ic75db09c8a9894d8b964.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **OBND** | **Bloomberg U.S. Aggregate Bond Index** | **SPDR Loomis Sayles Oppurtunistic Bond Composite Index** |
| **09/27/21** | $10000 | $10000 | $10000 |
| **09/30/21** | $10004 | $9973 | $9963 |
| **10/31/21** | $9999 | $9970 | $9978 |
| **11/30/21** | $9938 | $10000 | $9952 |
| **12/31/21** | $10009 | $9974 | $10011 |
| **01/31/22** | $9833 | $9759 | $9783 |
| **02/28/22** | $9710 | $9650 | $9648 |
| **03/31/22** | $9591 | $9382 | $9500 |
| **04/30/22** | $9299 | $9026 | $9161 |
| **05/31/22** | $9205 | $9084 | $9150 |
| **06/30/22** | $8875 | $8942 | $8819 |
| **07/31/22** | $9222 | $9160 | $9138 |
| **08/31/22** | $9030 | $8902 | $8986 |
| **09/30/22** | $8620 | $8517 | $8610 |
| **10/31/22** | $8609 | $8407 | $8643 |
| **11/30/22** | $8934 | $8716 | $8939 |
| **12/31/22** | $8885 | $8677 | $8915 |
| **01/31/23** | $9242 | $8943 | $9238 |
| **02/28/23** | $8999 | $8712 | $9075 |
| **03/31/23** | $9164 | $8934 | $9224 |
| **04/30/23** | $9193 | $8988 | $9307 |
| **05/31/23** | $9122 | $8890 | $9214 |
| **06/30/23** | $9192 | $8858 | $9324 |
| **07/31/23** | $9272 | $8852 | $9402 |
| **08/31/23** | $9248 | $8795 | $9400 |
| **09/30/23** | $9118 | $8572 | $9269 |
| **10/31/23** | $9014 | $8437 | $9155 |
| **11/30/23** | $9377 | $8819 | $9560 |
| **12/31/23** | $9737 | $9156 | $9895 |
| **01/31/24** | $9733 | $9131 | $9904 |
| **02/29/24** | $9671 | $9002 | $9859 |
| **03/31/24** | $9780 | $9085 | $9973 |
| **04/30/24** | $9641 | $8856 | $9838 |
| **05/31/24** | $9761 | $9006 | $9980 |
| **06/30/24** | $9841 | $9091 | $10044 |
| **07/31/24** | $10016 | $9303 | $10229 |
| **08/31/24** | $10156 | $9437 | $10368 |
| **09/30/24** | $10291 | $9564 | $10520 |
| **10/31/24** | $10181 | $9326 | $10401 |
| **11/30/24** | $10293 | $9425 | $10522 |
| **12/31/24** | $10205 | $9271 | $10424 |
| **01/31/25** | $10293 | $9320 | $10506 |
| **02/28/25** | $10428 | $9525 | $10634 |
| **03/31/25** | $10371 | $9529 | $10583 |
| **04/30/25** | $10377 | $9566 | $10579 |
| **05/31/25** | $10465 | $9498 | $10664 |
| **06/30/25** | $10641 | $9644 | $10834 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/27/21** |
| OBND | 8.13% | 1.67% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.96%) |
| SPDR Loomis Sayles Oppurtunistic Bond Composite Index | 7.87% | 2.16% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$46,940,849

* Number of Portfolio Holdings453

* Portfolio Turnover Rate129%

* Total Advisory Fees Paid$222,407

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Corporate Bonds & Notes | 57.3% |
| Senior Floating Rate Loans | 20.5% |
| Short-Term Investments | 7.5% |
| Asset-Backed Securities | 4.8% |
| Mutual Funds and Exchange Traded Products | 4.8% |
| U.S. Treasury Obligations | 4.6% |
| Convertible Bonds | 0.8% |
| Commercial Mortgage Backed Securities | 0.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR Blackstone Senior Loan ETF | 4.8% |
| U.S. Treasury Bills, 3.98%, due 07/15/25 | 2.7% |
| BCC Middle Market CLO LLC, Class A1, due 07/17/37 | 2.0% |
| U.S. Treasury Bills, 4.25%, due 09/18/25 | 2.0% |
| HSBC Holdings PLC, 7.05%, due 06/05/30 | 1.0% |
| Helmerich & Payne, Inc., 5.50%, due 12/01/34 | 1.0% |
| UniCredit SpA, 7.30%, due 04/02/34 | 0.9% |
| Sedgwick Claims Management Services, Inc., 7.33%, due 07/31/31 | 0.8% |
| S&S Holdings LLC, 9.32%, due 10/01/31 | 0.7% |
| Galaxy U.S. Opco, Inc., 9.28%, due 07/31/30 | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR OBND

# SPDR Nuveen Municipal Bond ESG ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# MBNE

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Nuveen Municipal Bond ESG ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Nuveen Municipal Bond ESG ETF | $43 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
Over the reporting period the Fund closely mirrored the performance of the Index until the volatility experienced during March and April of 2025. The Fund's longer duration was the primary driver of underperformance during the reporting period. Detracting roughly 80bps from relative returns, the longer duration & maturity positioning of the Fund was negatively impacted the Fund after yields increased roughly 30bps during the final three months of the reporting period. However, the Fund's rating allocations contributed positively. About 18bps of relative return was helped by the Funds overweight position within non-rated bonds. An overweight to BBB, BB, and B rated bonds contributed as well. Sector and security selection impacts were relatively flat in the short to intermediate area of the yield curve, while longer positioning detracted from relative returns. Overweight positioning within the Health Care space detracted as well as an overweight to Special Tax. However, intermediate range security selection in the Special Tax sector partially recouped about 5bps of relative return.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i9c4b70e3ca469956f413.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MBNE** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index** |
| **04/04/22** | $10000 | $10000 | $10000 |
| **04/30/22** | $9835 | $9641 | $9768 |
| **05/31/22** | $9968 | $9703 | $9912 |
| **06/30/22** | $9869 | $9551 | $9820 |
| **07/31/22** | $10108 | $9784 | $10056 |
| **08/31/22** | $9909 | $9507 | $9873 |
| **09/30/22** | $9597 | $9097 | $9551 |
| **10/31/22** | $9547 | $8979 | $9510 |
| **11/30/22** | $9891 | $9309 | $9867 |
| **12/31/22** | $9930 | $9267 | $9919 |
| **01/31/23** | $10149 | $9552 | $10158 |
| **02/28/23** | $9954 | $9305 | $9955 |
| **03/31/23** | $10135 | $9542 | $10158 |
| **04/30/23** | $10115 | $9599 | $10130 |
| **05/31/23** | $10032 | $9495 | $10032 |
| **06/30/23** | $10118 | $9461 | $10111 |
| **07/31/23** | $10142 | $9454 | $10153 |
| **08/31/23** | $10049 | $9394 | $10039 |
| **09/30/23** | $9826 | $9155 | $9794 |
| **10/31/23** | $9722 | $9011 | $9747 |
| **11/30/23** | $10240 | $9419 | $10252 |
| **12/31/23** | $10493 | $9779 | $10459 |
| **01/31/24** | $10484 | $9753 | $10415 |
| **02/29/24** | $10497 | $9615 | $10425 |
| **03/31/24** | $10511 | $9704 | $10425 |
| **04/30/24** | $10408 | $9458 | $10308 |
| **05/31/24** | $10396 | $9619 | $10238 |
| **06/30/24** | $10541 | $9710 | $10378 |
| **07/31/24** | $10627 | $9937 | $10472 |
| **08/31/24** | $10705 | $10079 | $10566 |
| **09/30/24** | $10821 | $10214 | $10657 |
| **10/31/24** | $10655 | $9961 | $10513 |
| **11/30/24** | $10808 | $10066 | $10649 |
| **12/31/24** | $10670 | $9902 | $10534 |
| **01/31/25** | $10721 | $9954 | $10607 |
| **02/28/25** | $10860 | $10173 | $10716 |
| **03/31/25** | $10610 | $10177 | $10569 |
| **04/30/25** | $10516 | $10217 | $10500 |
| **05/31/25** | $10524 | $10144 | $10560 |
| **06/30/25** | $10609 | $10300 | $10642 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 04/04/22** |
| MBNE | 0.64% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 0.92% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 2.55% | 1.94% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$13,007,202

* Number of Portfolio Holdings37

* Portfolio Turnover Rate39%

* Total Advisory Fees Paid$142,292

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten States** 

---

| | |
|:---|:---|
| **State** | **%** |
| New York | 16.4% |
| California | 13.2% |
| Florida | 7.8% |
| Virginia | 6.7% |
| New Jersey | 6.2% |
| Connecticut | 5.8% |
| Wisconsin | 5.2% |
| Illinois | 4.2% |
| Washington | 4.0% |
| Texas | 3.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Metropolitan Transportation Authority Dedicated Tax Fund Revenue, NY, 5.00%, due 11/15/37 | 4.8% |
| Public Finance Authority Revenue, WI, 4.00%, due 11/15/37 | 4.5% |
| Washington State Housing Finance Commission Revenue, WA, 5.50%, due 07/01/44 | 4.0% |
| Texas Private Activity Bond Surface Transportation Corp. Revenue, TX, 5.50%, due 12/31/58 | 3.9% |
| Virginia Small Business Financing Authority Revenue, VA, 5.00%, due 01/01/37 | 3.9% |
| University of California Revenue, CA, 5.00%, due 05/15/38 | 3.8% |
| New Jersey Economic Development Authority Revenue, NJ, 5.00%, due 06/15/33 | 3.7% |
| Triborough Bridge & Tunnel Authority Revenue, NY, 5.00%, due 12/01/34 | 3.7% |
| County of Mecklenburg Revenue, NC, 5.00%, due 02/01/38 | 3.6% |
| City of San Francisco Public Utilities Commission Water Revenue, CA, 5.00%, due 11/01/34 | 3.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR MBNE

# SPDR Nuveen Municipal Bond ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# MBND

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Nuveen Municipal Bond ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Nuveen Municipal Bond ETF | $40 | 0.40% |

---

## How did the Fund perform last year and what affected its performance?
Over the period the Fund closely mirrored the performance of the Index until the volatility experienced during March and April of 2025. The Fund's longer duration was the primary driver of underperformance during the reporting period. Detracting almost 90bps from relative returns, the longer duration & maturity positioning of the Fund was negatively impacted the Fund after yields increased roughly 30bps during the final three months of the reporting period. However, the Fund's rating allocations contributed positively. About 15bps of relative return was helped by the Funds overweight position within non-rated bonds. An overweight to BBB and BB rated bonds contributed as well. Sector and security selection was a net positive for the Fund versus the benchmark. Overweight positioning within the Electric Utility space detracted as well as an overweight to Health Care. Security selection benefited the Fund in longer duration, lower credit quality segments of the market.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ia9249f777e6dc30c5c0e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MBND** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index** |
| **02/04/21** | $10000 | $10000 | $10000 |
| **02/28/21** | $9838 | $9882 | $9855 |
| **03/31/21** | $9896 | $9759 | $9906 |
| **04/30/21** | $10011 | $9836 | $9974 |
| **05/31/21** | $10045 | $9868 | $9990 |
| **06/30/21** | $10069 | $9937 | $10004 |
| **07/31/21** | $10157 | $10049 | $10084 |
| **08/31/21** | $10121 | $10029 | $10061 |
| **09/30/21** | $10029 | $9943 | $9994 |
| **10/31/21** | $9994 | $9940 | $9962 |
| **11/30/21** | $10065 | $9969 | $10020 |
| **12/31/21** | $10070 | $9944 | $10036 |
| **01/31/22** | $9756 | $9730 | $9773 |
| **02/28/22** | $9709 | $9621 | $9741 |
| **03/31/22** | $9412 | $9354 | $9463 |
| **04/30/22** | $9173 | $8999 | $9248 |
| **05/31/22** | $9283 | $9057 | $9385 |
| **06/30/22** | $9180 | $8915 | $9297 |
| **07/31/22** | $9408 | $9132 | $9522 |
| **08/31/22** | $9212 | $8874 | $9348 |
| **09/30/22** | $8881 | $8491 | $9043 |
| **10/31/22** | $8836 | $8381 | $9004 |
| **11/30/22** | $9176 | $8689 | $9343 |
| **12/31/22** | $9187 | $8650 | $9392 |
| **01/31/23** | $9408 | $8916 | $9617 |
| **02/28/23** | $9228 | $8686 | $9426 |
| **03/31/23** | $9384 | $8906 | $9617 |
| **04/30/23** | $9374 | $8960 | $9591 |
| **05/31/23** | $9301 | $8863 | $9499 |
| **06/30/23** | $9373 | $8831 | $9573 |
| **07/31/23** | $9398 | $8825 | $9613 |
| **08/31/23** | $9317 | $8769 | $9505 |
| **09/30/23** | $9124 | $8546 | $9273 |
| **10/31/23** | $9032 | $8411 | $9228 |
| **11/30/23** | $9493 | $8792 | $9706 |
| **12/31/23** | $9724 | $9128 | $9903 |
| **01/31/24** | $9726 | $9103 | $9861 |
| **02/29/24** | $9751 | $8975 | $9870 |
| **03/31/24** | $9770 | $9057 | $9870 |
| **04/30/24** | $9672 | $8829 | $9759 |
| **05/31/24** | $9660 | $8978 | $9694 |
| **06/30/24** | $9803 | $9063 | $9826 |
| **07/31/24** | $9889 | $9275 | $9915 |
| **08/31/24** | $9972 | $9408 | $10004 |
| **09/30/24** | $10083 | $9534 | $10090 |
| **10/31/24** | $9921 | $9298 | $9954 |
| **11/30/24** | $10066 | $9396 | $10083 |
| **12/31/24** | $9950 | $9242 | $9973 |
| **01/31/25** | $10006 | $9291 | $10043 |
| **02/28/25** | $10142 | $9496 | $10146 |
| **03/31/25** | $9956 | $9499 | $10007 |
| **04/30/25** | $9892 | $9537 | $9941 |
| **05/31/25** | $9893 | $9469 | $9998 |
| **06/30/25** | $9970 | $9614 | $10076 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 02/04/21** |
| MBND | 1.70% | (0.07%) |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.89%) |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 2.55% | 0.17% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$28,452,048

* Number of Portfolio Holdings77

* Portfolio Turnover Rate55%

* Total Advisory Fees Paid$183,764

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten States** 

---

| | |
|:---|:---|
| **State** | **%** |
| California | 12.0% |
| Texas | 11.2% |
| New York | 7.2% |
| Florida | 6.4% |
| Oklahoma | 5.5% |
| Georgia | 5.5% |
| Alabama | 5.2% |
| Utah | 3.6% |
| New Jersey | 3.3% |
| New Mexico | 3.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| California Community Choice Financing Authority Revenue, CA, 5.00%, due 09/01/32 | 3.8% |
| New Mexico Hospital Equipment Loan Council Revenue, NM, 4.00%, due 08/01/39 | 3.3% |
| South Carolina Jobs-Economic Development Authority Revenue, SC, 5.00%, due 11/01/39 | 2.8% |
| Oklahoma Turnpike Authority Revenue, OK, 5.00%, due 01/01/44 | 2.7% |
| Southeast Energy Authority A Cooperative District Revenue, AL, 5.00%, due 11/01/35 | 2.7% |
| Utah Telecommunication Open Infrastructure Agency Revenue, UT, 4.38%, due 06/01/40 | 2.7% |
| New York City Industrial Development Agency Revenue, NY, 3.00%, due 03/01/36 | 2.5% |
| Triborough Bridge & Tunnel Authority Revenue, NY, 5.00%, due 12/01/34 | 2.3% |
| Main Street Natural Gas, Inc. Revenue, GA, 5.00%, due 12/01/53 | 2.2% |
| Fort Bend Independent School District, General Obligation, TX, 4.00%, due 02/15/33 | 2.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR MBND

# SPDR SSGA Fixed Income Sector Rotation ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# FISR

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA Fixed Income Sector Rotation ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA Fixed Income Sector Rotation ETF | $35 | 0.34% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was characterized by divergences in central banks' monetary policies in response to unsynchronized global economic growth. The Fund underperformed the Bloomberg U.S. Aggregate Bond Index during the reporting period. Although the inflation expectation has largely been quenched, investors fled from long term treasury bonds after the announcement of the U.S. administration's tariff and fiscal bill. The Fund maintained an overweight position in long-term Treasury bonds based on expectations that the U.S. Federal Reserve would lower interest rates as economic conditions normalized. However, this positioning detracted from performance when investors sold off long-term Treasuries following new tariff and fiscal policy announcements. The overweight position in international treasury bonds contributed positively to the Fund's performance with broad based currency appreciation as the U.S. dollar generally weakened and offset some of the negative impact from the long-term Treasury holdings. The Fund's overweight position in high yield bonds added value as corporate profit margin were still able to absorb the initial shock coming from the announced tariffs and service the interest charges.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ia84c4c9ae46bd1bdffcc.jpg)

---

| | | |
|:---|:---|:---|
| | **FISR** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/02/19** | $10000 | $10000 |
| **04/30/19** | $10052 | $10032 |
| **05/31/19** | $10169 | $10210 |
| **06/30/19** | $10381 | $10338 |
| **07/31/19** | $10414 | $10361 |
| **08/31/19** | $10616 | $10629 |
| **09/30/19** | $10602 | $10573 |
| **10/31/19** | $10628 | $10604 |
| **11/30/19** | $10613 | $10599 |
| **12/31/19** | $10645 | $10592 |
| **01/31/20** | $10776 | $10795 |
| **02/29/20** | $10855 | $10990 |
| **03/31/20** | $10680 | $10925 |
| **04/30/20** | $10888 | $11119 |
| **05/31/20** | $10991 | $11171 |
| **06/30/20** | $11047 | $11241 |
| **07/31/20** | $11219 | $11409 |
| **08/31/20** | $11125 | $11317 |
| **09/30/20** | $11099 | $11311 |
| **10/31/20** | $11065 | $11261 |
| **11/30/20** | $11257 | $11371 |
| **12/31/20** | $11288 | $11387 |
| **01/31/21** | $11146 | $11305 |
| **02/28/21** | $10962 | $11142 |
| **03/31/21** | $10828 | $11003 |
| **04/30/21** | $10918 | $11090 |
| **05/31/21** | $10937 | $11126 |
| **06/30/21** | $11079 | $11204 |
| **07/31/21** | $11215 | $11329 |
| **08/31/21** | $11185 | $11308 |
| **09/30/21** | $11059 | $11210 |
| **10/31/21** | $11093 | $11207 |
| **11/30/21** | $11124 | $11240 |
| **12/31/21** | $11084 | $11211 |
| **01/31/22** | $10798 | $10970 |
| **02/28/22** | $10665 | $10847 |
| **03/31/22** | $10355 | $10546 |
| **04/30/22** | $9891 | $10146 |
| **05/31/22** | $9902 | $10211 |
| **06/30/22** | $9774 | $10051 |
| **07/31/22** | $9986 | $10296 |
| **08/31/22** | $9675 | $10006 |
| **09/30/22** | $9232 | $9573 |
| **10/31/22** | $9108 | $9449 |
| **11/30/22** | $9450 | $9797 |
| **12/31/22** | $9347 | $9753 |
| **01/31/23** | $9689 | $10053 |
| **02/28/23** | $9396 | $9793 |
| **03/31/23** | $9664 | $10041 |
| **04/30/23** | $9716 | $10102 |
| **05/31/23** | $9595 | $9992 |
| **06/30/23** | $9566 | $9957 |
| **07/31/23** | $9553 | $9950 |
| **08/31/23** | $9472 | $9886 |
| **09/30/23** | $9218 | $9635 |
| **10/31/23** | $9082 | $9483 |
| **11/30/23** | $9479 | $9912 |
| **12/31/23** | $9835 | $10292 |
| **01/31/24** | $9814 | $10263 |
| **02/29/24** | $9660 | $10118 |
| **03/31/24** | $9736 | $10212 |
| **04/30/24** | $9494 | $9954 |
| **05/31/24** | $9653 | $10123 |
| **06/30/24** | $9746 | $10219 |
| **07/31/24** | $9974 | $10457 |
| **08/31/24** | $10104 | $10608 |
| **09/30/24** | $10256 | $10750 |
| **10/31/24** | $9985 | $10483 |
| **11/30/24** | $10100 | $10594 |
| **12/31/24** | $9931 | $10420 |
| **01/31/25** | $9989 | $10476 |
| **02/28/25** | $10202 | $10706 |
| **03/31/25** | $10196 | $10710 |
| **04/30/25** | $10209 | $10752 |
| **05/31/25** | $10109 | $10675 |
| **06/30/25** | $10275 | $10839 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 04/02/19** |
| FISR | 5.43% | (1.44%) | 0.44% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.30% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$430,644,429

* Number of Portfolio Holdings9

* Portfolio Turnover Rate127%

* Total Advisory Fees Paid$1,086,581

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Top Security Types

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| Domestic Fixed Income | 100.0% |
| Short-Term Investments | 4.8% |

---

### **Top Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR Portfolio Intermediate Term Treasury ETF | 38.2% |
| SPDR Portfolio Mortgage-Backed Bond ETF | 30.1% |
| SPDR Portfolio Long Term Treasury ETF | 11.2% |
| SPDR Portfolio Long Term Corporate Bond ETF | 10.7% |
| SPDR Bloomberg 1-3 Month T-Bills ETF | 5.5% |
| SPDR Bloomberg High Yield Bond ETF | 4.3% |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR FISR

# SPDR SSGA Global Allocation ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# GAL

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA Global Allocation ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA Global Allocation ETF | $14 | 0.13% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was punctuated by relatively strong equity markets at the beginning and end of the time period and choppy market performance in between. While the Fund delivered more stable results than its all-equity benchmark (MSCI ACWI IMI) – the equity market rally during the 2nd quarter of 2025 led to Fund underperformance. The Fund generally maintained an overweight to growth oriented asset classes such as equities and commodities as market and economic trends supported a risk-taking stance, including easing inflation pressures, stimulus from China and expectations for stronger growth and deregulation following President Trump's election. However, the Fund held an underweight to equities later in the reporting period as volatility increased due to the U.S. administration's tariff and trade policy. That positioning detracted from value as markets quickly recovered from the initial shock of the trade announcements. The Fund's global exposure helped to offset that driver of relative underperformance as international equities outperformed U.S. equities amidst improved corporate performance and governance, plans for fiscal expansion in Europe and currency appreciation.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i35d150a32b2aa1db7a8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **GAL** | **MSCI ACWI IMI Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10144 | $10058 | $10070 |
| **08/31/15** | $9646 | $9384 | $10055 |
| **09/30/15** | $9438 | $9041 | $10123 |
| **10/31/15** | $9871 | $9725 | $10125 |
| **11/30/15** | $9874 | $9665 | $10098 |
| **12/31/15** | $9667 | $9484 | $10065 |
| **01/31/16** | $9421 | $8890 | $10204 |
| **02/29/16** | $9342 | $8844 | $10276 |
| **03/31/16** | $9746 | $9513 | $10371 |
| **04/30/16** | $9784 | $9663 | $10410 |
| **05/31/16** | $9815 | $9683 | $10413 |
| **06/30/16** | $9937 | $9613 | $10600 |
| **07/31/16** | $10183 | $10041 | $10667 |
| **08/31/16** | $10098 | $10075 | $10655 |
| **09/30/16** | $10131 | $10149 | $10649 |
| **10/31/16** | $9888 | $9952 | $10567 |
| **11/30/16** | $9844 | $10060 | $10317 |
| **12/31/16** | $9974 | $10277 | $10332 |
| **01/31/17** | $10151 | $10555 | $10352 |
| **02/28/17** | $10370 | $10846 | $10422 |
| **03/31/17** | $10444 | $10975 | $10416 |
| **04/30/17** | $10587 | $11151 | $10497 |
| **05/31/17** | $10786 | $11374 | $10577 |
| **06/30/17** | $10844 | $11441 | $10567 |
| **07/31/17** | $11077 | $11755 | $10612 |
| **08/31/17** | $11132 | $11796 | $10707 |
| **09/30/17** | $11291 | $12049 | $10656 |
| **10/31/17** | $11464 | $12293 | $10663 |
| **11/30/17** | $11642 | $12534 | $10649 |
| **12/31/17** | $11807 | $12739 | $10698 |
| **01/31/18** | $12306 | $13425 | $10575 |
| **02/28/18** | $11861 | $12865 | $10474 |
| **03/31/18** | $11775 | $12625 | $10542 |
| **04/30/18** | $11781 | $12742 | $10463 |
| **05/31/18** | $11829 | $12793 | $10538 |
| **06/30/18** | $11761 | $12716 | $10525 |
| **07/31/18** | $11965 | $13068 | $10527 |
| **08/31/18** | $12049 | $13188 | $10595 |
| **09/30/18** | $12060 | $13209 | $10527 |
| **10/31/18** | $11356 | $12176 | $10444 |
| **11/30/18** | $11496 | $12348 | $10506 |
| **12/31/18** | $10950 | $11455 | $10699 |
| **01/31/19** | $11641 | $12387 | $10813 |
| **02/28/19** | $11817 | $12731 | $10806 |
| **03/31/19** | $11964 | $12863 | $11014 |
| **04/30/19** | $12181 | $13288 | $11017 |
| **05/31/19** | $11741 | $12492 | $11212 |
| **06/30/19** | $12276 | $13296 | $11353 |
| **07/31/19** | $12277 | $13336 | $11378 |
| **08/31/19** | $12293 | $13000 | $11673 |
| **09/30/19** | $12423 | $13272 | $11611 |
| **10/31/19** | $12631 | $13638 | $11646 |
| **11/30/19** | $12734 | $13977 | $11640 |
| **12/31/19** | $13060 | $14473 | $11632 |
| **01/31/20** | $12914 | $14282 | $11855 |
| **02/29/20** | $12162 | $13113 | $12069 |
| **03/31/20** | $10659 | $11226 | $11998 |
| **04/30/20** | $11480 | $12462 | $12211 |
| **05/31/20** | $11881 | $13035 | $12268 |
| **06/30/20** | $12153 | $13452 | $12345 |
| **07/31/20** | $12685 | $14151 | $12530 |
| **08/31/20** | $13118 | $15007 | $12428 |
| **09/30/20** | $12864 | $14542 | $12422 |
| **10/31/20** | $12687 | $14227 | $12366 |
| **11/30/20** | $13691 | $16029 | $12488 |
| **12/31/20** | $14239 | $16825 | $12505 |
| **01/31/21** | $14188 | $16796 | $12415 |
| **02/28/21** | $14450 | $17242 | $12236 |
| **03/31/21** | $14671 | $17689 | $12083 |
| **04/30/21** | $15116 | $18457 | $12178 |
| **05/31/21** | $15375 | $18732 | $12218 |
| **06/30/21** | $15496 | $18959 | $12304 |
| **07/31/21** | $15610 | $19054 | $12442 |
| **08/31/21** | $15839 | $19526 | $12418 |
| **09/30/21** | $15375 | $18747 | $12310 |
| **10/31/21** | $15877 | $19659 | $12307 |
| **11/30/21** | $15563 | $19132 | $12343 |
| **12/31/21** | $15988 | $19891 | $12312 |
| **01/31/22** | $15475 | $18859 | $12047 |
| **02/28/22** | $15250 | $18428 | $11912 |
| **03/31/22** | $15305 | $18804 | $11581 |
| **04/30/22** | $14469 | $17310 | $11142 |
| **05/31/22** | $14597 | $17320 | $11214 |
| **06/30/22** | $13701 | $15826 | $11038 |
| **07/31/22** | $14244 | $16957 | $11307 |
| **08/31/22** | $13777 | $16355 | $10988 |
| **09/30/22** | $12788 | $14776 | $10513 |
| **10/31/22** | $13275 | $15685 | $10377 |
| **11/30/22** | $14186 | $16879 | $10759 |
| **12/31/22** | $13842 | $16231 | $10710 |
| **01/31/23** | $14652 | $17426 | $11040 |
| **02/28/23** | $14153 | $16942 | $10754 |
| **03/31/23** | $14472 | $17359 | $11027 |
| **04/30/23** | $14660 | $17580 | $11094 |
| **05/31/23** | $14391 | $17367 | $10973 |
| **06/30/23** | $14954 | $18380 | $10934 |
| **07/31/23** | $15346 | $19083 | $10927 |
| **08/31/23** | $14978 | $18535 | $10857 |
| **09/30/23** | $14433 | $17755 | $10581 |
| **10/31/23** | $14137 | $17164 | $10414 |
| **11/30/23** | $15045 | $18750 | $10886 |
| **12/31/23** | $15712 | $19734 | $11302 |
| **01/31/24** | $15622 | $19778 | $11271 |
| **02/29/24** | $16020 | $20605 | $11112 |
| **03/31/24** | $16423 | $21256 | $11215 |
| **04/30/24** | $16008 | $20535 | $10931 |
| **05/31/24** | $16520 | $21367 | $11117 |
| **06/30/24** | $16621 | $21762 | $11222 |
| **07/31/24** | $16975 | $22210 | $11484 |
| **08/31/24** | $17206 | $22729 | $11649 |
| **09/30/24** | $17603 | $23252 | $11805 |
| **10/31/24** | $17245 | $22713 | $11512 |
| **11/30/24** | $17648 | $23599 | $11634 |
| **12/31/24** | $17250 | $22964 | $11444 |
| **01/31/25** | $17595 | $23716 | $11504 |
| **02/28/25** | $17708 | $23507 | $11757 |
| **03/31/25** | $17579 | $22595 | $11762 |
| **04/30/25** | $17590 | $22807 | $11808 |
| **05/31/25** | $18050 | $24127 | $11723 |
| **06/30/25** | $18592 | $25220 | $11904 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| GAL | 11.86% | 8.87% | 6.40% |
| MSCI ACWI IMI Index | 15.89% | 13.39% | 9.69% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$257,440,969

* Number of Portfolio Holdings25

* Portfolio Turnover Rate139%

* Total Advisory Fees Paid$298,412

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Asset Allocation

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| Domestic Fixed Income | 32.7% |
| Domestic Equity | 27.8% |
| International Equity | 19.5% |
| Short-Term Investments | 15.2% |
| International Fixed Income | 7.6% |
| Real Estate | 4.9% |
| Inflation Linked | 4.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR S&P 500 ETF Trust | 17.3% |
| SPDR Portfolio Aggregate Bond ETF | 16.6% |
| SPDR Portfolio Developed World ex-U.S. ETF | 8.9% |
| SPDR Portfolio Emerging Markets ETF | 7.5% |
| SPDR Bloomberg 1-10 Year TIPS ETF | 4.0% |
| SPDR Portfolio Long Term Corporate Bond ETF | 3.6% |
| SPDR Dow Jones REIT ETF | 3.4% |
| SPDR Bloomberg International Corporate Bond ETF | 3.1% |
| SPDR S&P International Small Cap ETF | 3.0% |
| SPDR Bloomberg Emerging Markets USD Bond ETF | 3.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR GAL

# SPDR SSGA Income Allocation ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# INKM

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA Income Allocation ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA Income Allocation ETF | $18 | 0.17% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was punctuated by relatively strong equity markets at the beginning and end of the time period and choppy market performance in between. The Fund underperformed its primary benchmark and outperformed its secondary benchmark. The Fund generally maintained an overweight to growth oriented asset classes such as equities and commodities as market and economic trends supported a risk-taking stance, including easing inflation pressures, stimulus from China and expectations for stronger growth and deregulation following President Trump's election. However, the Fund held an underweight to equities later in the reporting period as volatility increased due to the U.S. administration's tariff and trade policy. That positioning detracted from value as markets quickly recovered from the initial shock of the trade announcements. The Fund's investments in non-U.S. dividend paying companies helped to add value as international dividend payers not only outperformed U.S. equities but they also outpaced international equities generally as they suffered less downside risk during volatility associated with yen carry trade unwinds and tariff volatility.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i988f4d4e9fdf5ac5f301.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INKM** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI World Index** | **Bloomberg U.S. Long Government/Credit Bond Index** |
| **06/30/15** | $10000 | $10000 | $10000 | $10000 |
| **07/31/15** | $10127 | $10070 | $10180 | $10218 |
| **08/31/15** | $9703 | $10055 | $9506 | $10136 |
| **09/30/15** | $9556 | $10123 | $9155 | $10218 |
| **10/31/15** | $9937 | $10125 | $9881 | $10260 |
| **11/30/15** | $9867 | $10098 | $9832 | $10202 |
| **12/31/15** | $9691 | $10065 | $9659 | $10122 |
| **01/31/16** | $9532 | $10204 | $9081 | $10334 |
| **02/29/16** | $9557 | $10276 | $9013 | $10561 |
| **03/31/16** | $9998 | $10371 | $9625 | $10861 |
| **04/30/16** | $10091 | $10410 | $9777 | $10994 |
| **05/31/16** | $10121 | $10413 | $9832 | $11030 |
| **06/30/16** | $10377 | $10600 | $9722 | $11572 |
| **07/31/16** | $10621 | $10667 | $10133 | $11868 |
| **08/31/16** | $10572 | $10655 | $10141 | $11865 |
| **09/30/16** | $10564 | $10649 | $10195 | $11715 |
| **10/31/16** | $10302 | $10567 | $9998 | $11383 |
| **11/30/16** | $10178 | $10317 | $10142 | $10719 |
| **12/31/16** | $10331 | $10332 | $10384 | $10797 |
| **01/31/17** | $10468 | $10352 | $10635 | $10830 |
| **02/28/17** | $10684 | $10422 | $10930 | $11029 |
| **03/31/17** | $10721 | $10416 | $11046 | $10967 |
| **04/30/17** | $10852 | $10497 | $11210 | $11137 |
| **05/31/17** | $11040 | $10577 | $11447 | $11362 |
| **06/30/17** | $11081 | $10567 | $11491 | $11449 |
| **07/31/17** | $11264 | $10612 | $11766 | $11479 |
| **08/31/17** | $11337 | $10707 | $11783 | $11736 |
| **09/30/17** | $11379 | $10656 | $12047 | $11623 |
| **10/31/17** | $11438 | $10663 | $12275 | $11670 |
| **11/30/17** | $11604 | $10649 | $12541 | $11732 |
| **12/31/17** | $11739 | $10698 | $12710 | $11954 |
| **01/31/18** | $11916 | $10575 | $13381 | $11708 |
| **02/28/18** | $11486 | $10474 | $12827 | $11338 |
| **03/31/18** | $11537 | $10542 | $12547 | $11525 |
| **04/30/18** | $11464 | $10463 | $12692 | $11301 |
| **05/31/18** | $11467 | $10538 | $12771 | $11430 |
| **06/30/18** | $11451 | $10525 | $12765 | $11359 |
| **07/31/18** | $11654 | $10527 | $13164 | $11387 |
| **08/31/18** | $11670 | $10595 | $13327 | $11484 |
| **09/30/18** | $11584 | $10527 | $13401 | $11306 |
| **10/31/18** | $11267 | $10444 | $12417 | $10927 |
| **11/30/18** | $11406 | $10506 | $12558 | $10987 |
| **12/31/18** | $11121 | $10699 | $11603 | $11394 |
| **01/31/19** | $11736 | $10813 | $12506 | $11649 |
| **02/28/19** | $11820 | $10806 | $12882 | $11585 |
| **03/31/19** | $11996 | $11014 | $13051 | $12129 |
| **04/30/19** | $12107 | $11017 | $13514 | $12080 |
| **05/31/19** | $11934 | $11212 | $12734 | $12579 |
| **06/30/19** | $12359 | $11353 | $13573 | $12928 |
| **07/31/19** | $12391 | $11378 | $13640 | $13022 |
| **08/31/19** | $12418 | $11673 | $13361 | $14048 |
| **09/30/19** | $12640 | $11611 | $13646 | $13780 |
| **10/31/19** | $12733 | $11646 | $13993 | $13772 |
| **11/30/19** | $12792 | $11640 | $14383 | $13783 |
| **12/31/19** | $13023 | $11632 | $14814 | $13626 |
| **01/31/20** | $13039 | $11855 | $14723 | $14338 |
| **02/29/20** | $12544 | $12069 | $13479 | $14913 |
| **03/31/20** | $10559 | $11998 | $11695 | $14472 |
| **04/30/20** | $11297 | $12211 | $12973 | $15125 |
| **05/31/20** | $11538 | $12268 | $13599 | $15138 |
| **06/30/20** | $11795 | $12345 | $13959 | $15373 |
| **07/31/20** | $12181 | $12530 | $14627 | $16189 |
| **08/31/20** | $12299 | $12428 | $15604 | $15582 |
| **09/30/20** | $12133 | $12422 | $15066 | $15560 |
| **10/31/20** | $12079 | $12366 | $14604 | $15314 |
| **11/30/20** | $13035 | $12488 | $16471 | $15853 |
| **12/31/20** | $13411 | $12505 | $17169 | $15822 |
| **01/31/21** | $13367 | $12415 | $16999 | $15351 |
| **02/28/21** | $13587 | $12236 | $17434 | $14707 |
| **03/31/21** | $13812 | $12083 | $18014 | $14175 |
| **04/30/21** | $14122 | $12178 | $18853 | $14452 |
| **05/31/21** | $14316 | $12218 | $19124 | $14570 |
| **06/30/21** | $14378 | $12304 | $19409 | $15088 |
| **07/31/21** | $14391 | $12442 | $19757 | $15507 |
| **08/31/21** | $14522 | $12418 | $20249 | $15460 |
| **09/30/21** | $14258 | $12310 | $19408 | $15099 |
| **10/31/21** | $14484 | $12307 | $20507 | $15345 |
| **11/30/21** | $14231 | $12343 | $20058 | $15551 |
| **12/31/21** | $14555 | $12312 | $20915 | $15424 |
| **01/31/22** | $14345 | $12047 | $19809 | $14667 |
| **02/28/22** | $14089 | $11912 | $19308 | $14295 |
| **03/31/22** | $14131 | $11581 | $19837 | $13734 |
| **04/30/22** | $13461 | $11142 | $18189 | $12457 |
| **05/31/22** | $13598 | $11214 | $18203 | $12418 |
| **06/30/22** | $12881 | $11038 | $16626 | $12049 |
| **07/31/22** | $13329 | $11307 | $17947 | $12501 |
| **08/31/22** | $12966 | $10988 | $17196 | $11952 |
| **09/30/22** | $11977 | $10513 | $15598 | $10960 |
| **10/31/22** | $12258 | $10377 | $16718 | $10546 |
| **11/30/22** | $12972 | $10759 | $17880 | $11404 |
| **12/31/22** | $12732 | $10710 | $17121 | $11246 |
| **01/31/23** | $13532 | $11040 | $18332 | $11987 |
| **02/28/23** | $13089 | $10754 | $17892 | $11392 |
| **03/31/23** | $13205 | $11027 | $18444 | $11894 |
| **04/30/23** | $13313 | $11094 | $18768 | $11978 |
| **05/31/23** | $12984 | $10973 | $18580 | $11650 |
| **06/30/23** | $13369 | $10934 | $19704 | $11740 |
| **07/31/23** | $13627 | $10927 | $20366 | $11613 |
| **08/31/23** | $13348 | $10857 | $19880 | $11344 |
| **09/30/23** | $12863 | $10581 | $19022 | $10639 |
| **10/31/23** | $12499 | $10414 | $18470 | $10160 |
| **11/30/23** | $13350 | $10886 | $20202 | $11165 |
| **12/31/23** | $14043 | $11302 | $21193 | $12047 |
| **01/31/24** | $13924 | $11271 | $21448 | $11863 |
| **02/29/24** | $13945 | $11112 | $22357 | $11573 |
| **03/31/24** | $14232 | $11215 | $23076 | $11757 |
| **04/30/24** | $13842 | $10931 | $22218 | $11115 |
| **05/31/24** | $14181 | $11117 | $23210 | $11429 |
| **06/30/24** | $14186 | $11222 | $23683 | $11554 |
| **07/31/24** | $14685 | $11484 | $24100 | $11941 |
| **08/31/24** | $15018 | $11649 | $24737 | $12190 |
| **09/30/24** | $15315 | $11805 | $25190 | $12473 |
| **10/31/24** | $15039 | $11512 | $24690 | $11889 |
| **11/30/24** | $15363 | $11634 | $25823 | $12128 |
| **12/31/24** | $14853 | $11444 | $25150 | $11547 |
| **01/31/25** | $15077 | $11504 | $26038 | $11596 |
| **02/28/25** | $15303 | $11757 | $25851 | $12096 |
| **03/31/25** | $15221 | $11762 | $24700 | $11959 |
| **04/30/25** | $15258 | $11808 | $24919 | $11821 |
| **05/31/25** | $15402 | $11723 | $26394 | $11617 |
| **06/30/25** | $15694 | $11904 | $27533 | $11937 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| INKM | 10.62% | 5.88% | 4.61% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| Bloomberg U.S. Long Government/Credit Bond Index | 3.32% | (4.93%) | 1.79% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$67,540,734

* Number of Portfolio Holdings17

* Portfolio Turnover Rate99%

* Total Advisory Fees Paid$122,574

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Asset Allocation

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| Domestic Fixed Income | 42.0% |
| Domestic Equity | 27.6% |
| Short-Term Investments | 17.4% |
| International Fixed Income | 14.3% |
| International Equity | 9.2% |
| Real Estate | 6.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR Portfolio Long Term Treasury ETF | 14.0% |
| SPDR Ssga U.S. Equity Premium Income ETF | 10.1% |
| SPDR Bloomberg High Yield Bond ETF | 10.0% |
| SPDR Bloomberg Emerging Markets USD Bond ETF | 9.2% |
| SPDR S&P Global Infrastructure ETF | 9.2% |
| SPDR Dow Jones REIT ETF | 6.9% |
| SPDR Blackstone Senior Loan ETF | 6.1% |
| SPDR ICE Preferred Securities ETF | 6.0% |
| SPDR Portfolio S&P 500 High Dividend ETF | 5.7% |
| Schwab U.S. Dividend Equity ETF | 5.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR INKM

# SPDR SSGA Multi-Asset Real Return ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# RLY

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA Multi-Asset Real Return ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA Multi-Asset Real Return ETF | $15 | 0.14% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was characterized by positive returns for most asset classes, but particularly global infrastructure, metals and mining, and global REITs. In that environment, the multi-asset exposure of the Fund led to outperformance when measured against an all-fixed income benchmark such as the Bloomberg U.S. Government Inflation-Linked Bond Index and a broad commodity Index such as the DBIQ Optimum Yield Diversified Commodity Index. The Fund experienced challenging performance relative to its custom benchmark in the bookend quarters. In Q3 2024, inflation was grinding lower, and the U.S. Federal Reserve began cutting rates, which sent yields across the curve meaningfully lower. This was a tailwind for rate sensitive assets like REITs, which outperformed. The Fund was underweight REITs, with an overweight to energy, which underperformed as slowing economic growth and solid supply weighed on the sector. The allocation to energy was also a detractor in Q2 2025 as the sector sold off following the tariff announcement. Aspects of the Fund's strategy which benefited performance were targeted overweight allocations to global infrastructure and metals and mining, two of the top performing assets over the reporting period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ia588f50e69b11ccc9032.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RLY** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government Inflation-Linked Bond Index** | **DBIQ Optimum Yield Diversified Commodity Index Excess Return** |
| **06/30/15** | $10000 | $10000 | $10000 | $10000 |
| **07/31/15** | $9552 | $10070 | $10031 | $8781 |
| **08/31/15** | $9163 | $10055 | $9946 | $8771 |
| **09/30/15** | $8803 | $10123 | $9878 | $8410 |
| **10/31/15** | $9198 | $10125 | $9909 | $8471 |
| **11/30/15** | $8955 | $10098 | $9900 | $7913 |
| **12/31/15** | $8671 | $10065 | $9816 | $7444 |
| **01/31/16** | $8415 | $10204 | $9967 | $7146 |
| **02/29/16** | $8550 | $10276 | $10084 | $7105 |
| **03/31/16** | $9073 | $10371 | $10274 | $7424 |
| **04/30/16** | $9417 | $10410 | $10314 | $8124 |
| **05/31/16** | $9275 | $10413 | $10236 | $8240 |
| **06/30/16** | $9578 | $10600 | $10459 | $8559 |
| **07/31/16** | $9656 | $10667 | $10564 | $8007 |
| **08/31/16** | $9571 | $10655 | $10518 | $8054 |
| **09/30/16** | $9707 | $10649 | $10571 | $8419 |
| **10/31/16** | $9487 | $10567 | $10520 | $8374 |
| **11/30/16** | $9521 | $10317 | $10308 | $8553 |
| **12/31/16** | $9715 | $10332 | $10292 | $8870 |
| **01/31/17** | $9849 | $10352 | $10381 | $8818 |
| **02/28/17** | $9841 | $10422 | $10437 | $8828 |
| **03/31/17** | $9765 | $10416 | $10432 | $8540 |
| **04/30/17** | $9689 | $10497 | $10495 | $8330 |
| **05/31/17** | $9675 | $10577 | $10492 | $8189 |
| **06/30/17** | $9631 | $10567 | $10389 | $8108 |
| **07/31/17** | $9958 | $10612 | $10433 | $8420 |
| **08/31/17** | $9999 | $10707 | $10553 | $8469 |
| **09/30/17** | $10141 | $10656 | $10483 | $8635 |
| **10/31/17** | $10255 | $10663 | $10505 | $8975 |
| **11/30/17** | $10344 | $10649 | $10525 | $9060 |
| **12/31/17** | $10707 | $10698 | $10631 | $9328 |
| **01/31/18** | $10991 | $10575 | $10537 | $9591 |
| **02/28/18** | $10482 | $10474 | $10423 | $9299 |
| **03/31/18** | $10560 | $10542 | $10540 | $9492 |
| **04/30/18** | $10858 | $10463 | $10534 | $9843 |
| **05/31/18** | $10999 | $10538 | $10577 | $10082 |
| **06/30/18** | $10907 | $10525 | $10624 | $9886 |
| **07/31/18** | $10906 | $10527 | $10569 | $9646 |
| **08/31/18** | $10750 | $10595 | $10647 | $9691 |
| **09/30/18** | $10901 | $10527 | $10526 | $10003 |
| **10/31/18** | $10249 | $10444 | $10362 | $9464 |
| **11/30/18** | $9961 | $10506 | $10417 | $8521 |
| **12/31/18** | $9521 | $10699 | $10474 | $8124 |
| **01/31/19** | $10270 | $10813 | $10621 | $8709 |
| **02/28/19** | $10386 | $10806 | $10617 | $8960 |
| **03/31/19** | $10509 | $11014 | $10823 | $8915 |
| **04/30/19** | $10539 | $11017 | $10858 | $9007 |
| **05/31/19** | $10098 | $11212 | $11053 | $8483 |
| **06/30/19** | $10612 | $11353 | $11143 | $8799 |
| **07/31/19** | $10506 | $11378 | $11187 | $8723 |
| **08/31/19** | $10325 | $11673 | $11476 | $8273 |
| **09/30/19** | $10463 | $11611 | $11307 | $8348 |
| **10/31/19** | $10611 | $11646 | $11335 | $8517 |
| **11/30/19** | $10592 | $11640 | $11355 | $8474 |
| **12/31/19** | $10971 | $11632 | $11391 | $8986 |
| **01/31/20** | $10550 | $11855 | $11647 | $8205 |
| **02/29/20** | $9839 | $12069 | $11821 | $7640 |
| **03/31/20** | $8229 | $11998 | $11610 | $6339 |
| **04/30/20** | $8754 | $12211 | $11949 | $6128 |
| **05/31/20** | $9093 | $12268 | $11979 | $6649 |
| **06/30/20** | $9264 | $12345 | $12116 | $6922 |
| **07/31/20** | $9600 | $12530 | $12423 | $7283 |
| **08/31/20** | $9859 | $12428 | $12549 | $7601 |
| **09/30/20** | $9530 | $12422 | $12502 | $7376 |
| **10/31/20** | $9359 | $12366 | $12416 | $7147 |
| **11/30/20** | $10336 | $12488 | $12563 | $7868 |
| **12/31/20** | $10876 | $12505 | $12706 | $8278 |
| **01/31/21** | $10920 | $12415 | $12741 | $8576 |
| **02/28/21** | $11557 | $12236 | $12507 | $9466 |
| **03/31/21** | $11762 | $12083 | $12474 | $9367 |
| **04/30/21** | $12286 | $12178 | $12660 | $10138 |
| **05/31/21** | $12728 | $12218 | $12815 | $10515 |
| **06/30/21** | $12703 | $12304 | $12905 | $10904 |
| **07/31/21** | $12808 | $12442 | $13268 | $11084 |
| **08/31/21** | $12752 | $12418 | $13240 | $10908 |
| **09/30/21** | $12773 | $12310 | $13137 | $11459 |
| **10/31/21** | $13384 | $12307 | $13292 | $12141 |
| **11/30/21** | $12726 | $12343 | $13425 | $11058 |
| **12/31/21** | $13388 | $12312 | $13468 | $11799 |
| **01/31/22** | $13760 | $12047 | $13169 | $12734 |
| **02/28/22** | $14304 | $11912 | $13277 | $13568 |
| **03/31/22** | $15299 | $11581 | $13021 | $14869 |
| **04/30/22** | $15031 | $11142 | $12737 | $15794 |
| **05/31/22** | $15569 | $11214 | $12582 | $16343 |
| **06/30/22** | $14045 | $11038 | $12166 | $15196 |
| **07/31/22** | $14474 | $11307 | $12718 | $14929 |
| **08/31/22** | $14290 | $10988 | $12376 | $14734 |
| **09/30/22** | $13086 | $10513 | $11526 | $13623 |
| **10/31/22** | $14020 | $10377 | $11671 | $14311 |
| **11/30/22** | $14828 | $10759 | $11895 | $14407 |
| **12/31/22** | $14403 | $10710 | $11770 | $14018 |
| **01/31/23** | $15069 | $11040 | $11996 | $14067 |
| **02/28/23** | $14402 | $10754 | $11830 | $13468 |
| **03/31/23** | $14504 | $11027 | $12176 | $13386 |
| **04/30/23** | $14568 | $11094 | $12184 | $13224 |
| **05/31/23** | $13630 | $10973 | $12039 | $12368 |
| **06/30/23** | $14155 | $10934 | $12004 | $12669 |
| **07/31/23** | $14896 | $10927 | $12011 | $13695 |
| **08/31/23** | $14537 | $10857 | $11898 | $13611 |
| **09/30/23** | $14350 | $10581 | $11668 | $13749 |
| **10/31/23** | $13964 | $10414 | $11573 | $13446 |
| **11/30/23** | $14490 | $10886 | $11897 | $13157 |
| **12/31/23** | $14796 | $11302 | $12222 | $12606 |
| **01/31/24** | $14409 | $11271 | $12241 | $12749 |
| **02/29/24** | $14414 | $11112 | $12111 | $12497 |
| **03/31/24** | $15194 | $11215 | $12210 | $13001 |
| **04/30/24** | $15151 | $10931 | $11996 | $13191 |
| **05/31/24** | $15620 | $11117 | $12211 | $13052 |
| **06/30/24** | $15235 | $11222 | $12303 | $13010 |
| **07/31/24** | $15476 | $11484 | $12525 | $12521 |
| **08/31/24** | $15577 | $11649 | $12626 | $12273 |
| **09/30/24** | $15850 | $11805 | $12817 | $12311 |
| **10/31/24** | $15653 | $11512 | $12584 | $12345 |
| **11/30/24** | $15872 | $11634 | $12646 | $12106 |
| **12/31/24** | $15142 | $11444 | $12438 | $12318 |
| **01/31/25** | $15595 | $11504 | $12600 | $12590 |
| **02/28/25** | $15655 | $11757 | $12887 | $12581 |
| **03/31/25** | $15995 | $11762 | $12955 | $12880 |
| **04/30/25** | $15641 | $11808 | $12962 | $11760 |
| **05/31/25** | $16030 | $11723 | $12882 | $11871 |
| **06/30/25** | $16490 | $11904 | $13005 | $12377 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| RLY | 8.24% | 12.22% | 5.13% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |
| Bloomberg U.S. Government Inflation-Linked Bond Index | 5.71% | 1.43% | 2.66% |
| DBIQ Optimum Yield Diversified Commodity Index Excess Return | (4.87%) | 12.33% | 2.16% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$504,639,763

* Number of Portfolio Holdings13

* Portfolio Turnover Rate56%

* Total Advisory Fees Paid$683,198

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Asset Allocation

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| International Equity | 24.4% |
| Natural Resources | 24.4% |
| Domestic Fixed Income | 24.2% |
| Inflation Linked | 10.8% |
| Short-Term Investments | 9.6% |
| Real Estate | 7.7% |
| International Fixed Income | 5.0% |
| Domestic Equity | 3.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 ETF | 23.6% |
| SPDR S&P Global Infrastructure ETF | 23.2% |
| SPDR S&P Global Natural Resources ETF | 20.9% |
| SPDR Bloomberg 1-10 Year TIPS ETF | 10.8% |
| SPDR Dow Jones REIT ETF | 5.4% |
| SPDR FTSE International Government Inflation-Protected Bond ETF | 5.0% |
| SPDR S&P Metals & Mining ETF | 3.5% |
| The Energy Select Sector SPDR Fund | 3.5% |
| SPDR Dow Jones International Real Estate ETF | 2.3% |
| VanEck Agribusiness ETF | 1.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR RLY

# SPDR SSGA Ultra Short Term Bond ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# ULST

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA Ultra Short Term Bond ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA Ultra Short Term Bond ETF | $21 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The economy's continued strength in the context of a significant improvement in inflation led to four 25bps by the U.S. Federal Reserve Funds rate cuts, a significant decline in short-term interest rates, and moderately tighter investment-grade credit spreads during the reporting period. The Fund's over-weight allocation to duration and investment grade corporate credit were the primary drivers of the Fund's out-performance of the Index during the reporting period, while yield curve roll-down detracted from Fund performance. The Fund maintained a duration profile of 0.90 during the reporting period. The Fund used treasury futures to actively manage duration during the reporting period.

The Fund's use of treasury futures contributed to Fund performance relative to the Index.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i89798299f4c49020b207.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ULST** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US Treasury Bellwether 3 Month Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10001 | $10070 | $10000 |
| **08/31/15** | $9997 | $10055 | $10001 |
| **09/30/15** | $9997 | $10123 | $10003 |
| **10/31/15** | $9999 | $10125 | $10002 |
| **11/30/15** | $9998 | $10098 | $10003 |
| **12/31/15** | $9992 | $10065 | $10006 |
| **01/31/16** | $9997 | $10204 | $10005 |
| **02/29/16** | $9997 | $10276 | $10008 |
| **03/31/16** | $10030 | $10371 | $10014 |
| **04/30/16** | $10050 | $10410 | $10016 |
| **05/31/16** | $10062 | $10413 | $10017 |
| **06/30/16** | $10065 | $10600 | $10021 |
| **07/31/16** | $10096 | $10667 | $10024 |
| **08/31/16** | $10112 | $10655 | $10026 |
| **09/30/16** | $10118 | $10649 | $10032 |
| **10/31/16** | $10128 | $10567 | $10035 |
| **11/30/16** | $10135 | $10317 | $10036 |
| **12/31/16** | $10144 | $10332 | $10040 |
| **01/31/17** | $10160 | $10352 | $10045 |
| **02/28/17** | $10175 | $10422 | $10050 |
| **03/31/17** | $10185 | $10416 | $10051 |
| **04/30/17** | $10196 | $10497 | $10057 |
| **05/31/17** | $10208 | $10577 | $10063 |
| **06/30/17** | $10219 | $10567 | $10071 |
| **07/31/17** | $10231 | $10612 | $10081 |
| **08/31/17** | $10242 | $10707 | $10091 |
| **09/30/17** | $10255 | $10656 | $10099 |
| **10/31/17** | $10267 | $10663 | $10108 |
| **11/30/17** | $10275 | $10649 | $10117 |
| **12/31/17** | $10285 | $10698 | $10128 |
| **01/31/18** | $10302 | $10575 | $10140 |
| **02/28/18** | $10312 | $10474 | $10150 |
| **03/31/18** | $10321 | $10542 | $10164 |
| **04/30/18** | $10343 | $10463 | $10178 |
| **05/31/18** | $10364 | $10538 | $10193 |
| **06/30/18** | $10383 | $10525 | $10210 |
| **07/31/18** | $10406 | $10527 | $10226 |
| **08/31/18** | $10431 | $10595 | $10243 |
| **09/30/18** | $10449 | $10527 | $10260 |
| **10/31/18** | $10465 | $10444 | $10279 |
| **11/30/18** | $10472 | $10506 | $10298 |
| **12/31/18** | $10480 | $10699 | $10318 |
| **01/31/19** | $10524 | $10813 | $10341 |
| **02/28/19** | $10551 | $10806 | $10359 |
| **03/31/19** | $10584 | $11014 | $10381 |
| **04/30/19** | $10618 | $11017 | $10401 |
| **05/31/19** | $10645 | $11212 | $10424 |
| **06/30/19** | $10673 | $11353 | $10448 |
| **07/31/19** | $10697 | $11378 | $10467 |
| **08/31/19** | $10723 | $11673 | $10488 |
| **09/30/19** | $10744 | $11611 | $10507 |
| **10/31/19** | $10771 | $11646 | $10529 |
| **11/30/19** | $10793 | $11640 | $10541 |
| **12/31/19** | $10815 | $11632 | $10556 |
| **01/31/20** | $10849 | $11855 | $10570 |
| **02/29/20** | $10867 | $12069 | $10586 |
| **03/31/20** | $10531 | $11998 | $10618 |
| **04/30/20** | $10703 | $12211 | $10618 |
| **05/31/20** | $10794 | $12268 | $10619 |
| **06/30/20** | $10872 | $12345 | $10620 |
| **07/31/20** | $10917 | $12530 | $10622 |
| **08/31/20** | $10941 | $12428 | $10623 |
| **09/30/20** | $10948 | $12422 | $10624 |
| **10/31/20** | $10958 | $12366 | $10625 |
| **11/30/20** | $10974 | $12488 | $10626 |
| **12/31/20** | $10982 | $12505 | $10627 |
| **01/31/21** | $10996 | $12415 | $10628 |
| **02/28/21** | $11000 | $12236 | $10629 |
| **03/31/21** | $10999 | $12083 | $10630 |
| **04/30/21** | $11006 | $12178 | $10631 |
| **05/31/21** | $11014 | $12218 | $10631 |
| **06/30/21** | $11018 | $12304 | $10630 |
| **07/31/21** | $11020 | $12442 | $10631 |
| **08/31/21** | $11023 | $12418 | $10631 |
| **09/30/21** | $11025 | $12310 | $10631 |
| **10/31/21** | $11018 | $12307 | $10631 |
| **11/30/21** | $11007 | $12343 | $10631 |
| **12/31/21** | $11007 | $12312 | $10632 |
| **01/31/22** | $10989 | $12047 | $10632 |
| **02/28/22** | $10959 | $11912 | $10633 |
| **03/31/22** | $10940 | $11581 | $10636 |
| **04/30/22** | $10937 | $11142 | $10638 |
| **05/31/22** | $10938 | $11214 | $10646 |
| **06/30/22** | $10902 | $11038 | $10648 |
| **07/31/22** | $10935 | $11307 | $10654 |
| **08/31/22** | $10965 | $10988 | $10673 |
| **09/30/22** | $10974 | $10513 | $10697 |
| **10/31/22** | $10992 | $10377 | $10716 |
| **11/30/22** | $11049 | $10759 | $10752 |
| **12/31/22** | $11100 | $10710 | $10792 |
| **01/31/23** | $11169 | $11040 | $10829 |
| **02/28/23** | $11192 | $10754 | $10866 |
| **03/31/23** | $11248 | $11027 | $10913 |
| **04/30/23** | $11297 | $11094 | $10950 |
| **05/31/23** | $11327 | $10973 | $10996 |
| **06/30/23** | $11364 | $10934 | $11046 |
| **07/31/23** | $11419 | $10927 | $11094 |
| **08/31/23** | $11471 | $10857 | $11144 |
| **09/30/23** | $11499 | $10581 | $11194 |
| **10/31/23** | $11541 | $10414 | $11245 |
| **11/30/23** | $11636 | $10886 | $11296 |
| **12/31/23** | $11729 | $11302 | $11349 |
| **01/31/24** | $11785 | $11271 | $11397 |
| **02/29/24** | $11807 | $11112 | $11445 |
| **03/31/24** | $11863 | $11215 | $11497 |
| **04/30/24** | $11885 | $10931 | $11546 |
| **05/31/24** | $11953 | $11117 | $11602 |
| **06/30/24** | $12007 | $11222 | $11650 |
| **07/31/24** | $12099 | $11484 | $11702 |
| **08/31/24** | $12178 | $11649 | $11758 |
| **09/30/24** | $12252 | $11805 | $11810 |
| **10/31/24** | $12250 | $11512 | $11855 |
| **11/30/24** | $12300 | $11634 | $11901 |
| **12/31/24** | $12334 | $11444 | $11949 |
| **01/31/25** | $12386 | $11504 | $11995 |
| **02/28/25** | $12449 | $11757 | $12033 |
| **03/31/25** | $12499 | $11762 | $12074 |
| **04/30/25** | $12559 | $11808 | $12116 |
| **05/31/25** | $12586 | $11723 | $12160 |
| **06/30/25** | $12649 | $11904 | $12201 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| ULST | 5.34% | 3.07% | 2.38% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | (0.73%) | 1.76% |
| Bloomberg US Treasury Bellwether 3 Month Index | 4.73% | 2.81% | 2.01% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$654,873,239

* Number of Portfolio Holdings170

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid$1,157,989

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Top Ten Security Types

---

| | |
|:---|:---|
| **Asset Type** | **%** |
| U.S. Treasury Obligations | 29.9% |
| Banks | 14.0% |
| Short-Term Investments | 11.4% |
| Auto Manufacturers | 3.9% |
| Asset-Backed Securities | 3.9% |
| Chemicals | 2.7% |
| Software | 2.4% |
| Agriculture | 2.3% |
| REITS | 2.3% |
| Electronics | 2.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Notes, 4.13%, due 02/28/27 | 10.7% |
| U.S. Treasury Bills, 3.98%, due 07/15/25 | 5.3% |
| U.S. Treasury Bills, 4.15%, due 07/08/25 | 4.6% |
| U.S. Treasury Bills, 4.20%, due 08/05/25 | 4.6% |
| U.S. Treasury Notes, 4.75%, due 07/31/25 | 3.1% |
| Tyco Electronics Group SA, 4.50%, due 02/13/26 | 2.3% |
| Microsoft Corp., 3.40%, due 09/15/26 | 1.9% |
| Sumitomo Mitsui Financial Group, Inc., 5.46%, due 01/13/26 | 1.5% |
| Mitsubishi UFJ Financial Group, Inc., 3.85%, due 03/01/26 | 1.5% |
| Sumitomo Mitsui Financial Group, Inc., 3.78%, due 03/09/26 | 1.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ULST

# SPDR SSGA US Equity Premium Income ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# SPIN

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA US Equity Premium Income ETF (the "Fund") for the period of September 5, 2024 (commencement of operations) through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA US Equity Premium Income ETF | $24 | 0.28% |

---

The dollar amount above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve, and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA Corp., but also on those who might be left behind by it, such as Apple Inc., and Alphabet Inc..

The strategy underperformed during the period since inception (9/4/24), driven in part by a narrow momentum-driven market post U.S. election, and from the impact of the call writing strategy limiting upside in Q2 2025. Quality was a notable laggard during the period.

The Fund outperformed in industrials with positions helped by secular themes like reshoring, infrastructure, electrification, and data center investment. Underperformance in healthcare impacted by negative sentiment around policy changes under the Trump administration.

Call Writing helped to generate income and reduce volatility, however limited upside and detracted from performance against the Index.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454i61583c7caab7c56cc7b5.jpg)

---

| | | |
|:---|:---|:---|
| | **SPIN** | **S&P 500 Index** |
| **09/05/24** | $10000 | $10000 |
| **09/30/24** | $10301 | $10450 |
| **10/31/24** | $10273 | $10355 |
| **11/30/24** | $10775 | $10963 |
| **12/31/24** | $10589 | $10701 |
| **01/31/25** | $10788 | $10999 |
| **02/28/25** | $10601 | $10856 |
| **03/31/25** | $10091 | $10244 |
| **04/30/25** | $10056 | $10175 |
| **05/31/25** | $10356 | $10815 |
| **06/30/25** | $10772 | $11365 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Name** | **Since Inception 09/05/24** |
| SPIN | 7.72% |
| S&P 500 Index | 13.65% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$11,291,726

* Number of Portfolio Holdings98

* Portfolio Turnover Rate43%

* Total Advisory Fees Paid$16,016

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 14.9% |
| Software | 13.4% |
| Interactive Media & Services | 8.7% |
| Technology Hardware, Storage & Peripherals | 5.1% |
| Broadline Retail | 4.8% |
| Capital Markets | 4.4% |
| Banks | 4.0% |
| Financial Services | 3.6% |
| Pharmaceuticals | 3.5% |
| Specialty Retail | 2.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 8.7% |
| Microsoft Corp. | 8.3% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 4.0% |
| Broadcom, Inc. | 3.2% |
| JPMorgan Chase & Co. | 2.2% |
| Visa, Inc., Class A | 1.9% |
| Bank of America Corp. | 1.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPIN

# SPDR SSGA US Sector Rotation ETF
![Image](g949454i606cd8275ae7e4bff0fe.jpg)

# XLSR

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA US Sector Rotation ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257. **This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA US Sector Rotation ETF | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was punctuated by relatively strong equity markets at the beginning and end of the time period and choppy market performance that was largely confined to the middle quarters. The Fund, which provides exposure to U.S. large cap equities, provided positive returns during the last 12 months, driven by exposure to technology, communication services, industrials and consumer discretionary sectors which produced strong returns. The Fund experienced challenging performance relative to its benchmark, the S&P 500 Index, in the bookend quarters. In the third quarter of 2024, targeted allocations to technology and communication services were a headwind as defensive and rate sensitive sectors outperformed as yields fell meaningfully across the curve and investor risk appetite declined. In the second quarter of 2025, an overweight to energy in April detracted as the tariff announcements on April 2nd send the sector materially lower. Elsewhere, exposures to health care and consumer staples negatively impacted performance as both sectors trailed the S&P 500. Positioning in financials, materials, and communication services over the reporting period were positive, but couldn't offset weakness elsewhere.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g949454ifc588bccc0b30ded8afb.jpg)

---

| | | |
|:---|:---|:---|
| | **XLSR** | **S&P 500 Index** |
| **04/02/19** | $10000 | $10000 |
| **04/30/19** | $10212 | $10285 |
| **05/31/19** | $9576 | $9632 |
| **06/30/19** | $10250 | $10310 |
| **07/31/19** | $10336 | $10459 |
| **08/31/19** | $10295 | $10293 |
| **09/30/19** | $10405 | $10486 |
| **10/31/19** | $10646 | $10713 |
| **11/30/19** | $11057 | $11102 |
| **12/31/19** | $11417 | $11437 |
| **01/31/20** | $11469 | $11432 |
| **02/29/20** | $10529 | $10491 |
| **03/31/20** | $9414 | $9195 |
| **04/30/20** | $10465 | $10374 |
| **05/31/20** | $10901 | $10868 |
| **06/30/20** | $11124 | $11084 |
| **07/31/20** | $11718 | $11709 |
| **08/31/20** | $12809 | $12551 |
| **09/30/20** | $12388 | $12074 |
| **10/31/20** | $11979 | $11753 |
| **11/30/20** | $13324 | $13039 |
| **12/31/20** | $13743 | $13541 |
| **01/31/21** | $13479 | $13404 |
| **02/28/21** | $13691 | $13774 |
| **03/31/21** | $13979 | $14377 |
| **04/30/21** | $14777 | $15144 |
| **05/31/21** | $14999 | $15250 |
| **06/30/21** | $15182 | $15606 |
| **07/31/21** | $15453 | $15977 |
| **08/31/21** | $15976 | $16462 |
| **09/30/21** | $15119 | $15697 |
| **10/31/21** | $15910 | $16797 |
| **11/30/21** | $15814 | $16680 |
| **12/31/21** | $16565 | $17428 |
| **01/31/22** | $15860 | $16526 |
| **02/28/22** | $15471 | $16031 |
| **03/31/22** | $16005 | $16626 |
| **04/30/22** | $14748 | $15176 |
| **05/31/22** | $14829 | $15204 |
| **06/30/22** | $13508 | $13949 |
| **07/31/22** | $14625 | $15235 |
| **08/31/22** | $14112 | $14614 |
| **09/30/22** | $12855 | $13268 |
| **10/31/22** | $14007 | $14342 |
| **11/30/22** | $14706 | $15144 |
| **12/31/22** | $13979 | $14271 |
| **01/31/23** | $14606 | $15168 |
| **02/28/23** | $14246 | $14798 |
| **03/31/23** | $14462 | $15341 |
| **04/30/23** | $14558 | $15581 |
| **05/31/23** | $14611 | $15649 |
| **06/30/23** | $15657 | $16683 |
| **07/31/23** | $16094 | $17218 |
| **08/31/23** | $15774 | $16944 |
| **09/30/23** | $15005 | $16136 |
| **10/31/23** | $14638 | $15797 |
| **11/30/23** | $15949 | $17240 |
| **12/31/23** | $16640 | $18023 |
| **01/31/24** | $16850 | $18326 |
| **02/29/24** | $17644 | $19304 |
| **03/31/24** | $18114 | $19926 |
| **04/30/24** | $17288 | $19112 |
| **05/31/24** | $18028 | $20059 |
| **06/30/24** | $18546 | $20779 |
| **07/31/24** | $18442 | $21032 |
| **08/31/24** | $18679 | $21542 |
| **09/30/24** | $18940 | $22002 |
| **10/31/24** | $18849 | $21803 |
| **11/30/24** | $20021 | $23083 |
| **12/31/24** | $19525 | $22532 |
| **01/31/25** | $20120 | $23160 |
| **02/28/25** | $19814 | $22858 |
| **03/31/25** | $18620 | $21570 |
| **04/30/25** | $18261 | $21423 |
| **05/31/25** | $19252 | $22772 |
| **06/30/25** | $20151 | $23930 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 04/02/19** |
| XLSR | 8.65% | 12.62% | 11.88% |
| S&P 500 Index | 15.16% | 16.64% | 15.00% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$749,324,539

* Number of Portfolio Holdings33

* Portfolio Turnover Rate183%

* Total Advisory Fees Paid$3,692,005

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Mutual Funds and Exchange Traded Products | 74.1% |
| Common Stocks | 25.6% |
| Short-Term Investments | 15.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| The Technology Select Sector SPDR Fund | 17.5% |
| The Health Care Select Sector SPDR Fund | 15.1% |
| The Financial Select Sector SPDR Fund | 12.2% |
| The Consumer Staples Select Sector SPDR Fund | 8.9% |
| The Consumer Discretionary Select Sector SPDR Fund | 8.6% |
| The Communication Services Select Sector SPDR Fund | 3.9% |
| Meta Platforms, Inc., Class A | 3.7% |
| NVIDIA Corp. | 3.7% |
| Microsoft Corp. | 3.5% |
| Real Estate Select Sector SPDR Fund | 3.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred during the reporting period ended June 30, 2025. For more information contact 1-866-787-2257 (toll free) or refer to the Prospectus, which can be found on the Fund's website below.

Effective May 6, 2025, the Fund's principal investment strategy changed. Previously, the Fund primarily invested in exchange-traded funds (ETFs) that each focused on common stocks of companies included in an individual sector of the S&P 500 Index, as determined by the Global Industry Classification Standard (GICS<sup>®</sup>) (each, an "Equity Sector" and collectively, the "Equity Sectors") (each such ETF, an "Equity Sector ETF"). As of the Effective Date, the Fund primarily invests in (i) Equity Sector ETFs and (ii) common stocks of companies included in the Equity Sectors.

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR XLSR

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 19(a)(1).

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has four Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert."

(2) Dwight Churchill, Clare Richer, Kristi Rowsell, Sandra Sponem and Carl Verboncoeur are the registrant's audit committee financial experts. The Board also determined that each of the foregoing persons are not "interested person(s)" of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").

#### Item 4. Principal Accountant Fees and Services.
(a) Audit Fees.

For the fiscal years ending June 30, 2025 and June 30, 2024, the aggregate audit fees billed for professional services rendered by the principal accountant, Ernst & Young LLP ("EY"), were $435,759 and $411,862, respectively. Audit fees include the performance of the annual audits and routine regulatory filings (one for each SEC registrant).

(b) Audit-Related Fees.

For the fiscal years ending June 30, 2025 and June 30, 2024, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees.

For the fiscal years ending June 30, 2025 and June 30, 2024, the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $40,843 and $38,065, respectively.

(d) All Other Fees.

For the fiscal years ended June 30, 2025 and June 30, 2024, there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a)through (c).

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $9,441,842 and $9,387,702, respectively.

------

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>.

The registrant's Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit, audit-related or permissible non-audit services, either:

(a) The Audit Committee shall pre-approve all audit, audit-related and permissible non-audit services provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

or

(b) The engagement to render the audit, audit-related or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

(c) Pre-Approval for a service provided to the Trust other than audit or audit-related services is not required if: (1) the aggregate amount of all such permissible non-audit services provided to the Trust constitutes not more than five percent (5%) of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the permissible non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be permissible non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

(d) The Audit Committee shall pre-approve any permissible non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any permissible non-audit services that need to be pre-approved.

Notwithstanding the above, Pre-Approval for any permissible non-audit services under this Sub-section is not required if: (1) the aggregate amount of all such permissible non-audit services constitutes not more than five percent (5%) of the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person) during the fiscal year in which the permissible non-audit services are provided; (2) such services

------

were not recognized by the Trust at the time of the engagement to be permissible non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

(e)(2) <u>Percentage of Services</u>.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed for by EY for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser were as follows:

---

| | | |
|:---|:---|:---|
|  | FY 2025<br> (in millions) | FY 2024<br> (in millions) |
|  Non audit services billed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant: | See Item 4(c) | See Item 4(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser: |  |  |
|  Other entities in the Investment Company Complex <sup>(1)(2)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Related Fees | $18.5 | $18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees | $3.3 | $3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $15.8 | $15 |

---

<sup>(1)</sup> Information is for the calendar years 2025 and 2024, respectively.

<sup>(2)</sup> Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutory audits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. 

(h) The registrant's principal accountant notified the registrant's Audit Committee of all non-audit services that were rendered by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant's Audit Committee to consider whether such services were compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committees of Listed Registrants.
The registrant has an audit committee which was established by the Board of Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "1934 Act").

------

The members of the registrant's Audit Committee are Dwight Churchill, Carolyn Clancy, Clare Richer, James Ross, Kristi Rowsell, Sandra Sponem and Carl Verboncoeur.

#### Item 6. Investments.
(a) A Schedule of Investments for each applicable series of the registrant is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

## Annual Financial Statements and Other Information
June 30, 2025

## 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 SSGA US Equity Premium Income 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 *www.ssga.com*. Please read the prospectus carefully before you invest.**![](g949454img095a7eac1.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_1d04d45b-ebb3-4aa8-a268-458937a3d52e_1)** |  |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA Multi-Asset Real Return ETF (RLY)](#xx_1d04d45b-ebb3-4aa8-a268-458937a3d52e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA Income Allocation ETF (INKM)](#xx_5ae284af-a582-47f7-8d67-83e43783ade7_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA Global Allocation ETF (GAL)](#xx_16b82270-12c8-468f-8b54-21544410fd6d_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA Ultra Short Term Bond ETF (ULST)](#xx_b500cdc1-63d1-47a0-a769-258911fbc807_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;[SPDR Loomis Sayles Opportunistic Bond ETF (OBND)](#xx_9af303ee-135b-4317-a9e5-2b7061f158c3_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;[SPDR Nuveen Municipal Bond ETF (MBND)](#xx_47026721-d9f1-4ef9-9b52-55ad23718388_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;[SPDR Nuveen Municipal Bond ESG ETF (MBNE)](#xx_76bd5963-128f-4bc5-ab41-e844509cb88c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA Fixed Income Sector Rotation ETF (FISR)](#xx_f5d71a99-3540-4658-8763-ee36cbd25ef7_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA US Sector Rotation ETF (XLSR)](#xx_e3215b2d-80d7-41d7-a0d4-b84de5ea00f5_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA US Equity Premium Income ETF (SPIN)](#xx_2033b9f7-2bc2-4dff-9af6-35952bbfa0ab_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;[SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)](#xx_a06843c8-39d0-4f8a-a57d-eaeca7f74a45_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;[SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)](#xx_f5d4a59c-f90f-4a1a-8232-590401c44de6_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;[SPDR DoubleLine Total Return Tactical ETF (TOTL)](#xx_472c6a40-0740-4d02-815a-1f86c7d5840b_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| **[Financial Statements (N-CSR Item 7)](#xx_eb8ed620-9d9a-4749-bc6b-1a273834a02f_2)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| **[Financial Highlights (N-CSR Item 7)](#xx_a9bc4970-c544-44cb-b235-b1227d9ed991_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_2f4c284b-da53-48fc-b3a3-736c0dee20ad_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_8144dc5d-812e-44de-9a41-68977ab63b48_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_2e49f55e-5ed7-4893-8799-785ca01b6278_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_9aaf1290-c310-4f4f-9ac1-33f2fa4e46c5_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;148 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

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

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** |  |
| **DOMESTIC EQUITY — 3.5%** | **DOMESTIC EQUITY — 3.5%** | **DOMESTIC EQUITY — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Energy Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;207471 | &nbsp;&nbsp;$17595616 |
| **DOMESTIC FIXED INCOME — 24.2%** | **DOMESTIC FIXED INCOME — 24.2%** | **DOMESTIC FIXED INCOME — 24.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bills ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520649 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 ETF (a)<br>| &nbsp;&nbsp;4382544 | &nbsp;&nbsp;&nbsp;&nbsp;119336673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;121857322 |
| **INFLATION LINKED — 10.8%** | **INFLATION LINKED — 10.8%** | **INFLATION LINKED — 10.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-10 Year TIPS ETF (a)<br>| &nbsp;&nbsp;2843197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54418791 |
| **INTERNATIONAL EQUITY — 24.4%** | **INTERNATIONAL EQUITY — 24.4%** | **INTERNATIONAL EQUITY — 24.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Global Infrastructure ETF (a)(b)<br>| &nbsp;&nbsp;1736596 | &nbsp;&nbsp;&nbsp;&nbsp;116928482 |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Agribusiness ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;123266870 |
| **INTERNATIONAL FIXED INCOME — 5.0%** | **INTERNATIONAL FIXED INCOME — 5.0%** | **INTERNATIONAL FIXED INCOME — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR FTSE International Government Inflation-Protected Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;638546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25465214 |
| **NATURAL RESOURCES — 24.4%** | **NATURAL RESOURCES — 24.4%** | **NATURAL RESOURCES — 24.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Global Natural Resources ETF (a)(b)<br>| &nbsp;&nbsp;1942468 | &nbsp;&nbsp;&nbsp;&nbsp;105359464 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Metals & Mining ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;264311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17766985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;123126449 |
| **REAL ESTATE — 7.7%** | **REAL ESTATE — 7.7%** | **REAL ESTATE — 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Dow Jones International Real Estate ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;420935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533619 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Dow Jones REIT ETF REIT (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;281344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27132815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38666434 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $479,063,935)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $479,063,935)<br>** | &nbsp;&nbsp;&nbsp;504396696 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 9.6%** | **SHORT-TERM INVESTMENTS — 9.6%** | **SHORT-TERM INVESTMENTS — 9.6%** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246692 | &nbsp;&nbsp;$246692 |
| State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;48201739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48201739 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $48,448,431)<br>**  |  | &nbsp;&nbsp;$48448431 |
| **TOTAL INVESTMENTS — 109.6%<br>(Cost $527,512,366)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;552845127 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.6)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(48205364) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$504639763 |

---

---

| | |
|:---|:---|
| 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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at June 30, 2025. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at June 30, 2025. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $504396696 | $— | $— | $504396696 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;48448431 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48448431 |
| **TOTAL INVESTMENTS<br>**  | $552845127 | $— | $— | $552845127 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;2266917 | $41892626 | $25980830 | $14934623 | $(256423) | $1736381 | &nbsp;&nbsp;2843197 | $54418791 | $1322267 |
| SPDR Bloomberg 1-3 Month T-Bills ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;319476 | &nbsp;&nbsp;&nbsp;29321507 | &nbsp;&nbsp;&nbsp;&nbsp;20226884 | &nbsp;&nbsp;&nbsp;&nbsp;46942546 | &nbsp;&nbsp;&nbsp;&nbsp;(18937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66259) | &nbsp;&nbsp;&nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;2520649 | &nbsp;&nbsp;&nbsp;1033733 |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 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;144776553 | &nbsp;&nbsp;&nbsp;&nbsp;27784005 | &nbsp;&nbsp;&nbsp;&nbsp;(431571) | &nbsp;&nbsp;&nbsp;2775696 | &nbsp;&nbsp;4382544 | &nbsp;&nbsp;119336673 | &nbsp;&nbsp;&nbsp;&nbsp;562530 |
| SPDR Dow Jones International Real Estate ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;103331 | &nbsp;&nbsp;&nbsp;&nbsp;2479944 | &nbsp;&nbsp;&nbsp;&nbsp;10360860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771882 | &nbsp;&nbsp;&nbsp;&nbsp;(390103) | &nbsp;&nbsp;&nbsp;&nbsp;854800 | &nbsp;&nbsp;&nbsp;&nbsp;420935 | &nbsp;&nbsp;&nbsp;&nbsp;11533619 | &nbsp;&nbsp;&nbsp;&nbsp;171335 |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;29278 | &nbsp;&nbsp;&nbsp;&nbsp;2725782 | &nbsp;&nbsp;&nbsp;&nbsp;36217859 | &nbsp;&nbsp;&nbsp;&nbsp;10765261 | &nbsp;&nbsp;&nbsp;&nbsp;(450695) | &nbsp;&nbsp;&nbsp;&nbsp;(594870) | &nbsp;&nbsp;&nbsp;&nbsp;281344 | &nbsp;&nbsp;&nbsp;27132815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466113 |
| SPDR FTSE International Government Inflation-Protected Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;675635 | &nbsp;&nbsp;&nbsp;26018704 | &nbsp;&nbsp;&nbsp;&nbsp;14482006 | &nbsp;&nbsp;&nbsp;&nbsp;15910207 | &nbsp;&nbsp;(1386955) | &nbsp;&nbsp;&nbsp;2261666 | &nbsp;&nbsp;&nbsp;&nbsp;638546 | &nbsp;&nbsp;&nbsp;25465214 | &nbsp;&nbsp;&nbsp;&nbsp;698503 |
| SPDR S&P Global Infrastructure ETF<br>| &nbsp;&nbsp;2294111 | &nbsp;&nbsp;125373166 | &nbsp;&nbsp;&nbsp;&nbsp;26381686 | &nbsp;&nbsp;&nbsp;&nbsp;58556267 | &nbsp;&nbsp;&nbsp;2846875 | &nbsp;&nbsp;20883022 | &nbsp;&nbsp;1736596 | &nbsp;&nbsp;116928482 | &nbsp;&nbsp;&nbsp;3793067 |
| SPDR S&P Global Natural Resources ETF<br>| &nbsp;&nbsp;2601163 | &nbsp;&nbsp;145274954 | &nbsp;&nbsp;&nbsp;&nbsp;36515028 | &nbsp;&nbsp;&nbsp;&nbsp;71421697 | &nbsp;&nbsp;(3867585) | &nbsp;&nbsp;&nbsp;(1141236) | &nbsp;&nbsp;1942468 | &nbsp;&nbsp;105359464 | &nbsp;&nbsp;&nbsp;5018191 |
| SPDR S&P Metals & Mining ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;265529 | &nbsp;&nbsp;&nbsp;15753836 | &nbsp;&nbsp;&nbsp;&nbsp;12852128 | &nbsp;&nbsp;&nbsp;&nbsp;13895989 | &nbsp;&nbsp;&nbsp;1254879 | &nbsp;&nbsp;&nbsp;1802131 | &nbsp;&nbsp;&nbsp;&nbsp;264311 | &nbsp;&nbsp;&nbsp;17766985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97452 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;717914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717914 | &nbsp;&nbsp;&nbsp;&nbsp;18539745 | &nbsp;&nbsp;&nbsp;&nbsp;19010967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;246692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24915 |
| State Street Navigator Securities Lending Portfolio II<br>| 34075823 | &nbsp;&nbsp;&nbsp;34075823 | &nbsp;&nbsp;1153607232 | &nbsp;&nbsp;1139481316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 48201739 | &nbsp;&nbsp;&nbsp;48201739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311833 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;374042 | &nbsp;&nbsp;&nbsp;34093928 | &nbsp;&nbsp;&nbsp;&nbsp;17748261 | &nbsp;&nbsp;&nbsp;&nbsp;31614743 | &nbsp;&nbsp;&nbsp;&nbsp;(371119) | &nbsp;&nbsp;&nbsp;(2260711) | &nbsp;&nbsp;&nbsp;&nbsp;207471 | &nbsp;&nbsp;&nbsp;17595616 | &nbsp;&nbsp;&nbsp;&nbsp;970134 |
| Total<br>|  | $457728184 | $1517689072 | $1452089503 | $(3071634) | $26250620 |  | $546506739 | $14470073 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA INCOME ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** |  |
| **DOMESTIC EQUITY — 27.6%** | **DOMESTIC EQUITY — 27.6%** | **DOMESTIC EQUITY — 27.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Schwab U.S. Dividend Equity ETF (a)<br>| &nbsp;&nbsp;145892 | &nbsp;&nbsp;$3866138 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR ICE Preferred Securities ETF (b)<br>| &nbsp;&nbsp;128189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071282 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 High Dividend ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;91329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876003 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR SSGA U.S. Equity Premium Income ETF (b)<br>| &nbsp;&nbsp;229532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18639682 |
| **DOMESTIC FIXED INCOME — 42.0%** | **DOMESTIC FIXED INCOME — 42.0%** | **DOMESTIC FIXED INCOME — 42.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;98253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086342 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bills ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344527 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746544 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;69696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779330 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Treasury ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;59169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702292 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Corporate Bond ETF (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;57166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290237 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF (b)<br>| &nbsp;&nbsp;355231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28391312 |
| **INTERNATIONAL EQUITY — 9.2%** | **INTERNATIONAL EQUITY — 9.2%** | **INTERNATIONAL EQUITY — 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Global Infrastructure ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;91914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188754 |
| **INTERNATIONAL FIXED INCOME — 14.3%** | **INTERNATIONAL FIXED INCOME — 14.3%** | **INTERNATIONAL FIXED INCOME — 14.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Emerging Markets Local Bond ETF (a)(b)<br>| &nbsp;&nbsp;161194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449551 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Emerging Markets USD Bond ETF (b)<br>| &nbsp;&nbsp;251965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650410 |
| **REAL ESTATE — 6.9%** | **REAL ESTATE — 6.9%** | **REAL ESTATE — 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Dow Jones REIT ETF REIT (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638571 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $67,242,931)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $67,242,931)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;67508729 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 17.4%** | **SHORT-TERM INVESTMENTS — 17.4%** | **SHORT-TERM INVESTMENTS — 17.4%** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36671 | &nbsp;&nbsp;$36671 |
| State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747638 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,784,309)<br>**  |  | &nbsp;&nbsp;$11784309 |
| **TOTAL INVESTMENTS — 117.4%<br>(Cost $79,027,240)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79293038 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (17.4)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11752304) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$67540734 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025. |
| (b) | Affiliated Fund managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at June 30, 2025. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA INCOME ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $67508729 | $— | $— | $67508729 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;11784309 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11784309 |
| **TOTAL INVESTMENTS<br>**  | $79293038 | $— | $— | $79293038 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;100053 | $4182215 | $2110058 | $2179311 | $(40385) | $13765 | &nbsp;&nbsp;&nbsp;&nbsp;98253 | $4086342 | $357235 |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;112866 | &nbsp;&nbsp;&nbsp;2085764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694981 | &nbsp;&nbsp;&nbsp;&nbsp;2776850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40483 | &nbsp;&nbsp;&nbsp;&nbsp;(44378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36491 |
| SPDR Bloomberg 1-3 Month T-Bills ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;23157 | &nbsp;&nbsp;&nbsp;2125350 | &nbsp;&nbsp;&nbsp;&nbsp;7653374 | &nbsp;&nbsp;&nbsp;&nbsp;7432067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446) | &nbsp;&nbsp;&nbsp;&nbsp;25559 | &nbsp;&nbsp;&nbsp;2344527 | &nbsp;&nbsp;&nbsp;&nbsp;161269 |
| SPDR Bloomberg Convertible Securities ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;38603 | &nbsp;&nbsp;&nbsp;2781732 | &nbsp;&nbsp;&nbsp;&nbsp;1469429 | &nbsp;&nbsp;&nbsp;&nbsp;1936349 | &nbsp;&nbsp;&nbsp;&nbsp;199111 | &nbsp;&nbsp;&nbsp;&nbsp;232621 | &nbsp;&nbsp;&nbsp;&nbsp;33227 | &nbsp;&nbsp;&nbsp;2746544 | &nbsp;&nbsp;&nbsp;&nbsp;58945 |
| SPDR Bloomberg Emerging Markets Local Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;213357 | &nbsp;&nbsp;&nbsp;4243671 | &nbsp;&nbsp;&nbsp;&nbsp;1784758 | &nbsp;&nbsp;&nbsp;&nbsp;2830625 | &nbsp;&nbsp;&nbsp;&nbsp;(291419) | &nbsp;&nbsp;&nbsp;&nbsp;543166 | &nbsp;&nbsp;&nbsp;&nbsp;161194 | &nbsp;&nbsp;&nbsp;3449551 | &nbsp;&nbsp;&nbsp;&nbsp;271487 |
| SPDR Bloomberg Emerging Markets USD Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;175800 | &nbsp;&nbsp;&nbsp;4188364 | &nbsp;&nbsp;&nbsp;&nbsp;4090228 | &nbsp;&nbsp;&nbsp;&nbsp;2278008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32966 | &nbsp;&nbsp;&nbsp;&nbsp;167309 | &nbsp;&nbsp;&nbsp;&nbsp;251965 | &nbsp;&nbsp;&nbsp;6200859 | &nbsp;&nbsp;&nbsp;&nbsp;323501 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;93393 | &nbsp;&nbsp;&nbsp;8804158 | &nbsp;&nbsp;&nbsp;13009231 | &nbsp;&nbsp;&nbsp;15086323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12356 | &nbsp;&nbsp;&nbsp;&nbsp;39908 | &nbsp;&nbsp;&nbsp;&nbsp;69696 | &nbsp;&nbsp;&nbsp;6779330 | &nbsp;&nbsp;&nbsp;&nbsp;506573 |
| 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;2853304 | &nbsp;&nbsp;&nbsp;&nbsp;2696124 | &nbsp;&nbsp;&nbsp;&nbsp;(157180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24270 |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;15392 | &nbsp;&nbsp;&nbsp;1432995 | &nbsp;&nbsp;&nbsp;&nbsp;4193044 | &nbsp;&nbsp;&nbsp;&nbsp;1077766 | &nbsp;&nbsp;&nbsp;&nbsp;103507 | &nbsp;&nbsp;&nbsp;&nbsp;(13209) | &nbsp;&nbsp;&nbsp;&nbsp;48098 | &nbsp;&nbsp;&nbsp;4638571 | &nbsp;&nbsp;&nbsp;&nbsp;90296 |
| SPDR ICE Preferred Securities ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;124504 | &nbsp;&nbsp;&nbsp;4224421 | &nbsp;&nbsp;&nbsp;&nbsp;2124295 | &nbsp;&nbsp;&nbsp;&nbsp;1996614 | &nbsp;&nbsp;&nbsp;&nbsp;(49814) | &nbsp;&nbsp;&nbsp;(231006) | &nbsp;&nbsp;&nbsp;&nbsp;128189 | &nbsp;&nbsp;&nbsp;4071282 | &nbsp;&nbsp;&nbsp;&nbsp;281586 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 | &nbsp;&nbsp;&nbsp;&nbsp;304534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 |
| SPDR Portfolio Intermediate Term Treasury 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;4857707 | &nbsp;&nbsp;&nbsp;&nbsp;3172537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9053) | &nbsp;&nbsp;&nbsp;&nbsp;26175 | &nbsp;&nbsp;&nbsp;&nbsp;59169 | &nbsp;&nbsp;&nbsp;1702292 | &nbsp;&nbsp;&nbsp;&nbsp;20921 |
| SPDR Portfolio Long Term 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;1579085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;27264 | &nbsp;&nbsp;&nbsp;&nbsp;57166 | &nbsp;&nbsp;&nbsp;1290237 | &nbsp;&nbsp;&nbsp;&nbsp;24673 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;382133 | &nbsp;&nbsp;10401660 | &nbsp;&nbsp;&nbsp;10982808 | &nbsp;&nbsp;&nbsp;&nbsp;11688847 | &nbsp;&nbsp;(1068707) | &nbsp;&nbsp;&nbsp;&nbsp;815126 | &nbsp;&nbsp;&nbsp;&nbsp;355231 | &nbsp;&nbsp;&nbsp;9442040 | &nbsp;&nbsp;&nbsp;&nbsp;382763 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;140018 | &nbsp;&nbsp;&nbsp;5632924 | &nbsp;&nbsp;&nbsp;&nbsp;5846034 | &nbsp;&nbsp;&nbsp;&nbsp;8190587 | &nbsp;&nbsp;&nbsp;&nbsp;827605 | &nbsp;&nbsp;&nbsp;(239973) | &nbsp;&nbsp;&nbsp;&nbsp;91329 | &nbsp;&nbsp;&nbsp;3876003 | &nbsp;&nbsp;&nbsp;&nbsp;218226 |
| SPDR Portfolio Short Term 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;4129251 | &nbsp;&nbsp;&nbsp;&nbsp;4123802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31685 |
| SPDR Portfolio Short Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;70237 | &nbsp;&nbsp;&nbsp;2027742 | &nbsp;&nbsp;&nbsp;&nbsp;2327833 | &nbsp;&nbsp;&nbsp;&nbsp;4363450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4344) | &nbsp;&nbsp;&nbsp;&nbsp;12219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;56219 |
| SPDR S&P Global Infrastructure ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;101473 | &nbsp;&nbsp;&nbsp;5545500 | &nbsp;&nbsp;&nbsp;&nbsp;3052062 | &nbsp;&nbsp;&nbsp;&nbsp;3769759 | &nbsp;&nbsp;&nbsp;&nbsp;369133 | &nbsp;&nbsp;&nbsp;&nbsp;991818 | &nbsp;&nbsp;&nbsp;&nbsp;91914 | &nbsp;&nbsp;&nbsp;6188754 | &nbsp;&nbsp;&nbsp;&nbsp;188815 |
| SPDR S&P International Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;139817 | &nbsp;&nbsp;&nbsp;4813899 | &nbsp;&nbsp;&nbsp;&nbsp;9061931 | &nbsp;&nbsp;&nbsp;15082457 | &nbsp;&nbsp;&nbsp;1154178 | &nbsp;&nbsp;&nbsp;&nbsp;52449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82232 |
| SPDR SSGA U.S. Equity Premium 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;8510150 | &nbsp;&nbsp;&nbsp;&nbsp;1473284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077 | &nbsp;&nbsp;&nbsp;(218684) | &nbsp;&nbsp;&nbsp;&nbsp;229532 | &nbsp;&nbsp;&nbsp;6826259 | &nbsp;&nbsp;&nbsp;&nbsp;417298 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;40290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40290 | &nbsp;&nbsp;&nbsp;&nbsp;5738877 | &nbsp;&nbsp;&nbsp;&nbsp;5742496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 |
| State Street Navigator Securities Lending Portfolio II<br>| 13527077 | &nbsp;&nbsp;13527077 | &nbsp;&nbsp;296144243 | &nbsp;&nbsp;297923682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11747638 | &nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;&nbsp;90843 |
| Total<br>|  | $76362296 | $392212683 | $396443232 | $1124137 | $2171016 |  | $75426900 | $3634174 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA GLOBAL ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.5%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.5%** |  |
| **DOMESTIC EQUITY — 27.8%** | **DOMESTIC EQUITY — 27.8%** | **DOMESTIC EQUITY — 27.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 600 Small Cap ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;149944 | &nbsp;&nbsp;$6387615 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44550074 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P MidCap 400 ETF Trust (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145904 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Communication Services Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335226 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Consumer Staples Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049937 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Health Care Select Sector SPDR Fund (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71584980 |
| **DOMESTIC FIXED INCOME — 32.7%** | **DOMESTIC FIXED INCOME — 32.7%** | **DOMESTIC FIXED INCOME — 32.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;154293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417046 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;233458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357061 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754559 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg International Treasury Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;221473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202401 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF (a)<br>| &nbsp;&nbsp;1671132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42780979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;115455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Corporate Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;405905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161276 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84170265 |
| **INFLATION LINKED — 4.0%** | **INFLATION LINKED — 4.0%** | **INFLATION LINKED — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-10 Year TIPS ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;539336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10322891 |
| **INTERNATIONAL EQUITY — 19.5%** | **INTERNATIONAL EQUITY — 19.5%** | **INTERNATIONAL EQUITY — 19.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Developed World ex-U.S. ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;567095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22961677 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;451595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19301170 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P International Small Cap ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;210260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50080314 |
| **INTERNATIONAL FIXED INCOME — 7.6%** | **INTERNATIONAL FIXED INCOME — 7.6%** | **INTERNATIONAL FIXED INCOME — 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Emerging Markets Local Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;182180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898652 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Emerging Markets USD Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316524 | &nbsp;&nbsp;$7789656 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg International Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19592784 |
| **REAL ESTATE — 4.9%** | **REAL ESTATE — 4.9%** | **REAL ESTATE — 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Dow Jones International Real Estate ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882854 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Dow Jones REIT ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621668 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $220,499,864)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $220,499,864)<br>** | &nbsp;&nbsp;&nbsp;248372902 |
| **SHORT-TERM INVESTMENTS — 15.2%** | **SHORT-TERM INVESTMENTS — 15.2%** | **SHORT-TERM INVESTMENTS — 15.2%** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8861447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8861447 |
| State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;30268752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30268752 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $39,130,199)<br>**  |  | &nbsp;&nbsp;$39130199 |
| **TOTAL INVESTMENTS — 111.7%<br>(Cost $259,630,063)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;287503101 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (11.7)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(30062132) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$257440969 |

---

---

| | |
|:---|:---|
| 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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at June 30, 2025. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at June 30, 2025. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA GLOBAL ALLOCATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $248372902 | $— | $— | $248372902 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;39130199 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39130199 |
| **TOTAL INVESTMENTS<br>**  | $287503101 | $— | $— | $287503101 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;86601 | $3619922 | $3649012 | $815075 | $(27055) | $(9758) | &nbsp;&nbsp;&nbsp;&nbsp;154293 | $6417046 | $365814 |
| SPDR Bloomberg 1-10 Year TIPS ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;521839 | &nbsp;&nbsp;&nbsp;&nbsp;9643585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856695 | &nbsp;&nbsp;&nbsp;&nbsp;(114693) | &nbsp;&nbsp;&nbsp;&nbsp;446997 | &nbsp;&nbsp;&nbsp;&nbsp;539336 | &nbsp;&nbsp;&nbsp;10322891 | &nbsp;&nbsp;&nbsp;&nbsp;288258 |
| SPDR Bloomberg Emerging Markets Local Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;361677 | &nbsp;&nbsp;&nbsp;&nbsp;7193756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8566253 | &nbsp;&nbsp;&nbsp;(1383839) | &nbsp;&nbsp;&nbsp;1529025 | &nbsp;&nbsp;&nbsp;&nbsp;182180 | &nbsp;&nbsp;&nbsp;&nbsp;3898652 | &nbsp;&nbsp;&nbsp;&nbsp;267354 |
| SPDR Bloomberg Emerging Markets USD Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;150361 | &nbsp;&nbsp;&nbsp;&nbsp;3582291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8337) | &nbsp;&nbsp;&nbsp;&nbsp;287275 | &nbsp;&nbsp;&nbsp;&nbsp;316524 | &nbsp;&nbsp;&nbsp;&nbsp;7789656 | &nbsp;&nbsp;&nbsp;&nbsp;312629 |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 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;12737512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141501 | &nbsp;&nbsp;&nbsp;&nbsp;(453432) | &nbsp;&nbsp;&nbsp;&nbsp;214482 | &nbsp;&nbsp;&nbsp;&nbsp;233458 | &nbsp;&nbsp;&nbsp;&nbsp;6357061 | &nbsp;&nbsp;&nbsp;&nbsp;25863 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;165808 | &nbsp;&nbsp;&nbsp;15630720 | &nbsp;&nbsp;&nbsp;&nbsp;27499324 | &nbsp;&nbsp;&nbsp;&nbsp;35295374 | &nbsp;&nbsp;&nbsp;&nbsp;(211265) | &nbsp;&nbsp;&nbsp;&nbsp;131154 | &nbsp;&nbsp;&nbsp;&nbsp;79722 | &nbsp;&nbsp;&nbsp;&nbsp;7754559 | &nbsp;&nbsp;&nbsp;&nbsp;683914 |
| SPDR Bloomberg International Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;250826 | &nbsp;&nbsp;&nbsp;&nbsp;7202469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58863 | &nbsp;&nbsp;&nbsp;&nbsp;865996 | &nbsp;&nbsp;&nbsp;&nbsp;242543 | &nbsp;&nbsp;&nbsp;&nbsp;7904476 | &nbsp;&nbsp;&nbsp;&nbsp;192017 |
| SPDR Bloomberg International Treasury Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;111791 | &nbsp;&nbsp;&nbsp;&nbsp;2395681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16457) | &nbsp;&nbsp;&nbsp;&nbsp;227503 | &nbsp;&nbsp;&nbsp;&nbsp;221473 | &nbsp;&nbsp;&nbsp;&nbsp;5202401 | &nbsp;&nbsp;&nbsp;&nbsp;38276 |
| SPDR Dow Jones International Real Estate 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;3724764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;184723 | &nbsp;&nbsp;&nbsp;&nbsp;141710 | &nbsp;&nbsp;&nbsp;&nbsp;3882854 | &nbsp;&nbsp;&nbsp;&nbsp;37952 |
| 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;&nbsp;&nbsp;&nbsp;8792731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7506) | &nbsp;&nbsp;&nbsp;&nbsp;90614 | &nbsp;&nbsp;&nbsp;&nbsp;8738814 | &nbsp;&nbsp;&nbsp;&nbsp;82187 |
| SPDR Portfolio Aggregate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;763776 | &nbsp;&nbsp;&nbsp;19163140 | &nbsp;&nbsp;&nbsp;&nbsp;60515607 | &nbsp;&nbsp;&nbsp;&nbsp;37721552 | &nbsp;&nbsp;&nbsp;&nbsp;185893 | &nbsp;&nbsp;&nbsp;&nbsp;637891 | &nbsp;&nbsp;1671132 | &nbsp;&nbsp;&nbsp;42780979 | &nbsp;&nbsp;1058896 |
| SPDR Portfolio Developed World ex-U.S. ETF<br>| &nbsp;&nbsp;1234623 | &nbsp;&nbsp;&nbsp;43310575 | &nbsp;&nbsp;&nbsp;&nbsp;22341316 | &nbsp;&nbsp;&nbsp;&nbsp;47828760 | &nbsp;&nbsp;&nbsp;3064233 | &nbsp;&nbsp;&nbsp;2074313 | &nbsp;&nbsp;&nbsp;&nbsp;567095 | &nbsp;&nbsp;&nbsp;22961677 | &nbsp;&nbsp;&nbsp;&nbsp;735845 |
| SPDR Portfolio Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;702417 | &nbsp;&nbsp;&nbsp;26460048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8665609 | &nbsp;&nbsp;&nbsp;&nbsp;18728261 | &nbsp;&nbsp;&nbsp;1091633 | &nbsp;&nbsp;&nbsp;1812141 | &nbsp;&nbsp;&nbsp;&nbsp;451595 | &nbsp;&nbsp;&nbsp;19301170 | &nbsp;&nbsp;&nbsp;&nbsp;645762 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;9755776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390847 | &nbsp;&nbsp;&nbsp;&nbsp;(364929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37921 |
| SPDR Portfolio Intermediate Term 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;&nbsp;&nbsp;11569884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585613 | &nbsp;&nbsp;&nbsp;&nbsp;(160212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52920 | &nbsp;&nbsp;&nbsp;&nbsp;115455 | &nbsp;&nbsp;&nbsp;&nbsp;3876979 | &nbsp;&nbsp;&nbsp;&nbsp;67004 |
| SPDR Portfolio Intermediate Term Treasury 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;8658400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49400 |
| SPDR Portfolio Long Term 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;&nbsp;&nbsp;&nbsp;9499003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10658) | &nbsp;&nbsp;&nbsp;&nbsp;197608 | &nbsp;&nbsp;&nbsp;&nbsp;405905 | &nbsp;&nbsp;&nbsp;&nbsp;9161276 | &nbsp;&nbsp;&nbsp;&nbsp;151246 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;259443 | &nbsp;&nbsp;&nbsp;&nbsp;7062038 | &nbsp;&nbsp;&nbsp;&nbsp;14610812 | &nbsp;&nbsp;&nbsp;&nbsp;19100442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;98569 | &nbsp;&nbsp;&nbsp;&nbsp;2619964 | &nbsp;&nbsp;&nbsp;&nbsp;113866 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;263022 | &nbsp;&nbsp;&nbsp;10923304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204545 | &nbsp;&nbsp;&nbsp;&nbsp;13658012 | &nbsp;&nbsp;&nbsp;1317352 | &nbsp;&nbsp;&nbsp;&nbsp;(399574) | &nbsp;&nbsp;&nbsp;&nbsp;149944 | &nbsp;&nbsp;&nbsp;&nbsp;6387615 | &nbsp;&nbsp;&nbsp;&nbsp;137658 |
| SPDR S&P 500 ETF Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp;84357 | &nbsp;&nbsp;&nbsp;45908767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40711279 | &nbsp;&nbsp;&nbsp;&nbsp;49041609 | &nbsp;&nbsp;&nbsp;9285400 | &nbsp;&nbsp;(2313763) | &nbsp;&nbsp;&nbsp;&nbsp;72105 | &nbsp;&nbsp;&nbsp;44550074 | &nbsp;&nbsp;&nbsp;&nbsp;551660 |
| SPDR S&P International Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;228092 | &nbsp;&nbsp;&nbsp;&nbsp;7239640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338830 | &nbsp;&nbsp;&nbsp;&nbsp;141256 | &nbsp;&nbsp;&nbsp;1082213 | &nbsp;&nbsp;&nbsp;&nbsp;210260 | &nbsp;&nbsp;&nbsp;&nbsp;7817467 | &nbsp;&nbsp;&nbsp;&nbsp;192731 |
| SPDR S&P MidCap 400 ETF Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8965 | &nbsp;&nbsp;&nbsp;&nbsp;4796992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695977 | &nbsp;&nbsp;&nbsp;&nbsp;341486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp;5145904 | &nbsp;&nbsp;&nbsp;&nbsp;59596 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;9255976 | &nbsp;&nbsp;&nbsp;&nbsp;9255976 | &nbsp;&nbsp;&nbsp;&nbsp;33843330 | &nbsp;&nbsp;&nbsp;&nbsp;34237859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;8861447 | &nbsp;&nbsp;&nbsp;&nbsp;8861447 | &nbsp;&nbsp;&nbsp;&nbsp;716006 |
| State Street Navigator Securities Lending Portfolio II<br>| 36137931 | &nbsp;&nbsp;&nbsp;36137931 | &nbsp;&nbsp;1685853235 | &nbsp;&nbsp;1691722414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 30268752 | &nbsp;&nbsp;&nbsp;30268752 | &nbsp;&nbsp;&nbsp;&nbsp;328657 |
| The Communication Services 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;10655645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089046 | &nbsp;&nbsp;&nbsp;&nbsp;433807 | &nbsp;&nbsp;&nbsp;&nbsp;334820 | &nbsp;&nbsp;&nbsp;&nbsp;49159 | &nbsp;&nbsp;&nbsp;&nbsp;5335226 | &nbsp;&nbsp;&nbsp;&nbsp;54251 |
| The Consumer Discretionary 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;&nbsp;&nbsp;&nbsp;5078647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848581 | &nbsp;&nbsp;&nbsp;&nbsp;(230066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9199 |
| 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;&nbsp;&nbsp;&nbsp;9982438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7709) | &nbsp;&nbsp;&nbsp;&nbsp;62368 | &nbsp;&nbsp;&nbsp;&nbsp;5049937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59111 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;52854 | &nbsp;&nbsp;&nbsp;&nbsp;4817642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072719 | &nbsp;&nbsp;&nbsp;&nbsp;12500303 | &nbsp;&nbsp;&nbsp;&nbsp;(513979) | &nbsp;&nbsp;&nbsp;&nbsp;123921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39407 |
| 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;&nbsp;&nbsp;11622715 | &nbsp;&nbsp;&nbsp;&nbsp;12432584 | &nbsp;&nbsp;&nbsp;&nbsp;809869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20590 |
| 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;&nbsp;&nbsp;&nbsp;5158109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5252) | &nbsp;&nbsp;&nbsp;&nbsp;37957 | &nbsp;&nbsp;&nbsp;&nbsp;5116224 | &nbsp;&nbsp;&nbsp;&nbsp;23885 |
| The Industrial Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;39158 | &nbsp;&nbsp;&nbsp;&nbsp;4772185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;21698 | &nbsp;&nbsp;&nbsp;&nbsp;4908738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032730 | &nbsp;&nbsp;&nbsp;&nbsp;12438307 | &nbsp;&nbsp;&nbsp;&nbsp;(330899) | &nbsp;&nbsp;&nbsp;&nbsp;(172262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17562 |
| Total<br>|  | $274025400 | $2057048942 | $2063778638 | $12895787 | $7311610 |  | $287503101 | $7364517 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 53.2%** | **CORPORATE BONDS & NOTES — 53.2%** | **CORPORATE BONDS & NOTES — 53.2%** |
| **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** |
| BAE Systems PLC<br>5.00%, 3/26/2027 (a)<br>| &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2528800 |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930400 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277803 |
| L3Harris Technologies, Inc.<br>5.40%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016950 |
| RTX Corp.<br>5.75%, 11/8/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517850 |
| **AGRICULTURE — 2.3%** | **AGRICULTURE — 2.3%** | **AGRICULTURE — 2.3%** |
| Imperial Brands Finance PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/26/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963400 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/30/2028 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799496 |
| Philip Morris International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/12/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450130 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7008750 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15251 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/17/2027<br>| &nbsp;&nbsp;&nbsp;&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;5100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15242127 |
| **AUTO MANUFACTURERS — 3.9%** | **AUTO MANUFACTURERS — 3.9%** | **AUTO MANUFACTURERS — 3.9%** |
| American Honda Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.92%, 5.27%, 1/12/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, 5.80%, 10/3/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008370 |
| Daimler Truck Finance North America LLC<br>5.00%, 1/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522875 |
| General Motors Financial Co., Inc.<br>5.40%, 4/6/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952136 |
| Nissan Motor Co. Ltd.<br>3.52%, 9/17/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431360 |
| Stellantis Finance U.S., Inc.<br>5.35%, 3/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25466779 |
| **BANKS — 14.0%** | **BANKS — 14.0%** | **BANKS — 14.0%** |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.77%, 3.71%, 4/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217433 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.58%, 4.38%, 4/27/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499475 |
| Bank of America NA<br>SOFR + 0.78%, 5.15%, 8/18/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002000 |
| Bank of New York Mellon Corp.<br>Series MTN, 3 mo. USD Term SOFR + 1.33%, 3.44%, 2/7/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79066 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Bank of Nova Scotia<br>1.35%, 6/24/2026<br>| &nbsp;&nbsp;$15000 | &nbsp;&nbsp;$14571 |
| Barclays PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.90%, 4.97%, 5/16/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.49%, 5.67%, 3/12/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057420 |
| Canadian Imperial Bank of Commerce<br>5.93%, 10/2/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549075 |
| Citibank NA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 8/6/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441732 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 9/29/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883102 |
| Deutsche Bank AG<br>SOFR + 1.59%, 5.71%, 2/8/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050220 |
| Fifth Third Bank NA<br>3.85%, 3/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964700 |
| Goldman Sachs Bank USA<br>SOFR + 0.75%, 5.41%, 5/21/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161309 |
| Goldman Sachs Group, Inc.<br>3.85%, 1/26/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390858 |
| HSBC Holdings PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.61%, 4.29%, 9/12/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995400 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.06%, 5.60%, 5/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038240 |
| Huntington National Bank<br>SOFR + 1.65%, 4.55%, 5/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015350 |
| JPMorgan Chase & Co.<br>3.63%, 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60172 |
| KeyBank NA<br>4.15%, 8/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768945 |
| Mitsubishi UFJ Financial Group, Inc.<br>3.85%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964400 |
| Mizuho Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1 yr. CMT + 0.67%, 1.23%, 5/22/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24297 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.66%, 2/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971320 |
| Morgan Stanley: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.67%, 4.68%, 7/17/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.01%, 5.65%, 4/13/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111050 |
| Morgan Stanley Bank NA<br>SOFR + 1.08%, 4.95%, 1/14/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176472 |
| Northern Trust Corp.<br>3 mo. USD Term SOFR + 1.13%, 3.38%, 5/8/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289367 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, SOFR + 0.53%, 4.87%, 1/20/2026 (c)<br>| &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$500485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, 4.88%, 1/19/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292987 |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.78%, 3/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 1/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051400 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.43%, 5.78%, 1/13/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010600 |
| Toronto-Dominion Bank<br>Series MTN, 4.69%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159492 |
| U.S. Bancorp<br>Series MTN, SOFR + 1.66%, 4.55%, 7/22/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007410 |
| Wells Fargo & Co.<br>Series W, SOFR + 0.78%, 4.90%, 1/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91562375 |
| **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** |
| Constellation Brands, Inc.<br>3.15%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104501 |
| **BIOTECHNOLOGY — 0.2%** | **BIOTECHNOLOGY — 0.2%** | **BIOTECHNOLOGY — 0.2%** |
| Amgen, Inc.<br>5.51%, 3/2/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500020 |
| Illumina, Inc.<br>4.65%, 9/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200832 |
| **CHEMICALS — 2.7%** | **CHEMICALS — 2.7%** | **CHEMICALS — 2.7%** |
| Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP<br>3.40%, 12/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586584 |
| DuPont de Nemours, Inc.<br>4.49%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935871 |
| Nutrien Ltd.<br>5.20%, 6/21/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17623838 |
| **COMPUTERS — 0.5%** | **COMPUTERS — 0.5%** | **COMPUTERS — 0.5%** |
| Apple, Inc.<br>3.25%, 8/8/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145745 |
| Crowdstrike Holdings, Inc.<br>3.00%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450935 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Owens Corning<br>5.50%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715505 |
| **COSMETICS/PERSONAL CARE — 0.0% <sup>\*</sup>** | **COSMETICS/PERSONAL CARE — 0.0% <sup>\*</sup>** | **COSMETICS/PERSONAL CARE — 0.0% <sup>\*</sup>** |
| Unilever Capital Corp.<br>4.88%, 9/8/2028<br>| &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;51233 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED FINANCIAL SERVICES — 1.3%** | **DIVERSIFIED FINANCIAL SERVICES — 1.3%** | **DIVERSIFIED FINANCIAL SERVICES — 1.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/29/2028<br>| &nbsp;&nbsp;$35000 | &nbsp;&nbsp;$33350 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.45%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945013 |
| American Express Co.<br>5.85%, 11/5/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156442 |
| Charles Schwab Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15%, 5/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14598 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/24/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118650 |
| Mastercard, Inc.<br>4.88%, 3/9/2028<br>| &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;92098 |
| Synchrony Financial<br>5.15%, 3/19/2029<br>| &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;75283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435434 |
| **ELECTRIC — 1.5%** | **ELECTRIC — 1.5%** | **ELECTRIC — 1.5%** |
| American Electric Power Co., Inc.<br>3.20%, 11/13/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81009 |
| Duke Energy Corp.<br>4.85%, 1/5/2027<br>| &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;60591 |
| National Rural Utilities Cooperative Finance Corp.<br>Series MTN, 5.60%, 11/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082950 |
| NextEra Energy Capital Holdings, Inc.<br>5.75%, 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500730 |
| Pacific Gas & Electric Co.<br>3.00%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22803 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 1/30/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467375 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 12/30/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532113 |
| **ELECTRONICS — 2.3%** | **ELECTRONICS — 2.3%** | **ELECTRONICS — 2.3%** |
| Tyco Electronics Group SA<br>4.50%, 2/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14817574 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Warnermedia Holdings, Inc.<br>3.76%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908286 |
| **FOOD — 0.6%** | **FOOD — 0.6%** | **FOOD — 0.6%** |
| Campbell's Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 3/15/2028<br>| &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;34860 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 3/20/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833453 |
| General Mills, Inc.<br>4.70%, 1/30/2027<br>| &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;55314 |
| Mars, Inc.<br>4.45%, 3/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936107 |
| **HAND & MACHINE TOOLS — 0.4%** | **HAND & MACHINE TOOLS — 0.4%** | **HAND & MACHINE TOOLS — 0.4%** |
| Stanley Black & Decker, Inc.<br>6.27%, 3/6/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500550 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE PRODUCTS — 0.1%** | **HEALTH CARE PRODUCTS — 0.1%** | **HEALTH CARE PRODUCTS — 0.1%** |
| Smith & Nephew PLC<br>5.15%, 3/20/2027<br>| &nbsp;&nbsp;$525000 | &nbsp;&nbsp;$531668 |
| **HEALTH CARE SERVICES — 1.6%** | **HEALTH CARE SERVICES — 1.6%** | **HEALTH CARE SERVICES — 1.6%** |
| Centene Corp.<br>4.25%, 12/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961266 |
| HCA, Inc.<br>5.88%, 2/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004500 |
| Humana, Inc.<br>1.35%, 2/3/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10156996 |
| **INSURANCE — 1.7%** | **INSURANCE — 1.7%** | **INSURANCE — 1.7%** |
| Athene Global Funding<br>5.62%, 5/8/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522300 |
| Corebridge Global Funding<br>5.75%, 7/2/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531875 |
| Lincoln Financial Global Funding<br>4.63%, 5/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888537 |
| Pacific Life Global Funding II<br>SOFR + 0.62%, 5.01%, 6/4/2026 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180921 |
| Principal Financial Group, Inc.<br>3.70%, 5/15/2029<br>| &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;48777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11172410 |
| **INVESTMENT COMPANY SECURITY — 0.8%** | **INVESTMENT COMPANY SECURITY — 0.8%** | **INVESTMENT COMPANY SECURITY — 0.8%** |
| ARES Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516135 |
| Blackstone Secured Lending Fund<br>3.63%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499844 |
| **IT SERVICES — 0.9%** | **IT SERVICES — 0.9%** | **IT SERVICES — 0.9%** |
| Accenture Capital, Inc.<br>3.90%, 10/4/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535703 |
| Apple, Inc.<br>4.42%, 5/8/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785072 |
| Dell International LLC/EMC Corp.<br>4.75%, 4/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224928 |
| **LODGING — 1.6%** | **LODGING — 1.6%** | **LODGING — 1.6%** |
| Las Vegas Sands Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 8/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930100 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393104 |
| Marriott International, Inc.<br>Series AA, 4.65%, 12/1/2028<br>| &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;50352 |
| Sands China Ltd.<br>3.80%, 1/8/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10346506 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MACHINERY, CONSTRUCTION & MINING — 0.9%** | **MACHINERY, CONSTRUCTION & MINING — 0.9%** | **MACHINERY, CONSTRUCTION & MINING — 0.9%** |
| Caterpillar Financial Services Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series DMTN, 4.35%, 5/15/2026<br>| &nbsp;&nbsp;$15000 | &nbsp;&nbsp;$15007 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 1/6/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503525 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 8/11/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020282 |
| **MACHINERY-DIVERSIFIED — 0.6%** | **MACHINERY-DIVERSIFIED — 0.6%** | **MACHINERY-DIVERSIFIED — 0.6%** |
| John Deere Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 4.05%, 9/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 4.75%, 1/20/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 4.80%, 1/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081769 |
| **MEDIA — 0.8%** | **MEDIA — 0.8%** | **MEDIA — 0.8%** |
| Comcast Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 1/15/2027<br>| &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;53499 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 2/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931500 |
| TWDC Enterprises 18 Corp.<br>Series MTN, 1.85%, 7/30/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112813 |
| **MINING — 0.9%** | **MINING — 0.9%** | **MINING — 0.9%** |
| BHP Billiton Finance USA Ltd.<br>4.88%, 2/27/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012000 |
| Glencore Funding LLC<br>1.63%, 9/1/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084157 |
| Rio Tinto Finance USA PLC<br>4.38%, 3/12/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171978 |
| **MISCELLANEOUS MANUFACTURER — 1.5%** | **MISCELLANEOUS MANUFACTURER — 1.5%** | **MISCELLANEOUS MANUFACTURER — 1.5%** |
| Siemens Financieringsmaatschappij NV: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 3/16/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950850 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 8/17/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066720 |
| Siemens Funding BV<br>4.35%, 5/26/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9897583 |
| **OIL & GAS — 0.3%** | **OIL & GAS — 0.3%** | **OIL & GAS — 0.3%** |
| Diamondback Energy, Inc.<br>5.20%, 4/18/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506980 |
| Pioneer Natural Resources Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 1/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982300 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 3/29/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288024 |
| **OIL & GAS SERVICES — 0.4%** | **OIL & GAS SERVICES — 0.4%** | **OIL & GAS SERVICES — 0.4%** |
| Schlumberger Holdings Corp.<br>5.00%, 5/29/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533425 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PACKAGING & CONTAINERS — 0.2%** | **PACKAGING & CONTAINERS — 0.2%** | **PACKAGING & CONTAINERS — 0.2%** |
| Sonoco Products Co.<br>4.45%, 9/1/2026<br>| &nbsp;&nbsp;$990000 | &nbsp;&nbsp;$989060 |
| **PHARMACEUTICALS — 1.7%** | **PHARMACEUTICALS — 1.7%** | **PHARMACEUTICALS — 1.7%** |
| AbbVie, Inc.<br>4.80%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277158 |
| Bristol-Myers Squibb Co.<br>4.90%, 2/22/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845955 |
| Eli Lilly & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/9/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15122 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/27/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555818 |
| Pfizer Investment Enterprises Pte. Ltd.<br>4.45%, 5/19/2028<br>| &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;90724 |
| Utah Acquisition Sub, Inc.<br>3.95%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10825244 |
| **PIPELINES — 0.5%** | **PIPELINES — 0.5%** | **PIPELINES — 0.5%** |
| Energy Transfer LP<br>6.05%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531605 |
| MPLX LP<br>4.13%, 3/1/2027<br>| &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;59703 |
| Sabine Pass Liquefaction LLC<br>5.88%, 6/30/2026<br>| &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;35193 |
| South Bow USA Infrastructure Holdings LLC<br>4.91%, 9/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388891 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.3%** | **REAL ESTATE INVESTMENT TRUSTS — 2.3%** | **REAL ESTATE INVESTMENT TRUSTS — 2.3%** |
| American Tower Corp.<br>3.95%, 3/15/2029<br>| &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;44120 |
| Mid-America Apartments LP<br>3.60%, 6/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948500 |
| Prologis LP<br>4.88%, 6/15/2028<br>| &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;71432 |
| Realty Income Corp.<br>5.05%, 1/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887347 |
| Vornado Realty LP<br>2.15%, 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865719 |
| **RETAIL — 0.0% <sup>\*</sup>** | **RETAIL — 0.0% <sup>\*</sup>** | **RETAIL — 0.0% <sup>\*</sup>** |
| Starbucks Corp.<br>2.00%, 3/12/2027<br>| &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;43332 |
| Walmart, Inc.<br>3.05%, 7/8/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241306 |
| **SEMICONDUCTORS — 1.4%** | **SEMICONDUCTORS — 1.4%** | **SEMICONDUCTORS — 1.4%** |
| Advanced Micro Devices, Inc.<br>4.32%, 3/24/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622214 |
| Intel Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 3/25/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24745 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/10/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214074 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SOFTWARE — 2.4%** | **SOFTWARE — 2.4%** | **SOFTWARE — 2.4%** |
| Cadence Design Systems, Inc.<br>4.20%, 9/10/2027<br>| &nbsp;&nbsp;$45000 | &nbsp;&nbsp;$45087 |
| Intuit, Inc.<br>5.25%, 9/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529650 |
| Microsoft Corp.<br>3.40%, 9/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172703 |
| Synopsys, Inc.<br>4.55%, 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15842966 |
| **TELECOMMUNICATIONS — 1.2%** | **TELECOMMUNICATIONS — 1.2%** | **TELECOMMUNICATIONS — 1.2%** |
| NTT Finance Corp.<br>1.16%, 4/3/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7316400 |
| T-Mobile USA, Inc.<br>4.95%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152550 |
| Verizon Communications, Inc.<br>3.00%, 3/22/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615981 |
| **TRANSPORTATION — 0.0% <sup>\*</sup>** | **TRANSPORTATION — 0.0% <sup>\*</sup>** | **TRANSPORTATION — 0.0% <sup>\*</sup>** |
| Canadian Pacific Railway Co.<br>1.75%, 12/2/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14481 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $346,544,410)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;348101987 |
| **ASSET-BACKED SECURITIES — 3.9%** |  |  |
| **AUTOMOBILE — 2.7%** |  |  |
| GM Financial Consumer Automobile Receivables Trust<br>Series 2023-3, Class A3, 5.45%, 6/16/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049704 |
| Honda Auto Receivables Owner Trust<br>Series 2023-4, Class A2, 5.87%, 6/22/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402363 |
| Mercedes-Benz Auto Lease Trust<br>Series 2023-A, Class A3, 4.74%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050813 |
| Nissan Auto Lease Trust<br>Series 2024-A, Class A2A, 5.11%, 10/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255157 |
| Toyota Auto Receivables Owner Trust<br>Series 2023-D, Class A2A, 5.80%, 11/16/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033511 |
| Toyota Lease Owner Trust<br>Series 2023-B, Class A3, 5.66%, 11/20/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17691279 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CREDIT CARD — 1.2%** |  |  |
| BA Credit Card Trust<br>Series 2023-A1, Class A1, 4.79%, 5/15/2028<br>| &nbsp;&nbsp;$7655000 | &nbsp;&nbsp;$7687854 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $25,293,749)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25379133 |
| **U.S. TREASURY OBLIGATIONS — 29.9%** |  |  |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 7/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34943685 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 7/8/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29975806 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 8/5/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29875913 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6803973 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 2/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70028058 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 7/31/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20183100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20186254 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/30/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743841 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $195,281,222)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;195557530 |
| **MORTGAGE-BACKED SECURITIES — 0.4%** | **MORTGAGE-BACKED SECURITIES — 0.4%** |  |
| BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 mo. USD Term SOFR + 1.55%, 5.86%, 7/15/2035 (a) (c)<br>(Cost $2,869,552)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868314 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 0.8%** |  |
| BX Mortgage Trust Series 2021-PAC, Class B, 1 mo. USD Term SOFR + 1.01%, 5.33%, 10/15/2036 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489119 |
| Hawaii Hotel Trust Series 2025-MAUI, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 3/15/2042 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000467 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $5,486,239)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 11.4%** | **SHORT-TERM INVESTMENT — 11.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e)<br>(Cost $74,779,548) | 74779548 | &nbsp;&nbsp;$74779548 |
| **TOTAL INVESTMENTS — 99.6%<br>(Cost $650,254,720)<br>** | **TOTAL INVESTMENTS — 99.6%<br>(Cost $650,254,720)<br>** | &nbsp;&nbsp;&nbsp;652176098 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697141 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $654873239 |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 12.1% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) When-issued security.

(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. 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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| DMTN | Domestic Medium Term Note |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |

---

At June 30, 2025, 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 (long) | &nbsp;&nbsp;&nbsp;70 | 09/30/2025 | $14523906 | $14561249 | $37343 |
| 5 Yr. U.S. Treasury Note Futures (long) | 138 | 09/30/2025 | &nbsp;&nbsp;&nbsp;14881834 | &nbsp;&nbsp;&nbsp;15042000 | &nbsp;&nbsp;&nbsp;160166 |
|  |  |  |  |  | $197509 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA ULTRA SHORT TERM BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

During the year ended June 30, 2025, the average notional value related to futures contracts was $57,910,620.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $348101987 | $— | $348101987 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25379133 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25379133 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;195557530 | &nbsp;&nbsp;— | &nbsp;&nbsp;195557530 |
| 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;2868314 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868314 |
| 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;5489586 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489586 |
| Short-Term Investment<br>| &nbsp;&nbsp;74779548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74779548 |
| **TOTAL INVESTMENTS<br>**  | $74779548 | $577396550 | $— | $652176098 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $197509 | $— | $— | $197509 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $197509 | $— | $— | $197509 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 72098882 | $72098882 | $690166815 | $687486149 | $— | $— | 74779548 | $74779548 | $3571606 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 57.3%** |  |  |
| **AUSTRALIA — 0.4%** | **AUSTRALIA — 0.4%** | **AUSTRALIA — 0.4%** |
| Northern Star Resources Ltd.<br>6.13%, 4/11/2033 (a)<br>| &nbsp;&nbsp;$120000 | &nbsp;&nbsp;$124725 |
| Rio Tinto Finance USA PLC<br>5.25%, 3/14/2035<br>| &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;71203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195928 |
| **BRAZIL — 0.7%** | **BRAZIL — 0.7%** | **BRAZIL — 0.7%** |
| Petrobras Global Finance BV<br>6.50%, 7/3/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101758 |
| Raizen Fuels Finance SA<br>6.70%, 2/25/2037 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327188 |
| **CANADA — 1.6%** | **CANADA — 1.6%** | **CANADA — 1.6%** |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/15/2033 (a)<br>| &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;51793 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118544 |
| Enerflex Ltd.<br>9.00%, 10/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129939 |
| goeasy Ltd.<br>7.38%, 10/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102125 |
| Magna International, Inc.<br>5.88%, 6/1/2035<br>| &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;41002 |
| RB Global Holdings, Inc.<br>6.75%, 3/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142625 |
| Saturn Oil & Gas, Inc.<br>9.63%, 6/15/2029 (a)<br>| &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;49655 |
| TransAlta Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/15/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62730 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/15/2029<br>| &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;73468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771881 |
| **CAYMAN ISLANDS — 0.3%** | **CAYMAN ISLANDS — 0.3%** | **CAYMAN ISLANDS — 0.3%** |
| Global Aircraft Leasing Co. Ltd.<br>8.75%, 9/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136346 |
| **CHINA — 0.5%** | **CHINA — 0.5%** | **CHINA — 0.5%** |
| Alibaba Group Holding Ltd.<br>3.15%, 2/9/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79797 |
| Prosus NV<br>4.19%, 1/19/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226361 |
| **FINLAND — 0.4%** | **FINLAND — 0.4%** | **FINLAND — 0.4%** |
| Nordea Bank Abp VRN, 5 yr. CMT + 2.66%,<br>6.30%, 9/25/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184925 |
| **FRANCE — 1.3%** | **FRANCE — 1.3%** | **FRANCE — 1.3%** |
| BNP Paribas SA 5 yr. CMT + 3.20%,<br>4.63%, 1/12/2027 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152351 |
| Credit Agricole SA SOFR + 1.46%,<br>5.22%, 5/27/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254670 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| L'Oreal SA<br>5.00%, 5/20/2035 (a)<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$203442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610463 |
| **GERMANY — 0.6%** | **GERMANY — 0.6%** | **GERMANY — 0.6%** |
| Deutsche Bank AG: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.72%, 3.04%, 5/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77145 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. USD SOFR ICE Swap + 4.36%, 8.13%, 4/30/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283539 |
| **IRELAND — 0.5%** | **IRELAND — 0.5%** | **IRELAND — 0.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>3.30%, 1/30/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77909 |
| Bank of Ireland Group PLC 1 yr. CMT + 2.65%,<br>6.25%, 9/16/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235390 |
| **ITALY — 1.5%** | **ITALY — 1.5%** | **ITALY — 1.5%** |
| Intesa Sanpaolo SpA 1 yr. CMT + 4.40%,<br>8.25%, 11/21/2033 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220048 |
| Telecom Italia Capital SA<br>7.72%, 6/4/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92889 |
| UniCredit SpA 5 yr. USD ICE Swap + 4.91%,<br>7.30%, 4/2/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718564 |
| **NETHERLANDS — 0.1%** | **NETHERLANDS — 0.1%** | **NETHERLANDS — 0.1%** |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br>5.00%, 1/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41866 |
| **SINGAPORE — 0.0% <sup>\*</sup>** | **SINGAPORE — 0.0% <sup>\*</sup>** | **SINGAPORE — 0.0% <sup>\*</sup>** |
| Seagate Data Storage Technolog<br>5.75%, 12/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11802 |
| **SOUTH AFRICA — 1.0%** | **SOUTH AFRICA — 1.0%** | **SOUTH AFRICA — 1.0%** |
| Anglo American Capital PLC<br>5.75%, 4/5/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195740 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc.<br>5.85%, 5/13/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456202 |
| **SPAIN — 1.3%** | **SPAIN — 1.3%** | **SPAIN — 1.3%** |
| Banco Bilbao Vizcaya Argentaria SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1 yr. CMT + 1.95%, 6.03%, 3/13/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197657 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 3.25%, 7.75%, 1/14/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192601 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Banco Santander SA<br>6.35%, 3/14/2034<br>| &nbsp;&nbsp;$190000 | &nbsp;&nbsp;$198833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589091 |
| **SWITZERLAND — 0.7%** | **SWITZERLAND — 0.7%** | **SWITZERLAND — 0.7%** |
| UBS Group AG SOFR + 3.70%,<br>6.44%, 8/11/2028 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209838 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 2/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13099 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324622 |
| **UNITED KINGDOM — 2.7%** | **UNITED KINGDOM — 2.7%** | **UNITED KINGDOM — 2.7%** |
| Barclays PLC VRN, 5 yr. USD SOFR ICE Swap + 3.69%,<br>7.63%, 3/15/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201200 |
| British Telecommunications PLC<br>9.63%, 12/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109483 |
| HSBC Holdings PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.02%, 7.40%, 11/13/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212559 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 2.99%, 7.05%, 6/5/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455211 |
| Lloyds Banking Group PLC VRN, 1 yr. CMT + 1.60%,<br>6.07%, 6/13/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205478 |
| Marex Group PLC<br>6.40%, 11/4/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251850 |
| **UNITED STATES — 43.7%** | **UNITED STATES — 43.7%** | **UNITED STATES — 43.7%** |
| 200 Park Funding Trust<br>5.74%, 2/15/2055 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128153 |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131981 |
| AES Corp. VRN, 5 yr. CMT + 2.89%,<br>6.95%, 7/15/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96811 |
| AG Issuer LLC<br>6.25%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13032 |
| Ahead DB Holdings LLC<br>6.63%, 5/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37095 |
| Allegiant Travel Co.<br>7.25%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134978 |
| Allison Transmission, Inc.<br>3.75%, 1/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148572 |
| Alphabet, Inc.<br>5.25%, 5/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246122 |
| Alta Equipment Group, Inc.<br>9.00%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49430 |
| Amazon.com, Inc.<br>3.10%, 5/12/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54595 |
| American Express Co.<br>5.85%, 11/5/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34189 |
| American Tower Corp.<br>2.30%, 9/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118909 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| AmeriGas Partners LP/AmeriGas Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/20/2027<br>| &nbsp;&nbsp;$14000 | &nbsp;&nbsp;$13891 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 6/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111347 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19692 |
| Ameriprise Financial, Inc.<br>4.50%, 5/13/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41674 |
| Amgen, Inc.<br>4.20%, 3/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82664 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.75%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75850 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.<br>7.00%, 4/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81468 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<br>7.88%, 11/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153452 |
| Apollo Commercial Real Estate Finance, Inc.<br>4.63%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68405 |
| Appalachian Power Co. Series Z,<br>3.70%, 5/1/2050<br>| &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;24779 |
| Arches Buyer, Inc.<br>6.13%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46935 |
| Aretec Group, Inc.<br>7.50%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68815 |
| Armor Holdco, Inc.<br>8.50%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25027 |
| Artera Services LLC<br>8.50%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29106 |
| Athene Holding Ltd. VRN, 5 yr. CMT + 2.58%,<br>6.88%, 6/28/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228788 |
| Avianca Midco 2 PLC<br>9.00%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77846 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97329 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 6/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42896 |
| Avnet, Inc.<br>5.50%, 6/1/2032<br>| &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;40314 |
| Axon Enterprise, Inc.<br>6.13%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108019 |
| Bain Capital Specialty Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/13/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140496 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 3/15/2030<br>| &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;39664 |
| BGC Group, Inc.<br>4.38%, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120441 |
| Biogen, Inc.<br>5.05%, 1/15/2031<br>| &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;55989 |
| BlackRock TCP Capital Corp.<br>2.85%, 2/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115998 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Blackrock, Inc.<br>2.10%, 2/25/2032<br>| &nbsp;&nbsp;$59000 | &nbsp;&nbsp;$50896 |
| Blackstone Mortgage Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 1/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12639 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
| Blue Owl Capital Corp.<br>8.45%, 11/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55065 |
| Brandywine Operating Partnership LP<br>8.88%, 4/12/2029<br>| &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;59538 |
| Bread Financial Holdings, Inc.<br>9.75%, 3/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121660 |
| Brinker International, Inc.<br>8.25%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21324 |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/15/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153481 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105916 |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>7.50%, 2/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68391 |
| BWX Technologies, Inc.<br>4.13%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16387 |
| Cadence Design Systems, Inc.<br>4.70%, 9/10/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52349 |
| California Resources Corp.<br>8.25%, 6/15/2029 (a)<br>| &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;77139 |
| Capital One Financial Corp. SOFR + 3.37%,<br>7.96%, 11/2/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274308 |
| Carnival Corp.<br>5.88%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193517 |
| Carpenter Technology Corp.<br>7.63%, 3/15/2030<br>| &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;81763 |
| Carriage Purchaser, Inc.<br>7.88%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21359 |
| Caterpillar Financial Services Corp. Series MTN,<br>3.65%, 8/12/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80909 |
| Caterpillar, Inc.<br>5.20%, 5/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101913 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52258 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77202 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28851 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/1/2032 (a)<br>| &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;28438 |
| CenterPoint Energy Houston Electric LLC<br>5.30%, 4/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15164 |
| Champions Financing, Inc.<br>8.75%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&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;8674 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>7.63%, 7/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| CHS/Community Health Systems, Inc.<br>10.88%, 1/15/2032 (a)<br>| &nbsp;&nbsp;$108000 | &nbsp;&nbsp;$114329 |
| Ciena Corp.<br>4.00%, 1/31/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134349 |
| Citadel LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/23/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34115 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/23/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24003 |
| Citigroup, Inc. SOFR + 1.83%,<br>6.02%, 1/24/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169412 |
| Clean Harbors, Inc.<br>5.13%, 7/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&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;8882 |
| CNX Midstream Partners LP<br>4.75%, 4/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55834 |
| Comcast Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 11/1/2063<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131007 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 5/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233866 |
| CommScope LLC<br>4.75%, 9/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98598 |
| Compass Minerals International, Inc.<br>8.00%, 7/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78582 |
| Continental Resources, Inc.<br>2.27%, 11/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52221 |
| COPT Defense Properties LP<br>2.75%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15040 |
| CoreWeave, Inc.<br>9.25%, 6/1/2030 (a)<br>| &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;61343 |
| Crane NXT Co.<br>4.20%, 3/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685 |
| Crown Americas LLC<br>5.88%, 6/1/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98679 |
| Crown Americas LLC/Crown Americas Capital Corp. V<br>4.25%, 9/30/2026<br>| &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;78456 |
| CSC Holdings LLC<br>3.38%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138994 |
| CVR Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 2/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61279 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15020 |
| Delta Air Lines, Inc.<br>5.25%, 7/10/2030<br>| &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;35261 |
| Deluxe Corp.<br>8.13%, 9/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67123 |
| Diamondback Energy, Inc.<br>6.25%, 3/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210884 |
| Directv Financing LLC<br>8.88%, 2/1/2030 (a)<br>| &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;29538 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12956 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150522 |
| DISH Network Corp.<br>11.75%, 11/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151351 |
| Dominion Energy, Inc. Series A, 5 yr. CMT + 2.39%,<br>6.88%, 2/1/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79799 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Dotdash Meredith, Inc.<br>7.63%, 6/15/2032 (a)<br>| &nbsp;&nbsp;$44000 | &nbsp;&nbsp;$42780 |
| DT Midstream, Inc.<br>4.38%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414 |
| DTE Electric Co.<br>5.25%, 5/15/2035<br>| &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;50928 |
| Edison International<br>6.25%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&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;5079 |
| Eli Lilly & Co.<br>4.70%, 2/27/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69613 |
| Emergent BioSolutions, Inc.<br>3.88%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29599 |
| Energy Transfer LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 4/1/2035<br>| &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;76381 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 5/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113088 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142375 |
| Enova International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 8/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26321 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45067 |
| Entergy Arkansas LLC<br>5.45%, 6/1/2034<br>| &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;51485 |
| Enviri Corp.<br>5.75%, 7/31/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71101 |
| ERP Operating LP<br>4.65%, 9/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64046 |
| Esab Corp.<br>6.25%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98325 |
| Evergreen Acqco 1 LP/TVI, Inc.<br>9.75%, 4/26/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67995 |
| Excelerate Energy LP<br>8.00%, 5/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140163 |
| Expedia Group, Inc.<br>5.40%, 2/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120818 |
| Fair Isaac Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63263 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54006 |
| Fidelity National Financial, Inc.<br>2.45%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27772 |
| Five Point Operating Co. LP/Five Point Capital Corp.<br>10.50%, 1/15/2028 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66960 |
| Flex Ltd.<br>5.25%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81885 |
| Florida Gas Transmission Co. LLC<br>5.75%, 7/15/2035 (a)<br>| &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;56300 |
| Freedom Mortgage Holdings LLC<br>9.13%, 5/15/2031 (a)<br>| &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;41248 |
| Freeport-McMoRan, Inc.<br>4.63%, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135964 |
| Frontier Communications Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12242 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41555 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102344 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Garrett Motion Holdings, Inc./Garrett LX I SARL<br>7.75%, 5/31/2032 (a)<br>| &nbsp;&nbsp;$71000 | &nbsp;&nbsp;$73906 |
| Gen Digital, Inc.<br>6.25%, 4/1/2033 (a)<br>| &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;87381 |
| General Dynamics Corp.<br>4.95%, 8/15/2035<br>| &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;35129 |
| Genuine Parts Co.<br>4.95%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72110 |
| Global Payments, Inc.<br>5.40%, 8/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33667 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<br>3.50%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69051 |
| Graham Packaging Co., Inc.<br>7.13%, 8/15/2028 (a)<br>| &nbsp;&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;9954 |
| Gray Media, Inc.<br>10.50%, 7/15/2029 (a)<br>| &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;50504 |
| Great Lakes Dredge & Dock Corp.<br>5.25%, 6/1/2029 (a)<br>| &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;36496 |
| Group 1 Automotive, Inc.<br>6.38%, 1/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57634 |
| GrubHub Holdings, Inc.<br>5.50%, 7/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71780 |
| Gulfport Energy Operating Corp.<br>6.75%, 9/1/2029 (a)<br>| &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;56420 |
| Helmerich & Payne, Inc.<br>5.50%, 12/1/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454800 |
| Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154256 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&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;7194 |
| Hilton Domestic Operating Co., Inc.<br>5.88%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108271 |
| HLF Financing SARL LLC/Herbalife International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61087 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.25%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325 |
| HPS Corporate Lending Fund<br>5.85%, 6/5/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224653 |
| HUB International Ltd.<br>7.38%, 1/31/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55444 |
| Hughes Satellite Systems Corp.<br>5.25%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18786 |
| Hyatt Hotels Corp.<br>5.75%, 3/30/2032<br>| &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;46205 |
| iHeartCommunications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 8/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50334 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 5/1/2029 (a)<br>| &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;31314 |
| Interface, Inc.<br>5.50%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50226 |
| Jabil, Inc.<br>5.45%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11282 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group<br>5.95%, 4/20/2035 (a)<br>| &nbsp;&nbsp;$33000 | &nbsp;&nbsp;$34187 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.88%, 9/20/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79825 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.32%, 5.50%, 1/24/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44308 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.46%, 3.16%, 4/22/2042 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57359 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.68%, 5.57%, 4/22/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series OO, VRN, 5 yr. CMT + 2.15%, 6.50%, 4/1/2030 (b)<br>| &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;87700 |
| JW Aluminum Continuous Cast Co.<br>10.25%, 4/1/2030 (a)<br>| &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;55713 |
| Las Vegas Sands Corp.<br>5.63%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158145 |
| Level 3 Financing, Inc.<br>4.88%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116409 |
| Liberty Mutual Group, Inc.<br>4.30%, 2/1/2061 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57688 |
| Live Nation Entertainment, Inc.<br>3.75%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90321 |
| Long Ridge Energy LLC<br>8.75%, 2/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70653 |
| Lowe's Cos., Inc.<br>2.80%, 9/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62180 |
| LPL Holdings, Inc.<br>5.75%, 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136517 |
| Madison IAQ LLC<br>5.88%, 6/30/2029 (a)<br>| &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;49133 |
| Manitowoc Co., Inc.<br>9.25%, 10/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66621 |
| Marriott International, Inc.<br>5.50%, 4/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135019 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp.<br>11.50%, 2/15/2028 (a)<br>| &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;42287 |
| McAfee Corp.<br>7.38%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50033 |
| Michaels Cos., Inc.<br>5.25%, 5/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53025 |
| Micron Technology, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57320 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104592 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82161 |
| Millennium Escrow Corp.<br>6.63%, 8/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40280 |
| Moog, Inc.<br>4.25%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102514 |
| Morgan Stanley SOFR + 1.76%,<br>5.66%, 4/17/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160676 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| MPH Acquisition Holdings LLC<br>5.75%, 12/31/2030 (a)<br>| &nbsp;&nbsp;$50632 | &nbsp;&nbsp;$41778 |
| MPT Operating Partnership LP/MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16296 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37809 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027<br>| &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;26776 |
| MSCI, Inc.<br>3.63%, 11/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21206 |
| Mueller Water Products, Inc.<br>4.00%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134691 |
| Navient Corp.<br>7.88%, 6/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14565 |
| NetApp, Inc.<br>5.70%, 3/17/2035<br>| &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;35951 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<br>8.13%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86857 |
| Nordstrom, Inc.<br>4.38%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142867 |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83040 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49716 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/15/2029 (a)<br>| &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;40051 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/1/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18374 |
| NuStar Logistics LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76654 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65280 |
| Oncor Electric Delivery Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 5/15/2028<br>| &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;90405 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 4/1/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25494 |
| OneMain Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/15/2032<br>| &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;98342 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17763 |
| ONEOK, Inc.<br>6.50%, 9/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10687 |
| Osaic Holdings, Inc.<br>10.75%, 8/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 |
| Owens-Brockway Glass Container, Inc.<br>7.38%, 6/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118089 |
| Pacific Gas & Electric Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 3/1/2035<br>| &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;89285 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141546 |
| PacifiCorp<br>3.30%, 3/15/2051<br>| &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;38810 |
| Patrick Industries, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104833 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/2032 (a)<br>| &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;28080 |
| Paychex, Inc.<br>5.60%, 4/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67182 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>9.88%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11664 |
| Pediatrix Medical Group, Inc.<br>5.38%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22742 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Phinia, Inc.<br>6.75%, 4/15/2029 (a)<br>| &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$10312 |
| Pitney Bowes, Inc.<br>7.25%, 3/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56850 |
| Planet Financial Group LLC<br>10.50%, 12/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69041 |
| PPL Capital Funding, Inc.<br>5.25%, 9/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15126 |
| Prudential Financial, Inc. 5 yr. CMT + 3.23%,<br>6.00%, 9/1/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82659 |
| Public Storage Operating Co.<br>2.25%, 11/9/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36677 |
| QUALCOMM, Inc.<br>5.40%, 5/20/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130731 |
| QXO Building Products, Inc.<br>6.75%, 4/30/2032 (a)<br>| &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;29940 |
| Rain Carbon, Inc.<br>12.25%, 9/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69725 |
| Rand Parent LLC<br>8.50%, 2/15/2030 (a)<br>| &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;79258 |
| Resideo Funding, Inc.<br>4.00%, 9/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34027 |
| Rithm Capital Corp.<br>8.00%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71262 |
| ROBLOX Corp.<br>3.88%, 5/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143626 |
| Rollins, Inc.<br>5.25%, 2/24/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20067 |
| Royal Caribbean Cruises Ltd.<br>5.50%, 8/31/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042 |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57570 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38720 |
| Saks Global Enterprises LLC<br>11.00%, 12/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32330 |
| Santander Holdings USA, Inc. SOFR + 1.25%,<br>2.49%, 1/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100672 |
| Scripps Escrow II, Inc.<br>3.88%, 1/15/2029 (a)<br>| &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;65555 |
| Seagate Data Storage Technology Pte. Ltd.<br>5.88%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159813 |
| SGUS LLC<br>11.00%, 12/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15971 |
| Sixth Street Lending Partners<br>6.13%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48889 |
| Somnigroup International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47266 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98495 |
| Southern California Edison Co.<br>3.65%, 2/1/2050<br>| &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;19993 |
| Southwestern Public Service Co.<br>5.30%, 5/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200568 |
| Spirit AeroSystems, Inc.<br>4.60%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57872 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| SPX FLOW, Inc.<br>8.75%, 4/1/2030 (a)<br>| &nbsp;&nbsp;$27000 | &nbsp;&nbsp;$28006 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135616 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105253 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49561 |
| StoneMor, Inc.<br>8.50%, 5/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18512 |
| Stonepeak Nile Parent LLC<br>7.25%, 3/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126211 |
| Summit Midstream Holdings LLC<br>8.63%, 10/31/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70368 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68925 |
| Synchrony Financial<br>7.25%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91022 |
| Synopsys, Inc.<br>5.15%, 4/1/2035<br>| &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;30243 |
| Taylor Morrison Communities, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/2028 (a)<br>| &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;91219 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 6/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41656 |
| TEGNA, Inc.<br>5.00%, 9/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153769 |
| Texas Instruments, Inc.<br>4.90%, 3/14/2033<br>| &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;92036 |
| TGNR Intermediate Holdings LLC<br>5.50%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73680 |
| TMS International Corp.<br>6.25%, 4/15/2029 (a)<br>| &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;36177 |
| Toll Brothers Finance Corp.<br>5.60%, 6/15/2035<br>| &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;75602 |
| TransDigm, Inc.<br>6.88%, 12/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61217 |
| TriMas Corp.<br>4.13%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134924 |
| TTM Technologies, Inc.<br>4.00%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30549 |
| Tutor Perini Corp.<br>11.88%, 4/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36005 |
| Twilio, Inc.<br>3.63%, 3/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140874 |
| U.S. Foods, Inc.<br>5.75%, 4/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74089 |
| Under Armour, Inc.<br>7.25%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10147 |
| Unisys Corp.<br>10.63%, 1/15/2031 (a)<br>| &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;46269 |
| United Airlines Pass-Through Trust Series 2020-1, Class A,<br>5.88%, 4/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222190 |
| United Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 4/15/2026 (a)<br>| &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;78438 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51460 |
| United Parcel Service, Inc.<br>5.25%, 5/14/2035<br>| &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;35747 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| UnitedHealth Group, Inc.<br>5.30%, 6/15/2035<br>| &nbsp;&nbsp;$65000 | &nbsp;&nbsp;$66243 |
| Univision Communications, Inc.<br>8.50%, 7/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105132 |
| Upbound Group, Inc.<br>6.38%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724 |
| USI, Inc.<br>7.50%, 1/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39048 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<br>7.50%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69253 |
| Viasat, Inc.<br>7.50%, 5/30/2031 (a)<br>| &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;40727 |
| Viavi Solutions, Inc.<br>3.75%, 10/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135292 |
| Victoria's Secret & Co.<br>4.63%, 7/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74628 |
| Virginia Electric & Power Co.<br>5.05%, 8/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23067 |
| Virtusa Corp.<br>7.13%, 12/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24772 |
| 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;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26309 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/31/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92869 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25991 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&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;9563 |
| Vornado Realty LP<br>3.40%, 6/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125117 |
| W&T Offshore, Inc.<br>10.75%, 2/1/2029 (a)<br>| &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;39603 |
| Walgreens Boots Alliance, Inc.<br>8.13%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 |
| Wayfair LLC<br>7.75%, 9/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98755 |
| Western Midstream Operating LP<br>6.15%, 4/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11438 |
| Williams Cos., Inc.<br>8.75%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158859 |
| Wyndham Hotels & Resorts, Inc.<br>4.38%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42075 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>7.13%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12786 |
| XPLR Infrastructure Operating Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12692 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137379 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20517490 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $26,561,328)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26883508 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET-BACKED SECURITIES — 4.8%** |  |  |
| Battalion CLO XVI Ltd. Series 2019-16A, Class BR2, ABS, 3 mo. USD Term SOFR + 1.75%,<br>6.02%, 1/20/2038 (a) (b)<br>| &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250423 |
| BCC Middle Market CLO LLC Series 2025-1A, Class A1, ABS, 3 mo. USD Term SOFR - 1.62%,<br>0.00%, 7/17/2037 (a) (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 |
| Golub Capital Partners CLO 77 B Ltd. Series 2024-77A, Class C, ABS, 3 mo. USD Term SOFR + 1.80%,<br>6.10%, 1/25/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264275 |
| KKR CLO 22 Ltd. Series 22A, Class B, 3 mo. USD Term SOFR + 1.86%,<br>6.13%, 7/20/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249775 |
| OHA Credit Funding 8 Ltd. Series 2021-8A, Class CR, ABS, 3 mo. USD Term SOFR + 1.75%,<br>6.02%, 1/20/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;67906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67479 |
| Post CLO Ltd. Series 2023-1A, Class B1, 3 mo. USD Term SOFR + 2.50%,<br>6.77%, 4/20/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250401 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $2,249,461)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **CONVERTIBLE BONDS — 0.8%** |  |  |
| **CHINA — 0.0% <sup>\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc.<br>0.25%, 6/1/2029<br>| 25000 | &nbsp;&nbsp;26107 |
| **SINGAPORE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd.<br>2.38%, 12/1/2025<br>| 18000 | &nbsp;&nbsp;31941 |
| **UNITED STATES — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc.<br>2.50%, 9/15/2028<br>| 25000 | &nbsp;&nbsp;29960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<br>0.50%, 12/15/2027<br>| 15000 | &nbsp;&nbsp;54298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc.<br>4.50%, 12/15/2027<br>| 25000 | &nbsp;&nbsp;29185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<br>1.25%, 11/1/2029 (a)<br>| 25000 | &nbsp;&nbsp;29508 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc.<br>3.50%, 6/1/2027<br>| &nbsp;&nbsp;10000 | &nbsp;&nbsp;$29246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<br>1.38%, 7/15/2030<br>| &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman<br>3.50%, 6/1/2028<br>| &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify USA, Inc.<br>3/15/2026<br>| &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stem, Inc.<br>0.50%, 12/1/2028 (a)<br>| &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC<br>2.75%, 5/15/2028 (a)<br>| &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334824 |
| **TOTAL CONVERTIBLE BONDS<br>(Cost $372,101)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392872 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** |  |
| **SENIOR FLOATING RATE LOANS — 20.5%** |  |  |
| **ADVERTISING SERVICES — 0.9%** | **ADVERTISING SERVICES — 0.9%** | **ADVERTISING SERVICES — 0.9%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.44%, 8/23/2028 (b)<br>| $28144 | &nbsp;&nbsp;&nbsp;&nbsp;27979 |
| Dotdash Meredith, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.82%, 6/17/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135623 | &nbsp;&nbsp;136075 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.00%, 9.33%, 4/11/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291650 | &nbsp;&nbsp;276598 |
|  |  | &nbsp;&nbsp;440652 |
| **AEROSPACE & DEFENSE — 0.7%** | **AEROSPACE & DEFENSE — 0.7%** | **AEROSPACE & DEFENSE — 0.7%** |
| Air Comm Corp. LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.30%, 12/11/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92077 | &nbsp;&nbsp;&nbsp;&nbsp;92653 |
| Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.33%, 1/27/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126004 | &nbsp;&nbsp;126356 |
| Kaman Corp., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/26/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;88007 |
| TransDigm, Inc., 2023 Term Loan J, 3 mo. USD Term SOFR + 2.50%, 6.80%, 2/28/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39501 | &nbsp;&nbsp;&nbsp;&nbsp;39616 |
|  |  | &nbsp;&nbsp;346632 |
| **APPAREL — 0.8%** | **APPAREL — 0.8%** | **APPAREL — 0.8%** |
| Beach Acquisition Bidco LLC, USD Term Loan B (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;47294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| S&S Holdings LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 5.00%, 9.32%, 10/1/2031 (b)<br>| &nbsp;&nbsp;$331699 | &nbsp;&nbsp;$318535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365829 |
| **AUTO PARTS & EQUIPMENT — 0.9%** | **AUTO PARTS & EQUIPMENT — 0.9%** | **AUTO PARTS & EQUIPMENT — 0.9%** |
| Clarios Global LP: |  |  |
| 2025 EUR Term Loan B, 1 mo. EURIBOR + 3.25%, 5.18%, 1/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72852 |
| 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96210 |
| First Brands Group LLC: |  |  |
| 2021 Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.54%, 3/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59435 |
| 2022 Incremental Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.54%, 3/30/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444761 |
| **BUILDING MATERIALS — 0.4%** | **BUILDING MATERIALS — 0.4%** | **BUILDING MATERIALS — 0.4%** |
| EMRLD Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.83%, 5/31/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188019 |
| **CHEMICALS — 0.7%** | **CHEMICALS — 0.7%** | **CHEMICALS — 0.7%** |
| Bakelite U.S. Holdco, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.05%, 12/23/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202410 |
| Olympus Water U.S. Holding Corp., 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.75%, 5.73%, 6/20/2031 (b)<br>| &nbsp;&nbsp;EUR107,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327672 |
| **COMMERCIAL SERVICES — 3.3%** | **COMMERCIAL SERVICES — 3.3%** | **COMMERCIAL SERVICES — 3.3%** |
| Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.05%, 10/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237579 |
| Camelot U.S. Acquisition LLC: |  |  |
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42489 |
| 2025 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61197 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, 3 mo. USD Term SOFR + 3.00%, 7.33%, 9/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290145 |
| Ensemble RCM LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.28%, 8/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56140 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Galaxy U.S. Opco, Inc., Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.28%, 7/31/2030 (b)<br>| &nbsp;&nbsp;$320150 | &nbsp;&nbsp;$299140 |
| Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.83%, 2/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95071 |
| Mckissock Investment Holdings LLC, Incremental Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.27%, 3/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92879 |
| Nuvei Technologies Corp., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.00%, 7.33%, 11/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135154 |
| Ryan LLC, Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.83%, 11/14/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173570 |
| VM Consolidated, Inc., 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.25%, 6.58%, 3/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541687 |
| **COMPUTERS — 0.9%** | **COMPUTERS — 0.9%** | **COMPUTERS — 0.9%** |
| Access CIG LLC, 2023 Term Loan, 6 mo. USD Term SOFR + 4.25%, 8.38%, 8/18/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 |
| Clover Holdings 2 LLC, Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.31%, 12/9/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87245 |
| Fortress Intermediate 3, Inc.: |  |  |
| 2025 Term Loan B, 12 mo. USD Term SOFR + 3.00%, 7.32%, 6/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84790 |
| Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.83%, 6/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84577 |
| NCR Atleos LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.03%, 4/16/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101479 |
| Sandisk Corp., Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.32%, 2/20/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443920 |
| **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** |
| Service Logic Acquisition, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.33%, 10/29/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74437 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION MATERIALS — 0.2%** | **CONSTRUCTION MATERIALS — 0.2%** | **CONSTRUCTION MATERIALS — 0.2%** |
| Quikrete Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/10/2032 (b)<br>| &nbsp;&nbsp;$106732 | &nbsp;&nbsp;$106719 |
| **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** |
| Graham Packaging Co., Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/4/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100618 |
| **DISTRIBUTION/WHOLESALE — 0.1%** | **DISTRIBUTION/WHOLESALE — 0.1%** | **DISTRIBUTION/WHOLESALE — 0.1%** |
| Olympus Water U.S. Holding Corp., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.30%, 6/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47973 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.8%** | **DIVERSIFIED FINANCIAL SERVICES — 0.8%** | **DIVERSIFIED FINANCIAL SERVICES — 0.8%** |
| Dechra Pharmaceuticals Holdings Ltd., USD Term Loan B, 6 mo. USD Term SOFR + 3.25%, 7.54%, 1/27/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63064 |
| FNZ Group Services Ltd., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 5.00%, 9.26%, 11/5/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129984 |
| Mermaid Bidco, Inc., 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.75%, 5.89%, 7/3/2031 (b)<br>| &nbsp;&nbsp;EUR27,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882 |
| Paysafe Holdings U.S. Corp., USD Term Loan B1, 3 mo. USD Term SOFR + 2.75%, 7.34%, 6/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375902 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** |
| CommScope, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.58%, 12/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182710 |
| Crown Subsea Communications Holding, Inc., 2024 Term Loan B1, 3 mo. USD Term SOFR + 4.00%, 8.33%, 1/30/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132179 |
| MasOrange Finco PLC, 2025 EUR Term Loan B (e)<br>| &nbsp;&nbsp;EUR119,096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454056 |
| **ELECTRIC — 0.4%** | **ELECTRIC — 0.4%** | **ELECTRIC — 0.4%** |
| Kohler Energy Co. LLC, USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.05%, 5/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192861 |
| **ELECTRONICS — 0.4%** | **ELECTRONICS — 0.4%** | **ELECTRONICS — 0.4%** |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.57%, 12/2/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169103 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ENTERTAINMENT — 0.2%** | **ENTERTAINMENT — 0.2%** | **ENTERTAINMENT — 0.2%** |
| EOC Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/24/2032 (b)<br>| &nbsp;&nbsp;$83948 | &nbsp;&nbsp;$84158 |
| **ENVIRONMENTAL CONTROL — 0.2%** | **ENVIRONMENTAL CONTROL — 0.2%** | **ENVIRONMENTAL CONTROL — 0.2%** |
| GFL Environmental, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.82%, 3/3/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82229 |
| **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** |
| Sauer Brands, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 2/19/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77203 |
| **GROUND TRANSPORTATION — 0.3%** | **GROUND TRANSPORTATION — 0.3%** | **GROUND TRANSPORTATION — 0.3%** |
| Stonepeak Nile Parent LLC, Term Loan B, 3 mo. USD Term SOFR + 1.75%, 9.25%, 4/9/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143068 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%** |
| Bausch & Lomb Corp.: |  |  |
| 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.33%, 9/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62026 |
| 2025 Term Loan B (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136426 |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 10/23/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248009 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.2%** | **HEALTH CARE PROVIDERS & SERVICES — 0.2%** | **HEALTH CARE PROVIDERS & SERVICES — 0.2%** |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.01%, 5/19/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117705 |
| **INSURANCE — 2.6%** | **INSURANCE — 2.6%** | **INSURANCE — 2.6%** |
| Alera Group, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.55%, 5/31/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195804 |
| AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 1/30/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139248 |
| Ardonagh Midco 3 PLC, 2024 USD Term Loan B, 6 mo. USD Term SOFR + 2.75%, 7.04%, 2/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167735 |
| Asurion LLC, 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.25%, 8.68%, 8/19/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111161 |
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 7/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369942 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Truist Insurance Holdings LLC: |  |  |
| 2024 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.05%, 5/6/2031 (b)<br>| &nbsp;&nbsp;$75125 | &nbsp;&nbsp;$75250 |
| 2nd Lien Term Loan, 3 mo. USD Term SOFR + 4.75%, 9.05%, 5/6/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38942 |
| USI, Inc.: |  |  |
| 2024 Term Loan C, 3 mo. USD Term SOFR + 2.25%, 6.55%, 9/29/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21585 |
| 2024 Term Loan D, 3 mo. USD Term SOFR + 2.25%, 6.55%, 11/21/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216891 |
| **INTERNET & TELECOM — 0.2%** | **INTERNET & TELECOM — 0.2%** | **INTERNET & TELECOM — 0.2%** |
| MH Sub I LLC, 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.25%, 8.58%, 12/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97187 |
| **INVESTMENT COMPANIES — 0.2%** | **INVESTMENT COMPANIES — 0.2%** | **INVESTMENT COMPANIES — 0.2%** |
| Gryphon Debt Merger Sub, Inc., Term Loan B (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88092 |
| **LEISURE TIME — 0.2%** | **LEISURE TIME — 0.2%** | **LEISURE TIME — 0.2%** |
| Sabre GLBL, Inc.: |  |  |
| 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.50%, 7.94%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435 |
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 6.00%, 10.43%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59674 |
| 2024 Term Loan B2, 1 mo. USD Term SOFR + 6.00%, 10.43%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88898 |
| **MEDIA — 0.9%** | **MEDIA — 0.9%** | **MEDIA — 0.9%** |
| Cengage Learning, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.83%, 3/24/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55514 |
| DirecTV Financing LLC: |  |  |
| 2024 Term Loan, 3 mo. USD Term SOFR + 5.25%, 9.79%, 8/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94382 |
| 2025 Term Loan B, 1 mo. USD Term SOFR + 5.50%, 9.83%, 2/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102619 |
| EW Scripps Co., 2025 Term Loan B2, 1 mo. USD Term SOFR + 5.75%, 10.18%, 6/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71568 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 8/6/2031 (b)<br>| &nbsp;&nbsp;$96316 | &nbsp;&nbsp;$96758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420841 |
| **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** |
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.25%, 10.56%, 10/8/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237793 |
| IVC Acquisition Ltd., 2025 USD Repriced Term Loan B (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315118 |
| **RETAIL — 1.1%** | **RETAIL — 1.1%** | **RETAIL — 1.1%** |
| Flynn Restaurant Group LP, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.08%, 1/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84371 |
| Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/23/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68195 |
| MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/28/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221082 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.81%, 4/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| PetSmart, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506167 |
| **SOFTWARE — 1.1%** | **SOFTWARE — 1.1%** | **SOFTWARE — 1.1%** |
| BCPE Pequod Buyer, Inc., USD Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/25/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224083 |
| Modena Buyer LLC, Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.78%, 7/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66916 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.55%, 10/26/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152199 |
| UKG, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/10/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542801 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $9,642,946)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 4.8%** |  |  |
| SPDR Blackstone Senior Loan ETF (f)<br>(Cost $2,264,311)<br>| &nbsp;&nbsp;54115 | &nbsp;&nbsp;$2250643 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** |  |
| **U.S. TREASURY OBLIGATIONS — 4.6%** |  |  |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 7/15/2025<br>| $1250000 | &nbsp;&nbsp;1247989 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 9/18/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;916445 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $2,164,430)<br>**  |  | &nbsp;&nbsp;2164434 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 0.2%** |  |  |
| COMM Mortgage Trust Series 2012-CR3, Class B, 3.92%, 10/15/2045 (a)<br>(Cost $94,212)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89009 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 7.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (g) (h)<br>(Cost $3,502,406)<br>| 3502406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502406 |
| **TOTAL INVESTMENTS — 100.5%<br>(Cost $46,851,195)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47185104 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244255) |
| **NET ASSETS — 100.0% <br>**  |  | &nbsp;&nbsp;$46940849 |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 38.5% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. 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 June 30, 2025. Maturity date shown is the final maturity.

(d) When-issued security.

(e) Position is unsettled. Contract rate was not determined at June 30, 2025 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_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(f) Affiliated Fund managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

At June 30, 2025, the Fund had unfunded loan commitments of $35,183, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;**Unfunded Loan<br> Commitment ($)** | &nbsp;&nbsp;&nbsp;**Value ($)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation/(Depreciation) ($)** |
| Amspec Parent LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;11807 | &nbsp;&nbsp;&nbsp;&nbsp;11881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Air Comm Corp. LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Kaman Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sauer Brands Inc<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
|  | &nbsp;&nbsp;$35183 | &nbsp;&nbsp;$35361 | &nbsp;&nbsp;$178 |

---

At June 30, 2025, 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)** |
| Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;EUR27,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31323 | &nbsp;&nbsp;&nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$(400) |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;AUD43,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27736 | &nbsp;&nbsp;&nbsp;&nbsp;07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444) |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;USD28,105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;EUR110,000 | &nbsp;&nbsp;&nbsp;&nbsp;125502 | &nbsp;&nbsp;&nbsp;&nbsp;07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3663) |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;EUR62,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71452 | &nbsp;&nbsp;&nbsp;&nbsp;07/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;AUD43,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28124 | &nbsp;&nbsp;&nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(5934) |

---

AUD Australian Dollar <br> EUR Euro

During the year ended June 30, 2025, the average notional value related to forward foreign currency exchange contracts was $329,862.

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 10-Year Australian Bond Futures (long) | &nbsp;&nbsp;&nbsp;20 | 09/15/2025 | $1491404 | $1502315 | $10911 |
| 2 Yr. U.S. Treasury Note Futures (long) | &nbsp;&nbsp;&nbsp;29 | 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6029275 | &nbsp;&nbsp;&nbsp;&nbsp;6032680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 5 Yr. U.S. Treasury Note Futures (long) | 105 | 09/30/2025 | &nbsp;&nbsp;&nbsp;11336743 | &nbsp;&nbsp;&nbsp;11445000 | &nbsp;&nbsp;&nbsp;108257 |
| Long Gilt (long) | &nbsp;&nbsp;&nbsp;12 | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1533322 | &nbsp;&nbsp;&nbsp;&nbsp;1529512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3810) |
|  |  |  |  |  | $118763 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $15,890,084.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $26883508 | $— | $26883508 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2253024 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2253024 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2164434 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2164434 |
| 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;89009 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89009 |
| Convertible Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392872 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392872 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;2250643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2250643 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9649208 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9649208 |
| Short-Term Investment<br>| &nbsp;&nbsp;3502406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3502406 |
| **TOTAL INVESTMENTS<br>**  | $5753049 | $41432055 | $— | $47185104 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts -<br>Unrealized Appreciation<br>| $— | $75 | $— | $75 |
| Forward Foreign Currency Exchange Contracts -<br>Unrealized Depreciation<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;(6009) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6009) |
| Unfunded Loans - Unrealized Appreciation<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;178 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| Futures Contracts - Unrealized Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;122573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122573 |
| Futures Contracts - Unrealized Depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3810) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $118763 | $(5756) | $— | $113007 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;40506 | $1693151 | $1648832 | $1071962 | $(335) | $(19043) | &nbsp;&nbsp;&nbsp;&nbsp;54115 | $2250643 | $131996 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 2127724 | &nbsp;&nbsp;2127724 | &nbsp;&nbsp;35696677 | &nbsp;&nbsp;34321995 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3502406 | &nbsp;&nbsp;3502406 | &nbsp;&nbsp;130807 |
| Total<br>|  | $3820875 | $37345509 | $35393957 | $(335) | $(19043) |  | $5753049 | $262803 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL BONDS & NOTES — 98.7%** | **MUNICIPAL BONDS & NOTES — 98.7%** |  |
| **ALABAMA — 5.2%** |  |  |
| Black Belt Energy Gas District Revenue, AL<br>Series B, 4.00%, 10/1/2052 (a) | $500000 | &nbsp;&nbsp;$501261 |
| County of Jefferson Sewer Revenue, AL<br>5.25%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211048 |
| Southeast Energy Authority A Cooperative District Revenue, AL<br>Series A, 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487166 |
| **ARIZONA — 2.0%** |  |  |
| Maricopa County Industrial Development Authority Revenue, AZ<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;83010 |
| Maricopa County Pollution Control Corp. Revenue, AZ<br>Series B, 0.88%, 6/1/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565027 |
| **ARKANSAS — 1.8%** |  |  |
| Arkansas Development Finance Authority Revenue, AR<br>AMT, 5.45%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525895 |
| **CALIFORNIA — 12.0%** |  |  |
| California Community Choice Financing Authority Revenue, CA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00%, 2/1/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526266 |
| California Housing Finance Agency Revenue, CA<br>Series 2021-1, 3.50%, 11/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156928 |
| California Infrastructure & Economic Development Bank Revenue, CA<br>Series A, AMT, 9.50%, 1/1/2065 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497491 |
| City & County of San Francisco Special Tax District No., Special Tax Revenue, CA<br>Series B, 5.75%, 9/1/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361061 |
| Orange County Community Facilities District, Special Tax Revenue, CA<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;262269 |
| Palomar Health, General Obligation, CA<br>Series A, Assured Guaranty Inc., Zero Coupon, 8/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91404 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, CA<br>Series H, AMT, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183165 |
| State of California, General Obligation, CA<br>5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422987 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLORADO — 2.5%** |  |  |
| Colorado Health Facilities Authority Revenue, CO<br>Series A-1, 4.00%, 8/1/2037 | $200000 | &nbsp;&nbsp;$192248 |
| Trails at Crowfoot Metropolitan District No. 3, General Obligation, CO<br>Series A, Assured Guaranty Inc., 5.00%, 12/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712309 |
| **DISTRICT OF COLUMBIA — 1.0%** |  |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, DC<br>Series B, 4.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293948 |
| **FLORIDA — 6.4%** |  |  |
| County of Miami-Dade Water & Sewer System Revenue, FL<br>3.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478400 |
| Crosswinds East Community Development District, Special Assessment, FL<br>5.50%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132992 |
| Florida Development Finance Corp. Revenue, FL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, 4.38%, 10/1/2054 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249010 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT, 6.13%, 7/1/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, 8.25%, 7/1/2057 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395708 |
| Preserve at South Branch Community Development District, Special Assessment, FL<br>4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834256 |
| **GEORGIA — 5.5%** |  |  |
| Main Street Natural Gas, Inc. Revenue, GA<br>Series E-1, 5.00%, 12/1/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632189 |
| Municipal Electric Authority of Georgia Revenue, GA<br>Series B, 5.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591283 |
| Richmond County Hospital Authority Revenue, GA<br>3.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553955 |
| **IDAHO — 0.4%** |  |  |
| Spring Valley Community Infrastructure District No. 1, Special Assessment, ID<br>6.25%, 9/1/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100249 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ILLINOIS — 3.0%** |  |  |
| Chicago O'Hare International Airport Revenue, IL<br>Build America Mutual Assurance Corp., 5.00%, 1/1/2038 (c) | $250000 | &nbsp;&nbsp;$266867 |
| Northern Illinois University Revenue, IL<br>Series B, Build America Mutual Assurance Corp., 4.00%, 4/1/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337357 |
| State of Illinois, General Obligation, IL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, 3.25%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99845 |
| &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;154537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858606 |
| **IOWA — 0.7%** |  |  |
| Iowa Finance Authority Revenue, IA<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;213391 |
| **KANSAS — 1.0%** |  |  |
| City of Olathe, General Obligation, KS<br>Series 234, 3.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296263 |
| **KENTUCKY — 1.6%** |  |  |
| Kentucky Economic Development Finance Authority Revenue, KY<br>Series A-P3, 4.25%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444268 |
| **LOUISIANA — 2.9%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, LA<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;250479 |
| Louisiana Offshore Terminal Authority Revenue, LA<br>Series 2007A, 4.15%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252460 |
| Louisiana Public Facilities Authority Revenue, LA<br>Series A, 4.00%, 4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814698 |
| **MARYLAND — 0.8%** |  |  |
| State of Maryland Department of Transportation Revenue, MD<br>Series B, AMT, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214033 |
| **MICHIGAN — 3.2%** |  |  |
| Michigan Finance Authority Revenue, MI<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;114583 |
| Michigan State Building Authority Revenue, MI<br>Series I, 2.02%, 4/15/2059 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| Michigan State University Revenue, MI<br>Series A, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912502 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MINNESOTA — 1.3%** |  |  |
| Duluth Economic Development Authority Revenue, MN<br>Series A, 4.00%, 6/15/2037 | $380000 | &nbsp;&nbsp;$379734 |
| **MISSOURI — 0.4%** |  |  |
| City of St. Louis Airport Revenue, MO<br>Series C, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107106 |
| **NEBRASKA — 1.0%** |  |  |
| Central Plains Energy Project Revenue, NE<br>Series A, 5.00%, 5/1/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289054 |
| **NEW JERSEY — 3.3%** |  |  |
| New Jersey Transportation Trust Fund Authority Revenue, NJ<br>Series BB, 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396341 |
| New Jersey Turnpike Authority Revenue, NJ<br>Series B, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933349 |
| **NEW MEXICO — 3.3%** |  |  |
| New Mexico Hospital Equipment Loan Council Revenue, NM<br>Series A, 4.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925378 |
| **NEW YORK — 7.2%** |  |  |
| New York City Industrial Development Agency Revenue, NY<br>Series A, Assured Guaranty Inc., 3.00%, 3/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722026 |
| New York Transportation Development Corp. Revenue, NY<br>AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271939 |
| Triborough Bridge & Tunnel Authority Revenue, NY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056919 |
| **OHIO — 1.9%** |  |  |
| State of Ohio Revenue, OH<br>Series A, 3.25%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550144 |
| **OKLAHOMA — 5.5%** |  |  |
| Oklahoma County Finance Authority Revenue, OK<br>4.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482268 |
| Oklahoma Development Finance Authority Revenue, OK<br>Series B, 5.00%, 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302021 |
| Oklahoma Turnpike Authority Revenue, OK<br>Series A, 5.00%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566502 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PENNSYLVANIA — 0.4%** |  |  |
| Pennsylvania Economic Development Financing Authority Revenue, PA<br>Series C, 5.25%, 12/1/2037 (a) | $100000 | &nbsp;&nbsp;$100820 |
| **SOUTH CAROLINA — 2.8%** |  |  |
| South Carolina Jobs-Economic Development Authority Revenue, SC<br>Series A, 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785149 |
| **TENNESSEE — 1.8%** |  |  |
| Tennessee Energy Acquisition Corp. Revenue, TN<br>Series A, 5.25%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507628 |
| **TEXAS — 11.2%** |  |  |
| Board of Regents of the University of Texas System Revenue, TX<br>Series B, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524285 |
| City of Houston Airport System Revenue, TX<br>Series B, AMT, 5.50%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255682 |
| City of San Antonio, General Obligation, TX<br>5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273317 |
| Fort Bend Independent School District, General Obligation, TX<br>Series B, Permanent School Fund, 4.00%, 2/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619850 |
| Lewisville Independent School District, General Obligation, TX<br>Permanent School Fund, 5.00%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106671 |
| New Hope Cultural Education Facilities Finance Corp. Revenue, TX<br>Series A1, 5.50%, 1/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429361 |
| Texas Municipal Power Agency Revenue, TX<br>Assured Guaranty Inc., 3.00%, 9/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203944 |
| Texas Private Activity Bond Surface Transportation Corp. Revenue, TX<br>AMT, 5.50%, 12/31/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512595 |
| Van Alstyne Independent School District, General Obligation, TX<br>Permanent School Fund, 5.00%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184404 |
| **UTAH — 3.6%** |  |  |
| Utah Associated Municipal Power Systems Revenue, UT<br>Series A, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Utah Telecommunication Open Infrastructure Agency Revenue, UT<br>4.38%, 6/1/2040 | $750000 | &nbsp;&nbsp;$754261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024239 |
| **VIRGINIA — 1.7%** |  |  |
| Isle Wight County Industrial Development Authority Revenue, VA<br>Assured Guaranty Inc., 5.25%, 7/1/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354031 |
| Virginia Small Business Financing Authority Revenue, VA<br>AMT, 5.00%, 6/30/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481413 |
| **WASHINGTON — 1.2%** |  |  |
| State of Washington, General Obligation, WA<br>Series 2017-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;153308 |
| Washington Health Care Facilities Authority Revenue, WA<br>5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353407 |
| **WISCONSIN — 2.1%** |  |  |
| Public Finance Authority Revenue, WI<br>Series A, 6.00%, 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221707 |
| Wisconsin Health & Educational Facilities Authority Revenue, WI<br>Series A, 3.00%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583453 |
| **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $28,168,697)<br>** | **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $28,168,697)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;28078252 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 1.9%** | **SHORT-TERM INVESTMENT — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e)<br>(Cost $544,042) | 544042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544042 |
| **TOTAL INVESTMENTS — 100.6%<br>(Cost $28,712,739)<br>** | **TOTAL INVESTMENTS — 100.6%<br>(Cost $28,712,739)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;28622294 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170246) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $28452048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 7.0% of net assets as of June 30, 2025, 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 Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| Permanent School Fund Guaranteed<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Build America Mutual Assurance Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.1% |

---

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

AMT Alternative Minimum Tax

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $28078252 | $— | $28078252 |
| Short-Term Investment<br>| &nbsp;&nbsp;544042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544042 |
| **TOTAL INVESTMENTS<br>**  | $544042 | $28078252 | $— | $28622294 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 483301 | $483301 | $22536645 | $22475904 | $— | $— | 544042 | $544042 | $41669 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL BONDS & NOTES — 93.2%** | **MUNICIPAL BONDS & NOTES — 93.2%** |  |
| **ALABAMA — 2.5%** |  |  |
| Black Belt Energy Gas District Revenue, AL<br>Series C, 5.50%, 10/1/2054 (a) | $300000 | &nbsp;&nbsp;$323828 |
| **CALIFORNIA — 13.2%** |  |  |
| California Community Choice Financing Authority Revenue, CA<br>Series D, 5.50%, 5/1/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315703 |
| City of San Francisco Public Utilities Commission Water Revenue, CA<br>Series A, 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463304 |
| State of California, General Obligation, CA<br>5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447212 |
| University of California Revenue, CA<br>Series CB, 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721258 |
| **CONNECTICUT — 5.8%** |  |  |
| State of Connecticut Special Tax Revenue, CT<br>Series A, 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452432 |
| Steel Point Infrastructure Improvement District, Special Obligation, CT<br>4.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753154 |
| **FLORIDA — 7.8%** |  |  |
| Florida Development Finance Corp. Revenue, FL<br>Series A, AMT, 8.25%, 7/1/2057 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220980 |
| Hobe-St. Lucie Conservancy District, Special Assessment, FL<br>5.60%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100002 |
| Saltleaf Community Development District, Special Assessment, FL<br>5.63%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108565 |
| Somerset Community Development District, Special Assessment, FL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195977 |
| &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;186606 |
| Westside Haines City Community Development District, Special Assessment, FL<br>6.00%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010527 |
| **ILLINOIS — 4.2%** |  |  |
| Chicago O'Hare International Airport Revenue, IL<br>Build America Mutual Assurance Corp., 5.00%, 1/1/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266867 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| City of Chicago, General Obligation, IL<br>Series A, 5.50%, 1/1/2039 | $275000 | &nbsp;&nbsp;$282913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549780 |
| **IOWA — 2.5%** |  |  |
| Iowa Finance Authority Revenue, IA<br>4.00%, 12/1/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320086 |
| **MONTANA — 1.6%** |  |  |
| Cascade County Elementary School District No. 1 Great Falls, General Obligation, MT<br>3.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204865 |
| **NEW JERSEY — 6.2%** |  |  |
| New Jersey Economic Development Authority Revenue, NJ: |  |  |
| &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;190890 |
| &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;295030 |
| New Jersey Transportation Trust Fund Authority Revenue, NJ<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;327283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813203 |
| **NEW YORK — 16.4%** |  |  |
| Metropolitan Transportation Authority Dedicated Tax Fund Revenue, NY<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;620222 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, NY<br>Series A, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453417 |
| New York Transportation Development Corp. Revenue, NY<br>AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271938 |
| Triborough Bridge & Tunnel Authority Revenue, NY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135679 |
| **NORTH CAROLINA — 3.6%** |  |  |
| County of Mecklenburg Revenue, NC<br>5.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463949 |
| **OREGON — 2.9%** |  |  |
| Medford Hospital Facilities Authority Revenue, OR<br>Series A, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384257 |
| **PENNSYLVANIA — 3.7%** |  |  |
| Pennsylvania Economic Development Financing Authority Revenue, PA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021A-2, 4.60%, 10/1/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25%, 12/1/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478586 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SOUTH CAROLINA — 3.0%** |  |  |
| South Carolina Jobs-Economic Development Authority Revenue, SC<br>Series A, 5.00%, 11/1/2039 | $375000 | &nbsp;&nbsp;$392575 |
| **TEXAS — 3.9%** |  |  |
| Texas Private Activity Bond Surface Transportation Corp. Revenue, TX<br>AMT, 5.50%, 12/31/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512595 |
| **VIRGINIA — 6.7%** |  |  |
| Isle Wight County Industrial Development Authority Revenue, VA<br>Assured Guaranty Inc., 5.25%, 7/1/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354031 |
| Virginia Small Business Financing Authority Revenue, VA<br>AMT, 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866472 |
| **WASHINGTON — 4.0%** |  |  |
| Washington State Housing Finance Commission Revenue, WA<br>5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516713 |
| **WISCONSIN — 5.2%** |  |  |
| Public Finance Authority Revenue, WI<br>Series 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;579263 |
| Public Finance Authority, Special Obligation, WI<br>Series A, 5.00%, 6/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678347 |
| **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $12,090,950)<br>** | **TOTAL MUNICIPAL BONDS & NOTES<br>(Cost $12,090,950)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;12125874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e)<br>(Cost $735,970) | 735970 | &nbsp;&nbsp;$735970 |
| **TOTAL INVESTMENTS — 98.9%<br>(Cost $12,826,920)<br>** | **TOTAL INVESTMENTS — 98.9%<br>(Cost $12,826,920)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;12861844 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145358 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $13007202 |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.8% of net assets as of June 30, 2025, 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 Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Build America Mutual Assurance Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.0% |

---

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

AMT Alternative Minimum Tax

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $12125874 | $— | $12125874 |
| Short-Term Investment<br>| &nbsp;&nbsp;735970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735970 |
| **TOTAL INVESTMENTS<br>**  | $735970 | $12125874 | $— | $12861844 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR NUVEEN MUNICIPAL BOND ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 129735 | $129735 | $14055969 | $13449734 | $— | $— | 735970 | $735970 | $29959 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 100.0%** |  |
| **DOMESTIC FIXED INCOME — 100.0%** | **DOMESTIC FIXED INCOME — 100.0%** | **DOMESTIC FIXED INCOME — 100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bills ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255948 | &nbsp;&nbsp;$23478110 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18694127 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182675 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Treasury ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5724495 | &nbsp;&nbsp;&nbsp;&nbsp;164693721 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Corporate Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2039540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46032418 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1807053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48031469 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio Mortgage-Backed Bond ETF (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5858146 | &nbsp;&nbsp;&nbsp;&nbsp;129465026 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $426,261,584)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $426,261,584)<br>** | &nbsp;&nbsp;&nbsp;430577546 |
| **SHORT-TERM INVESTMENTS — 4.8%** | **SHORT-TERM INVESTMENTS — 4.8%** | **SHORT-TERM INVESTMENTS — 4.8%** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144368 |
| State Street Navigator Securities Lending Portfolio II (e)(f)<br>| &nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20441403 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $20,585,771)<br>**  |  | &nbsp;&nbsp;$20585771 |
| **TOTAL INVESTMENTS — 104.8%<br>(Cost $446,847,355)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;451163317 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (4.8)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(20518888) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$430644429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (b) | All or a portion of the shares of the security are on loan at June 30, 2025. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at June 30, 2025. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $430577546 | $— | $— | $430577546 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;20585771 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20585771 |
| **TOTAL INVESTMENTS<br>**  | $451163317 | $— | $— | $451163317 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Bloomberg 1-3 Month T-Bills ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | $413561 | $112011760 | $88957514 | $(41175) | $51478 | &nbsp;&nbsp;&nbsp;&nbsp;255948 | $23478110 | $509511 |
| SPDR Bloomberg High Yield Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;236395 | &nbsp;&nbsp;&nbsp;22284956 | &nbsp;&nbsp;&nbsp;&nbsp;63941965 | &nbsp;&nbsp;&nbsp;&nbsp;67729789 | &nbsp;&nbsp;&nbsp;&nbsp;(78559) | &nbsp;&nbsp;&nbsp;&nbsp;275554 | &nbsp;&nbsp;&nbsp;&nbsp;192188 | &nbsp;&nbsp;&nbsp;18694127 | &nbsp;&nbsp;&nbsp;&nbsp;970780 |
| SPDR Bloomberg International Treasury 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;18044267 | &nbsp;&nbsp;&nbsp;&nbsp;18315484 | &nbsp;&nbsp;&nbsp;&nbsp;271217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;50776 | &nbsp;&nbsp;&nbsp;&nbsp;1653266 | &nbsp;&nbsp;&nbsp;&nbsp;53401924 | &nbsp;&nbsp;&nbsp;&nbsp;55338773 | &nbsp;&nbsp;&nbsp;&nbsp;473995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182675 | &nbsp;&nbsp;&nbsp;&nbsp;486356 |
| SPDR Portfolio Intermediate Term Treasury ETF<br>| &nbsp;&nbsp;3135688 | &nbsp;&nbsp;&nbsp;87861978 | &nbsp;&nbsp;&nbsp;&nbsp;181666038 | &nbsp;&nbsp;&nbsp;&nbsp;106080653 | &nbsp;&nbsp;(1612754) | &nbsp;&nbsp;2859112 | &nbsp;&nbsp;5724495 | &nbsp;&nbsp;164693721 | &nbsp;&nbsp;&nbsp;4797845 |
| SPDR Portfolio Long Term Corporate Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;513343 | &nbsp;&nbsp;&nbsp;&nbsp;11575885 | &nbsp;&nbsp;&nbsp;&nbsp;54002033 | &nbsp;&nbsp;&nbsp;&nbsp;18930804 | &nbsp;&nbsp;(1068376) | &nbsp;&nbsp;&nbsp;&nbsp;453680 | &nbsp;&nbsp;2039540 | &nbsp;&nbsp;&nbsp;46032418 | &nbsp;&nbsp;&nbsp;1148668 |
| SPDR Portfolio Long Term Treasury ETF<br>| &nbsp;&nbsp;1306700 | &nbsp;&nbsp;&nbsp;35568374 | &nbsp;&nbsp;&nbsp;&nbsp;106145906 | &nbsp;&nbsp;&nbsp;&nbsp;94302280 | &nbsp;&nbsp;&nbsp;&nbsp;(41194) | &nbsp;&nbsp;&nbsp;&nbsp;660663 | &nbsp;&nbsp;1807053 | &nbsp;&nbsp;&nbsp;48031469 | &nbsp;&nbsp;&nbsp;1134559 |
| SPDR Portfolio Mortgage Backed Bond ETF<br>| &nbsp;&nbsp;3643054 | &nbsp;&nbsp;&nbsp;78580675 | &nbsp;&nbsp;&nbsp;&nbsp;99520960 | &nbsp;&nbsp;&nbsp;&nbsp;51012933 | &nbsp;&nbsp;&nbsp;&nbsp;(298156) | &nbsp;&nbsp;2674480 | &nbsp;&nbsp;5858146 | &nbsp;&nbsp;129465026 | &nbsp;&nbsp;&nbsp;3751587 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;71028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;144368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7951 |
| State Street Navigator Securities Lending Portfolio II<br>| 21612719 | &nbsp;&nbsp;&nbsp;21612719 | &nbsp;&nbsp;1588481037 | &nbsp;&nbsp;1589652353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 20441403 | &nbsp;&nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;&nbsp;237209 |
| Total<br>|  | $259622442 | $2285160953 | $2098192306 | $(2395002) | $6967230 |  | $451163317 | $13070259 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA US SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 25.6%** | **COMMON STOCKS — 25.6%** |  |
| **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** | **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** | **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;$57128 |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85164 |
| **AUTOMOBILES — 0.3%** | **AUTOMOBILES — 0.3%** | **AUTOMOBILES — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045095 |
| **BEVERAGES — 0.3%** | **BEVERAGES — 0.3%** | **BEVERAGES — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;26571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879898 |
| **BROADLINE RETAIL — 1.9%** | **BROADLINE RETAIL — 1.9%** | **BROADLINE RETAIL — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;64916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14241921 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;43356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865500 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc.<br>| &nbsp;&nbsp;112566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;31923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638967 |
| **ENTERTAINMENT — 1.5%** | **ENTERTAINMENT — 1.5%** | **ENTERTAINMENT — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9025736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;16575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11081202 |
| **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;11686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861814 |
| **INTERACTIVE MEDIA & SERVICES — 8.2%** | **INTERACTIVE MEDIA & SERVICES — 8.2%** | **INTERACTIVE MEDIA & SERVICES — 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;82184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14578620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc.<br>| &nbsp;&nbsp;107083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18871237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;37463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27651066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100923 |
| **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** | **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** | **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112759 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;30354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367080 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp.<br>| &nbsp;&nbsp;174017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35860026 |
| **SOFTWARE — 3.5%** | **SOFTWARE — 3.5%** | **SOFTWARE — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;52611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26169237 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc.<br>| &nbsp;&nbsp;107510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22057827 |
| **TOBACCO — 0.3%** | **TOBACCO — 0.3%** | **TOBACCO — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;13456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450741 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686427 |
| **TOTAL COMMON STOCKS<br>(Cost $166,017,732)<br>** | **TOTAL COMMON STOCKS<br>(Cost $166,017,732)<br>** | &nbsp;&nbsp;&nbsp;192137501 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 74.1%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 74.1%** |  |
| **DOMESTIC EQUITY — 70.6%** | **DOMESTIC EQUITY — 70.6%** | **DOMESTIC EQUITY — 70.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Communication Services Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269017 | &nbsp;&nbsp;$29196415 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Consumer Discretionary Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64557876 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Consumer Staples Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66654342 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Energy Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14792645 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Financial Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1744694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91369625 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Health Care Select Sector SPDR Fund (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836897 | &nbsp;&nbsp;&nbsp;&nbsp;112805347 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Industrial Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18181545 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Technology Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518270 | &nbsp;&nbsp;&nbsp;&nbsp;131241512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;528799307 |
| **REAL ESTATE — 3.5%** | **REAL ESTATE — 3.5%** | **REAL ESTATE — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Real Estate Select Sector SPDR Fund (b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26164517 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $487,658,360)<br>** | **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $487,658,360)<br>** | &nbsp;&nbsp;&nbsp;554963824 |
| **SHORT-TERM INVESTMENTS — 15.4%** | **SHORT-TERM INVESTMENTS — 15.4%** | **SHORT-TERM INVESTMENTS — 15.4%** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2521181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521181 |
| State Street Navigator Securities Lending Portfolio II (f)(g)<br>| &nbsp;&nbsp;112926063 | &nbsp;&nbsp;&nbsp;&nbsp;112926063 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $115,447,244)<br>**  |  | &nbsp;&nbsp;$115447244 |
| **TOTAL INVESTMENTS — 115.1%<br>(Cost $769,123,336)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;862548569 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (15.1)% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(113224030) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$749324539 |

---

---

| | |
|:---|:---|
| 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) | Non-income producing security. |
| (b) | Affiliated Fund managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below. |
| (c) | All or a portion of the shares of the security are on loan at June 30, 2025. |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA US SECTOR ROTATION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

<sup>\*</sup> Amount is less than 0.05% of net assets.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $192137501 | $— | $— | $192137501 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;554963824 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;554963824 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;115447244 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;115447244 |
| **TOTAL INVESTMENTS<br>**  | $862548569 | $— | $— | $862548569 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;1002267 | $1002267 | $13489252 | $11970338 | $— | $— | &nbsp;&nbsp;&nbsp;2521181 | $2521181 | $38092 |
| State Street Navigator Securities Lending Portfolio II<br>| 71204113 | &nbsp;&nbsp;&nbsp;&nbsp;71204113 | &nbsp;&nbsp;3667814747 | &nbsp;&nbsp;3626092797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 112926063 | &nbsp;&nbsp;112926063 | &nbsp;&nbsp;&nbsp;&nbsp;210114 |
| The Communication Services Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;753484 | &nbsp;&nbsp;&nbsp;64543440 | &nbsp;&nbsp;&nbsp;&nbsp;206375079 | &nbsp;&nbsp;&nbsp;&nbsp;248596063 | &nbsp;&nbsp;10711990 | &nbsp;&nbsp;&nbsp;(3838031) | &nbsp;&nbsp;&nbsp;&nbsp;269017 | &nbsp;&nbsp;&nbsp;29196415 | &nbsp;&nbsp;1324893 |
| The Consumer Discretionary 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;216559407 | &nbsp;&nbsp;&nbsp;&nbsp;146852863 | &nbsp;&nbsp;(8476140) | &nbsp;&nbsp;&nbsp;&nbsp;3327472 | &nbsp;&nbsp;&nbsp;&nbsp;297050 | &nbsp;&nbsp;&nbsp;64557876 | &nbsp;&nbsp;&nbsp;&nbsp;501582 |
| The Consumer Staples Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;265704 | &nbsp;&nbsp;&nbsp;20347612 | &nbsp;&nbsp;&nbsp;&nbsp;199546645 | &nbsp;&nbsp;&nbsp;&nbsp;154075181 | &nbsp;&nbsp;&nbsp;&nbsp;836425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1159) | &nbsp;&nbsp;&nbsp;&nbsp;823198 | &nbsp;&nbsp;&nbsp;66654342 | &nbsp;&nbsp;1105445 |
| The Energy Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;428327 | &nbsp;&nbsp;&nbsp;39042006 | &nbsp;&nbsp;&nbsp;&nbsp;77260829 | &nbsp;&nbsp;&nbsp;&nbsp;97465241 | &nbsp;&nbsp;(3275874) | &nbsp;&nbsp;&nbsp;&nbsp;(769075) | &nbsp;&nbsp;&nbsp;&nbsp;174421 | &nbsp;&nbsp;&nbsp;14792645 | &nbsp;&nbsp;&nbsp;&nbsp;643724 |
| The Financial Select Sector SPDR Fund<br>| &nbsp;&nbsp;2078862 | &nbsp;&nbsp;&nbsp;85462017 | &nbsp;&nbsp;&nbsp;&nbsp;206386796 | &nbsp;&nbsp;&nbsp;&nbsp;223679406 | &nbsp;&nbsp;&nbsp;7982339 | &nbsp;&nbsp;&nbsp;15217879 | &nbsp;&nbsp;&nbsp;1744694 | &nbsp;&nbsp;&nbsp;91369625 | &nbsp;&nbsp;1849915 |
| 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;174765354 | &nbsp;&nbsp;&nbsp;&nbsp;62215245 | &nbsp;&nbsp;(1615818) | &nbsp;&nbsp;&nbsp;&nbsp;1871056 | &nbsp;&nbsp;&nbsp;&nbsp;836897 | &nbsp;&nbsp;112805347 | &nbsp;&nbsp;&nbsp;&nbsp;634124 |
| The Industrial Select Sector SPDR Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;890217 | &nbsp;&nbsp;108490746 | &nbsp;&nbsp;&nbsp;&nbsp;34940840 | &nbsp;&nbsp;&nbsp;&nbsp;127597465 | &nbsp;&nbsp;&nbsp;3075561 | &nbsp;&nbsp;&nbsp;&nbsp;(728137) | &nbsp;&nbsp;&nbsp;&nbsp;123248 | &nbsp;&nbsp;&nbsp;18181545 | &nbsp;&nbsp;&nbsp;&nbsp;117470 |
| The Materials 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;&nbsp;&nbsp;4576365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772863 | &nbsp;&nbsp;&nbsp;&nbsp;196498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Real Estate 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;26389508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;(173389) | &nbsp;&nbsp;&nbsp;&nbsp;631688 | &nbsp;&nbsp;&nbsp;26164517 | &nbsp;&nbsp;&nbsp;&nbsp;236039 |
| The Technology Select Sector SPDR Fund<br>| &nbsp;&nbsp;1046741 | &nbsp;&nbsp;236804216 | &nbsp;&nbsp;&nbsp;&nbsp;205167521 | &nbsp;&nbsp;&nbsp;&nbsp;305640987 | &nbsp;&nbsp;11250077 | &nbsp;&nbsp;(16339315) | &nbsp;&nbsp;&nbsp;&nbsp;518270 | &nbsp;&nbsp;131241512 | &nbsp;&nbsp;1404379 |
| The Utilities 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;37564636 | &nbsp;&nbsp;&nbsp;&nbsp;40891212 | &nbsp;&nbsp;&nbsp;3326576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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<br>|  | $626896417 | $5070836979 | $5049901593 | $24011964 | $(1432699) |  | $670411068 | $8065777 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 100.7%** | **COMMON STOCKS — 100.7%** | **COMMON STOCKS — 100.7%** |
| **AEROSPACE & DEFENSE — 0.6%** | **AEROSPACE & DEFENSE — 0.6%** | **AEROSPACE & DEFENSE — 0.6%** |
| RTX Corp. | &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;$65563 |
| **AUTOMOBILES — 1.1%** | **AUTOMOBILES — 1.1%** | **AUTOMOBILES — 1.1%** |
| General Motors Co. | 1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58461 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122946 |
| **BANKS — 4.0%** | **BANKS — 4.0%** | **BANKS — 4.0%** |
| Bank of America Corp. | 4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201583 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449166 |
| **BEVERAGES — 0.9%** | **BEVERAGES — 0.9%** | **BEVERAGES — 0.9%** |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48734 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101814 |
| **BIOTECHNOLOGY — 0.4%** | **BIOTECHNOLOGY — 0.4%** | **BIOTECHNOLOGY — 0.4%** |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14347 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43285 |
| **BROADLINE RETAIL — 4.8%** | **BROADLINE RETAIL — 4.8%** | **BROADLINE RETAIL — 4.8%** |
| Amazon.com, Inc. (a) | 2485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545184 |
| **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64299 |
| **CAPITAL MARKETS — 4.4%** | **CAPITAL MARKETS — 4.4%** | **CAPITAL MARKETS — 4.4%** |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32248 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174106 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69168 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77860 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497332 |
| **CHEMICALS — 1.6%** | **CHEMICALS — 1.6%** | **CHEMICALS — 1.6%** |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22633 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063 |
| Linde PLC | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177166 |
| **COMMERCIAL SERVICES & SUPPLIES — 1.9%** | **COMMERCIAL SERVICES & SUPPLIES — 1.9%** | **COMMERCIAL SERVICES & SUPPLIES — 1.9%** |
| Tetra Tech, Inc. | 2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82205 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211946 |
| **CONSTRUCTION MATERIALS — 0.8%** | **CONSTRUCTION MATERIALS — 0.8%** | **CONSTRUCTION MATERIALS — 0.8%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91676 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38608 |
| Walmart, Inc. | 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145677 |
| **ELECTRIC UTILITIES — 1.0%** | **ELECTRIC UTILITIES — 1.0%** | **ELECTRIC UTILITIES — 1.0%** |
| NextEra Energy, Inc. | 1607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111558 |
| **ELECTRICAL EQUIPMENT — 2.1%** | **ELECTRICAL EQUIPMENT — 2.1%** | **ELECTRICAL EQUIPMENT — 2.1%** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79252 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Emerson Electric Co. | 1171 | &nbsp;&nbsp;$156129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235381 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41475 |
| **ENTERTAINMENT — 1.3%** | **ENTERTAINMENT — 1.3%** | **ENTERTAINMENT — 1.3%** |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83026 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142551 |
| **FINANCIAL SERVICES — 3.6%** | **FINANCIAL SERVICES — 3.6%** | **FINANCIAL SERVICES — 3.6%** |
| Berkshire Hathaway, Inc. Class B (a) | &nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140387 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27517 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34840 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412579 |
| **FOOD PRODUCTS — 0.1%** | **FOOD PRODUCTS — 0.1%** | **FOOD PRODUCTS — 0.1%** |
| Mondelez International, Inc. Class A | &nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17602 |
| **GROUND TRANSPORTATION — 2.0%** | **GROUND TRANSPORTATION — 2.0%** | **GROUND TRANSPORTATION — 2.0%** |
| Uber Technologies, Inc. (a) | 1822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169993 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225672 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.2%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40996 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16865 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139821 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.5%** | **HEALTH CARE PROVIDERS & SERVICES — 1.5%** | **HEALTH CARE PROVIDERS & SERVICES — 1.5%** |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36951 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175466 |
| **HOTELS, RESTAURANTS & LEISURE — 0.5%** | **HOTELS, RESTAURANTS & LEISURE — 0.5%** | **HOTELS, RESTAURANTS & LEISURE — 0.5%** |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56389 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32948 |
| **INSURANCE — 1.4%** | **INSURANCE — 1.4%** | **INSURANCE — 1.4%** |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23537 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45486 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34327 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154854 |
| **INTERACTIVE MEDIA & SERVICES — 8.7%** | **INTERACTIVE MEDIA & SERVICES — 8.7%** | **INTERACTIVE MEDIA & SERVICES — 8.7%** |
| Alphabet, Inc. Class A | 2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453792 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64748 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987227 |
| **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33177 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 2.3%** | **LIFE SCIENCES TOOLS & SERVICES — 2.3%** | **LIFE SCIENCES TOOLS & SERVICES — 2.3%** |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;$40891 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102906 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263813 |
| **MACHINERY — 1.4%** | **MACHINERY — 1.4%** | **MACHINERY — 1.4%** |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155060 |
| **MULTI-UTILITIES — 1.2%** | **MULTI-UTILITIES — 1.2%** | **MULTI-UTILITIES — 1.2%** |
| CMS Energy Corp. | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76070 |
| Sempra | &nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131306 |
| **OIL, GAS & CONSUMABLE FUELS — 2.3%** | **OIL, GAS & CONSUMABLE FUELS — 2.3%** | **OIL, GAS & CONSUMABLE FUELS — 2.3%** |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58135 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80407 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35459 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264122 |
| **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** |
| Kenvue, Inc. | 3731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78090 |
| **PHARMACEUTICALS — 3.5%** | **PHARMACEUTICALS — 3.5%** | **PHARMACEUTICALS — 3.5%** |
| AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50733 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176953 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105398 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401557 |
| **PROFESSIONAL SERVICES — 1.0%** | **PROFESSIONAL SERVICES — 1.0%** | **PROFESSIONAL SERVICES — 1.0%** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115682 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79868 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 14.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 14.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 14.9%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56902 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140415 |
| Broadcom, Inc. | 1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365512 |
| NVIDIA Corp. | 6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984751 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678173 |
| **SOFTWARE — 13.4%** | **SOFTWARE — 13.4%** | **SOFTWARE — 13.4%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117225 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;$40957 |
| Microsoft Corp. | 1889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939607 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84828 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144526 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52432 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511122 |
| **SPECIALIZED REITs — 1.8%** | **SPECIALIZED REITs — 1.8%** | **SPECIALIZED REITs — 1.8%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102774 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199026 |
| **SPECIALTY RETAIL — 2.7%** | **SPECIALTY RETAIL — 2.7%** | **SPECIALTY RETAIL — 2.7%** |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194319 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19525 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68048 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305494 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.1%** |
| Apple, Inc. | 2798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574066 |
| **TOBACCO — 1.0%** | **TOBACCO — 1.0%** | **TOBACCO — 1.0%** |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118385 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.6%** | **TRADING COMPANIES & DISTRIBUTORS — 1.6%** | **TRADING COMPANIES & DISTRIBUTORS — 1.6%** |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143146 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183715 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30259 |
| **TOTAL COMMON STOCKS<br>(Cost $10,662,800)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11372492 |
| **TOTAL INVESTMENTS — 100.7%<br>(Cost $10,662,800)<br>** | **TOTAL INVESTMENTS — 100.7%<br>(Cost $10,662,800)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;11372492 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80766) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $11291726 |

---

(a) Non-income producing security.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR SSGA US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The Fund had the following written option contracts at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Market<br> Value** | **Premiums<br> Received** | **Unrealized<br> Appreciation/<br> Depreciation** |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 6,130 | 07/11/2025 | (4) | USD (2481980) | $(43120) | $(20178) | $(22942) |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 6,100 | 07/03/2025 | (5) | USD (3102475) | &nbsp;&nbsp;&nbsp; (55400) | &nbsp;&nbsp;&nbsp;(25035) | &nbsp;&nbsp;&nbsp;&nbsp;(30365) |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 6,120 | 07/18/2025 | (5) | USD (3102475) | &nbsp;&nbsp;&nbsp; (67200) | &nbsp;&nbsp;&nbsp;(27285) | &nbsp;&nbsp;&nbsp;&nbsp;(39915) |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 6,210 | 07/25/2025 | (4) | USD (2481980) | &nbsp;&nbsp;&nbsp; (36440) | &nbsp;&nbsp;&nbsp;(18244) | &nbsp;&nbsp;&nbsp;&nbsp;(18196) |
|  |  |  |  |  |  | $(202160) | $(90742) | $(111418) |

---

During the period ended June 30, 2025, the average market value related to written option contracts was $90,847.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $11372492 | $— | $— | $11372492 |
| **TOTAL INVESTMENTS<br>**  | $11372492 | $— | $— | $11372492 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Call Options Written - Unrealized Depreciation<br>| $(111418) | $— | $— | $(111418) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(111418) | $— | $— | $(111418) |

---

#### Affiliate Table

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>– $— | $1053827 | $1053827 | $— | $— – $— | $1251 |

---

\* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 90.7%** | **CORPORATE BONDS & NOTES — 90.7%** |  |
| **AUSTRALIA — 1.8%** | **AUSTRALIA — 1.8%** |  |
| AngloGold Ashanti Holdings PLC 3.38%, 11/1/2028<br>| &nbsp;&nbsp;$1700000 | &nbsp;&nbsp;$1627019 |
| **BRAZIL — 10.7%** | **BRAZIL — 10.7%** |  |
| Acu Petroleo Luxembourg SARL 7.50%, 7/13/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014745 |
| Banco do Brasil SA 10 yr. CMT + 4.40%, 8.75%, 10/15/2025 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706244 |
| Braskem Netherlands Finance BV 7.25%, 2/13/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396815 |
| Cosan Overseas Ltd. 8.25%, 8/5/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301989 |
| CSN Resources SA 5.88%, 4/8/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328848 |
| Guara Norte SARL 5.20%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969197 |
| Minerva Luxembourg SA 8.88%, 9/13/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216072 |
| Movida Europe SA 7.85%, 4/11/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368360 |
| MV24 Capital BV 6.75%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567894 |
| NBM U.S. Holdings, Inc. 6.63%, 8/6/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502485 |
| Prumo Participacoes e Investimentos SA 7.50%, 12/31/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928871 |
| Raizen Fuels Finance SA 5.70%, 1/17/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873640 |
| Simpar Europe SA 5.20%, 1/26/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486066 |
| Unigel Luxembourg SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36590 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.50%, 12/31/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43002 |
| Yinson Bergenia Production BV 8.50%, 1/31/2045 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943594 |
| **CHILE — 12.8%** | **CHILE — 12.8%** |  |
| CAP SA 3.90%, 4/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695393 |
| Cencosud SA 4.38%, 7/17/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388380 |
| Chile Electricity Lux MPC II SARL 5.67%, 10/20/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322287 |
| Chile Electricity Lux MPC SARL 6.01%, 1/20/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963964 |
| Chile Electricity PEC SpA Zero Coupon, 1/25/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711672 |
| Corp. Nacional del Cobre de Chile 5.13%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358182 |
| Empresa Electrica Angamos SA 4.88%, 5/25/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62195 |
| Empresa Electrica Cochrane SpA 5.50%, 5/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549955 |
| GNL Quintero SA 4.63%, 7/31/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11839721 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLOMBIA — 5.4%** | **COLOMBIA — 5.4%** |  |
| AL Candelaria - spain- SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;$1661035 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/15/2028<br>| &nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162254 |
| Aris Mining Corp. 8.00%, 10/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203978 |
| Banco Davivienda SA 5 yr. CMT + 4.59%, 8.13%, 7/2/2035 (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201018 |
| Banco de Bogota SA 6.25%, 5/12/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400968 |
| Banco GNB Sudameris SA 5 yr. CMT + 6.66%, 7.50%, 4/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148046 |
| Bancolombia SA 5 yr. CMT + 4.32%, 8.63%, 12/24/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210238 |
| Canacol Energy Ltd. 5.75%, 11/24/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388201 |
| 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;1263600 |
| &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;68861 |
| &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;164555 |
| Fideicomiso PA Pacifico Tres 8.25%, 1/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035599 |
| **GUATEMALA — 0.8%** | **GUATEMALA — 0.8%** |  |
| Banco Industrial SA 5 yr. CMT + 4.44%, 4.88%, 1/29/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546474 |
| Energuate Trust 5.88%, 5/3/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745622 |
| **INDIA — 11.1%** | **INDIA — 11.1%** |  |
| Adani Electricity Mumbai Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 7/22/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939709 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 2/12/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904777 |
| Adani International Container Terminal Pvt Ltd. 3.00%, 2/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337164 |
| 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;845920 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/3/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939040 |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra 4.63%, 10/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202001 |
| Adani Transmission Step-One Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/3/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690273 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/21/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093252 |
| BPRL International Singapore Pte. Ltd. Series EMTN, 4.38%, 1/18/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194188 |
| JSW Hydro Energy Ltd. 4.13%, 5/18/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260010 |
| ONGC Videsh Vankorneft Pte. Ltd. 3.75%, 7/27/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396388 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Reliance Industries Ltd. 3.67%, 11/30/2027<br>| &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$490525 |
| Wipro IT Services LLC 1.50%, 6/23/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263667 |
| **INDONESIA — 4.4%** | **INDONESIA — 4.4%** |  |
| Freeport Indonesia PT 4.76%, 4/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100473 |
| Pertamina Persero PT 1.40%, 2/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254092 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047642 |
| **JAMAICA — 0.0% <sup>\*</sup>** | **JAMAICA — 0.0% <sup>\*</sup>** |  |
| Digicel Group Holdings Ltd. Series 2A, Zero Coupon, 12/31/2030 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587 |
| **MEXICO — 12.4%** | **MEXICO — 12.4%** |  |
| Banco Mercantil del Norte SA 10 yr. CMT + 5.47%, 7.50%, 6/27/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199486 |
| Banco Nacional de Comercio Exterior SNC 5.88%, 5/7/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202914 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 5 yr. CMT + 4.31%, 5.88%, 9/13/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177260 |
| Braskem Idesa SAPI 6.99%, 2/20/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417354 |
| Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.88%, 2/15/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719880 |
| Cemex SAB de CV 5 yr. CMT + 4.53%, 5.13%, 6/8/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197682 |
| Cometa Energia SA de CV 6.38%, 4/24/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326369 |
| Comision Federal de Electricidad: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 2/9/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793935 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.45%, 1/24/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591324 |
| Fermaca Enterprises S de Real de CV 6.38%, 3/30/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889890 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713415 |
| Mexarrend SAPI de CV 10.25%, 7/24/2024 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 |
| Mexico Generadora de Energia S de Real 5.50%, 12/6/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773341 |
| Saavi Energia SARL 8.88%, 2/10/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312096 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Tierra Mojada Luxembourg II SARL 5.75%, 12/1/2040<br>| &nbsp;&nbsp;$1267918 | &nbsp;&nbsp;$1193034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11509756 |
| **MOROCCO — 1.6%** | **MOROCCO — 1.6%** |  |
| OCP SA 6.75%, 5/2/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450165 |
| **NETHERLANDS — 0.0% <sup>\*</sup>** | **NETHERLANDS — 0.0% <sup>\*</sup>** |  |
| Unigel Netherlands Holding Corp. BV 15.00%, 12/31/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 |
| **PANAMA — 0.2%** | **PANAMA — 0.2%** |  |
| 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;178220 |
| **PARAGUAY — 3.6%** | **PARAGUAY — 3.6%** |  |
| Banco Continental SAECA 2.75%, 12/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544522 |
| Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053619 |
| Frigorifico Concepcion SA 7.70%, 7/21/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157266 |
| Rutas 2 & 7 Finance Ltd. Zero Coupon, 9/30/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363277 |
| **PERU — 14.9%** | **PERU — 14.9%** |  |
| Banco de Credito del Peru SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45%, 3.25%, 9/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840226 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00%, 3.13%, 7/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 |
| Banco Internacional del Peru SAA Interbank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.07%, 6.40%, 4/30/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510080 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 3.71%, 4.00%, 7/8/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044301 |
| Fenix Power Peru SA 4.32%, 9/20/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801491 |
| InRetail Consumer 3.25%, 3/22/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233167 |
| InRetail Shopping Malls 5.75%, 4/3/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245775 |
| Intercorp Financial Services, Inc. 4.13%, 10/19/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583380 |
| Intercorp Peru Ltd. 3.88%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374704 |
| Kallpa Generacion SA 4.13%, 8/16/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495070 |
| Lima Metro Line 2 Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 4/5/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745669 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485412 |
| Orazul Energy Peru SA 5.63%, 4/28/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446110 |
| Peru LNG SRL 5.38%, 3/22/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156623 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Scotiabank Peru SAA 1 yr. CMT + 2.31%, 6.10%, 10/1/2035 (a) (b) (c)<br>| &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$507720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13769728 |
| **SINGAPORE — 7.3%** | **SINGAPORE — 7.3%** |  |
| DBS Group Holdings Ltd. Series GMTN, 5 yr. CMT + 1.10%, 1.82%, 3/10/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207867 |
| Oversea-Chinese Banking Corp. Ltd. 5 yr. CMT + 1.58%, 1.83%, 9/10/2030 (a),(a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287488 |
| United Overseas Bank Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 1.23%, 2.00%, 10/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, 5 yr. CMT + 1.52%, 1.75%, 3/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735407 |
| **SOUTH AFRICA — 1.1%** | **SOUTH AFRICA — 1.1%** |  |
| Gold Fields Orogen Holdings BVI Ltd. 6.13%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039834 |
| **UNITED ARAB EMIRATES — 0.5%** | **UNITED ARAB EMIRATES — 0.5%** |  |
| Galaxy Pipeline Assets Bidco Ltd. 2.94%, 9/30/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506304 |
| **UNITED STATES — 1.7%** | **UNITED STATES — 1.7%** |  |
| Freeport-McMoRan, Inc. 4.38%, 8/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696185 |
| GCC SAB de CV 3.61%, 4/20/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572855 |
| **VIETNAM — 0.4%** | **VIETNAM — 0.4%** |  |
| Mong Duong Finance Holdings BV 5.13%, 5/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330151 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $84,159,268)<br>** | **TOTAL CORPORATE BONDS & NOTES<br>(Cost $84,159,268)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;83965356 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** |  |
| **COLOMBIA — 1.7%** | **COLOMBIA — 1.7%** |  |
| Colombia Government International Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/25/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440785 |
| &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;541043 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589742 |
| **DOMINICAN REPUBLIC — 0.3%** | **DOMINICAN REPUBLIC — 0.3%** |  |
| Dominican Republic International Bonds 5.95%, 1/25/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278736 |
| **GUATEMALA — 0.2%** | **GUATEMALA — 0.2%** |  |
| Guatemala Government Bonds 4.50%, 5/3/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MEXICO — 1.7%** | **MEXICO — 1.7%** |  |
| Mexico Government International Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 2/12/2052<br>| &nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$772920 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 5/4/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508651 |
| **MOROCCO — 0.2%** | **MOROCCO — 0.2%** |  |
| Morocco Government International Bonds 5.95%, 3/8/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204748 |
| **PARAGUAY — 1.3%** | **PARAGUAY — 1.3%** |  |
| Paraguay Government International Bonds 4.70%, 3/27/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197756 |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $6,006,817)<br>** | **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $6,006,817)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977643 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.0%** |  |  |
| **NETHERLANDS — 0.0%** | **NETHERLANDS — 0.0%** | **NETHERLANDS — 0.0%** |
| Stichting Administratiekantoor (d) (f)<br>(Cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SHORT-TERM INVESTMENT — 3.7%** | **SHORT-TERM INVESTMENT — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (g) (h)<br>(Cost $3,392,157) | 3392157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392157 |
| **TOTAL INVESTMENTS — 99.8%<br>(Cost $93,558,242)<br>** | **TOTAL INVESTMENTS — 99.8%<br>(Cost $93,558,242)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;92335156 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES — 0.2% <br>** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES — 0.2% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211921 |
| **NET ASSETS — 100.0% <br>** | **NET ASSETS — 100.0% <br>** | $92547077 |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 11.6% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) When-issued security.

(d) 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 June 30, 2025, total aggregate fair value of the security is $3,587, representing less than 0.05% of the Fund's net assets.

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

(f) Non-income producing security.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

CMT Constant Maturity Treasury <br> EMTN Euro Medium Term Note <br> GMTN Global Medium Term Note

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $83961769 | $3587 | $83965356 |
| Foreign Government Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4977643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4977643 |
| 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;&nbsp;0(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investment<br>| &nbsp;&nbsp;3392157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3392157 |
| **TOTAL INVESTMENTS<br>**  | $3392157 | $88939412 | $3587 | $92335156 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 589301 | $589301 | $48462328 | $45659472 | $— | $— | 3392157 | $3392157 | $63741 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 18.6%** | **CORPORATE BONDS & NOTES — 18.6%** | **CORPORATE BONDS & NOTES — 18.6%** |
| **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** |
| Northrop Grumman Corp.<br>4.65%, 7/15/2030<br>| &nbsp;&nbsp;$524000 | &nbsp;&nbsp;$528748 |
| **AGRICULTURE — 0.2%** | **AGRICULTURE — 0.2%** | **AGRICULTURE — 0.2%** |
| Altria Group, Inc.<br>6.20%, 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84452 |
| BAT Capital Corp.<br>4.91%, 4/2/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23307 |
| BAT International Finance PLC<br>5.93%, 2/2/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243482 |
| Bunge Ltd. Finance Corp.<br>4.20%, 9/17/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591568 |
| **AIRLINES — 0.5%** | **AIRLINES — 0.5%** | **AIRLINES — 0.5%** |
| Delta Air Lines, Inc.<br>4.95%, 7/10/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487735 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<br>6.50%, 6/20/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273775 |
| **AUTO MANUFACTURERS — 0.1%** | **AUTO MANUFACTURERS — 0.1%** | **AUTO MANUFACTURERS — 0.1%** |
| Hyundai Capital America<br>4.55%, 9/26/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341062 |
| **BANKS — 2.5%** | **BANKS — 2.5%** | **BANKS — 2.5%** |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 3 mo. USD Term SOFR + 1.32%, 3.56%, 4/23/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.75%, 4.83%, 7/22/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.83%, 4.98%, 1/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483926 |
| Canadian Imperial Bank of Commerce<br>SOFR + 1.11%, 5.25%, 1/13/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244722 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.34%, 4.54%, 9/19/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619922 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.87%, 4.79%, 3/4/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286045 |
| Goldman Sachs Bank USA<br>SOFR + 0.77%, 5.17%, 3/18/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364364 |
| Huntington Bancshares, Inc.<br>SOFR + 1.28%, 5.27%, 1/15/2031 (b)<br>| &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;97305 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.80%, 4.92%, 1/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386071 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.92%, 5.27%, 4/22/2028 (b)<br>| &nbsp;&nbsp;$506000 | &nbsp;&nbsp;$507822 |
| M&T Bank Corp.<br>Series MTN, SOFR + 0.93%, 4.83%, 1/16/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153254 |
| Royal Bank of Canada<br>Series GMTN, SOFR + 0.86%, 5.21%, 10/18/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476495 |
| Santander Holdings USA, Inc.<br>SOFR + 1.61%, 5.47%, 3/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314058 |
| Truist Financial Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.46%, 4.26%, 7/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 2.45%, 7.16%, 10/30/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884986 |
| Wells Fargo & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.07%, 5.42%, 4/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484646 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.79%, 6.30%, 10/23/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362212 |
| **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** |
| Biogen, Inc.<br>5.05%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491689 |
| Illumina, Inc.<br>4.65%, 9/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696927 |
| **CHEMICALS — 0.0% <sup>\*</sup>** | **CHEMICALS — 0.0% <sup>\*</sup>** | **CHEMICALS — 0.0% <sup>\*</sup>** |
| Sherwin-Williams Co.<br>4.55%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111972 |
| **COMMERCIAL SERVICES — 0.7%** | **COMMERCIAL SERVICES — 0.7%** | **COMMERCIAL SERVICES — 0.7%** |
| Element Fleet Management Corp.<br>5.04%, 3/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744546 |
| Equifax, Inc.<br>4.80%, 9/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338883 |
| Global Payments, Inc.<br>5.30%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118118 |
| PayPal Holdings, Inc.<br>4.45%, 3/6/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168389 |
| Quanta Services, Inc.<br>4.75%, 8/9/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667429 |
| **COMPUTERS — 0.1%** | **COMPUTERS — 0.1%** | **COMPUTERS — 0.1%** |
| Kyndryl Holdings, Inc.<br>2.05%, 10/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211257 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Amrize Finance U.S. LLC<br>4.70%, 4/7/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274434 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED FINANCIAL SERVICES — 1.2%** | **DIVERSIFIED FINANCIAL SERVICES — 1.2%** | **DIVERSIFIED FINANCIAL SERVICES — 1.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>5.75%, 6/6/2028<br>| &nbsp;&nbsp;$371000 | &nbsp;&nbsp;$383918 |
| American Express Co.<br>SOFR + 1.26%, 4.73%, 4/25/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788471 |
| Aviation Capital Group LLC<br>6.25%, 4/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80194 |
| Avolon Holdings Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/30/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534560 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/4/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239724 |
| 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;677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676973 |
| LPL Holdings, Inc.<br>4.63%, 11/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043896 |
| **ELECTRIC — 2.0%** | **ELECTRIC — 2.0%** | **ELECTRIC — 2.0%** |
| American Electric Power Co., Inc.<br>5.20%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648293 |
| CenterPoint Energy, Inc.<br>5.40%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155204 |
| Dominion Energy, Inc.<br>5.00%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286761 |
| DTE Energy Co.<br>5.20%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289741 |
| Evergy Kansas Central, Inc.<br>4.70%, 3/13/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485174 |
| Exelon Corp.<br>5.15%, 3/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309937 |
| FirstEnergy Transmission LLC<br>4.55%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005 |
| Interstate Power & Light Co.<br>3.60%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975247 |
| National Rural Utilities Cooperative Finance Corp.<br>4.75%, 2/7/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375990 |
| NextEra Energy Capital Holdings, Inc.<br>5.05%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730219 |
| Niagara Mohawk Power Corp.<br>4.65%, 10/3/2030 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 |
| Pinnacle West Capital Corp.<br>4.90%, 5/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134799 |
| Public Service Enterprise Group, Inc.<br>5.88%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198720 |
| **ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%** |
| Molex Electronic Technologies LLC<br>4.75%, 4/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299779 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ELECTRONICS — 0.2%** | **ELECTRONICS — 0.2%** | **ELECTRONICS — 0.2%** |
| Arrow Electronics, Inc.<br>5.15%, 8/21/2029<br>| &nbsp;&nbsp;$384000 | &nbsp;&nbsp;$390290 |
| **ENGINEERING & CONSTRUCTION — 0.5%** | **ENGINEERING & CONSTRUCTION — 0.5%** | **ENGINEERING & CONSTRUCTION — 0.5%** |
| Jacobs Engineering Group, Inc.<br>6.35%, 8/18/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801327 |
| MasTec, Inc.<br>4.50%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295603 |
| **ENVIRONMENTAL CONTROL — 0.4%** | **ENVIRONMENTAL CONTROL — 0.4%** | **ENVIRONMENTAL CONTROL — 0.4%** |
| Republic Services, Inc.<br>4.75%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488005 |
| Veralto Corp.<br>5.50%, 9/18/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003108 |
| **FOOD — 0.3%** | **FOOD — 0.3%** | **FOOD — 0.3%** |
| Mars, Inc.<br>4.80%, 3/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569340 |
| Sysco Corp.<br>5.10%, 9/23/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818488 |
| **GAS — 0.3%** | **GAS — 0.3%** | **GAS — 0.3%** |
| National Fuel Gas Co.<br>5.50%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244497 |
| NiSource, Inc.<br>5.20%, 7/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746524 |
| **HEALTH CARE PRODUCTS — 0.5%** | **HEALTH CARE PRODUCTS — 0.5%** | **HEALTH CARE PRODUCTS — 0.5%** |
| Agilent Technologies, Inc.<br>4.20%, 9/9/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24995 |
| Edwards Lifesciences Corp.<br>4.30%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264738 |
| GE HealthCare Technologies, Inc.<br>4.80%, 8/14/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647117 |
| Zimmer Biomet Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 2/19/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92556 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 2/19/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313328 |
| **HEALTH CARE SERVICES — 0.4%** | **HEALTH CARE SERVICES — 0.4%** | **HEALTH CARE SERVICES — 0.4%** |
| Elevance Health, Inc.<br>5.15%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325294 |
| Laboratory Corp. of America Holdings<br>4.35%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339661 |
| Quest Diagnostics, Inc.<br>4.20%, 6/30/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943650 |
| **HOME BUILDERS — 0.1%** | **HOME BUILDERS — 0.1%** | **HOME BUILDERS — 0.1%** |
| Meritage Homes Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/15/2029 (a)<br>| &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;27967 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/6/2027<br>| &nbsp;&nbsp;$236000 | &nbsp;&nbsp;$238724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266691 |
| **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** |
| Avery Dennison Corp.<br>4.88%, 12/6/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52788 |
| **INSURANCE — 0.7%** | **INSURANCE — 0.7%** | **INSURANCE — 0.7%** |
| American International Group, Inc.<br>4.85%, 5/7/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267132 |
| American National Group, Inc.<br>5.75%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151596 |
| Athene Global Funding<br>4.72%, 10/8/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760795 |
| Brown & Brown, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/15/2029<br>| &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;74947 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 6/23/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74647 |
| CNA Financial Corp.<br>3.90%, 5/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78407 |
| Corebridge Global Funding<br>5.75%, 7/2/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312940 |
| New York Life Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 1/29/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36522 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.48%, 4.87%, 6/9/2026 (a) (b)<br>| &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;28048 |
| Pacific Life Global Funding II<br>SOFR + 0.62%, 5.01%, 6/4/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810111 |
| **INTERNET — 0.0% <sup>\*</sup>** | **INTERNET — 0.0% <sup>\*</sup>** | **INTERNET — 0.0% <sup>\*</sup>** |
| Uber Technologies, Inc.<br>6.25%, 1/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115615 |
| **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** |
| Dell International LLC/EMC Corp.<br>4.35%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490872 |
| Hewlett Packard Enterprise Co.<br>4.55%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147631 |
| **LODGING — 0.1%** | **LODGING — 0.1%** | **LODGING — 0.1%** |
| Marriott International, Inc.<br>4.80%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324139 |
| **MEDIA — 0.3%** | **MEDIA — 0.3%** | **MEDIA — 0.3%** |
| Videotron Ltd.<br>5.13%, 4/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651072 |
| **MINING — 0.4%** | **MINING — 0.4%** | **MINING — 0.4%** |
| Glencore Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 4/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99967 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.06%, 5.40%, 4/4/2027 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489947 |
| Rio Tinto Finance USA PLC<br>4.88%, 3/14/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929481 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **OIL & GAS — 0.2%** | **OIL & GAS — 0.2%** | **OIL & GAS — 0.2%** |
| APA Corp.<br>4.25%, 1/15/2030 (a)<br>| &nbsp;&nbsp;$267000 | &nbsp;&nbsp;$255396 |
| Coterra Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 5/15/2027<br>| &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;28644 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 3/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17817 |
| Devon Energy Corp.<br>5.25%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76144 |
| EQT Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32556 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465786 |
| **PACKAGING & CONTAINERS — 0.1%** | **PACKAGING & CONTAINERS — 0.1%** | **PACKAGING & CONTAINERS — 0.1%** |
| Sonoco Products Co.<br>4.45%, 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192817 |
| **PHARMACEUTICALS — 0.3%** | **PHARMACEUTICALS — 0.3%** | **PHARMACEUTICALS — 0.3%** |
| AbbVie, Inc.<br>4.88%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195645 |
| Cardinal Health, Inc.<br>5.13%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236775 |
| Merck Sharp & Dohme Corp.<br>5.95%, 12/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748399 |
| **PIPELINES — 1.8%** | **PIPELINES — 1.8%** | **PIPELINES — 1.8%** |
| Boardwalk Pipelines LP<br>4.45%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160981 |
| Cheniere Energy Partners LP<br>4.50%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372910 |
| DCP Midstream Operating LP<br>5.13%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69047 |
| Enbridge, Inc.<br>6.00%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135487 |
| Energy Transfer LP<br>6.05%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577926 |
| Kinder Morgan, Inc.<br>5.00%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236721 |
| MPLX LP<br>4.80%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484478 |
| NGPL PipeCo LLC<br>4.88%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367214 |
| ONEOK, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242136 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490205 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362155 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131085 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365282 |
| Western Midstream Operating LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295398 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 1/15/2029<br>| &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;52362 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Williams Cos., Inc.<br>4.80%, 11/15/2029<br>| &nbsp;&nbsp;$335000 | &nbsp;&nbsp;$339214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682601 |
| **REAL ESTATE INVESTMENT TRUSTS — 1.2%** | **REAL ESTATE INVESTMENT TRUSTS — 1.2%** | **REAL ESTATE INVESTMENT TRUSTS — 1.2%** |
| American Homes 4 Rent LP<br>4.25%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166030 |
| American Tower Corp.<br>4.90%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852272 |
| CubeSmart LP<br>4.38%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157852 |
| Extra Space Storage LP<br>5.50%, 7/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995559 |
| Omega Healthcare Investors, Inc.<br>4.75%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221142 |
| VICI Properties LP/VICI Note Co., Inc.<br>4.25%, 12/1/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087535 |
| **RETAIL — 0.3%** | **RETAIL — 0.3%** | **RETAIL — 0.3%** |
| Darden Restaurants, Inc.<br>4.35%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140294 |
| Genuine Parts Co.<br>4.95%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714131 |
| **SEMICONDUCTORS — 0.5%** | **SEMICONDUCTORS — 0.5%** | **SEMICONDUCTORS — 0.5%** |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437466 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 2/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203251 |
| Marvell Technology, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249126 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198781 |
| Microchip Technology, Inc.<br>4.25%, 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326341 |
| **SOFTWARE — 0.8%** | **SOFTWARE — 0.8%** | **SOFTWARE — 0.8%** |
| AppLovin Corp.<br>5.13%, 12/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307090 |
| Atlassian Corp.<br>5.25%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239170 |
| Fiserv, Inc.<br>4.75%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769844 |
| Oracle Corp.<br>5.80%, 11/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499013 |
| Paychex, Inc.<br>5.10%, 4/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958476 |
| **TRANSPORTATION — 0.3%** | **TRANSPORTATION — 0.3%** | **TRANSPORTATION — 0.3%** |
| Canadian Pacific Railway Co.<br>4.80%, 3/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571997 |
| Ryder System, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, 4.95%, 9/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70198 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 5.25%, 6/1/2028<br>| &nbsp;&nbsp;$15000 | &nbsp;&nbsp;$15387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657582 |
| **TRUCKING & LEASING — 0.3%** | **TRUCKING & LEASING — 0.3%** | **TRUCKING & LEASING — 0.3%** |
| GATX Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13624 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241834 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<br>5.25%, 2/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753932 |
| **WATER — 0.1%** | **WATER — 0.1%** | **WATER — 0.1%** |
| Essential Utilities, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 5/1/2029<br>| &nbsp;&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;9694 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209864 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $46,675,069)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47207762 |
| **ASSET-BACKED SECURITIES — 20.6%** |  |  |
| **AUTOMOBILE — 1.6%** |  |  |
| Carvana Auto Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N1, Class A2, 5.76%, 4/12/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P5, Class A2, 5.77%, 4/12/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-P3, Class A4, 4.31%, 9/10/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299613 |
| Chase Auto Owner Trust<br>Series 2024-5A, Class A4, 4.15%, 3/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524029 |
| Exeter Automobile Receivables Trust<br>Series 2024-5A, Class A3, 4.45%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648783 |
| Exeter Select Automobile Receivables Trust<br>Series 2025-1, Class A2, 4.83%, 10/16/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001258 |
| GLS Auto Receivables Issuer Trust<br>Series 2025-1A, Class C, 5.07%, 11/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553227 |
| Research-Driven Pagaya Motor Asset Trust<br>Series 2025-1A, Class A, 5.04%, 6/27/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714581 |
| SCCU Auto Receivables Trust<br>Series 2024-1A, Class A2, 5.45%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223643 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Westlake Automobile Receivables Trust<br>Series 2023-4A, Class A2, 6.23%, 1/15/2027 (a)<br>| &nbsp;&nbsp;$61551 | &nbsp;&nbsp;$61623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114946 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.7%** |  |  |
| ACREC Ltd.<br>Series 2021-FL1, Class A, 1 mo. USD Term SOFR + 1.26%, 5.58%, 10/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184349 |
| Arbor Realty Commercial Real Estate Notes Ltd.<br>Series 2022-FL1, Class A, 30 day USD SOFR Average + 1.45%, 5.75%, 1/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200609 |
| BDS LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FL13, Class A, 1 mo. USD Term SOFR + 1.58%, 5.89%, 9/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL11, Class ATS, 1 mo. USD Term SOFR + 1.80%, 6.12%, 3/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166640 |
| BDS Ltd.<br>Series 2021-FL9, Class A, 1 mo. USD Term SOFR + 1.18%, 5.50%, 11/16/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22880 |
| BRSP Ltd.<br>Series 2021-FL1, Class A, 1 mo. USD Term SOFR + 1.26%, 5.58%, 8/19/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143257 |
| BSPRT Issuer Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL7, Class A, 1 mo. USD Term SOFR + 1.43%, 5.75%, 12/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL8, Class A, 30 day USD SOFR Average + 1.50%, 5.80%, 2/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101743 |
| FS Rialto Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.36%, 5.68%, 11/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL4, Class AS, 30 day USD SOFR Average + 2.40%, 6.70%, 1/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250204 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL2, Class A, 1 mo. USD Term SOFR + 1.33%, 5.65%, 5/16/2038 (a) (b)<br>| &nbsp;&nbsp;$156092 | &nbsp;&nbsp;$154941 |
| Greystone CRE Notes Ltd.<br>Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.13%, 5.45%, 7/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138046 |
| KREF Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.41%, 5.73%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, 1 mo. USD Term SOFR + 1.45%, 5.77%, 2/17/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL2, Class A, 1 mo. USD Term SOFR + 1.18%, 5.50%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145917 |
| LFT CRE Ltd.<br>Series 2021-FL1, Class A, 1 mo. USD Term SOFR + 1.28%, 5.60%, 6/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138026 |
| LoanCore Issuer Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CRE6, Class A, 1 mo. USD Term SOFR + 1.41%, 5.73%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CRE7, Class A, 30 day USD SOFR Average + 1.55%, 5.85%, 1/17/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409013 |
| MF1 LLC<br>Series 2022-FL9, Class A, 1 mo. USD Term SOFR + 2.15%, 6.47%, 6/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226772 |
| MF1 Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL8, Class A, 1 mo. USD Term SOFR + 1.35%, 5.67%, 2/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL7, Class A, 1 mo. USD Term SOFR + 1.19%, 5.51%, 10/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL6, Class A, 1 mo. USD Term SOFR + 1.21%, 5.53%, 7/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49920 |
| Starwood Ltd.<br>Series 2022-FL3, Class A, 30 day USD SOFR Average + 1.35%, 5.65%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164654 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| TRTX Issuer Ltd.<br>Series 2022-FL5, Class A, 1 mo. USD Term SOFR + 1.65%, 5.96%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;$282795 | &nbsp;&nbsp;$282794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268592 |
| **HOME EQUITY ABS — 0.2%** |  |  |
| Credit-Based Asset Servicing & Securitization LLC<br>Series 2004-CB7, Class M1, 1 mo. USD Term SOFR + 1.12%, 3.58%, 10/25/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378819 |
| Washington Mutual Asset-Backed Certificates WMABS Trust<br>Series 2006-HE5, Class 2A2, 1 mo. USD Term SOFR + 0.47%, 4.13%, 10/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463101 |
| **OTHER ABS — 16.5%** |  |  |
| ACHV ABS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2PL, Class B, 5.43%, 10/27/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4CP, Class C, 7.71%, 11/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3AL, Class A, 5.01%, 12/26/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2PL, Class A, 5.07%, 10/27/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91506 |
| Affirm Asset Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X1, Class A, 6.27%, 5/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-X1, Class A, 5.08%, 4/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369632 |
| Affirm Master Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 5.13%, 2/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 5.28%, 2/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200944 |
| Aligned Data Centers Issuer LLC<br>Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483247 |
| Allegro CLO XV Ltd.<br>Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.18%, 5.49%, 4/20/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996987 |
| Anchorage Capital CLO 19 Ltd.<br>Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.47%, 5.73%, 10/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499100 |
| Avant Loans Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-REV1, Class A, 5.92%, 10/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-REV1, Class A, 5.12%, 5/15/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749826 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-REV1, Class B, 5.42%, 5/15/2034 (a)<br>| &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$251052 |
| Bain Capital Credit CLO Ltd.<br>Series 2022-6A, Class A1R, 3 mo. USD Term SOFR + 1.37%, 5.64%, 1/22/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500900 |
| Brant Point CLO Ltd.<br>Series 2024-3A, Class A1, 3 mo. USD Term SOFR + 1.60%, 5.92%, 2/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004688 |
| Bridge Street CLO I Ltd.<br>Series 2020-1A, Class A1R, 3 mo. USD Term SOFR + 1.55%, 5.82%, 7/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002900 |
| Bridge Street CLO Ltd.<br>Series 2025-1A, Class A1, 3 mo. USD Term SOFR + 1.22%, 5.48%, 4/20/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000246 |
| Carlyle U.S. CLO Ltd.<br>Series 2017-3A, Class A1R2, 3 mo. USD Term SOFR + 1.40%, 5.67%, 10/21/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501900 |
| CarVal CLO IV Ltd.<br>Series 2021-1A, Class A1A, 3 mo. USD Term SOFR + 1.44%, 5.71%, 7/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499850 |
| CarVal CLO IX-C Ltd.<br>Series 2024-1A, Class A, 3 mo. USD Term SOFR + 1.68%, 5.95%, 4/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501029 |
| CIFC Funding Ltd.<br>Series 2021-5A, Class A1R, 3 mo. USD Term SOFR + 1.26%, 5.52%, 1/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002050 |
| 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;195313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193793 |
| Domino's Pizza Master Issuer LLC<br>Series 2017-1A, Class A23, 4.12%, 7/25/2047 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831596 |
| Generate CLO 13 Ltd.<br>Series 2023-13A, Class A1, 3 mo. USD Term SOFR + 1.80%, 6.07%, 1/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502100 |
| GreenSky Home Improvement Issuer Trust<br>Series 2025-1A, Class A4, 5.22%, 3/25/2060 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473503 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Katayma CLO I Ltd.<br>Series 2023-1A, Class A1, 3 mo. USD Term SOFR + 2.00%, 6.27%, 10/20/2036 (a) (b)<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1002200 |
| Katayma CLO II Ltd.<br>Series 2024-2A, Class A1, 3 mo. USD Term SOFR + 1.65%, 5.92%, 4/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501750 |
| 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;266751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221207 |
| Madison Park Funding LXIII Ltd.<br>Series 2023-63A, Class A1R, 3 mo. USD Term SOFR + 1.40%, 5.72%, 7/21/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009100 |
| Marble Point CLO XXI Ltd.<br>Series 2021-3A, Class A1, 3 mo. USD Term SOFR + 1.50%, 5.78%, 10/17/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004058 |
| Mariner Finance Issuance Trust<br>Series 2025-AA, Class B, 5.33%, 5/20/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303799 |
| Marlette Funding Trust<br>Series 2024-1A, Class A, 5.95%, 7/17/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92624 |
| OHA Credit Funding 7 Ltd.<br>Series 2020-7A, Class A1R2, 3 mo. USD Term SOFR + 1.28%, 0.00%, 7/19/2038 (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001900 |
| Pagaya AI Debt Grantor Trust<br>Series 2025-1, Class B, 5.63%, 7/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497426 |
| Pagaya AI Debt Trust<br>Series 2023-8, Class A, 7.30%, 6/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276316 |
| Park Avenue Institutional Advisers CLO Ltd.<br>Series 2021-1A, Class A1A, 3 mo. USD Term SOFR + 1.65%, 5.92%, 1/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499700 |
| Peace Park CLO Ltd.<br>Series 2021-1A, Class A, 3 mo. USD Term SOFR + 1.39%, 5.66%, 10/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001787 |
| Reach ABS Trust<br>Series 2025-1A, Class A, 4.96%, 8/16/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491362 |
| Regatta VI Funding Ltd.<br>Series 2016-1A, Class AR2, 3 mo. USD Term SOFR + 1.42%, 5.69%, 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;999700 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Regatta XXIII Funding Ltd.<br>Series 2021-4A, Class A1, 3 mo. USD Term SOFR + 1.41%, 5.68%, 1/20/2035 (a) (b)<br>| &nbsp;&nbsp;$2265000 | &nbsp;&nbsp;$2264774 |
| Retained Vantage Data Centers Issuer LLC<br>Series 2023-1A, Class A2A, 5.00%, 9/15/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248213 |
| Rockford Tower CLO Ltd.<br>Series 2024-1A, Class A1, 3 mo. USD Term SOFR + 1.61%, 5.88%, 4/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004803 |
| 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;254440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243005 |
| Shackleton CLO Ltd.<br>Series 2013-3A, Class AR, 3 mo. USD Term SOFR + 1.38%, 5.64%, 7/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26894 |
| Slam Ltd.<br>Series 2024-1A, Class A, 5.34%, 9/15/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335509 |
| SoFi Consumer Loan Program Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 4.80%, 2/27/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class B, 4.97%, 6/25/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class B, 5.12%, 2/27/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757586 |
| Stack Infrastructure Issuer LLC<br>Series 2023-1A, Class A2, 5.90%, 3/25/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506678 |
| Steele Creek CLO Ltd.<br>Series 2019-2A, Class ARR, 3 mo. USD Term SOFR + 1.00%, 5.26%, 7/15/2032 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919200 |
| Storm King Park CLO Ltd.<br>Series 2022-1A, Class AR, 3 mo. USD Term SOFR + 1.36%, 5.62%, 10/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002762 |
| Tesla Sustainable Energy Trust<br>Series 2024-1A, Class A2, 5.08%, 6/21/2050 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438923 |
| Trestles CLO VI Ltd.<br>Series 2023-6A, Class A1R, 3 mo. USD Term SOFR + 1.18%, 5.45%, 4/25/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498765 |
| Upgrade Master Pass-Thru Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4, Class A, 5.50%, 8/16/2032 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000241 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST2, Class A, 6.11%, 6/15/2032 (a)<br>| &nbsp;&nbsp;$480475 | &nbsp;&nbsp;$483830 |
| Upstart Securitization Trust<br>Series 2025-1, Class A, 5.45%, 4/20/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558232 |
| Voya CLO Ltd.<br>Series 2024-1A, Class A1, 3 mo. USD Term SOFR + 1.52%, 5.78%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501900 |
| Wellfleet CLO Ltd.<br>Series 2020-2A, Class AR, 3 mo. USD Term SOFR + 1.48%, 5.74%, 7/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999600 |
| Wellington Management CLO 4 Ltd.<br>Series 2025-4A, Class A, 3 mo. USD Term SOFR + 1.15%, 5.43%, 4/18/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997493 |
| Wind River CLO Ltd.<br>Series 2021-4A, Class AR, 3 mo. USD Term SOFR + 1.23%, 0.00%, 1/20/2035 (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41935190 |
| **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;69386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66760 |
| 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;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 |
| Navient Private Education Refi Loan Trust<br>Series 2022-A, Class A, 2.23%, 7/15/2070 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265327 |
| **WL COLLATERAL CMO — 0.5%** |  |  |
| Pret LLC<br>Series 2025-NPL2, Class A1, 5.84%, 3/25/2055 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964743 |
| VOLT C LLC<br>Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172057 |
| VOLT CI LLC<br>Series 2021-NP10, Class A1, 5.99%, 5/25/2051 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408852 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $52,382,589)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52456008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.6%** |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 2/1/2055<br>| &nbsp;&nbsp;$628417 | &nbsp;&nbsp;$633667 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382337 |
| Federal Home Loan Mortgage Corp. REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4990, Class FN, 30 day USD SOFR Average + 0.46%, 4.77%, 5/25/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654600 |
| &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;308797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292901 |
| &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;761168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5473, Class DF, CMO, 30 day USD SOFR Average + 1.15%, 5.46%, 11/25/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5539, Class FM, CMO, 30 day USD SOFR Average + 1.40%, 5.71%, 5/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871322 |
| &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;20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20304 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1, 30 day USD SOFR Average + 1.25%, 5.56%, 3/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009171 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398397 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112064 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666315 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621948 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977655 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 2/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631191 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025248 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347812 |
| Federal National Mortgage Association REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-9, Class FA, 30 day USD SOFR Average + 0.61%, 4.92%, 2/25/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-95, Class FC, CMO, 30 day USD SOFR Average + 1.40%, 5.71%, 12/25/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-15, Class FQ, CMO, 30 day USD SOFR Average + 1.20%, 5.51%, 4/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641293 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-42, Class FA, CMO, 30 day USD SOFR Average + 1.50%, 5.81%, 6/25/2055 (b)<br>| &nbsp;&nbsp;$986955 | &nbsp;&nbsp;$991165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class FB, CMO, REMIC, 30 day USD SOFR Average + 0.58%, 4.89%, 12/25/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-8, Class FA, CMO, REMIC, 30 day USD SOFR Average + 0.56%, 4.87%, 3/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class FJ, CMO, REMIC, 30 day USD SOFR Average + 0.41%, 4.72%, 12/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-45, Class FA, CMO, REMIC, 30 day USD SOFR Average + 0.41%, 4.72%, 6/25/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134375 |
| Federal National Mortgage Association-ACES Series 2020-M49, Class 1A1, VRN, 1.30%, 11/25/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815903 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $14,417,344)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184551 |
| **U.S. TREASURY OBLIGATIONS — 31.7%** |  |  |
| U.S. Treasury Bills 4.18%, 7/31/2025 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979266 |
| U.S. Treasury Inflation-Indexed Bonds 2.38%, 1/15/2027 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679339 |
| U.S. Treasury Inflation-Indexed Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967871 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504314 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8501536 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 7/31/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17798484 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 3/31/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841797 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 5/31/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071797 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/31/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14379883 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 9/30/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632422 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147344 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $80,391,865)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80504053 |
| **MORTGAGE-BACKED SECURITIES — 13.6%** | **MORTGAGE-BACKED SECURITIES — 13.6%** |  |
| ACREC LLC Series 2025-FL3, Class A, 1 mo. USD Term SOFR + 1.31%, 5.62%, 8/18/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209218 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| AREIT Ltd. Series 2025-CRE10, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 12/17/2029 (a) (b)<br>| &nbsp;&nbsp;$320000 | &nbsp;&nbsp;$315959 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A, 1 mo. USD Term SOFR + 1.34%, 5.65%, 3/15/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237438 |
| BMO Mortgage Trust Series 2024-5C5, Class XA, 1.39%, 2/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144805 |
| BX Commercial Mortgage Trust Series 2021-XL2, Class A, 1 mo. USD Term SOFR + 0.80%, 5.12%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245653 |
| BX Trust Series 2021-RISE, Class B, 1 mo. USD Term SOFR + 1.36%, 5.68%, 11/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194092 |
| CEDR Commercial Mortgage Trust Series 2022-SNAI, Class A, 1 mo. USD Term SOFR + 0.99%, 5.30%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194611 |
| CFCRE Commercial Mortgage Trust Series 2016-C7, Class A3, 3.84%, 12/10/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266205 |
| Citigroup Commercial Mortgage Trust Series 2016-P3, Class A4, 3.33%, 4/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266432 |
| Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8, Class 2A1A, CMO, 5.14%, 7/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037571 |
| Countrywide 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;414757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197881 |
| &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;223868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111172 |
| EFMT Series 2025-NQM2, Class A3, CMO, VRN, 5.95%, 6/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810010 |
| Federal Home Loan Mortgage Corp. REMICS Series 4981, Class GF, 30 day USD SOFR Average + 0.51%, 4.82%, 6/25/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753403 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA1, Class M1, CMO, 30 day USD SOFR Average + 1.05%, 5.36%, 1/25/2045 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064029 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HQA1, Class A1, CMO, 30 day USD SOFR Average + 0.95%, 5.26%, 2/25/2045 (a) (b)<br>| &nbsp;&nbsp;$1950000 | &nbsp;&nbsp;$1946967 |
| Federal National Mortgage Association REMICS Series 2016-83, Class FK, 30 day USD SOFR Average + 0.61%, 4.92%, 11/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651978 |
| Great Wolf Trust Series 2024-WOLF, Class A, 1 mo. USD Term SOFR + 1.54%, 5.85%, 3/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199884 |
| GS Mortgage Securities Trust Series 2013-GC13, Class AS, 4.01%, 7/10/2046 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136626 |
| GS Mortgage-Backed Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class A1, CMO, 5.65%, 6/25/2065 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class A3, CMO, 5.90%, 6/25/2065 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602166 |
| Incref LLC Series FL1, Class A, 1 mo. USD Term SOFR + 1.73%, 6.05%, 10/19/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390913 |
| JP Morgan Mortgage Trust Series 2025-NQM1, Class A3, CMO, 5.97%, 6/25/2065 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056991 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class C, 4.71%, 8/15/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103110 |
| Legacy Mortgage Asset Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS1, Class A1, 5.89%, 10/25/2066 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1, 5.75%, 4/25/2061 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249089 |
| LoanCore Issuer LLC Series 2025-CRE8, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 8/17/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316493 |
| Luminent Mortgage Trust Series 2007-1, Class 1A1, CMO, 1 mo. USD Term SOFR + 0.43%, 4.75%, 11/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935983 |
| MF1 LLC Series 2025-FL17, Class A, 1 mo. USD Term SOFR + 1.32%, 5.63%, 2/18/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319011 |
| MFA Trust Series 2023-NQM3, Class A1, 6.62%, 7/25/2068 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460377 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Capital I Trust Series 2024-NSTB, Class A, VRN, 3.90%, 9/24/2057 (a) (b)<br>| &nbsp;&nbsp;$142366 | &nbsp;&nbsp;$141952 |
| OBX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM10, Class A1, 6.47%, 10/25/2063 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM16, Class A1, CMO, 5.53%, 10/25/2064 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM7, Class A1, CMO, 5.56%, 5/25/2055 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM8, Class A1, CMO, 5.47%, 3/25/2065 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986398 |
| PRPM Trust Series 2025-NQM2, Class A1, CMO, 5.69%, 4/25/2070 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817858 |
| Residential Asset Securitization Trust Series 2006-A6, Class 1A4, CMO, IO, 6.00%, 7/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516446 |
| 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;&nbsp;&nbsp;&nbsp;156657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154303 |
| Starwood Ltd. Series 2021-FL2, Class A, 1 mo. USD Term SOFR + 1.31%, 5.63%, 4/18/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400410 |
| TRTX Issuer Ltd. Series 2025-FL6, Class A, 1 mo. USD Term SOFR + 1.54%, 5.85%, 9/18/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239918 |
| Verus Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1, 4.13%, 2/25/2067 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5, Class A1, 6.48%, 6/25/2068 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-INV2, Class A1, 6.44%, 8/25/2068 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A1, 5.71%, 1/25/2069 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class A1, 6.34%, 4/25/2069 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A3, CMO, 6.15%, 7/25/2069 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5, Class A1, CMO, 5.43%, 6/25/2070 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A1, CMO, VRN, 5.44%, 11/25/2069 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934041 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 2A1, CMO, 4.47%, 12/25/2036 (b)<br>| &nbsp;&nbsp;$1387455 | &nbsp;&nbsp;$1209820 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-8, Class 2CB3, CMO, 1 mo. USD Term SOFR + 0.52%, 4.84%, 10/25/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214588 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $35,822,628)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34549842 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 7.3%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 7.3%** |  |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2, 3.90%, 8/10/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169465 |
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class A, 1 mo. USD Term SOFR + 1.18%, 5.49%, 9/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198127 |
| ACREC LLC Series 2023-FL2, Class A, 1 mo. USD Term SOFR + 2.23%, 6.54%, 2/19/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172061 |
| 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;139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134773 |
| AREIT Trust Series 2022-CRE6, Class A, 30 day USD SOFR Average + 1.25%, 5.55%, 1/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254467 |
| Bank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK6, Class XA, IO, 0.92%, 7/15/2060 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26, Class XA, IO, VRN, 1.31%, 3/15/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52320 |
| Bank5: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10, Class AS, 5.64%, 10/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5YR2, Class A3, VRN, 6.66%, 7/15/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444173 |
| Bank5 Trust Series 2025-5YR13, Class XA, IO, VRN, 1.28%, 1/15/2058 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7597550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322942 |
| Barclays Commercial Mortgage Trust Series 2019-C3, Class ASB, 3.46%, 5/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357689 |
| BBCMS Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C34, Class XA, IO, VRN, 1.39%, 5/15/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263130 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C32, Class XA, IO, VRN, 1.36%, 2/15/2062 (b)<br>| &nbsp;&nbsp;$2437622 | &nbsp;&nbsp;$202774 |
| Benchmark Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B6, Class A2, 4.20%, 10/10/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1, Class XA, IO, 0.67%, 1/15/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B15, Class XA, IO, VRN, 0.92%, 12/15/2072 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107531 |
| BMO Mortgage Trust Series 2025-C11, Class XA, IO, VRN, 1.33%, 2/15/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166402 |
| BPR Trust Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.16%, 5.48%, 9/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191594 |
| BRSP Ltd. Series 2024-FL2, Class A, 1 mo. USD Term SOFR + 1.95%, 6.26%, 8/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218974 |
| BX Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-21M, Class A, 1 mo. USD Term SOFR + 0.84%, 5.16%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CIP, Class A, 1 mo. USD Term SOFR + 1.04%, 5.35%, 12/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SOAR, Class B, 1 mo. USD Term SOFR + 0.98%, 5.30%, 6/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-XL2, Class D, 1 mo. USD Term SOFR + 1.51%, 5.82%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-GPA3, Class A, 1 mo. USD Term SOFR + 1.29%, 5.60%, 12/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-MF, Class B, 1 mo. USD Term SOFR + 1.69%, 6.00%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199353 |
| BX Mortgage Trust Series 2021-PAC, Class A, 1 mo. USD Term SOFR + 0.80%, 5.12%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209542 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-GW, Class A, 1 mo. USD Term SOFR + 1.10%, 5.41%, 5/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199529 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ARIA, Class B, 1 mo. USD Term SOFR + 1.41%, 5.72%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$199601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BXMF, Class A, 1 mo. USD Term SOFR + 0.75%, 5.06%, 10/15/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LGCY, Class B, 1 mo. USD Term SOFR + 0.97%, 5.28%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-VIEW, Class A, 1 mo. USD Term SOFR + 1.39%, 5.71%, 6/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PSB, Class A, 1 mo. USD Term SOFR + 2.45%, 6.76%, 8/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PSB, Class B, 1 mo. USD Term SOFR + 2.95%, 7.26%, 8/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class C, 1 mo. USD Term SOFR + 1.54%, 5.86%, 3/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227816 |
| BXMT Ltd. Series 2021-FL4, Class A, 1 mo. USD Term SOFR + 1.16%, 5.48%, 5/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86430 |
| Citigroup Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-P3, Class A3, 3.06%, 4/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-GC37, Class XA, IO, 1.80%, 4/10/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 |
| COMM Mortgage Trust Series 2015-CR25, Class XA, IO, 0.86%, 8/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| CSAIL Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C4, Class A4, 3.81%, 11/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C8, Class XA, IO, 1.20%, 6/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CX10, Class XA, IO, 0.98%, 11/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CX9, Class XA, IO, 0.72%, 9/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 |
| CSMC Trust Series 2017-PFHP, Class A, 1 mo. USD Term SOFR + 1.00%, 5.31%, 12/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128624 |
| DBJPM 20-C9 Mortgage Trust Series 2020-C9, Class ASB, 1.88%, 8/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329098 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| DBJPM Mortgage Trust Series 2020-C9, Class A2, 1.90%, 8/15/2053<br>| &nbsp;&nbsp;$154622 | &nbsp;&nbsp;$153405 |
| ELP Commercial Mortgage Trust Series 2021-ELP, Class C, 1 mo. USD Term SOFR + 1.43%, 5.75%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279287 |
| EQUS Mortgage Trust Series 2021-EQAZ, Class A, 1 mo. USD Term SOFR + 1.02%, 5.33%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180923 |
| Extended Stay America Trust Series 2021-ESH, Class A, 1 mo. USD Term SOFR + 1.19%, 5.51%, 7/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257230 |
| GPMT Ltd. Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.61%, 5.93%, 7/16/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92246 |
| GS Mortgage Securities Corp. Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-IP, Class A, 1 mo. USD Term SOFR + 1.06%, 5.38%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-STAR, Class A, 1 mo. USD Term SOFR + 1.06%, 5.38%, 12/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208957 |
| GS Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC34, Class A4, 3.51%, 10/10/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS7, Class XA, IO, 1.22%, 8/10/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC47, Class XA, IO, VRN, 1.24%, 5/12/2053 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84231 |
| HGI CRE CLO Ltd. Series 2021-FL2, Class A, ABS, 1 mo. USD Term SOFR + 1.11%, 5.43%, 9/17/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212384 |
| JP Morgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-JP2, Class A4, 2.82%, 8/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-UES, Class A, 3.81%, 5/5/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, 1 mo. USD Term SOFR + 1.16%, 5.48%, 4/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NLP, Class A, 1 mo. USD Term SOFR + 0.85%, 5.16%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181360 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-JP4, Class XA, IO, 0.70%, 12/15/2049 (b)<br>| &nbsp;&nbsp;$1296134 | &nbsp;&nbsp;$7618 |
| JPMCC Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-COR4, Class ASB, 3.94%, 3/10/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-COR5, Class XA, IO, VRN, 1.61%, 6/13/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40635 |
| MF1 Ltd. Series 2020-FL4, Class A, 1 mo. USD Term SOFR + 1.81%, 6.13%, 12/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117647 |
| MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL5, Class AS, 1 mo. USD Term SOFR + 1.31%, 5.63%, 7/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130818 |
| MHP Trust Series 2022-MHIL, Class A, 1 mo. USD Term SOFR + 0.81%, 5.13%, 1/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79445 |
| Morgan Stanley Capital I Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-PLND, Class D, 1 mo. USD Term SOFR + 1.86%, 6.18%, 5/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-L6, Class A2, 2.13%, 6/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-UB12, Class XA, IO, 0.77%, 12/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 |
| MSC Trust Series 2021-ILP, Class A, 1 mo. USD Term SOFR + 0.89%, 5.20%, 11/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180259 |
| MTN Commercial Mortgage Trust Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.40%, 5.72%, 3/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279761 |
| PFP Ltd. Series 2024-11, Class A, 1 mo. USD Term SOFR + 1.83%, 6.14%, 9/17/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609539 |
| Ready Capital Mortgage Financing LLC Series 2021-FL7, Class A, 1 mo. USD Term SOFR + 1.31%, 5.63%, 11/25/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120229 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149202 |
| SFO Commercial Mortgage Trust Series 2021-555, Class A, 1 mo. USD Term SOFR + 1.26%, 5.58%, 5/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278168 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| SREIT Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-IND, Class B, 1 mo. USD Term SOFR + 1.21%, 5.52%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$199129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MFP, Class A, 1 mo. USD Term SOFR + 0.85%, 5.16%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MFP2, Class A, 1 mo. USD Term SOFR + 0.94%, 5.25%, 11/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 |
| STWD Trust Series 2021-FLWR, Class B, 1 mo. USD Term SOFR + 1.04%, 5.35%, 7/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159767 |
| TTAN Series 2021-MHC, Class B, 1 mo. USD Term SOFR + 1.21%, 5.53%, 3/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261350 |
| UBS Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C7, Class ASB, 3.59%, 12/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C11, Class ASB, 4.12%, 6/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C16, Class ASB, 3.46%, 4/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C1, Class XA, IO, 1.62%, 6/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026 |
| VASA Trust Series 2021-VASA, Class A, 1 mo. USD Term SOFR + 1.01%, 5.33%, 7/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305663 |
| VEGAS Trust Series 2024-TI, Class A, 5.52%, 11/10/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147883 |
| Velocity Commercial Capital Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5, Class A, VRN, 5.49%, 10/25/2054 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876638 |
| Wells Fargo Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C43, Class A3, 3.75%, 3/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C53, Class ASB, 2.96%, 10/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C60, Class A2, 2.04%, 8/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SAVE, Class A, 1 mo. USD Term SOFR + 1.36%, 5.68%, 2/15/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26173 |
| &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;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471901 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C64, Class A1, 5.02%, 2/15/2058<br>| &nbsp;&nbsp;$69783 | &nbsp;&nbsp;$69954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C51, Class XA, IO, VRN, 1.41%, 6/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C52, Class XA, IO, VRN, 1.70%, 8/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C64, Class XA, IO, VRN, 1.24%, 2/15/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159046 |
| WFRBS Commercial Mortgage Trust Series 2014-C23, Class AS, VRN, 4.21%, 10/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195185 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $19,670,944)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18532224 |
| **SENIOR FLOATING RATE LOANS — 1.8%** | **SENIOR FLOATING RATE LOANS — 1.8%** |  |
| **ADVERTISING SERVICES — 0.1%** |  |  |
| Lamar Media Corp. 2020 Term Loan B, 1 mo. USD Term SOFR + 1.50%, 5.93%, 2/5/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175109 |
| **AEROSPACE & DEFENSE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B1, 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B2, 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244661 |
| **BUILDING MATERIALS — 0.0% \*** |  |  |
| Standard Industries, Inc. 2021 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.07%, 9/22/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69226 |
| **CHEMICALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc. 2024 Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.05%, 12/20/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50012 |
| &nbsp;&nbsp;&nbsp;&nbsp;HB Fuller Co. 2025 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.08%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149650 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMERCIAL SERVICES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group DE, Inc. 2025 Term Loan, 1 mo. USD Term SOFR + 1.75%, 6.08%, 1/3/2029 (b) | $135651 | &nbsp;&nbsp;$135835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc. Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.32%, 6/2/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC 2025 Incremental Term Loan B (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC 2024 Term Loan B8 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC 2024 Term Loan B9, 1 mo. USD Term SOFR + 1.75%, 6.08%, 6/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp. Term Loan, 3 mo. USD Term SOFR + 2.25%, 6.58%, 2/22/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695794 |
| **DISTRIBUTION/WHOLESALE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding, Inc. 2024 M&A 1st lien Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.07%, 6/13/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding, Inc. 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.06%, 2/11/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180567 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Colossus Acquireco LLC Term Loan B (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corpay Technologies Operating Co. LLC Term Loan B5, 1 mo. USD Term SOFR + 1.75%, 6.08%, 4/28/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129666 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI Holdco B LLC 2024 Term Loan (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512851 |
| **ELECTRIC — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. 2024 Term Loan, 3 mo. USD Term SOFR + 1.75%, 6.03%, 4/16/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC 1st Lien Term Loan B3, 1 mo. USD Term SOFR + 1.75%, 6.08%, 12/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296900 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ELECTRICAL EQUIPMENT — 0.0% \*** |  |  |
| Energizer Holdings, Inc. 2025 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.32%, 3/19/2032 (b) | $98966 | &nbsp;&nbsp;$99357 |
| **ENTERTAINMENT — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta 2 Lux SARL 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.00%, 6.30%, 9/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta 2 Lux SARL 2024 Term Loan B2 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Financing BV 2024 Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.05%, 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.33%, 5/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69447 |
| &nbsp;&nbsp;&nbsp;&nbsp;WMG Acquisition Corp. 2024 Term Loan J, 3 mo. USD Term SOFR + 1.75%, 6.08%, 1/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461244 |
| **FOOD PRODUCTS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark Services, Inc. 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.00%, 6.33%, 6/22/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Froneri Lux Finco SARL 2024 USD Term Loan B4, 6 mo. USD Term SOFR + 2.00%, 6.24%, 9/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294139 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.1%** |  |  |
| IQVIA, Inc. 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.05%, 1/2/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125055 |
| **HOTELS, RESTAURANTS & LEISURE — 0.0% \*** |  |  |
| Somnigroup International, Inc. Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.55%, 10/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121709 |
| **HOUSEHOLD PRODUCTS — 0.0% \*** |  |  |
| Reynolds Consumer Products LLC 2025 Term Loan B (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97243 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% \*** |  |  |
| Calpine Corp. 2024 Term Loan B10, 1 mo. USD Term SOFR + 1.75%, 6.08%, 1/31/2031 (b) | $112435 | &nbsp;&nbsp;$112550 |
| **INTERNET & TELECOM — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. 2025 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.08%, 4/16/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC 2024 Term Loan B8, 1 mo. USD Term SOFR + 1.75%, 6.08%, 11/9/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249372 |
| **LODGING — 0.0% \*** |  |  |
| Wyndham Hotels & Resorts, Inc. 2024 Term Loan, 1 mo. USD Term SOFR + 1.75%, 6.08%, 5/24/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99697 |
| **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. 2023 Term Loan B, 1 mo. USD Term SOFR + 2.00% 6.33%, 1/31/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157161 |
| **RETAIL — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.75%, 6.08%, 9/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Coat Factory Warehouse Corp. 2024 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.08%, 9/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313002 |
| **SOFTWARE — 0.1%** |  |  |
| SS&C Technologies, Inc. 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.00%, 6.33%, 5/9/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179008 |
| **THRIFTS & MORTGAGE FINANCE — 0.0% \*** |  |  |
| Walker & Dunlop, Inc. 2025 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.31%, 3/14/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20050 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $4,644,311)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 1.9%** | **SHORT-TERM INVESTMENT — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (f) (g)<br>(Cost $4,659,802) | 4659802 | &nbsp;&nbsp;$4659802 |
| **TOTAL INVESTMENTS — 101.1%<br>(Cost $258,664,552)<br>** | **TOTAL INVESTMENTS — 101.1%<br>(Cost $258,664,552)<br>** | &nbsp;&nbsp;&nbsp;256748587 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(2674699) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $254073888 |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 38.6% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) When-issued security.

(d) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of June 30, 2025. Maturity date shown is the final maturity.

(e) Position is unsettled. Contract rate was not determined at June 30, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| GMTN | Global Medium Term Note |
| IO | Interest Only |
| MTN | Medium Term Note |
| 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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $47207762 | $— | $47207762 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52456008 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52456008 |
| U.S. Government Agency Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14184551 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14184551 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;80504053 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;80504053 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34549842 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34549842 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18532224 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18532224 |
| 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;4654345 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654345 |
| Short-Term Investment<br>| &nbsp;&nbsp;4659802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659802 |
| **TOTAL INVESTMENTS<br>**  | $4659802 | $252088785 | $— | $256748587 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 5024706 | $5024706 | $178854080 | $179218984 | $— | $— | 4659802 | $4659802 | $420633 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 12.0%** |  |  |
| **AUSTRALIA — 0.1%** | **AUSTRALIA — 0.1%** | **AUSTRALIA — 0.1%** |
| AngloGold Ashanti Holdings PLC<br>3.38%, 11/1/2028<br>| &nbsp;&nbsp;$900000 | &nbsp;&nbsp;$861363 |
| Glencore Funding LLC<br>5.37%, 4/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151723 |
| Rio Tinto Finance USA PLC<br>5.75%, 3/14/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729423 |
| **BERMUDA — 0.1%** | **BERMUDA — 0.1%** | **BERMUDA — 0.1%** |
| Aspen Insurance Holdings Ltd.<br>5.75%, 7/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097960 |
| Triton Container International Ltd./TAL International Container Corp.<br>3.25%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205911 |
| **BRAZIL — 0.4%** | **BRAZIL — 0.4%** | **BRAZIL — 0.4%** |
| Acu Petroleo Luxembourg SARL<br>7.50%, 7/13/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383743 |
| Banco do Brasil SA 10 yr. CMT + 4.40%,<br>8.75%, 10/15/2025 (b)<br>| &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;605352 |
| Braskem Netherlands Finance BV<br>4.50%, 1/31/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775950 |
| Cosan Overseas Ltd.<br>8.25%, 8/5/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409282 |
| CSN Resources SA<br>5.88%, 4/8/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986544 |
| Guara Norte SARL<br>5.20%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653977 |
| Itau Unibanco Holding SA VRN, 5 yr. CMT + 3.45%,<br>3.88%, 4/15/2031 (b)<br>| &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;395448 |
| Minerva Luxembourg SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 1/19/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295788 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 9/13/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080360 |
| Movida Europe SA<br>7.85%, 4/11/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012990 |
| MV24 Capital BV<br>6.75%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561707 |
| NBM U.S. Holdings, Inc.<br>6.63%, 8/6/2029<br>| &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;200994 |
| Prumo Participacoes e Investimentos SA<br>7.50%, 12/31/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574972 |
| Raizen Fuels Finance SA<br>5.70%, 1/17/2035<br>| &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;468410 |
| Simpar Europe SA<br>5.20%, 1/26/2031<br>| &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;729099 |
| Unigel Luxembourg SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/31/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59374 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;13.50%, 12/31/2027<br>| &nbsp;&nbsp;$62116 | &nbsp;&nbsp;$49494 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK, 11.00%, 12/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK, 13.50%, 12/31/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36513 |
| Vale Overseas Ltd.<br>6.40%, 6/28/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663405 |
| Yinson Bergenia Production BV<br>8.50%, 1/31/2045 (a) (c)<br>| &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;304164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15261373 |
| **CANADA — 0.3%** | **CANADA — 0.3%** | **CANADA — 0.3%** |
| Bell Telephone Co. of Canada or Bell Canada VRN, 5 yr. CMT + 2.39%,<br>6.88%, 9/15/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748455 |
| Brookfield Finance, Inc.<br>5.81%, 3/3/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224204 |
| Canadian Imperial Bank of Commerce SOFR + 1.11%,<br>5.25%, 1/13/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258422 |
| CCL Industries, Inc.<br>3.05%, 6/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245874 |
| Element Fleet Management Corp.<br>5.04%, 3/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265123 |
| Garda World Security Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 2/15/2027 (a)<br>| &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;611316 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 8/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714224 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC<br>9.00%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217856 |
| Mattamy Group Corp.<br>4.63%, 3/1/2030 (a)<br>| &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;471003 |
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<br>8.00%, 8/1/2030 (a)<br>| &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;542452 |
| Parkland Corp.<br>4.63%, 5/1/2030 (a)<br>| &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;272962 |
| Royal Bank of Canada Series GMTN,<br>5.15%, 2/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579561 |
| TELUS Corp. VRN, 5 yr. CMT + 2.71%,<br>7.00%, 10/15/2055 (b)<br>| &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;322752 |
| Videotron Ltd.<br>5.70%, 1/15/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11697222 |
| **CAYMAN ISLANDS — 0.1%** | **CAYMAN ISLANDS — 0.1%** | **CAYMAN ISLANDS — 0.1%** |
| Global Aircraft Leasing Co. Ltd.<br>8.75%, 9/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963181 |
| **CHILE — 0.1%** | **CHILE — 0.1%** | **CHILE — 0.1%** |
| Agrosuper SA<br>4.60%, 1/20/2032<br>| &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;325258 |
| CAP SA<br>3.90%, 4/27/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453194 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Cencosud SA<br>4.38%, 7/17/2027<br>| &nbsp;&nbsp;$600000 | &nbsp;&nbsp;$595020 |
| Chile Electricity Lux MPC II SARL<br>5.67%, 10/20/2035 (a)<br>| &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;605814 |
| Chile Electricity Lux MPC SARL<br>6.01%, 1/20/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192793 |
| Chile Electricity PEC SpA<br>Zero Coupon, 1/25/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770795 |
| Corp. Nacional del Cobre de Chile<br>5.13%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067143 |
| Empresa Electrica Cochrane SpA<br>5.50%, 5/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244425 |
| GNL Quintero SA<br>4.63%, 7/31/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622496 |
| **COLOMBIA — 0.2%** | **COLOMBIA — 0.2%** | **COLOMBIA — 0.2%** |
| AL Candelaria - spain- SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>5.75%, 6/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694675 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324508 |
| Aris Mining Corp.<br>8.00%, 10/31/2029 (a)<br>| &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;815912 |
| Banco Davivienda SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 10 yr. CMT + 5.10%, 6.65%, 4/22/2031 (a) (b)<br>| &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;355648 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 4.59%, 8.13%, 7/2/2035 (a) (b) (c)<br>| &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;402036 |
| Banco de Bogota SA<br>6.25%, 5/12/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002420 |
| Banco GNB Sudameris SA 5 yr. CMT + 6.66%,<br>7.50%, 4/16/2031 (b)<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;148045 |
| Bancolombia SA 5 yr. CMT + 4.32%,<br>8.63%, 12/24/2034 (b)<br>| &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;210238 |
| Canacol Energy Ltd.<br>5.75%, 11/24/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352910 |
| Ecopetrol SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 5/28/2045<br>| &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;137722 |
| &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;1349351 |
| Fideicomiso PA Pacifico Tres<br>8.25%, 1/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325691 |
| Gran Tierra Energy, Inc.<br>9.50%, 10/15/2029 (a)<br>| &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;152384 |
| Termocandelaria Power SA<br>7.75%, 9/17/2031 (a)<br>| &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;205226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476766 |
| **FRANCE — 0.0% <sup>\*</sup>** | **FRANCE — 0.0% <sup>\*</sup>** | **FRANCE — 0.0% <sup>\*</sup>** |
| Altice France SA<br>5.50%, 10/15/2029 (a)<br>| &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;381105 |
| Opal Bidco SAS<br>6.50%, 3/31/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703303 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Vallourec SACA<br>7.50%, 4/15/2032 (a)<br>| &nbsp;&nbsp;$520000 | &nbsp;&nbsp;$545678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630086 |
| **GERMANY — 0.0% <sup>\*</sup>** | **GERMANY — 0.0% <sup>\*</sup>** | **GERMANY — 0.0% <sup>\*</sup>** |
| TK Elevator U.S. Newco, Inc.<br>5.25%, 7/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523672 |
| **GUATEMALA — 0.1%** | **GUATEMALA — 0.1%** | **GUATEMALA — 0.1%** |
| Banco Industrial SA 5 yr. CMT + 4.44%,<br>4.88%, 1/29/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749712 |
| Energuate Trust<br>5.88%, 5/3/2027<br>| &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;199148 |
| Millicom International Cellular SA<br>6.25%, 3/25/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309900 |
| **HONG KONG — 0.0% <sup>\*</sup>** | **HONG KONG — 0.0% <sup>\*</sup>** | **HONG KONG — 0.0% <sup>\*</sup>** |
| Seaspan Corp.<br>5.50%, 8/1/2029 (a)<br>| &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;308087 |
| **INDIA — 0.3%** | **INDIA — 0.3%** | **INDIA — 0.3%** |
| Adani Electricity Mumbai Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 7/22/2031<br>| &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;683425 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 2/12/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759798 |
| Adani International Container Terminal Pvt Ltd.<br>3.00%, 2/16/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914964 |
| Adani Ports & Special Economic Zone Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 2/2/2031<br>| &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;169184 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 8/4/2027<br>| &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;676333 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/3/2029<br>| &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;375616 |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra<br>4.63%, 10/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404002 |
| Adani Transmission Step-One Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/3/2026<br>| &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;591662 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/21/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768231 |
| BPRL International Singapore Pte. Ltd. Series EMTN,<br>4.38%, 1/18/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194188 |
| JSW Hydro Energy Ltd.<br>4.13%, 5/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105044 |
| JSW Infrastructure Ltd.<br>4.95%, 1/21/2029<br>| &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;878085 |
| ONGC Videsh Vankorneft Pte. Ltd.<br>3.75%, 7/27/2026<br>| &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;396388 |
| Reliance Industries Ltd.<br>3.67%, 11/30/2027<br>| &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;490525 |
| Wipro IT Services LLC<br>1.50%, 6/23/2026<br>| &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;388168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9795613 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INDONESIA — 0.1%** | **INDONESIA — 0.1%** | **INDONESIA — 0.1%** |
| Bank Negara Indonesia Persero Tbk. PT Series EMTN,<br>3.75%, 3/30/2026<br>| &nbsp;&nbsp;$781000 | &nbsp;&nbsp;$772155 |
| Freeport Indonesia PT<br>4.76%, 4/14/2027<br>| &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;400172 |
| Pertamina Persero PT<br>1.40%, 2/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666068 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<br>4.13%, 5/15/2027<br>| &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;594066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432461 |
| **IRELAND — 0.1%** | **IRELAND — 0.1%** | **IRELAND — 0.1%** |
| Avolon Holdings Funding Ltd.<br>5.75%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122912 |
| GGAM Finance Ltd.<br>6.88%, 4/15/2029 (a)<br>| &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;532232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655144 |
| **JAMAICA — 0.0% <sup>\*</sup>** | **JAMAICA — 0.0% <sup>\*</sup>** | **JAMAICA — 0.0% <sup>\*</sup>** |
| Digicel Group Holdings Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2B, Zero Coupon, 12/31/2030 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4B, Zero Coupon, 12/31/2030 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22651 |
| **JAPAN — 0.0% <sup>\*</sup>** | **JAPAN — 0.0% <sup>\*</sup>** | **JAPAN — 0.0% <sup>\*</sup>** |
| Nissan Motor Co. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 9/17/2027 (a)<br>| &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;249655 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 9/17/2030 (a)<br>| &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;250866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500521 |
| **LUXEMBOURG — 0.0% <sup>\*</sup>** | **LUXEMBOURG — 0.0% <sup>\*</sup>** | **LUXEMBOURG — 0.0% <sup>\*</sup>** |
| Altice Financing SA<br>5.00%, 1/15/2028 (a)<br>| &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;180679 |
| ArcelorMittal SA<br>6.00%, 6/17/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680671 |
| INEOS Finance PLC<br>7.50%, 4/15/2029 (a)<br>| &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;325943 |
| Intelsat Jackson Holdings SA<br>6.50%, 3/15/2030 (a)<br>| &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;234586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421879 |
| **MEXICO — 0.3%** | **MEXICO — 0.3%** | **MEXICO — 0.3%** |
| Banco Mercantil del Norte SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10 yr. CMT + 5.47%, 7.50%, 6/27/2029 (a) (b)<br>| &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;398972 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 4.07%, 8.38%, 5/20/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116522 |
| Banco Nacional de Comercio Exterior SNC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 5/7/2030 (a)<br>| &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;405828 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.00%, 2.72%, 8/11/2031 (b)<br>| &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;189248 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 4.21%, 8.13%, 1/8/2039 (b)<br>| &nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$1142108 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 4.31%, 5.88%, 9/13/2034 (b)<br>| &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;294315 |
| Braskem Idesa SAPI<br>6.99%, 2/20/2032<br>| &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;417354 |
| Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<br>7.88%, 2/15/2039 (a)<br>| &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;514200 |
| Cemex SAB de CV: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 4.53%, 5.13%, 6/8/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877979 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 3.52%, 7.20%, 6/10/2030 (a) (b)<br>| &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;202334 |
| Cometa Energia SA de CV<br>6.38%, 4/24/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544591 |
| Comision Federal de Electricidad<br>6.45%, 1/24/2035 (a)<br>| &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;591324 |
| Credito Real SAB de CV SOFOM ER<br>Zero Coupon, 12/31/2099<br>| &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;3550 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.25%, 1/31/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310259 |
| KUO SAB De CV<br>5.75%, 7/7/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182108 |
| Mexarrend SAPI de CV<br>10.25%, 7/24/2024 (a) (e)<br>| &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;1669 |
| Mexico Generadora de Energia S de Real<br>5.50%, 12/6/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085276 |
| Petroleos Mexicanos<br>6.75%, 9/21/2047<br>| &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;72341 |
| Saavi Energia SARL<br>8.88%, 2/10/2035 (a)<br>| &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;312096 |
| Tierra Mojada Luxembourg II SARL<br>5.75%, 12/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12775573 |
| **MOROCCO — 0.0% <sup>\*</sup>** | **MOROCCO — 0.0% <sup>\*</sup>** | **MOROCCO — 0.0% <sup>\*</sup>** |
| OCP SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/22/2025<br>| &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;199098 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/2/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649263 |
| **NETHERLANDS — 0.0% <sup>\*</sup>** | **NETHERLANDS — 0.0% <sup>\*</sup>** | **NETHERLANDS — 0.0% <sup>\*</sup>** |
| Trivium Packaging Finance BV<br>8.25%, 7/15/2030 (a)<br>| &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;501975 |
| Unigel Netherlands Holding Corp. BV<br>15.00%, 12/31/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| VZ Secured Financing BV<br>5.00%, 1/15/2032 (a)<br>| &nbsp;&nbsp;$575000 | &nbsp;&nbsp;$510664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019054 |
| **PANAMA — 0.0% <sup>\*</sup>** | **PANAMA — 0.0% <sup>\*</sup>** | **PANAMA — 0.0% <sup>\*</sup>** |
| Empresa de Transmision Electrica SA<br>5.13%, 5/2/2049<br>| &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;144894 |
| **PARAGUAY — 0.1%** | **PARAGUAY — 0.1%** | **PARAGUAY — 0.1%** |
| Banco Continental SAECA<br>2.75%, 12/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138546 |
| Bioceanico Sovereign Certificate Ltd.<br>Zero Coupon, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346292 |
| Frigorifico Concepcion SA<br>7.70%, 7/21/2028<br>| &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;314532 |
| Rutas 2 & 7 Finance Ltd.<br>Zero Coupon, 9/30/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192041 |
| Telefonica Celular del Paraguay SA<br>5.88%, 4/15/2027<br>| &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;299367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290778 |
| **PERU — 0.4%** | **PERU — 0.4%** | **PERU — 0.4%** |
| Banco de Credito del Peru SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45%, 3.25%, 9/30/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130788 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00%, 3.13%, 7/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Banco Internacional del Peru SAA Interbank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 2.07%, 6.40%, 4/30/2035 (a) (b)<br>| &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;510080 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 3.71%, 4.00%, 7/8/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994440 |
| Cia de Minas Buenaventura SAA<br>5.50%, 7/23/2026<br>| &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;597696 |
| InRetail Consumer<br>3.25%, 3/22/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095435 |
| InRetail Shopping Malls<br>5.75%, 4/3/2028<br>| &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;946789 |
| Intercorp Financial Services, Inc.<br>4.13%, 10/19/2027<br>| &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;777840 |
| Lima Metro Line 2 Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 4/5/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043937 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805102 |
| Minsur SA<br>4.50%, 10/28/2031<br>| &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;834741 |
| Orazul Energy Peru SA<br>5.63%, 4/28/2027<br>| &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;394788 |
| Peru LNG SRL<br>5.38%, 3/22/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156623 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA<br>3.75%, 8/2/2028<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$187004 |
| Scotiabank Peru SAA VRN, 1 yr. CMT + 2.31%,<br>6.10%, 10/1/2035 (a) (b) (c)<br>| &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;203088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13678351 |
| **SINGAPORE — 0.2%** | **SINGAPORE — 0.2%** | **SINGAPORE — 0.2%** |
| DBS Group Holdings Ltd. Series GMTN, VRN, 5 yr. CMT + 1.10%,<br>1.82%, 3/10/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158803 |
| Oversea-Chinese Banking Corp. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 1.58%, 1.83%, 9/10/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690752 |
| &nbsp;&nbsp;&nbsp;&nbsp;VRN, 5 yr. CMT + 1.58%, 4.60%, 6/15/2032 (b)<br>| &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;901488 |
| United Overseas Bank Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 1.23%, 2.00%, 10/14/2031 (b)<br>| &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;774592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series GMTN, VRN, 5 yr. CMT + 1.52%, 1.75%, 3/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191889 |
| **SOUTH AFRICA — 0.0% <sup>\*</sup>** | **SOUTH AFRICA — 0.0% <sup>\*</sup>** | **SOUTH AFRICA — 0.0% <sup>\*</sup>** |
| Gold Fields Orogen Holdings BVI Ltd.<br>6.13%, 5/15/2029<br>| &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;831868 |
| Sasol Financing USA LLC<br>4.38%, 9/18/2026<br>| &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;195774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027642 |
| **SPAIN — 0.0% <sup>\*</sup>** | **SPAIN — 0.0% <sup>\*</sup>** | **SPAIN — 0.0% <sup>\*</sup>** |
| CaixaBank SA SOFR + 2.26%,<br>6.04%, 6/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972180 |
| Grifols SA<br>4.75%, 10/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758995 |
| **UNITED ARAB EMIRATES — 0.0% <sup>\*</sup>** | **UNITED ARAB EMIRATES — 0.0% <sup>\*</sup>** | **UNITED ARAB EMIRATES — 0.0% <sup>\*</sup>** |
| Galaxy Pipeline Assets Bidco Ltd.<br>2.94%, 9/30/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578633 |
| **UNITED KINGDOM — 0.2%** | **UNITED KINGDOM — 0.2%** | **UNITED KINGDOM — 0.2%** |
| Ardonagh Finco Ltd.<br>7.75%, 2/15/2031 (a)<br>| &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;580019 |
| BAT Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 8/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156148 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 8/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266846 |
| Belron U.K. Finance PLC<br>5.75%, 10/15/2029 (a)<br>| &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;755415 |
| Macquarie Airfinance Holdings Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 3/17/2030 (a)<br>| &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;145006 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/27/2028 (a)<br>| &nbsp;&nbsp;$629000 | &nbsp;&nbsp;$636013 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 3/26/2029 (a)<br>| &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;579703 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/26/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267793 |
| Merlin Entertainments Group U.S. Holdings, Inc.<br>7.38%, 2/15/2031 (a)<br>| &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;803673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190616 |
| **UNITED STATES — 8.9%** | **UNITED STATES — 8.9%** | **UNITED STATES — 8.9%** |
| 1261229 BC Ltd.<br>10.00%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448987 |
| AAR Escrow Issuer LLC<br>6.75%, 3/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347047 |
| AbbVie, Inc.<br>5.50%, 3/15/2064<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215260 |
| Academy Ltd.<br>6.00%, 11/15/2027 (a)<br>| &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;501150 |
| Acrisure LLC/Acrisure Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/2029 (a)<br>| &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;175487 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/1/2032 (a)<br>| &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;588172 |
| Acuris Finance U.S., Inc./Acuris Finance SARL<br>5.00%, 5/1/2028 (a)<br>| &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;452799 |
| Acushnet Co.<br>7.38%, 10/15/2028 (a)<br>| &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;297224 |
| AdaptHealth LLC<br>5.13%, 3/1/2030 (a)<br>| &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;199681 |
| Advanced Drainage Systems, Inc.<br>6.38%, 6/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068795 |
| AEP Texas, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series H, 3.45%, 1/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613379 |
| Aethon United BR LP/Aethon United Finance Corp.<br>7.50%, 10/1/2029 (a)<br>| &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;571018 |
| Agilent Technologies, Inc.<br>4.75%, 9/9/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274085 |
| Agree LP<br>5.63%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853442 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586592 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2027 (a)<br>| &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;495832 |
| Allied Universal Holdco LLC<br>7.88%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987903 |
| AMC Entertainment Holdings, Inc.<br>7.50%, 2/15/2029 (a)<br>| &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;86691 |
| Amentum Holdings, Inc.<br>7.25%, 8/1/2032 (a)<br>| &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;652405 |
| American Airlines, Inc.<br>8.50%, 5/15/2029 (a)<br>| &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;387693 |
| American Axle & Manufacturing, Inc.<br>5.00%, 10/1/2029<br>| &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;265486 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| American Express Co. SOFR + 1.44%,<br>5.02%, 4/25/2031 (b)<br>| &nbsp;&nbsp;$2745000 | &nbsp;&nbsp;$2803880 |
| American Homes 4 Rent LP<br>5.50%, 2/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698357 |
| American International Group, Inc.<br>5.45%, 5/7/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528663 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572584 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672243 |
| American Tower Corp.<br>3.70%, 10/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319355 |
| Americold Realty Operating Partnership LP<br>5.60%, 5/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503260 |
| Amgen, Inc.<br>5.75%, 3/2/2063<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753849 |
| Amphenol Corp.<br>5.38%, 11/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534114 |
| Amrize Finance U.S. LLC<br>4.95%, 4/7/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538084 |
| AmWINS Group, Inc.<br>4.88%, 6/30/2029 (a)<br>| &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;427552 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.<br>7.00%, 4/15/2030 (a)<br>| &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;238111 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<br>5.25%, 4/15/2030 (a)<br>| &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;&nbsp;69739 |
| APA Corp.<br>6.10%, 2/15/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899333 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<br>7.88%, 11/1/2029 (a)<br>| &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;184142 |
| AppLovin Corp.<br>5.38%, 12/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597372 |
| Archrock Partners LP/Archrock Partners Finance Corp.<br>6.63%, 9/1/2032 (a)<br>| &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;540250 |
| Arcosa, Inc.<br>6.88%, 8/15/2032 (a)<br>| &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;217650 |
| Arizona Public Service Co.<br>5.70%, 8/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103005 |
| Arrow Electronics, Inc.<br>5.15%, 8/21/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306048 |
| Arsenal AIC Parent LLC<br>8.00%, 10/1/2030 (a)<br>| &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;181484 |
| Artera Services LLC<br>8.50%, 2/15/2031 (a)<br>| &nbsp;&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;&nbsp;54016 |
| Arthur J Gallagher & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029<br>| &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;689921 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 2/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513847 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>4.63%, 4/1/2030 (a)<br>| &nbsp;&nbsp;$300000 | &nbsp;&nbsp;$285213 |
| AssuredPartners, Inc.<br>5.63%, 1/15/2029 (a)<br>| &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;409930 |
| AT&T, Inc.<br>6.05%, 8/15/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569399 |
| AthenaHealth Group, Inc.<br>6.50%, 2/15/2030 (a)<br>| &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;659206 |
| Athene Global Funding<br>4.72%, 10/8/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400940 |
| Athene Holding Ltd. VRN, 5 yr. CMT + 2.61%,<br>6.63%, 10/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893105 |
| Atlassian Corp.<br>5.25%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801681 |
| AutoNation, Inc.<br>5.89%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042228 |
| AutoZone, Inc.<br>5.13%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254857 |
| Avery Dennison Corp.<br>5.75%, 3/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609369 |
| Aviation Capital Group LLC<br>5.38%, 7/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811011 |
| Avient Corp.<br>6.25%, 11/1/2031 (a)<br>| &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;110870 |
| Avnet, Inc.<br>6.25%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422002 |
| Azorra Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/2031 (a) (c)<br>| &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;571138 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/2030 (a)<br>| &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;322819 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.65%, 5.47%, 1/23/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922470 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.70%, 5.74%, 2/12/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series OO, VRN, 5 yr. CMT + 2.68%, 6.63%, 5/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636174 |
| Bank of New York Mellon Corp. SOFR + 1.23%,<br>5.06%, 7/22/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973182 |
| Bausch & Lomb Corp.<br>8.38%, 10/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726094 |
| Bausch Health Americas, Inc.<br>8.50%, 1/31/2027 (a)<br>| &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;133596 |
| Bausch Health Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/2028 (a)<br>| &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;331982 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/30/2030 (a)<br>| &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;129154 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.00%, 10/15/2030 (a)<br>| &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;24454 |
| Beach Acquisition Bidco LLC PIK,<br>10.00%, 7/15/2033 (a) (c)<br>| &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;208020 |
| Berry Global, Inc.<br>5.80%, 6/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170442 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Biogen, Inc.<br>5.05%, 1/15/2031<br>| &nbsp;&nbsp;$2466000 | &nbsp;&nbsp;$2510363 |
| Black Hills Corp.<br>6.00%, 1/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213352 |
| Blackstone Holdings Finance Co. LLC<br>2.00%, 1/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622982 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.25%, 7/15/2032 (a)<br>| &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;275538 |
| Brand Industrial Services, Inc.<br>10.38%, 8/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132752 |
| Broadcom, Inc.<br>3.50%, 2/15/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518990 |
| Brown & Brown, Inc.<br>6.25%, 6/23/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542532 |
| Buckeye Partners LP<br>6.88%, 7/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756061 |
| Builders FirstSource, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/2034 (a)<br>| &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;529729 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664144 |
| Bunge Ltd. Finance Corp.<br>4.65%, 9/17/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391448 |
| Burlington Northern Santa Fe LLC<br>5.50%, 3/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121251 |
| CACI International, Inc.<br>6.38%, 6/15/2033 (a)<br>| &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;253087 |
| Cadence Design Systems, Inc.<br>4.70%, 9/10/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680532 |
| Caesars Entertainment, Inc.<br>6.00%, 10/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989911 |
| Campbell's Co.<br>5.40%, 3/21/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574773 |
| Cardinal Health, Inc.<br>4.90%, 9/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366377 |
| Carnival Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/1/2027 (a)<br>| &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;347781 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385174 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 2/15/2033 (a)<br>| &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;439555 |
| Carvana Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185201 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/1/2030 (a)<br>| &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;336518 |
| Castle U.S. Holding Corp.<br>10.00%, 6/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33762 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182497 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/1/2032 (a)<br>| &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;805740 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/1/2027 (a)<br>| &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;637811 |
| Celanese U.S. Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 4/15/2030<br>| &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;306924 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/2033<br>| &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;303081 |
| Centene Corp.<br>3.00%, 10/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390460 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<br>8.00%, 6/15/2029 (a)<br>| &nbsp;&nbsp;$140000 | &nbsp;&nbsp;$115875 |
| Cheniere Energy Partners LP<br>4.00%, 3/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179352 |
| Cheniere Energy, Inc.<br>4.63%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133859 |
| Chord Energy Corp.<br>6.75%, 3/15/2033 (a)<br>| &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;982157 |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2031 (a)<br>| &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;266076 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2029 (a)<br>| &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;463128 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2029 (a)<br>| &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;159448 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.46%, 4.95%, 5/7/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108560 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.66%, 6.17%, 5/25/2034 (b)<br>| &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;616019 |
| Civitas Resources, Inc.<br>8.38%, 7/1/2028 (a)<br>| &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;240910 |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/2028 (a)<br>| &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;574868 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398585 |
| Clarivate Science Holdings Corp.<br>4.88%, 7/1/2029 (a)<br>| &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;193229 |
| Clear Channel Outdoor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/1/2029 (a)<br>| &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;147949 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/1/2030 (a)<br>| &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;526371 |
| Clearway Energy Operating LLC<br>4.75%, 3/15/2028 (a)<br>| &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;276391 |
| Cleveland-Cliffs, Inc.<br>6.88%, 11/1/2029 (a)<br>| &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;359419 |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/31/2029 (a)<br>| &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;322909 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/30/2029 (a)<br>| &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;217724 |
| Clydesdale Acquisition Holdings, Inc.<br>6.75%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645668 |
| CNX Midstream Partners LP<br>4.75%, 4/15/2030 (a)<br>| &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;520487 |
| CNX Resources Corp.<br>6.00%, 1/15/2029 (a)<br>| &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;326232 |
| Comerica, Inc. SOFR + 2.16%,<br>5.98%, 1/30/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599110 |
| Commonwealth Edison Co.<br>5.95%, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611252 |
| CommScope LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 9/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115194 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/15/2031 (a)<br>| &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;256397 |
| CommScope Technologies LLC<br>5.00%, 3/15/2027 (a)<br>| &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;214381 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Consolidated Communications, Inc.<br>5.00%, 10/1/2028 (a)<br>| &nbsp;&nbsp;$435000 | &nbsp;&nbsp;$439868 |
| Consumers Energy Co.<br>4.50%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748260 |
| CoreWeave, Inc.<br>9.25%, 6/1/2030 (a)<br>| &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;281155 |
| Cornerstone Building Brands, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 1/15/2029 (a)<br>| &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;51153 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 8/15/2029 (a)<br>| &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;304079 |
| Cougar JV Subsidiary LLC<br>8.00%, 5/15/2032 (a)<br>| &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;277248 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<br>5.50%, 6/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558005 |
| CSC Holdings LLC<br>6.50%, 2/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743584 |
| CSX Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 9/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007755 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353792 |
| Dana, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 9/1/2030<br>| &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;93816 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2027<br>| &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;125085 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/2028<br>| &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;651625 |
| Dcli Bidco LLC<br>7.75%, 11/15/2029 (a)<br>| &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;688622 |
| Dealer Tire LLC/DT Issuer LLC<br>8.00%, 2/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322749 |
| Dell, Inc.<br>6.50%, 4/15/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621250 |
| Devon Energy Corp.<br>5.75%, 9/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527091 |
| Diebold Nixdorf, Inc.<br>7.75%, 3/31/2030 (a)<br>| &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;207501 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.88%, 8/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996580 |
| DISH DBS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/1/2029<br>| &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;193268 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/1/2028 (a)<br>| &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;524233 |
| Dornoch Debt Merger Sub, Inc.<br>6.63%, 10/15/2029 (a)<br>| &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;216768 |
| DT Midstream, Inc.<br>4.13%, 6/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604062 |
| DTE Energy Co.<br>5.85%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741224 |
| Duke Energy Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340222 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 6/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096811 |
| Dun & Bradstreet Corp.<br>5.00%, 12/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578102 |
| Eastern Energy Gas Holdings LLC<br>5.65%, 10/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218923 |
| EchoStar Corp.<br>10.75%, 11/30/2029<br>| &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;529466 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| EIDP, Inc.<br>5.13%, 5/15/2032<br>| &nbsp;&nbsp;$1675000 | &nbsp;&nbsp;$1706657 |
| Elevance Health, Inc.<br>5.13%, 2/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098664 |
| Ellucian Holdings, Inc.<br>6.50%, 12/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588420 |
| Embarq LLC<br>8.00%, 6/1/2036<br>| &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;75474 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578164 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/15/2031 (a)<br>| &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;279520 |
| Energizer Holdings, Inc.<br>6.50%, 12/31/2027 (a)<br>| &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;520830 |
| Entergy Arkansas LLC<br>5.75%, 6/1/2054<br>| &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;627822 |
| Entergy Corp. 5 yr. CMT + 2.67%,<br>7.13%, 12/1/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743992 |
| Entergy Louisiana LLC<br>4.75%, 9/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750746 |
| Enterprise Products Operating LLC<br>5.55%, 2/16/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169938 |
| Equinix, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 9/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330812 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 4/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167121 |
| Evergy Kansas Central, Inc.<br>5.70%, 3/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270026 |
| Everi Holdings, Inc.<br>5.00%, 7/15/2029 (a)<br>| &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;343448 |
| Expand Energy Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605929 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450589 |
| Expedia Group, Inc.<br>3.80%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672766 |
| Extra Space Storage LP<br>5.40%, 2/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155766 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>6.75%, 1/15/2030 (a)<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;138531 |
| First Industrial LP<br>5.25%, 1/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640079 |
| Fiserv, Inc.<br>5.45%, 3/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052235 |
| Florida Gas Transmission Co. LLC<br>5.75%, 7/15/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533316 |
| Flowers Foods, Inc.<br>5.75%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235004 |
| Fortress Transportation & Infrastructure Investors LLC<br>5.88%, 4/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330628 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Freedom Mortgage Holdings LLC<br>8.38%, 4/1/2032 (a)<br>| &nbsp;&nbsp;$385000 | &nbsp;&nbsp;$388530 |
| Freeport-McMoRan, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 8/1/2028<br>| &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;397820 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/2029<br>| &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;304902 |
| Frontier Communications Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 (a)<br>| &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;125049 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/1/2029<br>| &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;485309 |
| Full House Resorts, Inc.<br>8.25%, 2/15/2028 (a)<br>| &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;247169 |
| Gates Corp.<br>6.88%, 7/1/2029 (a)<br>| &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;358203 |
| GATX Corp.<br>5.50%, 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729335 |
| GCC SAB de CV<br>3.61%, 4/20/2032<br>| &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;263001 |
| Genesee & Wyoming, Inc.<br>6.25%, 4/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026839 |
| Genting New York LLC/GENNY Capital, Inc.<br>7.25%, 10/1/2029 (a)<br>| &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;415144 |
| Genuine Parts Co.<br>4.95%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165955 |
| Goat Holdco LLC<br>6.75%, 2/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666823 |
| Goldman Sachs Group, Inc. SOFR + 1.55%,<br>5.33%, 7/23/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222351 |
| Goodyear Tire & Rubber Co.<br>5.25%, 7/15/2031<br>| &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;239828 |
| GrafTech Finance, Inc.<br>4.63%, 12/23/2029 (a)<br>| &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;126832 |
| Gray Media, Inc.<br>10.50%, 7/15/2029 (a)<br>| &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;988586 |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &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;949031 |
| Group 1 Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/2028 (a)<br>| &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;642669 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/15/2030 (a)<br>| &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;360213 |
| Guardian Life Global Funding<br>4.80%, 4/28/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123574 |
| Gulfport Energy Operating Corp.<br>6.75%, 9/1/2029 (a)<br>| &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;559072 |
| Harvest Midstream I LP<br>7.50%, 5/15/2032 (a)<br>| &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;512301 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<br>4.63%, 5/1/2028 (a)<br>| &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;354926 |
| Herc Holdings, Inc.<br>7.00%, 6/15/2030 (a)<br>| &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;382155 |
| Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/2028 (a)<br>| &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;362346 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2030 (a)<br>| &nbsp;&nbsp;$716000 | &nbsp;&nbsp;$718907 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643409 |
| Hewlett Packard Enterprise Co.<br>5.00%, 10/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736133 |
| Hexcel Corp.<br>5.88%, 2/26/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733711 |
| Hightower Holding LLC<br>6.75%, 4/15/2029 (a)<br>| &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;313948 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>7.25%, 2/15/2035 (a)<br>| &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;288929 |
| HUB International Ltd.<br>7.25%, 6/15/2030 (a)<br>| &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;470345 |
| Huntington Bancshares, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.28%, 5.27%, 1/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703667 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.87%, 5.71%, 2/2/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608951 |
| Hyundai Capital America<br>5.30%, 1/8/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076485 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>5.25%, 5/15/2027<br>| &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;334357 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<br>9.00%, 7/1/2028 (a)<br>| &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;462015 |
| Installed Building Products, Inc.<br>5.75%, 2/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788625 |
| IQVIA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802529 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 6/1/2032 (a)<br>| &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;487483 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/15/2033 (a)<br>| &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;118225 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/15/2029 (a)<br>| &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;486154 |
| Jacobs Engineering Group, Inc.<br>5.90%, 3/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241022 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>3.75%, 12/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769128 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.88%, 9/20/2031 (a)<br>| &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;233635 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.01%, 5.14%, 1/24/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066884 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.44%, 5.10%, 4/22/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254306 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.46%, 5.29%, 7/22/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269256 |
| Keurig Dr. Pepper, Inc. Series 10,<br>5.20%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069276 |
| Kinder Morgan Energy Partners LP Series MTN,<br>6.95%, 1/15/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918952 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Kinetik Holdings LP<br>5.88%, 6/15/2030 (a)<br>| &nbsp;&nbsp;$586000 | &nbsp;&nbsp;$591180 |
| Kodiak Gas Services LLC<br>7.25%, 2/15/2029 (a)<br>| &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;579706 |
| Kroger Co.<br>5.65%, 9/15/2064<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187318 |
| Kyndryl Holdings, Inc.<br>4.10%, 10/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849612 |
| Laboratory Corp. of America Holdings<br>4.80%, 10/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762662 |
| Level 3 Financing, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/2030 (a)<br>| &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;389202 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 6/30/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707128 |
| LFS Topco LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2026 (a)<br>| &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;345538 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 7/15/2030 (a) (c)<br>| &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;186759 |
| Life Time, Inc.<br>6.00%, 11/15/2031 (a)<br>| &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;793307 |
| LifePoint Health, Inc.<br>10.00%, 6/1/2032 (a)<br>| &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;453530 |
| Light & Wonder International, Inc.<br>7.25%, 11/15/2029 (a)<br>| &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;520170 |
| Lightning Power LLC<br>7.25%, 8/15/2032 (a)<br>| &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;331528 |
| Lineage OP LP<br>5.25%, 7/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251700 |
| Live Nation Entertainment, Inc.<br>6.50%, 5/15/2027 (a)<br>| &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;294379 |
| Lowe's Cos., Inc.<br>5.63%, 4/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598513 |
| M/I Homes, Inc.<br>4.95%, 2/1/2028<br>| &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;362624 |
| Madison IAQ LLC<br>5.88%, 6/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972823 |
| Marriott International, Inc.<br>5.35%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315927 |
| Mars, Inc.<br>5.70%, 5/1/2055 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253845 |
| Marvell Technology, Inc.<br>5.95%, 9/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403510 |
| Massachusetts Mutual Life Insurance Co.<br>3.38%, 4/15/2050 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733073 |
| MasTec, Inc.<br>5.90%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241816 |
| Matador Resources Co.<br>6.50%, 4/15/2032 (a)<br>| &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;399980 |
| Match Group Holdings II LLC<br>5.00%, 12/15/2027 (a)<br>| &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;770071 |
| Mativ Holdings, Inc.<br>8.00%, 10/1/2029 (a)<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;135957 |
| Mavis Tire Express Services Topco Corp.<br>6.50%, 5/15/2029 (a)<br>| &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;211345 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| McAfee Corp.<br>7.38%, 2/15/2030 (a)<br>| &nbsp;&nbsp;$150000 | &nbsp;&nbsp;$141602 |
| McDonald's Corp.<br>5.45%, 8/14/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160356 |
| McGraw-Hill Education, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/1/2028 (a)<br>| &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;265996 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 9/1/2031 (a)<br>| &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;109527 |
| Medline Borrower LP<br>5.25%, 10/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086568 |
| Medline Borrower LP/Medline Co-Issuer, Inc.<br>6.25%, 4/1/2029 (a)<br>| &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;164267 |
| Meritage Homes Corp.<br>5.65%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716506 |
| Meta Platforms, Inc.<br>5.60%, 5/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098055 |
| MetLife, Inc. Series G, VRN, 5 yr. CMT + 2.08%,<br>6.35%, 3/15/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064646 |
| Michaels Cos., Inc.<br>5.25%, 5/1/2028 (a)<br>| &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;228972 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<br>4.88%, 5/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428620 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<br>6.75%, 4/1/2032 (a)<br>| &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;523296 |
| Molex Electronic Technologies LLC<br>5.25%, 4/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252846 |
| Morgan Stanley: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 1.80%, 5.94%, 2/7/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218598 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.43%, 5.95%, 1/19/2038 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619157 |
| Motorola Solutions, Inc.<br>5.20%, 8/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047397 |
| Nabors Industries, Inc.<br>9.13%, 1/31/2030 (a)<br>| &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;359018 |
| National Fuel Gas Co.<br>5.95%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527677 |
| Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/2027<br>| &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;203881 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/15/2032<br>| &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;208072 |
| NCL Corp. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/15/2026 (a)<br>| &nbsp;&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;&nbsp;62088 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139164 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/1/2032 (a)<br>| &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;234957 |
| NetApp, Inc.<br>5.50%, 3/17/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607518 |
| Netflix, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 (a)<br>| &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;992360 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 8/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783067 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Newmont Corp./Newcrest Finance Pty. Ltd.<br>5.35%, 3/15/2034<br>| &nbsp;&nbsp;$1224000 | &nbsp;&nbsp;$1256326 |
| NextEra Energy Capital Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242301 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.46%, 6.75%, 6/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699139 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<br>8.13%, 2/15/2029 (a)<br>| &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;212094 |
| NGPL PipeCo LLC<br>3.25%, 7/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174589 |
| Niagara Mohawk Power Corp.<br>4.65%, 10/3/2030 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824000 |
| NiSource, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 4/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054203 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026365 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45%, 6.95%, 11/30/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595062 |
| Norfolk Southern Corp.<br>5.10%, 5/1/2035<br>| &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;537552 |
| Northrop Grumman Corp.<br>5.20%, 6/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949284 |
| Novelis Corp.<br>6.88%, 1/30/2030 (a)<br>| &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;237815 |
| NRG Energy, Inc.<br>6.00%, 2/1/2033 (a)<br>| &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;333313 |
| NuStar Logistics LP<br>6.00%, 6/1/2026<br>| &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;552167 |
| Olin Corp.<br>6.63%, 4/1/2033 (a)<br>| &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;226608 |
| Omega Healthcare Investors, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 4/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616680 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604119 |
| OneMain Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 3/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114653 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/15/2032<br>| &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;253619 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658281 |
| ONEOK, Inc.<br>5.38%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608671 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439655 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 9/27/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182193 |
| O'Reilly Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/19/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662491 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563070 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<br>7.38%, 2/15/2031 (a)<br>| &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;439493 |
| Owens Corning<br>5.70%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166146 |
| Panther Escrow Issuer LLC<br>7.13%, 6/1/2031 (a)<br>| &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;420848 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<br>7.00%, 2/1/2030 (a)<br>| &nbsp;&nbsp;$720000 | &nbsp;&nbsp;$740189 |
| Paychex, Inc.<br>5.35%, 4/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519129 |
| 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;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114764 |
| Penn Entertainment, Inc.<br>4.13%, 7/1/2029 (a)<br>| &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;194630 |
| PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/15/2029 (a)<br>| &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;297510 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2032 (a)<br>| &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;250750 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029 (a)<br>| &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;361461 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<br>5.25%, 2/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500557 |
| Performance Food Group, Inc.<br>6.13%, 9/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202871 |
| Permian Resources Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956703 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 1/15/2032 (a)<br>| &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;580468 |
| PetSmart, Inc./PetSmart Finance Corp.<br>7.75%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973910 |
| Philip Morris International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/13/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159308 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250733 |
| Phillips Edison Grocery Center Operating Partnership I LP<br>5.75%, 7/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273691 |
| Pike Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 9/1/2028 (a)<br>| &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;559255 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 1/31/2031 (a)<br>| &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;310191 |
| Post Holdings, Inc.<br>6.38%, 3/1/2033 (a)<br>| &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;540029 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<br>5.63%, 9/1/2029 (a)<br>| &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;&nbsp;91232 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%, 1/15/2028 (a)<br>| &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;220504 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>6.25%, 4/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168642 |
| Prudential Financial, Inc.<br>5.20%, 3/14/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783675 |
| PSEG Power LLC<br>5.20%, 5/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871994 |
| Qorvo, Inc.<br>3.38%, 4/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750264 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Quanta Services, Inc.<br>5.25%, 8/9/2034<br>| &nbsp;&nbsp;$2435000 | &nbsp;&nbsp;$2464342 |
| Quest Diagnostics, Inc.<br>5.00%, 12/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160496 |
| Quikrete Holdings, Inc.<br>6.75%, 3/1/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541553 |
| QXO Building Products, Inc.<br>6.75%, 4/30/2032 (a)<br>| &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;991133 |
| Radiology Partners, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 7/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656637 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.78%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206447 |
| Realty Income Corp.<br>5.13%, 4/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724963 |
| Regal Rexnord Corp.<br>6.05%, 4/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252804 |
| Republic Services, Inc.<br>5.15%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522074 |
| Rfna LP<br>7.88%, 2/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813468 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>6.50%, 6/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602293 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<br>6.63%, 2/1/2033 (a)<br>| &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;921895 |
| Rocket Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 8/1/2030 (a)<br>| &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;356675 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 8/1/2033 (a)<br>| &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;358190 |
| Rollins, Inc.<br>5.25%, 2/24/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500677 |
| Royal Caribbean Cruises Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 7/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427755 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/31/2026 (a)<br>| &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;421462 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 9/30/2031 (a)<br>| &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;221360 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344353 |
| Royalty Pharma PLC<br>5.40%, 9/2/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258320 |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 6/1/2027 (a)<br>| &nbsp;&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;&nbsp;70642 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253923 |
| Santander Holdings USA, Inc. SOFR + 1.61%,<br>5.47%, 3/20/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797850 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.<br>6.63%, 3/1/2030 (a)<br>| &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;250466 |
| Sealed Air Corp./Sealed Air Corp. U.S.<br>7.25%, 2/15/2031 (a)<br>| &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;525990 |
| Select Medical Corp.<br>6.25%, 12/1/2032 (a)<br>| &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;452718 |
| Service Properties Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2027<br>| &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;113775 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 6/15/2032<br>| &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;261954 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Sirius XM Radio LLC<br>5.50%, 7/1/2029 (a)<br>| &nbsp;&nbsp;$1025000 | &nbsp;&nbsp;$1017179 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<br>7.88%, 11/1/2028 (a)<br>| &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;293118 |
| Six Flags Entertainment Corp.<br>7.25%, 5/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970987 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.<br>5.25%, 7/15/2029<br>| &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;269349 |
| SM Energy Co.<br>7.00%, 8/1/2032 (a)<br>| &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;404473 |
| Solventum Corp.<br>5.40%, 3/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166865 |
| Sonic Automotive, Inc.<br>4.63%, 11/15/2029 (a)<br>| &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;310282 |
| Sonoco Products Co.<br>4.60%, 9/1/2029<br>| &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;588643 |
| Sotera Health Holdings LLC<br>7.38%, 6/1/2031 (a)<br>| &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;301362 |
| Southern Co. Series 2025, VRN, 5 yr. CMT + 2.07%,<br>6.38%, 3/15/2055 (b)<br>| &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;412052 |
| Spirit AeroSystems, Inc.<br>9.75%, 11/15/2030 (a)<br>| &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;215340 |
| Standard Building Solutions, Inc.<br>6.50%, 8/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201019 |
| Staples, Inc.<br>10.75%, 9/1/2029 (a)<br>| &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;356171 |
| Star Leasing Co. LLC<br>7.63%, 2/15/2030 (a)<br>| &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;337069 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/2030 (a)<br>| &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;359278 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/2029 (a)<br>| &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;347421 |
| Starz Capital Holdings LLC<br>5.50%, 4/15/2029 (a)<br>| &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;58204 |
| Station Casinos LLC<br>6.63%, 3/15/2032 (a)<br>| &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;787533 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%, 6/1/2031 (a)<br>| &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;283770 |
| Sun Communities Operating LP<br>2.70%, 7/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190596 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (a)<br>| &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;437767 |
| Sunoco LP/Sunoco Finance Corp.<br>6.00%, 4/15/2027<br>| &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;170044 |
| SWF Holdings I Corp.<br>6.50%, 10/1/2029 (a)<br>| &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;37334 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>7.38%, 2/15/2029 (a)<br>| &nbsp;&nbsp;$595000 | &nbsp;&nbsp;$611380 |
| Targa Resources Corp.<br>5.50%, 2/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446767 |
| Tenet Healthcare Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/1/2028<br>| &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;230288 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574808 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/2027<br>| &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;244961 |
| T-Mobile USA, Inc.<br>5.50%, 1/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947379 |
| Trans-Allegheny Interstate Line Co.<br>5.00%, 1/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490571 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/31/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663089 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586233 |
| Transocean Poseidon Ltd.<br>6.88%, 2/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247162 |
| Transocean, Inc.<br>8.00%, 2/1/2027 (a)<br>| &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;201896 |
| Trident TPI Holdings, Inc.<br>12.75%, 12/31/2028 (a)<br>| &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;691938 |
| Truist Financial Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.57%, 5.15%, 8/5/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 2.45%, 7.16%, 10/30/2029 (b)<br>| &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;562583 |
| U.S. Foods, Inc.<br>5.75%, 4/15/2033 (a)<br>| &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;770924 |
| Uber Technologies, Inc.<br>4.80%, 9/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364721 |
| UKG, Inc.<br>6.88%, 2/1/2031 (a)<br>| &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;290573 |
| United Airlines, Inc.<br>4.63%, 4/15/2029 (a)<br>| &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;543732 |
| United Natural Foods, Inc.<br>6.75%, 10/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896595 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 6/15/2032 (a)<br>| &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;293031 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.50%, 2/15/2028 (a)<br>| &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;233099 |
| Univision Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/2029 (a)<br>| &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;295734 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 7/31/2031 (a)<br>| &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;125158 |
| Upbound Group, Inc.<br>6.38%, 2/15/2029 (a)<br>| &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;158304 |
| Vail Resorts, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/2030 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/15/2032 (a)<br>| &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;212060 |
| Venture Global LNG, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 6/1/2028 (a)<br>| &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;387293 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 6/1/2031 (a)<br>| &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;254540 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.88%, 2/1/2032 (a)<br>| &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;188986 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Venture Global Plaquemines LNG LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/15/2034<br>| &nbsp;&nbsp;$410000 | &nbsp;&nbsp;$410000 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/1/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128555 |
| Veralto Corp.<br>5.35%, 9/18/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165857 |
| VeriSign, Inc.<br>5.25%, 6/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553594 |
| Verisk Analytics, Inc.<br>5.25%, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228309 |
| Veritiv Operating Co.<br>10.50%, 11/30/2030 (a)<br>| &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;265357 |
| VICI Properties LP/VICI Note Co., Inc.<br>4.63%, 12/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441868 |
| Victra Holdings LLC/Victra Finance Corp.<br>8.75%, 9/15/2029 (a)<br>| &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;670278 |
| Viking Cruises Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 9/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874527 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 7/15/2031 (a)<br>| &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;549637 |
| Virginia Electric & Power Co.<br>5.55%, 8/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534723 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2032 (a)<br>| &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;318893 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031 (a)<br>| &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;345313 |
| Vital Energy, Inc.<br>7.88%, 4/15/2032 (a)<br>| &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;273286 |
| Vortex Opco LLC 3 mo. USD Term SOFR + 6.25%,<br>10.54%, 4/30/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12875 |
| Voyager Parent LLC<br>9.25%, 7/1/2032 (a)<br>| &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;442961 |
| VT Topco, Inc.<br>8.50%, 8/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647875 |
| Walgreens Boots Alliance, Inc.<br>4.80%, 11/18/2044<br>| &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;95601 |
| Walker & Dunlop, Inc.<br>6.63%, 4/1/2033 (a)<br>| &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;417316 |
| Wand NewCo 3, Inc.<br>7.63%, 1/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914596 |
| Waste Connections, Inc.<br>5.25%, 9/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054611 |
| Watco Cos. LLC/Watco Finance Corp.<br>7.13%, 8/1/2032 (a)<br>| &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;553341 |
| Wayfair LLC<br>7.25%, 10/31/2029 (a)<br>| &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;275960 |
| Weatherford International Ltd.<br>8.63%, 4/30/2030 (a)<br>| &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;211195 |
| Wells Fargo & Co. SOFR + 1.50%,<br>5.15%, 4/23/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593528 |
| WESCO Distribution, Inc.<br>6.38%, 3/15/2033 (a)<br>| &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;217001 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Westinghouse Air Brake Technologies Corp.<br>4.90%, 5/29/2030<br>| &nbsp;&nbsp;$2476000 | &nbsp;&nbsp;$2509154 |
| Whirlpool Corp.<br>6.50%, 6/15/2033<br>| &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;351096 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<br>8.25%, 10/1/2031 (a)<br>| &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;366569 |
| Workday, Inc.<br>3.80%, 4/1/2032<br>| &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;582794 |
| WR Grace Holdings LLC<br>5.63%, 8/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325901 |
| Wyndham Hotels & Resorts, Inc.<br>4.38%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572411 |
| XHR LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090339 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444145 |
| XPO, Inc.<br>7.13%, 6/1/2031 (a)<br>| &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;709512 |
| Zimmer Biomet Holdings, Inc.<br>5.20%, 9/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340275686 |
| **VIETNAM — 0.0% <sup>\*</sup>** | **VIETNAM — 0.0% <sup>\*</sup>** | **VIETNAM — 0.0% <sup>\*</sup>** |
| Mong Duong Finance Holdings BV<br>5.13%, 5/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726332 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $460,331,978)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461864092 |
| **ASSET-BACKED SECURITIES — 11.4%** |  |  |
| AASET Ltd. Series 2024-2A, Class A, ABS,<br>5.93%, 9/16/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380803 |
| AASET Trust Series 2024-1A, Class B,<br>6.90%, 5/16/2049 (a)<br>| &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;498736 |
| ACE Securities Corp. Home Equity Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-FM1, Class A2C, ABS, 1 mo. USD Term SOFR + 0.41%, 4.73%, 7/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-WM2, Class A2C, ABS, 1 mo. USD Term SOFR + 0.67%, 4.99%, 2/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039899 |
| ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class B, 1 mo. USD Term SOFR + 2.01%,<br>6.33%, 12/18/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496381 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Affirm Asset Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A, 6.82%, 9/15/2028 (a)<br>| &nbsp;&nbsp;$5250000 | &nbsp;&nbsp;$5270248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-X1, Class B, ABS, 5.19%, 4/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507271 |
| Aligned Data Centers Issuer LLC Series 2023-1A, Class A2,<br>6.00%, 8/17/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042481 |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-FR1, Class M5,<br>3.73%, 5/25/2034 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550187 |
| AMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class E1, ABS, 2.48%, 8/17/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class F1, ABS, 3.28%, 8/17/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class F2, ABS, 3.67%, 8/17/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class B, 4.00%, 4/17/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11697004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR2, Class A, 3.95%, 6/17/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650772 |
| Anchorage Capital CLO 19 Ltd. Series 2021-19A, Class A, ABS, 3 mo. USD Term SOFR + 1.47%,<br>5.73%, 10/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998800 |
| Anthelion CLO Ltd. Series 2025-1A, Class A1, 3 mo. USD Term SOFR - 1.50%,<br>0.00%, 7/20/2036 (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990000 |
| Apidos CLO XLI Ltd. Series 2022-41A, Class D1R, 3 mo. USD Term SOFR + 3.00%,<br>7.27%, 10/20/2037 (a) (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;994600 |
| Arbor Realty Commercial Real Estate Notes Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL4, Class A, 1 mo. USD Term SOFR + 1.46%, 5.78%, 11/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL1, Class A, 30 day USD SOFR Average + 1.45%, 5.75%, 1/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031703 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Argent Securities Trust Series 2006-M1, Class A2B, ABS, 1 mo. USD Term SOFR + 0.29%,<br>4.61%, 7/25/2036 (b)<br>| &nbsp;&nbsp;$16870091 | &nbsp;&nbsp;$4270523 |
| AutoNation Finance Trust Series 2025-1A, Class C, ABS,<br>5.19%, 12/10/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302080 |
| Avant Loans Funding Trust Series 2024-REV1, Class A,<br>5.92%, 10/15/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034123 |
| Bain Capital Credit CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, 3 mo. USD Term SOFR + 3.25%, 7.53%, 7/24/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class D1, 3 mo. USD Term SOFR + 3.10%, 7.38%, 10/23/2037 (a) (b)<br>| &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;498700 |
| Battalion CLO XXI Ltd. Series 2021-21A, Class B, 3 mo. USD Term SOFR + 2.01%,<br>6.27%, 7/15/2034 (a) (b)<br>| &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;499550 |
| BDS LLC Series 2024-FL13, Class A, 1 mo. USD Term SOFR + 1.58%,<br>5.89%, 9/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904680 |
| Benefit Street Partners CLO IX Ltd. Series 2016-9A, Class D1R2, ABS, 3 mo. USD Term SOFR + 3.10%,<br>7.37%, 10/20/2037 (a) (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;996211 |
| Benefit Street Partners CLO XXXVII Ltd. Series 2024-37A, Class D1, ABS, 3 mo. USD Term SOFR + 2.85%,<br>7.20%, 1/25/2038 (a) (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;991939 |
| Blackbird Capital II Aircraft Lease Ltd. Series 2021-1A, Class B, ABS,<br>3.45%, 7/15/2046 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141759 |
| BlueMountain CLO XXIII Ltd. Series 2018-23A, Class D1R, 3 mo. USD Term SOFR + 3.85%,<br>8.12%, 7/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001739 |
| BNC Mortgage Loan Trust Series 2006-1, Class A1, ABS, 1 mo. USD Term SOFR + 0.47%,<br>4.20%, 10/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14913330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268607 |
| Brant Point CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, 3 mo. USD Term SOFR + 2.85%, 7.13%, 7/26/2036 (a) (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;999900 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class C, 3 mo. USD Term SOFR + 3.40%, 7.68%, 7/26/2036 (a) (b)<br>| &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$502100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A, Class D1, ABS, 3 mo. USD Term SOFR + 3.10%, 7.37%, 10/20/2037 (a) (b)<br>| &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;497600 |
| Bridge Street CLO II Ltd. Series 2021-1A, Class A1A, ABS, 3 mo. USD Term SOFR + 1.49%,<br>5.76%, 7/20/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099370 |
| Business Jet Securities LLC Series 2024-2A, Class B, ABS,<br>5.75%, 9/15/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629668 |
| Canyon Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A, Class DR, ABS, 3 mo. USD Term SOFR + 3.26%, 7.52%, 7/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, ABS, 3 mo. USD Term SOFR + 3.36%, 7.62%, 4/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005202 |
| Canyon CLO Ltd. Series 2020-1A, Class DR2, ABS, 3 mo. USD Term SOFR + 3.10%,<br>7.36%, 7/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000173 |
| Carlyle Global Market Strategies CLO Ltd. Series 2016-3A, Class DRRR, ABS, 3 mo. USD Term SOFR + 2.85%,<br>7.12%, 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;&nbsp;&nbsp;993235 |
| Carlyle U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A, Class D1R, 3 mo. USD Term SOFR + 3.15%, 7.41%, 10/15/2037 (a) (b)<br>| &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;502413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class B, 3 mo. USD Term SOFR + 2.60%, 6.86%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, 3 mo. USD Term SOFR + 3.00%, 7.26%, 10/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A, Class D1, ABS, 3 mo. USD Term SOFR + 3.00%, 7.28%, 10/25/2036 (a) (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;996000 |
| Carvana Auto Receivables Trust Series 2025-P2, Class B, ABS,<br>5.11%, 7/10/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214697 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Catamaran CLO Ltd. Series 2018-1A, Class C, 3 mo. USD Term SOFR + 2.76%,<br>7.04%, 10/25/2031 (a) (b)<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1005641 |
| Cathedral Lake VIII Ltd. Series 2021-8A, Class C, 3 mo. USD Term SOFR + 2.88%,<br>7.15%, 1/20/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545155 |
| CBAM Ltd. Series 2017-1A, Class AR2, ABS, 3 mo. USD Term SOFR + 1.39%,<br>5.66%, 1/20/2038 (a) (b)<br>| &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;702170 |
| Cedar Funding XIX CLO Ltd. Series 2024-19A, Class D1, ABS, 3 mo. USD Term SOFR + 3.00%,<br>7.24%, 1/23/2038 (a) (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;999450 |
| Chase Auto Owner Trust Series 2024-5A, Class A4, ABS,<br>4.15%, 3/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240292 |
| CIFC Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, ABS, 3 mo. USD Term SOFR + 3.81%, 8.07%, 7/16/2030 (a) (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;996800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A, Class D1R, 3 mo. USD Term SOFR + 3.05%, 7.32%, 10/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5A, Class D1R, ABS, 3 mo. USD Term SOFR + 2.75%, 7.01%, 1/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6A, Class B, 3 mo. USD Term SOFR + 1.91%, 6.17%, 10/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A, Class B, 3 mo. USD Term SOFR + 2.00%, 6.27%, 4/21/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998400 |
| Cloud Capital Holdco LP Series 2024-2A, Class A2, ABS,<br>5.92%, 11/22/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031785 |
| Clover CLO LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A1RR, 3 mo. USD Term SOFR + 1.53%, 5.80%, 4/20/2037 (a) (b)<br>| &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;501250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class DR, ABS, 3 mo. USD Term SOFR + 2.55%, 6.83%, 1/25/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001259 |
| Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2,<br>3.30%, 12/26/2051 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145903 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Compass Datacenters Issuer II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.75%, 2/25/2049 (a)<br>| &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3021437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class B2, 6.00%, 8/25/2049 (a)<br>| &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;251763 |
| Compass Datacenters Issuer III LLC Series 2025-2A, Class A2, ABS,<br>5.84%, 2/25/2050 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773864 |
| CyrusOne Data Centers Issuer I LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 4.30%, 4/20/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 4.50%, 5/20/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191285 |
| DataBank Issuer LLC Series 2023-1A, Class A2,<br>5.12%, 2/25/2053 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985120 |
| Dryden 37 Senior Loan Fund Series 2015-37A, Class BR, 3 mo. USD Term SOFR + 1.66%,<br>5.92%, 1/15/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625250 |
| Dryden 68 CLO Ltd. Series 2019-68A, Class DR, ABS, 3 mo. USD Term SOFR + 3.61%,<br>7.87%, 7/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495922 |
| Elmwood CLO XII Ltd. Series 2021-5A, Class D1R, ABS, 3 mo. USD Term SOFR + 3.10%,<br>7.36%, 10/15/2037 (a) (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;998622 |
| Empower CLO Ltd. Series 2022-1A, Class D1R, ABS, 3 mo. USD Term SOFR + 3.00%,<br>7.27%, 10/20/2037 (a) (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;994866 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;20742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class E, ABS, 2.21%, 2/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487411 |
| Fillmore Park CLO Ltd. Series 2018-1A, Class D, 3 mo. USD Term SOFR + 3.16%,<br>7.42%, 7/15/2030 (a) (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;996500 |
| First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1, ABS, 1 mo. USD Term SOFR + 0.39%,<br>4.71%, 3/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260137 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| FirstKey Homes Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class D, ABS, 1.97%, 10/19/2037 (a)<br>| &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1972446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977609 |
| FMC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GT1, Class A, CMO, VRN, 4.45%, 1/25/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GT2, Class A, 3.85%, 10/25/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520022 |
| FS Rialto Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL2, Class A, ABS, 1 mo. USD Term SOFR + 1.33%, 5.65%, 5/16/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-FL10, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 8/19/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665930 |
| GAIA Aviation Ltd. Series 2019-1, Class A,<br>3.97%, 12/15/2044 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907649 |
| Generate CLO 13 Ltd. Series 2023-13A, Class A1, ABS, 3 mo. USD Term SOFR + 1.80%,<br>6.07%, 1/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004200 |
| GLS Auto Select Receivables Trust Series 2024-4A, Class C, ABS,<br>4.75%, 11/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687805 |
| GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR, 3 mo. USD Term SOFR + 4.40%,<br>8.67%, 10/20/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004034 |
| GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class AR, ABS, 3 mo. USD Term SOFR + 1.28%,<br>5.60%, 1/20/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| GoodLeap Sustainable Home Solutions Trust Series 2021-5CS, Class C,<br>3.50%, 10/20/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749655 |
| Greystone CRE Notes Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.13%, 5.45%, 7/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL3, Class B, ABS, 1 mo. USD Term SOFR + 1.76%, 6.08%, 7/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892652 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| GSAA Home Equity Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-10, Class A2A, 6.50%, 11/25/2037<br>| &nbsp;&nbsp;$2091166 | &nbsp;&nbsp;$759966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-4, Class A3A, ABS, 1 mo. USD Term SOFR + 0.71%, 5.03%, 3/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123762 |
| Hardee's Funding LLC Series 2018-1A, Class A23, ABS,<br>5.71%, 6/20/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565162 |
| Horizon Aircraft Finance IV Ltd. Series 2024-1, Class A, ABS,<br>5.38%, 9/15/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406337 |
| ICG U.S. CLO I Ltd. Series 2023-1A, Class AR, ABS, 3 mo. USD Term SOFR - 1.38%,<br>0.00%, 7/18/2038 (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000500 |
| Invesco U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class B, 3 mo. USD Term SOFR + 2.65%, 6.91%, 7/15/2036 (a) (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;999913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, 3 mo. USD Term SOFR + 3.15%, 7.41%, 7/15/2036 (a) (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;999256 |
| JOL Air Ltd. Series 2019-1, Class A,<br>3.97%, 4/15/2044 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634342 |
| Katayma CLO I Ltd. Series 2023-1A, Class D, 3 mo. USD Term SOFR + 5.25%,<br>9.52%, 10/20/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039145 |
| Katayma CLO II Ltd. Series 2024-2A, Class D, ABS, 3 mo. USD Term SOFR + 4.50%,<br>8.77%, 4/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734599 |
| KREF Ltd. Series 2021-FL2, Class A, ABS, 1 mo. USD Term SOFR + 1.18%,<br>5.50%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997102 |
| LCM XVIII LP Series 18A, Class CR, 3 mo. USD Term SOFR + 2.11%,<br>6.38%, 4/20/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431269 |
| Lendbuzz Securitization Trust Series 2022-1A, Class A,<br>4.22%, 5/17/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683658 |
| Lewey Park CLO Ltd. Series 2024-1A, Class D1, 3 mo. USD Term SOFR + 2.95%,<br>7.22%, 10/21/2037 (a) (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;999525 |
| Lodi Park CLO Ltd. Series 2024-1A, Class D1, 3 mo. USD Term SOFR + 3.00%,<br>7.27%, 7/21/2037 (a) (b)<br>| &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;498350 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Madison Park Funding LXIII Ltd. Series 2023-63A, Class A1R, ABS, 3 mo. USD Term SOFR + 1.40%,<br>5.72%, 7/21/2038 (a) (b)<br>| &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3013650 |
| Magnetite XLII Ltd. Series 2024-42A, Class D1, ABS, 3 mo. USD Term SOFR + 2.80%,<br>7.11%, 1/25/2038 (a) (b)<br>| &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;502439 |
| Magnetite XXXI Ltd. Series 2021-31A, Class E, 3 mo. USD Term SOFR + 6.26%,<br>10.52%, 7/15/2034 (a) (b)<br>| &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;501408 |
| Magnetite XXXIII Ltd. Series 2022-33A, Class DR, ABS, 3 mo. USD Term SOFR + 3.00%,<br>7.27%, 10/20/2037 (a) (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;997287 |
| Mariner Finance Issuance Trust Series 2024-BA, Class A, ABS,<br>4.91%, 11/20/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274002 |
| Merrill Lynch Mortgage Investors Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-HE4, Class A2B, 1 mo. USD Term SOFR + 0.31%, 4.63%, 7/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-HE4, Class A2C, 1 mo. USD Term SOFR + 0.41%, 4.73%, 7/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-WMC2, Class A1, 1 mo. USD Term SOFR + 0.59%, 4.50%, 3/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811185 |
| MetroNet Infrastructure Issuer LLC Series 2023-1A, Class A2,<br>6.56%, 4/20/2053 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320011 |
| MF1 LLC Series 2022-FL9, Class A, 1 mo. USD Term SOFR + 2.15%,<br>6.47%, 6/19/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653542 |
| MF1 Ltd. Series 2021-FL7, Class A, ABS, 1 mo. USD Term SOFR + 1.19%,<br>5.51%, 10/16/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648382 |
| MF1 Trust Series 2024-FL15, Class A, 1 mo. USD Term SOFR + 1.69%,<br>6.00%, 8/18/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750222 |
| MVW LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1WA, Class C, ABS, 1.94%, 1/22/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290901 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1WA, Class D, ABS, 3.17%, 1/22/2041 (a)<br>| &nbsp;&nbsp;$507045 | &nbsp;&nbsp;$485127 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class D, ABS, 3 mo. USD Term SOFR + 3.01%,<br>7.27%, 4/16/2033 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502266 |
| Ocean Trails CLO V Series 2014-5A, Class DRR, ABS, 3 mo. USD Term SOFR + 3.71%,<br>7.95%, 10/13/2031 (a) (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;998547 |
| OCP CLO Ltd. Series 2021-21A, Class D1R, ABS, 3 mo. USD Term SOFR + 2.65%,<br>6.92%, 1/20/2038 (a) (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;978300 |
| Octagon Investment Partners 27 Ltd. Series 2016-1A, Class DR, ABS, 3 mo. USD Term SOFR + 3.21%,<br>7.47%, 7/15/2030 (a) (b)<br>| &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;498250 |
| Octagon Investment Partners 40 Ltd. Series 2019-1A, Class DR, ABS, 3 mo. USD Term SOFR + 3.61%,<br>7.88%, 1/20/2035 (a) (b)<br>| &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;498350 |
| OHA Credit Funding 2 Ltd. Series 2019-2A, Class D1R2, ABS, 3 mo. USD Term SOFR + 2.70%,<br>6.97%, 1/21/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492175 |
| Pagaya AI Debt Grantor Trust Series 2025-1, Class B, ABS,<br>5.63%, 7/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984555 |
| PMT Issuer Trust - FMSR Series 2021-FT1, Class A, ABS, 1 mo. USD Term SOFR + 3.11%,<br>7.43%, 3/25/2026 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303888 |
| PPM CLO Ltd. Series 2018-1A, Class D, 3 mo. USD Term SOFR + 3.51%,<br>7.77%, 7/15/2031 (a) (b)<br>| &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;502396 |
| PRET LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RN1, Class A1, 6.72%, 7/25/2051 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL6, Class A1, ABS, 5.93%, 10/25/2054 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL9, Class A1, ABS, 5.85%, 12/25/2054 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713830 |
| Progress Residential Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6, Class A, 1.52%, 7/17/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7954476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754718 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5, Class A, 4.45%, 6/17/2039 (a)<br>| &nbsp;&nbsp;$2594586 | &nbsp;&nbsp;$2591518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR2, Class A, 4.50%, 10/17/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR3, Class B, 3.50%, 6/17/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23684359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR5, Class C, 3.25%, 8/9/2029 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594443 |
| Race Point IX CLO Ltd. Series 2015-9A, Class BR, 3 mo. USD Term SOFR + 2.41%,<br>6.67%, 10/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245050 |
| Regatta XXIII Funding Ltd. Series 2021-4A, Class A1, 3 mo. USD Term SOFR + 1.41%,<br>5.68%, 1/20/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499550 |
| Renaissance Home Equity Loan Trust Series 2006-2, Class AF4, ABS,<br>6.12%, 8/25/2036 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289454 |
| Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class B,<br>5.75%, 9/15/2048 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503272 |
| Sabey Data Center Issuer LLC Series 2022-1, Class A2, ABS,<br>5.00%, 6/20/2047 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978936 |
| Sapphire Aviation Finance II Ltd. Series 2020-1A, Class A,<br>3.23%, 3/15/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729016 |
| Securitized Asset-Backed Receivables LLC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-BR4, Class A2A, ABS, 1 mo. USD Term SOFR + 0.29%, 4.61%, 5/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-BR4, Class A2B, ABS, 1 mo. USD Term SOFR + 0.51%, 4.83%, 5/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13398287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-BR5, Class A2B, 1 mo. USD Term SOFR + 0.47%, 4.79%, 5/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29299267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733149 |
| Shackleton CLO Ltd. Series 2013-3A, Class DR, 3 mo. USD Term SOFR + 3.28%,<br>7.54%, 7/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076004 |
| Shenton Aircraft Investment I Ltd. Series 2015-1A, Class A, ABS,<br>4.75%, 10/15/2042 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359039 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| SoFi Consumer Loan Program Trust Series 2025-2, Class B, ABS,<br>4.97%, 6/25/2034 (a)<br>| &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5536113 |
| Sound Point CLO II Ltd. Series 2013-1A, Class A1R, 3 mo. USD Term SOFR + 1.33%,<br>5.61%, 1/26/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122754 |
| Sound Point CLO XVIII Ltd. Series 2017-4A, Class C, 3 mo. USD Term SOFR + 2.76%,<br>7.03%, 1/21/2031 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459200 |
| Sound Point CLO XX Ltd. Series 2018-2A, Class C, 3 mo. USD Term SOFR + 2.21%,<br>6.49%, 7/26/2031 (a) (b)<br>| &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;498800 |
| Sound Point CLO XXIII Series 2019-2A, Class AR, ABS, 3 mo. USD Term SOFR + 1.43%,<br>5.69%, 7/15/2034 (a) (b)<br>| &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;849235 |
| Sound Point CLO XXIII Ltd. Series 2019-2A, Class ER, 3 mo. USD Term SOFR + 6.73%,<br>10.99%, 7/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886258 |
| Sound Point CLO XXVI Ltd. Series 2020-1A, Class DR, 3 mo. USD Term SOFR + 3.61%,<br>7.88%, 7/20/2034 (a) (b)<br>| &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;490398 |
| Sound Point CLO XXVIII Ltd. Series 2020-3A, Class D, ABS, 3 mo. USD Term SOFR + 3.91%,<br>8.19%, 1/25/2032 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980516 |
| Sound Point CLO XXXIII Ltd. Series 2022-1A, Class D, ABS, 3 mo. USD Term SOFR + 3.30%,<br>7.58%, 4/25/2035 (a) (b)<br>| &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;668780 |
| Start II Ltd. Series 2019-1, Class A,<br>4.09%, 3/15/2044 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363077 |
| Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 1 mo. USD Term SOFR + 0.45%,<br>4.77%, 12/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395663 |
| Subway Funding LLC Series 2024-1A, Class A23,<br>6.51%, 7/30/2054 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520050 |
| Sunrun Demeter Issuer LLC Series 2021-2A, Class A,<br>2.27%, 1/30/2057 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080938 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Switch ABS Issuer LLC Series 2024-2A, Class B,<br>6.20%, 6/25/2054 (a)<br>| &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3033088 |
| Textainer Marine Containers VII Ltd. Series 2024-1A, Class A,<br>5.25%, 8/20/2049 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940443 |
| Theorem Funding Trust Series 2023-1A, Class A,<br>7.58%, 4/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400922 |
| THL Credit Wind River CLO Ltd. Series 2017-3A, Class AR, ABS, 3 mo. USD Term SOFR + 1.41%,<br>5.67%, 4/15/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151075 |
| TIF Funding II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, ABS, 1.65%, 2/20/2046 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, ABS, 2.54%, 2/20/2046 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165033 |
| Trestles CLO VIII Ltd. Series 2025-8A, Class A1, ABS, 3 mo. USD Term SOFR + 1.33%,<br>5.63%, 6/11/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Tricon Residential Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A, 5.10%, 7/17/2040 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9975697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR3, Class C, 5.25%, 8/17/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828285 |
| Trimaran CAVU Ltd. Series 2021-3A, Class D, ABS, 3 mo. USD Term SOFR + 4.04%,<br>8.31%, 1/18/2035 (a) (b)<br>| &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;748696 |
| TRTX Issuer Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL4, Class A, ABS, 1 mo. USD Term SOFR + 1.31%, 5.63%, 3/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL5, Class A, 1 mo. USD Term SOFR + 1.65%, 5.96%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758623 |
| Upstart Pass-Through Trust Series 2021-ST3, Class A, ABS,<br>2.00%, 5/20/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81215 |
| Upstart Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class B, 4.48%, 3/20/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class A, 6.77%, 6/20/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class B, ABS, 5.62%, 6/20/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518755 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, CMO,<br>6.12%, 3/27/2051 (a) (f)<br>| &nbsp;&nbsp;$76593 | &nbsp;&nbsp;$76570 |
| Voya CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class BR, 3 mo. USD Term SOFR + 2.16%, 6.42%, 10/15/2030 (a) (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;997500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2A, Class BRR, 3 mo. USD Term SOFR + 2.36%, 6.64%, 4/17/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249250 |
| VR Funding LLC Series 2020-1A, Class B,<br>4.22%, 11/15/2050 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720135 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A, Class A1, ABS, 3 mo. USD Term SOFR + 1.43%,<br>5.70%, 7/20/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A2, 1 mo. USD Term SOFR + 0.55%,<br>4.87%, 2/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843794 |
| Wellfleet CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A, Class CR, 3 mo. USD Term SOFR + 2.56%, 6.82%, 7/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1RN, ABS, 3 mo. USD Term SOFR + 1.42%, 5.68%, 7/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001500 |
| Wind River CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class D1R, 3 mo. USD Term SOFR + 3.95%, 8.22%, 7/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class D1AR, ABS, 3 mo. USD Term SOFR + 3.00%, 7.27%, 4/20/2038 (a) (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;988027 |
| Zayo Issuer LLC Series 2025-1A, Class B, ABS,<br>6.09%, 3/20/2055 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796344 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $450,230,371)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438934211 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.2%** |  |  |
| **COLOMBIA — 0.0% <sup>\*</sup>** | **COLOMBIA — 0.0% <sup>\*</sup>** | **COLOMBIA — 0.0% <sup>\*</sup>** |
| Colombia Government International Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/25/2027<br>| &nbsp;&nbsp;$400000 | &nbsp;&nbsp;$391809 |
| &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;&nbsp;&nbsp;&nbsp;968183 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/2045<br>| &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;135092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495084 |
| **DOMINICAN REPUBLIC — 0.0% <sup>\*</sup>** | **DOMINICAN REPUBLIC — 0.0% <sup>\*</sup>** | **DOMINICAN REPUBLIC — 0.0% <sup>\*</sup>** |
| Dominican Republic International Bonds<br>5.50%, 2/22/2029<br>| &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;497366 |
| **GUATEMALA — 0.1%** | **GUATEMALA — 0.1%** | **GUATEMALA — 0.1%** |
| Guatemala Government Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 6/5/2027<br>| &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;589725 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/3/2026<br>| &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;198010 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/13/2028<br>| &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;197322 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 8/10/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572037 |
| **MEXICO — 0.1%** | **MEXICO — 0.1%** | **MEXICO — 0.1%** |
| Mexico Government International Bonds<br>6.34%, 5/4/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839329 |
| **MOROCCO — 0.0% <sup>\*</sup>** | **MOROCCO — 0.0% <sup>\*</sup>** | **MOROCCO — 0.0% <sup>\*</sup>** |
| Morocco Government International Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 12/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131647 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/2032<br>| &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;253766 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2050<br>| &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;136251 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 3/8/2028<br>| &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;204748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726412 |
| **PARAGUAY — 0.0% <sup>\*</sup>** | **PARAGUAY — 0.0% <sup>\*</sup>** | **PARAGUAY — 0.0% <sup>\*</sup>** |
| Paraguay Government International Bonds<br>4.70%, 3/27/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984156 |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS<br>(Cost $9,892,202)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114384 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **COMMON STOCKS — 0.0% <sup>\*</sup>** |  |
| **NETHERLANDS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stichting Administratiekantoor (d) (g)<br>| 972 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **UNITED STATES — 0.0% <sup>\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Services International LLC (d) (g)<br>| &nbsp;&nbsp;7665 | &nbsp;&nbsp;$153300 |
| **TOTAL COMMON STOCKS<br>(Cost $15,733)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153300 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** |  |
| **SENIOR FLOATING RATE LOANS — 1.0%** |  |  |
| **ADVERTISING SERVICES — 0.0% <sup>\*</sup>** | **ADVERTISING SERVICES — 0.0% <sup>\*</sup>** | **ADVERTISING SERVICES — 0.0% <sup>\*</sup>** |
| CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.50%, 7.90%, 6/18/2029 (b)<br>| $30285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29429 |
| **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** | **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** | **AEROSPACE & DEFENSE — 0.0% <sup>\*</sup>** |
| Air Comm Corp. LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.30%, 12/11/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317665 | &nbsp;&nbsp;&nbsp;&nbsp;319651 |
| Dynasty Acquisition Co., Inc.: |  |  |
| 2024 1st Lien Term Loan B1, 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136956 | &nbsp;&nbsp;&nbsp;&nbsp;137173 |
| 2024 1st Lien Term Loan B2, 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52176 |
| Kaman Corp., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/26/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383793 | &nbsp;&nbsp;&nbsp;&nbsp;383824 |
| TransDigm, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 2.50%, 6.80%, 1/19/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258050 | &nbsp;&nbsp;&nbsp;&nbsp;258730 |
|  |  | &nbsp;&nbsp;1151554 |
| **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** |
| Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/25/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237130 | &nbsp;&nbsp;&nbsp;&nbsp;234166 |
| **AIRLINES — 0.0% <sup>\*</sup>** | **AIRLINES — 0.0% <sup>\*</sup>** | **AIRLINES — 0.0% <sup>\*</sup>** |
| American Airlines, Inc.: |  |  |
| 2025 Term Loan, 3 mo. USD Term SOFR + 2.25%, 6.52%, 4/20/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201500 | &nbsp;&nbsp;&nbsp;&nbsp;200477 |
| 2025 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.56%, 5/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;141085 |
| WestJet Loyalty LP, Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.55%, 2/14/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;438202 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **APPAREL — 0.0% <sup>\*</sup>** | **APPAREL — 0.0% <sup>\*</sup>** | **APPAREL — 0.0% <sup>\*</sup>** |
| ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 12/21/2028 (b)<br>| &nbsp;&nbsp;$29775 | &nbsp;&nbsp;$29796 |
| Beach Acquisition Bidco LLC, USD Term Loan B (h)<br>| &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;90562 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120358 |
| **AUTO PARTS & EQUIPMENT — 0.1%** | **AUTO PARTS & EQUIPMENT — 0.1%** | **AUTO PARTS & EQUIPMENT — 0.1%** |
| Clarios Global LP: |  |  |
| 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.83%, 5/6/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406295 |
| 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/28/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002190 |
| DexKo Global, Inc., 2021 USD Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.19%, 10/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514840 |
| **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** |
| Sazerac Co., Inc., Term Loan B (h)<br>| &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;60075 |
| **BUILDING MATERIALS — 0.0% <sup>\*</sup>** | **BUILDING MATERIALS — 0.0% <sup>\*</sup>** | **BUILDING MATERIALS — 0.0% <sup>\*</sup>** |
| Chamberlain Group, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.68%, 11/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221309 |
| Cornerstone Building Brands, Inc.: |  |  |
| 2021 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.66%, 4/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84244 |
| 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.81%, 5/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25458 |
| EMRLD Borrower LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/4/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218273 |
| Quikrete Holdings, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.58%, 3/19/2029 (b)<br>| &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;142230 |
| Tecta America Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 2/18/2032 (b)<br>| &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;245843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937357 |
| **CAPITAL MARKETS — 0.0% <sup>\*</sup>** | **CAPITAL MARKETS — 0.0% <sup>\*</sup>** | **CAPITAL MARKETS — 0.0% <sup>\*</sup>** |
| Focus Financial Partners LLC, 2025 Incremental Term Loan B (h)<br>| &nbsp;&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;&nbsp;64935 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** |
| ECO Services Operations Corp., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.28%, 6/12/2031 (b)<br>| &nbsp;&nbsp;$287360 | &nbsp;&nbsp;$285975 |
| Hexion Holdings Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.31%, 3/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175499 |
| INEOS Quattro Holdings U.K. Ltd.: |  |  |
| 2023 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.68%, 4/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58402 |
| 2024 USD Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.58%, 10/7/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146234 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 2/18/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373638 |
| Natgasoline LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 5.50%, 9.83%, 3/29/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59401 |
| Nouryon Finance BV, 2024 USD Term Loan B1, 3 mo. USD Term SOFR + 3.25%, 7.51%, 4/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180611 |
| Vantage Specialty Chemicals, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 4.75%, 9.03%, 10/26/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196913 |
| WR Grace & Co-Conn., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.55%, 9/22/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581686 |
| **COMMERCIAL SERVICES — 0.1%** | **COMMERCIAL SERVICES — 0.1%** | **COMMERCIAL SERVICES — 0.1%** |
| Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.18%, 5/12/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210039 |
| APi Group DE, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 1.75%, 6.08%, 1/3/2029 (b)<br>| &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;&nbsp;&nbsp;85115 |
| Camelot U.S. Acquisition LLC: |  |  |
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344414 |
| 2025 Incremental Term Loan B (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130244 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 10/1/2031 (b)<br>| &nbsp;&nbsp;$29862 | &nbsp;&nbsp;$29985 |
| EAB Global, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/16/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257435 |
| Eagle Parent Corp., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.55%, 4/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233980 |
| Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.05%, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231693 |
| Garda World Security Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179442 |
| Grant Thornton Advisors LLC: |  |  |
| 2025 Delayed Draw Term Loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068 |
| 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/2/2031 (b)<br>| &nbsp;&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;&nbsp;65187 |
| 2025 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/2/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226457 |
| Herc Holdings, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.32%, 6/2/2032 (b)<br>| &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;50250 |
| Homeserve USA Holding Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.32%, 10/21/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108863 |
| Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.33%, 5/4/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44922 |
| Mister Car Wash Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.83%, 3/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46256 |
| Prime Security Services Borrower LLC, 2025 Incremental Term Loan B (h)<br>| &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;198646 |
| Rent-A-Center, Inc., 2021 First Lien Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.03%, 2/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155453 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.58%, 3/4/2028 (b)<br>| &nbsp;&nbsp;$40240 | &nbsp;&nbsp;$35462 |
| Trans Union LLC, 2024 Term Loan B8, 1 mo. USD Term SOFR + 1.75%, 6.08%, 6/24/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109160 |
| Veritiv Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.30%, 11/30/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84976 |
| Vestis Corp., Term Loan, 3 mo. USD Term SOFR + 2.25%, 6.58%, 2/22/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137758 |
| VT Topco, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/9/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086650 |
| **COMMUNICATIONS EQUIPMENT — 0.0% <sup>\*</sup>** | **COMMUNICATIONS EQUIPMENT — 0.0% <sup>\*</sup>** | **COMMUNICATIONS EQUIPMENT — 0.0% <sup>\*</sup>** |
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.44%, 3/9/2027 (b)<br>| &nbsp;&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;&nbsp;9538 |
| **COMPUTERS — 0.0% <sup>\*</sup>** | **COMPUTERS — 0.0% <sup>\*</sup>** | **COMPUTERS — 0.0% <sup>\*</sup>** |
| Access CIG LLC, 2023 Term Loan, 6 mo. USD Term SOFR + 4.25%, 8.38%, 8/18/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74620 |
| Amentum Government Services Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 9/29/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259646 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 3/20/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105270 |
| McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285929 |
| Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861945 |
| **CONSTRUCTION & ENGINEERING — 0.0% <sup>\*</sup>** | **CONSTRUCTION & ENGINEERING — 0.0% <sup>\*</sup>** | **CONSTRUCTION & ENGINEERING — 0.0% <sup>\*</sup>** |
| Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.78%, 8/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125072 |
| Brown Group Holding LLC, 2022 Incremental Term Loan B2 (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64988 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Construction Partners, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.83%, 11/3/2031 (b)<br>| &nbsp;&nbsp;$228850 | &nbsp;&nbsp;$229851 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.52%, 10/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256031 |
| DG Investment Intermediate Holdings 2, Inc.: |  |  |
| 2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 6.75%, 11.19%, 3/30/2029 (b)<br>| &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;59794 |
| 2021 Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.94%, 3/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055896 |
| **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** | **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** | **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** |
| Quikrete Holdings, Inc.: |  |  |
| 2025 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/10/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249344 |
| 2025 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.58%, 4/14/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288821 |
| **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** | **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** | **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** |
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.18%, 7.50%, 4/13/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143693 |
| Klockner-Pentaplast of America, Inc., 2021 Term Loan B, 6 mo. USD Term SOFR + 4.73%, 9.23%, 2/12/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118482 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.33%, 2/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189993 |
| Pretium Packaging LLC, First Out Term Loan A, 3 mo. USD Term SOFR + 3.75%, 1.25%, 10/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56149 |
| Pretium PKG Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.75%, 11.31%, 10/1/2029 (b)<br>| &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;7808 |
| TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.69%, 3/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114413 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.75%, 8.05%, 9/15/2028 (b)<br>| &nbsp;&nbsp;$234748 | &nbsp;&nbsp;$230963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861501 |
| **DISTRIBUTION/WHOLESALE — 0.0% <sup>\*</sup>** | **DISTRIBUTION/WHOLESALE — 0.0% <sup>\*</sup>** | **DISTRIBUTION/WHOLESALE — 0.0% <sup>\*</sup>** |
| BCPE Empire Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 12/11/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628249 |
| Olympus Water U.S. Holding Corp., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.30%, 6/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977148 |
| **DIVERSIFIED FINANCIAL SERVICES — 0.1%** | **DIVERSIFIED FINANCIAL SERVICES — 0.1%** | **DIVERSIFIED FINANCIAL SERVICES — 0.1%** |
| Allspring Buyer LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.30%, 11/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387623 |
| Astra Acquisition Corp., 2021 2nd Lien Term Loan (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
| Colossus Acquireco LLC, Term Loan B (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387904 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, 1 mo. USD Term SOFR + 1.75%, 6.08%, 4/28/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59775 |
| CPI Holdco B LLC: |  |  |
| 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 5/17/2031 (b)<br>| &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;115036 |
| 2024 Term Loan, 1 mo. USD Term SOFR + 2.00%, 6.33%, 5/19/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134165 |
| Edelman Financial Center LLC: |  |  |
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.58%, 10/6/2028 (b)<br>| &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;115618 |
| 2024 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.33%, 4/7/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179948 |
| Eisner Advisory Group LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.33%, 2/28/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232968 |
| GC Ferry Acquisition I, Inc.: |  |  |
| Delayed Draw Term Loan (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28674 |
| Term Loan (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168057 |
| Hightower Holding LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.26%, 2/3/2032 (b)<br>| &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;244797 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Pretzel Parent, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.83%, 10/1/2031 (b)<br>| &nbsp;&nbsp;$39900 | &nbsp;&nbsp;$39671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095069 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** |
| Altice France SA, 2023 USD Term Loan B14, 3 mo. USD Term SOFR + 5.50%, 9.76%, 8/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205204 |
| CommScope, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.58%, 12/17/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222573 |
| Cyxtera DC Holdings, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.00%, 10.50%, 1/16/2026 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| GOGO Intermediate Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.19%, 4/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92447 |
| Lumen Technologies, Inc., 2024 Extended Term Loan B1, 1 mo. USD Term SOFR + 2.35%, 6.79%, 4/16/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73346 |
| Zayo Group Holdings, Inc., 2022 USD Incremental Term Loan B (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742520 |
| **ELECTRIC — 0.0% <sup>\*</sup>** | **ELECTRIC — 0.0% <sup>\*</sup>** | **ELECTRIC — 0.0% <sup>\*</sup>** |
| Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.33%, 9/30/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352876 |
| Compass Power Generation LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 4/14/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277661 |
| Hamilton Projects Acquiror LLC: |  |  |
| 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 5/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57563 |
| 2025 Repriced Term Loan B (h)<br>| &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;40183 |
| Lightning Power LLC, Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.55%, 8/18/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927375 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** |
| Minimax Viking GmbH, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 3/17/2032 (b)<br>| &nbsp;&nbsp;$75000 | &nbsp;&nbsp;$75422 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Bally's Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.78%, 10/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132039 |
| Caesars Entertainment, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/6/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381599 |
| Crown Finance U.S., Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 5.25%, 9.57%, 12/2/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199199 |
| Everi Holdings, Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 1.50%, 9.00%, 8/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107261 |
| Flutter Financing BV, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.30%, 6/4/2032 (b)<br>| &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;55069 |
| Motion Finco Sarl, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.80%, 11/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105815 |
| Ontario Gaming GTA LP, Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.55%, 8/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141820 |
| OVG Business Services LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/25/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173906 |
| Six Flags Entertainment Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.33%, 5/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119315 |
| UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.57%, 11/21/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189970 |
| Voyager Parent LLC, Term Loan B (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992526 |
| **ENVIRONMENTAL CONTROL — 0.0% <sup>\*</sup>** | **ENVIRONMENTAL CONTROL — 0.0% <sup>\*</sup>** | **ENVIRONMENTAL CONTROL — 0.0% <sup>\*</sup>** |
| Harsco Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.69%, 6/9/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103929 |
| Madison IAQ LLC: |  |  |
| 2025 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.56%, 5/6/2032 (b)<br>| &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;90356 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Term Loan, 6 mo. USD Term SOFR + 2.50%, 6.76%, 6/21/2028 (b)<br>| &nbsp;&nbsp;$369495 | &nbsp;&nbsp;$370187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564472 |
| **FOOD PRODUCTS — 0.0% <sup>\*</sup>** | **FOOD PRODUCTS — 0.0% <sup>\*</sup>** | **FOOD PRODUCTS — 0.0% <sup>\*</sup>** |
| Aspire Bakeries Holdings LLC, Term Loan, 1 mo. USD Term SOFR + 4.25%, 7.82%, 12/23/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200021 |
| Golden State Foods LLC, Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.56%, 12/4/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159765 |
| Sauer Brands, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 2/19/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193291 |
| United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.75%, 9.08%, 5/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642512 |
| **HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.0% <sup>\*</sup>** | **HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.0% <sup>\*</sup>** | **HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.0% <sup>\*</sup>** |
| Madison Safety & Flow LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 9/26/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134444 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% <sup>\*</sup>** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% <sup>\*</sup>** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% <sup>\*</sup>** |
| Bausch & Lomb Corp.: |  |  |
| 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.33%, 9/29/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142760 |
| 2025 Term Loan B (h)<br>| &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;326017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468777 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.1%** | **HEALTH CARE PROVIDERS & SERVICES — 0.1%** | **HEALTH CARE PROVIDERS & SERVICES — 0.1%** |
| ADMI Corp.: |  |  |
| 2021 Incremental Term Loan B3, 1 mo. USD Term SOFR + 3.75%, 8.19%, 12/23/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135834 |
| 2023 Term Loan B5, 1 mo. USD Term SOFR + 5.75%, 10.08%, 12/23/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191484 |
| Aveanna Healthcare LLC: |  |  |
| 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.00%, 11.48%, 12/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69218 |
| 2021 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.18%, 7/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309961 |
| Fortrea Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.08%, 7/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12419 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.01%, 5/19/2031 (b)<br>| &nbsp;&nbsp;$216537 | &nbsp;&nbsp;$214573 |
| Radiology Partners, Inc., 2025 Term Loan (h)<br>| &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;228419 |
| Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.25%, 9.53%, 3/2/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268367 |
| **HOME FURNISHINGS — 0.0% <sup>\*</sup>** | **HOME FURNISHINGS — 0.0% <sup>\*</sup>** | **HOME FURNISHINGS — 0.0% <sup>\*</sup>** |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.32%, 7/31/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747908 |
| **HOUSEHOLD PRODUCTS — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS — 0.0% <sup>\*</sup>** |
| Kronos Acquisition Holdings, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.30%, 7/8/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36699 |
| **HOUSEWARES — 0.0% <sup>\*</sup>** | **HOUSEWARES — 0.0% <sup>\*</sup>** | **HOUSEWARES — 0.0% <sup>\*</sup>** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.55%, 1/20/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122700 |
| Springs Windows Fashions LLC, 2024 First Lien Second Out TL A2, 1 mo. USD Term SOFR + 4.00%, 8.44%, 10/6/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169866 |
| **INSURANCE — 0.1%** | **INSURANCE — 0.1%** | **INSURANCE — 0.1%** |
| Acrisure LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.58%, 6/4/2032 (b)<br>| &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;95000 |
| Alera Group, Inc.: |  |  |
| 2025 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.50%, 9.83%, 5/30/2033 (b)<br>| &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;56134 |
| 2025 Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.55%, 5/31/2032 (b)<br>| &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;140577 |
| Ardonagh Midco 3 PLC, 2024 USD Term Loan B, 6 mo. USD Term SOFR + 3.75%, 7.05%, 2/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196872 |
| Asurion LLC: |  |  |
| 2021 2nd Lien Term Loan B3, 1 mo. USD Term SOFR + 5.25%, 9.69%, 1/31/2028 (b)<br>| &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;105497 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.25%, 9.69%, 1/20/2029 (b)<br>| &nbsp;&nbsp;$105000 | &nbsp;&nbsp;$97691 |
| 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.25%, 8.68%, 8/19/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123101 |
| 2025 Term Loan B13, 1 mo. USD Term SOFR + 4.25%, 8.58%, 9/19/2030 (b)<br>| &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;53501 |
| BroadStreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/13/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228416 |
| OneDigital Borrower LLC, 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.58%, 7/2/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34851 |
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 7/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294171 |
| Trucordia Insurance Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.56%, 6/14/2032 (b)<br>| &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;175547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601358 |
| **INTERNET & TELECOM — 0.0% <sup>\*</sup>** | **INTERNET & TELECOM — 0.0% <sup>\*</sup>** | **INTERNET & TELECOM — 0.0% <sup>\*</sup>** |
| Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.68%, 12/6/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93537 |
| CNT Holdings I Corp., 2025 Term Loan, 3 mo. USD Term SOFR + 2.50%, 6.78%, 11/8/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131356 |
| Endure Digital, Inc., Non-CoOp Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.93%, 2/10/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55472 |
| I-Logic Technologies Bidco Ltd., 2024 Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.05%, 2/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168306 |
| ION Trading Technologies SARL, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.80%, 4/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86938 |
| MH Sub I LLC, 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.25%, 8.58%, 12/31/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202156 |
| Proofpoint, Inc., 2024 Term Loan (h)<br>| &nbsp;&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;&nbsp;15027 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| PUG LLC, 2024 Extended Term Loan B, 1 mo. USD Term SOFR + 4.75%, 9.08%, 3/15/2030 (b)<br>| &nbsp;&nbsp;$254409 | &nbsp;&nbsp;$247624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000416 |
| **LEISURE TIME — 0.0% <sup>\*</sup>** | **LEISURE TIME — 0.0% <sup>\*</sup>** | **LEISURE TIME — 0.0% <sup>\*</sup>** |
| ClubCorp Holdings, Inc., 2023 Term Loan B2, 3 mo. USD Term SOFR + 5.00%, 9.56%, 9/18/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164904 |
| GBT U.S. III LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.78%, 7/28/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154674 |
| LC AHAB U.S. Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 5/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328067 |
| Life Time Fitness, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.54%, 11/5/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159817 |
| Sabre GLBL, Inc.: |  |  |
| 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.50%, 7.94%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73410 |
| 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.50%, 7.94%, 12/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66419 |
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 6.00%, 10.43%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105765 |
| 2024 Term Loan B2, 1 mo. USD Term SOFR + 6.00%, 10.43%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43936 |
| Travelport Finance Luxembourg SARL, 2020 Super Priority Term Loan, 3 mo. USD Term SOFR + 7.89%, 2.18%, 9/30/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156125 |
| **LODGING — 0.0% <sup>\*</sup>** | **LODGING — 0.0% <sup>\*</sup>** | **LODGING — 0.0% <sup>\*</sup>** |
| Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.83%, 1/27/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352033 |
| Station Casinos LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.33%, 3/14/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436214 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MACHINERY — 0.0% <sup>\*</sup>** | **MACHINERY — 0.0% <sup>\*</sup>** | **MACHINERY — 0.0% <sup>\*</sup>** |
| Titan Acquisition Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.80%, 2/15/2029 (b)<br>| &nbsp;&nbsp;$260455 | &nbsp;&nbsp;$261477 |
| **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** | **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** | **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** |
| WEC U.S. Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.57%, 1/27/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407709 |
| **MEDIA — 0.1%** | **MEDIA — 0.1%** | **MEDIA — 0.1%** |
| Cengage Learning, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.83%, 3/24/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129161 |
| CSC Holdings LLC: |  |  |
| 2019 Term Loan B5, 3 mo. USD Term SOFR + 1.50%, 9.00%, 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126694 |
| 2022 Term Loan B6, 1 mo. USD Term SOFR + 4.50%, 8.81%, 1/18/2028 (b)<br>| &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;74105 |
| DirecTV Financing LLC: |  |  |
| 2024 Term Loan, 3 mo. USD Term SOFR + 5.25%, 9.79%, 8/2/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97622 |
| Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.54%, 8/2/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39715 |
| Gray Television, Inc., 2021 Term Loan D, 1 mo. USD Term SOFR + 3.00%, 7.44%, 12/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93201 |
| iHeartCommunications, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 5.78%, 10.22%, 5/1/2029 (b)<br>| &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;61037 |
| NEP Group, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 1.50%, 1.50%, 8/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194819 |
| Radiate Holdco LLC/Radiate Finance, Inc., 2025 First Lien First Out Term Loan 4.50%, 9/25/2029 (a)<br>| &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;77120 |
| Townsquare Media, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.32%, 2/19/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62954 |
| United Talent Agency LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.81%, 6/10/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84466 |
| Univision Communications, Inc., 2022 First Lien Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.55%, 6/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190157 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.18%, 7.37%, 3/31/2031 (b)<br>| &nbsp;&nbsp;$162218 | &nbsp;&nbsp;$160365 |
| Ziggo Financing Partnership, USD Term Loan I, 1 mo. USD Term SOFR + 2.50%, 6.93%, 4/30/2028 (b)<br>| &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;&nbsp;83233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474649 |
| **METAL FABRICATE & HARDWARE — 0.0% <sup>\*</sup>** | **METAL FABRICATE & HARDWARE — 0.0% <sup>\*</sup>** | **METAL FABRICATE & HARDWARE — 0.0% <sup>\*</sup>** |
| Tiger Acquisition LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231426 |
| **METALS & MINING — 0.0% <sup>\*</sup>** | **METALS & MINING — 0.0% <sup>\*</sup>** | **METALS & MINING — 0.0% <sup>\*</sup>** |
| Arsenal AIC Parent LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.08%, 8/19/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59581 |
| **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** | **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** | **OIL, GAS & CONSUMABLE FUELS — 0.0% <sup>\*</sup>** |
| Apro LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.06%, 7/9/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218077 |
| Par Petroleum LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.01%, 2/28/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48540 |
| Waterbridge Midstream Operating LLC, 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 4.75%, 9.31%, 6/27/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423696 |
| **PERSONAL PRODUCTS — 0.0% <sup>\*</sup>** | **PERSONAL PRODUCTS — 0.0% <sup>\*</sup>** | **PERSONAL PRODUCTS — 0.0% <sup>\*</sup>** |
| Opal Bidco SAS, USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.58%, 4/28/2032 (b)<br>| &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;321701 |
| **PHARMACEUTICALS — 0.0% <sup>\*</sup>** | **PHARMACEUTICALS — 0.0% <sup>\*</sup>** | **PHARMACEUTICALS — 0.0% <sup>\*</sup>** |
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.25%, 10.56%, 10/8/2030 (b)<br>| &nbsp;&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;&nbsp;77331 |
| Curium Bidco SARL, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.80%, 7/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100443 |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.40%, 10/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315766 |
| Vizient, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.08%, 8/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675015 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PIPELINES — 0.0% <sup>\*</sup>** | **PIPELINES — 0.0% <sup>\*</sup>** | **PIPELINES — 0.0% <sup>\*</sup>** |
| BCP Renaissance Parent LLC, 2024 Term Loan B3, 3 mo. USD Term SOFR + 3.00%, 7.30%, 10/31/2028 (b)<br>| &nbsp;&nbsp;$192628 | &nbsp;&nbsp;$193441 |
| Brazos Delaware II LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/11/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 |
| CPPIB Capital, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.05%, 8/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133895 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.52%, 12/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170368 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.28%, 10/4/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117434 |
| WaterBridge Midstream Operating LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.30%, 5/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129186 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.57%, 6/16/2032 (b)<br>| &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;40033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789171 |
| **REAL ESTATE — 0.0% <sup>\*</sup>** | **REAL ESTATE — 0.0% <sup>\*</sup>** | **REAL ESTATE — 0.0% <sup>\*</sup>** |
| CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.94%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55242 |
| **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.0% <sup>\*</sup>** | **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.0% <sup>\*</sup>** | **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.0% <sup>\*</sup>** |
| Starwood Property Trust, Inc.: |  |  |
| 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 11/18/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124334 |
| 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.58%, 1/2/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217824 |
| **RETAIL — 0.1%** | **RETAIL — 0.1%** | **RETAIL — 0.1%** |
| Burlington Coat Factory Warehouse Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.08%, 9/24/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| EG Group Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.58%, 2/7/2028 (b)<br>| &nbsp;&nbsp;$161348 | &nbsp;&nbsp;$162283 |
| LBM Acquisition LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.16%, 6/6/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392809 |
| LSF9 Atlantis Holdings LLC, 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.55%, 3/31/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170404 |
| MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/28/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154761 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.81%, 4/17/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85810 |
| PetSmart, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174302 |
| QXO, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.30%, 4/30/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36179 |
| Staples, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.75%, 10.03%, 9/4/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96433 |
| Whatabrands LLC, 2024 1st Lien Term Loan B (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399620 |
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.58%, 10/19/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900707 |
| **SOFTWARE — 0.1%** | **SOFTWARE — 0.1%** | **SOFTWARE — 0.1%** |
| Applied Systems, Inc., 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.80%, 2/23/2032 (b)<br>| &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;&nbsp;87369 |
| Ascend Learning LLC: |  |  |
| 2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.75%, 10.18%, 12/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39979 |
| 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 12/11/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301493 |
| Boxer Parent Co., Inc.: |  |  |
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.75%, 10.08%, 7/30/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.33%, 7/30/2031 (b)<br>| &nbsp;&nbsp;$359100 | &nbsp;&nbsp;$357281 |
| Castle U.S. Holding Corp., 2025 USD FLSO Term Loan B1, 3 mo. USD Term SOFR + 4.25%, 8.84%, 5/31/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38114 |
| Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.55%, 7/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108336 |
| Clearwater Analytics LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.53%, 4/21/2032 (b)<br>| &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;100125 |
| Cloud Software Group, Inc., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.05%, 3/21/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199559 |
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.08%, 10/16/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54839 |
| Cotiviti Corp.: |  |  |
| 2024 Term Loan, 1 mo. USD Term SOFR + 2.75%, 7.07%, 5/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46892 |
| 2025 2nd Amendment Term Loan, 1 mo. USD Term SOFR + 2.75%, 7.07%, 3/26/2032 (b)<br>| &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;249115 |
| Dun & Bradstreet Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.57%, 1/18/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166728 |
| Ellucian Holdings, Inc.: |  |  |
| 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.33%, 10/9/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332026 |
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 4.75%, 9.08%, 11/22/2032 (b)<br>| &nbsp;&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;&nbsp;15338 |
| Helios Software Holdings, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.80%, 7/18/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200677 |
| MedAssets Software Intermediate Holdings, Inc.: |  |  |
| 2024 First Out Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.32%, 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16061 |
| 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.44%, 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24975 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Mitchell International, Inc.: |  |  |
| 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.58%, 6/17/2031 (b)<br>| &nbsp;&nbsp;$175868 | &nbsp;&nbsp;$175926 |
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.58%, 6/17/2032 (b)<br>| &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;39510 |
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.29%, 6/2/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232119 |
| RealPage, Inc.: |  |  |
| 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.56%, 4/24/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138476 |
| 2024 Incremental Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.05%, 4/24/2028 (b)<br>| &nbsp;&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;100034 |
| Zelis Payments Buyer, Inc., 5th Amendment Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/26/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373265 |
| **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** | **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** | **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** |
| LaserShip, Inc., 2024 Third Out Term Loan E, 3 mo. USD Term SOFR + 1.50%, 6.06%, 8/10/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8865 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $38,053,933)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37534499 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **WARRANTS — 0.0% <sup>\*</sup>** |  |  |
| **UNITED STATES — 0.0% <sup>\*</sup>** |  |  |
| Avation PLC (expiring 10/31/26) (g)<br>(Cost $0)<br>| 4550 | &nbsp;&nbsp;2494 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** |  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.5%** |  |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 2/1/2052<br>| $22483819 | &nbsp;&nbsp;17889810 |
| &nbsp;&nbsp;&nbsp;&nbsp;30 day USD SOFR Average - 2.15%, 2.15%, 12/1/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10068001 | &nbsp;&nbsp;&nbsp;&nbsp;9054877 |
| &nbsp;&nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.14%, 2.23%, 7/1/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10512973 | &nbsp;&nbsp;&nbsp;&nbsp;9523965 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/1/2050<br>| &nbsp;&nbsp;$11461968 | &nbsp;&nbsp;$9602077 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14394063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12086015 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780202 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 6/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198145 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>3.00%, 11/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534214 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786892 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525398 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468914 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025429 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13745470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317647 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427944 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13340642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722205 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 3/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400408 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563089 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>3.50%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10331980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9481660 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555155 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716708 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426033 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935587 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595321 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148595 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.19%, 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659687 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646776 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 1/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17605857 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862296 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11994032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172093 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7295105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379051 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>5.50%, 7/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48929831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49509097 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33367555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33652087 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26512040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26865998 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18808735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18881673 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 3/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13707410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14006559 |
| Federal Home Loan Mortgage Corp. REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3852, Class NS, CMO, IO, REMIC, 30 day USD SOFR Average - 5.89%, 1.58%, 5/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3889, Class VZ, CMO, REMIC, 4.00%, 7/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3935, Class SJ, CMO, IO, REMIC, 30 day USD SOFR Average - 6.54%, 2.23%, 5/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4319, Class ZA, 3.00%, 3/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658324 |
| &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;220373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4504, Class CA, CMO, REMIC, 3.00%, 4/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115538 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **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;$3680329 | &nbsp;&nbsp;$3497365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4792, Class A, CMO, REMIC, 3.00%, 5/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4998, Class KF, 30 day USD SOFR Average + 0.35%, 4.66%, 8/25/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5023, Class HI, CMO, IO, 3.00%, 10/25/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5109, Class BI, CMO, IO, 3.50%, 5/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15691031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5127, Class AI, CMO, IO, 3.00%, 6/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20692135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5130, Class SD, CMO, IO, 2.60% - 30 day USD SOFR Average, Floor 0.00%, 0.00%, 8/25/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66552130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5131, Class IG, 3.50%, 8/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5152, Class MZ, CMO, 2.50%, 10/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5154, Class DI, CMO, IO, 2.50%, 1/25/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16311376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5198, Class KZ, CMO, 2.00%, 2/25/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19085607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5243, Class IB, 3.00%, 1/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15095926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5250, Class NH, 3.00%, 8/25/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8559313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5478, Class FE, CMO, 30 day USD SOFR Average + 1.45%, 5.76%, 2/25/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14067737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5515, Class FB, CMO, 30 day USD SOFR Average + 1.40%, 5.71%, 3/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19643968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19655942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5539, Class FC, CMO, 30 day USD SOFR Average + 1.50%, 5.81%, 5/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28322143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28405619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5543, Class FM, CMO, 30 day USD SOFR Average + 1.50%, 5.81%, 6/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428649 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA4, Class M2, CMO, 30 day USD SOFR Average + 2.35%, 6.66%, 12/25/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067871 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.75%, 8.06%, 2/25/2042 (a) (b)<br>| &nbsp;&nbsp;$9500000 | &nbsp;&nbsp;$9871868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B, 30 day USD SOFR Average + 2.90%, 7.21%, 4/25/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20597173 |
| Federal Home Loan Mortgage Corp. STRIPS Series 326, Class 300, CMO, 3.00%, 3/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909615 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.98%, 10/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18991059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15892569 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313794 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448941 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12751865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806988 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11544857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9667940 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424554 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 3/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22858282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19384721 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8439252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087087 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826819 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935890 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325613 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 3/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640964 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642839 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57226 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962205 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314605 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705922 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244533 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788478 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543297 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21187428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18585988 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13975612 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 6/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30962438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27003595 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879859 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493477 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330196 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908605 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142146 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718246 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600418 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11093413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10904942 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419205 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19411169 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 8/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9719448 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.33%, 12/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077555 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>4.50%, 3/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558447 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179834 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237332 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355060 |
| &nbsp;&nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.27%, 4.54%, 3/1/2053 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17581841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358522 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/2052<br>| &nbsp;&nbsp;$7362972 | &nbsp;&nbsp;$7257221 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10133657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983409 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238031 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17173912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17393820 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24148468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24451676 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31582646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31977176 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 2/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24340725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24609508 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19363336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620256 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>5.76%, 4/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15583411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433564 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 3/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20589238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21288190 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16508904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17069727 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>6.00%, 2/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22197457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22840402 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 6/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10947982 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R02, Class 2M2, CMO, 30 day USD SOFR Average + 3.00%, 7.31%, 1/25/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12273616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2, 30 day USD SOFR Average + 3.35%, 7.66%, 1/25/2043 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14090429 |
| Federal National Mortgage Association REMICS: |  |  |
| &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;&nbsp;&nbsp;&nbsp;752231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-51, Class CI, CMO, IO, REMIC, 30 day USD SOFR Average - 5.89%, 1.58%, 6/25/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135717 |
| &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;1175284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-151, Class SB, CMO, REMIC, 30 day USD SOFR Average - 5.83%, 0.00%, 1/25/2043 (b)<br>| &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;11044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-114, Class HZ, CMO, REMIC, 3.00%, 11/25/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17960971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16664992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-30, Class PS, CMO, REMIC, 30 day USD SOFR Average - 5.83%, 0.00%, 4/25/2043 (b)<br>| &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;418084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18, Class LZ, 3.00%, 4/25/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805676 |
| &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;1788877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class LA, 4.00%, 2/25/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12839665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10882659 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-47, Class GL, CMO, 2.00%, 5/25/2046<br>| &nbsp;&nbsp;$7167597 | &nbsp;&nbsp;$6456902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-96, Class HI, CMO, IO, 3.00%, 1/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-95, Class ZV, CMO, 2.50%, 1/25/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18798107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11079914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-100, Class FD, CMO, 30 day USD SOFR Average + 1.45%, 5.76%, 6/25/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-103, Class FM, CMO, 30 day USD SOFR Average + 1.50%, 5.81%, 1/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18634881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18780746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-42, Class FE, CMO, 30 day USD SOFR Average + 1.55%, 5.86%, 6/25/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9861516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921087 |
| Federal National Mortgage Association-ACES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M10, Class AQ2, 3.80%, 11/25/2045 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M32, Class X2, IO, VRN, 1.24%, 10/25/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72409147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M12, 1.41%, 7/25/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97257644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M13, Class X1, IO, VRN, 1.24%, 6/25/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62887006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259690 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 3/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299828 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/20/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19414653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17017609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-143, IO, VRN, 0.97%, 10/16/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80318816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-40, IO, VRN, 0.82%, 2/16/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68914690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-57, Class AI, 2.00%, 2/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7632960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-60, IO, VRN, 0.83%, 5/16/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54037432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-79, IO, 0.88%, 8/16/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75152565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-80, IO, VRN, 0.90%, 12/16/2062 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85151418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-85, IO, VRN, 0.69%, 3/16/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96472943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-99, IO, VRN, 0.58%, 5/16/2061 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40026396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-91, 0.43%, 7/16/2064 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78718007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-100, Class AI, 0.74%, 10/16/2065 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60886745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908091 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-34, Class PL, CMO, REMIC, 3.00%, 3/20/2042<br>| &nbsp;&nbsp;$454961 | &nbsp;&nbsp;$449034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-43, Class PS, CMO, IO, REMIC, 1 mo. USD Term SOFR - 6.07%, 1.75%, 7/20/2042 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-116, Class HS, CMO, IO, 1 mo. USD Term SOFR - 6.09%, 1.77%, 8/20/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-173, Class SY, CMO, IO, 1 mo. USD Term SOFR - 6.19%, 1.87%, 11/20/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21929894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-173, Class TI, CMO, IO, 2.00%, 11/20/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26818827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-176, Class SL, CMO, IO, 4.89% - 1 mo. USD Term SOFR, Floor 0.00%, 0.57%, 11/20/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-185, Class SE, CMO, IO, 1 mo. USD Term SOFR - 6.19%, 1.87%, 12/20/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26754607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class IH, 2.50%, 1/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33319025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-118, Class EI, 2.50%, 7/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-125, Class SN, CMO, IO, 4.09% - 1 mo. USD Term SOFR, Floor 0.00%, 0.00%, 1/20/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-137, Class IQ, 3.00%, 8/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17891863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-159, Class IA, CMO, IO, 3.00%, 9/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-196, Class IM, 3.00%, 11/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24086897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-196, Class UI, IO, 3.00%, 11/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36670649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-30, Class KI, 3.00%, 2/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-44, Class IQ, 3.00%, 3/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13842198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class KX, 3.00%, 1/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-180, 2.50%, 6/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38078768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-61, Class EI, 3.00%, 7/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531078 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-93, CMO, IO, 3.00%, 8/20/2051<br>| &nbsp;&nbsp;$50645837 | &nbsp;&nbsp;$5613308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19, Class GI, CMO, IO, 3.00%, 11/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35536234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-24, Class DI, CMO, IO, 3.50%, 11/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9969522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-79, Class CI, 3.50%, 2/20/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21750044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280783 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $1,379,337,420)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1323698795 |
| **U.S. TREASURY OBLIGATIONS — 21.4%** |  |  |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 11/30/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57410930 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 8/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59824797 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/31/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;254000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247729375 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 5/31/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64099461 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/31/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;254450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236062013 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 9/30/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92952871 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64513375 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $814,748,549)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822592822 |
| **MORTGAGE-BACKED SECURITIES — 13.0%** |  |  |
| ACREC LLC Series 2025-FL3, Class A, 1 mo. USD Term SOFR + 1.31%, 5.62%, 8/18/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374859 |
| American Home Mortgage Investment Trust Series 2007-1, Class GA1C, 1 mo. USD Term SOFR + 0.30%, 4.62%, 5/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636496 |
| Angel Oak Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7, Class A3, CMO, 5.92%, 6/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7, Class M1, CMO, 6.35%, 6/25/2070 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817945 |
| AREIT Ltd. Series 2025-CRE10, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 12/17/2029 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053732 |
| Banc of America Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-8T2, Class A4, CMO, 6.33%, 10/25/2036 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-5, Class CA1, CMO, 6.00%, 7/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252949 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| BBCMS Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C18, Class XD, 2.35%, 12/15/2055 (a) (b)<br>| &nbsp;&nbsp;$12094000 | &nbsp;&nbsp;$1657581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C29, Class A3, 5.21%, 9/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926917 |
| BCAP LLC Trust Series 2010-RR4, Class 3212, CMO, 5.81%, 1/26/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561417 |
| Benchmark Mortgage Trust Series 2024-V9, Class A3, 5.60%, 8/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868448 |
| BMO Mortgage Trust Series 2024-5C5, Class XA, 1.39%, 2/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36363398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465862 |
| BRAVO Residential Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 5.11%, 7/25/2062 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4, Class A1, 6.44%, 5/25/2063 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746026 |
| CEDR Commercial Mortgage Trust Series 2022-SNAI, Class A, 1 mo. USD Term SOFR + 0.99%, 5.30%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953596 |
| CFCRE Commercial Mortgage Trust Series 2016-C7, Class A3, 3.84%, 12/10/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261021 |
| ChaseFlex Trust Series 2007-3, Class 1A2, CMO , IO, 1 mo. USD Term SOFR + 0.57%, 4.89%, 7/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987929 |
| 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;591522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-10, Class A4, 5.50%, 7/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-12, Class A9, CMO, 5.75%, 8/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3, Class A1, 6.00%, 4/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-HYB1, Class 2A1, CMO, 4.08%, 3/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770817 |
| CIM Trust Series 2023-R4, Class A1, 5.00%, 5/25/2062 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7576983 |
| Citigroup Mortgage Loan Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-10, Class 2A2A, CMO, 4.78%, 9/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249871 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-AR4, Class 1A1A, CMO, 4.74%, 3/25/2037 (b)<br>| &nbsp;&nbsp;$1066518 | &nbsp;&nbsp;$869699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-AR5, Class 1A2A, CMO, 5.06%, 4/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-JL1, Class A, 2.75%, 2/27/2062 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436239 |
| CitiMortgage Alternative Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A1, Class 1A7, CMO, 6.00%, 1/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A3, Class 1A4, 5.75%, 3/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803860 |
| COLT Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A1, 2.99%, 2/25/2067 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12356738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class M1, 4.22%, 2/25/2067 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10023000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A1, 6.05%, 4/25/2068 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779703 |
| Countrywide 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;1322409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-54CB, Class 1A1, 1 mo. USD Term SOFR + 0.76%, 5.08%, 11/25/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-79CB, Class A4, CMO, 5.50%, 1/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-24CB, Class A9, CMO, 6.00%, 8/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-43CB, Class 1A12, CMO, 5.75%, 2/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-OA2, Class A1, CMO, 1 mo. USD Term SOFR + 0.53%, 4.85%, 5/20/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-16CB, Class 2A1, 1 mo. USD Term SOFR + 0.56%, 4.88%, 8/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098501 |
| Cross Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H5, Class A3, CMO, 5.86%, 7/25/2070 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H5, Class M1, CMO, VRN, 6.18%, 7/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505595 |
| CSMC Mortgage-Backed Trust Series 2006-7, Class 7A7, CMO, 6.00%, 8/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963206 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| CSMC Trust Series 2021-RPL9, Class A1, 3.78%, 2/25/2061 (a) (b)<br>| &nbsp;&nbsp;$4115019 | &nbsp;&nbsp;$4075209 |
| Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480306 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 1A4, 1 mo. USD Term SOFR + 0.75%, 5.07%, 6/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233306 |
| EFMT Series 2025-NQM2, Class A3, CMO, VRN, 5.95%, 6/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009951 |
| Ellington Financial Mortgage Trust Series 2022-3, Class A1, 5.00%, 8/25/2067 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713028 |
| Federal Home Loan Mortgage Corp. REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4432, Class JZ, 3.00%, 1/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4795, Class ZM, 3.50%, 6/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10641641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 5319, PO, 0.00%, 8/25/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5722688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971638 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class MT, CMO, 2.00%, 11/25/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class MT, CMO, 2.00%, 5/25/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830858 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2, CMO, 30 day USD SOFR Average + 1.80%, 6.11%, 8/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18035025 |
| Federal National Mortgage Association REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-110, Class CO, PO, 0.00%, 12/25/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-110, Class DO, PO, 0.00%, 11/25/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-90, Class WF, 30 day USD SOFR Average + 0.46%, 4.77%, 11/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-91, Class PB, 4.00%, 12/25/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-86, Class MA, 2.50%, 11/25/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9, Class CA, 2.00%, 3/25/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286767 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-36, 2.50%, 10/25/2052<br>| &nbsp;&nbsp;$33625531 | &nbsp;&nbsp;$5137261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-43, Class HO, PO, 0.00%, 8/25/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184664 |
| Federal National Mortgage Association-ACES Series 2022-M13, Class A1, 2.68%, 4/25/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18964341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17969329 |
| First Horizon Alternative Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-FA4, Class 1A4, 6.25%, 8/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-FA4, Class 1A7, 6.00%, 8/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597317 |
| GCAT Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class A3, CMO, 5.96%, 5/25/2070 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1, CMO, VRN, 6.33%, 5/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027243 |
| Government National Mortgage Association REMICS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2010-158, Class FA, 1 mo. USD Term SOFR + 0.56%, 4.88%, 12/20/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-99, Class LA, 2.00%, 11/20/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-91, Class FC, 1 mo. USD Term SOFR + 0.41%, 4.74%, 7/20/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6, Class LA, 3.50%, 12/20/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-129, Class YI, 2.50%, 9/20/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-181, Class QI, 3.00%, 12/20/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-84, Class NT, 1.25%, 6/20/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-139, Class IP, 3.00%, 8/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22161961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-142, 3.00%, 8/20/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19386222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210318 |
| GS Mortgage Securities Trust Series 2015-GS1, Class AS, 4.04%, 11/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912915 |
| GSR Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-OA1, Class 1A1, CMO, 1 mo. USD Term SOFR + 0.55%, 4.87%, 8/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-AR1, Class 2A1, 4.50%, 3/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160766 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| HOMES Trust Series 2023-NQM1, Class A1, 6.18%, 1/25/2068 (a) (f)<br>| &nbsp;&nbsp;$5098884 | &nbsp;&nbsp;$5096370 |
| Incref LLC Series FL1, Class A, 1 mo. USD Term SOFR + 1.73%, 6.05%, 10/19/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944543 |
| IndyMac IMJA Mortgage Loan Trust Series 2007-A4, Class A1, CMO, 6.25%, 2/25/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21708324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484890 |
| IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 3A1B, CMO, 3.55%, 4/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949518 |
| Lehman XS Trust Series 2006-GP2, Class 1A4, 1 mo. USD Term SOFR + 0.77%, 5.09%, 6/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287557 |
| LoanCore Issuer LLC Series 2025-CRE8, Class A, 1 mo. USD Term SOFR + 1.39%, 5.70%, 8/17/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057207 |
| Luminent Mortgage Trust Series 2007-1, Class 1A1, CMO, 1 mo. USD Term SOFR + 0.43%, 4.75%, 11/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5281780 |
| MF1 LLC Series 2025-FL17, Class A, 1 mo. USD Term SOFR + 1.32%, 5.63%, 2/18/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073571 |
| Morgan Stanley Capital I Trust Series 2024-NSTB, Class A, VRN, 3.90%, 9/24/2057 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858014 |
| Morgan Stanley Resecuritization Trust Series 2014-R7, Class B2, CMO, 4.20%, 1/26/2051 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15598713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14793947 |
| OBX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM12, Class A1, 5.48%, 7/25/2064 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM13, Class A2, CMO, 5.37%, 6/25/2064 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM6, Class A1, 6.45%, 2/25/2064 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM7, Class A1, 6.24%, 3/25/2064 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695265 |
| PRPM LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4, Class A1, 6.41%, 8/25/2029 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4363007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401563 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5, Class A1, CMO, 5.69%, 9/25/2029 (a) (f)<br>| &nbsp;&nbsp;$19407961 | &nbsp;&nbsp;$19482196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7, Class A1, CMO, 5.87%, 11/25/2029 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-8, Class A1, CMO, 5.90%, 12/25/2029 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18247104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18213839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A1, CMO, 6.26%, 5/25/2030 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20843871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21179770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class A1, CMO, 6.18%, 6/25/2030 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15089850 |
| RALI Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-QA7, Class A22, CMO, 5.44%, 7/25/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-QS13, Class 2A4, 5.75%, 9/25/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110723 |
| RBSGC Mortgage Loan Trust Series 2007-A, Class 2A2, 6.00%, 1/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976031 |
| Residential Asset Securitization Trust Series 2005-A16, Class A3, 6.00%, 2/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066225 |
| Starwood Ltd. Series 2021-FL2, Class A, 1 mo. USD Term SOFR + 1.31%, 5.63%, 4/18/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661131 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-8, Class 4A3, CMO, 3.25%, 9/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73490 |
| Structured Asset Mortgage Investments II Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AR3, Class M, CMO, 1 mo. USD Term SOFR + 0.79%, 5.11%, 7/19/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-AR3, Class 1A3, 1 mo. USD Term SOFR + 0.53%, 4.85%, 9/25/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464221 |
| TBW Mortgage-Backed Trust Series 2006-6, Class A2B, 6.16%, 1/25/2037 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10042361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338246 |
| UBS Commercial Mortgage Trust Series 2018-C8, Class C, 4.84%, 2/15/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792511 |
| Verus Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1, 4.13%, 2/25/2067 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13897073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13191745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3, Class A1, 5.93%, 3/25/2068 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981719 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4, Class A1, 5.81%, 5/25/2068 (a) (f)<br>| &nbsp;&nbsp;$6074598 | &nbsp;&nbsp;$6073140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A1, CMO, VRN, 5.44%, 11/25/2069 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class A1, CMO, 5.45%, 5/25/2070 (a) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24446467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24518618 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR14, Class 1A5, 4.18%, 11/25/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422080 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT 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;541840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1, Class 4CB, 6.50%, 2/25/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-5, Class 3A2, CMO, 6.50%, 7/25/2036 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-AR9, Class 2A, 1 yr. USD MTA + 0.84%, 5.24%, 11/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2, Class 1A3, CMO, 6.00%, 4/25/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-HY1, Class A3A, CMO, 1 mo. USD Term SOFR + 0.57%, 4.89%, 2/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501463 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR4, Class A1, CMO, 7.02%, 8/25/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493124 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $525,204,691)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501042113 |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 2.4%** |  |  |
| 1345 Trust Series 2025-AOA, Class A, 1 mo. USD Term SOFR + 1.60%, 5.90%, 6/15/2030 (a) (b)<br>| &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;972222 |
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class A, 1 mo. USD Term SOFR + 1.18%, 5.49%, 9/15/2034 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376983 |
| ARDN Mortgage Trust Series 2025-ARCP, Class A, 1 mo. USD Term SOFR + 1.75%, 6.05%, 6/15/2035 (a) (b)<br>| &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;972458 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Bank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK4, Class XA, IO, 1.49%, 5/15/2050 (b)<br>| &nbsp;&nbsp;$23693899 | &nbsp;&nbsp;$395021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK6, Class XA, IO, 0.92%, 7/15/2060 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41452717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN35, Class XA, IO, VRN, 1.13%, 6/15/2064 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9075032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398317 |
| Bank5: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR8, Class XA, 1.13%, 8/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45802893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR9, Class A3, 5.61%, 8/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15, Class AS, 5.76%, 6/15/2030 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382297 |
| Bank5 Trust Series 2024-5YR6, Class A3, 6.23%, 5/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926718 |
| BBCMS Mortgage Trust Series 2025-C32, Class XA, IO, VRN, 1.36%, 2/15/2062 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16040932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334366 |
| Benchmark Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B2, Class C, VRN, 4.45%, 2/15/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B19, Class XA, IO, VRN, 1.86%, 9/15/2053 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18815799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24, Class XA, IO, VRN, 1.25%, 3/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-V8, Class A1, 5.51%, 7/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-V8, Class A3, VRN, 6.19%, 7/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-V15, Class AS, 6.17%, 6/15/2058<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037579 |
| BFLD Trust Series 2025-EWEST, Class C, 1 mo. USD Term SOFR + 2.10%, 6.40%, 6/15/2042 (a) (b)<br>| &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;970841 |
| BMO Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C6, Class A3, 5.32%, 9/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C7, Class AS, VRN, 5.89%, 11/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332265 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| BX Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class E, 1 mo. USD Term SOFR + 2.11%, 6.43%, 9/15/2036 (a) (b)<br>| &nbsp;&nbsp;$639427 | &nbsp;&nbsp;$636061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-XL2, Class E, 1 mo. USD Term SOFR + 1.96%, 6.27%, 10/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-LP2, Class A, 1 mo. USD Term SOFR + 1.01%, 5.32%, 2/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIRC, Class A, 1 mo. USD Term SOFR + 1.69%, 6.00%, 8/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-GPA3, Class A, 1 mo. USD Term SOFR + 1.29%, 5.60%, 12/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295173 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OC11, Class E, 4.08%, 12/9/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class C, 1 mo. USD Term SOFR + 1.54%, 5.86%, 3/15/2030 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376802 |
| BXP Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GM, Class A, 3.38%, 6/13/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GM, Class B, VRN, 3.54%, 6/13/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059088 |
| CD Mortgage Trust Series 2017-CD4, Class XA, IO, 1.37%, 5/10/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12760893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200067 |
| CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA, IO, 1.73%, 5/10/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29839 |
| Citigroup Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC27, Class D, 4.54%, 2/10/2048 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC33, Class C, 4.72%, 9/10/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P1, Class A5, 3.72%, 9/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C1, Class A4, 3.21%, 5/10/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-GC36, Class XA, IO, 1.36%, 2/10/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18169569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-555, Class E, 3.62%, 12/10/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296643 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| COMM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR12, Class XA, IO, 0.67%, 10/10/2046 (b)<br>| &nbsp;&nbsp;$1906277 | &nbsp;&nbsp;$6174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22, Class XA, IO, 0.37%, 3/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR26, Class XA, IO, 0.99%, 10/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11081018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-DC1, Class XA, IO, 0.71%, 2/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-DC2, Class XA, IO, 1.05%, 2/10/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11685533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16595 |
| CSAIL Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C2, Class AS, 3.85%, 6/15/2057 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C4, Class XA, IO, 1.02%, 11/15/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15464818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CX10, Class XA, IO, 0.98%, 11/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46620636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class XA, IO, VRN, 1.46%, 9/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27469271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157479 |
| CSMC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B33, Class A1, 3.05%, 10/10/2043 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B33, Class A2, 3.17%, 10/10/2043 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234392 |
| Del Amo Fashion Center Trust Series 2017-AMO, Class A, 3.76%, 6/5/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915931 |
| Extended Stay America Trust Series 2021-ESH, Class A, 1 mo. USD Term SOFR + 1.19%, 5.51%, 7/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385845 |
| Grace Trust Series 2020-GRCE, Class D, VRN, 2.77%, 12/10/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985803 |
| GS Mortgage Securities Corp. Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TWR, Class A, 1 mo. USD Term SOFR + 1.20%, 5.51%, 7/15/2031 (a) (b)<br>| &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;229564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TWR, Class D, 1 mo. USD Term SOFR + 1.90%, 6.21%, 7/15/2031 (a) (b)<br>| &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;&nbsp;39039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TWR, Class E, 1 mo. USD Term SOFR + 2.40%, 6.71%, 7/15/2031 (a) (b)<br>| &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;&nbsp;64928 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TWR, Class F, 1 mo. USD Term SOFR + 3.10%, 7.41%, 7/15/2031 (a) (b)<br>| &nbsp;&nbsp;$650000 | &nbsp;&nbsp;$58493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TWR, Class G, 1 mo. USD Term SOFR + 4.22%, 8.53%, 7/15/2031 (a) (b)<br>| &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;&nbsp;52058 |
| GS Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC24, Class XA, IO, 0.40%, 9/10/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-590M, Class C, VRN, 3.93%, 10/10/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC32, Class XA, IO, 0.72%, 7/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC34, Class A4, 3.51%, 10/10/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC34, Class XA, IO, 1.33%, 10/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10203811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GS1, Class XA, IO, 0.85%, 11/10/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-GS3, Class XA, IO, 1.31%, 10/10/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22630025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS7, Class XA, IO, 1.22%, 8/10/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37942504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625374 |
| JP Morgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-JP1, Class XA, IO, 1.03%, 1/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12805553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NLP, Class A, 1 mo. USD Term SOFR + 0.85%, 5.16%, 4/15/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736427 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C25, Class XA, IO, 0.61%, 11/15/2047 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C30, Class XA, IO, 0.47%, 7/15/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C31, Class A3, 3.80%, 8/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262663 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA, IO, 1.62%, 6/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14860888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92486 |
| LSTAR Commercial Mortgage Trust Series 2017-5, Class X, IO, 1.00%, 3/10/2050 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31734115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304717 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Manhattan West Mortgage Trust Series 2020-1MW, Class C, VRN, 2.41%, 9/10/2039 (a) (b)<br>| &nbsp;&nbsp;$1300000 | &nbsp;&nbsp;$1216717 |
| MHC Trust Series 2021-MHC2, Class D, 1 mo. USD Term SOFR + 1.61%, 5.93%, 5/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688000 |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C28, Class XA, IO, 1.29%, 1/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17135712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30, Class XA, IO, 1.41%, 9/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15027333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C31, Class C, 4.40%, 11/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657363 |
| Morgan Stanley Capital I Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-UBS8, Class XA, IO, 0.99%, 12/15/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19464790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-UB12, Class XA, IO, 0.77%, 12/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42948453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-UBS9, Class A4, 3.59%, 3/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-L3, Class XA, IO, 0.73%, 11/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51991086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191354 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987187 |
| SFO Commercial Mortgage Trust Series 2021-555, Class A, 1 mo. USD Term SOFR + 1.26%, 5.58%, 5/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380907 |
| SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048<br>| &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;429841 |
| SLG Office Trust Series 2021-OVA, Class E, 2.85%, 7/15/2041 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219918 |
| SREIT Trust Series 2021-MFP, Class D, 1 mo. USD Term SOFR + 1.69%, 6.00%, 11/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400946 |
| TCO Commercial Mortgage Trust Series 2024-DPM, Class C, 1 mo. USD Term SOFR + 1.99%, 6.30%, 12/15/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376812 |
| TTAN Series 2021-MHC, Class B, 1 mo. USD Term SOFR + 1.21%, 5.53%, 3/15/2038 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491954 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| UBS Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C1, Class XA, IO, 1.62%, 6/15/2050 (b)<br>| &nbsp;&nbsp;$14637615 | &nbsp;&nbsp;$286388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C4, Class XA, IO, 1.23%, 10/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19415646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367252 |
| VEGAS Trust Series 2024-TI, Class A, 5.52%, 11/10/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969341 |
| Velocity Commercial Capital Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class M3, VRN, 3.19%, 2/25/2050 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A, VRN, 5.81%, 12/25/2054 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A, VRN, 5.87%, 6/25/2055 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555279 |
| Waterfall Commercial Mortgage Trust Series 2015-SBC5, Class A, 4.10%, 9/14/2049 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221485 |
| Wells Fargo Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C30, Class A4, 3.66%, 9/15/2058<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS2, Class XA, IO, 0.27%, 7/15/2058 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523275 | &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;Series 2015-P2, Class XA, IO, 1.05%, 12/15/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10407149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK1, Class XB, IO, VRN, 1.45%, 8/15/2049 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C33, Class XA, IO, 1.70%, 3/15/2059 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9553131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C38, Class XA, IO, 1.05%, 7/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32027254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-RC1, Class XA, IO, 1.54%, 1/15/2060 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14912740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C4, Class A3, 5.67%, 5/15/2058<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951887 |
| WHARF Commercial Mortgage Trust Series 2025-DC, Class A, VRN, 5.35%, 7/15/2040 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013702 |
| Willowbrook Mall Series 2025-WBRK, Class A, 5.87%, 3/5/2035 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438483 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $139,483,703)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90181717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 3.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (i) (j)<br>(Cost $151,157,708)<br>| &nbsp;&nbsp;151157708 | &nbsp;&nbsp;$151157708 |
| **TOTAL INVESTMENTS — 99.8%<br>(Cost $3,968,456,288)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3836276135 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987281 |
| **NET ASSETS — 100.0% <br>**  |  | &nbsp;&nbsp;$3842263416 |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 24.4% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) When-issued security.

(d) 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 June 30, 2025, total aggregate fair value of the securities is $175,951, representing less than 0.05% of the Fund's net assets.

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

(f) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of June 30, 2025. Maturity date shown is the final maturity.

(g) Non-income producing security.

(h) Position is unsettled. Contract rate was not determined at June 30, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(j) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| EMTN | Euro Medium Term Note |
| GMTN | Global Medium Term Note |
| IO | Interest Only |
| MTN | Medium Term Note |
| PIK | Payment in Kind |
| PO | Principal Only |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities |
| VRN | Variable Rate Note |

---

At June 30, 2025, the Fund had unfunded loan commitments of $80,849, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;**Unfunded Loan<br> Commitment ($)** | &nbsp;&nbsp;&nbsp;**Value ($)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation/(Depreciation) ($)** |
| Air Comm Corp. LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;26539 | &nbsp;&nbsp;&nbsp;&nbsp;26704 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| Kaman Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;36207 | &nbsp;&nbsp;&nbsp;&nbsp;36210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Sauer Brands Inc<br>| &nbsp;&nbsp;&nbsp;&nbsp;18103 | &nbsp;&nbsp;&nbsp;&nbsp;18235 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
|  | &nbsp;&nbsp;$80849 | &nbsp;&nbsp;$81149 | &nbsp;&nbsp;$300 |

---

At June 30, 2025, 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 (long) | 6970 | 09/30/2025 | $1444142655 | $1449923363 | $5780708 |
| 5 Yr. U.S. Treasury Note Futures (long) | 2450 | 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263709861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267050000 | &nbsp;&nbsp;&nbsp;&nbsp;3340139 |
| U.S. Treasury Bond Futures (long) | 3300 | 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362955463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381046875 | &nbsp;&nbsp;&nbsp;18091412 |
| Ultra U.S. Treasury Bond Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;290 | 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32836376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34546250 | &nbsp;&nbsp;&nbsp;&nbsp;1709874 |
|  |  |  |  |  | $28922133 |

---

During the year ended June 30, 2025, the average notional value related to long futures contracts was $1,992,586,544 and short futures contracts was $335,420,661.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $461841441 | $22651 | $461864092 |
| Asset-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;&nbsp;&nbsp;438934211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438934211 |
| 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;&nbsp;&nbsp;&nbsp;9114384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114384 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| U.S. Government Agency Obligations<br>| $— | $1323698795 | $— | $1323698795 |
| 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;822592822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;822592822 |
| 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;&nbsp;&nbsp;501042113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501042113 |
| 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;&nbsp;&nbsp;&nbsp;90181717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90181717 |
| 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;153300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153300 |
| 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;&nbsp;&nbsp;37534499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37534499 |
| Warrants<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;2494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 |
| Short-Term Investment<br>| &nbsp;&nbsp;151157708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;151157708 |
| **TOTAL INVESTMENTS<br>**  | $151157708 | $3684942476 | $175951 | $3836276135 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans - Unrealized Appreciation<br>| $— | $300 | $— | $300 |
| Futures Contracts - Unrealized Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;28922133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28922133 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $28922133 | $300 | $— | $28922433 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 100256362 | $100256362 | $1521687225 | $1470785879 | $— | $— | 151157708 | $151157708 | $5311669 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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;$6338388 | $3866138 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;546506739 | &nbsp;&nbsp;&nbsp;&nbsp;75426900 | &nbsp;&nbsp;&nbsp;287503101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;552845127 | &nbsp;&nbsp;&nbsp;&nbsp;79293038 | &nbsp;&nbsp;&nbsp;287503101 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 from broker — accumulated variation margin on 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;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;29061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 appreciation 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;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;158696 |
| &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;1942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40772 |
| &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;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
| &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;17779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation 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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;552895497 | &nbsp;&nbsp;&nbsp;&nbsp;79297098 | &nbsp;&nbsp;&nbsp;287731018 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48201739 | &nbsp;&nbsp;&nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;&nbsp;30268752 |
| &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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;53774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21198 |
| &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;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;48255734 | &nbsp;&nbsp;&nbsp;&nbsp;11756364 | &nbsp;&nbsp;&nbsp;&nbsp;30290049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $504639763 | $67540734 | $257440969 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $573807802 | $88004387 | $231087739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(69168039) | &nbsp;&nbsp;&nbsp;(20463653) | &nbsp;&nbsp;&nbsp;&nbsp;26353230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $504639763 | $67540734 | $257440969 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $29.14 | $32.32 | $46.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6629778 | $3673492 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;520882588 | &nbsp;&nbsp;&nbsp;&nbsp;75353748 | &nbsp;&nbsp;&nbsp;259630063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $527512366 | $79027240 | $259630063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $50427860 | $17161536 | $36260820 |

---

*See accompanying notes to financial statements.* 

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;&nbsp;$577396550 | &nbsp;&nbsp;&nbsp;&nbsp;$41432055 | &nbsp;&nbsp;$28078252 | &nbsp;&nbsp;$12125874 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$192137501 |
| &nbsp;&nbsp;&nbsp;&nbsp;74779548 | &nbsp;&nbsp;&nbsp;&nbsp;5753049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735970 | &nbsp;&nbsp;&nbsp;&nbsp;451163317 | &nbsp;&nbsp;&nbsp;&nbsp;670411068 |
| &nbsp;&nbsp;652176098 | &nbsp;&nbsp;&nbsp;&nbsp;47185104 | &nbsp;&nbsp;&nbsp;&nbsp;28622294 | &nbsp;&nbsp;&nbsp;&nbsp;12861844 | &nbsp;&nbsp;&nbsp;&nbsp;451163317 | &nbsp;&nbsp;&nbsp;&nbsp;862548569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;660844932 | &nbsp;&nbsp;&nbsp;&nbsp;48711830 | &nbsp;&nbsp;&nbsp;&nbsp;28983740 | &nbsp;&nbsp;&nbsp;&nbsp;13011794 | &nbsp;&nbsp;&nbsp;&nbsp;451258829 | &nbsp;&nbsp;&nbsp;&nbsp;862667203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;&nbsp;112926063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &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;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971693 | &nbsp;&nbsp;&nbsp;&nbsp;1770981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp;20614400 | &nbsp;&nbsp;&nbsp;&nbsp;113342664 |
| $654873239 | &nbsp;&nbsp;$46940849 | &nbsp;&nbsp;$28452048 | &nbsp;&nbsp;$13007202 | &nbsp;&nbsp;$430644429 | &nbsp;&nbsp;$749324539 |
| $650267804 | &nbsp;&nbsp;$51427343 | &nbsp;&nbsp;$31297706 | &nbsp;&nbsp;$13953699 | &nbsp;&nbsp;$453638895 | &nbsp;&nbsp;$687587143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605435 | &nbsp;&nbsp;&nbsp;&nbsp;(4486494) | &nbsp;&nbsp;&nbsp;&nbsp;(2845658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946497) | &nbsp;&nbsp;&nbsp;&nbsp;(22994466) | &nbsp;&nbsp;&nbsp;&nbsp;61737396 |
| $654873239 | &nbsp;&nbsp;$46940849 | &nbsp;&nbsp;$28452048 | &nbsp;&nbsp;$13007202 | &nbsp;&nbsp;$430644429 | &nbsp;&nbsp;$749324539 |
| $40.68 | &nbsp;&nbsp;$26.08 | &nbsp;&nbsp;$27.10 | &nbsp;&nbsp;$28.90 | &nbsp;&nbsp;$25.82 | &nbsp;&nbsp;$54.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;16100000 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;16680000 | &nbsp;&nbsp;&nbsp;&nbsp;13650000 |
| &nbsp;&nbsp;&nbsp;$575475172 | &nbsp;&nbsp;&nbsp;&nbsp;$41084478 | &nbsp;&nbsp;$28168697 | &nbsp;&nbsp;$12090950 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$166017732 |
| &nbsp;&nbsp;&nbsp;&nbsp;74779548 | &nbsp;&nbsp;&nbsp;&nbsp;5766717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735970 | &nbsp;&nbsp;&nbsp;&nbsp;446847355 | &nbsp;&nbsp;&nbsp;&nbsp;603105604 |
| $650254720 | &nbsp;&nbsp;$46851195 | &nbsp;&nbsp;$28712739 | &nbsp;&nbsp;$12826920 | &nbsp;&nbsp;$446847355 | &nbsp;&nbsp;$769123336 |
| $— | &nbsp;&nbsp;$56090 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$29001341 | &nbsp;&nbsp;$118184688 |

---

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

#### June 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **SPDR SSGA US Equity Premium Income ETF** | **SPDR DoubleLine Emerging Markets Fixed Income ETF** | **SPDR DoubleLine Short Duration Total Return Tactical ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11372492 | $88942999 | $252088785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated 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;3392157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;11372492 | &nbsp;&nbsp;&nbsp;&nbsp;92335156 | &nbsp;&nbsp;&nbsp;256748587 |
| &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;797 | &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;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on 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;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27718 |
| &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;1134133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;11512028 | &nbsp;&nbsp;&nbsp;&nbsp;93497847 | &nbsp;&nbsp;&nbsp;258451737 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287842 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89949 |
| &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;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $11291726 | $92547077 | $254073888 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $11189856 | $103807350 | $260957239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101870 | &nbsp;&nbsp;&nbsp;&nbsp;(11260273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6883351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $11291726 | $92547077 | $254073888 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $29.72 | $43.05 | $47.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10662800 | $90166085 | $254004750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated 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;3392157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $10662800 | $93558242 | $258664552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $— | $651 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options premium received<br>| &nbsp;&nbsp;&nbsp;&nbsp;$90742 | $— | $— |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

------

---

| |
|:---|
| **SPDR DoubleLine Total Return Tactical ETF** |
| &nbsp;&nbsp;&nbsp;$3685118427 |
| &nbsp;&nbsp;&nbsp;&nbsp;151157708 |
| &nbsp;&nbsp;3836276135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28950562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20285684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| &nbsp;&nbsp;3890179039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16076624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30127096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47915623 |
| $3842263416 |
| $4406716237 |
| &nbsp;&nbsp;&nbsp;&nbsp;(564452821) |
| $3842263416 |
| $40.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95650000 |
| &nbsp;&nbsp;&nbsp;$3817298580 |
| &nbsp;&nbsp;&nbsp;&nbsp;151157708 |
| $3968456288 |
| $422 |
| &nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158240 | &nbsp;&nbsp;&nbsp;3543331 | &nbsp;&nbsp;&nbsp;&nbsp;7035860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328657 |
| &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;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14534322 | &nbsp;&nbsp;&nbsp;3829296 | &nbsp;&nbsp;&nbsp;&nbsp;7372647 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298412 |
| &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;4342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $13846366 | $3706033 | $7072032 |
| **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;(15917304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7610121) | &nbsp;&nbsp;&nbsp;&nbsp;(522381) | &nbsp;&nbsp;&nbsp;&nbsp;6431477 |
| &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;(188538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| &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;4538487 | &nbsp;&nbsp;&nbsp;1646518 | &nbsp;&nbsp;&nbsp;&nbsp;6464310 |
| &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;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;Written options<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;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;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;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;(19177476) | &nbsp;&nbsp;&nbsp;1578976 | &nbsp;&nbsp;&nbsp;12891974 |
| &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;16503708 | &nbsp;&nbsp;&nbsp;&nbsp;(142831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26250620 | &nbsp;&nbsp;&nbsp;2171016 | &nbsp;&nbsp;&nbsp;&nbsp;7311610 |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;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;Written options<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;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;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;42754328 | &nbsp;&nbsp;&nbsp;2028185 | &nbsp;&nbsp;&nbsp;&nbsp;7311610 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;23576852 | &nbsp;&nbsp;&nbsp;3607161 | &nbsp;&nbsp;&nbsp;20203584 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $37423218 | $7313194 | $27275616 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**SPDR SSGA Fixed Income Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Sector Rotation ETF** | &nbsp;&nbsp;**SPDR SSGA US Equity Premium Income ETF(a)** |
| &nbsp;&nbsp;&nbsp;$24891572 | &nbsp;&nbsp;&nbsp;&nbsp;$2611718 | &nbsp;&nbsp;$1854725 | &nbsp;&nbsp;$1328453 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29959 | &nbsp;&nbsp;&nbsp;&nbsp;12833050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7855663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;28463178 | &nbsp;&nbsp;&nbsp;&nbsp;2896868 | &nbsp;&nbsp;&nbsp;&nbsp;1896394 | &nbsp;&nbsp;&nbsp;&nbsp;1358412 | &nbsp;&nbsp;&nbsp;&nbsp;13119985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142292 | &nbsp;&nbsp;&nbsp;&nbsp;1086581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1163218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142662 | &nbsp;&nbsp;&nbsp;&nbsp;1089231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 |
| $27299960 | &nbsp;&nbsp;$2673224 | &nbsp;&nbsp;$1712155 | &nbsp;&nbsp;$1215750 | &nbsp;&nbsp;$12030754 | &nbsp;&nbsp;$4587602 | &nbsp;&nbsp;$57710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159445) | &nbsp;&nbsp;&nbsp;&nbsp;(1610697) | &nbsp;&nbsp;&nbsp;&nbsp;(908718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593599 | &nbsp;&nbsp;&nbsp;&nbsp;(212773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3755106) | &nbsp;&nbsp;&nbsp;&nbsp;(31584153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49532 | &nbsp;&nbsp;&nbsp;&nbsp;177392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1360104 | &nbsp;&nbsp;&nbsp;&nbsp;55596117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(283631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1489930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20853) | &nbsp;&nbsp;&nbsp;&nbsp;(1610697) | &nbsp;&nbsp;&nbsp;&nbsp;(908718) | &nbsp;&nbsp;&nbsp;&nbsp;(2389158) | &nbsp;&nbsp;&nbsp;&nbsp;24655095 | &nbsp;&nbsp;&nbsp;&nbsp;(319012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26119769 | &nbsp;&nbsp;&nbsp;&nbsp;709692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6967230 | &nbsp;&nbsp;&nbsp;&nbsp;(1432699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(111418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1646664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26536) | &nbsp;&nbsp;&nbsp;&nbsp;6967230 | &nbsp;&nbsp;&nbsp;&nbsp;24687070 | &nbsp;&nbsp;&nbsp;&nbsp;598274 |
| &nbsp;&nbsp;&nbsp;&nbsp;3136594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974385) | &nbsp;&nbsp;&nbsp;&nbsp;(935254) | &nbsp;&nbsp;&nbsp;&nbsp;4578072 | &nbsp;&nbsp;&nbsp;&nbsp;49342165 | &nbsp;&nbsp;&nbsp;&nbsp;279262 |
| $30436554 | &nbsp;&nbsp;$3197268 | &nbsp;&nbsp;$737770 | &nbsp;&nbsp;$280496 | &nbsp;&nbsp;$16608826 | &nbsp;&nbsp;$53929767 | &nbsp;&nbsp;$336972 |

---

(a) For the period September 5, 2024 (commencement of operations) through June 30, 2025.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Year Ended June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR DoubleLine Emerging Markets Fixed Income ETF** | **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;$5340102 | $9192280 | $171736778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5311669 |
| &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;(5023) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;5403843 | &nbsp;&nbsp;&nbsp;&nbsp;9612913 | &nbsp;&nbsp;&nbsp;177043424 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820018 | &nbsp;&nbsp;&nbsp;&nbsp;18490203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26485 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821563 | &nbsp;&nbsp;&nbsp;&nbsp;18519425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $4809669 | $8791350 | $158523999 |
| **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;(946841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517380 | &nbsp;&nbsp;&nbsp;&nbsp;(14454056) |
| &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;5 |
| &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;(18757600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(946841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517380 | &nbsp;&nbsp;&nbsp;&nbsp;(33211651) |
| &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;2719232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900058 | &nbsp;&nbsp;&nbsp;&nbsp;72441650 |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| &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;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &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;12298673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;2719299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900058 | &nbsp;&nbsp;&nbsp;&nbsp;84740603 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;1772458 | &nbsp;&nbsp;&nbsp;&nbsp;1417438 | &nbsp;&nbsp;&nbsp;&nbsp;51528952 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $6582127 | $10208788 | $210052951 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$13846366 | $19088854 | $3706033 | $3650804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19177476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578976 | &nbsp;&nbsp;&nbsp;&nbsp;(3264984) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42754328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21812701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984636 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37423218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41052313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(13666571) | &nbsp;&nbsp;&nbsp;&nbsp;(18919980) | &nbsp;&nbsp;&nbsp;&nbsp;(3583349) | &nbsp;&nbsp;&nbsp;&nbsp;(3403476) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92325883 | &nbsp;&nbsp;&nbsp;&nbsp;213542662 | &nbsp;&nbsp;&nbsp;&nbsp;24734183 | &nbsp;&nbsp;&nbsp;&nbsp;10603168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123568650) | &nbsp;&nbsp;&nbsp;(257182548) | &nbsp;&nbsp;&nbsp;(30851425) | &nbsp;&nbsp;&nbsp;(12815564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;(31167949) | &nbsp;&nbsp;&nbsp;&nbsp;(43176936) | &nbsp;&nbsp;&nbsp;&nbsp;(6120032) | &nbsp;&nbsp;&nbsp;&nbsp;(2203555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate (Note 6)<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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7486120) | &nbsp;&nbsp;&nbsp;&nbsp;(21507553) | &nbsp;&nbsp;&nbsp;&nbsp;(2387397) | &nbsp;&nbsp;&nbsp;&nbsp;(1245416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;512125883 | &nbsp;&nbsp;&nbsp;&nbsp;533633436 | &nbsp;&nbsp;&nbsp;&nbsp;69928131 | &nbsp;&nbsp;&nbsp;&nbsp;71173547 |
| **NET ASSETS AT END OF PERIOD<br>**  | $504639763 | $512125883 | $67540734 | $69928131 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4460000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9430000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(960000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$7072032 | &nbsp;&nbsp;&nbsp;&nbsp;$6476718 | &nbsp;&nbsp;$27299960 | &nbsp;&nbsp;$29623873 | &nbsp;&nbsp;$2673224 | &nbsp;&nbsp;$2293237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12891974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853301 |
| &nbsp;&nbsp;&nbsp;&nbsp;27275616 | &nbsp;&nbsp;&nbsp;&nbsp;24463248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30436554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32897499 | &nbsp;&nbsp;&nbsp;&nbsp;3197268 | &nbsp;&nbsp;&nbsp;&nbsp;2531599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;(7069621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6567105) | &nbsp;&nbsp;&nbsp;&nbsp;(27217896) | &nbsp;&nbsp;&nbsp;&nbsp;(29406186) | &nbsp;&nbsp;&nbsp;&nbsp;(2706520) | &nbsp;&nbsp;&nbsp;&nbsp;(2326244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32734237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27851802 | &nbsp;&nbsp;&nbsp;&nbsp;202525522 | &nbsp;&nbsp;&nbsp;&nbsp;170174792 | &nbsp;&nbsp;&nbsp;&nbsp;11752802 | &nbsp;&nbsp;&nbsp;&nbsp;7555401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33631131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37510624) | &nbsp;&nbsp;&nbsp;&nbsp;(128768436) | &nbsp;&nbsp;&nbsp;&nbsp;(149304276) | &nbsp;&nbsp;&nbsp;&nbsp;(2580472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9753406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73730884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20741666 | &nbsp;&nbsp;&nbsp;&nbsp;9198092 | &nbsp;&nbsp;&nbsp;&nbsp;7567940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;19313107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77060225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24442743 | &nbsp;&nbsp;&nbsp;&nbsp;9687496 | &nbsp;&nbsp;&nbsp;&nbsp;7775933 |
| &nbsp;&nbsp;238127862 | &nbsp;&nbsp;&nbsp;&nbsp;229890541 | &nbsp;&nbsp;&nbsp;&nbsp;577813014 | &nbsp;&nbsp;&nbsp;&nbsp;553370271 | &nbsp;&nbsp;&nbsp;&nbsp;37253353 | &nbsp;&nbsp;&nbsp;&nbsp;29477420 |
| $257440969 | &nbsp;&nbsp;$238127862 | &nbsp;&nbsp;$654873239 | &nbsp;&nbsp;$577813014 | &nbsp;&nbsp;$46940849 | &nbsp;&nbsp;$37253353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3175000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1712155 | $1036183 | $1215750 | $1171152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636312 | &nbsp;&nbsp;&nbsp;&nbsp;1316187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737770 | &nbsp;&nbsp;&nbsp;&nbsp;2224635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280496 | &nbsp;&nbsp;&nbsp;&nbsp;1624620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1011) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1341814) | &nbsp;&nbsp;&nbsp;&nbsp;(1010342) | &nbsp;&nbsp;&nbsp;&nbsp;(1128841) | &nbsp;&nbsp;&nbsp;&nbsp;(1159558) |
| &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;(166316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31490) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to shareholders <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(1341814) | &nbsp;&nbsp;&nbsp;&nbsp;(1176658) | &nbsp;&nbsp;&nbsp;&nbsp;(1128841) | &nbsp;&nbsp;&nbsp;&nbsp;(1191048) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134444 | &nbsp;&nbsp;&nbsp;&nbsp;6657476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2900625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24508492) | &nbsp;&nbsp;&nbsp;&nbsp;(1376907) | &nbsp;&nbsp;&nbsp;(26290034) | &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;&nbsp;&nbsp;49803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;(20300503) | &nbsp;&nbsp;&nbsp;&nbsp;5281903 | &nbsp;&nbsp;&nbsp;(26202769) | &nbsp;&nbsp;&nbsp;&nbsp;2901738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;(20954350) | &nbsp;&nbsp;&nbsp;&nbsp;6335010 | &nbsp;&nbsp;&nbsp;(27117347) | &nbsp;&nbsp;&nbsp;&nbsp;3334299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;49406398 | &nbsp;&nbsp;&nbsp;43071388 | &nbsp;&nbsp;&nbsp;&nbsp;40124549 | &nbsp;&nbsp;&nbsp;36790250 |
| **NET ASSETS AT END OF PERIOD<br>**  | $28452048 | $49406398 | $13007202 | $40124549 |
| **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;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900000) | &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;(750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 SSGA US Equity Premium Income ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**For the Period<br> 9/5/24\*-<br> 6/30/25** |
| &nbsp;&nbsp;&nbsp;$12030754 | &nbsp;&nbsp;&nbsp;&nbsp;$7090172 | &nbsp;&nbsp;$4587602 | &nbsp;&nbsp;$3678773 | &nbsp;&nbsp;$57710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2389158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4928013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24655095 | &nbsp;&nbsp;&nbsp;&nbsp;34205446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24687070 | &nbsp;&nbsp;&nbsp;&nbsp;41047614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598274 |
| &nbsp;&nbsp;&nbsp;&nbsp;16608826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53929767 | &nbsp;&nbsp;&nbsp;&nbsp;78931833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336972 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2041972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1339238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(11856038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7036820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4517466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475035) |
| &nbsp;&nbsp;&nbsp;(11856038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7036820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4517466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731920) |
| &nbsp;&nbsp;&nbsp;&nbsp;275517590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156588311 | &nbsp;&nbsp;&nbsp;&nbsp;380236730 | &nbsp;&nbsp;&nbsp;&nbsp;279527434 | &nbsp;&nbsp;&nbsp;&nbsp;13974868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87578412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94666661) | &nbsp;&nbsp;&nbsp;&nbsp;(235770891) | &nbsp;&nbsp;&nbsp;&nbsp;(98370165) | &nbsp;&nbsp;&nbsp;&nbsp;(2288194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;189981150 | &nbsp;&nbsp;&nbsp;&nbsp;62727217 | &nbsp;&nbsp;&nbsp;&nbsp;145328375 | &nbsp;&nbsp;&nbsp;&nbsp;182496507 | &nbsp;&nbsp;&nbsp;&nbsp;11686674 |
| &nbsp;&nbsp;192691966 | &nbsp;&nbsp;&nbsp;&nbsp;58380599 | &nbsp;&nbsp;&nbsp;&nbsp;193878140 | &nbsp;&nbsp;&nbsp;&nbsp;256322046 | &nbsp;&nbsp;&nbsp;&nbsp;11291726 |
| &nbsp;&nbsp;237952463 | &nbsp;&nbsp;&nbsp;&nbsp;179571864 | &nbsp;&nbsp;&nbsp;&nbsp;555446399 | &nbsp;&nbsp;&nbsp;&nbsp;299124353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $430644429 | &nbsp;&nbsp;$237952463 | &nbsp;&nbsp;$749324539 | &nbsp;&nbsp;$555446399 | &nbsp;&nbsp;$11291726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3390000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3740000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 |

---

<br> \* Commencement of operations.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR DoubleLine Emerging Markets Fixed Income ETF** | **SPDR DoubleLine Emerging Markets Fixed Income ETF** | **SPDR DoubleLine Short Duration Total Return Tactical ETF** | **SPDR DoubleLine Short Duration Total Return Tactical ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4809669 | $4306375 | $8791350 | $7339646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946841) | &nbsp;&nbsp;&nbsp;&nbsp;(3615790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1391268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2719299 | &nbsp;&nbsp;&nbsp;&nbsp;6147150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869849 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;6582127 | &nbsp;&nbsp;&nbsp;&nbsp;6837735 | &nbsp;&nbsp;&nbsp;&nbsp;10208788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8818227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4811103) | &nbsp;&nbsp;&nbsp;&nbsp;(4169072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8618684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7257475) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10681747 | &nbsp;&nbsp;&nbsp;13325342 | &nbsp;&nbsp;&nbsp;117436418 | &nbsp;&nbsp;&nbsp;&nbsp;53478868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7446643) | &nbsp;&nbsp;&nbsp;&nbsp;(8066293) | &nbsp;&nbsp;&nbsp;&nbsp;(12905021) | &nbsp;&nbsp;&nbsp;&nbsp;(34963799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56304) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115182 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3269309 | &nbsp;&nbsp;&nbsp;&nbsp;5297673 | &nbsp;&nbsp;&nbsp;104633300 | &nbsp;&nbsp;&nbsp;&nbsp;18573947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;5040279 | &nbsp;&nbsp;&nbsp;&nbsp;7975231 | &nbsp;&nbsp;&nbsp;106252053 | &nbsp;&nbsp;&nbsp;&nbsp;20191003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;87506798 | &nbsp;&nbsp;&nbsp;79531567 | &nbsp;&nbsp;&nbsp;147821835 | &nbsp;&nbsp;&nbsp;127630832 |
| **NET ASSETS AT END OF PERIOD<br>**  | $92547077 | $87506798 | $254073888 | $147821835 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(750000) |
| &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;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

------

---

| | |
|:---|:---|
| **SPDR DoubleLine Total Return Tactical ETF** | **SPDR DoubleLine Total Return Tactical ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$158523999 | &nbsp;&nbsp;&nbsp;&nbsp;$142460180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33211651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122341388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84740603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83586713 |
| &nbsp;&nbsp;&nbsp;&nbsp;210052951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103705505 |
| &nbsp;&nbsp;&nbsp;&nbsp;(175503359) | &nbsp;&nbsp;&nbsp;&nbsp;(154475171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934439671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467210576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46213736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487208552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397214 |
| &nbsp;&nbsp;&nbsp;&nbsp;889643939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18600762) |
| &nbsp;&nbsp;&nbsp;&nbsp;924193531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69370428) |
| &nbsp;&nbsp;2918069885 | &nbsp;&nbsp;&nbsp;&nbsp;2987440313 |
| $3842263416 | &nbsp;&nbsp;$2918069885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350000) |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$26.64 | &nbsp;&nbsp;$27.93 | &nbsp;&nbsp;$28.52 | &nbsp;&nbsp;$21.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &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;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$29.14 | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$26.64 | &nbsp;&nbsp;$27.93 | &nbsp;&nbsp;$28.52 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$504640 | &nbsp;&nbsp;$512126 | &nbsp;&nbsp;$533633 | &nbsp;&nbsp;$468031 | &nbsp;&nbsp;$130358 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$30.67 | &nbsp;&nbsp;$30.29 | &nbsp;&nbsp;$30.73 | &nbsp;&nbsp;$35.62 | &nbsp;&nbsp;$30.37 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 |
| Net equalization credits and charges<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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$32.32 | &nbsp;&nbsp;$30.67 | &nbsp;&nbsp;$30.29 | &nbsp;&nbsp;$30.73 | &nbsp;&nbsp;$35.62 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79% | &nbsp;&nbsp;&nbsp;&nbsp;(10.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$67541 | &nbsp;&nbsp;$69928 | &nbsp;&nbsp;$71174 | &nbsp;&nbsp;$95559 | &nbsp;&nbsp;$125039 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$43.22 | &nbsp;&nbsp;$39.98 | &nbsp;&nbsp;$38.97 | &nbsp;&nbsp;$46.04 | &nbsp;&nbsp;$36.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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;(0.00)(c) |
| Contribution from affiliate (Note 6)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 (a)<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;0.00(c) | &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;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| Net realized gains<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;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$46.98 | &nbsp;&nbsp;$43.22 | &nbsp;&nbsp;$39.98 | &nbsp;&nbsp;$38.97 | &nbsp;&nbsp;$46.04 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.51% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$257441 | &nbsp;&nbsp;$238128 | &nbsp;&nbsp;$229891 | &nbsp;&nbsp;$240834 | &nbsp;&nbsp;$282690 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$40.48 | &nbsp;&nbsp;$40.25 | &nbsp;&nbsp;$39.83 | &nbsp;&nbsp;$40.46 | &nbsp;&nbsp;$40.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &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;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net equalization credits and charges (a)<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;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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;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;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$40.68 | &nbsp;&nbsp;$40.48 | &nbsp;&nbsp;$40.25 | &nbsp;&nbsp;$39.83 | &nbsp;&nbsp;$40.46 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$654873 | &nbsp;&nbsp;$577813 | &nbsp;&nbsp;$553370 | &nbsp;&nbsp;$302728 | &nbsp;&nbsp;$402603 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**SPDR Loomis Sayles Opportunistic Bond ETF** | &nbsp;&nbsp;**SPDR Loomis Sayles Opportunistic Bond ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**For the<br> Period<br> 9/28/2021\*-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$25.69 | &nbsp;&nbsp;$25.63 | &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;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &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;(0.02) |
| Other capital (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;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;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$26.08 | &nbsp;&nbsp;$25.69 | &nbsp;&nbsp;$25.63 | &nbsp;&nbsp;$26.09 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;(11.25)% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$46941 | &nbsp;&nbsp;$37253 | &nbsp;&nbsp;$29477 | &nbsp;&nbsp;$28703 |
| **Ratios to average net assets:** |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%(e) |
| Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101%(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 year.

(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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**SPDR Nuveen Municipal Bond ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**For the<br> Period<br> 2/3/21\*-<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$27.45 | &nbsp;&nbsp;$26.92 | &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;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &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;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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;(0.03) | &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;(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;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &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;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &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;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &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;$27.10 | &nbsp;&nbsp;$27.45 | &nbsp;&nbsp;$26.92 | &nbsp;&nbsp;$26.97 | &nbsp;&nbsp;$30.11 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &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;$28452 | &nbsp;&nbsp;$49406 | &nbsp;&nbsp;$43071 | &nbsp;&nbsp;$35061 | &nbsp;&nbsp;$45164 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &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;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &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;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &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 year.

(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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**SPDR Nuveen Municipal Bond ESG ETF** | &nbsp;&nbsp;**SPDR Nuveen Municipal Bond ESG ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**For the<br> Period<br> 4/5/2022\*-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$29.72 | &nbsp;&nbsp;$29.43 | &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;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &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;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &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;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$28.90 | &nbsp;&nbsp;$29.72 | &nbsp;&nbsp;$29.43 | &nbsp;&nbsp;$29.51 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31)% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$13007 | &nbsp;&nbsp;$40125 | &nbsp;&nbsp;$36790 | &nbsp;&nbsp;$32465 |
| **Ratios to average net assets:** |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &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 year.

(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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$25.42 | &nbsp;&nbsp;$25.87 | &nbsp;&nbsp;$27.13 | &nbsp;&nbsp;$31.31 | &nbsp;&nbsp;$31.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$25.82 | &nbsp;&nbsp;$25.42 | &nbsp;&nbsp;$25.87 | &nbsp;&nbsp;$27.13 | &nbsp;&nbsp;$31.31 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$430644 | &nbsp;&nbsp;$237952 | &nbsp;&nbsp;$179572 | &nbsp;&nbsp;$118545 | &nbsp;&nbsp;$82974 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$50.87 | &nbsp;&nbsp;$43.35 | &nbsp;&nbsp;$38.06 | &nbsp;&nbsp;$44.38 | &nbsp;&nbsp;$32.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.98 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net realized gains<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;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$54.90 | &nbsp;&nbsp;$50.87 | &nbsp;&nbsp;$43.35 | &nbsp;&nbsp;$38.06 | &nbsp;&nbsp;$44.38 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.48% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$749325 | &nbsp;&nbsp;$555446 | &nbsp;&nbsp;$299124 | &nbsp;&nbsp;$203245 | &nbsp;&nbsp;$174396 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263% |

---

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA US Equity Premium Income ETF** |
|  | &nbsp;&nbsp;**For the<br> Period<br> 9/5/24\*-<br> 6/30/25** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| **Distributions to shareholders from:** |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1.62) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2.48) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$29.72 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$11292 |
| **Ratios to average net assets:** |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43%(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 year.

(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__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$42.17 | &nbsp;&nbsp;$40.79 | &nbsp;&nbsp;$41.21 | &nbsp;&nbsp;$50.99 | &nbsp;&nbsp;$49.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| Net realized gains<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;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$43.05 | &nbsp;&nbsp;$42.17 | &nbsp;&nbsp;$40.79 | &nbsp;&nbsp;$41.21 | &nbsp;&nbsp;$50.99 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;(14.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$92547 | &nbsp;&nbsp;$87507 | &nbsp;&nbsp;$79532 | &nbsp;&nbsp;$74181 | &nbsp;&nbsp;$123643 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Net expenses<br>| &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;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$46.93 | &nbsp;&nbsp;$46.41 | &nbsp;&nbsp;$46.59 | &nbsp;&nbsp;$49.69 | &nbsp;&nbsp;$49.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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 |
| 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;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| Net realized gains<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;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$47.27 | &nbsp;&nbsp;$46.93 | &nbsp;&nbsp;$46.41 | &nbsp;&nbsp;$46.59 | &nbsp;&nbsp;$49.69 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$254074 | &nbsp;&nbsp;$147822 | &nbsp;&nbsp;$127631 | &nbsp;&nbsp;$131605 | &nbsp;&nbsp;$160239 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Net expenses<br>| &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;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$39.70 | &nbsp;&nbsp;$40.45 | &nbsp;&nbsp;$42.27 | &nbsp;&nbsp;$48.46 | &nbsp;&nbsp;$49.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &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 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &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 |
| Net equalization credits and charges (a)<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;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&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(c) |
| Other capital (a)<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;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$40.17 | &nbsp;&nbsp;$39.70 | &nbsp;&nbsp;$40.45 | &nbsp;&nbsp;$42.27 | &nbsp;&nbsp;$48.46 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3842263 | &nbsp;&nbsp;$2918070 | &nbsp;&nbsp;$2987440 | &nbsp;&nbsp;$2244695 | &nbsp;&nbsp;$3188671 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;0.56% | &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% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% | &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% |
| Portfolio turnover rate (e)<br>| &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;120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82%(e) |

---

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, the Trust consists of thirty-four (34) 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 SSGA US Equity Premium Income ETF |
| SPDR DoubleLine Emerging Markets Fixed Income ETF |
| SPDR DoubleLine Short Duration Total Return Tactical ETF |
| SPDR DoubleLine Total Return Tactical ETF |

---

The SPDR SSGA Ultra Short Term Bond ETF, SPDR Nuveen Municipal Bond ESG ETF and SPDR SSGA US Equity Premium Income 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.

The SPDR SSGA US Equity Premium Income ETF was formed at September 4, 2024 and commenced operations at September 5, 2024.

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.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• 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.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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 June 30, 2025, 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 June 30, 2025, 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.&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

#### 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 DoubleLine Total Return Tactical ETF, SPDR SSGA US Equity Premium Income ETF, SPDR DoubleLine 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 (the "Internal Revenue Code"), as amended. 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.

4.&nbsp;&nbsp;&nbsp;&nbsp;Securities and Other Investments

#### Delayed Delivery Transactions
During the year, 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 Loomis Sayles Opportunistic Bond ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF and 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. 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.

5.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments

#### Options Contracts
The Funds may purchase and write (sell) call and put options on futures. Options on futures give the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price upon expiration of, or at any time during the period of, the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. The Fund is required to make a good faith margin deposition cash or U.S. government securities (or other eligible collateral) with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

The Funds may purchase and sell put and call options. Such options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

#### 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. Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract. For the year ended June 30, 2025, the Fund entered into forward foreign currency exchange contracts to offset the Fund's exposure to the component currencies.

#### Futures Contracts
The 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. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the 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 recognize 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.

#### Swaps
Certain Funds may enter into swap agreements, in which a Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("BL OTC") or centrally cleared ("centrally cleared swaps"). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).

A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as credit default swap contracts premiums paid and credit default swap contracts premiums received, respectively, in the Statement of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Statement of Operations as realized gains or losses, respectively. When a BL OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and a Fund's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.

A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty ("CCP"), with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Schedule of Investments and cash deposited is segregated and recorded on the Statement of Assets and Liabilities as due from broker. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.

#### Credit Default Swaps
During the year ended June 30, 2025, 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.

The following tables summarize the value of the Fund's derivative instruments as of June 30, 2025, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

The following tables summarize the value of the Fund derivative instruments as of June 30, 2025, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset 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;$197901 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$197901 |
| **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;&nbsp;75 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119054 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119054 |
| **SPDR DoubleLine Total Return Tactical ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;28950562 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;28950562 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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 Loomis Sayles Opportunistic Bond ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$6009 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6009 |
| **SPDR SSGA US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;202160 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;202160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$441083 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$441083 |
| **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;&nbsp;&nbsp;(7002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7002) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114086 |
| &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;21946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21946 |
| **SPDR SSGA US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<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;(283631) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283631) |
| **SPDR DoubleLine Total Return Tactical ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;(18757600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(18757600) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$79361 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$79361 |
| **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;&nbsp;(5934) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5934) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47119 |
| **SPDR SSGA US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<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;(111418) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111418) |
| **SPDR DoubleLine Total Return Tactical ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;12298673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12298673 |

---

#### SPDR Loomis Sayles Opportunistic Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  | **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 Assets** | **Amount<br> Eligible<br> to Offset** | **Cash Collateral<br> Received** | **Net<br> Amount** |
| Royal Bank of Canada<br>| $75 | $(75) | $— | $— |
|  | $75 | $(75) | $— | $— |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **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** | **Cash Collateral<br> Pledged** | **Net<br> Amount** |
| Goldman Sachs Bank USA<br>| $(400) | $— | $— | $(400) |
| Royal Bank of Canada<br>| &nbsp;&nbsp;&nbsp;(5609) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5534) |
|  | $(6009) | $75 | $— | $(5934) |

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

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6.&nbsp;&nbsp;&nbsp;&nbsp;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:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| &nbsp;&nbsp;0.50%\* |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;0.50\* |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;0.35\* |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;0.20 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;0.55\* |
| 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\* |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;0.70\* |
| SPDR SSGA US Equity Premium Income ETF<br>| &nbsp;&nbsp;0.25 |
| 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 |

---

\* The Advisory fees are reduced for SPDR SSGA Multi-Asset Real Return ETF, SPDR SSGA Income Allocation ETF, SPDR SSGA Global Allocation ETF, SPDR Loomis Sayles Opportunistic Bond 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 year ended June 30, 2025, the net annualized advisory fees were 0.14%, 0.17%, 0.12%, 0.51%, 0.34% and 0.57%, respectively.

With respect to each Fund, the Management fee is reduced by the acquired fund fees and expenses attributable to the Fund's investments in other investment companies (except acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes).

From time to time, the Adviser may waive all or a portion of it's Management fee. 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
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 dated 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

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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 11 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 year ended June 30, 2025, are disclosed in the Schedules of Investments.

During the fiscal year ended June 30, 2025, SSGA FM made a contribution of $4,006 to the SPDR SSGA Global Allocation ETF related to a trading matter.

#### Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

7.&nbsp;&nbsp;&nbsp;&nbsp;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.

8.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **Other Securities** | **Other Securities** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $— | $— | $278041970 | $277990700 |
| 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;72294988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72178951 |
| 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;316174561 | &nbsp;&nbsp;&nbsp;&nbsp;315745899 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;69922601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;162777869 | &nbsp;&nbsp;&nbsp;&nbsp;205770901 |
| SPDR Loomis Sayles Opportunistic 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;58245955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51178819 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23351926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200237 |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37460968 |
| 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;413214031 | &nbsp;&nbsp;&nbsp;&nbsp;413102577 |
| 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;1188710860 | &nbsp;&nbsp;&nbsp;1188902754 |
| SPDR SSGA US Equity Premium 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;5821290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473644 |
| 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;50989207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48738441 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;88920228 | &nbsp;&nbsp;&nbsp;&nbsp;41738874 | &nbsp;&nbsp;&nbsp;&nbsp;136282870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80755816 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;875671194 | &nbsp;&nbsp;&nbsp;385653202 | &nbsp;&nbsp;&nbsp;&nbsp;878360377 | &nbsp;&nbsp;&nbsp;&nbsp;580858891 |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

For the year ended June 30, 2025, 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>| $87820090 | $118366251 | $4349949 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;24104846 | &nbsp;&nbsp;&nbsp;&nbsp;30081427 | &nbsp;&nbsp;&nbsp;&nbsp;2034754 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;30783944 | &nbsp;&nbsp;&nbsp;&nbsp;31621290 | &nbsp;&nbsp;&nbsp;&nbsp;6464655 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR Loomis Sayles Opportunistic 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;1635962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11278 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;275520822 | &nbsp;&nbsp;&nbsp;&nbsp;87565652 | &nbsp;&nbsp;&nbsp;&nbsp;1360104 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;376835133 | &nbsp;&nbsp;&nbsp;233574115 | &nbsp;&nbsp;&nbsp;55645649 |
| SPDR SSGA US Equity Premium Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;10630157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177392 |

---

9.&nbsp;&nbsp;&nbsp;&nbsp;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.

10.&nbsp;&nbsp;&nbsp;&nbsp;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. 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. SPDR SSGA US Equity Premium 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. SSGA FM has analyzed each 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.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for grantor trusts, adviser contributions, futures contracts mark to market, straddles, contingent payment debt instruments, in-kind transactions, paydown gain and losses, foreign currency, defaulted bonds, forward contracts mark to market, foreign bond bifurcation, swap contracts, deemed dividends on convertible debt, distributions in excess of current earnings, amortization and accretion of premium and discount for financial statement purposes, and wash sale loss deferrals. In addition, certain funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

The tax character of distributions paid during the year ended June 30, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Tax Exempt<br> Income** | **Long-Term<br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $13666571 | $— | $— | $— | $13666571 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583349 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069621 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;27217896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27217896 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706520 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67759 | &nbsp;&nbsp;&nbsp;1274055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341814 |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44478 | &nbsp;&nbsp;&nbsp;1084363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128841 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;11856038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11856038 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517466 |
| SPDR SSGA US Equity Premium Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;475035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731920 |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811103 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618684 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;175503359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;175503359 |

---

The tax character of distributions paid during the year ended June 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Tax Exempt<br> Income** | **Long-Term<br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $18919980 | $— | $— | $— | $18919980 |
| SPDR SSGA Income Allocation ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403476 |
| SPDR SSGA Global Allocation ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567105 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;29406186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29406186 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326244 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38661 | &nbsp;&nbsp;&nbsp;&nbsp;971681 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;166316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176658 |
| SPDR Nuveen Municipal Bond ESG ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22151 | &nbsp;&nbsp;&nbsp;1137407 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191048 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036820 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767056 |
| SPDR SSGA US Equity Premium 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169072 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257475 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;154475171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;154475171 |

---

At June 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Undistributed<br> Tax Exempt<br> Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $555453 | $— | $(94096221) | $— | $24372729 | $(69168039) |
| SPDR SSGA Income Allocation ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;370012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(20846026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361 | &nbsp;&nbsp;&nbsp;(20463653) |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;26353230 | &nbsp;&nbsp;&nbsp;&nbsp;26353230 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;2403431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;318136 | &nbsp;&nbsp;&nbsp;&nbsp;1883868 | &nbsp;&nbsp;&nbsp;&nbsp;4605435 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4807774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315810 | &nbsp;&nbsp;&nbsp;&nbsp;(4486494) |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;339102 | &nbsp;&nbsp;&nbsp;&nbsp;(3135840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48920) | &nbsp;&nbsp;&nbsp;&nbsp;(2845658) |
| SPDR Nuveen Municipal Bond ESG ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;78377 | &nbsp;&nbsp;&nbsp;&nbsp;(1065575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946497) |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;272042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(25166972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1900464 | &nbsp;&nbsp;&nbsp;(22994466) |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28563529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;90230789 | &nbsp;&nbsp;&nbsp;&nbsp;61737396 |
| SPDR SSGA US Equity Premium 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;(516597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101870 |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;276446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10219844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1316875) | &nbsp;&nbsp;&nbsp;(11260273) |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;1130050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6074308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1939093) | &nbsp;&nbsp;&nbsp;&nbsp;(6883351) |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Undistributed<br> Tax Exempt<br> Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR DoubleLine Total Return Tactical ETF<br>| $20606522 | $— | $(444568422) | $— | $(140490921) | &nbsp;&nbsp;(564452821) |

---

As of June 30, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| SPDR SSGA Multi-Asset Real Return ETF<br>| $27126584 | $66969637 |
| SPDR SSGA Income Allocation ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823986 | &nbsp;&nbsp;&nbsp;&nbsp;12022040 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750790 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032800 |
| SPDR Nuveen Municipal Bond ESG ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713849 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;12371780 | &nbsp;&nbsp;&nbsp;&nbsp;12795192 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;28563529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR SSGA US Equity Premium Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236941 |
| 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;10219844 |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567227 |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;184574181 | &nbsp;&nbsp;&nbsp;259994241 |

---

As of June 30, 2025, 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>| $528472398 | $29594519 | $5221790 | $24372729 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79280677 | &nbsp;&nbsp;&nbsp;&nbsp;2274104 | &nbsp;&nbsp;&nbsp;&nbsp;2261743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;261149871 | &nbsp;&nbsp;27174823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821593 | &nbsp;&nbsp;&nbsp;&nbsp;26353230 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;650489739 | &nbsp;&nbsp;&nbsp;&nbsp;1988255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883868 |
| SPDR Loomis Sayles Opportunistic Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46972688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320559 |
| SPDR Nuveen Municipal Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28671214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48920) |
| SPDR Nuveen Municipal Bond ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12821143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40701 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;449262853 | &nbsp;&nbsp;&nbsp;&nbsp;1900464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900464 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;772317780 | &nbsp;&nbsp;90662933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432144 | &nbsp;&nbsp;&nbsp;&nbsp;90230789 |
| SPDR SSGA US Equity Premium Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10642607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618467 |
| SPDR DoubleLine Emerging Markets Fixed Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93652177 | &nbsp;&nbsp;&nbsp;&nbsp;1723261 | &nbsp;&nbsp;&nbsp;&nbsp;3040282 | &nbsp;&nbsp;&nbsp;&nbsp;(1317021) |
| SPDR DoubleLine Short Duration Total Return Tactical ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;258687680 | &nbsp;&nbsp;&nbsp;&nbsp;1264097 | &nbsp;&nbsp;&nbsp;&nbsp;3203190 | &nbsp;&nbsp;&nbsp;&nbsp;(1939093) |
| SPDR DoubleLine Total Return Tactical ETF<br>| &nbsp;&nbsp;4005689522 | &nbsp;&nbsp;42238207 | &nbsp;&nbsp;182729461 | &nbsp;&nbsp;(140491254) |

---

11.&nbsp;&nbsp;&nbsp;&nbsp;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

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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 June 30, 2025, 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.

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $50427860 | $48201739 | $3034648 | $51236387 |
| SPDR SSGA Income Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;17161536 | &nbsp;&nbsp;&nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;5722580 | &nbsp;&nbsp;&nbsp;&nbsp;17470218 |
| SPDR SSGA Global Allocation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;36260820 | &nbsp;&nbsp;&nbsp;&nbsp;30268752 | &nbsp;&nbsp;&nbsp;6691863 | &nbsp;&nbsp;&nbsp;&nbsp;36960615 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;29001341 | &nbsp;&nbsp;&nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;9146250 | &nbsp;&nbsp;&nbsp;&nbsp;29587653 |
| SPDR SSGA US Sector Rotation ETF<br>| &nbsp;&nbsp;&nbsp;118184688 | &nbsp;&nbsp;&nbsp;112926063 | &nbsp;&nbsp;&nbsp;7322670 | &nbsp;&nbsp;&nbsp;120248733 |

---

\* 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 June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **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 | $48201739 | $— | $— | $— | $48201739 | $48201739 |
| SPDR SSGA Income Allocation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11747638 | &nbsp;&nbsp;&nbsp;&nbsp;11747638 |
| SPDR SSGA Global Allocation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;&nbsp;30268752 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30268752 | &nbsp;&nbsp;&nbsp;&nbsp;30268752 |
| SPDR SSGA Fixed Income Sector Rotation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20441403 | &nbsp;&nbsp;&nbsp;&nbsp;20441403 |
| SPDR SSGA US Sector Rotation ETF<br>| Mutual Funds and Exchange Traded Products | &nbsp;&nbsp;&nbsp;112926063 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;112926063 | &nbsp;&nbsp;&nbsp;112926063 |

---

12.&nbsp;&nbsp;&nbsp;&nbsp;Line of Credit

The Funds and other affiliated funds (each a "Participant" and, collectively, the "Participants") have access to $194.29 million of a $1.36 billion ($180 million of $1.26 billion prior to November 1, 2024 and $180 million of $960 million prior to October 3, 2024) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2025 unless extended or renewed.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

The following Funds participate in the credit facility as of June 30, 2025:

---

| |
|:---|
| 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.

The Funds had no outstanding loans as of June 30, 2025.

13.&nbsp;&nbsp;&nbsp;&nbsp;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.

#### Market Risk
Each Fund's investments are subject to changes in general economic conditions, and 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, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

#### 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.

14.&nbsp;&nbsp;&nbsp;&nbsp;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_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of 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 SSGA US Equity Premium Income ETF, SPDR DoubleLine Emerging Markets Fixed Income ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF and SPDR DoubleLine Total Return Tactical ETF and the Board of Trustees of SSGA Active Trust.

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 SSGA US Equity Premium Income ETF, SPDR DoubleLine Emerging Markets Fixed Income ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF and SPDR DoubleLine Total Return Tactical ETF (collectively, the "Funds") (thirteen of the funds constituting SSGA Active Trust (the "Trust")), including the schedules of investments, as of June 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (thirteen of the funds constituting SSGA Active Trust) at June 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual Fund constituting the <br>SSGA Active Trust | &nbsp;&nbsp;Statement of operations | &nbsp;&nbsp;Statement of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR SSGA Multi-Asset Real Return ETF<br> SPDR SSGA Income Allocation ETF<br> SPDR SSGA Global Allocation ETF<br> SPDR SSGA Ultra Short Term Bond ETF<br> SPDR DoubleLine Emerging Markets Fixed Income ETF<br> SPDR DoubleLine Short Duration Total Return Tactical ETF<br> SPDR DoubleLine Total Return Tactical ETF<br> SPDR SSGA Fixed Income Sector Rotation ETF<br> SPDR SSGA US Sector Rotation ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Loomis Sayles Opportunistic Bond ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the three years in the period ended June 30, 2025 and the period from September 28, 2021 (commencement of operations) through June 30, 2022 |
| &nbsp;&nbsp;SPDR Nuveen Municipal Bond ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the four years in the period ended June 30, 2025 and the period from February 3, 2021 (commencement of operations) through June 30, 2021 |

---

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual Fund constituting the <br>SSGA Active Trust | &nbsp;&nbsp;Statement of operations | &nbsp;&nbsp;Statement of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR Nuveen Municipal Bond ESG ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the three years in the period ended June 30, 2025 and the period from April 4, 2022 (commencement of operations) through June 30, 2022 |
| &nbsp;&nbsp;SPDR SSGA US Equity Premium Income ETF | &nbsp;&nbsp;For the period from September 5, 2024 (commencement of operations) through June 30, 2025. | &nbsp;&nbsp;For the period from September 5, 2024 (commencement of operations) through June 30, 2025. | &nbsp;&nbsp;For the period from September 5, 2024 (commencement of operations) through June 30, 2025. |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and others; when replies from brokers and others were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g949454imga04988422.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

August 29, 2025

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### June 30, 2025 (Unaudited)

------

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2025.

#### Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2025 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

#### Qualified Interest Income
Each Fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

#### Interest Dividends
Each Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

#### Capital Gain Dividend
Long-term capital gains dividend was paid from the Following Fund during the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Amount** |
| SPDR SSGA Global Allocation ETF<br>| $2051550 |
| SPDR SSGA Ultra Short Term Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;203927 |

---

#### Foreign Tax Credit
For the year ended June 30, 2025, the following Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Funds to its shareholders and accordingly have earned foreign source income:

SPDR SSGA Multi-Asset Real Return ETF

SPDR SSGA Income Allocation ETF

SPDR SSGA Global Allocation ETF

#### Foreign Source Income
For the year ended June 30, 2025, the following funds earned foreign source income:

SPDR SSGA Multi-Asset Real Return ETF

SPDR SSGA Income Allocation ETF

SPDR SSGA Global Allocation ETF

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION (continued)

#### June 30, 2025 (Unaudited)

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#### Tax-Exempt Income
The percentage of distributions paid by the Funds that are exempt-interest distributions are as follows:

---

| | |
|:---|:---|
|  | **Percentage** |
| SPDR Nuveen Municipal Bond ETF<br>| 94.95% |
| SPDR Nuveen Municipal Bond ESG ETF<br>| 96.06% |

---

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

#### June 30, 2025 (Unaudited)

------

#### Board Considerations Regarding Renewal of Investment Advisory Agreement
At a meeting held on May 14-15, 2025, the Board of Trustees of the Trust (the "Board") evaluated a proposal to approve for an additional one year period the Investment Advisory Agreement (the "Advisory Agreement" or "Agreement") between SSGA Active Trust ("SSAT") and the Adviser with respect to the series of SSAT (except the SPDR SSGA U.S. Equity Premium Income ETF) (collectively, the "SPDR ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Advisory Agreement, the Board requested and SSGA FM, the Trust's adviser and administrator, and State Street Bank and Trust Company, the Trust's sub-administrator, transfer agent and custodian ("State Street") provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board submitted additional questions and met with representatives of the Adviser and affiliated service providers both on April 17th and again on May 13th to discuss matters related to the Board's evaluation of the Advisory Agreement and provide the Trustees an opportunity to ask additional questions. In deciding whether to approve the Advisory Agreement, the Board considered various factors, including the nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, the proposed cost of those services in relation to the services provided and in relation to fees charged to comparable funds, other benefits to the Adviser of its relationship with the SPDR ETFs, and extent to which economies of scale would be shared as the SPDR ETFs grow.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trusts and the materials provided prior to and at the meeting. The Board reviewed the Advisory Agreement and the Adviser's responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF's investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF's compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates which make up State Street Investment Management (formerly known as "State Street Global Advisors"), through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser's experience in managing equity and fixed income exchange-traded funds with index-based investment objectives, as well as actively managed exchange-traded funds. The Board also considered the Adviser's role in overseeing third party sub-advisers, as applicable.

#### Investment Performance
The Board then reviewed the SPDR ETFs' performance, noting that the analysis of investment performance, in absolute terms, was more complex for the actively managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively managed index fund and reviewed information regarding such SPDR ETF's index tracking. To the extent such tracking was not consistent with management's expectations, the Trustees sought additional information about steps being taken to address the positive or negative tracking differences. The Board compared the investment performance of each actively managed series of SSAT to the performance of a group of comparable funds (net of expenses) (Performance Group) obtained from Broadridge Financial Solutions, Inc. (Broadridge) and/or to the performance of an appropriate benchmark index (gross of expenses) provided by the Adviser. Among other information, the Board considered the following performance information over various periods ended December 31, 2024 in its evaluation of each series of SSAT:

*SPDR DoubleLine Short Duration Total Return Tactical ETF. The Board considered that the Fund outperformed the median of its Performance Group for the 1- and 3-year periods, but underperformed the median of its Performance Group for the 5-year period. In addition, the Board considered that the Fund outperformed its benchmark index for the 1-, 3- and 5-year periods.*

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

*SPDR DoubleLine Total Return Tactical ETF. The Board considered that the Fund outperformed the median of its Performance Group for the 1- and 3-year periods, but underperformed the median of its Performance Group for the 5-year period. In addition, the Board considered that the Fund outperformed its benchmark index for the 1-, 3- and 5-year periods.*

*SPDR DoubleLine Emerging Markets Fixed Income ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1-, 3- and 5-year periods. In addition, the Board considered that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods.*

*SPDR Loomis Sayles Opportunistic Bond ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1- and 3-year periods. In addition, the Board considered that the Fund outperformed its benchmark index for the 1- and 3-year periods. The Board also considered that the Fund underperformed a composite index the Fund seeks to outperform for the 1- and 3-year periods.*

*SPDR Nuveen Municipal Bond ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1- and 3-year periods. The Board also considered that the Fund outperformed its benchmark index for the 1-year period, but underperformed its benchmark index for the 3-year period.*

*SPDR Nuveen Municipal Bond ESG ETF. The Board considered that the Fund commenced operations on April 4, 2022 and that performance information was provided for only a short operating history of the Fund. The Board considered that the Fund underperformed the median of its Performance Group for the 1-year period but outperformed its benchmark index for the 1-year period.*

*SPDR SSGA Fixed Income Sector Rotation ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1- , 3- and 5-year periods. In addition, the Board considered that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods.*

*SPDR SSGA Global Allocation ETF. The Board considered that the Fund outperformed the median of its Performance Group for the 1-, 3- , 5- and 10-year periods. In addition, the Board considered that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board also considered the Fund's performance against certain other indexes that reflect other asset classes the Fund may have exposure to from time to time indirectly through the Fund's investments in exchange traded products.*

*SPDR SSGA Income Allocation ETF. The Board considered that the Fund outperformed the median of its Performance Group for the 1-, 3- and 10-year periods and had an annualized total return equal to the median of its Performance Group for the 5-year period. In addition, the Board considered that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board also considered the Fund's performance against certain other indexes that reflect other asset classes the Fund may have exposure to from time to time indirectly through the Fund's investments in exchange traded products.*

*SPDR SSGA Multi-Asset Real Return ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1- and 3-year periods, but outperformed the median of its Performance Group for the 5-year period. In addition, the Board considered that the Fund outperformed its benchmark index for 1-, 3-, 5- and 10-year periods. The Board also considered the Fund's performance against certain other indexes that reflect other asset classes the Fund may have exposure to from time to time indirectly through the Fund's investments in exchange traded products.*

*SPDR SSGA Ultra Short Term Bond ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1-, 3- and 5-year periods, and had an annualized total return equal to the median of its Performance Group for the 10-year period. In addition, the Board considered that the Fund underperformed its benchmark index for the 1- and 3-year periods, but outperformed its benchmark index for the 5- and 10-year periods.*

*SPDR SSGA U.S. Sector Rotation ETF. The Board considered that the Fund underperformed the median of its Performance Group for the 1-, 3-, and 5-year periods. In addition, the Board considered that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods.*

In those instances where the Board observed underperformance for an extended period of time, the Trustees discussed with management those factors that contributed to such underperformance and steps being taken in response to such factors, where appropriate. They noted that they further had an opportunity to discuss such underperformance with the sub-advisers to certain of the Funds or the Adviser's Investment Solutions Group, as applicable, during meetings throughout the year.

------

[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

#### Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on each SPDR ETF's historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss with representatives of the Adviser and State Street Investment Management, methodologies used in computing costs that formed the bases of profitability calculations

#### Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF's unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds with a similar strategy that are actively managed with respect to the series of SSAT. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF's fee and fees paid by similar funds, which may include characteristics of a Fund's investment strategy that differ from such other similar funds. In their assessment of the reasonableness of the fee, the Trustees noted that the fees for many services to the Funds are paid from the unitary fee.

#### Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trusts.

#### Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF's assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees initially, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

#### Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Advisory Agreement for each SPDR ETF. In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement are fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser's unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trusts' relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board's conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trusts. The Independent Trustees were advised by their independent counsel throughout the process.

#### Board Considerations Regarding Renewal of Investment Sub-Advisory Agreements
With respect to each sub-advisory agreement, the Board considered various factors, including the nature, extent and quality of services provided by each sub-adviser with respect to the sub-advised funds under that sub-advisory agreement and the investment performance of such sub-advised funds. The Board further considered the portion of the current advisory fee that the Adviser would continue to pay to each sub-adviser under its respective sub-advisory agreement and also considered that such fees would reflect the respective responsibilities of the Adviser and sub-adviser, would continue to be paid directly by the Adviser, and would not

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

result in increased fees payable by the sub-advised funds.

#### DoubleLine Capital LP ("DoubleLine") Sub-Advisory Agreement
The Board considered the background and experience of senior management at DoubleLine and, in particular, DoubleLine's experience in investing in fixed income securities. The Board reviewed the performance of SPDR DoubleLine Short Duration Total Return Tactical ETF, SPDR DoubleLine Total Return Tactical ETF and SPDR DoubleLine Emerging Markets Fixed Income ETF, each sub-advised by DoubleLine (the "DoubleLine Funds"), noting that for each of the SPDR DoubleLine Short Duration Total Return Tactical ETF and the SPDR DoubleLine Total Return Tactical ETF, the Funds outperformed the median of its Performance Group for the 1- and 3-year periods, but underperformed the median of its Performance Group for the 5-year period. The Board also noted that the SPDR DoubleLine Emerging Markets Fixed Income ETF underperformed the median of its Performance Group for the 1-, 3- and 5-year periods, but considered management's explanation of those factors that contributed to such underperformance and the steps being taken in response to such factors. The Board also considered the unitary fee paid to the Adviser by each DoubleLine Fund and DoubleLine's fees paid by the Adviser. The Board also considered whether DoubleLine benefited in other ways from its relationship with SSAT.

After weighing the foregoing factors, as well as the relevant factors discussed in relation to the Double-Line Sub-Advisory Agreement between DoubleLine and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the DoubleLine Sub-Advisory Agreement for each DoubleLine Fund. In approving the continuance of the DoubleLine Sub-Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the DoubleLine Sub-Advisory Agreement, with respect to each Fund, are fair and reasonable and that the continuance of the DoubleLine Sub-Advisory Agreement is in the best interests of each DoubleLine Fund and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by DoubleLine with respect to each DoubleLine Fund were adequate and appropriate; (b) the performance of each DoubleLine Fund had been satisfactory; (c) DoubleLine's fees for each DoubleLine Fund and the unitary fee, considered in relation to the services provided, were reasonable; (d) any additional potential benefits to DoubleLine were not of a magnitude to materially affect the Board's conclusions; and (e) the fees paid to DoubleLine adequately shared the economies of scale with each Fund by way of the relatively low fee structure of SSAT. The Independent Trustees were advised by their independent counsel throughout the process.

#### Loomis, Sayles & Company, L.P. ("Loomis") Sub-Advisory Agreement
The Board considered the background and experience of senior management at Loomis and, in particular, Loomis's experience in investing in fixed income securities. The Board reviewed the performance of the SPDR Loomis Sayles Opportunistic Bond ETF sub-advised by Loomis (the "Loomis Fund"), noting that the Loomis Fund underperformed the median of its Performance Group for the 1-and 3-year periods. The Trustees considered management's explanation of those factors that contributed to the Loomis Fund's underperformance and the steps being taken in response to such factors. The Board also considered the unitary fee paid to the Adviser by the Loomis Fund and Loomis's fees paid by the Adviser. The Board also considered whether Loomis benefited in other ways from its relationship with SSAT.

After weighing the foregoing factors, as well as the relevant factors discussed in relation to the Loomis Sub-Advisory Agreement between Loomis and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Loomis Sub-Advisory Agreement for the Loomis Fund. In approving the continuance of the Loomis Sub-Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Loomis Sub-Advisory Agreement, with respect to the Fund, are fair and reasonable and that the continuance of the Loomis Sub-Advisory Agreement is in the best interests of the Loomis Fund and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by Loomis with respect to the Loomis Fund were adequate and appropriate; (b) the performance of the Loomis Fund had been satisfactory; (c) Loomis's fees for the Loomis Fund and the unitary fee, considered in relation to the services provided, were reasonable; (d) any additional potential benefits to Loomis were not of a magnitude to materially affect the Board's conclusions; and (e) the fees paid to Loomis adequately shared the economies of scale with each Fund by way of the relatively low fee structure of SSAT. The Independent Trustees were advised by their independent counsel throughout the process.

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[**Table of Contents**](#JOB_SSGA__4df4d6a9-9d2b-4ba1-b66e-63c751528ddd_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

#### Nuveen Asset Management, LLC ("Nuveen") Sub-Advisory Agreement
The Board considered the background and experience of Nuveen's senior management and, in particular, Nuveen's experience in investing in municipal securities. The Board reviewed the performance of the SPDR Nuveen Municipal Bond ETF and the SPDR Nuveen Municipal Bond ESG ETF, each of which is sub-advised by Nuveen (the "Nuveen Funds"). For those funds tracking an index, the Board found the tracking error to be acceptable. The Board noted that the SPDR Nuveen Municipal Bond ETF, an actively-managed ETF, had underperformed the median of its Performance Group for the 1- and 3-year periods. The Trustees considered management's explanation of those factors that contributed to the Fund's underperformance and the steps being taken in response to such factors. The Board noted that the SPDR Nuveen Municipal Bond ESG ETF, an actively-managed ETF, had a relatively short operating history during which it had underperformed, but no action was recommended given this relatively short operating history. The Board also considered the unitary fee paid to the Adviser by each Nuveen Fund and Nuveen's fees paid by the Adviser. The Board also considered whether Nuveen benefited in other ways from its relationship with the SPDR Series Trust ("SST") and SSAT.

After weighing the foregoing factors, as well as the relevant factors discussed in relation to the Nuveen Sub-Advisory Agreement between Nuveen and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the independent Trustees voting separately, approved the continuation of the Nuveen Sub-Advisory Agreement for the Nuveen Funds. In approving the continuance of the Nuveen Sub-Advisory Agreement, the Board, including the Independent Trustees voting separately, found that, with respect to each Nuveen Fund, the terms of the Nuveen Sub-Advisory Agreement are fair and reasonable and that the continuance of the Nuveen Sub-Advisory Agreement is in the best interests of each Nuveen Fund and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by Nuveen with respect to the Nuveen Funds were appropriate; (b) the performance and, more importantly for those Nuveen Funds measured against an index, the index tracking, of the Nuveen Fund had been satisfactory; (c) Nuveen's fees for each Nuveen Fund and the unitary fee, considered in relation to the services provided, were reasonable; (d) any additional potential benefits to Nuveen were not of a magnitude to materially affect the Board's conclusions; and (e) the fees paid to Nuveen adequately shared the economies of scale with each applicable Nuveen Fund by way of the relatively low fee structure of SST and SSAT. The Independent Trustees were advised by their independent counsel throughout the process.

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## Annual Financial Statements and Other Information
June 30, 2025

## 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 *www.ssga.com*. Please read the prospectus carefully before you invest.**![](g949454img3ba1dd061.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_7fea8e94-fbcd-4f6a-924e-1887b64fea8d_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Blackstone High Income ETF](#xx_7fea8e94-fbcd-4f6a-924e-1887b64fea8d_1)**[(](#xx_7fea8e94-fbcd-4f6a-924e-1887b64fea8d_1)**[HYBL](#xx_7fea8e94-fbcd-4f6a-924e-1887b64fea8d_1)**[)](#xx_7fea8e94-fbcd-4f6a-924e-1887b64fea8d_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Blackstone Senior Loan ETF](#xx_ffe85c2d-378d-4932-90d7-e1f61e5e13c0_1)**[(](#xx_ffe85c2d-378d-4932-90d7-e1f61e5e13c0_1)**[SRLN](#xx_ffe85c2d-378d-4932-90d7-e1f61e5e13c0_1)**[)](#xx_ffe85c2d-378d-4932-90d7-e1f61e5e13c0_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **[Financial Statements (N-CSR Item 7)](#xx_904d128f-32dd-449f-931f-7c3d426e6f8f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| **[Financial Highlights (N-CSR Item 7)](#xx_4fca21e6-fa65-407d-b6bc-cb3da51bba52_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_7c3b8a4a-9b48-45f2-af02-aee2ce7b48f0_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_4c673e75-d22b-4659-8767-5e9652365732_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_e896a6bc-8257-44c6-a98c-a51d0b3ef17a_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_3191718f-7e35-4b15-8320-bb210ce0a835_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;59 |

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SENIOR FLOATING RATE LOANS — 38.6%** | **SENIOR FLOATING RATE LOANS — 38.6%** | **SENIOR FLOATING RATE LOANS — 38.6%** |
| **ADVERTISING SERVICES — 0.3%** | **ADVERTISING SERVICES — 0.3%** | **ADVERTISING SERVICES — 0.3%** |
| Neptune Bidco U.S., Inc.<br>2022 USD Term Loan B 3 mo. USD Term SOFR + 5.00%, 9.33%, 4/11/2029 (a)<br>| &nbsp;&nbsp;$527530 | &nbsp;&nbsp;$500304 |
| Planet U.S. Buyer LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.33%, 2/7/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523105 |
| Wasserman Media Group LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399347 |
| **AEROSPACE & DEFENSE — 0.4%** | **AEROSPACE & DEFENSE — 0.4%** | **AEROSPACE & DEFENSE — 0.4%** |
| Air Comm Corp. LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 3.00%, 7.30%, 12/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872470 |
| Kaman Corp.<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/26/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466483 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| American Airlines, Inc.<br>2025 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132857 |
| JetBlue Airways Corp.<br>2024 Term Loan B 3 mo. USD Term SOFR + 4.75%, 9.07%, 8/27/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911997 |
| **APPAREL — 0.7%** | **APPAREL — 0.7%** | **APPAREL — 0.7%** |
| ABG Intermediate Holdings 2 LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 12/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765608 |
| Beach Acquisition Bidco LLC<br>USD Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509375 |
| Champ Acquisition Corp.<br>2024 Term Loan B 6 mo. USD Term SOFR + 4.00%, 8.17%, 11/25/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288344 |
| S&S Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 5.00%, 9.32%, 10/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan 1 mo. USD Term SOFR + 5.00%, 9.42%, 3/11/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829053 |

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** |
| BBB Industries LLC<br>2022 Term Loan 3 mo. USD Term SOFR + 5.25%, 9.65%, 7/25/2029 (a)<br>| &nbsp;&nbsp;$163578 | &nbsp;&nbsp;$140537 |
| **AUTO PARTS & EQUIPMENT — 0.3%** | **AUTO PARTS & EQUIPMENT — 0.3%** | **AUTO PARTS & EQUIPMENT — 0.3%** |
| First Brands Group LLC<br>2022 Incremental Term Loan 3 mo. USD Term SOFR + 5.00%, 9.54%, 3/30/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366382 |
| Tenneco, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan A 3 mo. USD Term SOFR + 4.75%, 9.06%, 11/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286847 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan B 3 mo. USD Term SOFR + 5.00%, 9.42%, 11/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104007 |
| **BUILDING MATERIALS — 0.4%** | **BUILDING MATERIALS — 0.4%** | **BUILDING MATERIALS — 0.4%** |
| Cornerstone Building Brands, Inc.<br>2021 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.66%, 4/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572218 |
| LHS Borrower LLC<br>2022 Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.18%, 2/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482434 |
| **CAPITAL MARKETS — 0.4%** | **CAPITAL MARKETS — 0.4%** | **CAPITAL MARKETS — 0.4%** |
| Aretec Group, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287508 |
| Focus Financial Partners LLC<br>2025 Incremental Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 9/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618457 |
| **CHEMICALS — 0.3%** | **CHEMICALS — 0.3%** | **CHEMICALS — 0.3%** |
| SCIH Salt Holdings, Inc.<br>2021 Incremental Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 1/31/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127829 |
| **COMMERCIAL SERVICES — 3.7%** | **COMMERCIAL SERVICES — 3.7%** | **COMMERCIAL SERVICES — 3.7%** |
| AlixPartners LLP<br>2021 USD Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.94%, 2/4/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250566 |
| Allied Universal Holdco LLC<br>2021 USD Incremental Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 5/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668026 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Ankura Consulting Group LLC<br>2024 Repriced Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 12/29/2031 (a)<br>| &nbsp;&nbsp;$1128016 | &nbsp;&nbsp;$1128721 |
| Anticimex International AB<br>2024 Term Loan B6 3 mo. USD Term SOFR + 3.40%, 7.66%, 11/16/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469478 |
| APFS Staffing Holdings, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 4.25%, 8.58%, 12/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249450 |
| Belfor Holdings, Inc.<br>2025 USD Term Loan B3 1 mo. USD Term SOFR + 3.00%, 7.33%, 11/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332040 |
| Camelot U.S. Acquisition LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149881 |
| CHG Healthcare Services, Inc.<br>2024 Term Loan B1 3 mo. USD Term SOFR + 3.00%, 7.33%, 9/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59392 |
| Ensemble RCM LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 8/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229692 |
| Fugue Finance BV<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.58%, 1/9/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633178 |
| Garda World Security Corp.<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784179 |
| Grant Thornton Advisors LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Delayed Draw Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20116 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170489 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62370 |
| KUEHG Corp.<br>2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460649 |
| Mavis Tire Express Services Corp.<br>2025 Repriced Term Loan 3 mo. USD Term SOFR + 3.00%, 7.33%, 5/4/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413680 |
| OMNIA Partners LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.03%, 7/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041475 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| PG Investment Co. 59 SARL<br>Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.05%, 3/26/2031 (a)<br>| &nbsp;&nbsp;$178030 | &nbsp;&nbsp;$178742 |
| Prime Security Services Borrower LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.32%, 10/13/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499557 |
| Raven Acquisition Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/19/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956644 |
| Ryan LLC<br>Term Loan 1 mo. USD Term SOFR + 3.50%, 7.83%, 11/14/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638289 |
| Spring Education Group, Inc.<br>Term Loan 3 mo. USD Term SOFR + 4.00%, 8.30%, 10/4/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118837 |
| Thevelia U.S. LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.30%, 6/18/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143013 |
| Trans Union LLC<br>2024 Term Loan B8 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399581 |
| TTF Holdings LLC<br>2024 Term Loan 6 mo. USD Term SOFR + 3.75%, 8.00%, 7/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195294 |
| VT Topco, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240191 |
| Wand NewCo 3, Inc.<br>2025 Repriced Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 1/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85837 |
| WEX, Inc.<br>2024 Term Loan B2 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14923444 |
| **COMMUNICATIONS EQUIPMENT — 0.1%** | **COMMUNICATIONS EQUIPMENT — 0.1%** | **COMMUNICATIONS EQUIPMENT — 0.1%** |
| Zayo Group Holdings, Inc.<br>USD Term Loan 1 mo. USD Term SOFR + 3.00%, 7.44%, 3/9/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382930 |
| **COMPUTERS — 2.3%** | **COMPUTERS — 2.3%** | **COMPUTERS — 2.3%** |
| Access CIG LLC<br>2023 Term Loan 6 mo. USD Term SOFR + 4.25%, 8.38%, 8/18/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721301 |
| Ahead DB Holdings LLC<br>2024 Term Loan B3 3 mo. USD Term SOFR + 3.00%, 7.30%, 2/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111689 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Bingo Holdings I LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;$730000 | &nbsp;&nbsp;$719736 |
| Clover Holdings 2 LLC<br>Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.31%, 12/9/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561574 |
| Imprivata, Inc.<br>2024 Term Loan 3 mo. USD Term SOFR + 3.50%, 7.78%, 12/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451451 |
| Ivanti Software, Inc.<br>2025 Newco Term Loan 3 mo. USD Term SOFR + 5.75%, 10.08%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66696 |
| McAfee LLC<br>2024 USD 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544268 |
| Peraton Corp.<br>Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390466 |
| Sandisk Corp.<br>Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.32%, 2/20/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903368 |
| Twitter, Inc.<br>Term Loan 1 mo. USD Term SOFR + 6.50%, 10.93%, 10/26/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003185 |
| Virtusa Corp.<br>2024 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499485 |
| Vision Solutions, Inc.<br>2021 Incremental Term Loan 3 mo. USD Term SOFR + 4.00%, 8.54%, 4/24/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276362 |
| **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** |
| Apple Bidco LLC<br>2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181146 |
| Cube Industrials Buyer, Inc.<br>2024 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.52%, 10/17/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140566 |
| DG Investment Intermediate Holdings 2, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 3/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142494 |
| Radar Bidco SARL<br>2024 USD Term Loan 3 mo. USD Term SOFR + 3.50%, 7.79%, 4/4/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777100 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Groundworks LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Delayed Draw Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/14/2031 (a)<br>| &nbsp;&nbsp;$16308 | &nbsp;&nbsp;$16325 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554357 |
| Quikrete Holdings, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/10/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613844 |
| **CONTAINERS & PACKAGING — 1.8%** | **CONTAINERS & PACKAGING — 1.8%** | **CONTAINERS & PACKAGING — 1.8%** |
| Berlin Packaging LLC<br>2024 Term Loan B7 3 mo. USD Term SOFR + 3.50%, 7.82%, 6/7/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970347 |
| Charter NEX U.S., Inc.<br>2024 Term Loan B1 1 mo. USD Term SOFR + 2.75%, 7.06%, 11/29/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Delayed Draw Term Loan 1 mo. USD Term SOFR + 3.25%, 7.58%, 4/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 4/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 3.18%, 7.50%, 4/13/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380874 |
| Graham Packaging Co., Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/4/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250721 |
| Iris Holding, Inc.<br>Term Loan 3 mo. USD Term SOFR + 4.75%, 9.13%, 6/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472333 |
| Proampac PG Borrower LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 4.00%, 8.26%, 9/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885132 |
| SupplyOne, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 4/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228246 |
| TricorBraun Holdings, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.25%, 7.69%, 3/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276828 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Trident TPI Holdings, Inc.<br>2024 Term Loan B7 3 mo. USD Term SOFR + 3.75%, 8.05%, 9/15/2028 (a)<br>| &nbsp;&nbsp;$844401 | &nbsp;&nbsp;$830790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423461 |
| **DISTRIBUTION/WHOLESALE — 0.3%** | **DISTRIBUTION/WHOLESALE — 0.3%** | **DISTRIBUTION/WHOLESALE — 0.3%** |
| BCPE Empire Holdings, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 12/11/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614124 |
| Fluid-Flow Products, Inc.<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 3/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308155 |
| Windsor Holdings III LLC<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.07%, 8/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057832 |
| **DIVERSIFIED FINANCIAL SERVICES — 1.4%** | **DIVERSIFIED FINANCIAL SERVICES — 1.4%** | **DIVERSIFIED FINANCIAL SERVICES — 1.4%** |
| Advisor Group, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201111 |
| Apex Group Treasury LLC<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.82%, 2/27/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867344 |
| Citco Funding LLC<br>2024 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155206 |
| Corpay Technologies Operating Co. LLC<br>Term Loan B5 1 mo. USD Term SOFR + 1.75%, 6.08%, 4/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249685 |
| Edelman Financial Center LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.25%, 9.58%, 10/6/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341827 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 4/7/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090623 |
| Eisner Advisory Group LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 4.00%, 8.33%, 2/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502566 |
| Hudson River Trading LLC<br>2024 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751273 |
| Janney Montgomery Scott LLC<br>Term Loan 6 mo. USD Term SOFR + 3.25%, 7.47%, 11/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137521 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Kestra Advisor Services Holdings A, Inc.<br>2024 Repriced Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/22/2031 (a)<br>| &nbsp;&nbsp;$521815 | &nbsp;&nbsp;$522196 |
| Mermaid Bidco, Inc.<br>2024 USD Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.51%, 7/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858610 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** |
| Altice France SA<br>2023 USD Term Loan B14 3 mo. USD Term SOFR + 5.50%, 9.76%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555759 |
| CommScope, Inc.<br>2024 Term Loan 1 mo. USD Term SOFR + 5.25%, 9.58%, 12/17/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463481 |
| Delta TopCo, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.25%, 9.57%, 11/29/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151078 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.07%, 11/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204598 |
| Lumen Technologies, Inc.<br>2024 Extended Term Loan B1 1 mo. USD Term SOFR + 2.35%, 6.79%, 4/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612585 |
| Viavi Solutions, Inc.<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548377 |
| **ENTERTAINMENT — 0.6%** | **ENTERTAINMENT — 0.6%** | **ENTERTAINMENT — 0.6%** |
| Bally's Corp.<br>2021 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.78%, 10/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94925 |
| CE Intermediate I LLC<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.45%, 3/25/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376207 |
| EOC Borrower LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/24/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401000 |
| Herschend Entertainment Co. LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.57%, 5/27/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433539 |
| Scientific Games Holdings LP<br>2024 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 4/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494437 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| UFC Holdings LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.57%, 11/21/2031 (a)<br>| &nbsp;&nbsp;$2256 | &nbsp;&nbsp;$2265 |
| Voyager Parent LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578759 |
| **ENVIRONMENTAL CONTROL — 0.4%** | **ENVIRONMENTAL CONTROL — 0.4%** | **ENVIRONMENTAL CONTROL — 0.4%** |
| Madison IAQ LLC<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.56%, 5/6/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883481 |
| Reworld Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.56%, 11/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C 1 mo. USD Term SOFR + 2.25%, 6.56%, 11/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433847 |
| **FINANCIAL SERVICES — 0.1%** | **FINANCIAL SERVICES — 0.1%** | **FINANCIAL SERVICES — 0.1%** |
| AqGen Island Holdings, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558879 |
| Chrysaor Bidco SARL<br>USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.24%, 10/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605570 |
| **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** |
| Fiesta Purchaser, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 2/12/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327905 |
| Froneri Lux Finco SARL<br>2024 USD Term Loan B4 6 mo. USD Term SOFR + 2.00%, 6.24%, 9/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247194 |
| Solina Bidco<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.57%, 3/12/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860960 |
| **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** |
| AIT Worldwide Logistics, Inc.<br>2025 Repriced Term Loan 3 mo. USD Term SOFR + 4.00%, 8.26%, 4/8/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799961 |
| Forward Air Corp.<br>Term Loan B 3 mo. USD Term SOFR + 4.50%, 8.78%, 12/19/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348486 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Stonepeak Nile Parent LLC<br>Term Loan B 3 mo. USD Term SOFR + 1.75%, 9.25%, 4/9/2032 (a)<br>| &nbsp;&nbsp;$350000 | &nbsp;&nbsp;$351575 |
| Worldwide Express Operations LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.30%, 7/26/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887269 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%** |
| Auris Luxembourg III SARL<br>2024 Term Loan B4 6 mo. USD Term SOFR + 3.75%, 7.88%, 2/28/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043206 |
| Embecta Corp.<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139657 |
| Hanger, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Delayed Draw Term Loan 1 mo. USD Term SOFR + 3.50%, 7.83%, 10/23/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 10/23/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385507 |
| Medline Borrower LP<br>2024 USD Add-on Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 10/23/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511885 |
| Resonetics LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.57%, 6/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571357 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** |
| Electron BidCo, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 11/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56417 |
| Global Medical Response, Inc.<br>2024 PIK Term Loan 3 mo. USD Term SOFR + 4.75%, 0.75%, 10/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996394 |
| MED ParentCo LP<br>2025 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183197 |
| Midwest Physician Administrative Services LLC<br>2021 Term Loan 3 mo. USD Term SOFR + 3.00%, 7.81%, 3/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525851 |
| Outcomes Group Holdings, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.08%, 5/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94479 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Parexel International Corp.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 11/15/2028 (a)<br>| &nbsp;&nbsp;$959622 | &nbsp;&nbsp;$960971 |
| Radiology Partners, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Extended Term Loan B 3 mo. USD Term SOFR + 5.00%, 9.59%, 1/31/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257691 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234531 |
| Team Health Holdings, Inc.<br>2022 Term Loan B 3 mo. USD Term SOFR + 5.25%, 9.53%, 3/2/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298872 |
| U.S. Fertility Enterprises LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Delayed Draw Term Loan 3 mo. USD Term SOFR + 4.50%, 8.78%, 10/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21902 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 6 mo. USD Term SOFR + 4.50%, 8.80%, 10/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10109744 |
| **HOME FURNISHINGS — 0.5%** | **HOME FURNISHINGS — 0.5%** | **HOME FURNISHINGS — 0.5%** |
| AI Aqua Merger Sub, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.32%, 7/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873529 |
| **HOUSEWARES — 0.3%** | **HOUSEWARES — 0.3%** | **HOUSEWARES — 0.3%** |
| American Greetings Corp.<br>2024 Term Loan B 1 mo. USD Term SOFR + 5.75%, 10.08%, 10/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596309 |
| Hunter Douglas, Inc.<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 1/20/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221307 |
| **INSURANCE — 3.4%** | **INSURANCE — 3.4%** | **INSURANCE — 3.4%** |
| Acrisure LLC<br>2024 1st Lien Term Loan B6 1 mo. USD Term SOFR + 3.00%, 7.33%, 11/6/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205019 |
| Alera Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.50%, 9.83%, 5/30/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306188 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.58%, 5/31/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004125 |
| AmWINS Group, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 1/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74860 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| AssuredPartners, Inc.<br>2024 Incremental Term Loan B5 1 mo. USD Term SOFR + 3.50%, 7.83%, 2/14/2031 (a)<br>| &nbsp;&nbsp;$1271868 | &nbsp;&nbsp;$1276491 |
| Asurion LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4 1 mo. USD Term SOFR + 5.25%, 9.69%, 1/20/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824790 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan B9 1 mo. USD Term SOFR + 3.25%, 7.69%, 7/31/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446318 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan B10 1 mo. USD Term SOFR + 4.00%, 8.43%, 8/19/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575872 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan B11 1 mo. USD Term SOFR + 4.25%, 8.68%, 8/19/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271299 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B12 1 mo. USD Term SOFR + 4.25%, 8.58%, 9/19/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479943 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B13 1 mo. USD Term SOFR + 4.25%, 8.58%, 9/19/2030 (a)<br>| &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;68093 |
| Baldwin Insurance Group Holdings LLC<br>2024 Repriced Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 5/26/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149311 |
| BroadStreet Partners, Inc.<br>2024 Term Loan B4 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/13/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482551 |
| Howden Group Holdings Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488434 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 4/18/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199280 |
| Sedgwick Claims Management Services, Inc.<br>2023 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 7/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967974 |
| Trucordia Insurance Holdings LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.56%, 6/14/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504687 |
| Truist Insurance Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.05%, 5/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736592 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien Term Loan 3 mo. USD Term SOFR + 4.75%, 9.05%, 5/6/2032 (a)<br>| &nbsp;&nbsp;$558587 | &nbsp;&nbsp;$558587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13620414 |
| **INTERNET & TELECOM — 1.3%** | **INTERNET & TELECOM — 1.3%** | **INTERNET & TELECOM — 1.3%** |
| Endure Digital, Inc.<br>2024 CoOp Term Loan 1 mo. USD Term SOFR + 3.50%, 7.93%, 2/10/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561557 |
| Go Daddy Operating Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B7 1 mo. USD Term SOFR + 1.75%, 6.08%, 5/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B8 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249803 |
| ION Trading Technologies SARL<br>2024 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246053 |
| MH Sub I LLC<br>2023 Term Loan 1 mo. USD Term SOFR + 4.25%, 8.58%, 5/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748386 |
| Plano HoldCo, Inc.<br>Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 10/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128266 |
| Proofpoint, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950207 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Fungible Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500895 |
| PUG LLC<br>2024 Extended Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.08%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764322 |
| TripAdvisor, Inc.<br>Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 7/8/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200943 |
| **INVESTMENT COMPANIES — 0.0% <sup>\*</sup>** | **INVESTMENT COMPANIES — 0.0% <sup>\*</sup>** | **INVESTMENT COMPANIES — 0.0% <sup>\*</sup>** |
| AAL Delaware Holdco, Inc.<br>2025 Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 7/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 |
| **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** |
| LC AHAB U.S. Bidco LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 5/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349209 |
| **LODGING — 0.2%** | **LODGING — 0.2%** | **LODGING — 0.2%** |
| Fertitta Entertainment LLC<br>2022 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 1/27/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775386 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MACHINERY — 0.2%** | **MACHINERY — 0.2%** | **MACHINERY — 0.2%** |
| Arcline FM Holdings LLC<br>2025 Term Loan 6 mo. USD Term SOFR + 3.50%, 7.58%, 6/24/2030 (a)<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$201152 |
| TK Elevator Midco GmbH<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.24%, 4/30/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623616 |
| **MEDIA — 1.6%** | **MEDIA — 1.6%** | **MEDIA — 1.6%** |
| Cengage Learning, Inc.<br>2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.83%, 3/24/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544968 |
| Cogeco Communications Finance USA LP<br>2023 Incremental Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.94%, 9/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152224 |
| Coral-U.S. Co-Borrower LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan B6 1 mo. USD Term SOFR + 3.00%, 7.43%, 10/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260698 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B7 3 mo. USD Term SOFR + 3.25%, 7.51%, 2/2/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260435 |
| DirecTV Financing LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 5.25%, 9.79%, 8/2/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491159 |
| Gray Television, Inc.<br>2021 Term Loan D 1 mo. USD Term SOFR + 3.00%, 7.44%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525018 |
| McGraw-Hill Global Education Holdings LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 8/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729152 |
| MJH Healthcare Holdings LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/29/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213834 |
| Nexstar Media, Inc.<br>2025 Term Loan B5 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199875 |
| Radiate Holdco LLC<br>2021 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.69%, 9/25/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156865 |
| Virgin Media Bristol LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 USD Term Loan Y 6 mo. USD Term SOFR + 3.18%, 7.37%, 3/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370120 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;USD Term Loan N 1 mo. USD Term SOFR + 2.50%, 6.93%, 1/31/2028 (a)<br>| &nbsp;&nbsp;$1563431 | &nbsp;&nbsp;$1546158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450506 |
| **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** |
| Crosby U.S. Acquisition Corp.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336156 |
| **METALS & MINING — 0.1%** | **METALS & MINING — 0.1%** | **METALS & MINING — 0.1%** |
| Flame Newco LLC<br>2023 Exit PIK Term Loan 1 mo. USD Term SOFR + 4.00%, 4.00%, 6/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217479 |
| **MISCELLANEOUS MANUFACTURER — 0.1%** | **MISCELLANEOUS MANUFACTURER — 0.1%** | **MISCELLANEOUS MANUFACTURER — 0.1%** |
| Touchdown Acquirer, Inc.<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448313 |
| **PERSONAL PRODUCTS — 0.3%** | **PERSONAL PRODUCTS — 0.3%** | **PERSONAL PRODUCTS — 0.3%** |
| Opal Bidco SAS<br>USD Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230663 |
| **PHARMACEUTICALS — 1.0%** | **PHARMACEUTICALS — 1.0%** | **PHARMACEUTICALS — 1.0%** |
| Gainwell Acquisition Corp.<br>Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.40%, 10/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770363 |
| HLF Financing SARL LLC<br>2024 8th Amendment Term Loan B 1 mo. USD Term SOFR + 6.75%, 11.08%, 4/12/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124195 |
| Padagis LLC<br>Term Loan B 3 mo. USD Term SOFR + 4.75%, 9.27%, 7/6/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25075 |
| Southern Veterinary Partners LLC<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.25%, 7.53%, 12/4/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242549 |
| **PIPELINES — 0.3%** | **PIPELINES — 0.3%** | **PIPELINES — 0.3%** |
| Freeport LNG Investments LLLP<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.52%, 12/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763679 |
| Oryx Midstream Services Permian Basin LLC<br>2025 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349430 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| TransMontaigne Operating Co. LP<br>Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/17/2028 (a)<br>| &nbsp;&nbsp;$148683 | &nbsp;&nbsp;$149468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262577 |
| **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** |
| CoreLogic, Inc.<br>Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 6/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552809 |
| **RETAIL — 3.2%** | **RETAIL — 3.2%** | **RETAIL — 3.2%** |
| EG Group Ltd.<br>2024 Term Loan B 3 mo. USD Term SOFR + 4.25%, 8.58%, 2/7/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102844 |
| Flynn Restaurant Group LP<br>2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 1/28/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100446 |
| Foundation Building Materials Holding Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.79%, 1/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140052 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B2 3 mo. USD Term SOFR + 4.00%, 8.28%, 1/29/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186158 |
| Great Outdoors Group LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/23/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622717 |
| Harbor Freight Tools USA, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 6/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649527 |
| IRB Holding Corp.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747438 |
| K-Mac Holdings Corp.<br>2025 Term Loan 1 mo. USD Term SOFR + 3.25%, 7.58%, 7/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344472 |
| LBM Acquisition LLC<br>2024 Incremental Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.16%, 6/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327175 |
| Michaels Cos., Inc.<br>2021 Term Loan B 3 mo. USD Term SOFR + 4.25%, 8.81%, 4/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264277 |
| Park River Holdings, Inc.<br>Term Loan 3 mo. USD Term SOFR + 3.25%, 7.80%, 12/28/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590933 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Petco Health & Wellness Co., Inc.<br>2021 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.81%, 3/3/2028 (a)<br>| &nbsp;&nbsp;$1072169 | &nbsp;&nbsp;$990512 |
| PetSmart, Inc.<br>2021 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/11/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929011 |
| Restoration Hardware, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Incremental Term Loan 1 mo. USD Term SOFR + 3.25%, 7.68%, 10/20/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.94%, 10/20/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777539 |
| Spencer Spirit IH LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.06%, 7/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233521 |
| Staples, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 5.75%, 10.03%, 9/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549684 |
| Tacala LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613988 |
| Whatabrands LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449572 |
| White Cap Buyer LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 10/19/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12907469 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%** |
| Instructure Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 6 mo. USD Term SOFR + 5.00%, 9.21%, 11/12/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80883 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 6 mo. USD Term SOFR + 3.00%, 7.21%, 11/13/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529949 |
| **SHIPBUILDING — 0.1%** | **SHIPBUILDING — 0.1%** | **SHIPBUILDING — 0.1%** |
| LSF11 Trinity Bidco, Inc.<br>2024 1st Lien Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 6/14/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525475 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SOFTWARE — 6.2%** | **SOFTWARE — 6.2%** | **SOFTWARE — 6.2%** |
| Applied Systems, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 2.50%, 6.80%, 2/24/2031 (a)<br>| &nbsp;&nbsp;$99749 | &nbsp;&nbsp;$100302 |
| Apttus Corp.<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.78%, 5/8/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192677 |
| Ascend Learning LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.75%, 10.18%, 12/10/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68098 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Repriced Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 12/11/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947918 |
| AthenaHealth Group, Inc.<br>2022 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632608 |
| BCPE Pequod Buyer, Inc.<br>USD Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/25/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39870 |
| Boxer Parent Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.75%, 10.08%, 7/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121954 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.33%, 7/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473321 |
| Cast & Crew Payroll LLC<br>2021 Incremental Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 12/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377449 |
| Central Parent, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 7/6/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176637 |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 3/29/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726651 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan 3 mo. USD Term SOFR + 3.75%, 8.05%, 3/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582772 |
| ConnectWise LLC<br>2021 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250939 |
| Cornerstone OnDemand, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 10/16/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691407 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Cotiviti Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 2.75%, 7.07%, 5/1/2031 (a)<br>| &nbsp;&nbsp;$291350 | &nbsp;&nbsp;$290349 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Amendment Term Loan 1 mo. USD Term SOFR + 2.75%, 7.07%, 3/26/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312708 |
| DCert Buyer, Inc.<br>2019 Term Loan B 1 mo. USD Term SOFR + 4.00%, 8.33%, 10/16/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92317 |
| ECI Macola Max Holding LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.55%, 5/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277058 |
| EP Purchaser LLC<br>2021 Term Loan B 3 mo. USD Term SOFR + 3.50%, 8.06%, 11/6/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140269 |
| Flash Charm, Inc.<br>2024 Term Loan 3 mo. USD Term SOFR + 3.50%, 7.78%, 3/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224112 |
| Flexera Software LLC<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.00%, 7.31%, 3/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355543 |
| Genesys Cloud Services Holdings II LLC<br>2025 USD Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250242 |
| Genuine Financial Holdings LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 9/27/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94584 |
| IQN Holding Corp.<br>2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.25%, 9.55%, 7/16/2032 (a)<br>| &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;95989 |
| Ivanti Software, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 1st Lien Term Loan 3 mo. USD Term SOFR + 4.75%, 9.06%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383102 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81016 |
| Javelin Buyer, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.25%, 7.58%, 12/5/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300839 |
| Mitchell International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan 1 mo. USD Term SOFR + 3.25%, 7.58%, 6/17/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436572 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.25%, 9.58%, 6/17/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Modena Buyer LLC<br>Term Loan 3 mo. USD Term SOFR + 4.50%, 8.78%, 7/1/2031 (a)<br>| &nbsp;&nbsp;$248522 | &nbsp;&nbsp;$239979 |
| Particle Investments SARL<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.08%, 3/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99491 |
| Planview Parent, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.50%, 7.80%, 12/17/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926874 |
| PointClickCare Technologies, Inc.<br>2024 USD Term Loan B 6 mo. USD Term SOFR + 3.25%, 7.42%, 11/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315190 |
| Polaris Newco LLC<br>USD Term Loan B 3 mo. USD Term SOFR + 3.75%, 8.29%, 6/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887922 |
| Project Alpha Intermediate Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 10/26/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012792 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Incremental Term Loan 3 mo. USD Term SOFR + 5.00%, 9.30%, 5/9/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199250 |
| Project Boost Purchaser LLC<br>2025 Refinancing Term Loan 3 mo. USD Term SOFR + 3.00%, 7.30%, 7/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807492 |
| Project Leopard Holdings, Inc.<br>2022 USD Term Loan B 3 mo. USD Term SOFR + 5.25%, 9.63%, 7/20/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418228 |
| Project Ruby Ultimate Parent Corp.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.44%, 3/10/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370283 |
| RealPage, Inc.<br>1st Lien Term Loan 3 mo. USD Term SOFR + 3.00%, 7.56%, 4/24/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003218 |
| Rocket Software, Inc.<br>2023 USD Term Loan B 1 mo. USD Term SOFR + 4.25%, 8.58%, 11/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854059 |
| Skopima Merger Sub, Inc.<br>2024 Repriced Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 5/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673378 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Sovos Compliance LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 4.00%, 8.33%, 8/13/2029 (a)<br>| &nbsp;&nbsp;$617192 | &nbsp;&nbsp;$620963 |
| Surf Holdings LLC<br>2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 3/5/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788024 |
| UKG, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/10/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24937833 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $156,083,997)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;156309967 |
| **ASSET-BACKED SECURITIES — 10.3%** | **ASSET-BACKED SECURITIES — 10.3%** | **ASSET-BACKED SECURITIES — 10.3%** |
| **OTHER ABS — 10.3%** | **OTHER ABS — 10.3%** | **OTHER ABS — 10.3%** |
| Apidos CLO XXV Ltd.<br>Series 2016-25A, Class E1R3, 3 mo. USD Term SOFR + 5.35%, 9.62%, 1/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500306 |
| ARES Loan Funding II Ltd.<br>Series 2022-ALF2A, Class ER, 3 mo. USD Term SOFR + 8.24%, 12.51%, 10/20/2036 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750375 |
| ARES Loan Funding III Ltd.<br>Series 2022-ALF3A, Class ER, 3 mo. USD Term SOFR + 6.10%, 10.38%, 7/25/2036 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995700 |
| ARES LXII CLO Ltd.<br>Series 2021-62A, Class E, 3 mo. USD Term SOFR + 6.76%, 11.04%, 1/25/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639080 |
| ARES LXVIII CLO Ltd.<br>Series 2023-68A, Class E, 3 mo. USD Term SOFR + 8.55%, 12.83%, 4/25/2035 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756022 |
| Balboa Bay Loan Funding Ltd.<br>Series 2021-2A, Class E, 3 mo. USD Term SOFR + 6.86%, 11.13%, 1/20/2035 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493800 |
| Ballyrock CLO Ltd.<br>Series 2020-2A, Class DR, 3 mo. USD Term SOFR + 6.41%, 10.68%, 10/20/2031 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Barings CLO Ltd.<br>Series 2019-3A, Class ERR, 3 mo. USD Term SOFR + 5.85%, 10.12%, 1/20/2036 (a) (c)<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$991121 |
| Barrow Hanley CLO I Ltd.<br>Series 2023-1A, Class ER, 3 mo. USD Term SOFR + 5.25%, 9.52%, 1/20/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996600 |
| Benefit Street Partners CLO IX Ltd.<br>Series 2016-9A, Class ER2, 3 mo. USD Term SOFR + 5.90%, 10.17%, 10/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501753 |
| Benefit Street Partners CLO X Ltd.<br>Series 2016-10A, Class DRR, 3 mo. USD Term SOFR + 7.01%, 11.28%, 4/20/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497900 |
| Carlyle U.S. CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9A, Class E, 3 mo. USD Term SOFR + 6.89%, 11.16%, 10/20/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4A, Class E2R, 3 mo. USD Term SOFR + 7.86%, 12.14%, 10/17/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11A, Class ER, 3 mo. USD Term SOFR + 6.50%, 10.78%, 7/25/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A, Class ER, 3 mo. USD Term SOFR + 6.69%, 10.96%, 4/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 3 mo. USD Term SOFR + 6.92%, 11.18%, 4/15/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504700 |
| CarVal CLO IX-C Ltd.<br>Series 2024-1A, Class E, 3 mo. USD Term SOFR + 6.75%, 11.02%, 4/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503700 |
| CBAM Ltd.<br>Series 2017-1A, Class ER2, 3 mo. USD Term SOFR + 6.93%, 11.20%, 1/20/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518300 |
| Cedar Funding XIV CLO Ltd.<br>Series 2021-14A, Class ER, 3 mo. USD Term SOFR + 7.39%, 11.65%, 10/15/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| CIFC Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5A, Class ER, 3 mo. USD Term SOFR + 5.10%, 9.36%, 1/15/2038 (a) (c)<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$985578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class ER, 3 mo. USD Term SOFR + 5.75%, 10.02%, 10/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class E, 3 mo. USD Term SOFR + 6.46%, 10.72%, 4/15/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744825 |
| Columbia Cent CLO 34 Ltd.<br>Series 2024-34A, Class E, 3 mo. USD Term SOFR + 6.85%, 11.29%, 1/25/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011400 |
| Eaton Vance CLO Ltd.<br>Series 2020-2A, Class ER2, 3 mo. USD Term SOFR + 6.50%, 10.76%, 10/15/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994400 |
| Galaxy 30 CLO Ltd.<br>Series 2022-30A, Class ER, 3 mo. USD Term SOFR + 5.90%, 10.16%, 1/15/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896477 |
| Galaxy 31 CLO Ltd.<br>Series 2023-31A, Class ER, 3 mo. USD Term SOFR + 5.50%, 9.81%, 7/15/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Galaxy XXIV CLO Ltd.<br>Series 2017-24A, Class DR, 3 mo. USD Term SOFR + 4.15%, 8.41%, 4/15/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504507 |
| Generate CLO 10 Ltd.<br>Series 2022-10A, Class D1R, 3 mo. USD Term SOFR + 2.85%, 7.17%, 1/22/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988750 |
| KKR CLO 35 Ltd.<br>Series 35A, Class ER, 3 mo. USD Term SOFR + 4.90%, 9.17%, 1/20/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500612 |
| MidOcean Credit CLO XI Ltd.<br>Series 2022-11A, Class ER2, 3 mo. USD Term SOFR + 6.00%, 10.27%, 1/18/2036 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647725 |
| New Mountain CLO 1 Ltd.<br>Series CLO-1A, Class ERR, 3 mo. USD Term SOFR + 5.25%, 9.51%, 1/15/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499672 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Oaktree CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-32A, Class E, 3 mo. USD Term SOFR - 5.35%, Zero Coupon%, 7/15/2038 (a) (c) (d)<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1000800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-30A, Class E, 3 mo. USD Term SOFR + 7.42%, 11.72%, 7/15/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553850 |
| OCP CLO Ltd.<br>Series 2017-13A, Class ER2, 3 mo. USD Term SOFR + 5.90%, 10.17%, 11/26/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500850 |
| Octagon 60 Ltd.<br>Series 2022-1A, Class ER, 3 mo. USD Term SOFR + 7.00%, 11.27%, 10/20/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013016 |
| Octagon 62 Ltd.<br>Series 2022-1A, Class ER, 3 mo. USD Term SOFR + 6.40%, 10.68%, 1/23/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150989 |
| Octagon 75 Ltd.<br>Series 2025-1A, Class E, 3 mo. USD Term SOFR + 4.95%, 9.24%, 1/22/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960800 |
| Palmer Square CLO Ltd.<br>Series 2019-1A, Class DR, 3 mo. USD Term SOFR + 6.76%, 11.07%, 11/14/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497550 |
| Pikes Peak CLO 2<br>Series 2018-2A, Class D2R, 3 mo. USD Term SOFR + 5.12%, 9.39%, 10/18/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999300 |
| Pikes Peak CLO 8<br>Series 2021-8A, Class ER, 3 mo. USD Term SOFR + 5.75%, 10.02%, 1/20/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000053 |
| Point Au Roche Park CLO Ltd.<br>Series 2021-1A, Class E, 3 mo. USD Term SOFR + 6.36%, 10.63%, 7/20/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472156 |
| Rad CLO 10 Ltd.<br>Series 2021-10A, Class E, 3 mo. USD Term SOFR + 6.11%, 10.39%, 4/23/2034 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497450 |
| Rad CLO 3 Ltd.<br>Series 2019-3A, Class E1R2, 3 mo. USD Term SOFR + 5.88%, 10.14%, 7/15/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471200 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Regatta XI Funding Ltd.<br>Series 2018-1A, Class ER, 3 mo. USD Term SOFR + 6.75%, 11.03%, 7/17/2037 (a) (c)<br>| &nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1257500 |
| RR 26 Ltd.<br>Series 2023-26A, Class DR, 3 mo. USD Term SOFR + 4.40%, 8.66%, 4/15/2038 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492531 |
| RR 36 Ltd.<br>Series 2024-36RA, Class DR, 3 mo. USD Term SOFR + 5.25%, 9.51%, 1/15/2040 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850497 |
| TCW CLO Ltd.<br>Series 2024-3X, Class E, 3 mo. USD Term SOFR + 6.60%, 10.87%, 10/20/2037 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006800 |
| TICP CLO XI Ltd.<br>Series 2018-11A, Class ER, 3 mo. USD Term SOFR + 6.70%, 10.98%, 4/25/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501350 |
| Trinitas CLO XXIX Ltd.<br>Series 2024-29A, Class E, 3 mo. USD Term SOFR + 6.50%, 10.78%, 7/23/2037 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41881047 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $41,825,148)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41881047 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** |
| **AEROSPACE & DEFENSE — 0.1%** | **AEROSPACE & DEFENSE — 0.1%** | **AEROSPACE & DEFENSE — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Flame Newco LLC (e) (f)<br>| 19856 | &nbsp;&nbsp;377264 |
| **ENTERTAINMENT — 0.0% <sup>\*</sup>** | **ENTERTAINMENT — 0.0% <sup>\*</sup>** | **ENTERTAINMENT — 0.0% <sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cineworld Group PLC (e) (f)<br>| &nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp;43271 |
| **TOTAL COMMON STOCKS<br>(Cost $242,710)<br>**  |  | &nbsp;&nbsp;420535 |

---

---

| | | |
|:---|:---|:---|
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 1.4%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 1.4%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 1.4%** |
| **DOMESTIC FIXED INCOME — 1.4%** | **DOMESTIC FIXED INCOME — 1.4%** | **DOMESTIC FIXED INCOME — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF (g)<br>(Cost $5,530,195)<br>| 132691 | &nbsp;&nbsp;5518619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 47.1%** | **CORPORATE BONDS & NOTES — 47.1%** | **CORPORATE BONDS & NOTES — 47.1%** |
| **ADVERTISING — 0.4%** | **ADVERTISING — 0.4%** | **ADVERTISING — 0.4%** |
| Clear Channel Outdoor Holdings, Inc.<br>7.75%, 4/15/2028 (c)<br>| &nbsp;&nbsp;$1389000 | &nbsp;&nbsp;$1314439 |
| Lamar Media Corp.<br>3.75%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649633 |
| **AEROSPACE & DEFENSE — 1.2%** | **AEROSPACE & DEFENSE — 1.2%** | **AEROSPACE & DEFENSE — 1.2%** |
| AAR Escrow Issuer LLC<br>6.75%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272458 |
| Bombardier, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311553 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.45%, 5/1/2034 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908038 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120673 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783635 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/31/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301404 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20715 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 8/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728689 |
| **AIRLINES — 1.0%** | **AIRLINES — 1.0%** | **AIRLINES — 1.0%** |
| Air Canada<br>3.88%, 8/15/2026 (c)<br>| &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;69318 |
| Allegiant Travel Co.<br>7.25%, 8/15/2027 (c)<br>| &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;69989 |
| American Airlines, Inc.<br>8.50%, 5/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111069 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.88%, 9/20/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202749 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 2/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93567 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906184 |
| **APPAREL — 0.2%** | **APPAREL — 0.2%** | **APPAREL — 0.2%** |
| Levi Strauss & Co.<br>3.50%, 3/1/2031 (c)<br>| &nbsp;&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;9149 |
| Wolverine World Wide, Inc.<br>4.00%, 8/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981548 |
| **AUTO MANUFACTURERS — 0.4%** | **AUTO MANUFACTURERS — 0.4%** | **AUTO MANUFACTURERS — 0.4%** |
| Allison Transmission, Inc.<br>4.75%, 10/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287819 |
| JB Poindexter & Co., Inc.<br>8.75%, 12/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542567 |
| **AUTO PARTS & EQUIPMENT — 1.1%** | **AUTO PARTS & EQUIPMENT — 1.1%** | **AUTO PARTS & EQUIPMENT — 1.1%** |
| Adient Global Holdings Ltd.<br>7.50%, 2/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54246 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Garrett Motion Holdings, Inc./Garrett LX I SARL<br>7.75%, 5/31/2032 (c)<br>| &nbsp;&nbsp;$1536000 | &nbsp;&nbsp;$1598868 |
| Goodyear Tire & Rubber Co.<br>6.63%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351063 |
| Phinia, Inc.<br>6.75%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20624 |
| Tenneco, Inc.<br>8.00%, 11/17/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454862 |
| Titan International, Inc.<br>7.00%, 4/30/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180342 |
| ZF North America Capital, Inc.<br>6.88%, 4/23/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491371 |
| **BANKS — 0.1%** | **BANKS — 0.1%** | **BANKS — 0.1%** |
| Freedom Mortgage Corp.<br>12.25%, 10/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554390 |
| **CHEMICALS — 0.2%** | **CHEMICALS — 0.2%** | **CHEMICALS — 0.2%** |
| CVR Partners LP/CVR Nitrogen Finance Corp.<br>6.13%, 6/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561933 |
| INEOS Quattro Finance 2 PLC<br>9.63%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253237 |
| Tronox, Inc.<br>4.63%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952320 |
| **COAL — 0.4%** | **COAL — 0.4%** | **COAL — 0.4%** |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<br>8.63%, 6/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850312 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492992 |
| **COMMERCIAL SERVICES — 2.3%** | **COMMERCIAL SERVICES — 2.3%** | **COMMERCIAL SERVICES — 2.3%** |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508078 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704849 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 6/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065082 |
| Carriage Services, Inc.<br>4.25%, 5/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604512 |
| Dcli Bidco LLC<br>7.75%, 11/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253170 |
| Deluxe Corp.<br>8.00%, 6/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29934 |
| Hertz Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581723 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276330 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.63%, 7/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312697 |
| PROG Holdings, Inc.<br>6.00%, 11/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960150 |
| RR Donnelley & Sons Co.<br>9.50%, 8/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380004 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| TriNet Group, Inc.<br>3.50%, 3/1/2029 (c)<br>| &nbsp;&nbsp;$90000 | &nbsp;&nbsp;$84501 |
| Upbound Group, Inc.<br>6.38%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386855 |
| Veritiv Operating Co.<br>10.50%, 11/30/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335758 |
| ZipRecruiter, Inc.<br>5.00%, 1/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9397220 |
| **COMPUTERS — 0.2%** | **COMPUTERS — 0.2%** | **COMPUTERS — 0.2%** |
| Crane NXT Co.<br>4.20%, 3/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31412 |
| Science Applications International Corp.<br>4.88%, 4/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784447 |
| **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929051 |
| Smyrna Ready Mix Concrete LLC<br>8.88%, 11/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443115 |
| **DISTRIBUTION & WHOLESALE — 0.2%** | **DISTRIBUTION & WHOLESALE — 0.2%** | **DISTRIBUTION & WHOLESALE — 0.2%** |
| RB Global Holdings, Inc.<br>6.75%, 3/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872168 |
| **DIVERSIFIED FINANCIAL SERVICES — 5.2%** | **DIVERSIFIED FINANCIAL SERVICES — 5.2%** | **DIVERSIFIED FINANCIAL SERVICES — 5.2%** |
| AG Issuer LLC<br>6.25%, 3/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250615 |
| Ally Financial, Inc.<br>6.70%, 2/14/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061300 |
| Aretec Group, Inc.<br>10.00%, 8/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285652 |
| Azorra Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/2031 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352882 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270751 |
| Bread Financial Holdings, Inc.<br>9.75%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333758 |
| Burford Capital Global Finance LLC<br>6.88%, 4/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777276 |
| Credit Acceptance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298086 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10601 |
| Enova International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 8/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379207 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488229 |
| Freedom Mortgage Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 4/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236146 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 5/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299051 |
| goeasy Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502920 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 7/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629381 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/1/2028 (c)<br>| &nbsp;&nbsp;$620000 | &nbsp;&nbsp;$655867 |
| Jane Street Group/JSG Finance, Inc.<br>6.75%, 5/1/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578217 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<br>5.00%, 8/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246590 |
| Jefferson Capital Holdings LLC<br>8.25%, 5/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362558 |
| Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102782 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 7/25/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195210 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158216 |
| 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;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21643 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115178 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/2032<br>| &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;61165 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301571 |
| PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999058 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299877 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 2/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666113 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414617 |
| PRA Group, Inc.<br>8.38%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99570 |
| SLM Corp.<br>6.50%, 1/31/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507169 |
| Stonex Escrow Issuer LLC<br>6.88%, 7/15/2032 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615388 |
| StoneX Group, Inc.<br>7.88%, 3/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84921 |
| Synchrony Financial<br>7.25%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285817 |
| TrueNoord Capital DAC<br>8.75%, 3/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228246 |
| United Wholesale Mortgage LLC<br>5.50%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340116 |
| UWM Holdings LLC<br>6.63%, 2/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21236500 |
| **ELECTRIC — 0.1%** | **ELECTRIC — 0.1%** | **ELECTRIC — 0.1%** |
| Clearway Energy Operating LLC<br>4.75%, 3/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19742 |
| Leeward Renewable Energy Operations LLC<br>4.25%, 7/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106432 |
| NRG Energy, Inc.<br>6.25%, 11/1/2034 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142908 |
| PG&E Corp.<br>5.00%, 7/1/2028<br>| &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;29221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298303 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ELECTRONICS — 0.1%** | **ELECTRONICS — 0.1%** | **ELECTRONICS — 0.1%** |
| Sensata Technologies BV<br>4.00%, 4/15/2029 (c)<br>| &nbsp;&nbsp;$617000 | &nbsp;&nbsp;$586613 |
| Sensata Technologies, Inc.<br>6.63%, 7/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596895 |
| **ENGINEERING & CONSTRUCTION — 0.5%** | **ENGINEERING & CONSTRUCTION — 0.5%** | **ENGINEERING & CONSTRUCTION — 0.5%** |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>7.50%, 2/1/2032 (c)<br>| &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;54514 |
| Dycom Industries, Inc.<br>4.50%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501306 |
| Great Lakes Dredge & Dock Corp.<br>5.25%, 6/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614669 |
| Tutor Perini Corp.<br>11.88%, 4/30/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070625 |
| **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** |
| Churchill Downs, Inc.<br>4.75%, 1/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258691 |
| Live Nation Entertainment, Inc.<br>4.75%, 10/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660625 |
| Voyager Parent LLC<br>9.25%, 7/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457552 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109141 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 2/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805662 |
| **ENVIRONMENTAL CONTROL — 0.1%** | **ENVIRONMENTAL CONTROL — 0.1%** | **ENVIRONMENTAL CONTROL — 0.1%** |
| Clean Harbors, Inc.<br>4.88%, 7/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540741 |
| **FOOD — 1.2%** | **FOOD — 1.2%** | **FOOD — 1.2%** |
| B&G Foods, Inc.<br>5.25%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174718 |
| Performance Food Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/1/2029 (c)<br>| &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;67526 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429553 |
| Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 9/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506935 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225767 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181692 |
| TreeHouse Foods, Inc.<br>4.00%, 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20073 |
| U.S. Foods, Inc.<br>6.88%, 9/15/2028 (c)<br>| &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;41365 |
| United Natural Foods, Inc.<br>6.75%, 10/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040778 |
| **FOREST PRODUCTS & PAPER — 0.1%** | **FOREST PRODUCTS & PAPER — 0.1%** | **FOREST PRODUCTS & PAPER — 0.1%** |
| Magnera Corp.<br>7.25%, 11/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282804 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **GAS — 0.1%** | **GAS — 0.1%** | **GAS — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp.<br>9.50%, 6/1/2030 (c)<br>| &nbsp;&nbsp;$447000 | &nbsp;&nbsp;$463271 |
| **HEALTH CARE PRODUCTS — 0.3%** | **HEALTH CARE PRODUCTS — 0.3%** | **HEALTH CARE PRODUCTS — 0.3%** |
| Avantor Funding, Inc.<br>3.88%, 11/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75729 |
| Hologic, Inc.<br>4.63%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700814 |
| Insulet Corp.<br>6.50%, 4/1/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016387 |
| **HEALTH CARE SERVICES — 1.1%** | **HEALTH CARE SERVICES — 1.1%** | **HEALTH CARE SERVICES — 1.1%** |
| Charles River Laboratories International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112577 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/1/2028 (c)<br>| &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;29101 |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 4/1/2030 (c)<br>| &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;29547 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073882 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.88%, 1/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328166 |
| DaVita, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443802 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 6/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430772 |
| Encompass Health Corp.<br>4.63%, 4/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660802 |
| IQVIA, Inc.<br>5.00%, 5/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19941 |
| Star Parent, Inc.<br>9.00%, 10/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326489 |
| Tenet Healthcare Corp.<br>5.13%, 11/1/2027<br>| &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;59881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514960 |
| **HOLDING COMPANIES-DIVERSIFIED — 0.1%** | **HOLDING COMPANIES-DIVERSIFIED — 0.1%** | **HOLDING COMPANIES-DIVERSIFIED — 0.1%** |
| Benteler International AG<br>10.50%, 5/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231550 |
| Stena International SA<br>7.25%, 1/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582135 |
| **HOME BUILDERS — 0.4%** | **HOME BUILDERS — 0.4%** | **HOME BUILDERS — 0.4%** |
| Beazer Homes USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216589 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51756 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<br>4.88%, 2/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386677 |
| Century Communities, Inc.<br>3.88%, 8/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102752 |
| M/I Homes, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 2/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59062 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20863 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Taylor Morrison Communities, Inc.<br>5.75%, 1/15/2028 (c)<br>| &nbsp;&nbsp;$573000 | &nbsp;&nbsp;$580758 |
| Tri Pointe Homes, Inc.<br>5.70%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599136 |
| **HOME FURNISHINGS — 0.4%** | **HOME FURNISHINGS — 0.4%** | **HOME FURNISHINGS — 0.4%** |
| Somnigroup International, Inc.<br>4.00%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741350 |
| **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** |
| Edgewell Personal Care Co.<br>5.50%, 6/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32845 |
| Prestige Brands, Inc.<br>3.75%, 4/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680491 |
| **HOUSEHOLD PRODUCTS & WARES — 0.1%** | **HOUSEHOLD PRODUCTS & WARES — 0.1%** | **HOUSEHOLD PRODUCTS & WARES — 0.1%** |
| Central Garden & Pet Co.<br>4.13%, 4/30/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237227 |
| **HOUSEWARES — 0.0% <sup>\*</sup>** | **HOUSEWARES — 0.0% <sup>\*</sup>** | **HOUSEWARES — 0.0% <sup>\*</sup>** |
| Scotts Miracle-Gro Co.<br>5.25%, 12/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21978 |
| **INSURANCE — 0.1%** | **INSURANCE — 0.1%** | **INSURANCE — 0.1%** |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<br>7.88%, 11/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286443 |
| **INTERNET — 1.8%** | **INTERNET — 1.8%** | **INTERNET — 1.8%** |
| Cogent Communications Group LLC/Cogent Finance, Inc.<br>6.50%, 7/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620449 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708479 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/1/2027 (c)<br>| &nbsp;&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;9987 |
| Rakuten Group, Inc.<br>9.75%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885144 |
| Wayfair LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174083 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181771 |
| **INVESTMENT COMPANY SECURITY — 0.7%** | **INVESTMENT COMPANY SECURITY — 0.7%** | **INVESTMENT COMPANY SECURITY — 0.7%** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466570 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.75%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184630 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789703 |
| Prospect Capital Corp.<br>3.44%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023940 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **IRON/STEEL — 0.6%** | **IRON/STEEL — 0.6%** | **IRON/STEEL — 0.6%** |
| Cleveland-Cliffs, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 5/1/2033 (c)<br>| &nbsp;&nbsp;$137000 | &nbsp;&nbsp;$128574 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616335 |
| Mineral Resources Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173355 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248477 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324510 |
| **IT SERVICES — 0.2%** | **IT SERVICES — 0.2%** | **IT SERVICES — 0.2%** |
| ASGN, Inc.<br>4.63%, 5/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605928 |
| Seagate Data Storage Technology Pte. Ltd.<br>8.25%, 12/15/2029<br>| &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;42721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648649 |
| **LEISURE TIME — 0.3%** | **LEISURE TIME — 0.3%** | **LEISURE TIME — 0.3%** |
| Carnival Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284889 |
| NCL Corp. Ltd.<br>8.13%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158067 |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 6/1/2027 (c)<br>| &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;51190 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241587 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13%, 7/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104375 |
| **LODGING — 0.3%** | **LODGING — 0.3%** | **LODGING — 0.3%** |
| Hilton Domestic Operating Co., Inc.<br>5.88%, 4/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194070 |
| Station Casinos LLC<br>4.50%, 2/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60812 |
| Travel & Leisure Co.<br>6.63%, 7/31/2026 (c)<br>| &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;30307 |
| Wyndham Hotels & Resorts, Inc.<br>4.38%, 8/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743645 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<br>5.25%, 5/15/2027 (c)<br>| &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;40026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068860 |
| **MACHINERY, CONSTRUCTION & MINING — 0.3%** | **MACHINERY, CONSTRUCTION & MINING — 0.3%** | **MACHINERY, CONSTRUCTION & MINING — 0.3%** |
| BWX Technologies, Inc.<br>4.13%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215566 |
| **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** | **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** | **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** |
| ATS Corp.<br>4.13%, 12/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35377 |
| **MEDIA — 2.7%** | **MEDIA — 2.7%** | **MEDIA — 2.7%** |
| AMC Networks, Inc.<br>4.25%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245667 |
| Cable One, Inc.<br>4.00%, 11/15/2030 (c)<br>| &nbsp;&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;7876 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/2031 (c)<br>| &nbsp;&nbsp;$606000 | &nbsp;&nbsp;$565501 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/15/2034 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333754 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326665 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123096 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326987 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/1/2027 (c)<br>| &nbsp;&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;9966 |
| CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617622 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 4/1/2028 (c)<br>| &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;29884 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.75%, 1/31/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483495 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/2027 (c)<br>| &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;49829 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955572 |
| Gray Media, Inc.<br>4.75%, 10/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099093 |
| Nexstar Media, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899628 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330182 |
| Sinclair Television Group, Inc.<br>5.50%, 3/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972756 |
| Univision Communications, Inc.<br>8.50%, 7/31/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061336 |
| Virgin Media Finance PLC<br>5.00%, 7/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295964 |
| Virgin Media Secured Finance PLC<br>5.50%, 5/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10959721 |
| **METAL FABRICATE & HARDWARE — 0.4%** | **METAL FABRICATE & HARDWARE — 0.4%** | **METAL FABRICATE & HARDWARE — 0.4%** |
| Park-Ohio Industries, Inc.<br>6.63%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647121 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595126 |
| **MINING — 0.4%** | **MINING — 0.4%** | **MINING — 0.4%** |
| Compass Minerals International, Inc.<br>8.00%, 7/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438408 |
| FMG Resources August 2006 Pty. Ltd.<br>4.50%, 9/15/2027 (c)<br>| &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;88513 |
| Hecla Mining Co.<br>7.25%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212566 |
| Taseko Mines Ltd.<br>8.25%, 5/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462473 |
| **OFFICE & BUSINESS EQUIPMENT — 0.3%** | **OFFICE & BUSINESS EQUIPMENT — 0.3%** | **OFFICE & BUSINESS EQUIPMENT — 0.3%** |
| Pitney Bowes, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/15/2027 (c)<br>| &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;30269 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/15/2029 (c)<br>| &nbsp;&nbsp;$1300000 | &nbsp;&nbsp;$1319734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350003 |
| **OFFICE FURNISHINGS — 0.0% <sup>\*</sup>** | **OFFICE FURNISHINGS — 0.0% <sup>\*</sup>** | **OFFICE FURNISHINGS — 0.0% <sup>\*</sup>** |
| Steelcase, Inc.<br>5.13%, 1/18/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19882 |
| **OIL & GAS — 6.3%** | **OIL & GAS — 6.3%** | **OIL & GAS — 6.3%** |
| Baytex Energy Corp.<br>8.50%, 4/30/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527114 |
| California Resources Corp.<br>8.25%, 6/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109773 |
| Calumet Specialty Products Partners LP/Calumet Finance Corp.<br>9.75%, 7/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305858 |
| Civitas Resources, Inc.<br>8.75%, 7/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476793 |
| CNX Resources Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484605 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26058 |
| Comstock Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 1/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434322 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286554 |
| Crescent Energy Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22968 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 4/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235589 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 2/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468999 |
| CVR Energy, Inc.<br>8.50%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956657 |
| Diamond Foreign Asset Co./Diamond Finance LLC<br>8.50%, 10/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260190 |
| Gulfport Energy Operating Corp.<br>6.75%, 9/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312024 |
| Hilcorp Energy I LP/Hilcorp Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/2032 (c)<br>| &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;57363 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2034 (c)<br>| &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;38352 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 2/15/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528887 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/1/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259573 |
| Karoon USA Finance, Inc.<br>10.50%, 5/14/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626633 |
| Kraken Oil & Gas Partners LLC<br>7.63%, 8/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225819 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<br>6.88%, 12/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788567 |
| MEG Energy Corp.<br>5.88%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164589 |
| Northern Oil & Gas, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 3/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031139 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 6/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309462 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>9.88%, 3/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291612 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Permian Resources Operating LLC<br>8.00%, 4/15/2027 (c)<br>| &nbsp;&nbsp;$26000 | &nbsp;&nbsp;$26563 |
| Precision Drilling Corp.<br>6.88%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780038 |
| Sunoco LP<br>7.00%, 5/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197877 |
| Sunoco LP/Sunoco Finance Corp.<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275119 |
| Talos Production, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277913 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 2/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898234 |
| Valaris Ltd.<br>8.38%, 4/30/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844856 |
| Vermilion Energy, Inc.<br>6.88%, 5/1/2030 (c)<br>| &nbsp;&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;9632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539732 |
| **OIL & GAS SERVICES — 1.1%** | **OIL & GAS SERVICES — 1.1%** | **OIL & GAS SERVICES — 1.1%** |
| Enerflex Ltd.<br>9.00%, 10/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007541 |
| USA Compression Partners LP/USA Compression Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 9/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305930 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438570 |
| Viridien<br>10.00%, 10/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362404 |
| **PACKAGING & CONTAINERS — 1.8%** | **PACKAGING & CONTAINERS — 1.8%** | **PACKAGING & CONTAINERS — 1.8%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>4.00%, 9/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755840 |
| Ball Corp.<br>6.00%, 6/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268 |
| Cascades, Inc./Cascades USA, Inc.<br>6.75%, 7/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667659 |
| Mauser Packaging Solutions Holding Co.<br>7.88%, 4/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742512 |
| OI European Group BV<br>4.75%, 2/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96076 |
| Owens-Brockway Glass Container, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/13/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350584 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219262 |
| TriMas Corp.<br>4.13%, 4/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383798 |
| **PHARMACEUTICALS — 0.6%** | **PHARMACEUTICALS — 0.6%** | **PHARMACEUTICALS — 0.6%** |
| AdaptHealth LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311141 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 3/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712194 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Cheplapharm Arzneimittel GmbH<br>5.50%, 1/15/2028 (c)<br>| &nbsp;&nbsp;$300000 | &nbsp;&nbsp;$289608 |
| HLF Financing SARL LLC/Herbalife International, Inc.<br>4.88%, 6/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473595 |
| **PIPELINES — 1.9%** | **PIPELINES — 1.9%** | **PIPELINES — 1.9%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>6.63%, 2/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15494 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 6/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563322 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/30/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919907 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132648 |
| Global Partners LP/GLP Finance Corp.<br>8.25%, 1/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294599 |
| Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379840 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348799 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57846 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215830 |
| Summit Midstream Holdings LLC<br>8.63%, 10/31/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147874 |
| Venture Global Plaquemines LNG LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708159 |
| **REAL ESTATE — 0.5%** | **REAL ESTATE — 0.5%** | **REAL ESTATE — 0.5%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<br>5.75%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946408 |
| Howard Hughes Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 2/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013646 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 2/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117044 |
| **REAL ESTATE INVESTMENT TRUSTS — 3.7%** | **REAL ESTATE INVESTMENT TRUSTS — 3.7%** | **REAL ESTATE INVESTMENT TRUSTS — 3.7%** |
| Brandywine Operating Partnership LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617320 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 4/12/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508780 |
| Diversified Healthcare Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 3/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461652 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268483 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43185 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/2028 (c)<br>| &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;84492 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| MPT Operating Partnership LP/MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/15/2031<br>| &nbsp;&nbsp;$1140000 | &nbsp;&nbsp;$807724 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460712 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433951 |
| Pebblebrook Hotel LP/PEB Finance Corp.<br>6.38%, 10/15/2029 (c)<br>| &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;50201 |
| RHP Hotel Properties LP/RHP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391232 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2027<br>| &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;69602 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/15/2033 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242976 |
| Rithm Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 4/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564877 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618273 |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 7/15/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226134 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092649 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283374 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777011 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447436 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<br>6.50%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002571 |
| **RETAIL — 2.0%** | **RETAIL — 2.0%** | **RETAIL — 2.0%** |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19059 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/15/2028 (c)<br>| &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;58880 |
| Asbury Automotive Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287362 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/2032 (c)<br>| &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;38098 |
| Bath & Body Works, Inc.<br>6.88%, 11/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135045 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.63%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383476 |
| FirstCash, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 9/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433705 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 1/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133728 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474085 |
| Macy's Retail Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108847 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306948 |
| Murphy Oil USA, Inc.<br>3.75%, 2/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509071 |
| Patrick Industries, Inc.<br>4.75%, 5/1/2029 (c)<br>| &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;38827 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| PetSmart, Inc./PetSmart Finance Corp.<br>4.75%, 2/15/2028 (c)<br>| &nbsp;&nbsp;$510000 | &nbsp;&nbsp;$497102 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%, 6/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846397 |
| Superior Plus LP/Superior General Partner, Inc.<br>4.50%, 3/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989425 |
| Yum! Brands, Inc.<br>3.63%, 3/15/2031<br>| &nbsp;&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;9247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269302 |
| **SEMICONDUCTORS — 0.2%** | **SEMICONDUCTORS — 0.2%** | **SEMICONDUCTORS — 0.2%** |
| ams-OSRAM AG<br>12.25%, 3/30/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637331 |
| **SOFTWARE — 0.9%** | **SOFTWARE — 0.9%** | **SOFTWARE — 0.9%** |
| Cloud Software Group, Inc.<br>6.50%, 3/31/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302727 |
| Fair Isaac Corp.<br>4.00%, 6/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932493 |
| Open Text Corp.<br>3.88%, 12/1/2029 (c)<br>| &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;28267 |
| PTC, Inc.<br>4.00%, 2/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353616 |
| ROBLOX Corp.<br>3.88%, 5/1/2030 (c)<br>| &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;37796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654899 |
| **TELECOMMUNICATIONS — 0.9%** | **TELECOMMUNICATIONS — 0.9%** | **TELECOMMUNICATIONS — 0.9%** |
| CommScope LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 7/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545652 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388421 |
| Frontier Communications Holdings LLC<br>5.88%, 10/15/2027 (c)<br>| &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;70027 |
| Lumen Technologies, Inc.<br>4.50%, 1/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409668 |
| Viasat, Inc.<br>7.50%, 5/30/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233963 |
| Viavi Solutions, Inc.<br>3.75%, 10/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727779 |
| Vmed O2 U.K. Financing I PLC<br>4.25%, 1/31/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512420 |
| **TRANSPORTATION — 0.1%** | **TRANSPORTATION — 0.1%** | **TRANSPORTATION — 0.1%** |
| Clue Opco LLC<br>9.50%, 10/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184428 |
| Stonepeak Nile Parent LLC<br>7.25%, 3/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295791 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $186,207,238)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;190759629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (h) (i)<br>(Cost $23,246,810)<br>| &nbsp;&nbsp;23246810 | &nbsp;&nbsp;$23246810 |
| **TOTAL INVESTMENTS — 103.2%<br>(Cost $413,136,098)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;418136607 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(12934713) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$405201894 |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Position is unsettled. Contract rate was not determined at June 30, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 51.6% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) When-issued security.

(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 June 30, 2025, total aggregate fair value of the securities is $420,535, representing 0.1% of the Fund's net assets.

(f) Non-income producing security.

(g) Affiliated Fund managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| PIK | Payment in Kind |
| SOFR | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE HIGH INCOME ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

At June 30, 2025, the Fund had unfunded loan commitments of $356,213, 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) ($)** |
| Air Comm Corp. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
| Chrysaor Bidco SARL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
| DG Investment Intermediate Holdings 2, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Groundworks LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Hanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Janney Montgomery Scott LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| Kaman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Raven Acquisition Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$356213 | &nbsp;&nbsp;&nbsp;&nbsp;$356967 | &nbsp;&nbsp;&nbsp;&nbsp;$754 |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $190759629 | $— | $190759629 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41881047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41881047 |
| 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;420535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420535 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;5518619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518619 |
| Senior Floating Rate Loans<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;156309967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;156309967 |
| Short-Term Investment<br>| &nbsp;&nbsp;23246810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23246810 |
| **TOTAL INVESTMENTS<br>**  | $28765429 | $388950643 | $420535 | $418136607 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans - Unrealized Appreciation<br>| $— | $828 | $— | $828 |
| Unfunded Loans - Unrealized Depreciation<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;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $— | $754 | $— | $754 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;126117 | $5271691 | $3903714 | $3593789 | $(52095) | $(10902) | &nbsp;&nbsp;&nbsp;&nbsp;132691 | $5518619 | $410139 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 4490445 | &nbsp;&nbsp;4490445 | &nbsp;&nbsp;258320679 | &nbsp;&nbsp;239564314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 23246810 | &nbsp;&nbsp;23246810 | &nbsp;&nbsp;&nbsp;&nbsp;862489 |
| Total<br>|  | $9762136 | $262224393 | $243158103 | $(52095) | $(10902) |  | $28765429 | $1272628 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SENIOR FLOATING RATE LOANS — 86.5%** | **SENIOR FLOATING RATE LOANS — 86.5%** | **SENIOR FLOATING RATE LOANS — 86.5%** |
| **ADVERTISING SERVICES — 0.5%** | **ADVERTISING SERVICES — 0.5%** | **ADVERTISING SERVICES — 0.5%** |
| Neptune Bidco U.S., Inc.<br>2022 USD Term Loan B 3 mo. USD Term SOFR + 5.00%, 9.33%, 4/11/2029 (a)<br>| &nbsp;&nbsp;$25177760 | &nbsp;&nbsp;$23878335 |
| Planet U.S. Buyer LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.33%, 2/7/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744508 |
| Wasserman Media Group LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33126680 |
| **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** |
| Air Comm Corp. LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 3.00%, 7.30%, 12/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595575 |
| Dynasty Acquisition Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B1 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280207 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B2 1 mo. USD Term SOFR + 2.00%, 6.33%, 10/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106582 |
| Kaman Corp.<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/26/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14866460 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan J 3 mo. USD Term SOFR + 2.50%, 6.80%, 2/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28979206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29063390 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan I 3 mo. USD Term SOFR + 2.75%, 7.05%, 8/24/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300521 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan K 3 mo. USD Term SOFR + 2.75%, 7.05%, 3/22/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59408294 |
| **AIRLINES — 0.8%** | **AIRLINES — 0.8%** | **AIRLINES — 0.8%** |
| American Airlines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 1st Lien Term Loan 6 mo. USD Term SOFR + 2.25%, 6.51%, 6/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930250 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan 3 mo. USD Term SOFR + 2.25%, 6.52%, 4/20/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074092 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921213 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| JetBlue Airways Corp.<br>2024 Term Loan B 3 mo. USD Term SOFR + 5.50%, 9.07%, 8/27/2029 (a)<br>| &nbsp;&nbsp;$37926980 | &nbsp;&nbsp;$35713182 |
| United Airlines, Inc.<br>2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 2.00%, 6.28%, 2/22/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54641076 |
| **APPAREL — 0.5%** | **APPAREL — 0.5%** | **APPAREL — 0.5%** |
| ABG Intermediate Holdings 2 LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 12/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12318241 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Delayed Draw Term Loan 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/13/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7077824 |
| Beach Acquisition Bidco LLC<br>USD Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093056 |
| S&S Holdings LLC<br>2024 Term Loan 1 mo. USD Term SOFR + 5.00%, 9.32%, 10/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7047513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31536634 |
| **AUTO PARTS & EQUIPMENT — 1.3%** | **AUTO PARTS & EQUIPMENT — 1.3%** | **AUTO PARTS & EQUIPMENT — 1.3%** |
| Clarios Global LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 5/6/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11641299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11623138 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 USD Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/28/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43405025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500082 |
| First Brands Group LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan 3 mo. USD Term SOFR + 5.00%, 9.54%, 3/30/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902278 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Incremental Term Loan 3 mo. USD Term SOFR + 5.00%, 9.54%, 3/30/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12351327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690037 |
| Tenneco, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan A 3 mo. USD Term SOFR + 4.75%, 9.06%, 11/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12022916 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan B 3 mo. USD Term SOFR + 5.00%, 9.42%, 11/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13309974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13020482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92758933 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **BEVERAGES — 0.5%** | **BEVERAGES — 0.5%** | **BEVERAGES — 0.5%** |
| Primo Brands Corp.<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.55%, 3/31/2028 (a)<br>| &nbsp;&nbsp;$23688105 | &nbsp;&nbsp;$23799913 |
| Sazerac Co., Inc.<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11445916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35260137 |
| **BUILDING MATERIALS — 0.8%** | **BUILDING MATERIALS — 0.8%** | **BUILDING MATERIALS — 0.8%** |
| Cornerstone Building Brands, Inc.<br>2021 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.66%, 4/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43703014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39150690 |
| LHS Borrower LLC<br>2022 Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.18%, 2/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19181213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17678748 |
| Quikrete Holdings, Inc.<br>2024 Term Loan B1 1 mo. USD Term SOFR + 2.25%, 6.58%, 3/19/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224295 |
| Tamko Building Products LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.03%, 9/20/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58289719 |
| **CAPITAL MARKETS — 1.4%** | **CAPITAL MARKETS — 1.4%** | **CAPITAL MARKETS — 1.4%** |
| Aretec Group, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44685086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44816460 |
| Focus Financial Partners LLC<br>2025 Incremental Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 9/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49777960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49728431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94544891 |
| **CHEMICALS — 0.7%** | **CHEMICALS — 0.7%** | **CHEMICALS — 0.7%** |
| Discovery Purchaser Corp.<br>Term Loan 3 mo. USD Term SOFR + 3.75%, 8.02%, 10/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836680 |
| Nouryon Finance BV: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan B1 3 mo. USD Term SOFR + 3.25%, 7.51%, 4/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544647 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan B2 3 mo. USD Term SOFR + 3.25%, 7.55%, 4/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333979 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| SCIH Salt Holdings, Inc.<br>2021 Incremental Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 1/31/2029 (a)<br>| &nbsp;&nbsp;$36456816 | &nbsp;&nbsp;$36512004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51227310 |
| **COMMERCIAL SERVICES — 6.9%** | **COMMERCIAL SERVICES — 6.9%** | **COMMERCIAL SERVICES — 6.9%** |
| AlixPartners LLP<br>2021 USD Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.94%, 2/4/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914393 |
| Allied Universal Holdco LLC<br>2021 USD Incremental Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 5/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87989845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88508545 |
| Ankura Consulting Group LLC<br>2024 Repriced Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 12/29/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12584685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12592550 |
| Anticimex International AB<br>2024 Term Loan B6 3 mo. USD Term SOFR + 3.40%, 7.66%, 11/16/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547397 |
| Belfor Holdings, Inc.<br>2025 USD Term Loan B3 1 mo. USD Term SOFR + 3.00%, 7.33%, 11/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330044 |
| Belron Finance 2019 LLC<br>2024 USD Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.05%, 10/16/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483125 |
| Boost Newco Borrower LLC<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 2.00%, 6.30%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98282063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98650620 |
| Camelot U.S. Acquisition LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316503 |
| CHG Healthcare Services, Inc.<br>2024 Term Loan B1 3 mo. USD Term SOFR + 3.00%, 7.33%, 9/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302388 |
| Conservice Midco LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 5/13/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664856 |
| Creative Artists Agency LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 10/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14196009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14254354 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Ensemble RCM LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 8/1/2029 (a)<br>| &nbsp;&nbsp;$2912755 | &nbsp;&nbsp;$2927406 |
| First Advantage Holdings LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 10/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16443359 |
| Fugue Finance BV: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Add-on Term Loan 3 mo. USD Term SOFR + 3.25%, 7.57%, 1/9/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215574 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.58%, 1/9/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474712 |
| Garda World Security Corp.<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622500 |
| Grant Thornton Advisors LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Delayed Draw Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92275 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530778 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 6/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16363697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16369833 |
| Homeserve USA Holding Corp.<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.32%, 10/21/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406215 |
| KUEHG Corp.<br>2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14912706 |
| Mavis Tire Express Services Corp.<br>2025 Repriced Term Loan 3 mo. USD Term SOFR + 3.00%, 7.33%, 5/4/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44961578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44995974 |
| OMNIA Partners LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.03%, 7/25/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12925614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964649 |
| PG Investment Co. 59 SARL<br>Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.05%, 3/26/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796348 |
| Prime Security Services Borrower LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.32%, 10/13/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018256 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Raven Acquisition Holdings LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/19/2031 (a)<br>| &nbsp;&nbsp;$39848788 | &nbsp;&nbsp;$39863731 |
| Ryan LLC<br>Term Loan 1 mo. USD Term SOFR + 3.50%, 7.83%, 11/14/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12152336 |
| Shift4 Payments LLC<br>2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5046100 |
| Thevelia U.S. LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.30%, 6/18/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18528023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18566654 |
| Trans Union LLC<br>2024 Term Loan B8 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099717 |
| TTF Holdings LLC<br>2024 Term Loan 6 mo. USD Term SOFR + 3.75%, 8.00%, 7/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992896 |
| VT Topco, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758727 |
| Wand NewCo 3, Inc.<br>2025 Repriced Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 1/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23706018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477521539 |
| **COMMUNICATIONS EQUIPMENT — 1.5%** | **COMMUNICATIONS EQUIPMENT — 1.5%** | **COMMUNICATIONS EQUIPMENT — 1.5%** |
| Zayo Group Holdings, Inc.<br>USD Term Loan 1 mo. USD Term SOFR + 3.00%, 7.44%, 3/9/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;107644906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102671173 |
| **COMPUTERS — 6.9%** | **COMPUTERS — 6.9%** | **COMPUTERS — 6.9%** |
| Access CIG LLC<br>2023 Term Loan 6 mo. USD Term SOFR + 4.25%, 8.38%, 8/18/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10486292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547742 |
| Amentum Government Services Holdings LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 9/29/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647271 |
| Bingo Holdings I LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13871791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13676753 |
| Clover Holdings 2 LLC<br>Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.31%, 12/9/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28787017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28867908 |
| Ivanti Software, Inc.<br>2025 Newco Term Loan 3 mo. USD Term SOFR + 5.75%, 10.08%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308195 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Kaseya, Inc.<br>2025 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 3/20/2032 (a)<br>| &nbsp;&nbsp;$4987500 | &nbsp;&nbsp;$5012837 |
| McAfee LLC<br>2024 USD 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95480899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92924875 |
| Peraton Corp.<br>Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73490511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65085034 |
| Sandisk Corp.<br>Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.32%, 2/20/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54914831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54708901 |
| Tempo Acquisition LLC<br>2025 Repriced Term Loan B 1 mo. USD Term SOFR + 1.75%, 6.08%, 8/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718851 |
| Twitter, Inc.<br>Term Loan 1 mo. USD Term SOFR + 6.50%, 10.93%, 10/26/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;135438897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132487006 |
| Virtusa Corp.<br>2024 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495369 |
| Vision Solutions, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan 3 mo. USD Term SOFR + 7.25%, 11.79%, 4/23/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148801 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Incremental Term Loan 3 mo. USD Term SOFR + 4.00%, 8.54%, 4/24/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51278348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48816987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480446530 |
| **CONSTRUCTION & ENGINEERING — 0.8%** | **CONSTRUCTION & ENGINEERING — 0.8%** | **CONSTRUCTION & ENGINEERING — 0.8%** |
| Apple Bidco LLC<br>2025 Term Loan 1 mo. USD Term SOFR + 2.50%, 6.83%, 9/23/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27664128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27646838 |
| Brown Group Holding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Incremental Term Loan B2 3 mo. USD Term SOFR + 2.50%, 6.78%, 7/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 7/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066632 |
| Construction Partners, Inc.<br>Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 11/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381380 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| DG Investment Intermediate Holdings 2, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 3/31/2028 (a)<br>| &nbsp;&nbsp;$10844009 | &nbsp;&nbsp;$10877516 |
| TRC Cos. LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 12/8/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52708819 |
| **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** |
| Groundworks LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Delayed Draw Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132764 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 3/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508454 |
| Quikrete Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/10/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15379430 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B1 1 mo. USD Term SOFR + 2.25%, 6.58%, 4/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25240760 |
| **CONTAINERS & PACKAGING — 3.1%** | **CONTAINERS & PACKAGING — 3.1%** | **CONTAINERS & PACKAGING — 3.1%** |
| Berlin Packaging LLC<br>2024 Term Loan B7 1 mo. USD Term SOFR + 3.50%, 7.82%, 6/7/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14830556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900556 |
| Charter NEX U.S., Inc.<br>2024 Term Loan B1 1 mo. USD Term SOFR + 2.75%, 7.06%, 11/29/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260214 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Delayed Draw Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124963 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 4/1/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46365485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46236821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 3.18%, 7.50%, 4/13/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33730052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33701382 |
| Graham Packaging Co., Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/4/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283453 |
| Iris Holding, Inc.<br>Term Loan 3 mo. USD Term SOFR + 4.75%, 9.13%, 6/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61438407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59899067 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Proampac PG Borrower LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 4.00%, 8.26%, 9/15/2028 (a)<br>| &nbsp;&nbsp;$19485046 | &nbsp;&nbsp;$19584907 |
| Ring Container Technologies Group LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 8/14/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205251 |
| TricorBraun Holdings, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.25%, 7.69%, 3/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20359206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20361038 |
| Trident TPI Holdings, Inc.<br>2024 Term Loan B7 3 mo. USD Term SOFR + 3.75%, 8.05%, 9/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13864641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13641143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215198795 |
| **DISTRIBUTION/WHOLESALE — 0.7%** | **DISTRIBUTION/WHOLESALE — 0.7%** | **DISTRIBUTION/WHOLESALE — 0.7%** |
| BCPE Empire Holdings, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 12/11/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20135543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20044934 |
| Fluid-Flow Products, Inc.<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 3/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207921 |
| Windsor Holdings III LLC<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.07%, 8/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23880106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23913897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49166752 |
| **DIVERSIFIED FINANCIAL SERVICES — 2.1%** | **DIVERSIFIED FINANCIAL SERVICES — 2.1%** | **DIVERSIFIED FINANCIAL SERVICES — 2.1%** |
| Advisor Group, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940371 |
| Apex Group Treasury LLC<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.82%, 2/27/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11278272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11253629 |
| Assetmark Financial Holdings, Inc.<br>2024 Term Loan 3 mo. USD Term SOFR + 2.75%, 7.05%, 9/5/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15284797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15324079 |
| Avolon TLB Borrower 1 U.S. LLC<br>2023 Term Loan B6 1 mo. USD Term SOFR + 1.75%, 6.07%, 6/24/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549636 |
| Citco Funding LLC<br>2024 Term Loan B 6 mo. USD Term SOFR + 2.75%, 6.93%, 4/27/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237595 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Colossus Acquireco LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;$34194878 | &nbsp;&nbsp;$34011080 |
| Corpay Technologies Operating Co. LLC<br>Term Loan B5 1 mo. USD Term SOFR + 1.75%, 6.08%, 4/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729081 |
| CPI Holdco B LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Incremental Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 5/17/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302294 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271681 |
| Edelman Financial Center LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.25%, 9.58%, 10/6/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376210 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 4/7/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18335394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18376191 |
| Eisner Advisory Group LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 4.00%, 8.33%, 2/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836822 |
| Hudson River Trading LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 3/18/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10355441 |
| Jane Street Group LLC<br>2024 Term Loan B1 3 mo. USD Term SOFR + 2.00%, 6.33%, 12/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966754 |
| Janney Montgomery Scott LLC<br>Term Loan 6 mo. USD Term SOFR + 3.25%, 7.47%, 11/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390798 |
| Kestra Advisor Services Holdings A, Inc.<br>2024 Repriced Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/22/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12145800 |
| Mermaid Bidco, Inc.<br>2024 USD Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.51%, 7/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7022094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143089556 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.4%** |
| Altice France SA<br>2023 USD Term Loan B14 3 mo. USD Term SOFR + 5.50%, 9.76%, 8/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62049822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56379089 |
| CommScope, Inc.<br>2024 Term Loan 1 mo. USD Term SOFR + 5.25%, 9.58%, 12/17/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60814371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61644183 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Delta TopCo, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.25%, 9.57%, 11/29/2030 (a)<br>| &nbsp;&nbsp;$4660088 | &nbsp;&nbsp;$4693570 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.07%, 11/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30069962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29889993 |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Extended Term Loan B1 1 mo. USD Term SOFR + 2.35%, 6.79%, 4/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37153183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36758617 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Extended Term Loan B2 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32724027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32363735 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan A 1 mo. USD Term SOFR + 6.00%, 10.33%, 6/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975972 |
| Viavi Solutions, Inc.<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237596923 |
| **ELECTRIC — 0.0% <sup>\*</sup>** | **ELECTRIC — 0.0% <sup>\*</sup>** | **ELECTRIC — 0.0% <sup>\*</sup>** |
| Cogentrix Finance Holdco I LLC<br>Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 2/26/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796015 |
| Lightning Power LLC<br>Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.55%, 8/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166852 |
| **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** |
| II-VI, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.33%, 7/2/2029 (a)<br>| &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;451220 |
| Minimax Viking GmbH<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 3/17/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450534 |
| **ENTERTAINMENT — 1.6%** | **ENTERTAINMENT — 1.6%** | **ENTERTAINMENT — 1.6%** |
| Caesars Entertainment, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B1 1 mo. USD Term SOFR + 2.25%, 6.58%, 2/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920458 |
| CE Intermediate I LLC<br>2025 Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.45%, 3/25/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782825 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Delta 2 Lux SARL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B1 (b)<br>| &nbsp;&nbsp;$311111 | &nbsp;&nbsp;$312005 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B2 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156003 |
| DK Crown Holdings, Inc.<br>2025 Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408336 |
| EOC Borrower LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/24/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15395199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433687 |
| Flutter Financing BV<br>2024 Term Loan B 3 mo. USD Term SOFR + 1.75%, 6.05%, 11/30/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822600 |
| GVC Holdings (Gibraltar) Ltd.<br>2021 USD Term Loan B4 6 mo. USD Term SOFR + 2.50%, 6.67%, 3/29/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705937 |
| GVC Holdings Ltd.<br>2024 USD Term Loan B3 6 mo. USD Term SOFR + 2.75%, 7.02%, 10/31/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609294 |
| Herschend Entertainment Co. LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.57%, 5/27/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142756 |
| PENN Entertainment, Inc.<br>2022 Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 5/3/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911161 |
| Scientific Games Holdings LP<br>2024 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.28%, 4/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14996030 |
| UFC Holdings LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.57%, 11/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379721 |
| Voyager Parent LLC<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41757747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41386521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109657260 |
| **ENVIRONMENTAL CONTROL — 0.3%** | **ENVIRONMENTAL CONTROL — 0.3%** | **ENVIRONMENTAL CONTROL — 0.3%** |
| Madison IAQ LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.56%, 5/6/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan 6 mo. USD Term SOFR + 2.50%, 6.76%, 6/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195092 |
| Reworld Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.56%, 11/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345080 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C 1 mo. USD Term SOFR + 2.25%, 6.56%, 11/30/2028 (a)<br>| &nbsp;&nbsp;$846450 | &nbsp;&nbsp;$848990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23976780 |
| **FINANCIAL SERVICES — 0.1%** | **FINANCIAL SERVICES — 0.1%** | **FINANCIAL SERVICES — 0.1%** |
| AqGen Island Holdings, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8559649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586398 |
| Chrysaor Bidco SARL<br>USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.24%, 10/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9028252 |
| **FOOD PRODUCTS — 0.1%** | **FOOD PRODUCTS — 0.1%** | **FOOD PRODUCTS — 0.1%** |
| Fiesta Purchaser, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 2/12/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673482 |
| Froneri Lux Finco SARL<br>2024 USD Term Loan B4 6 mo. USD Term SOFR + 2.00%, 6.24%, 9/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988921 |
| **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** |
| Stonepeak Nile Parent LLC<br>Term Loan B 3 mo. USD Term SOFR + 1.75%, 9.25%, 4/9/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9478228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520880 |
| Worldwide Express Operations LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.30%, 7/26/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35437304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35482310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45003190 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%** |
| Auris Luxembourg III SARL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B4 6 mo. USD Term SOFR + 3.75%, 7.88%, 2/28/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621980 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B4 6 mo. USD Term SOFR + 3.75%, 7.88%, 2/28/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21648699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21648699 |
| Embecta Corp.<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 3/30/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130423 |
| Hanger, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 10/23/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12825843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12862204 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Medline Borrower LP<br>2024 USD Add-on Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 10/23/2028 (a)<br>| &nbsp;&nbsp;$1737006 | &nbsp;&nbsp;$1737637 |
| Resonetics LLC<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.57%, 6/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51350227 |
| **HEALTH CARE PROVIDERS & SERVICES — 3.8%** | **HEALTH CARE PROVIDERS & SERVICES — 3.8%** | **HEALTH CARE PROVIDERS & SERVICES — 3.8%** |
| Electron BidCo, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 11/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631111 |
| Global Medical Response, Inc.<br>2024 PIK Term Loan 3 mo. USD Term SOFR + 4.75%, 9.08%, 10/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68235365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68415507 |
| ICON Luxembourg SARL<br>2024 LUX Term Loan B 3 mo. USD Term SOFR + 2.00%, 6.30%, 7/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506250 |
| MED ParentCo LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 4/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000462 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 7.58%, 4/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10352610 |
| Midwest Physician Administrative Services LLC<br>2021 Term Loan 3 mo. USD Term SOFR + 3.00%, 7.81%, 3/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28467357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26616979 |
| Outcomes Group Holdings, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.08%, 5/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6495152 |
| Parexel International Corp.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 11/15/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16078480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16101070 |
| Radiology Partners, Inc.<br>2025 Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33689655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33458039 |
| Team Health Holdings, Inc.<br>2022 Term Loan B 3 mo. USD Term SOFR + 5.25%, 9.53%, 3/2/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92335421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92017788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262594968 |
| **HOME FURNISHINGS — 1.0%** | **HOME FURNISHINGS — 1.0%** | **HOME FURNISHINGS — 1.0%** |
| AI Aqua Merger Sub, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.32%, 7/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72064127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72043228 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **HOUSEWARES — 1.0%** | **HOUSEWARES — 1.0%** | **HOUSEWARES — 1.0%** |
| American Greetings Corp.<br>2024 Term Loan B 1 mo. USD Term SOFR + 5.75%, 10.08%, 10/30/2029 (a)<br>| &nbsp;&nbsp;$18806892 | &nbsp;&nbsp;$18869989 |
| Hunter Douglas, Inc.<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 1/20/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49556293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49442809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68312798 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% <sup>\*</sup>** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% <sup>\*</sup>** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% <sup>\*</sup>** |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B10 1 mo. USD Term SOFR + 1.75%, 6.08%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602412 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B5 1 mo. USD Term SOFR + 1.75%, 6.08%, 2/15/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753499 |
| **INSURANCE — 9.0%** | **INSURANCE — 9.0%** | **INSURANCE — 9.0%** |
| Acrisure LLC<br>2024 1st Lien Term Loan B6 1 mo. USD Term SOFR + 3.00%, 7.33%, 11/6/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52657649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52595776 |
| Alera Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Term Loan 1 mo. USD Term SOFR + 5.50%, 9.83%, 5/30/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574815 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.58%, 5/31/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28455497 |
| Alliant Holdings Intermediate LLC<br>2024 Term Loan B6 1 mo. USD Term SOFR + 2.75%, 7.07%, 9/19/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22735601 |
| AmWINS Group, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 1/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15677379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700424 |
| AssuredPartners, Inc.<br>2024 Incremental Term Loan B5 1 mo. USD Term SOFR + 3.50%, 7.83%, 2/14/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;151349527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151899682 |
| Asurion LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan B3 1 mo. USD Term SOFR + 5.25%, 9.69%, 1/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011624 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4 1 mo. USD Term SOFR + 5.25%, 9.69%, 1/20/2029 (a)<br>| &nbsp;&nbsp;$81514757 | &nbsp;&nbsp;$75840515 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Term Loan B10 1 mo. USD Term SOFR + 4.00%, 8.43%, 8/19/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32115919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31716718 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan B11 1 mo. USD Term SOFR + 4.25%, 8.68%, 8/19/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210433 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B12 1 mo. USD Term SOFR + 4.25%, 8.58%, 9/19/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16822893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427302 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B13 1 mo. USD Term SOFR + 4.25%, 8.58%, 9/19/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221224 |
| Baldwin Insurance Group Holdings LLC<br>2024 Repriced Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 5/26/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985373 |
| BroadStreet Partners, Inc.<br>2024 Term Loan B4 1 mo. USD Term SOFR + 3.00%, 7.33%, 6/13/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50782158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50900227 |
| Howden Group Holdings Ltd.<br>2024 USD 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 2/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38137326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38299791 |
| HUB International Ltd.<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.50%, 6.77%, 6/20/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15083978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15146124 |
| Sedgwick Claims Management Services, Inc.<br>2023 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 7/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26653588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26779526 |
| Trucordia Insurance Holdings LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.56%, 6/14/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11575949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612124 |
| Truist Insurance Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.05%, 5/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22406554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22443861 |
| &nbsp;&nbsp;&nbsp;&nbsp;2nd Lien Term Loan 3 mo. USD Term SOFR + 4.75%, 9.05%, 5/6/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448785 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| USI, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan C 3 mo. USD Term SOFR + 2.25%, 6.55%, 9/29/2030 (a)<br>| &nbsp;&nbsp;$4615317 | &nbsp;&nbsp;$4608533 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan D 3 mo. USD Term SOFR + 2.25%, 6.55%, 11/21/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621896161 |
| **INTERNET & TELECOM — 2.4%** | **INTERNET & TELECOM — 2.4%** | **INTERNET & TELECOM — 2.4%** |
| BEP Intermediate Holdco LLC<br>Replacement Term Loan 1 mo. USD Term SOFR + 3.25%, 7.58%, 4/25/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837059 |
| CNT Holdings I Corp.<br>2025 Term Loan 3 mo. USD Term SOFR + 2.50%, 6.78%, 11/8/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931175 |
| Endure Digital, Inc.<br>2024 CoOp Term Loan 1 mo. USD Term SOFR + 3.50%, 7.93%, 2/10/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53122779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38492748 |
| ION Trading Technologies SARL<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 4/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26404022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26452738 |
| MH Sub I LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan 1 mo. USD Term SOFR + 4.25%, 8.58%, 5/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55232119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51918192 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B4 1 mo. USD Term SOFR + 4.25%, 8.58%, 12/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747437 |
| Plano HoldCo, Inc.<br>Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 10/2/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835745 |
| Proofpoint, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 3.00%, 7.33%, 8/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27483851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27533047 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Fungible Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730932 |
| PUG LLC<br>2024 Extended Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.08%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7864247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7654507 |
| TripAdvisor, Inc.<br>Term Loan 1 mo. USD Term SOFR + 2.75%, 7.08%, 7/8/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167192950 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** |
| Nexus Buyer LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 7/31/2031 (a)<br>| &nbsp;&nbsp;$4987500 | &nbsp;&nbsp;$5007649 |
| **LEISURE TIME — 0.3%** | **LEISURE TIME — 0.3%** | **LEISURE TIME — 0.3%** |
| 19th Holdings Golf LLC<br>2022 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.66%, 2/7/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536658 |
| Carnival Corp.<br>2025 Term Loan (2028) 1 mo. USD Term SOFR + 2.00%, 6.31%, 10/18/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580565 |
| GBT U.S. III LLC<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.50%, 6.78%, 7/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370823 |
| LC AHAB U.S. Bidco LLC<br>Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 5/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12071761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079367 |
| Life Time Fitness, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.50%, 6.54%, 11/5/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21869067 |
| **LODGING — 0.8%** | **LODGING — 0.8%** | **LODGING — 0.8%** |
| Fertitta Entertainment LLC<br>2022 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 1/27/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53294965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53297097 |
| **MACHINERY — 0.8%** | **MACHINERY — 0.8%** | **MACHINERY — 0.8%** |
| Chart Industries, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 2.50%, 6.79%, 3/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126035 |
| Columbus McKinnon Corp.<br>2024 Term Loan 3 mo. USD Term SOFR + 2.50%, 6.80%, 5/14/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687948 |
| Pro Mach Group, Inc.<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 8/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7631761 |
| SPX Flow, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 4/5/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861874 |
| TK Elevator Midco GmbH<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.24%, 4/30/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40181145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40331824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52639442 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** | **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** | **MACHINERY-CONSTRUCTION & MINING — 0.0% <sup>\*</sup>** |
| WEC U.S. Holdings Ltd.<br>2024 Term Loan 1 mo. USD Term SOFR + 2.25%, 6.57%, 1/27/2031 (a)<br>| &nbsp;&nbsp;$2484218 | &nbsp;&nbsp;$2487634 |
| **MEDIA — 2.8%** | **MEDIA — 2.8%** | **MEDIA — 2.8%** |
| Cengage Learning, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 3/24/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22250334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22329546 |
| Charter Communications Operating LLC<br>2024 Term Loan B5 3 mo. USD Term SOFR + 2.25%, 6.55%, 12/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227657 |
| Cogeco Communications Finance USA LP<br>2023 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 9/18/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811877 |
| Coral-U.S. Co-Borrower LLC<br>2021 Term Loan B6 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062476 |
| DirecTV Financing LLC<br>Term Loan 3 mo. USD Term SOFR + 5.00%, 9.54%, 8/2/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87166 |
| Gray Television, Inc.<br>2021 Term Loan D 1 mo. USD Term SOFR + 3.00%, 7.44%, 12/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15948501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15482725 |
| McGraw-Hill Global Education Holdings LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 8/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12266309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322550 |
| MJH Healthcare Holdings LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/29/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976525 |
| Nexstar Broadcasting, Inc.<br>2019 Term Loan B4 1 mo. USD Term SOFR + 2.50%, 6.94%, 9/18/2026 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207271 |
| Nexstar Media, Inc.<br>2025 Term Loan B5 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872575 |
| Radiate Holdco LLC<br>2025 FLFO Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47763203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47763203 |
| Virgin Media Bristol LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 USD Term Loan Q 1 mo. USD Term SOFR + 3.25%, 7.68%, 1/31/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302432 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 USD Term Loan Y 6 mo. USD Term SOFR + 3.18%, 7.37%, 3/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29657400 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;USD Term Loan N 1 mo. USD Term SOFR + 2.50%, 6.93%, 1/31/2028 (a)<br>| &nbsp;&nbsp;$32529374 | &nbsp;&nbsp;$32158285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193261688 |
| **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** |
| Crosby U.S. Acquisition Corp.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 8/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148458 |
| **METALS & MINING — 0.0% <sup>\*</sup>** | **METALS & MINING — 0.0% <sup>\*</sup>** | **METALS & MINING — 0.0% <sup>\*</sup>** |
| Flame Newco LLC<br>2023 Exit PIK Term Loan 1 mo. USD Term SOFR + 4.00%, 4.00%, 6/30/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519889 |
| **MISCELLANEOUS MANUFACTURER — 0.3%** | **MISCELLANEOUS MANUFACTURER — 0.3%** | **MISCELLANEOUS MANUFACTURER — 0.3%** |
| JBT Marel Corp.<br>Term Loan B 6.43%, 1/2/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152506 |
| Touchdown Acquirer, Inc.<br>2025 USD Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.08%, 2/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16957500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16978697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17131203 |
| **PERSONAL PRODUCTS — 0.4%** | **PERSONAL PRODUCTS — 0.4%** | **PERSONAL PRODUCTS — 0.4%** |
| Opal Bidco SAS<br>USD Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27928607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28077047 |
| **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** |
| Elanco Animal Health, Inc.<br>Term Loan B 1 mo. USD Term SOFR + 1.75%, 6.17%, 8/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570708 |
| Gainwell Acquisition Corp.<br>Term Loan B 3 mo. USD Term SOFR + 4.00%, 8.40%, 10/1/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96032708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92743588 |
| HLF Financing SARL LLC<br>2024 8th Amendment Term Loan B 1 mo. USD Term SOFR + 6.75%, 11.08%, 4/12/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16043483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279081 |
| Padagis LLC<br>Term Loan B 3 mo. USD Term SOFR + 4.75%, 9.27%, 7/6/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718268 |
| PRA Health Sciences, Inc.<br>2024 US Term Loan B 3 mo. USD Term SOFR + 2.00%, 6.30%, 7/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126133 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Southern Veterinary Partners LLC<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.25%, 7.53%, 12/4/2031 (a)<br>| &nbsp;&nbsp;$41940319 | &nbsp;&nbsp;$42036782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153474560 |
| **PIPELINES — 0.7%** | **PIPELINES — 0.7%** | **PIPELINES — 0.7%** |
| AL GCX Holdings LLC<br>Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.31%, 5/17/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482231 |
| BIP PipeCo Holdings LLC<br>Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.53%, 12/6/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427253 |
| Freeport LNG Investments LLLP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.52%, 12/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26182851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26242940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004590 |
| Oryx Midstream Services Permian Basin LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.57%, 10/5/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783360 |
| TransMontaigne Operating Co. LP<br>Term Loan B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126215 |
| WhiteWater DBR HoldCo LLC<br>1st Lien Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.56%, 3/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335616 |
| Whitewater Matterhorn Holdings LLC<br>2025 Term Loan B 3 mo. USD Term SOFR + 2.25%, 6.57%, 6/16/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46152710 |
| **REAL ESTATE — 0.7%** | **REAL ESTATE — 0.7%** | **REAL ESTATE — 0.7%** |
| CoreLogic, Inc.<br>Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 6/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47853380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47427245 |
| **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1%** | **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1%** | **REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1%** |
| Blackstone Mortgage Trust, Inc.<br>2022 Term Loan B4 1 mo. USD Term SOFR + 3.50%, 7.83%, 5/9/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007836 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Iron Mountain, Inc.<br>2023 Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.33%, 1/31/2031 (a)<br>| &nbsp;&nbsp;$2368987 | &nbsp;&nbsp;$2369971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377807 |
| **RETAIL — 7.7%** | **RETAIL — 7.7%** | **RETAIL — 7.7%** |
| 1011778 B.C. Unlimited Liability Co.<br>2024 Term Loan B6 1 mo. USD Term SOFR + 1.75%, 6.08%, 9/20/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10287005 |
| EG Group Ltd.<br>2024 Term Loan B 3 mo. USD Term SOFR + 4.25%, 8.58%, 2/7/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232489 |
| Flynn Restaurant Group LP<br>2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 1/28/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28273446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28273446 |
| Foundation Building Materials Holding Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.79%, 1/31/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094716 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B2 3 mo. USD Term SOFR + 4.00%, 8.28%, 1/29/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10610789 |
| Great Outdoors Group LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 1/23/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88140457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88154559 |
| Harbor Freight Tools USA, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 6/11/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67312181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000940 |
| IRB Holding Corp.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 12/15/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40936332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40979110 |
| Johnstone Supply LLC<br>Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.82%, 6/9/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621440 |
| LBM Acquisition LLC<br>2024 Incremental Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.16%, 6/6/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16715824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15671085 |
| Michaels Cos., Inc.<br>2021 Term Loan B 3 mo. USD Term SOFR + 4.25%, 8.81%, 4/17/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60026623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50459880 |
| Park River Holdings, Inc.<br>Term Loan 3 mo. USD Term SOFR + 3.25%, 7.80%, 12/28/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22502896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968340 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Peer Holding III BV<br>2025 USD Term Loan B5B 3 mo. USD Term SOFR + 2.50%, 6.80%, 7/1/2031 (a)<br>| &nbsp;&nbsp;$3901673 | &nbsp;&nbsp;$3927522 |
| Petco Health & Wellness Co., Inc.<br>2021 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.81%, 3/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47642133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44013708 |
| PetSmart, Inc.<br>2021 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.18%, 2/11/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10734068 |
| QXO, Inc.<br>Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.30%, 4/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540704 |
| Raising Cane's Restaurants LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 2.00%, 6.33%, 9/18/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706546 |
| Restoration Hardware, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Incremental Term Loan 1 mo. USD Term SOFR + 3.25%, 7.68%, 10/20/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.94%, 10/20/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27435028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747369 |
| Spencer Spirit IH LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 4.75%, 9.06%, 7/15/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930084 |
| Staples, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 5.75%, 10.03%, 9/4/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23153740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21490968 |
| Tacala LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.50%, 7.83%, 1/31/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11254112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11323550 |
| Whatabrands LLC<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 8/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28084873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28128685 |
| White Cap Buyer LLC<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 10/19/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23443942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23351691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532129008 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%** |
| Instructure Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 6 mo. USD Term SOFR + 5.00%, 9.21%, 11/12/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944915 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 6 mo. USD Term SOFR + 3.00%, 7.21%, 11/13/2031 (a)<br>| &nbsp;&nbsp;$20965105 | &nbsp;&nbsp;$21011753 |
| MKS Instruments, Inc.<br>2025 USD Repriced Term Loan 1 mo. USD Term SOFR + 2.00%, 6.32%, 8/17/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26968329 |
| **SHIPBUILDING — 0.1%** | **SHIPBUILDING — 0.1%** | **SHIPBUILDING — 0.1%** |
| LSF11 Trinity Bidco, Inc.<br>2024 1st Lien Term Loan 1 mo. USD Term SOFR + 3.00%, 7.32%, 6/14/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694280 |
| **SOFTWARE — 15.1%** | **SOFTWARE — 15.1%** | **SOFTWARE — 15.1%** |
| Applied Systems, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 2.50%, 6.80%, 2/24/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362366 |
| Apttus Corp.<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.78%, 5/8/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105906 |
| Ascend Learning LLC<br>2025 Repriced Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.33%, 12/11/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17155631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17172529 |
| AthenaHealth Group, Inc.<br>2022 Term Loan B 1 mo. USD Term SOFR + 2.75%, 7.08%, 2/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79123213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79133103 |
| BCPE Pequod Buyer, Inc.<br>USD Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 11/25/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543410 |
| Boxer Parent Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.75%, 10.08%, 7/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13648256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13315648 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 USD Term Loan B 3 mo. USD Term SOFR + 3.00%, 7.33%, 7/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56463366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56177379 |
| Cast & Crew Payroll LLC<br>2021 Incremental Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 12/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15807325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981709 |
| Central Parent, Inc.<br>2024 Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 7/6/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97154663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81371888 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 3.50%, 7.80%, 3/29/2029 (a)<br>| &nbsp;&nbsp;$78307092 | &nbsp;&nbsp;$78480542 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 USD Term Loan 3 mo. USD Term SOFR + 3.75%, 8.05%, 3/21/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26521575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26596100 |
| ConnectWise LLC<br>2021 Term Loan B 3 mo. USD Term SOFR + 3.50%, 8.06%, 9/29/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958006 |
| Cornerstone OnDemand, Inc.<br>2021 Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 10/16/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20830072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19599848 |
| Cotiviti Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan 1 mo. USD Term SOFR + 2.75%, 7.07%, 5/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51238428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51062424 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Amendment Term Loan 1 mo. USD Term SOFR + 2.75%, 7.07%, 3/26/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33879640 |
| DCert Buyer, Inc.<br>2021 2nd Lien Term Loan 1 mo. USD Term SOFR + 7.00%, 11.33%, 2/19/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777915 |
| Dun & Bradstreet Corp.<br>2024 Term Loan 1 mo. USD Term SOFR + 2.25%, 6.57%, 1/18/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15579503 |
| ECI Macola Max Holding LLC<br>2024 Term Loan 3 mo. USD Term SOFR + 3.25%, 7.55%, 5/9/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57273 |
| Epicor Software Corp.<br>2024 Term Loan E 1 mo. USD Term SOFR + 2.75%, 7.08%, 5/30/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22582638 |
| Flexera Software LLC<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.00%, 7.31%, 3/3/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13149938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13175777 |
| Genesys Cloud Services Holdings II LLC<br>2025 USD Term Loan B 1 mo. USD Term SOFR + 2.50%, 6.83%, 1/30/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17136986 |
| Genuine Financial Holdings LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 3.25%, 7.58%, 9/27/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448869 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Imagine Learning LLC<br>Term Loan 1 mo. USD Term SOFR + 3.50%, 7.83%, 12/21/2029 (a)<br>| &nbsp;&nbsp;$2083948 | &nbsp;&nbsp;$2036476 |
| IQN Holding Corp.<br>2024 2nd Lien Term Loan 3 mo. USD Term SOFR + 5.25%, 9.55%, 7/16/2032 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532044 |
| Ivanti Software, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 1st Lien Term Loan 3 mo. USD Term SOFR + 4.75%, 9.06%, 6/1/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19656269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16386432 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Term Loan (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6756545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087709 |
| Javelin Buyer, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.25%, 7.58%, 12/5/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13834365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13907826 |
| Mitchell International, Inc.<br>2024 1st Lien Term Loan 1 mo. USD Term SOFR + 3.25%, 7.58%, 6/17/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34119315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34130575 |
| Modena Buyer LLC<br>Term Loan 3 mo. USD Term SOFR + 4.50%, 8.78%, 7/1/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41584488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40155021 |
| Particle Investments SARL<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.75%, 8.08%, 3/28/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329508 |
| Planview Parent, Inc.<br>2024 1st Lien Term Loan 3 mo. USD Term SOFR + 3.50%, 7.80%, 12/17/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19632813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19149355 |
| PointClickCare Technologies, Inc.<br>2024 USD Term Loan B 6 mo. USD Term SOFR + 3.25%, 7.42%, 11/3/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12242797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12311724 |
| Polaris Newco LLC<br>USD Term Loan B 3 mo. USD Term SOFR + 3.75%, 8.29%, 6/2/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51093294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49858497 |
| Project Alpha Intermediate Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 3.25%, 7.55%, 10/26/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29350761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29522022 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 2nd Lien Incremental Term Loan 3 mo. USD Term SOFR + 5.00%, 9.30%, 5/9/2033 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14653179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14598230 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Project Boost Purchaser LLC<br>2025 Refinancing Term Loan 3 mo. USD Term SOFR + 3.00%, 7.30%, 7/16/2031 (a)<br>| &nbsp;&nbsp;$20396151 | &nbsp;&nbsp;$20454688 |
| Project Leopard Holdings, Inc.<br>2022 USD Term Loan B 3 mo. USD Term SOFR + 5.25%, 9.63%, 7/20/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14874866 |
| Project Ruby Ultimate Parent Corp.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.44%, 3/10/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22159255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22210000 |
| RealPage, Inc.<br>1st Lien Term Loan 3 mo. USD Term SOFR + 3.00%, 7.56%, 4/24/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59593683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59251317 |
| Rocket Software, Inc.<br>2023 USD Term Loan B 1 mo. USD Term SOFR + 4.25%, 8.58%, 11/28/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40769726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40910382 |
| Skopima Merger Sub, Inc.<br>2024 Repriced Term Loan 1 mo. USD Term SOFR + 3.75%, 8.08%, 5/12/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11589465 |
| Sovos Compliance LLC<br>2025 Term Loan B 1 mo. USD Term SOFR + 4.00%, 8.33%, 8/13/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13222758 |
| Surf Holdings LLC<br>2025 Incremental Term Loan 1 mo. USD Term SOFR + 3.50%, 7.94%, 3/5/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13266629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332697 |
| UKG, Inc.<br>2024 Term Loan B 1 mo. USD Term SOFR + 3.00%, 7.31%, 2/10/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22137223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22245806 |
| VS Buyer LLC<br>2024 1st Lien Term Loan B 3 mo. USD Term SOFR + 2.75%, 7.02%, 4/12/2031 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677055 |
| Waystar Technologies, Inc.<br>2024 1st Lien Term Loan B 1 mo. USD Term SOFR + 2.25%, 6.58%, 10/22/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1044274432 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** | **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** | **TRANSPORT-SERVICES — 0.0% <sup>\*</sup>** |
| Genesee & Wyoming, Inc.<br>2024 Term Loan 3 mo. USD Term SOFR + 1.75%, 6.05%, 4/10/2031 (a)<br>| &nbsp;&nbsp;$1330381 | &nbsp;&nbsp;$1325006 |
| **TOTAL SENIOR FLOATING RATE LOANS<br>(Cost $5,991,016,833)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;5989112692 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.5%** | **COMMON STOCKS — 0.5%** | **COMMON STOCKS — 0.5%** |
| **AEROSPACE & DEFENSE — 0.1%** | **AEROSPACE & DEFENSE — 0.1%** | **AEROSPACE & DEFENSE — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Flame Newco LLC (c) (d)<br>| &nbsp;&nbsp;&nbsp;230071 | &nbsp;&nbsp;&nbsp;&nbsp;4371349 |
| **ENTERTAINMENT — 0.4%** | **ENTERTAINMENT — 0.4%** | **ENTERTAINMENT — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cineworld Group PLC (c) (d)<br>| 1063146 | &nbsp;&nbsp;25083867 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.0% <sup>\*</sup>** | **HEALTH CARE PROVIDERS & SERVICES — 0.0% <sup>\*</sup>** | **HEALTH CARE PROVIDERS & SERVICES — 0.0% <sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Envision Healthcare Corp. (c) (d)<br>| &nbsp;&nbsp;&nbsp;154531 | &nbsp;&nbsp;&nbsp;&nbsp;2554552 |
| **TOTAL COMMON STOCKS<br>(Cost $28,818,461)<br>**  |  | &nbsp;&nbsp;32009768 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** |  |
| **CORPORATE BONDS & NOTES — 11.3%** | **CORPORATE BONDS & NOTES — 11.3%** | **CORPORATE BONDS & NOTES — 11.3%** |
| **ADVERTISING — 0.1%** | **ADVERTISING — 0.1%** | **ADVERTISING — 0.1%** |
| Clear Channel Outdoor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/1/2029 (e)<br>| $2080000 | &nbsp;&nbsp;&nbsp;&nbsp;1923334 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362000 | &nbsp;&nbsp;&nbsp;&nbsp;3181528 |
| Lamar Media Corp.<br>3.75%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6073632 |
| **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** |
| AAR Escrow Issuer LLC<br>6.75%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734496 |
| Bombardier, Inc.<br>7.45%, 5/1/2034 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961000 | &nbsp;&nbsp;&nbsp;&nbsp;2129979 |
| Moog, Inc.<br>4.25%, 12/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898215 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402244 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;5758536 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/31/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;2200249 |
|  |  | &nbsp;&nbsp;12123719 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| Allegiant Travel Co.<br>7.25%, 8/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279955 |
| American Airlines, Inc.<br>8.50%, 5/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666414 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.88%, 9/20/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12502000 | &nbsp;&nbsp;12170447 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 2/1/2030 (e)<br>| &nbsp;&nbsp;$650000 | &nbsp;&nbsp;$608185 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15008901 |
| **APPAREL — 0.1%** | **APPAREL — 0.1%** | **APPAREL — 0.1%** |
| Wolverine World Wide, Inc.<br>4.00%, 8/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925444 |
| **AUTO MANUFACTURERS — 0.2%** | **AUTO MANUFACTURERS — 0.2%** | **AUTO MANUFACTURERS — 0.2%** |
| Allison Transmission, Inc.<br>3.75%, 1/30/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954228 |
| Jaguar Land Rover Automotive PLC<br>5.88%, 1/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074708 |
| JB Poindexter & Co., Inc.<br>8.75%, 12/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131079 |
| Nissan Motor Co. Ltd.<br>4.35%, 9/17/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049323 |
| Wabash National Corp.<br>4.50%, 10/15/2028 (e)<br>| &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;153865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13363203 |
| **AUTO PARTS & EQUIPMENT — 0.2%** | **AUTO PARTS & EQUIPMENT — 0.2%** | **AUTO PARTS & EQUIPMENT — 0.2%** |
| Adient Global Holdings Ltd.<br>7.50%, 2/15/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000901 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL<br>7.75%, 5/31/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836161 |
| Goodyear Tire & Rubber Co.<br>6.63%, 7/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774607 |
| Tenneco, Inc.<br>8.00%, 11/17/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839224 |
| ZF North America Capital, Inc.<br>6.88%, 4/23/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16714056 |
| **BANKS — 0.0% <sup>\*</sup>** | **BANKS — 0.0% <sup>\*</sup>** | **BANKS — 0.0% <sup>\*</sup>** |
| Freedom Mortgage Corp.<br>12.25%, 10/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872729 |
| **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>4.38%, 4/30/2029 (e)<br>| &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;329742 |
| **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** |
| CVR Partners LP/CVR Nitrogen Finance Corp.<br>6.13%, 6/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122745 |
| INEOS Finance PLC<br>7.50%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982842 |
| INEOS Quattro Finance 2 PLC<br>9.63%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996743 |
| Minerals Technologies, Inc.<br>5.00%, 7/1/2028 (e)<br>| &nbsp;&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;&nbsp;9840 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Tronox, Inc.<br>4.63%, 3/15/2029 (e)<br>| &nbsp;&nbsp;$3739000 | &nbsp;&nbsp;$3225187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337357 |
| **COAL — 0.1%** | **COAL — 0.1%** | **COAL — 0.1%** |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<br>8.63%, 6/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082381 |
| SunCoke Energy, Inc.<br>4.88%, 6/30/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7273771 |
| **COMMERCIAL SERVICES — 0.5%** | **COMMERCIAL SERVICES — 0.5%** | **COMMERCIAL SERVICES — 0.5%** |
| Adtalem Global Education, Inc.<br>5.50%, 3/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199739 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358827 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 6/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981626 |
| Carriage Services, Inc.<br>4.25%, 5/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569176 |
| Dcli Bidco LLC<br>7.75%, 11/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063314 |
| Deluxe Corp.<br>8.00%, 6/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547512 |
| Hertz Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924652 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334392 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.63%, 7/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521859 |
| PROG Holdings, Inc.<br>6.00%, 11/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523750 |
| RR Donnelley & Sons Co.<br>9.50%, 8/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610016 |
| TriNet Group, Inc.<br>3.50%, 3/1/2029 (e)<br>| &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;431894 |
| Upbound Group, Inc.<br>6.38%, 2/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755196 |
| Valvoline, Inc.<br>3.63%, 6/15/2031 (e)<br>| &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;543012 |
| Veritiv Operating Co.<br>10.50%, 11/30/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418848 |
| ZipRecruiter, Inc.<br>5.00%, 1/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37532039 |
| **COMPUTERS — 0.0% <sup>\*</sup>** | **COMPUTERS — 0.0% <sup>\*</sup>** | **COMPUTERS — 0.0% <sup>\*</sup>** |
| Conduent Business Services LLC/Conduent State & Local Solutions, Inc.<br>6.00%, 11/1/2029 (e)<br>| &nbsp;&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;&nbsp;64071 |
| Crane NXT Co.<br>4.20%, 3/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193906 |
| Science Applications International Corp.<br>4.88%, 4/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059356 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Griffon Corp.<br>5.75%, 3/1/2028<br>| &nbsp;&nbsp;$1742000 | &nbsp;&nbsp;$1740223 |
| JELD-WEN, Inc.<br>7.00%, 9/1/2032 (e)<br>| &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;148721 |
| Smyrna Ready Mix Concrete LLC<br>8.88%, 11/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945199 |
| **DISTRIBUTION & WHOLESALE — 0.0% <sup>\*</sup>** | **DISTRIBUTION & WHOLESALE — 0.0% <sup>\*</sup>** | **DISTRIBUTION & WHOLESALE — 0.0% <sup>\*</sup>** |
| RB Global Holdings, Inc.<br>6.75%, 3/15/2028 (e)<br>| &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;923472 |
| Velocity Vehicle Group LLC<br>8.00%, 6/1/2029 (e)<br>| &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;678388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601860 |
| **DIVERSIFIED FINANCIAL SERVICES — 1.4%** | **DIVERSIFIED FINANCIAL SERVICES — 1.4%** | **DIVERSIFIED FINANCIAL SERVICES — 1.4%** |
| AG Issuer LLC<br>6.25%, 3/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052583 |
| Ally Financial, Inc.<br>6.70%, 2/14/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165349 |
| Aretec Group, Inc.<br>10.00%, 8/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977807 |
| Azorra Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/2031 (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185112 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/2030 (e)<br>| &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;916388 |
| Bread Financial Holdings, Inc.<br>9.75%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764132 |
| Burford Capital Global Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792263 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797949 |
| Credit Acceptance Corp.<br>6.63%, 3/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364748 |
| Enova International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 8/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840237 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708200 |
| Freedom Mortgage Holdings LLC<br>8.38%, 4/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225220 |
| goeasy Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988966 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715700 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 7/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234212 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463733 |
| Jane Street Group/JSG Finance, Inc.<br>6.75%, 5/1/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220337 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231016 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 10/15/2031 (e)<br>| &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;368849 |
| Jefferson Capital Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 5/15/2030 (e)<br>| &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;725116 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 2/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749803 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/15/2032<br>| &nbsp;&nbsp;$6063000 | &nbsp;&nbsp;$6307703 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 7/25/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062698 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699207 |
| OneMain Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466453 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/2032<br>| &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;326211 |
| PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800398 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 9/15/2031 (e)<br>| &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;490375 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819799 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 2/15/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793187 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191527 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817539 |
| PRA Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/2029 (e)<br>| &nbsp;&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;&nbsp;73759 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 1/31/2030 (e)<br>| &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;665549 |
| SLM Corp.<br>6.50%, 1/31/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386332 |
| Stonex Escrow Issuer LLC<br>6.88%, 7/15/2032 (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823309 |
| StoneX Group, Inc.<br>7.88%, 3/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933451 |
| Synchrony Financial<br>7.25%, 2/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281565 |
| TrueNoord Capital DAC<br>8.75%, 3/1/2030 (e)<br>| &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;995981 |
| United Wholesale Mortgage LLC<br>5.50%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438205 |
| UWM Holdings LLC<br>6.63%, 2/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94431788 |
| **ELECTRIC — 0.1%** | **ELECTRIC — 0.1%** | **ELECTRIC — 0.1%** |
| Clearway Energy Operating LLC<br>3.75%, 1/15/2032 (e)<br>| &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;717504 |
| Leeward Renewable Energy Operations LLC<br>4.25%, 7/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456535 |
| PG&E Corp.<br>5.00%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875429 |
| **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** | **ELECTRONICS — 0.0% <sup>\*</sup>** |
| Sensata Technologies BV<br>4.00%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005894 |
| **ENGINEERING & CONSTRUCTION — 0.1%** | **ENGINEERING & CONSTRUCTION — 0.1%** | **ENGINEERING & CONSTRUCTION — 0.1%** |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br>7.50%, 2/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217066 |
| Dycom Industries, Inc.<br>4.50%, 4/15/2029 (e)<br>| &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;262821 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Global Infrastructure Solutions, Inc.<br>7.50%, 4/15/2032 (e)<br>| &nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$1171022 |
| Great Lakes Dredge & Dock Corp.<br>5.25%, 6/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525905 |
| Railworks Holdings LP/Railworks Rally, Inc.<br>8.25%, 11/15/2028 (e)<br>| &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;736243 |
| TopBuild Corp.<br>3.63%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936649 |
| Tutor Perini Corp.<br>11.88%, 4/30/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451375 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Banijay Entertainment SAS<br>8.13%, 5/1/2029 (e)<br>| &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;912938 |
| Churchill Downs, Inc.<br>4.75%, 1/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977365 |
| Voyager Parent LLC<br>9.25%, 7/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875026 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>7.13%, 2/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6884115 |
| **FOOD — 0.2%** | **FOOD — 0.2%** | **FOOD — 0.2%** |
| B&G Foods, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021009 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 9/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964040 |
| Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 9/15/2031 (e)<br>| &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;715376 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154389 |
| United Natural Foods, Inc.<br>6.75%, 10/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11040186 |
| **FOREST PRODUCTS & PAPER — 0.0% <sup>\*</sup>** | **FOREST PRODUCTS & PAPER — 0.0% <sup>\*</sup>** | **FOREST PRODUCTS & PAPER — 0.0% <sup>\*</sup>** |
| Magnera Corp.<br>7.25%, 11/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197204 |
| **GAS — 0.0% <sup>\*</sup>** | **GAS — 0.0% <sup>\*</sup>** | **GAS — 0.0% <sup>\*</sup>** |
| AmeriGas Partners LP/AmeriGas Finance Corp.<br>9.50%, 6/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687259 |
| Venture Global Plaquemines LNG LLC<br>7.75%, 5/1/2035 (e)<br>| &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;260009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947268 |
| **HEALTH CARE SERVICES — 0.3%** | **HEALTH CARE SERVICES — 0.3%** | **HEALTH CARE SERVICES — 0.3%** |
| Charles River Laboratories International, Inc.<br>3.75%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585457 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 4/1/2030 (e)<br>| &nbsp;&nbsp;$1560000 | &nbsp;&nbsp;$1152325 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761900 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.88%, 1/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117200 |
| DaVita, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711174 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 6/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712046 |
| Encompass Health Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609127 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909450 |
| LifePoint Health, Inc.<br>9.88%, 8/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208422 |
| Star Parent, Inc.<br>9.00%, 10/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18136248 |
| **HOLDING COMPANIES-DIVERSIFIED — 0.0% <sup>\*</sup>** | **HOLDING COMPANIES-DIVERSIFIED — 0.0% <sup>\*</sup>** | **HOLDING COMPANIES-DIVERSIFIED — 0.0% <sup>\*</sup>** |
| Benteler International AG<br>10.50%, 5/15/2028 (e)<br>| &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;820950 |
| Stena International SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191987 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 2/15/2031 (e)<br>| &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;296232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309169 |
| **HOME BUILDERS — 0.2%** | **HOME BUILDERS — 0.2%** | **HOME BUILDERS — 0.2%** |
| Beazer Homes USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438542 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/15/2029<br>| &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;775690 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/15/2031 (e)<br>| &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;659633 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 2/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420815 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/2029 (e)<br>| &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;127583 |
| LGI Homes, Inc.<br>8.75%, 12/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477585 |
| Taylor Morrison Communities, Inc.<br>5.75%, 1/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750098 |
| Tri Pointe Homes, Inc.<br>5.70%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14416066 |
| **HOME FURNISHINGS — 0.0% <sup>\*</sup>** | **HOME FURNISHINGS — 0.0% <sup>\*</sup>** | **HOME FURNISHINGS — 0.0% <sup>\*</sup>** |
| Somnigroup International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770807 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437816 |
| **HOUSEHOLD PRODUCTS — 0.1%** | **HOUSEHOLD PRODUCTS — 0.1%** | **HOUSEHOLD PRODUCTS — 0.1%** |
| Edgewell Personal Care Co.<br>5.50%, 6/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184960 |
| Prestige Brands, Inc.<br>3.75%, 4/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236173 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** | **HOUSEHOLD PRODUCTS & WARES — 0.0% <sup>\*</sup>** |
| Central Garden & Pet Co.<br>4.13%, 4/30/2031 (e)<br>| &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$116288 |
| **INSURANCE — 0.0% <sup>\*</sup>** | **INSURANCE — 0.0% <sup>\*</sup>** | **INSURANCE — 0.0% <sup>\*</sup>** |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<br>7.88%, 11/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207152 |
| **INTERNET — 0.5%** | **INTERNET — 0.5%** | **INTERNET — 0.5%** |
| Cars.com, Inc.<br>6.38%, 11/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683797 |
| Cogent Communications Group LLC<br>7.00%, 6/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421120 |
| Cogent Communications Group LLC/Cogent Finance, Inc.<br>6.50%, 7/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930286 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<br>3.50%, 3/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310650 |
| Rakuten Group, Inc.<br>9.75%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298042 |
| Wayfair LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467538 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7547673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34659106 |
| **INVESTMENT COMPANY SECURITY — 0.2%** | **INVESTMENT COMPANY SECURITY — 0.2%** | **INVESTMENT COMPANY SECURITY — 0.2%** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633647 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.75%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651904 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713808 |
| Prospect Capital Corp.<br>3.44%, 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12346756 |
| **IRON/STEEL — 0.2%** | **IRON/STEEL — 0.2%** | **IRON/STEEL — 0.2%** |
| Cleveland-Cliffs, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 5/1/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595009 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499315 |
| Mineral Resources Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873925 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15225233 |
| **IT SERVICES — 0.0% <sup>\*</sup>** | **IT SERVICES — 0.0% <sup>\*</sup>** | **IT SERVICES — 0.0% <sup>\*</sup>** |
| ASGN, Inc.<br>4.63%, 5/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211857 |
| **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** |
| Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 6/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415659 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331845 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13%, 7/15/2030 (e)<br>| &nbsp;&nbsp;$1732000 | &nbsp;&nbsp;$1812521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560025 |
| **LODGING — 0.1%** | **LODGING — 0.1%** | **LODGING — 0.1%** |
| Hilton Domestic Operating Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 2/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159342 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 5/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206957 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169556 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>5.00%, 6/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018877 |
| Wyndham Hotels & Resorts, Inc.<br>4.38%, 8/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440263 |
| **MACHINERY, CONSTRUCTION & MINING — 0.1%** | **MACHINERY, CONSTRUCTION & MINING — 0.1%** | **MACHINERY, CONSTRUCTION & MINING — 0.1%** |
| BWX Technologies, Inc.<br>4.13%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230138 |
| **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** | **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** | **MACHINERY-DIVERSIFIED — 0.0% <sup>\*</sup>** |
| ATS Corp.<br>4.13%, 12/15/2028 (e)<br>| &nbsp;&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;&nbsp;17210 |
| Mueller Water Products, Inc.<br>4.00%, 6/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732998 |
| **MEDIA — 0.5%** | **MEDIA — 0.5%** | **MEDIA — 0.5%** |
| AMC Networks, Inc.<br>4.25%, 2/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856235 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067905 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/15/2034 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748870 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/2030 (e)<br>| &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;581556 |
| CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/1/2028 (e)<br>| &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;&nbsp;27472 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796407 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.75%, 1/31/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393947 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/1/2030 (e)<br>| &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;305115 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/2027 (e)<br>| &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;308940 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856278 |
| Gray Media, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019668 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270478 |
| Nexstar Media, Inc.<br>4.75%, 11/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395350 |
| Sinclair Television Group, Inc.<br>5.50%, 3/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923132 |
| Univision Communications, Inc.<br>8.50%, 7/31/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175254 |
| Virgin Media Finance PLC<br>5.00%, 7/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244146 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| VZ Secured Financing BV<br>5.00%, 1/15/2032 (e)<br>| &nbsp;&nbsp;$2100000 | &nbsp;&nbsp;$1865031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34835784 |
| **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** | **METAL FABRICATE & HARDWARE — 0.1%** |
| Park-Ohio Industries, Inc.<br>6.63%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742701 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899489 |
| **MINING — 0.2%** | **MINING — 0.2%** | **MINING — 0.2%** |
| Compass Minerals International, Inc.<br>8.00%, 7/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532358 |
| FMG Resources August 2006 Pty. Ltd.<br>4.50%, 9/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817670 |
| Kaiser Aluminum Corp.<br>4.50%, 6/1/2031 (e)<br>| &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;149431 |
| New Gold, Inc.<br>6.88%, 4/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286753 |
| Taseko Mines Ltd.<br>8.25%, 5/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821499 |
| **OFFICE & BUSINESS EQUIPMENT — 0.1%** | **OFFICE & BUSINESS EQUIPMENT — 0.1%** | **OFFICE & BUSINESS EQUIPMENT — 0.1%** |
| Pitney Bowes, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402482 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295745 |
| **OIL & GAS — 1.5%** | **OIL & GAS — 1.5%** | **OIL & GAS — 1.5%** |
| Baytex Energy Corp.<br>8.50%, 4/30/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174504 |
| California Resources Corp.<br>8.25%, 6/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567936 |
| Calumet Specialty Products Partners LP/Calumet Finance Corp.<br>9.75%, 7/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120815 |
| Civitas Resources, Inc.<br>8.75%, 7/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239208 |
| CNX Resources Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8095566 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701083 |
| Comstock Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 1/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641708 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673960 |
| Crescent Energy Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325486 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 4/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161339 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 2/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146442 |
| CVR Energy, Inc.<br>8.50%, 1/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7892719 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Diamond Foreign Asset Co./Diamond Finance LLC<br>8.50%, 10/1/2030 (e)<br>| &nbsp;&nbsp;$1050000 | &nbsp;&nbsp;$1092798 |
| Gulfport Energy Operating Corp.<br>6.75%, 9/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312722 |
| Hilcorp Energy I LP/Hilcorp Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/15/2034 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131396 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 2/15/2035 (e)<br>| &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;401562 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/1/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993517 |
| Karoon USA Finance, Inc.<br>10.50%, 5/14/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524785 |
| Kraken Oil & Gas Partners LLC<br>7.63%, 8/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040729 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<br>6.88%, 12/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219731 |
| MEG Energy Corp.<br>5.88%, 2/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416073 |
| Northern Oil & Gas, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 3/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163005 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 6/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569128 |
| PBF Holding Co. LLC/PBF Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 9/15/2030 (e)<br>| &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;357936 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.88%, 3/15/2030 (e)<br>| &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;777632 |
| Precision Drilling Corp.<br>6.88%, 1/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149774 |
| Range Resources Corp.<br>4.75%, 2/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216803 |
| Sunoco LP/Sunoco Finance Corp.<br>4.50%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713744 |
| Talos Production, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166133 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 2/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360516 |
| Valaris Ltd.<br>8.38%, 4/30/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998798 |
| Vermilion Energy, Inc.<br>6.88%, 5/1/2030 (e)<br>| &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;86684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104434232 |
| **OIL & GAS SERVICES — 0.2%** | **OIL & GAS SERVICES — 0.2%** | **OIL & GAS SERVICES — 0.2%** |
| Aris Water Holdings LLC<br>7.25%, 4/1/2030 (e)<br>| &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;824648 |
| Enerflex Ltd.<br>9.00%, 10/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208572 |
| USA Compression Partners LP/USA Compression Finance Corp.<br>7.13%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697758 |
| Viridien<br>10.00%, 10/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12045637 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PACKAGING & CONTAINERS — 0.5%** | **PACKAGING & CONTAINERS — 0.5%** | **PACKAGING & CONTAINERS — 0.5%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>4.00%, 9/1/2029 (e)<br>| &nbsp;&nbsp;$11235000 | &nbsp;&nbsp;$10252275 |
| Cascades, Inc./Cascades USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/15/2028 (e)<br>| &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;574942 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864216 |
| Mauser Packaging Solutions Holding Co.<br>7.88%, 4/15/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081934 |
| OI European Group BV<br>4.75%, 2/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969558 |
| Owens-Brockway Glass Container, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 5/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921680 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/1/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336484 |
| TriMas Corp.<br>4.13%, 4/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32958439 |
| **PHARMACEUTICALS — 0.1%** | **PHARMACEUTICALS — 0.1%** | **PHARMACEUTICALS — 0.1%** |
| AdaptHealth LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818757 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 3/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291268 |
| Cheplapharm Arzneimittel GmbH<br>5.50%, 1/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032935 |
| Endo Finance Holdings, Inc.<br>8.50%, 4/15/2031 (e)<br>| &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;424156 |
| HLF Financing SARL LLC/Herbalife International, Inc.<br>4.88%, 6/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9309840 |
| **PIPELINES — 0.4%** | **PIPELINES — 0.4%** | **PIPELINES — 0.4%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.38%, 6/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993070 |
| Buckeye Partners LP<br>4.50%, 3/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782543 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/30/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083280 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7368744 |
| Global Partners LP/GLP Finance Corp.<br>6.88%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302669 |
| Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199140 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626122 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851451 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/1/2029 (e)<br>| &nbsp;&nbsp;$370000 | &nbsp;&nbsp;$380271 |
| Summit Midstream Holdings LLC<br>8.63%, 10/31/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508757 |
| Venture Global Plaquemines LNG LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26444047 |
| **REAL ESTATE — 0.1%** | **REAL ESTATE — 0.1%** | **REAL ESTATE — 0.1%** |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.<br>7.00%, 4/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588275 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 4/15/2030 (e)<br>| &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;369207 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162342 |
| Howard Hughes Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 2/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759210 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 8/1/2028 (e)<br>| &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;446985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326019 |
| **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** |
| Apollo Commercial Real Estate Finance, Inc.<br>4.63%, 6/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800280 |
| Brandywine Operating Partnership LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437893 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 4/12/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960539 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<br>4.50%, 4/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953324 |
| Diversified Healthcare Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 3/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379995 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686906 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/15/2029 (e)<br>| &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;736118 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/15/2030 (e)<br>| &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;759174 |
| MPT Operating Partnership LP/MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656987 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003536 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769900 |
| RHP Hotel Properties LP/RHP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912320 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/15/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690835 |
| Rithm Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 4/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093680 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294435 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/15/2027 (e)<br>| &nbsp;&nbsp;$6690000 | &nbsp;&nbsp;$6622431 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/2030 (e)<br>| &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;809640 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003241 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924500 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>6.00%, 1/15/2030 (e)<br>| &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;346568 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<br>6.50%, 2/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222683 |
| XHR LP<br>6.63%, 5/15/2030 (e)<br>| &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;112257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70177242 |
| **RETAIL — 0.6%** | **RETAIL — 0.6%** | **RETAIL — 0.6%** |
| 1011778 BC ULC/New Red Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166926 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005863 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.63%, 1/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524317 |
| FirstCash, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 9/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369501 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 1/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375240 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/1/2032 (e)<br>| &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;491682 |
| 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;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176018 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/15/2042<br>| &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;61576 |
| Michaels Cos., Inc.<br>7.88%, 5/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185000 |
| Murphy Oil USA, Inc.<br>3.75%, 2/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188755 |
| Patrick Industries, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677335 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/2032 (e)<br>| &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;501420 |
| PetSmart, Inc./PetSmart Finance Corp.<br>4.75%, 2/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076132 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%, 6/1/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459919 |
| Superior Plus LP/Superior General Partner, Inc.<br>4.50%, 3/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734621 |
| Victra Holdings LLC/Victra Finance Corp.<br>8.75%, 9/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026364 |
| Yum! Brands, Inc.<br>4.75%, 1/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42904382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SEMICONDUCTORS — 0.0% <sup>\*</sup>** | **SEMICONDUCTORS — 0.0% <sup>\*</sup>** | **SEMICONDUCTORS — 0.0% <sup>\*</sup>** |
| ams-OSRAM AG<br>12.25%, 3/30/2029 (e)<br>| &nbsp;&nbsp;$2370000 | &nbsp;&nbsp;$2525875 |
| **SOFTWARE — 0.3%** | **SOFTWARE — 0.3%** | **SOFTWARE — 0.3%** |
| Cloud Software Group, Inc.<br>6.50%, 3/31/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458176 |
| Consensus Cloud Solutions, Inc.<br>6.50%, 10/15/2028 (e)<br>| &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;278536 |
| Fair Isaac Corp.<br>4.00%, 6/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9713334 |
| PTC, Inc.<br>4.00%, 2/15/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384267 |
| Twilio, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 3/15/2029<br>| &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;304592 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074675 |
| **TELECOMMUNICATIONS — 0.2%** | **TELECOMMUNICATIONS — 0.2%** | **TELECOMMUNICATIONS — 0.2%** |
| CommScope LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 7/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244140 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 3/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350575 |
| Iliad Holding SASU<br>8.50%, 4/15/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257619 |
| Viasat, Inc.<br>7.50%, 5/30/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927187 |
| Viavi Solutions, Inc.<br>3.75%, 10/1/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436897 |
| Vmed O2 U.K. Financing I PLC<br>7.75%, 4/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11484047 |
| **TRANSPORTATION — 0.0% <sup>\*</sup>** | **TRANSPORTATION — 0.0% <sup>\*</sup>** | **TRANSPORTATION — 0.0% <sup>\*</sup>** |
| Stonepeak Nile Parent LLC<br>7.25%, 3/15/2032 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731814 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $765,334,624)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782528321 |
| **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital, Inc., dated 09/30/2024 (collateralized by U.S. Treasury Bonds 2.000% due 11/15/2041, valued at $143,000,000); expected proceeds $103,306,333, 4.48%, 06/15/2026<br>(Cost $100,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 4.0%** | **SHORT-TERM INVESTMENT — 4.0%** | **SHORT-TERM INVESTMENT — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (g) (h)<br>(Cost $276,140,409)<br>| &nbsp;&nbsp;276140409 | &nbsp;&nbsp;$276140409 |
| **TOTAL INVESTMENTS — 103.7%<br>(Cost $7,161,310,327)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;7179791190 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255508929) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$6924282261 |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Position is unsettled. Contract rate was not determined at June 30, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(c) 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 June 30, 2025, total aggregate fair value of the securities is $32,009,768, representing 0.5% of the Fund's net assets.

(d) Non-income producing security.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 9.9% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) When-issued security.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

PIK Payment in Kind <br> REIT Real Estate Investment Trust <br> SOFR Secured Overnight Financing Rate

At June 30, 2025, the Fund had unfunded loan commitments of $7,732,164, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Unfunded Loan<br> Commitment ($)** | **Value ($)** | **Unrealized<br> Appreciation/(Depreciation) ($)** |
| Air Comm Corp. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718093 | &nbsp;&nbsp;&nbsp;&nbsp;4460 |
| Chrysaor Bidco SARL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| Clydesdale Acquisition Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500316 | &nbsp;&nbsp;&nbsp;(1393) |
| DG Investment Intermediate Holdings 2, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563) |
| Groundworks, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| Hanger, Inc. | &nbsp;&nbsp;&nbsp;1654914 | &nbsp;&nbsp;&nbsp;1659606 | &nbsp;&nbsp;&nbsp;&nbsp;4692 |
| Kaman Corp. | &nbsp;&nbsp;&nbsp;1402384 | &nbsp;&nbsp;&nbsp;1402496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Raven Acquisition Holdings LLC | &nbsp;&nbsp;&nbsp;2498029 | &nbsp;&nbsp;&nbsp;2498966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 |
|  | $7732164 | $7741370 | $9206 |

---

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $— | $782528321 | $— | $782528321 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SPDR BLACKSTONE SENIOR LOAN ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<br>| $— | $— | $32009768 | $32009768 |
| Repurchase Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| 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;5989112692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5989112692 |
| Short-Term Investment<br>| &nbsp;&nbsp;276140409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;276140409 |
| **TOTAL INVESTMENTS<br>**  | $276140409 | $6871641013 | $32009768 | $7179791190 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Unfunded Loans - Unrealized Appreciation<br>| $— | $11162 | $— | $11162 |
| Unfunded Loans - Unrealized Depreciation<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;(1956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $— | $9206 | $— | $9206 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **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> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 420966957 | $420966957 | $6659568937 | $6804395485 | $— | $— | 276140409 | $276140409 | $30759684 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **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;$389371178 | $6803650781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;28765429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276140409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized 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;100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;418136607 | &nbsp;&nbsp;&nbsp;&nbsp;7179791190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20178408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28471736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659832079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36736096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;456499130 | &nbsp;&nbsp;&nbsp;&nbsp;7934509549 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51069731 | &nbsp;&nbsp;&nbsp;&nbsp;1006356992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867671 |
| &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;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;51297236 | &nbsp;&nbsp;&nbsp;&nbsp;1010227288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $405201894 | $6924282261 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $410528532 | $8162927922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5326638) | &nbsp;&nbsp;&nbsp;(1238645661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $405201894 | $6924282261 |
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $28.54 | $41.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166300000 |
| **COST OF INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$384359093 | $6785169918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;28777005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276140409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements<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;100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $413136098 | $7161310327 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **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;$19973858 | $595368408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30759684 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;21246486 | &nbsp;&nbsp;&nbsp;&nbsp;626128092 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50453280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &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;&nbsp;&nbsp;&nbsp;6074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1795449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50518855 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $19451037 | $575609237 |
| **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;(1033625) | &nbsp;&nbsp;&nbsp;(138450909) |
| &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;(52095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;320410 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;(765310) | &nbsp;&nbsp;&nbsp;(138450909) |
| &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;2707631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108498 |
| &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;(10902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2697130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102894 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1931820 | &nbsp;&nbsp;&nbsp;(121348015) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $21382857 | $454261222 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_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** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19451037 | $10891253 | $575609237 | $451413834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138450909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41824841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38629212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;21382857 | &nbsp;&nbsp;&nbsp;&nbsp;13680531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454261222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448218205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(18991015) | &nbsp;&nbsp;&nbsp;&nbsp;(11073572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584186460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448614982) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333827104 | &nbsp;&nbsp;&nbsp;&nbsp;28127309 | &nbsp;&nbsp;&nbsp;&nbsp;6263887103 | &nbsp;&nbsp;&nbsp;&nbsp;3615437062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80933557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7044510) | &nbsp;&nbsp;&nbsp;(5499565843) | &nbsp;&nbsp;&nbsp;(2015003986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8609369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690629) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485763 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;252439002 | &nbsp;&nbsp;&nbsp;&nbsp;21003060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769383406 | &nbsp;&nbsp;&nbsp;&nbsp;1603228210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate (Note 5)<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;&nbsp;&nbsp;837000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;255608054 | &nbsp;&nbsp;&nbsp;&nbsp;23705931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648067537 | &nbsp;&nbsp;&nbsp;&nbsp;1604359062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;149593840 | &nbsp;&nbsp;&nbsp;125887909 | &nbsp;&nbsp;&nbsp;&nbsp;6276214724 | &nbsp;&nbsp;&nbsp;&nbsp;4671855662 |
| **NET ASSETS AT END OF PERIOD<br>**  | $405201894 | $149593840 | $6924282261 | $6276214724 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38250000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_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;**SPDR Blackstone High Income ETF** | &nbsp;&nbsp;**SPDR Blackstone High Income ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**For the<br> Period<br> 02/17/22\*-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$28.23 | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$27.28 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &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;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.86) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.36) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$28.54 | &nbsp;&nbsp;$28.23 | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$27.28 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.93)% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$405202 | &nbsp;&nbsp;$149594 | &nbsp;&nbsp;$125888 | &nbsp;&nbsp;$117312 |
| **Ratios to average net assets:** |  |  |  |  |
| Total expenses<br>| &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;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%(e) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133% | &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 year.

(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_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_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;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$41.87 | &nbsp;&nbsp;$41.84 | &nbsp;&nbsp;$41.83 | &nbsp;&nbsp;$46.30 | &nbsp;&nbsp;$43.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &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 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &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 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &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 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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 |
| Contribution from affiliate (Note 5)<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;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&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(c) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) |
| 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;(0.01) | &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;(3.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$41.64 | &nbsp;&nbsp;$41.87 | &nbsp;&nbsp;$41.84 | &nbsp;&nbsp;$41.83 | &nbsp;&nbsp;$46.30 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.97%(e) |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$6924282 | &nbsp;&nbsp;$6276215 | &nbsp;&nbsp;$4671856 | &nbsp;&nbsp;$8460243 | &nbsp;&nbsp;$6294196 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;0.71% | &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 investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19% | &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% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195% | &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;125% | &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% |

---

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

(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) If an affiliate had not made a contribution during the years ended June 30, 2024, June 30, 2023 and June 30, 2021, the total return would have been 9.42%, 6.95% and 11.97%, respectively.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, the Trust consists of thirty-four (34) 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

The 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.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;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.

• 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

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

("NAV") per share or unit.

• Repurchase agreements are valued at the repurchase price as of valuation date.

• 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.

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 June 30, 2025, 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.

------

[**Table of Contents**](#JOB_Black_b16b22cb-09eb-4da1-94ff-c866bb7ab1db_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

#### 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.&nbsp;&nbsp;&nbsp;&nbsp;

#### 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, (the "Internal Revenue Code")as amended. 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.

4.&nbsp;&nbsp;&nbsp;&nbsp;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.

#### Repurchase Agreements
The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of June 30, 2025, the SPDR Blackstone Senior Loan ETF had invested in repurchase agreements with the gross values (principal) of $100,000,000 and associated collateral equal to $103,306,333.

5.&nbsp;&nbsp;&nbsp;&nbsp;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

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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 |

---

\* The Advisory fees were reduced for SPDR Blackstone High Income ETF by the acquired fund fees and expenses and for the year ended June 30, 2025, the net annualized advisory fees were 0.69%.

With respect to each Fund, the Management fee is reduced by the acquired fund fees and expenses attributable to the Fund's investments in other investment companies (except acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes).&nbsp;&nbsp;&nbsp;&nbsp;

From time to time, the Adviser may waive all or a portion of it's Management fee. The Adviser pays all 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 Trustee's counsel fees), acquired fund fees and expenses, 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
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
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 year ended June 30, 2025, are disclosed in the Schedules of Investments.

During the fiscal year ended June 30, 2024, State Street made a contribution of $837,000 to the SPDR Blackstone Senior Loan ETF related to an accounting matter.

#### Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

6.&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees

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

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

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7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| SPDR Blackstone High Income ETF<br>| $679022142 | $503484045 |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;15246345091 | &nbsp;&nbsp;&nbsp;14556605998 |

---

For the year ended June 30, 2025, 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 Blackstone High Income ETF<br>| $104843289 | $33199294 | $320410 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;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.

9.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment company under Subchapter M of the Internal Revenue Code. The 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. SSGA FM has analyzed the Funds' 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.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to amortization and accretion of premium and discount for financial statement purposes, in-kind transactions, adviser contributions, and differing treatments for wash sales.

The tax character of distributions paid during the year ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR Blackstone High Income ETF<br>| $18991015 | $— | $18991015 |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;&nbsp;584186460 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;584186460 |

---

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

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The tax character of distributions paid during the year ended June 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR Blackstone High Income ETF<br>| $11073572 | $— | $11073572 |
| SPDR Blackstone Senior Loan ETF <br>| &nbsp;&nbsp;&nbsp;448614982 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;448614982 |

---

At June 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR Blackstone High Income ETF<br>| $1402000 | $(10963232) | $— | $4234594 | $(5326638) |
| SPDR Blackstone Senior Loan ETF <br>| &nbsp;&nbsp;23674990 | &nbsp;&nbsp;(1241138851) | &nbsp;&nbsp;— | &nbsp;&nbsp;(21181800) | &nbsp;&nbsp;(1238645661) |

---

As of June 30, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| SPDR Blackstone High Income ETF<br>| $10458779 | $504453 |
| SPDR Blackstone Senior Loan ETF <br>| &nbsp;&nbsp;&nbsp;619142670 | &nbsp;&nbsp;&nbsp;621996181 |

---

As of June 30, 2025, 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>| $413902767 | $5672955 | $1439115 | $4233840 |
| SPDR Blackstone Senior Loan ETF<br>| &nbsp;&nbsp;7200982195 | &nbsp;&nbsp;43445426 | &nbsp;&nbsp;64636431 | &nbsp;&nbsp;(21191005) |

---

10.&nbsp;&nbsp;&nbsp;&nbsp;Line of Credit

The Funds and other affiliated funds (each a "Participant" and, collectively, the "Participants") participate in $1.36 billion ($1.26 billion prior to November 1, 2024 and $960 million prior to October 3, 2024) 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 $1.133 billion and the SPDR Blackstone High Income ETF has exclusive access to $32.38 million of the total credit facility. This agreement expires in October 2025 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 June 30, 2025.

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.

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#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

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11.&nbsp;&nbsp;&nbsp;&nbsp;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
Each 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, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, 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.

12.&nbsp;&nbsp;&nbsp;&nbsp;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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Shareholders of SPDR Blackstone High Income ETF and SPDR Blackstone Senior Loan ETF and the Board of Trustees of SSGA Active Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR Blackstone High Income ETF and SPDR Blackstone Senior Loan ETF (collectively, the "Funds") (two of the funds constituting SSGA Active Trust (the "Trust")), including the schedules of investments, as of June 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the funds constituting SSGA Active Trust) at June 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual Fund constituting the <br>SSGA Active Trust | &nbsp;&nbsp;Statement of operations | &nbsp;&nbsp;Statement of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR Blackstone High Income ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the three years in the period ended June 30, 2025 and the period from February 17, 2022 (commencement of operations) through June 30, 2022 |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and others; when replies from brokers and others were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g949454imgdac7f7f52.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

August 29, 2025

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#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### June 30, 2025 (Unaudited)

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#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of each Fund for its fiscal year ended June 30, 2025.

#### Qualified Interest Income
Each Fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

#### Interest Dividends
Each Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

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#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

#### June 30, 2025 (Unaudited)

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#### Board Considerations Regarding Renewal of Investment Advisory Agreement
At a meeting held on May 14-15, 2025, the Board of Trustees of SSGA Active Trust (the "Board") evaluated a proposal to approve for an additional one year period the Investment Advisory Agreement (the "Advisory Agreement" or the "Agreement") between SSGA Active Trust ("SSAT" or the "Trust") and the Adviser with respect to the series of SSAT (collectively, the "SPDR ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Advisory Agreement, the Board requested and SSGA FM, the Trust's adviser and administrator, and State Street Bank and Trust Company, the Trust's sub-administrator, transfer agent and custodian ("State Street") provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board submitted additional questions and met with representatives of the Adviser and affiliated service providers both on April 17th and again on May 13th to discuss matters related to the Board's evaluation of the Advisory Agreement and provide the Trustees an opportunity to ask additional questions. In deciding whether to approve the Advisory Agreement, the Board considered various factors, including the nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, the proposed cost of those services in relation to the services provided and in relation to fees charged to comparable funds, other benefits to the Adviser of its relationship with the SPDR ETFs, and extent to which economies of scale would be shared as the SPDR ETFs grow.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trusts and the materials provided prior to and at the meeting. The Board reviewed the Advisory Agreement and the Adviser's responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF's investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF's compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates which make up State Street Investment Management (formerly known as "State Street Global Advisors"), through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser's experience in managing equity and fixed income exchange-traded funds with index-based investment objectives, as well as actively managed exchange-traded funds. The Board also considered the Adviser's role in overseeing third party sub-advisers, as applicable.

#### Investment Performance
The Board then reviewed the SPDR ETFs' performance, noting that the analysis of investment performance, in absolute terms, was more complex for the actively managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively managed index fund and reviewed information regarding such SPDR ETF's index tracking. To the extent such tracking was not consistent with management's expectations, the Trustees sought additional information about steps being taken to address the positive or negative tracking differences. The Board compared the investment performance of each actively managed series of SSAT to the performance of a group of comparable funds (net of expenses) (Performance Group) obtained from Broadridge Financial Solutions, Inc. (Broadridge) and/or to the performance of an appropriate benchmark index (gross of expenses) provided by the Adviser. Among other information, the Board considered the following performance information over various periods ended December 31, 2024 in its evaluation of each series of SSAT:

*SPDR Blackstone Senior Loan ETF. The Board considered that the Fund had an annualized total return equal to the median of its Performance Group for the 1-year period, but underperformed the median of its Performance Group for the 3-, 5- and 10-year periods. In addition, the Board considered that the Fund outperformed its benchmark index for the 1-, 5- and 10-year periods, but underperformed its benchmark index for the 3-year period.*

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#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

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*SPDR Blackstone High Income ETF. The Board considered that the Fund commenced operations on February 17, 2022, thus performance information was provided for only a short operating history of the Fund. The Fund outperformed the median of its Performance Group for the 1-year period. In addition, the Board considered that the Fund outperformed its benchmark index for the 1-year period.*

In those instances where the Board observed underperformance for an extended period of time, the Trustees discussed with management those factors that contributed to such underperformance and steps being taken in response to such factors, where appropriate. They noted that they further had an opportunity to discuss such underperformance with the sub-advisers to certain of the Funds or the Adviser's Investment Solutions Group, as applicable, during meetings throughout the year.

#### Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on each SPDR ETF's historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss with representatives of the Adviser and State Street Investment Management, methodologies used in computing costs that formed the bases of profitability calculations.

#### Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF's unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds with a similar strategy that are actively managed with respect to series of SSAT. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF's fee and fees paid by similar funds, which may include characteristics of a Fund's investment strategy that differ from such other similar funds. In their assessment of the reasonableness of the fee, the Trustees noted that the fees for many services to the Funds are paid from the unitary fee.

#### Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust.

#### Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF's assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees initially, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

#### Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Advisory Agreement for each SPDR ETF. In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement are fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser's unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust's relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board's conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The

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#### SSGA ACTIVE TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

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Independent Trustees were advised by their independent counsel throughout the process.

#### Board Considerations Regarding Renewal of Investment Sub-Advisory Agreement
With respect to the sub-advisory agreement, the Board considered various factors, including the nature, extent and quality of services provided by the sub-adviser with respect to the sub-advised funds under the sub-advisory agreement and the investment performance of such sub-advised funds. The Board further considered the portion of the current advisory fee that the Adviser would continue to pay to the sub-adviser under its sub-advisory agreement and also considered that such fees would reflect the respective responsibilities of the Adviser and sub-adviser, would continue to be paid directly by the Adviser, and would not result in increased fees payable by the sub-advised funds.

<u>Blackstone Alternative Credit Advisors LP ("Blackstone Credit") Sub-Advisory Agreement</u>

The Board considered the background and experience of Blackstone Credit's senior management and, in particular, Blackstone Credit's experience in investing in senior loan securities. The Board reviewed the performance of the SPDR Blackstone Senior Loan ETF and SPDR Blackstone High Income ETF (the "Blackstone Funds"), each of which is sub-advised by Blackstone Credit, noting that the SPDR Blackstone Senior Loan ETF had an annualized total return equal to the median of its Performance Group for the 1-year period, but underperformed the median of its Performance Group for the 3-, 5- and 10-year periods. The Trustees considered management's explanation of those factors that contributed to the SPDR Blackstone Senior Loan ETF's historical underperformance and the steps being taken in response to such factors. The Board also noted that the SPDR Blackstone High Income ETF commenced operations on February 17, 2022, and that it outperformed the median of its Performance Group for the 1-year period. The Board considered the unitary fee paid to the Adviser by each Blackstone Fund and Blackstone Credit's fees paid by the Adviser. The Board also considered whether Blackstone Credit benefited in other ways from its relationship with SSAT.

After weighing the foregoing factors, as well as the relevant factors discussed in relation to the Blackstone Credit Sub-Advisory Agreement between Blackstone Credit and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Blackstone Credit Sub-Advisory Agreement for each Blackstone Fund. In approving the continuance of the Blackstone Credit Sub-Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Blackstone Credit Sub-Advisory Agreement are fair and reasonable and that the continuance of the Blackstone Credit Sub-Advisory Agreement is in the best interests of each Blackstone Fund and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by Blackstone Credit with respect to each Blackstone Fund were appropriate; (b) the performance of each Blackstone Fund had been satisfactory; (c) Blackstone Credit's fees for each Blackstone Fund and the unitary fee, considered in relation to the services provided, were reasonable; (d) any additional potential benefits to Blackstone Credit were not of a magnitude to materially affect the Board's conclusions; and (e) the fees paid to Blackstone Credit adequately shared the economies of scale with each Blackstone Fund by way of the relatively low fee structure of SSAT. The Independent Trustees were advised by their independent counsel throughout the process.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the registrant.

------

#### Item 15. Submission of Matters to a Vote of Security Holders
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board.

#### Item 16. Controls and Procedures
(a) Within 90 days of the filing date of this Form N-CSR, Ann M. Carpenter, the registrant's President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant's Treasurer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Carpenter and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(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.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.

#### Item 19. Exhibits
(a)(1) [Code of Ethics referred to in Item 2.](d949454dex99codeeth.htm)

(a)(2) Not applicable to the registrant.

(a)(3) [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.](d949454dex99cert.htm)

(a)(4) Not applicable to the registrant.

(a)(5) 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.](d949454dex99906cert.htm)

------

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### 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** | **SSGA Active Trust** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

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/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | September 8, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**SPDR<sup>®</sup> Series Trust** 

**SPDR<sup>®</sup> Index Shares Funds** 

**SSGA Active Trust** 

**(each, a "Trust," and, collectively the "Trusts")** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**I.** **Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to each Trust's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that each Trust files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

*Overview*. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to a Trust. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise use their positions with a Trust to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of each Trust or each Trust's investment adviser (the "Adviser")<sup>1</sup> or distributor.

<sup>1</sup> Any reference to Adviser with respect to a Trust may include reference to any investment sub-adviser for a series of the Trust.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Trust and its service providers, including Adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust, the Adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between a Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationship improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of
potential violations by the Trust of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of a Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with a Trust's Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. 50$ or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Trust has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of a Trust's service
providers, other than its Adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Trust for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will monitor the compliance of each Trust and the Trust's service providers with
federal or state statutes, regulations or administrative procedures that affect the operation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Trust to
others, whether within or outside the Trust, including to the Trust's Board, the Trust's Audit Committee, the Trust's independent auditors, governmental regulators, self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of a Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public
communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of each Trust's operations.

**IV.** **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Trust's Audit Committee is responsible for applying this Code to specific situations in which
questions are presented under it and has the authority to interpret this Code in any particular situation, including providing any approvals or waivers sought by the Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the Audit Committee in order to assure compliance with the Code.

------

**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to each Trust's compliance officer affirming that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C</u> to each Trust's compliance officer as an
affirmation that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify a Trust's Audit Committee promptly if he or she knows of any violation of this Code. Failure to do
so is itself a violation of this Code.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate actions to investigate any potential violations reported to the
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is
not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable
service provider and may dismiss the Covered Officer as an officer of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by each Trust's for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of each Trust, each Trust's Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII.** **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

------

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trusts' Board or Audit Committee.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of a Trust, as to any fact, circumstance, or legal conclusion.

Adopted (SPDR<sup>®</sup> Series Trust): August 18, 2003

Adopted (SPDR<sup>®</sup> Index Shares Funds): July 1, 2004

Updated: August 1, 2007

Amended: November 18, 2010

Adopted (SSGA Master Trust/SSGA Active Trust)/Amended: May 25, 2011

Updated: November 17, 2015

Amended on: February 23, 2017

Removal (SSGA Master Trust): September 23, 2020

------

EXHIBIT A

Persons Covered by this Code of Conduct:

---

| | |
|:---|:---|
| **Title** | **Name** |
|  President, Chief Executive Officer and Principal Executive Officer | Ann M. Carpenter |
|  Treasurer, Chief Financial Officer and Principal Financial Officer | Bruce S. Rosenberg |

---

------

EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SPDR<sup>®</sup> Series Trust, SPDR<sup>®</sup> Index Shares Funds and SSGA Active Trust and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here:

Please date here:

------

EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR<sup>®</sup> Series Trust, SPDR<sup>®</sup> Index Shares Funds SSGA Active Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:

Please print your name here:

Please date here:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, 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: September 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | 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: September 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

I, Ann M. Carpenter, 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/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | September 8, 2025 |

---