NPORT-P
    false
    
      
      
        
          0001516212
          XXXXXXXX
        
      
      
      
      
        S000033062
        C000101919
      
      
      
    
  
  
    
      SSGA Active Trust
      811-22542
      0001516212
      549300MAXSRPQ75ICU67
      One Iron Street
      Boston
      
      02210
      617-664-8594
      SPDR SSGA Global Allocation ETF
      S000033062
      5493006HZ1NBWV0NM963
      2022-06-30
      2022-03-31
      N
    
    
      281336794.89
      10576801.78
      270759993.11
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
        
        
        
        
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        SPDR Bloomberg International Treasury Bond ETF
        549300XTV2KNHC0UDP69
        SPDR Bloomberg International Treasury Bond ETF
        78464A516
        
          
        
        197701.00000000
        NS
        USD
        5146157.03000000
        1.900634200381
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR S&P MidCap 400 ETF Trust
        5493003TT35P3SIWJJ72
        SPDR S&P MidCap 400 ETF Trust
        78467Y107
        
          
        
        11388.00000000
        NS
        USD
        5585244.60000000
        2.062802755993
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
        549300FMDZNC0BEIYQ10
        Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
        46090F100
        
          
        
        687141.00000000
        NS
        USD
        12121167.24000000
        4.476720175966
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        9901990.93000000
        NS
        USD
        9901990.93000000
        3.657110053913
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Technology Select Sector SPDR Fund
        549300BR5T0JNM2MW070
        Technology Select Sector SPDR Fund
        81369Y803
        
          
        
        18244.00000000
        NS
        USD
        2899518.92000000
        1.070881590258
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR Portfolio Developed World ex-US ETF
        549300NVXJXJCDK35U34
        SPDR Portfolio Developed World ex-US ETF
        78463X889
        
          
        
        1574262.00000000
        NS
        USD
        53965701.36000000
        19.93119468653
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR Bloomberg 1-10 Year TIPS ETF
        549300SS31WHLX0B1I97
        SPDR Bloomberg 1-10 Year TIPS ETF
        78468R861
        
          
        
        861785.00000000
        NS
        USD
        17821713.80000000
        6.582107495016
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Portfolio Long Term Treasury ETF
        549300GYQKAMF6JUVI06
        SPDR Portfolio Long Term Treasury ETF
        78464A664
        
          
        
        399441.00000000
        NS
        USD
        15106858.62000000
        5.579427908266
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Energy Select Sector SPDR Fund
        54930064FLK0RD4TRU75
        Energy Select Sector SPDR Fund
        81369Y506
        
          
        
        33805.00000000
        NS
        USD
        2584054.20000000
        0.954370758515
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR S&P 500 ETF Trust
        549300NZAMSJ8FXPQQ63
        SPDR S&P 500 ETF Trust
        78462F103
        
          
        
        107076.00000000
        NS
        USD
        48359804.64000000
        17.86076446691
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Materials Select Sector SPDR Fund
        549300N81BAQ1XPGBT65
        Materials Select Sector SPDR Fund
        81369Y100
        
          
        
        65772.00000000
        NS
        USD
        5797801.80000000
        2.141306672897
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR S&P International Small Cap ETF
        5493002VC63NJO18II02
        SPDR S&P International Small Cap ETF
        78463X871
        
          
        
        237694.00000000
        NS
        USD
        8357321.04000000
        3.086615915448
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        State Street Global Advisors
        5493008BJIBKQ5KTIF74
        State Street Navigator Securities Lending Government Money Market Portfolio
        857492706
        
          
        
        8457265.25000000
        NS
        USD
        8457265.25000000
        3.123528388687
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        SPDR Bloomberg Emerging Markets Local Bond ETF
        549300UZIXAGB0EPMT96
        SPDR Bloomberg Emerging Markets Local Bond ETF
        78464A391
        
          
        
        294045.00000000
        NS
        USD
        6683642.85000000
        2.468475040655
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR Blackstone Senior Loan ETF
        549300ME4SR63Y3TRD06
        SPDR Blackstone Senior Loan ETF
        78467V608
        
          
        
        206471.00000000
        NS
        USD
        9282936.16000000
        3.428474071584
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR Portfolio Long Term Corporate Bond ETF
        5493005PBSB4DEK8L973
        SPDR Portfolio Long Term Corporate Bond ETF
        78464A367
        
          
        
        472245.00000000
        NS
        USD
        13123688.55000000
        4.846982155398
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Financial Select Sector SPDR Fund
        549300Y12KQ6ZG08NY28
        Financial Select Sector SPDR Fund
        81369Y605
        
          
        
        147214.00000000
        NS
        USD
        5641240.48000000
        2.083483758144
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SPDR Portfolio S&P 600 Small Cap ETF
        549300NYZX301TBLUJ08
        SPDR Portfolio S&P 600 Small Cap ETF
        78468R853
        
          
        
        257833.00000000
        NS
        USD
        10847034.31000000
        4.006143664508
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco DB Gold Fund
        549300B1PZK1PO15FD11
        Invesco DB Gold Fund
        46140H601
        
          
        
        201319.00000000
        NS
        USD
        11132940.70000000
        4.111737695116
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Portfolio Emerging Markets ETF
        5493005Z5SCOTBZOLJ04
        SPDR Portfolio Emerging Markets ETF
        78463X509
        
          
        
        675726.00000000
        NS
        USD
        26110052.64000000
        9.643246160592
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
    
    
      
      
      
    
    
      2022-04-29
      SSGA Active Trust
      Arthur Jensen
      Arthur Jensen
      Deputy Treasurer
    
  
  XXXX
Quarterly Report
March 31, 2022
SSGA Active Trust
SPDR SSGA Multi-Asset Real Return ETF
SPDR SSGA Income Allocation ETF
SPDR SSGA Global Allocation ETF
SPDR Blackstone High Income ETF
SPDR Blackstone Senior Loan ETF
SPDR SSGA Ultra Short Term Bond ETF
SPDR DoubleLine Total Return Tactical ETF
SPDR DoubleLine Emerging Markets Fixed Income ETF
SPDR DoubleLine Short Duration Total Return Tactical ETF
SPDR SSGA Fixed Income Sector Rotation ETF
SPDR SSGA US Sector Rotation ETF
SPDR Nuveen Municipal Bond ETF
SPDR Loomis Sayles Opportunistic Bond ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
Schedules of Investments (Unaudited)  
1
3
5
7
19
43
49
90
95
108
110
112
116
128
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 98.7%      
COMMODITIES — 22.4%  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF
    3,986,077   $70,314,398
DOMESTIC EQUITY — 4.4%  
The Energy Select Sector SPDR Fund (a)(b)
    180,083   13,765,545
INFLATION LINKED — 8.8%  
SPDR Bloomberg 1-10 Year TIPS ETF (a)
    1,342,016   27,752,891
INTERNATIONAL EQUITY — 22.6%  
SPDR S&P Global Infrastructure ETF (a)(b)
    1,204,899   69,980,534
VanEck Vectors Agribusiness ETF (b)
    8,108   847,610
          70,828,144
INTERNATIONAL FIXED INCOME — 2.9%  
SPDR FTSE International Government Inflation-Protected Bond ETF (a)
    171,255   9,242,632
NATURAL RESOURCES — 30.3%  
SPDR S&P Global Natural Resources ETF (a)(b)
    1,303,206   81,815,273
SPDR S&P Metals & Mining ETF (a)(b)
    216,845   13,290,430
          95,105,703
REAL ESTATE — 7.3%  
SPDR Dow Jones International Real Estate ETF (a)(b)
    192,299   6,559,319
SPDR Dow Jones REIT ETF (a)(b)
    139,011   16,308,771
          22,868,090
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $281,411,234)
  309,877,403  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 5.2%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c)(d)
    4,007,702   $4,007,702
State Street Navigator Securities Lending Portfolio II (e)(f)
    12,371,898   12,371,898
TOTAL SHORT-TERM INVESTMENTS

(Cost $16,379,600)
        $16,379,600
TOTAL INVESTMENTS — 103.9%

(Cost $297,790,834)
        326,257,003
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%
        (12,346,598)
NET ASSETS — 100.0%
        $313,910,405
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Mutual Funds and Exchange Traded Products
  $309,877,403   $—   $—   $309,877,403
Short-Term Investments
  16,379,600   —   —   16,379,600
TOTAL INVESTMENTS
  $326,257,003   $—   $—   $326,257,003
See accompanying notes to schedule of investments.
1
Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
SPDR Bloomberg 1-10 Year TIPS ETF
524,888   $11,093,508   $21,594,156   $4,417,300   $(1,880)   $(515,593)   1,342,016   $27,752,891   $480,931
SPDR Dow Jones International Real Estate ETF
70,066   2,572,824   5,114,734   951,351   14,026   (190,914)   192,299   6,559,319   147,086
SPDR Dow Jones REIT ETF
49,905   5,234,535   13,500,433   3,532,267   364,762   741,308   139,011   16,308,771   210,293
SPDR FTSE International Government Inflation-Protected Bond ETF
87,385   4,931,135   7,962,013   3,348,087   (154,054)   (148,375)   171,255   9,242,632   309,758
SPDR S&P Global Infrastructure ETF
542,787   28,338,909   50,559,841   14,469,532   349,830   5,201,486   1,204,899   69,980,534   675,824
SPDR S&P Global Natural Resources ETF
605,103   32,070,459   54,876,934   14,676,918   950,367   8,594,431   1,303,206   81,815,273   1,034,948
SPDR S&P Metals & Mining ETF
113,854   4,902,553   9,520,467   4,439,560   438,318   2,868,652   216,845   13,290,430   28,977
State Street Institutional U.S. Government Money Market Fund, Class G Shares
606,310   606,310   21,069,604   17,668,212   —   —   4,007,702   4,007,702   703
State Street Navigator Securities Lending Portfolio II
12,421,543   12,421,543   385,090,191   385,139,836   —   —   12,371,898   12,371,898   78,473
The Energy Select Sector SPDR Fund
95,477   5,143,346   9,624,739   4,370,994   430,745   2,937,709   180,083   13,765,545   284,083
Total
    $107,315,122   $578,913,112   $453,014,057   $2,392,114   $19,488,704       $255,094,995   $3,251,076
See accompanying notes to schedule of investments.
2
Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%      
DOMESTIC EQUITY — 28.1%  
Invesco KBW Premium Yield Equity REIT ETF
    82,143   $2,093,003
iShares Mortgage Real Estate ETF
    157,607   5,149,021
SPDR ICE Preferred Securities ETF (a)(b)
    130,181   5,078,361
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)
    372,139   16,355,509
          28,675,894
DOMESTIC FIXED INCOME — 43.9%  
SPDR Blackstone Senior Loan ETF (a)(b)
    473,628   21,294,315
SPDR Bloomberg Convertible Securities ETF (a)(b)
    41,326   3,180,036
SPDR Bloomberg High Yield Bond ETF (a)(b)
    29,595   3,033,487
SPDR Portfolio Long Term Corporate Bond ETF (a)
    135,380   3,762,210
SPDR Portfolio Long Term Treasury ETF (a)
    356,105   13,467,891
          44,737,939
INTERNATIONAL EQUITY — 17.8%  
SPDR S&P Global Infrastructure ETF (a)
    149,147   8,662,458
SPDR S&P International Dividend ETF (a)
    245,853   9,534,671
          18,197,129
INTERNATIONAL FIXED INCOME — 10.0%  
SPDR Bloomberg Emerging Markets Local Bond ETF (a)
    449,390   10,214,635
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $104,399,222)
  101,825,597  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 13.3%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c)(d)
    119,109   $119,109
State Street Navigator Securities Lending Portfolio II (e)(f)
    13,455,133   13,455,133
TOTAL SHORT-TERM INVESTMENTS

(Cost $13,574,242)
        $13,574,242
TOTAL INVESTMENTS — 113.1%

(Cost $117,973,464)
        115,399,839
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1)%
        (13,404,313)
NET ASSETS — 100.0%
        $101,995,526
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Mutual Funds and Exchange Traded Products
  $101,825,597   $—   $—   $101,825,597
Short-Term Investments
  13,574,242   —   —   13,574,242
TOTAL INVESTMENTS
  $115,399,839   $—   $—   $115,399,839
See accompanying notes to schedule of investments.
3
Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
SPDR Blackstone Senior Loan ETF
549,297   $25,426,958   $6,910,211   $10,343,440   $(37,884)   $(661,530)   473,628   $21,294,315   $779,186
SPDR Bloomberg Convertible Securities ETF
76,343   6,621,229   1,565,880   4,392,604   427,833   (1,042,302)   41,326   3,180,036   90,140
SPDR Bloomberg Emerging Markets Local Bond ETF
468,207   12,374,711   4,226,692   4,770,020   (139,082)   (1,477,666)   449,390   10,214,635   322,304
SPDR Bloomberg High Yield Bond ETF
81,478   8,959,321   7,790,113   13,175,068   (251,737)   (289,141)   29,595   3,033,488   221,235
SPDR ICE Preferred Securities ETF
201,783   8,922,844   2,119,633   5,162,024   (227,941)   (574,151)   130,181   5,078,361   287,494
SPDR Portfolio Long Term Corporate Bond ETF
310,973   9,882,722   4,563,979   9,543,329   (486,814)   (654,348)   135,380   3,762,210   218,926
SPDR Portfolio Long Term Treasury ETF
216,247   8,931,001   12,459,712   6,965,257   93,116   (1,050,681)   356,105   13,467,891   121,184
SPDR Portfolio S&P 500 High Dividend ETF
480,228   19,252,341   13,587,363   17,707,750   1,113,223   110,332   372,139   16,355,509   455,860
SPDR S&P Global Infrastructure ETF
117,732   6,146,788   5,240,424   3,491,608   105,129   661,725   149,147   8,662,458   90,384
SPDR S&P International Dividend ETF
279,929   11,029,202   9,977,859   11,210,922   32,008   (293,476)   245,853   9,534,671   254,562
State Street Institutional U.S. Government Money Market Fund, Class G Shares
85,137   85,137   4,201,206   4,167,234   —   —   119,109   119,109   85,137
State Street Navigator Securities Lending Portfolio II
10,114,067   10,114,067   277,985,565   274,644,499   —   —   13,455,133   13,455,133   106,685
Total
    $127,746,321   $350,628,637   $365,573,755   $627,851   $(5,271,238)       $108,157,816   $3,033,097
See accompanying notes to schedule of investments.
4
Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.2%      
COMMODITIES — 8.6%  
Invesco DB Gold Fund (a)
    201,319   $11,132,941
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF
    687,141   12,121,167
          23,254,108
DOMESTIC EQUITY — 30.2%  
SPDR Portfolio S&P 600 Small Cap ETF (b)
    257,833   10,847,034
SPDR S&P 500 ETF Trust (b)(c)
    107,076   48,359,805
SPDR S&P MidCap 400 ETF Trust (b)
    11,388   5,585,245
The Energy Select Sector SPDR Fund (b)(c)
    33,805   2,584,054
The Financial Select Sector SPDR Fund (b)(c)
    147,214   5,641,240
The Materials Select Sector SPDR Fund (b)(c)
    65,772   5,797,802
The Technology Select Sector SPDR Fund (b)(c)
    18,244   2,899,519
          81,714,699
DOMESTIC FIXED INCOME — 15.7%  
SPDR Blackstone Senior Loan ETF (b)(c)
    206,471   9,282,936
SPDR Bloomberg International Treasury Bond ETF (b)(c)
    197,701   5,146,157
SPDR Portfolio Long Term Corporate Bond ETF (b)
    472,245   13,123,688
SPDR Portfolio Long Term Treasury ETF (b)
    399,441   15,106,859
          42,659,640
INFLATION LINKED — 6.6%  
SPDR Bloomberg 1-10 Year TIPS ETF (b)
    861,785   17,821,714
INTERNATIONAL EQUITY — 32.6%  
SPDR Portfolio Developed World ex-US ETF (b)(c)
    1,574,262   53,965,701
SPDR Portfolio Emerging Markets ETF (b)(c)
    675,726   26,110,053
SPDR S&P International Small Cap ETF (b)(c)
    237,694   8,357,321
          88,433,075
Security Description     Shares   Value
INTERNATIONAL FIXED INCOME — 2.5%  
SPDR Bloomberg Emerging Markets Local Bond ETF (b)(c)
    294,045   $6,683,643
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $241,418,464)
  260,566,879  
SHORT-TERM INVESTMENTS — 6.8%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (d)(e)
    9,901,991   9,901,991
State Street Navigator Securities Lending Portfolio II (f)(g)
    8,457,265   8,457,265
TOTAL SHORT-TERM INVESTMENTS

(Cost $18,359,256)
        $18,359,256
TOTAL INVESTMENTS — 103.0%

(Cost $259,777,720)
        278,926,135
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.0)%
        (8,161,120)
NET ASSETS — 100.0%
        $270,765,015
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Non-income producing security.
(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(c) All or a portion of the shares of the security are on loan at March 31, 2022.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2022.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
See accompanying notes to schedule of investments.
5
Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Mutual Funds and Exchange Traded Products
  $260,566,879   $—   $—   $260,566,879
Short-Term Investments
  18,359,256   —   —   18,359,256
TOTAL INVESTMENTS
  $278,926,135   $—   $—   $278,926,135
 
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
SPDR Blackstone Senior Loan ETF
—   $—   $10,200,765   $754,574   $(8,616)   $(154,639)   206,471   $9,282,936   $71,526
SPDR Bloomberg 1-10 Year TIPS ETF
—   —   20,607,690   2,651,301   12,579   (147,254)   861,785   17,821,714   56,968
SPDR Bloomberg Emerging Markets Local Bond ETF
105,951   2,800,285   5,230,102   659,977   (38,093)   (648,674)   294,045   6,683,643   105,244
SPDR Bloomberg High Yield Bond ETF
104,639   11,506,104   22,594,809   33,560,234   165,635   (706,314)   —   —   213,908
SPDR Bloomberg International Corporate Bond ETF
—   —   3,050,301   2,971,054   (79,247)   —   —   —   2,425
SPDR Bloomberg International Treasury Bond ETF
—   —   8,814,563   3,242,719   (65,126)   (360,561)   197,701   5,146,157   10,772
SPDR Dow Jones International Real Estate ETF
74,309   2,728,626   3,876,222   6,147,673   (200,153)   (257,022)   —   —   190,977
SPDR Dow Jones REIT ETF
26,393   2,768,362   290,077   3,403,768   830,309   (484,980)   —   —   48,439
SPDR FTSE International Government Inflation-Protected Bond ETF
—   —   6,047,734   5,916,387   (131,347)   —   —   —   84,501
SPDR Portfolio Aggregate Bond ETF
239,071   7,174,521   31,425,515   37,942,410   (646,795)   (10,831)   —   —   170,631
SPDR Portfolio Developed World ex-US ETF
1,158,110   42,606,867   23,983,005   8,857,387   1,063,819   (4,830,603)   1,574,262   53,965,701   865,039
SPDR Portfolio Emerging Markets ETF
435,506   19,815,523   19,411,885   9,772,607   956,303   (4,301,051)   675,726   26,110,053   256,410
SPDR Portfolio Europe ETF
261,673   10,951,015   18,524,255   28,195,147   (1,458,843)   178,720   —   —   143,953
SPDR Portfolio Intermediate Term Corporate Bond ETF
467,736   17,165,911   1,956,830   18,743,317   (18,127)   (361,297)   —   —   131,361
SPDR Portfolio Long Term Corporate Bond ETF
461,225   14,657,731   2,603,538   2,290,426   29,484   (1,876,639)   472,245   13,123,688   324,541
SPDR Portfolio Long Term Treasury ETF
212,957   8,795,124   12,852,311   5,032,048   (99,923)   (1,408,605)   399,441   15,106,859   155,918
SPDR Portfolio S&P 600 Small Cap ETF
315,273   13,853,095   12,618,747   15,723,878   2,157,374   (2,058,304)   257,833   10,847,034   168,735
SPDR Portfolio TIPS ETF
461,214   14,362,204   1,886,696   16,066,937   839,676   (1,021,639)   —   —   458,219
SPDR S&P 500 ETF Trust
141,995   60,782,380   39,759,589   56,166,569   15,953,173   (11,968,768)   107,076   48,359,805   529,322
SPDR S&P Emerging Markets SmallCap ETF
47,193   2,893,875   418,150   3,187,848   650,301   (774,478)   —   —   57,722
SPDR S&P International Small Cap ETF
214,290   8,284,451   2,182,984   1,329,986   129,255   (909,383)   237,694   8,357,321   150,277
SPDR S&P MidCap 400 ETF Trust
11,391   5,593,095   1,217,869   1,244,994   220,185   (200,910)   11,388   5,585,245   45,206
State Street Institutional U.S. Government Money Market Fund, Class G Shares
4,881,145   4,881,145   30,621,007   25,600,161   —   —   9,901,991   9,901,991   2,632
State Street Navigator Securities Lending Portfolio II
42,661,109   42,661,109   1,018,516,154   1,052,719,998   —   —   8,457,265   8,457,265   226,580
The Communication Services Select Sector SPDR Fund
—   —   6,118,012   5,849,495   (268,517)   —   —   —   9,793
The Consumer Staples Select Sector SPDR Fund
—   —   8,924,385   9,040,655   116,270   —   —   —   17,922
The Energy Select Sector SPDR Fund
50,960   2,745,215   12,044,513   12,668,111   103,229   359,208   33,805   2,584,054   93,436
The Financial Select Sector SPDR Fund
—   —   11,755,089   6,160,284   (35,151)   81,586   147,214   5,641,240   35,845
The Industrial Select Sector SPDR Fund
27,205   2,785,792   5,812,771   8,597,571   (45,588)   44,596   —   —   —
The Materials Select Sector SPDR Fund
65,593   5,398,960   9,158,544   8,716,064   (396,404)   352,766   65,772   5,797,802   47,815
The Technology Select Sector SPDR Fund
41,332   6,103,083   1,564,403   5,097,839   423,014   (93,142)   18,244   2,899,519   25,833
Total
    $311,314,473   $1,354,068,515   $1,398,311,419   $20,158,676   $(31,558,218)       $255,672,027   $4,701,950
See accompanying notes to schedule of investments.
6
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SENIOR FLOATING RATE LOANS — 51.8%          
AEROSPACE & DEFENSE — 0.2%          
TransDigm, Inc.

Senior Secured 2020 Term Loan F, 12/9/2025 (a)
    $299,235   $294,606
AIR FREIGHT & LOGISTICS — 2.0%          
AIT Worldwide Logistics, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 4/6/2028
    762,248   758,436
Kenan Advantage Group, Inc.

Senior Secured 2021 2nd Lien Term Loan, 9/1/2027 (a)
    1,150,376   1,115,865
Worldwide Express Operations LLC

Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.5% 5.25%, 7/26/2028 (a)
    761,268   754,965
          2,629,266
AIRLINES — 1.7%          
American Airlines, Inc.:          
Senior Secured 2017 Incremental Term Loan, 12/15/2023 (a)
    202,657   200,546
Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.20%, 6/27/2025
    1,957,833   1,848,322
United Airlines, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 4/21/2028
    199,496   197,487
          2,246,355
AUTO COMPONENTS — 0.3%          
BBB Industries U.S. Holdings, Inc.

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 4.5% 4.96%, 8/1/2025
    381,572   378,165
CHEMICALS — 0.7%          
CPC Acquisition Corp.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 12/29/2027
    387,839   378,143
GEON Performance Solutions LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.75% 5.50%, 8/18/2028
    569,462   569,465
          947,608
Security Description     Principal
Amount 		  Value
COMMERCIAL SERVICES — 1.4%          
Allied Universal Holdco LLC

Senior Secured 2021 USD Incremental Term Loan B, 5/12/2028 (a)
    $199,499   $196,702
PECF USS Intermediate Holding III Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25% 4.76%, 12/15/2028
    380,860   377,971
Vaco Holdings LLC

Senior Secured 2022 Term Loan, 3 Month USD SOFR + 5.00% 5.75%, 1/21/2029
    1,223,047   1,217,696
          1,792,369
COMMERCIAL SERVICES & SUPPLIES — 3.3%          
Asurion LLC

Senior Secured 2021 Second Lien Term Loan B4, 1/20/2029 (a)
    1,599,103   1,565,626
McGraw-Hill Global Education Holdings, LLC

Senior Secured 2021 Term Loan, 7/28/2028 (a)
    2,550,733   2,528,019
Packaging Coordinators Midco, Inc.

Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 11/30/2027
    190,549   189,794
          4,283,439
COMMUNICATIONS EQUIPMENT — 0.2%          
Zayo Group Holdings, Inc.

Senior Secured USD Term Loan, 3/9/2027 (a)
    200,000   194,917
COMPUTERS — 1.3%          
Magenta Buyer LLC

Senior Secured 2021 USD 1st Lien Term Loan, 7/27/2028 (a)
    1,670,941   1,660,915
CONSTRUCTION & ENGINEERING — 0.6%          
Tutor Perini Corp.

Senior Secured Term Loan B, 8/18/2027 (a)
    761,160   749,267
CONTAINERS & PACKAGING — 0.3%          
Charter NEX US, Inc.

Senior Secured 2021 Term Loan, 12/1/2027 (a)
    190,665   189,861
 
See accompanying notes to schedule of investments.
7
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Pretium PKG Holdings, Inc.

Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 4.50%, 10/2/2028
    $190,798   $185,755
          375,616
COSMETICS & TOILETRIES — 0.2%          
Sunshine Luxembourg VII SARL

Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75% 4.76%, 10/1/2026
    190,820   189,836
DIAGNOSTIC EQUIPMENT — 0.7%          
Lifescan Global Corp.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 6.00% 6.21%, 10/1/2024
    978,155   936,584
DISTRIBUTORS — 1.0%          
American Tire Distributors Holdings, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25% 7.00%, 10/8/2028
    756,333   751,606
Polyconcept North America Holdings, Inc.

Senior Secured USD 2016 Term Loan B, 8/16/2023 (a)
    573,274   570,646
          1,322,252
DIVERSIFIED CONSUMER SERVICES — 0.9%          
Ascend Learning, LLC

Senior Secured 2021 2nd Lien Term Loan, 12/10/2029 (a)
    1,139,489   1,135,216
DIVERSIFIED FINANCIAL SERVICES — 2.1%          
Clydesdale Acquisition Holdings, Inc.

Senior Secured Term Loan, 3/30/2029 (a)
    600,000   591,000
DirecTV Financing, LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 5.00% 5.75%, 8/2/2027
    681,114   681,247
Edelman Financial Center, LLC

Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 7.20%, 7/20/2026
    1,141,348   1,128,365
Security Description     Principal
Amount 		  Value
Trans Union LLC

Senior Secured 2019 Term Loan B5, 11/16/2026 (a)
    $299,129   $295,277
          2,695,889
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%          
Altice France SA/France

Senior Secured USD Term Loan B11, 7/31/2025 (a)
    300,000   293,501
Intelsat Jackson Holdings SA

Senior Secured 2021 Exist Term Loan B, 6 Month USD SOFR + 4.25% 4.92%, 2/1/2029
    572,614   564,248
Lumen Technologies, Inc.

Senior Secured 2020 Term Loan B, 3/15/2027 (a)
    249,362   243,109
          1,100,858
ELECTRICAL EQUIPMENT — 0.2%          
Excelitas Technologies Corp.

Senior Secured USD 2017 1st Lien Term Loan, 12/2/2024 (a)
    190,990   190,274
ENTERTAINMENT — 3.9%          
AMC Entertainment Holdings, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00% 3.35%, 4/22/2026
    2,834,383   2,536,886
Crown Finance US, Inc.

Senior Secured 2018 USD Term Loan, 2/28/2025 (a)
    3,256,205   2,521,654
          5,058,540
FINANCIAL SERVICES — 0.2%          
CE Intermediate I LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00% 4.50%, 11/10/2028
    191,729   189,812
FOOD-MISC/DIVERSIFIED — 0.1%          
Skopima Consilio Parent LLC

Senior Secured Term Loan B, 5/12/2028 (a)
    191,369   189,485
HAND/MACHINE TOOLS AND RELATED PRODUCTS — 1.3%          
Apex Tool Group LLC

Senior Secured 2022 Term Loan, 1 Month USD SOFR + 5.25% 5.75%, 2/8/2029
    1,690,278   1,650,438
 
See accompanying notes to schedule of investments.
8
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.3%          
Gainwell Acquisition Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00% 5.01%, 10/1/2027
    $380,996   $380,996
HEALTH CARE PROVIDERS & SERVICES — 3.3%          
Curia Global, Inc.

Senior Secured 2021 Term Loan, 8/30/2026 (a)
    190,889   189,542
Global Medical Response, Inc.

Senior Secured 2017 Incremental Term Loan, 3/14/2025 (a)
    1,789,205   1,781,216
ICON Luxembourg S.A.R.L.:          
Senior Secured LUX Term Loan, 7/3/2028 (a)
    225,757   224,981
Senior Secured US Term Loan, 7/3/2028 (a)
    56,248   56,054
Medline Borrower, LP

Senior Secured USD Term Loan B, 10/23/2028 (a)
    500,000   495,593
Unified Physician Management LLC

Senior Secured 2020 Term Loan, 12/16/2027 (a)
    761,654   755,847
Viant Medical Holdings, Inc.

Senior Secured 2018 1st Lien Term Loan, 7/2/2025 (a)
    801,777   756,104
          4,259,337
HOTELS, RESTAURANTS & LEISURE — 1.0%          
1011778 B.C. Unlimited Liability Co.

Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75% 2.21%, 11/19/2026
    299,235   293,343
Caesars Resort Collection, LLC

Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75% 3.21%, 12/23/2024
    299,219   298,055
Peraton Corp.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 2/1/2028
    676,959   673,574
          1,264,972
INDUSTRIAL CONGLOMERATES — 1.3%          
Safety Products/JHC Acquisition Corp.:          
Senior Secured 2019 1st Lien Term Loan, 6/28/2026 (a)
    565,552   538,688
Security Description     Principal
Amount 		  Value
Senior Secured 2019 Delayed Draw Term Loan, 6/28/2026 (a)
    $30,572   $29,120
Tailwind Smith Cooper Intermediate Corp.

Senior Secured 2019 1st Lien Term Loan, 5/28/2026 (a)
    1,148,689   1,129,161
          1,696,969
INSURANCE — 1.6%          
Acrisure LLC

Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25% 4.75%, 2/15/2027
    1,070,709   1,068,037
Alliant Holdings Intermediate, LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50% 4.00%, 11/6/2027
    498,747   496,288
Hub International, Ltd.

Senior Secured 2021 Term Loan B, 4/25/2025 (a)
    498,737   496,244
          2,060,569
INTERNET SECURITY — 0.9%          
Proofpoint, Inc.

Senior Secured 2nd Lien Term Loan, 8/31/2029 (a)
    1,132,282   1,131,925
IT SERVICES — 0.8%          
Access CIG LLC

Senior Secured 2018 2nd Lien Term Loan, 2/27/2026 (a)
    387,050   384,873
Ahead DB Holdings LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.76%, 10/18/2027
    191,217   189,687
CoreLogic, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 6/2/2028
    498,747   494,074
          1,068,634
LEISURE EQUIPMENT & PRODUCTS — 0.4%          
Cinemark USA, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 3/31/2025
    587,070   572,150
LEISURE INDUSTRY — 0.2%          
Carnival Corp.

Senior Secured 2021 Incremental Term Loan B, 10/18/2028 (a)
    199,500   195,510
 
See accompanying notes to schedule of investments.
9
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
LIFE SCIENCES TOOLS & SERVICES — 0.5%          
eResearchTechnology, Inc.

Senior Secured 2020 1st Lien Term Loan, 2/4/2027 (a)
    $628,245   $626,872
MEDIA — 1.8%          
Charter Communications Operating LLC

Senior Secured 2019 Term Loan B2, 2/1/2027 (a)
    299,233   297,135
Colibri Group LLC

Senior Secured 2022 Term Loan, 6 Month USD SOFR + 5.00% 5.94%, 3/12/2029
    200,000   199,250
CSC Holdings LLC

Senior Secured 2017 Term Loan B1, 7/17/2025 (a)
    300,000   295,877
MH Sub I LLC:          
Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75% 4.75%, 9/13/2024
    381,142   377,603
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.25% 6.71%, 2/23/2029
    300,000   297,938
Univision Communications Inc.

Senior Secured 2021 First Lien Term Loan B, 3/15/2026 (a)
    299,246   298,000
Virgin Media Bristol LLC

Senior Secured USD Term Loan N, 3 Month USD LIBOR + 2.50% 2.90%, 1/31/2028
    500,000   494,687
          2,260,490
MEDICAL LABS&TESTING SRV — 0.6%          
U.S. Anesthesia Partners, Inc.

Senior Secured 2021 Term Loan, 10/1/2028 (a)
    764,462   760,498
MISCELLANEOUS MANUFACTUR — 0.7%          
LTI Holdings, Inc.

Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 6.96%, 9/6/2026
    961,858   945,506
MRI/MEDICAL DIAG IMAGING — 0.3%          
Radiology Partners, Inc

Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 4.25% 4.71%, 7/9/2025
    386,539   382,260
Security Description     Principal
Amount 		  Value
PHARMACEUTICALS — 1.0%          
Elanco Animal Health, Inc.

Senior Secured Term Loan B, 8/1/2027 (a)
    $199,472   $196,652
Padagis LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75% 5.25%, 7/6/2028
    1,147,139   1,140,692
          1,337,344
PIPELINES — 1.4%          
Lucid Energy Group II Borrower LLC

Senior Secured 2021 Term Loan, 11/24/2028 (a)
    1,799,311   1,786,761
RETAIL-BUILDING PRODUCTS — 0.5%          
LBM Acquisition LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 12/17/2027
    597,887   584,438
RETAIL-RESTAURANTS — 1.7%          
CT Technologies Intermediate Holdings, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25% 5.00%, 12/16/2025
    1,904,996   1,893,938
IRB Holding Corp.

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00% 3.75%, 12/15/2027
    299,243   297,933
          2,191,871
SOFTWARE — 8.0%          
Apttus Corp.

Senior Secured 2021 Term Loan, 5/8/2028 (a)
    763,092   763,092
AthenaHealth Group, Inc.:          
Senior Secured 2022 Delayed Draw Term Loan, 2/15/2029 (a)
    43,478   43,098
Senior Secured 2022 Term Loan B, 2/15/2029 (a)
    256,522   254,277
Banff Merger Sub, Inc.

Senior Secured 2021 USD 2nd Lien Term Loan, 2/27/2026 (a)
    1,141,223   1,134,090
Finastra USA, Inc.

Senior Secured USD 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 6/13/2024
    382,905   378,641
Flexera Software LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 3/3/2028
    190,588   188,716
 
See accompanying notes to schedule of investments.
10
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Genesys Cloud Services Holdings II LLC

Senior Secured 2020 USD Term Loan B4, 12/1/2027 (a)
    $381,956   $381,838
Idera, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 3/2/2028
    191,086   188,029
ION Trading Finance, Ltd.

Senior Secured 2021 USD Term Loan, 1 Month USD LIBOR + 4.75% 5.21%, 4/1/2028
    760,701   756,194
Ivanti Software, Inc.

Senior Secured 2021 2nd Lien Term Loan, 12/1/2028 (a)
    500,000   495,000
Mitchell International, Inc.

Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50% 7.00%, 10/15/2029
    1,519,078   1,508,163
Quest Software, Inc.

Senior Secured 2022 Term Loan, 2/1/2029 (a)
    2,013,380   1,986,169
Sovos Compliance LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 5.00%, 8/11/2028
    481,081   481,083
SS&C Technologies Inc.:          
Senior Secured 2022 Term Loan B6, 3/23/2029 (a)
    109,543   108,676
Senior Secured 2022 Term Loan B7, 3/23/2029 (a)
    148,304   147,131
Ultimate Software Group, Inc.

Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25% 5.75%, 5/3/2027
    1,500,000   1,493,205
          10,307,402
STEEL-PRODUCERS — 0.6%          
Phoenix Services International LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 3.75% 4.75%, 3/1/2025
    768,779   744,993
TELECOMMUNICATION EQUIP — 0.1%          
Delta Topco, Inc.

Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 12/1/2027
    191,211   188,514
Security Description     Principal
Amount 		  Value
TEXTILES, APPAREL & LUXURY GOODS — 0.9%          
Varsity Brands, Inc.

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.50% 4.50%, 12/15/2024
    $1,165,452   $1,120,413
TRANSPORT-AIR FREIGHT — 0.3%          
Kestrel Bidco, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00% 4.00%, 12/11/2026
    443,989   429,098
WEB HOSTING/DESIGN — 0.1%          
Endure Digital, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50% 4.25%, 2/10/2028
    193,021   187,954
TOTAL SENIOR FLOATING RATE LOANS

(Cost $67,179,053)
        66,697,183
ASSET-BACKED SECURITIES — 1.8%          
OTHER ABS — 1.8%          
CARLYLE US CLO 2020-1, Ltd.

3 Month USD LIBOR + 6.250%, 7.31%, 7/20/2034 (b)
    500,000   475,000
Goldentree Loan Management Us Clo., Ltd.

3 Month SOFR + 7.25%, 1.00%, 4/20/2034 (b)
    500,000   495,231
Point Au Roche Park CLO, Ltd.

Series 2021-1A, Class E, 3 Month USD LIBOR + 6.1%, 6.35%, 7/20/2034 (b)
    1,480,000   1,409,108
          2,379,339
TOTAL ASSET-BACKED SECURITIES

(Cost $2,407,015)
        2,379,339
CORPORATE BONDS & NOTES — 45.1%          
ADVERTISING — 0.5%          
Clear Channel Outdoor Holdings, Inc.

7.75%, 4/15/2028 (b)
    300,000   301,530
Lamar Media Corp.

4.88%, 1/15/2029
    200,000   198,044
National CineMedia LLC

5.88%, 4/15/2028 (b)
    140,000   122,189
          621,763
 
See accompanying notes to schedule of investments.
11
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
AEROSPACE & DEFENSE — 1.6%          
Bombardier, Inc.

7.88%, 4/15/2027 (b)
    $790,000   $773,702
Howmet Aerospace, Inc.:          
5.90%, 2/1/2027
    560,000   600,925
6.88%, 5/1/2025
    50,000   54,267
TransDigm, Inc.:          
4.63%, 1/15/2029
    340,000   318,111
4.88%, 5/1/2029
    260,000   244,179
          1,991,184
AGRICULTURE — 0.1%          
Darling Ingredients, Inc.

5.25%, 4/15/2027 (b)
    170,000   173,332
AIRLINES — 0.3%          
Air Canada

3.88%, 8/15/2026 (b)
    380,000   359,104
United Airlines, Inc.

4.38%, 4/15/2026 (b)
    70,000   68,922
          428,026
AUTO MANUFACTURERS — 0.9%          
Allison Transmission, Inc.:          
3.75%, 1/30/2031 (b)
    130,000   118,045
4.75%, 10/1/2027 (b)
    580,000   572,373
Ford Motor Co.

7.40%, 11/1/2046
    140,000   163,729
Ford Motor Credit Co., LLC

4.13%, 8/4/2025
    350,000   348,460
          1,202,607
AUTO PARTS & EQUIPMENT — 0.1%          
Titan International, Inc.

7.00%, 4/30/2028
    140,000   140,965
BANKS — 0.6%          
Intesa Sanpaolo SpA

5.71%, 1/15/2026 (b)
    770,000   792,707
BUILDING MATERIALS — 0.1%          
Louisiana-Pacific Corp.

3.63%, 3/15/2029 (b)
    120,000   110,918
CHEMICALS — 1.3%          
Ashland LLC

3.38%, 9/1/2031 (b)
    190,000   169,225
CVR Partners L.P./CVR Nitrogen Finance Corp.

6.13%, 6/15/2028 (b)
    190,000   190,722
HB Fuller Co.

4.25%, 10/15/2028
    240,000   225,007
Methanex Corp.

5.25%, 12/15/2029
    220,000   223,263
Minerals Technologies, Inc.

5.00%, 7/1/2028 (b)
    140,000   133,720
Security Description     Principal
Amount 		  Value
Nufarm Australia, Ltd./Nufarm Americas, Inc.

5.00%, 1/27/2030 (b)
    $80,000   $78,924
Rayonier AM Products, Inc.

7.63%, 1/15/2026 (b)
    300,000   298,581
Tronox, Inc.

4.63%, 3/15/2029 (b)
    22,000   20,594
Valvoline, Inc.

4.25%, 2/15/2030 (b)
    380,000   347,578
          1,687,614
COAL — 0.1%          
SunCoke Energy, Inc.

4.88%, 6/30/2029 (b)
    100,000   94,352
COMMERCIAL SERVICES — 0.7%          
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.

5.75%, 7/15/2027 (b)
    250,000   249,837
Carriage Services, Inc.

4.25%, 5/15/2029 (b)
    100,000   93,374
Gartner, Inc.

4.50%, 7/1/2028 (b)
    110,000   109,646
Service Corp. International:          
3.38%, 8/15/2030
    210,000   189,699
4.00%, 5/15/2031
    210,000   195,930
TriNet Group, Inc.

3.50%, 3/1/2029 (b)
    60,000   55,524
          894,010
COMPUTERS — 1.0%          
Diebold Nixdorf, Inc.

8.50%, 4/15/2024
    380,000   366,613
KBR, Inc.

4.75%, 9/30/2028 (b)
    90,000   87,959
NCR Corp.:          
5.25%, 10/1/2030 (b)
    130,000   123,139
5.75%, 9/1/2027 (b)
    60,000   60,140
Science Applications International Corp.

4.88%, 4/1/2028 (b)
    140,000   138,694
Seagate HDD Cayman:          
4.09%, 6/1/2029
    380,000   368,379
4.13%, 1/15/2031
    70,000   66,336
5.75%, 12/1/2034
    50,000   51,136
          1,262,396
DISTRIBUTION & WHOLESALE — 0.3%          
G-III Apparel Group, Ltd.

7.88%, 8/15/2025 (b)
    140,000   146,943
Ritchie Bros Holdings, Inc.

4.75%, 12/15/2031 (b)
    230,000   224,275
          371,218
 
See accompanying notes to schedule of investments.
12
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
DIVERSIFIED FINANCIAL SERVICES — 1.8%          
LPL Holdings, Inc.

4.38%, 5/15/2031 (b)
    $210,000   $203,257
Nationstar Mortgage Holdings, Inc.:          
5.13%, 12/15/2030 (b)
    420,000   388,513
5.75%, 11/15/2031 (b)
    600,000   572,274
Navient Corp.

Series MTN, 5.63%, 8/1/2033
    280,000   235,595
OneMain Finance Corp.

8.88%, 6/1/2025
    250,000   263,542
PennyMac Financial Services, Inc.

5.38%, 10/15/2025 (b)
    460,000   454,641
PRA Group, Inc.

5.00%, 10/1/2029 (b)
    140,000   132,822
World Acceptance Corp.

7.00%, 11/1/2026 (b)
    100,000   88,156
          2,338,800
ELECTRIC — 0.5%          
Clearway Energy Operating LLC

4.75%, 3/15/2028 (b)
    70,000   70,349
FirstEnergy Corp.

Series C, 7.38%, 11/15/2031
    330,000   407,537
Vistra Operations Co. LLC

4.38%, 5/1/2029 (b)
    200,000   188,974
          666,860
ELECTRONICS — 0.5%          
II-VI, Inc.

5.00%, 12/15/2029 (b)
    90,000   88,370
Sensata Technologies B.V.

4.00%, 4/15/2029 (b)
    380,000   361,730
TTM Technologies, Inc.

4.00%, 3/1/2029 (b)
    200,000   186,422
          636,522
ENGINEERING & CONSTRUCTION — 0.2%          
INNOVATE Corp.

8.50%, 2/1/2026 (b)
    110,000   107,959
TopBuild Corp.

3.63%, 3/15/2029 (b)
    170,000   154,714
          262,673
ENTERTAINMENT — 1.0%          
CDI Escrow Issuer, Inc.

5.75%, 4/1/2030 (b)
    22,000   22,235
Churchill Downs, Inc.

4.75%, 1/15/2028 (b)
    500,000   485,005
Cinemark USA, Inc.

5.88%, 3/15/2026 (b)
    170,000   165,078
Live Nation Entertainment, Inc.

4.75%, 10/15/2027 (b)
    420,000   409,597
Security Description     Principal
Amount 		  Value
SeaWorld Parks & Entertainment, Inc.

5.25%, 8/15/2029 (b)
    $70,000   $66,851
Six Flags Entertainment Corp.

5.50%, 4/15/2027 (b)
    120,000   119,854
          1,268,620
ENVIRONMENTAL CONTROL — 0.4%          
Stericycle, Inc.:          
3.88%, 1/15/2029 (b)
    264,000   247,418
5.38%, 7/15/2024 (b)
    190,000   193,658
          441,076
FOOD — 1.3%          
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC

4.63%, 1/15/2027 (b)
    690,000   667,816
B&G Foods, Inc.

5.25%, 4/1/2025
    160,000   156,573
Lamb Weston Holdings, Inc.

4.13%, 1/31/2030 (b)
    400,000   373,588
Post Holdings, Inc.:          
4.63%, 4/15/2030 (b)
    182,000   164,126
5.63%, 1/15/2028 (b)
    350,000   343,742
          1,705,845
FOOD SERVICE — 0.1%          
Aramark Services, Inc.

5.00%, 2/1/2028 (b)
    100,000   97,880
FOREST PRODUCTS & PAPER — 0.3%          
Mercer International, Inc.

5.13%, 2/1/2029
    150,000   144,752
Resolute Forest Products, Inc.

4.88%, 3/1/2026 (b)
    110,000   105,162
Schweitzer-Mauduit International, Inc.

6.88%, 10/1/2026 (b)
    130,000   122,847
          372,761
HEALTH CARE PRODUCTS — 0.3%          
Hologic, Inc.

3.25%, 2/15/2029 (b)
    260,000   242,718
Teleflex, Inc.

4.25%, 6/1/2028 (b)
    200,000   195,394
          438,112
HEALTH CARE SERVICES — 2.0%          
Acadia Healthcare Co., Inc.

5.50%, 7/1/2028 (b)
    220,000   220,906
Charles River Laboratories International, Inc.

4.25%, 5/1/2028 (b)
    260,000   254,158
 
See accompanying notes to schedule of investments.
13
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CHS/Community Health Systems, Inc.

6.88%, 4/1/2028 (b)
    $270,000   $245,147
DaVita, Inc.

4.63%, 6/1/2030 (b)
    310,000   289,729
Encompass Health Corp.:          
4.50%, 2/1/2028
    370,000   362,648
4.63%, 4/1/2031
    85,000   79,736
HCA, Inc.

5.88%, 2/15/2026
    310,000   329,750
Surgery Center Holdings, Inc.

10.00%, 4/15/2027 (b)
    310,000   326,387
Tenet Healthcare Corp.

6.13%, 10/1/2028 (b)
    510,000   518,389
          2,626,850
HOME BUILDERS — 0.1%          
TRI Pointe Group, Inc.

5.70%, 6/15/2028
    160,000   159,723
HOME FURNISHINGS — 0.1%          
Tempur Sealy International, Inc.

4.00%, 4/15/2029 (b)
    200,000   182,460
HOUSEHOLD PRODUCTS & WARES — 0.1%          
Central Garden & Pet Co.

4.13%, 4/30/2031 (b)
    90,000   81,076
INSURANCE — 0.7%          
MGIC Investment Corp.

5.25%, 8/15/2028
    220,000   217,490
NMI Holdings, Inc.

7.38%, 6/1/2025 (b)
    140,000   147,241
Radian Group, Inc.

4.88%, 3/15/2027
    500,000   502,900
          867,631
INTERNET — 0.2%          
Go Daddy Operating Co. LLC/GD Finance Co., Inc.

3.50%, 3/1/2029 (b)
    320,000   294,518
INVESTMENT COMPANY SECURITY — 0.7%          
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
4.38%, 2/1/2029
    50,000   45,853
4.75%, 9/15/2024
    470,000   472,355
5.25%, 5/15/2027
    390,000   383,070
          901,278
IRON/STEEL — 1.0%          
Carpenter Technology Corp.:          
6.38%, 7/15/2028
    240,000   240,439
7.63%, 3/15/2030
    150,000   153,267
Cleveland-Cliffs, Inc.

4.88%, 3/1/2031 (b)
    70,000   69,207
Commercial Metals Co.

3.88%, 2/15/2031
    160,000   145,538
Security Description     Principal
Amount 		  Value
Mineral Resources, Ltd.

8.13%, 5/1/2027 (b)
    $200,000   $207,694
United States Steel Corp.

6.88%, 3/1/2029
    420,000   437,052
          1,253,197
LEISURE TIME — 1.1%          
Carnival Corp.

7.63%, 3/1/2026 (b)
    780,000   785,272
Royal Caribbean Cruises, Ltd.

4.25%, 7/1/2026 (b)
    680,000   633,053
          1,418,325
LODGING — 1.0%          
Full House Resorts, Inc.

8.25%, 2/15/2028 (b)
    50,000   51,145
Hilton Domestic Operating Co., Inc.:          
3.75%, 5/1/2029 (b)
    540,000   507,476
4.00%, 5/1/2031 (b)
    80,000   75,515
5.75%, 5/1/2028 (b)
    260,000   269,069
MGM Resorts International

5.75%, 6/15/2025
    60,000   61,402
Travel + Leisure Co.

4.50%, 12/1/2029 (b)
    170,000   157,909
Wyndham Hotels & Resorts, Inc.

4.38%, 8/15/2028 (b)
    170,000   163,632
          1,286,148
MEDIA — 2.0%          
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.25%, 1/15/2034 (b)
    110,000   95,385
4.50%, 5/1/2032
    100,000   91,512
4.50%, 6/1/2033 (b)
    110,000   98,725
5.00%, 2/1/2028 (b)
    620,000   613,949
DISH DBS Corp.

7.38%, 7/1/2028
    510,000   483,919
Gray Escrow II, Inc.

5.38%, 11/15/2031 (b)
    120,000   114,781
Nexstar Media, Inc.

5.63%, 7/15/2027 (b)
    180,000   182,263
Scripps Escrow II, Inc.

5.38%, 1/15/2031 (b)
    190,000   182,546
Sirius XM Radio, Inc.:          
3.88%, 9/1/2031 (b)
    60,000   54,604
4.00%, 7/15/2028 (b)
    550,000   523,094
Urban One, Inc.

7.38%, 2/1/2028 (b)
    140,000   140,490
          2,581,268
MINING — 0.9%          
Eldorado Gold Corp.

6.25%, 9/1/2029 (b)
    170,000   171,282
FMG Resources August 2006 Pty, Ltd.

4.50%, 9/15/2027 (b)
    100,000   98,590
 
See accompanying notes to schedule of investments.
14
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Hecla Mining Co.

7.25%, 2/15/2028
    $140,000   $146,811
Hudbay Minerals, Inc.

4.50%, 4/1/2026 (b)
    420,000   408,206
IAMGOLD Corp.

5.75%, 10/15/2028 (b)
    160,000   145,563
New Gold, Inc.

7.50%, 7/15/2027 (b)
    140,000   145,396
          1,115,848
MISCELLANEOUS MANUFACTURER — 0.2%          
LSB Industries, Inc.

6.25%, 10/15/2028 (b)
    190,000   193,141
OFFICE & BUSINESS EQUIPMENT — 0.3%          
Xerox Holdings Corp.

5.50%, 8/15/2028 (b)
    380,000   371,249
OIL & GAS — 7.2%          
Athabasca Oil Corp.

9.75%, 11/1/2026 (b)
    120,000   127,690
Baytex Energy Corp.

8.75%, 4/1/2027 (b)
    170,000   183,187
California Resources Corp.

7.13%, 2/1/2026 (b)
    210,000   218,698
Calumet Specialty Products Partners L.P./Calumet Finance Corp.

8.13%, 1/15/2027 (b)
    320,000   299,226
Civitas Resources, Inc.

5.00%, 10/15/2026 (b)
    140,000   138,803
CNX Resources Corp.:          
6.00%, 1/15/2029 (b)
    310,000   313,813
7.25%, 3/14/2027 (b)
    410,000   432,382
CVR Energy, Inc.:          
5.25%, 2/15/2025 (b)
    340,000   330,286
5.75%, 2/15/2028 (b)
    300,000   285,690
Ensign Drilling, Inc.

9.25%, 4/15/2024 (b)
    150,000   148,080
Matador Resources Co.

5.88%, 9/15/2026
    360,000   366,800
MEG Energy Corp.

5.88%, 2/1/2029 (b)
    510,000   517,028
Murphy Oil Corp.

6.38%, 7/15/2028
    496,000   517,050
Nabors Industries, Inc.

5.75%, 2/1/2025
    130,000   126,529
Nabors Industries, Ltd.:          
7.25%, 1/15/2026 (b)
    380,000   378,294
7.50%, 1/15/2028 (b)
    260,000   253,427
Northern Oil & Gas, Inc.

8.13%, 3/1/2028 (b)
    260,000   271,170
Occidental Petroleum Corp.:          
4.30%, 8/15/2039
    400,000   377,544
6.60%, 3/15/2046
    25,000   29,607
7.88%, 9/15/2031
    190,000   237,057
8.88%, 7/15/2030
    220,000   282,887
Security Description     Principal
Amount 		  Value
Parkland Corp.:          
4.50%, 10/1/2029 (b)
    $210,000   $194,720
4.63%, 5/1/2030 (b)
    310,000   288,145
Patterson-UTI Energy, Inc.

5.15%, 11/15/2029
    390,000   380,983
Penn Virginia Holdings LLC

9.25%, 8/15/2026 (b)
    140,000   147,421
Precision Drilling Corp.

6.88%, 1/15/2029 (b)
    260,000   264,298
Range Resources Corp.

8.25%, 1/15/2029
    50,000   54,790
SM Energy Co.:          
6.75%, 9/15/2026
    240,000   246,655
10.00%, 1/15/2025 (b)
    470,000   511,576
Sunoco L.P./Sunoco Finance Corp.:          
4.50%, 5/15/2029
    180,000   169,796
4.50%, 4/30/2030 (b)
    380,000   350,447
Transocean, Inc.:          
7.25%, 11/1/2025 (b)
    340,000   297,446
7.50%, 1/15/2026 (b)
    270,000   234,544
8.00%, 2/1/2027 (b)
    150,000   127,097
W&T Offshore, Inc.

9.75%, 11/1/2023 (b)
    190,000   188,545
          9,291,711
OIL & GAS SERVICES — 0.2%          
Exterran Energy Solutions L.P./EES Finance Corp.

8.13%, 5/1/2025
    120,000   121,037
Oceaneering International, Inc.

4.65%, 11/15/2024
    150,000   148,011
          269,048
PACKAGING & CONTAINERS — 0.7%          
Ball Corp.:          
2.88%, 8/15/2030
    200,000   179,386
3.13%, 9/15/2031
    130,000   116,065
Cascades, Inc./Cascades USA, Inc.

5.38%, 1/15/2028 (b)
    50,000   50,119
Crown Cork & Seal Co., Inc.

7.38%, 12/15/2026
    50,000   56,441
Sealed Air Corp.

6.88%, 7/15/2033 (b)
    310,000   356,419
TriMas Corp.

4.13%, 4/15/2029 (b)
    150,000   137,204
          895,634
PHARMACEUTICALS — 0.5%          
Bausch Health Cos., Inc.

7.25%, 5/30/2029 (b)
    500,000   426,845
Perrigo Finance Unlimited Co.

4.38%, 3/15/2026
    270,000   269,176
          696,021
 
See accompanying notes to schedule of investments.
15
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
PIPELINES — 2.5%          
Antero Midstream Partners L.P./Antero Midstream Finance Corp.

7.88%, 5/15/2026 (b)
    $630,000   $682,013
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.:          
5.63%, 5/1/2027 (b)
    280,000   277,707
6.00%, 2/1/2029 (b)
    340,000   339,313
Delek Logistics Partners L.P./Delek Logistics Finance Corp.

7.13%, 6/1/2028 (b)
    140,000   137,429
EnLink Midstream Partners L.P.:          
5.05%, 4/1/2045
    160,000   130,664
5.45%, 6/1/2047
    290,000   246,491
Global Partners L.P./GLP Finance Corp.:          
6.88%, 1/15/2029
    200,000   199,250
7.00%, 8/1/2027
    260,000   261,516
Hess Midstream Operations L.P.

5.13%, 6/15/2028 (b)
    350,000   350,098
Holly Energy Partners L.P./Holly Energy Finance Corp.

5.00%, 2/1/2028 (b)
    170,000   161,019
NGL Energy Partners L.P./NGL Energy Finance Corp.:          
6.13%, 3/1/2025
    250,000   217,485
7.50%, 4/15/2026
    60,000   52,352
PBF Logistics L.P./PBF Logistics Finance Corp.

6.88%, 5/15/2023
    180,000   179,532
          3,234,869
REAL ESTATE — 0.7%          
Howard Hughes Corp.:          
4.13%, 2/1/2029 (b)
    190,000   179,421
5.38%, 8/1/2028 (b)
    470,000   471,527
Realogy Group LLC/Realogy Co-Issuer Corp.

5.75%, 1/15/2029 (b)
    210,000   197,839
          848,787
REAL ESTATE INVESTMENT TRUSTS — 2.8%          
Diversified Healthcare Trust

9.75%, 6/15/2025
    230,000   243,287
Iron Mountain, Inc.:          
5.63%, 7/15/2032 (b)
    490,000   483,302
REIT, 4.50%, 2/15/2031 (b)
    320,000   295,213
iStar, Inc.

4.25%, 8/1/2025
    210,000   206,596
New Residential Investment Corp.

6.25%, 10/15/2025 (b)
    190,000   182,423
Security Description     Principal
Amount 		  Value
SBA Communications Corp.

3.13%, 2/1/2029
    $60,000   $54,545
Starwood Property Trust, Inc.:          
3.63%, 7/15/2026 (b)
    180,000   171,833
3.75%, 12/31/2024 (b)
    398,000   387,031
4.38%, 1/15/2027 (b)
    680,000   659,872
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC

6.00%, 1/15/2030 (b)
    185,000   166,496
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC

6.50%, 2/15/2029 (b)
    200,000   186,900
VICI Properties L.P./VICI Note Co., Inc.

4.25%, 12/1/2026 (b)
    580,000   578,150
          3,615,648
RETAIL — 2.6%          
1011778 BC ULC/New Red Finance, Inc.:          
3.50%, 2/15/2029 (b)
    100,000   92,399
3.88%, 1/15/2028 (b)
    830,000   787,263
Abercrombie & Fitch Management Co.

8.75%, 7/15/2025 (b)
    110,000   116,106
Asbury Automotive Group, Inc.:          
4.63%, 11/15/2029 (b)
    150,000   139,707
5.00%, 2/15/2032 (b)
    290,000   269,781
Bed Bath & Beyond, Inc.

5.17%, 8/1/2044
    100,000   70,976
Dave & Buster's, Inc.

7.63%, 11/1/2025 (b)
    90,000   94,583
FirstCash, Inc.

4.63%, 9/1/2028 (b)
    370,000   344,363
Group 1 Automotive, Inc.

4.00%, 8/15/2028 (b)
    50,000   46,561
Murphy Oil USA, Inc.

3.75%, 2/15/2031 (b)
    160,000   146,631
Papa John's International, Inc.

3.88%, 9/15/2029 (b)
    140,000   128,108
Sonic Automotive, Inc.:          
4.63%, 11/15/2029 (b)
    50,000   45,018
4.88%, 11/15/2031 (b)
    140,000   124,855
Superior Plus L.P./Superior General Partner, Inc.

4.50%, 3/15/2029 (b)
    90,000   85,299
Yum! Brands, Inc.:          
3.63%, 3/15/2031
    280,000   255,469
4.63%, 1/31/2032
    402,000   388,079
4.75%, 1/15/2030 (b)
    240,000   236,215
          3,371,413
SEMICONDUCTORS — 0.5%          
Entegris, Inc.:          
3.63%, 5/1/2029 (b)
    280,000   261,842
 
See accompanying notes to schedule of investments.
16
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
4.38%, 4/15/2028 (b)
    $200,000   $195,140
Synaptics, Inc.

4.00%, 6/15/2029 (b)
    140,000   132,002
          588,984
SOFTWARE — 1.9%          
Black Knight InfoServ LLC

3.63%, 9/1/2028 (b)
    220,000   208,646
Fair Isaac Corp.

4.00%, 6/15/2028 (b)
    510,000   493,425
MSCI, Inc.

3.63%, 9/1/2030 (b)
    300,000   281,739
Open Text Corp.

3.88%, 2/15/2028 (b)
    640,000   613,037
PTC, Inc.

4.00%, 2/15/2028 (b)
    250,000   243,750
SS&C Technologies, Inc.

5.50%, 9/30/2027 (b)
    510,000   514,090
Ziff Davis, Inc.

4.63%, 10/15/2030 (b)
    150,000   142,942
          2,497,629
TELECOMMUNICATIONS — 1.0%          
Ciena Corp.

4.00%, 1/31/2030 (b)
    140,000   134,750
Hughes Satellite Systems Corp.

5.25%, 8/1/2026
    220,000   224,653
Lumen Technologies, Inc.:          
Series P, 7.60%, 9/15/2039
    100,000   96,394
Series U, 7.65%, 3/15/2042
    215,000   207,488
ViaSat, Inc.

6.50%, 7/15/2028 (b)
    455,000   436,823
Viavi Solutions, Inc.

3.75%, 10/1/2029 (b)
    140,000   132,003
          1,232,111
TRANSPORTATION — 0.1%          
Danaos Corp.

8.50%, 3/1/2028 (b)
    100,000   107,427
TOTAL CORPORATE BONDS & NOTES

(Cost $58,108,928)
        57,982,235
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 29.4%          
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c) (d)

(Cost $37,801,311)
    37,801,311   $37,801,311
TOTAL INVESTMENTS — 128.1%

(Cost $165,496,307)
        164,860,068
LIABILITIES IN EXCESS OF OTHER ASSETS — (28.1)%
        (36,211,044)
NET ASSETS — 100.0%
        $128,649,024
(a) This Senior Loan will settle after March 31, 2022, at which time the interest rate will be determined.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 34.5% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
ABS Asset-Backed Security
CDI CREST Depository Interest
CLO Collateralized Loan Obligation
LIBOR London Interbank Offered Rate
LP Limited Partnership
MTN Medium Term Note
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
 
At March 31, 2022, the Fund had unfunded loan commitments of $83,286, which could be extended at the option of the borrowers, pursuant to the following loan agreements:
Borrower   Unfunded Loan
Commitment ($) 		  Value ($)   Unrealized
Appreciation/(Depreciation) ($)
Sovos Compliance LLC
  83,286   83,287   1
 
See accompanying notes to schedule of investments.
17
Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $22,235   $57,960,000   $—   $57,982,235
Asset-Backed Securities
  —   2,379,339   —   2,379,339
Senior Floating Rate Loans
  —   66,697,183   —   66,697,183
Short-Term Investment
  37,801,311   —   —   37,801,311
TOTAL INVESTMENTS
  $37,823,546   $127,036,522   $—   $164,860,068
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Unfunded Loans(a)
  —   1   —   1
(a) Includes appreciation on unfunded loan commitments.
 
Affiliate Table
  Number of
Shares Held
at
02/17/22* 		  Value at

02/17/22* 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
—   $—   $130,205,213   $92,403,902   $—   $—   37,801,311   $37,801,311   $6,325
* Commencement of operations.
See accompanying notes to schedule of investments.
18
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SENIOR FLOATING RATE LOANS (a) — 91.8%          
ADVERTISING SERVICES — 0.2%          
AppLovin Corp.:          
Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 8/15/2025
    $7,564,313   $7,536,552
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.00% 3.50%, 10/25/2028
    12,508,977   12,427,419
CMG Media Corp.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50% 3.96%, 12/17/2026
    497,481   490,561
Red Ventures LLC

Senior Secured 2020 Term Loan B2, 1 Month USD LIBOR + 2.50% 2.96%, 11/8/2024
    997,416   987,267
          21,441,799
AEROSPACE & DEFENSE — 0.7%          
Dynasty Acquisition Co., Inc.:          
Senior Secured 2020 CAD Term Loan B2, 3 Month USD LIBOR + 3.50% 4.51%, 4/6/2026
    17,990,586   17,728,193
Senior Secured 2020 Term Loan B1, 3 Month USD LIBOR + 3.50% 4.51%, 4/6/2026
    33,463,715   32,975,646
TransDigm, Inc.:          
Senior Secured 2020 Term Loan E, 1 Month USD LIBOR + 2.25% 2.71%, 5/30/2025
    2,190,398   2,154,804
Senior Secured 2020 Term Loan F, 12/9/2025
    13,200,821   12,996,605
Senior Secured 2020 Term Loan G, 1 Month USD LIBOR + 2.25% 2.71%, 8/22/2024
    1,153,371   1,139,104
          66,994,352
Security Description     Principal
Amount 		  Value
AIR FREIGHT & LOGISTICS — 0.8%          
Kenan Advantage Group, Inc.

Senior Secured 2021 Term Loan B1, 3 Month USD LIBOR + 3.75% 4.50%, 3/24/2026
    $30,445,537   $30,093,587
Worldwide Express Operations LLC

Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.5% 5.25%, 7/26/2028
    55,371,948   54,913,468
          85,007,055
AIRLINES — 3.0%          
AAdvantage Loyalty IP Ltd.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 4/20/2028
    76,162,575   77,305,013
Air Canada

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.25%, 8/11/2028
    6,236,347   6,184,368
American Airlines, Inc.:          
Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 1.75% 1/29/2027 (b)
    11,430,859   10,730,718
Senior Secured 2017 Incremental Term Loan, 12/15/2023
    22,091,659   21,861,575
Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.20%, 6/27/2025
    47,092,111   44,458,014
Mileage Plus Holdings LLC

Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 5.25% 6.25%, 6/21/2027
    54,459,195   56,690,388
SkyMiles IP Ltd.

Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75% 4.75%, 10/20/2027
    5,778,136   5,982,162
United Airlines, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 4/21/2028
    84,739,916   83,886,585
          307,098,823
 
See accompanying notes to schedule of investments.
19
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
AUTO COMPONENTS — 0.2%          
Clarios Global LP

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 4/30/2026
    $3,952,967   $3,909,485
USI, Inc.

Senior Secured 2017 Repriced Term Loan, 3 Month USD LIBOR + 3.00% 4.01%, 5/16/2024
    14,804,814   14,726,792
Wheel Pros LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 5.25%, 5/11/2028
    10,423   9,975
          18,646,252
BEVERAGES — 0.2%          
Naked Juice LLC:          
Senior Secured Delayed Draw Term Loan, 2 Month USD SOFR + 3.25% 3.75%, 1/24/2029
    96,477   95,099
Senior Secured Term Loan, 2 Month USD SOFR + 3.25% 3.75%, 1/24/2029
    1,768,750   1,743,483
Triton Water Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50% 4.51%, 3/31/2028
    15,702,512   15,346,379
          17,184,961
BUILDING PRODUCTS — 0.3%          
CP Atlas Buyer, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.25%, 11/23/2027
    34,135,579   33,239,520
DiversiTech Holdings, Inc.

Senior Secured 2021 1st Lien Term Loan, 12/22/2028 (b)
    630,435   623,046
          33,862,566
CAPITAL MARKETS — 0.1%          
AqGen Ascensus, Inc.

Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50% 7.00%, 8/2/2029
    7,194,340   7,149,375
Security Description     Principal
Amount 		  Value
CASINO SERVICES — 0.0% (c)          
Stars Group Holdings B.V.

Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25% 7/21/2026 (b)
    $3,859,714   $3,833,178
CHEMICALS — 1.6%          
Ascend Performance Materials Operations LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75% 5.50%, 8/27/2026
    13,354,359   13,333,526
Atotech B.V.

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.50% 3.00%, 3/18/2028
    14,064,236   13,925,352
Axalta Coating Systems US Holdings, Inc.

Senior Secured USD Term Loan B3, 3 Month USD LIBOR + 1.75% 2.76%, 6/1/2024
    1,000,965   993,994
CPC Acquisition Corp.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 12/29/2027
    29,187,275   28,457,593
GEON Performance Solutions LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.75% 5.50%, 8/18/2028
    3,871,753   3,871,773
Hexion Holdings Corp.

Senior Secured 2022 USD Term Loan, 3 Month USD SOFR + 4.50% 5.00%, 3/15/2029
    13,834,952   13,558,252
Ineos US Finance, LLC

Senior Secured 2017 USD Term Loan B, 1 Month USD LIBOR + 2.00% 2.46%, 4/1/2024
    9,238,454   9,091,193
Messer Industries GmbH

Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50% 3.51%, 3/2/2026
    997,040   985,684
New Arclin U.S. Holding Corp.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 9/30/2028
    2,526   2,447
 
See accompanying notes to schedule of investments.
20
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Olympus Water US Holding Corporation

Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75% 4.75%, 11/9/2028
    $69   $67
SCIH Salt Holdings, Inc.

Senior Secured 2021 Incremental Term Loan B, 6 Month USD LIBOR + 4.00% 4.75%, 3/16/2027
    36,553,819   36,025,068
Starfruit Finco B.V

Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 3.00% 4.01%, 10/1/2025
    2,923,210   2,885,457
Vantage Specialty Chemicals, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 10/28/2024
    40,004,559   38,599,399
          161,729,805
COMMERCIAL SERVICES — 1.8%          
Allied Universal Holdco LLC

Senior Secured 2021 USD Incremental Term Loan B, 5/12/2028
    122,852,197   121,129,809
APFS Staffing Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD SOFR + 4.25% 4.75%, 12/29/2028
    4,379,562   4,365,898
Inmar Holdings, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 5.01%, 5/1/2024
    3,233,848   3,200,345
PECF USS Intermediate Holding III Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25% 4.76%, 12/15/2028
    6,759,439   6,708,168
Sabre GLBL Inc.

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.25% 4.75%, 6/30/2028
    8,798,831   8,760,336
Spin Holdco Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.00% 4.75%, 3/4/2028
    5,574,565   5,541,647
Security Description     Principal
Amount 		  Value
Vaco Holdings LLC

Senior Secured 2022 Term Loan, 3 Month USD SOFR + 5.00% 5.75%, 1/21/2029
    $6,412,500   $6,384,445
Verscend Holding Corp.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00% 4.46%, 8/27/2025
    17,350,031   17,328,344
VT Topco, Inc.

Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 8/1/2025
    9,471,345   9,347,082
          182,766,074
COMMERCIAL SERVICES & SUPPLIES — 4.5%          
ADMI Corp.

Senior Secured 2021 Incremental Term Loan B3, 1 Month USD LIBOR + 3.50% 4.00%, 12/23/2027
    4,834,382   4,788,576
Aramark Services, Inc.

Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75% 2.21%, 3/11/2025
    3,000,000   2,950,500
Asurion LLC:          
Senior Secured 2018 Term Loan B6, 1 Month USD LIBOR + 3.13% 3.58%, 11/3/2023
    3,760,339   3,742,948
Senior Secured 2018 Term Loan B7, 1 Month USD LIBOR + 3.00% 3.46%, 11/3/2024
    12,467,617   12,325,112
Senior Secured 2020 Term Loan B8, 1 Month USD LIBOR + 3.25% 3.71%, 12/23/2026
    9,801,624   9,603,533
Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25% 5.71%, 1/31/2028
    83,890,910   82,380,873
Senior Secured 2021 Second Lien Term Loan B4, 1/20/2029
    99,575,238   97,490,631
BrightView Landscapes LLC

Senior Secured 2018 1st Lien Term Loan B, 8/15/2025 (b)
    1,994,819   1,982,351
 
See accompanying notes to schedule of investments.
21
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Covanta Holding Corp.:          
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.50% 3.00%, 11/30/2028
    $7,336,326   $7,313,400
Senior Secured 2021 Term Loan C, 1 Month USD LIBOR + 2.50% 3.00%, 11/30/2028
    549,537   547,820
Emerald TopCo, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.50% 3.80%, 7/24/2026
    4,400,000   4,351,182
Energize HoldCo LLC

Senior Secured 2021 First Lien Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 12/8/2028
    22,556,650   22,252,136
Garda World Security Corp.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25% 4.71%, 10/30/2026
    29,704,700   29,418,347
GFL Environmental, Inc.

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.00% 3.50%, 5/30/2025
    8,898,277   8,878,834
Learning Care Group, Inc.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.25% 4.25%, 3/13/2025
    12,324,732   12,161,675
McGraw-Hill Global Education Holdings, LLC

Senior Secured 2021 Term Loan, 7/28/2028
    110,306,549   109,324,269
Prime Security Services Borrower, LLC

Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 2.75% 3.50%, 9/23/2026
    43,331,670   43,079,046
Seminole Tribe of Florida, Inc.

Senior Secured 2018 Term Loan B, 7/8/2024 (b)
    4,901,812   4,904,875
SSH Group Holdings, Inc.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 4.25% 5.26%, 7/30/2025
    4,134,705   4,021,001
Security Description     Principal
Amount 		  Value
VT Topco, Inc.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.25% 4.26%, 8/1/2025
    $1,090,780   $1,075,101
          462,592,210
COMMUNICATIONS EQUIPMENT — 2.3%          
Avaya, Inc.

Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 4.00% 4.40%, 12/15/2027
    2,000,000   1,981,250
Cogeco Financing 2 LP

Senior Secured 2021 Incremental Term Loan B, 9/1/2028 (b)
    5,000,000   4,973,675
CommScope, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 4/6/2026
    87,196,242   85,052,522
Plantronics, Inc.

Senior Secured 2018 Term Loan B, 7/2/2025 (b)
    50,594,360   50,278,146
Zayo Group Holdings, Inc.

Senior Secured USD Term Loan, 3/9/2027
    96,317,217   93,869,315
          236,154,908
COMPUTER SERVICES — 0.2%          
ConvergeOne Holdings, Inc.

Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 3.00% 3.46%, 1/4/2026
    18,895,255   18,147,381
Genuine Financial Holdings LLC

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75% 4.21%, 7/11/2025
    5,174,495   5,125,518
          23,272,899
COMPUTERS — 1.2%          
Magenta Buyer LLC

Senior Secured 2021 USD 1st Lien Term Loan, 7/27/2028
    99,653,860   99,055,937
Park Place Technologies LLC

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 5.00% 6.00%, 11/10/2027
    3,400,320   3,390,408
 
See accompanying notes to schedule of investments.
22
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Virtusa Corp.:          
Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 3.85% 4.60%, 2/11/2028
    $13,197,969   $13,107,233
Senior Secured First Lien Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 2/11/2028
    9,060,741   8,992,786
          124,546,364
CONSTRUCTION & ENGINEERING — 0.6%          
Aegion Corp.

Senior Secured Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 5/17/2028
    33,772,051   33,645,406
Brand Energy & Infrastructure Services, Inc.

Senior Secured 2017 Term Loan, 3 Month USD LIBOR + 4.25% 5.25%, 6/21/2024
    21,431,647   20,525,302
DG Investment Intermediate Holdings 2, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50% 4.25%, 3/31/2028
    1,005,980   997,303
KKR Apple Bidco LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00% 3.50%, 9/23/2028
    2,500   2,465
Pike Corp.

Senior Secured 2021 Incremental Term Loan B, 1/21/2028 (b)
    1,000,000   993,380
Tutor Perini Corp.

Senior Secured Term Loan B, 8/18/2027
    976,135   960,883
          57,124,739
CONSTRUCTION MATERIALS — 0.0% (c)          
Quikrete Holdings, Inc.

Senior Secured 2016 1st Lien Term Loan, 1 Month USD LIBOR + 2.50% 2.96%, 2/1/2027
    1,094,911   1,070,850
Security Description     Principal
Amount 		  Value
CONTAINERS & PACKAGING — 0.9%          
Berlin Packaging LLC

Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 3.75% 4.25%, 3/11/2028
    $900,110   $893,134
Berry Global, Inc.

Senior Secured 2021 Term Loan Z, 1 Month USD LIBOR + 1.75% 2.07%, 7/1/2026
    43,827,063   43,286,019
BWAY Holding Co.

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.25% 3.48%, 4/3/2024
    41,334,127   40,838,944
Charter NEX US, Inc.

Senior Secured 2021 Term Loan, 12/1/2027
    3,216   3,168
Pretium PKG Holdings, Inc.

Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 4.50%, 10/2/2028
    9,635,829   9,381,154
Proampac PG Borrower LLC

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 11/3/2025
    1,240,883   1,216,376
Reynolds Group Holdings, Inc.

Senior Secured 2020 Term Loan B2, 1 Month USD LIBOR + 3.25% 3.71%, 2/5/2026
    1,018,370   994,611
          96,613,406
COSMETICS & TOILETRIES — 1.8%          
Solis IV BV

Senior Secured USD Term Loan B1, 3 Month USD SOFR + 3.50% 4.00%, 2/26/2029
    90,108,696   88,447,542
Sunshine Luxembourg VII SARL

Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75% 4.76%, 10/1/2026
    95,585,726   95,092,982
          183,540,524
 
See accompanying notes to schedule of investments.
23
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
DIAGNOSTIC EQUIPMENT — 0.2%          
Lifescan Global Corp.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 6.00% 6.21%, 10/1/2024
    $18,501,325   $17,715,018
DISTRIBUTORS — 0.6%          
American Tire Distributors Holdings, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25% 7.00%, 10/8/2028
    58,152,885   57,789,429
Polyconcept North America Holdings, Inc.

Senior Secured USD 2016 Term Loan B, 8/16/2023 (b)
    720,317   717,014
          58,506,443
DIVERSIFIED CONSUMER SERVICES — 0.0% (c)          
Bright Horizons Family Solutions LLC

Senior Secured 2021 Term Loan B, 11/24/2028 (b)
    2,992,500   2,966,315
St. George's University Scholastic Services

Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 3.25% 3.75%, 2/10/2029
    50,556   50,013
          3,016,328
DIVERSIFIED FINAN SERV — 0.1%          
Apex Group Treasury, LLC

Senior Secured 2021 USD Incremental Term Loan, 7/27/2028 (b)
    6,433,735   6,389,535
DIVERSIFIED FINANCIAL SERVICES — 4.7%          
Advisor Group, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 4.96%, 7/31/2026
    9,566,319   9,537,955
AlixPartners, LLP

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75% 3.25%, 2/4/2028
    8,158,491   8,048,841
Apex Group Treasury LLC

Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 7/27/2028
    6,044,343   6,002,819
Security Description     Principal
Amount 		  Value
Atlas CC Acquisition Corp.:          
Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25% 5.00%, 5/25/2028
    $18,071,507   $18,023,527
Senior Secured Term Loan C, 3 Month USD LIBOR + 4.25% 5.00%, 5/25/2028
    3,675,561   3,665,802
Camelot U.S. Acquisition 1 Co.

Senior Secured 2020 Incremental Term Loan B, 1 Month USD LIBOR + 3.00% 4.00%, 10/30/2026
    3,133,809   3,111,622
Clydesdale Acquisition Holdings, Inc.

Senior Secured Term Loan, 3/30/2029 (b)
    95,849,143   0
Deerfield Dakota Holding LLC

Senior Secured 2020 USD Term Loan B, 1 Month USD LIBOR + 3.75% 4.75%, 4/9/2027
    12,533,169   12,487,486
DirecTV Financing, LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 5.00% 5.75%, 8/2/2027
    180,526,517   180,561,719
Edelman Financial Center LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.25%, 4/7/2028
    85,771,854   84,932,147
Edelman Financial Center, LLC

Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 7.20%, 7/20/2026
    15,634,126   15,456,288
Minotaur Acquisition, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.75% 5.21%, 3/27/2026
    24,776,353   24,593,751
S&S Holdings LLC

Senior Secured Term Loan, 3 Month USD LIBOR + 5.00% 5.80%, 3/11/2028
    7,308,478   7,061,817
Superannuation and Investments US LLC

Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.75% 4.25%, 12/1/2028
    2,537   2,503
 
See accompanying notes to schedule of investments.
24
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Trans Union LLC

Senior Secured 2019 Term Loan B5, 11/16/2026
    $13,070,275   $12,901,995
William Morris Endeavor Entertainment LLC

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 2.75% 2.96%, 5/18/2025
    102,339,884   100,783,806
          487,172,078
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%          
Altice France S.A.

Senior Secured USD Term Loan B12, 3 Month USD LIBOR + 3.69% 3.93%, 1/31/2026
    6,178,625   6,056,041
Altice France SA/France

Senior Secured USD Term Loan B11, 7/31/2025
    15,431,357   15,097,037
Intelsat Jackson Holdings SA

Senior Secured 2021 Exist Term Loan B, 6 Month USD SOFR + 4.25% 4.92%, 2/1/2029
    26,932,500   26,539,016
Level 3 Financing, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 3/1/2027
    79,299,169   77,930,069
Lumen Technologies, Inc.

Senior Secured 2020 Term Loan B, 3/15/2027
    43,902,103   42,801,258
Telesat Canada

Senior Secured Term Loan B5, 1 Month USD LIBOR + 2.75% 12/7/2026 (b)
    8,586,824   6,443,681
          174,867,102
ELECTRICAL EQUIPMENT — 0.0% (c)          
Excelitas Technologies Corp.

Senior Secured USD 2017 1st Lien Term Loan, 12/2/2024
    1,462,906   1,457,421
Gates Global, LLC

Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.50% 3.25%, 3/31/2027
    1,067,482   1,055,008
          2,512,429
Security Description     Principal
Amount 		  Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%          
CPI International, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.25% 3.71%, 7/26/2024
    $15,388,922   $15,290,818
Mirion Technologies, Inc.

Senior Secured 2021 Term Loan, 2 Month USD LIBOR + 2.75% 3.25%, 10/20/2028
    499,000   495,033
          15,785,851
ENTERTAINMENT — 2.9%          
AMC Entertainment Holdings, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00% 3.35%, 4/22/2026
    90,997,193   81,446,128
AP Gaming I LLC

Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.00% 4.75%, 2/15/2029
    31,312,103   30,803,282
Crown Finance US, Inc.:          
Senior Secured 2018 USD Term Loan, 2/28/2025
    94,381,082   73,090,126
Senior Secured 2019 Incremental Term Loan, 6 Month USD LIBOR + 2.75% 3.75%, 9/30/2026
    64,148,486   48,732,963
Delta 2 (LUX) S.A.R.L.

Senior Secured 2018 USD Term Loan, 1 Month USD LIBOR + 2.50% 3.50%, 2/1/2024
    1,758,850   1,755,561
Fertitta Entertainment LLC

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00% 4.50%, 1/27/2029
    8,796,117   8,763,703
Motion Finco S.A.R.L.

Senior Secured Delayed Draw Term Loan B2, 3 Month USD LIBOR + 3.25% 4.26%, 11/12/2026
    11,810,860   11,632,043
NASCAR Holdings, Inc

Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50% 10/19/2026 (b)
    2,127,205   2,112,719
 
See accompanying notes to schedule of investments.
25
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SMG U.S. Midco 2, Inc.

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 2.50% 2.80%, 1/23/2025
    $20,528,112   $19,809,628
UFC Holdings LLC

Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 2.75% 3.50%, 4/29/2026
    5,987,868   5,937,091
WMG Acquisition Corp.

Senior Secured 2021 Term Loan G, 1/20/2028 (b)
    17,020,127   16,892,476
          300,975,720
ENVIRONMENTALLY FRIENDLY — 0.3%          
Robertshaw U.S. Holding Corp.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 2/28/2025
    31,987,988   29,097,713
FIDUCIARY BANKS — 0.2%          
AqGen Island Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.5% 4.51%, 8/2/2028
    20,430,594   20,302,902
FINANCE-CREDIT CARD — 0.4%          
Paysafe Holdings (US) Corp.

Senior Secured USD Term Loan B1, 1 Month USD LIBOR + 2.75% 3.25%, 6/28/2028
    46,301,722   44,464,239
FINANCE-OTHER SERVICES — 0.0% (c)          
RPI Intermediate Finance Trust

Senior Secured 2020 Term Loan B1, 2/11/2027 (b)
    5,053,085   5,013,923
FOOD & STAPLES RETAILING — 0.0% (c)          
US Foods, Inc.

Senior Secured 2019 Term Loan B, 3 Month USD LIBOR + 2.00% 2.51%, 9/13/2026
    2,037,644   2,001,293
Security Description     Principal
Amount 		  Value
FOOD PRODUCTS — 0.1%          
Chobani LLC

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50% 4.50%, 10/25/2027
    $5,838,597   $5,756,506
FOOD-MISC/DIVERSIFIED — 0.4%          
Froneri International Ltd.

Senior Secured 2020 USD Term Loan, 1 Month USD LIBOR + 2.25% 2.71%, 1/29/2027
    11,285,964   11,104,599
Skopima Consilio Parent LLC

Senior Secured Term Loan B, 5/12/2028
    27,328,866   27,059,813
          38,164,412
GAMING & ENTERTAINMENT — 0.0% (c)          
PCI Gaming Authority

Senior Secured Term Loan, 5/29/2026 (b)
    1,500,000   1,490,858
HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.1%          
Apex Tool Group LLC

Senior Secured 2022 Term Loan, 1 Month USD SOFR + 5.25% 5.75%, 2/8/2029
    9,796,610   9,565,704
HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%          
Carestream Health, Inc.:          
Senior Secured 2020 Extended 2nd Lien PIK Term Loan, 3 Month USD LIBOR + 4.5% 5.51%, 8/8/2023
    20,346,557   18,820,566
Senior Secured 2020 Extended Term Loan, 3 Month USD LIBOR + 6.75% 7.76%, 5/8/2023
    4,855,546   4,806,990
Gainwell Acquisition Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00% 5.01%, 10/1/2027
    65,178,516   65,178,516
          88,806,072
 
See accompanying notes to schedule of investments.
26
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
HEALTH CARE PROVIDERS & SERVICES — 6.6%          
Auris Luxembourg III S.A.R.L.

Senior Secured 2019 USD Term Loan B2, 1 Month USD LIBOR + 3.75% 4.20%, 2/27/2026
    $5,564,813   $5,434,401
CHG Healthcare Services, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50% 5.00%, 9/29/2028
    12,153,890   12,062,736
Covenant Surgical Partners, Inc.:          
Senior Secured 2019 Delayed Draw Term Loan, 1 Month USD LIBOR + 4.00% 4.00%, 7/1/2026
    505,237   498,290
Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 4.00% 4.45%, 7/1/2026
    2,469,909   2,435,948
Curia Global, Inc.

Senior Secured 2021 Term Loan, 8/30/2026
    6,550,981   6,504,764
DaVita, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 8/12/2026
    32,914,764   32,704,603
Envision Healthcare Corp.

Senior Secured 2018 Revolver, 10/11/2023 (b)
    11,164,500   8,917,644
Envision Healthcare Corporation

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75% 4.21%, 10/10/2025
    167,134,448   111,701,802
Global Medical Response, Inc.:          
Senior Secured 2017 Incremental Term Loan, 3/14/2025
    45,333,076   45,130,664
Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 4.25% 5.25%, 10/2/2025
    52,031,707   51,763,483
Horizon Therapeutics USA, Inc.

Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75% 2.25%, 3/15/2028
    46,913,379   46,517,665
Security Description     Principal
Amount 		  Value
ICON Luxembourg S.A.R.L.:          
Senior Secured LUX Term Loan, 7/3/2028
    $47,181,006   $47,018,940
Senior Secured US Term Loan, 7/3/2028
    11,768,656   11,728,231
Medline Borrower, LP

Senior Secured USD Term Loan B, 10/23/2028
    36,156,883   35,838,160
National Mentor Holdings, Inc.:          
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 3/2/2028
    65,175,606   63,229,136
Senior Secured 2021 Term Loan C, 3 Month USD LIBOR + 3.75% 4.76%, 3/2/2028
    1,980,131   1,920,994
Owens & Minor, Inc.

Senior Secured 2022 Term Loan B, 3/29/2029 (b)
    4,237,288   4,231,992
Pediatric Associates Holding Company LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25% 3.75%, 12/29/2028
    6,414,474   6,346,320
Phoenix Guarantor, Inc.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 3/5/2026
    1,317,455   1,304,900
Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.50% 3.95%, 3/5/2026
    9,726   9,595
Radnet Management, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.00% 5.50%, 4/21/2028
    7,592,930   7,502,764
RegionalCare Hospital Partners Holdings, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.75% 4.20%, 11/16/2025
    15,388,768   15,322,211
Surgery Center Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 8/31/2026
    36,752,316   36,527,392
Team Health Holdings, Inc.

Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 2.75% 3.75%, 2/6/2024
    95,975,665   91,570,862
 
See accompanying notes to schedule of investments.
27
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Unified Physician Management LLC

Senior Secured 2020 Term Loan, 12/16/2027
    $22,942,075   $22,767,142
WP CityMD Bidco LLC

Senior Secured 2021 1st Lien Term Loan B, 6 Month USD LIBOR + 3.25% 3.75%, 12/22/2028
    4,758,870   4,738,430
          673,729,069
HEALTH CARE TECHNOLOGY — 1.1%          
Change Healthcare Holdings LLC

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 2.50% 3.50%, 3/1/2024
    115,217,258   114,741,987
Embecta Corp.

Senior Secured Term Loan B, 1/27/2029 (b)
    752,475   743,675
MJH Healthcare Holdings LLC

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.50% 4.00%, 1/28/2029
    1,038,703   1,030,912
          116,516,574
HOME FURNISHINGS — 0.9%          
AI Aqua Merger Sub, Inc.:          
Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75% 4.25%, 7/31/2028
    62,474,460   61,976,851
Senior Secured 2022 Delayed Draw Term loan, 7/31/2028 (b)
    6,111,111   6,055,744
Senior Secured 2022 Term Loan B, 7/31/2028 (b)
    26,888,889   26,645,276
          94,677,871
HOTELS, RESTAURANTS & LEISURE — 3.3%          
1011778 B.C. Unlimited Liability Co.

Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75% 2.21%, 11/19/2026
    91,850,067   90,041,539
Security Description     Principal
Amount 		  Value
Alterra Mountain Co.

Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 8/17/2028
    $10,164,284   $10,100,757
Caesars Resort Collection, LLC

Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75% 3.21%, 12/23/2024
    6,776,425   6,750,065
Four Seasons Hotels, Ltd.

Senior Secured New 1st Lien Term Loan, 1 Month USD LIBOR + 2.00% 2.46%, 11/30/2023
    22,446,596   22,407,988
Marriott Ownership Resorts, Inc.

Senior Secured 2019 Term Loan B, 8/29/2025 (b)
    1,200,000   1,169,100
Motion Finco S.A.R.L.

Senior Secured USD Term Loan B1, 3 Month USD LIBOR + 3.25% 4.26%, 11/12/2026
    89,702,049   88,343,959
Penn National Gaming, Inc.

Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 2.25% 3.00%, 10/15/2025
    2,248,455   2,238,854
Peraton Corp.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 2/1/2028
    41,595,299   41,387,323
Recess Holdings, Inc.

Senior Secured 2017 1st Lien Term Loan, 6 Month USD LIBOR + 3.75% 4.75%, 9/30/2024
    15,220,459   14,992,152
Scientific Games International, Inc.

Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 2.75% 3.21%, 8/14/2024
    3,268,712   3,260,557
Travel Leaders Group LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 4.00% 4.46%, 1/25/2024
    28,627,536   27,115,716
 
See accompanying notes to schedule of investments.
28
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Travelport Finance (Luxembourg) S.A.R.L.:          
Senior Secured 2020 Super Priority Term Loan, 3 Month USD LIBOR + 1.5% 2.50%, 2/28/2025
    $1,762,552   $1,832,323
Senior Secured 2021 Consented Term Loan, 3 Month USD LIBOR + 5.00% 6.01%, 5/29/2026
    13,797,127   11,865,529
Twin River Worldwide Holdings, Inc.

Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 3.25% 3.75%, 10/2/2028 (b)
    192,549   191,751
Wyndham Hotels & Resorts, Inc.

Senior Secured Term Loan B, 5/30/2025 (b)
    15,506,424   15,393,925
          337,091,538
HOUSEHOLD PRODUCTS — 0.1%          
Champ Acquisition Corp.

Senior Secured Term Loan, 6 Month USD LIBOR + 5.50% 6.51%, 12/19/2025
    429,287   427,033
Reynolds Consumer Products, LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 2/4/2027
    14,688,658   14,478,830
          14,905,863
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%          
Calpine Corp.

Senior Secured 2020 Term Loan B5, 1 Month USD LIBOR + 2.50% 2.96%, 12/16/2027
    10,091,889   10,026,999
Vistra Operations Co., LLC

Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75% 2.19%, 12/31/2025
    21,005,292   20,821,495
          30,848,494
Security Description     Principal
Amount 		  Value
INDUSTRIAL CONGLOMERATES — 0.3%          
Anticimex International AB

Senior Secured 2021 USD Term Loan B1, 3 Month USD LIBOR + 3.50% 4.01%, 11/16/2028
    $498,759   $492,056
Fluid-Flow Products, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 3/31/2028
    2,897,549   2,843,220
Magenta Buyer LLC

Senior Secured 2021 USD 2nd Lien Term Loan, 3 Month USD LIBOR + 8.25% 9.00%, 7/27/2029
    17,916,667   17,804,688
Tailwind Smith Cooper Intermediate Corp.

Senior Secured 2019 1st Lien Term Loan, 5/28/2026
    9,864,530   9,696,833
          30,836,797
INSURANCE — 2.0%          
Acrisure LLC:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50% 3.96%, 2/15/2027
    59,557,719   58,838,261
Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25% 4.75%, 2/15/2027
    18,105,308   18,060,135
Senior Secured 2021 Incremental Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 2/15/2027
    3,482,500   3,462,928
Alliant Holdings Intermediate LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 5/9/2025
    18,118,916   17,942,619
Alliant Holdings Intermediate, LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50% 4.00%, 11/6/2027
    7,225,595   7,189,973
AmWINS Group, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25% 3.00%, 2/19/2028
    1,214,279   1,196,065
 
See accompanying notes to schedule of investments.
29
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
AssuredPartners, Inc.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50% 3.96%, 2/12/2027
    $35,576,538   $35,194,091
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 2/12/2027
    21,546,273   21,330,918
Baldwin Risk Partners LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 10/14/2027
    4,073,770   4,043,217
Broadstreet Partners, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.00% 3.46%, 1/27/2027
    10,717,646   10,540,537
Hub International, Ltd.:          
Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 3.00% 3.27%, 4/25/2025
    6,845,842   6,777,384
Senior Secured 2021 Term Loan B, 4/25/2025
    5,987,393   5,957,456
Hyperion Insurance Group Ltd.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25% 4.00%, 11/12/2027
    1,180,392   1,168,836
NFP Corp.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25% 3.71%, 2/15/2027
    14,054,597   13,826,280
Sedgwick Claims Management Services, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25% 3.71%, 12/31/2025
    1,466,674   1,454,104
          206,982,804
INTERACTIVE MEDIA & SERVICES — 0.3%          
Go Daddy Operating Co., LLC

Senior Secured 2017 Repriced Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 2/15/2024
    30,295,458   30,137,618
Security Description     Principal
Amount 		  Value
Ivanti Software, Inc.

Senior Secured 2021 Add On Term Loan B, 3 Month USD LIBOR + 4.00% 4.75%, 12/1/2027
    $3,319,527   $3,269,734
          33,407,352
INTERNET & CATALOG RETAIL — 0.3%          
Shutterfly, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 5.00% 6.01%, 9/25/2026
    34,605,360   31,906,142
White Cap Buyer LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00% 4.25%, 10/19/2027
    1,000,000   991,040
          32,897,182
INTERNET SECURITY — 0.0% (c)          
Proofpoint, Inc.

Senior Secured 2nd Lien Term Loan, 8/31/2029
    5,000,000   4,998,425
IT SERVICES — 0.7%          
Ahead DB Holdings LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.76%, 10/18/2027
    15,790,179   15,663,857
CoreLogic, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 6/2/2028
    39,190,335   38,823,122
Fleetcor Technologies Operating Company LLC

Senior Secured 2021 Term Loan B4, 4/28/2028 (b)
    8,205,500   8,083,895
TierPoint LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 5/5/2026
    6,249,760   6,200,949
          68,771,823
LASERS-SYST/COMPONENTS — 0.3%          
II-VI, Inc.

Senior Secured 2021 Bridge Term Loan B, 12/1/2028 (b)
    26,629,827   26,496,678
 
See accompanying notes to schedule of investments.
30
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
LEISURE EQUIPMENT & PRODUCTS — 0.1%          
Cinemark USA, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 3/31/2025
    $12,113,543   $11,805,677
LEISURE INDUSTRY — 0.4%          
Carnival Corp.

Senior Secured 2021 Incremental Term Loan B, 10/18/2028
    37,604,867   36,852,770
LEISURE&REC/GAMES — 0.1%          
Scientific Games Holdings LP

Senior Secured 2022 USD Term Loan B, 4/4/2029 (b)
    12,500,000   12,404,000
LIFE SCIENCES TOOLS & SERVICES — 0.5%          
Avantor Funding, Inc.

Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25% 2.75%, 11/8/2027
    7,433,198   7,386,741
eResearchTechnology, Inc.

Senior Secured 2020 1st Lien Term Loan, 2/4/2027
    12,227,634   12,200,916
Parexel International Corp.

Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 11/15/2028
    31,975,409   31,781,318
          51,368,975
MACHINERY — 0.2%          
Engineered Machinery Holdings, Inc.

Senior Secured 2021 USD Incremental Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 5/19/2028
    864,208   854,006
Hayward Industries, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.50% 3.00%, 5/30/2028
    3,890,201   3,848,070
Hillman Group, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 2.75% 2.75%, 7/14/2028
    8,636   8,493
Security Description     Principal
Amount 		  Value
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 2.75% 3.20%, 7/14/2028
    $450,658   $443,242
Ingersoll-Rand Services Co.

Senior Secured 2020 USD Spinco Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 3/1/2027
    3,495,286   3,443,311
Madison IAQ LLC

Senior Secured Term Loan, 6 Month USD LIBOR + 3.25% 4.52%, 6/21/2028
    2,265,324   2,236,068
Tecomet, Inc.

Senior Secured 2017 Repriced Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 5/1/2024
    11,487,252   10,798,017
          21,631,207
MACHINERY-CONSTRUCTION & MINING — 0.9%          
Brookfield WEC Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75% 3.25%, 8/1/2025
    50,951,914   50,132,098
Clear Channel Outdoor Holdings, Inc.

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50% 3.80%, 8/21/2026
    47,345,916   46,621,050
          96,753,148
MACHINERY-FARM — 0.0% (c)          
ASP Blade Holdings, Inc.

Senior Secured Initial Term Loan, 1 Month USD LIBOR + 4.00% 4.46%, 10/13/2028
    4,706   4,654
MEDIA — 4.8%          
Altice Financing SA

Senior Secured 2017 USD Term Loan B, 3 Month USD LIBOR + 2.75% 2.99%, 7/15/2025
    1,334,779   1,304,746
Charter Communications Operating LLC:          
Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 1.75% 2.21%, 4/30/2025
    19,788,402   19,735,864
Senior Secured 2019 Term Loan B2, 2/1/2027
    53,119,455   52,747,087
 
See accompanying notes to schedule of investments.
31
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Cogeco Communications (USA) II L.P.

Senior Secured 2017 1st Lien Term Loan B, 1/3/2025 (b)
    $3,412,382   $3,385,833
Colibri Group LLC

Senior Secured 2022 Term Loan, 6 Month USD SOFR + 5.00% 5.94%, 3/12/2029
    8,652,631   8,620,184
Coral-US Co-Borrower LLC

Senior Secured 2020 Term Loan B2, 1/31/2028 (b)
    20,697,763   20,293,536
CSC Holdings LLC:          
Senior Secured 2017 Term Loan B1, 7/17/2025
    31,882,599   31,444,373
Senior Secured 2018 Incremental Term Loan, 3 Month USD LIBOR + 2.25% 2.65%, 1/15/2026
    974,319   962,140
Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 2.50% 2.90%, 4/15/2027
    40,850,247   40,217,068
Entercom Media Corp.

Senior Secured 2019 Term Loan, 11/18/2024 (b)
    903,841   890,622
Go Daddy Operating Co., LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00% 2.45%, 8/10/2027
    18,870,077   18,731,476
Gray Television, Inc.

Senior Secured 2021 Term Loan D, 12/1/2028 (b)
    4,250,000   4,233,680
iHeartCommunications, Inc.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00% 3.46%, 5/1/2026
    16,226,436   16,152,443
MH Sub I LLC:          
Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 3.96%, 9/13/2024
    20,939,975   20,718,954
Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75% 4.75%, 9/13/2024
    67,375,950   66,750,365
Security Description     Principal
Amount 		  Value
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.25% 6.71%, 2/23/2029
    $13,868,141   $13,772,797
Nexstar Broadcasting, Inc.

Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50% 2.73%, 9/18/2026
    54,061,167   53,921,149
Radiate Holdco LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25% 4.00%, 9/25/2026
    61,726,315   61,290,527
Telenet Financing USD, LLC

Senior Secured 2020 USD Term Loan AR, 3 Month USD LIBOR + 2.00% 2.40%, 4/30/2028
    9,576,286   9,377,913
Univision Communications Inc.

Senior Secured 2021 First Lien Term Loan B, 3/15/2026
    3,258,177   3,244,607
Univision Communications, Inc.

Senior Secured Term Loan C5, 1 Month USD LIBOR + 2.75% 3.75%, 3/15/2024
    4,740,317   4,739,132
UPC Financing Partnership

Senior Secured 2021 USD Term Loan AX, 3 Month USD LIBOR + 3.00% 3.40%, 1/31/2029
    961,071   950,461
Vertical US Newco, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50% 4.00%, 7/30/2027
    306,579   304,281
Virgin Media Bristol LLC

Senior Secured USD Term Loan N, 3 Month USD LIBOR + 2.50% 2.90%, 1/31/2028
    29,397,794   29,085,443
Ziggo Financing Partnership

Senior Secured USD Term Loan I, 3 Month USD LIBOR + 2.50% 2.90%, 4/30/2028
    10,777,158   10,635,708
          493,510,389
 
See accompanying notes to schedule of investments.
32
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
MEDICAL LABS&TESTING SRV — 0.4%          
Electron BidCo, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25% 3.75%, 11/1/2028
    $1,535,919   $1,521,282
U.S. Anesthesia Partners, Inc.

Senior Secured 2021 Term Loan, 10/1/2028
    35,184,543   35,002,111
          36,523,393
MISCELLANEOUS MANUFACTUR — 0.1%          
Hyperion Materials & Technologies, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.50% 5.01%, 8/30/2028
    6,511,134   6,472,490
LTI Holdings, Inc.:          
Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 6.96%, 9/6/2026
    1,928,424   1,895,641
Senior Secured 2018 Add On 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 3.96%, 9/6/2025
    3,106,829   3,042,098
          11,410,229
MRI/MEDICAL DIAG IMAGING — 0.6%          
IQVIA, Inc.

Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75% 2.76%, 6/11/2025
    1,273,787   1,268,373
Radiology Partners, Inc

Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 4.25% 4.71%, 7/9/2025
    60,886,094   60,212,086
          61,480,459
OIL, GAS & CONSUMABLE FUELS — 2.8%          
BCP Raptor LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.25% 5.25%, 6/24/2024
    133,404,585   133,332,547
Security Description     Principal
Amount 		  Value
Buckeye Partners, L.P.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25% 2.71%, 11/1/2026
    $24,187,593   $24,044,039
EG America LLC

Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00% 5.00%, 2/7/2025
    19,932,695   19,662,109
EG Group Limited:          
Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 4.00% 4.22%, 2/7/2025
    3,880,223   3,827,549
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25% 5.25%, 3/31/2026
    6,275,630   6,200,322
Oryx Midstream Services Permian Basin LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25% 3.75%, 10/5/2028
    21,383,319   21,238,019
Pacific Gas & Electric Co.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00% 3.50%, 6/23/2025
    83,123,248   82,266,248
          290,570,833
PHARMACEUTICALS — 2.1%          
Amneal Pharmaceuticals LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.50% 3.95%, 5/4/2025
    5,818,777   5,743,133
Bausch Health Companies Inc.

Senior Secured 2022 Term Loan B, 1/27/2027 (b)
    46,863,411   46,486,395
Bausch Health Companies, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.00% 3.46%, 6/2/2025
    70,693   70,661
Catalent Pharma Solutions Inc.

Senior Secured 2021 Term Loan B3, 2/22/2028 (b)
    1,950,263   1,952,700
 
See accompanying notes to schedule of investments.
33
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Elanco Animal Health, Inc.

Senior Secured Term Loan B, 8/1/2027
    $76,049,714   $74,974,371
Grifols Worldwide Operations USA, Inc.

Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00% 2.46%, 11/15/2027
    41,495,144   40,857,157
Jazz Financing Lux S.A.R.L.

Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 5/5/2028
    23,004,660   22,948,644
Padagis LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75% 5.25%, 7/6/2028
    21,485,934   21,365,183
PetVet Care Centers LLC

Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.5% 4.25%, 2/14/2025
    5,102   5,065
          214,403,309
PIPELINES — 1.2%          
CQP Holdco LP

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.76%, 6/5/2028
    31,414,630   31,304,207
Freeport LNG Investments, LLLP

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50% 4.00%, 12/21/2028
    10,098,930   10,039,448
Lucid Energy Group II Borrower LLC

Senior Secured 2021 Term Loan, 11/24/2028
    69,066,351   68,584,613
TransMontaigne Operating Company L.P.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 11/17/2028
    10,062,733   10,014,533
          119,942,801
PROFESSIONAL SERVICES — 0.6%          
Dun & Bradstreet Corp.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.25% 3.70%, 2/6/2026
    11,906,830   11,816,457
Security Description     Principal
Amount 		  Value
KUEHG Corp.

Senior Secured 2018 Incremental Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 2/21/2025
    $26,259,589   $25,910,862
Proofpoint, Inc.

Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25% 3.76%, 8/31/2028
    20,531,747   20,336,387
Trans Union LLC

Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25% 2.75%, 12/1/2028
    7,717,191   7,672,162
          65,735,868
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%          
Bright Bidco B.V.

Senior Secured 2018 Term Loan B, 6 Month USD LIBOR + 3.50% 4.77%, 6/30/2024
    44,681,898   27,053,549
RETAIL-BUILDING PRODUCTS — 1.6%          
Kodiak Building Partners, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.25% 4.00%, 3/12/2028
    3,506,552   3,438,069
LBM Acquisition LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 12/17/2027
    152,384,296   148,956,411
Park River Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.25% 4.00%, 12/28/2027
    8,084,557   7,919,268
Specialty Building Products Holdings LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.25%, 10/15/2028
    8,771,930   8,582,807
          168,896,555
 
See accompanying notes to schedule of investments.
34
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
RETAIL-CATALOG SHOPPING — 0.0% (c)          
Medical Solutions Holdings, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 3.50% 3.50%, 11/1/2028
    $80,000   $79,450
Senior Secured 2021 First Lien Term Loan, 3 Month USD LIBOR + 3.5% 4.51%, 11/1/2028
    2,889,843   2,869,975
          2,949,425
RETAIL-RESTAURANTS — 1.5%          
CT Technologies Intermediate Holdings, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25% 5.00%, 12/16/2025
    39,019,359   38,792,851
Hilton Worldwide Finance LLC

Senior Secured 2019 Term Loan B2, 6/22/2026 (b)
    20,038,164   19,861,928
IRB Holding Corp.:          
Senior Secured 2020 Term Loan B, 6 Month USD LIBOR + 2.75% 3.75%, 2/5/2025
    18,726,030   18,606,089
Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00% 3.75%, 12/15/2027
    68,650,872   68,350,525
Tacala LLC

Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 3.96%, 2/5/2027
    3,538,490   3,496,913
          149,108,306
ROAD & RAIL — 0.2%          
Avis Budget Car Rental, LLC

Senior Secured 2022 Term Loan C, 3/16/2029 (b)
    3,333,333   3,314,583
Genesee & Wyoming, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 2.00% 3.01%, 12/30/2026
    14,458,423   14,320,634
          17,635,217
Security Description     Principal
Amount 		  Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%          
MKS Instruments, Inc.

Senior Secured 2019 Term Loan B6, 2/2/2026 (b)
    $2,457,565   $2,436,676
ON Semiconductor Corp.

Senior Secured 2019 Term Loan B, 9/19/2026 (b)
    14,048,755   14,048,754
Synaptics, Inc.

Senior Secured Term Loan B, 12/2/2028 (b)
    1,500,000   1,496,018
          17,981,448
SOFTWARE — 16.1%          
Applied Systems, Inc.:          
Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 2.00% 5.50%, 9/19/2024
    10,000,000   9,946,900
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 5.50% 6.51%, 9/19/2025
    914,103   911,535
Apttus Corp.

Senior Secured 2021 Term Loan, 5/8/2028
    12,619,512   12,619,512
AthenaHealth Group, Inc.:          
Senior Secured 2022 Delayed Draw Term Loan, 2/15/2029
    12,681,159   12,570,199
Senior Secured 2022 Term Loan B, 2/15/2029
    74,818,841   74,164,176
Banff Merger Sub, Inc.:          
Senior Secured 2021 USD 2nd Lien Term Loan, 2/27/2026
    43,397,611   43,126,376
Senior Secured 2021 USD Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 10/2/2025
    41,777,614   41,586,272
CCC Intelligent Solutions, Inc.

Senior Secured Term Loan B, 3 Month USD LIBOR + 2.25% 3.26%, 9/21/2028
    3,363,493   3,338,687
Cengage Learning, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75% 5.75%, 7/14/2026
    107,632,088   106,906,110
 
See accompanying notes to schedule of investments.
35
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Cloudera, Inc.:          
Senior Secured 2021 Second Lien Term Loan, 1 Month USD LIBOR + 6.00% 6.50%, 10/8/2029
    $25,883,443   $25,559,900
Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.25%, 10/8/2028
    37,715,481   37,314,754
ConnectWise LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 9/29/2028
    12,086,628   12,023,173
Cornerstone OnDemand, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 10/16/2028
    14,524,590   14,406,578
DCert Buyer, Inc.:          
Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 4.00% 4.46%, 10/16/2026
    1,583,874   1,574,743
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00% 7.46%, 2/19/2029
    27,958,508   27,708,000
ECI Macola Max Holdings, LLC

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.75% 4.76%, 11/9/2027
    17,352,476   17,178,952
Ensono, LP

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.00% 4.75%, 5/26/2028
    6,982,456   6,874,822
EP Purchaser LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.51%, 11/6/2028
    2,456,893   2,444,105
Epicor Software Corp.:          
Senior Secured 2020 2nd Lien Term Loan, 1 Month USD LIBOR + 7.75% 8.75%, 7/31/2028
    1,632,899   1,671,680
Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25% 4.00%, 7/30/2027
    38,196,570   37,942,372
Security Description     Principal
Amount 		  Value
Finastra USA, Inc.

Senior Secured USD 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 6/13/2024
    $71,446,385   $70,650,830
Flexera Software LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 3/3/2028
    7,386,649   7,314,112
Genesys Cloud Services Holdings II LLC

Senior Secured 2020 USD Term Loan B4, 12/1/2027
    64,162,194   64,142,304
Help/Systems Holdings, Inc

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.00% 4.75%, 11/19/2026
    58,770,794   58,183,086
Hyland Software, Inc.

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 4.25%, 7/1/2024
    18,708,973   18,638,815
Idera, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 3/2/2028
    59,622,181   58,668,226
I-Logic Technologies Bidco Limited

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 4.00% 4.50%, 2/16/2028
    2,304,316   2,288,830
Imperva, Inc.:          
Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 5.00%, 1/12/2026
    22,386,851   22,154,587
Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 7.75% 8.75%, 1/11/2027
    5,398,559   5,387,762
ION Trading Finance, Ltd.

Senior Secured 2021 USD Term Loan, 1 Month USD LIBOR + 4.75% 5.21%, 4/1/2028
    15,655,871   15,563,109
Ivanti Software, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 12/1/2028
    24,432,836   24,188,507
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25% 5.00%, 12/1/2027
    86,110,453   85,087,891
 
See accompanying notes to schedule of investments.
36
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
MA FinanceCo. LLC

Senior Secured 2020 USD Term Loan B, 3 Month USD LIBOR + 4.25% 5.25%, 6/5/2025
    $10,019,524   $9,952,744
McAfee LLC

Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.00% 4.50%, 3/1/2029
    100,344,037   99,779,601
MeridianLink, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.00% 4.01%, 11/10/2028
    16,166,432   15,883,600
Mitchell International, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50% 7.00%, 10/15/2029
    33,865,339   33,622,017
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.25%, 10/15/2028
    71,466,356   70,422,948
Navicure, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 4.00% 4.46%, 10/22/2026
    492,424   491,809
Polaris Newco LLC

Senior Secured USD Term Loan B, 1 Month USD LIBOR + 4.00% 4.50%, 6/2/2028
    83,394,325   82,904,383
Project Boost Purchaser LLC:          
Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.50% 3.96%, 6/1/2026
    13,839,454   13,718,359
Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 5/30/2026
    6,770,919   6,714,484
Project Leopard Holdings, Inc.:          
Senior Secured 2018 Term Loan, 3 Month USD LIBOR + 4.75% 5.75%, 7/5/2024
    2,234,754   2,224,284
Senior Secured 2019 Term Loan, 3 Month USD LIBOR + 4.75% 5.75%, 7/7/2024
    27,845,259   27,761,724
Security Description     Principal
Amount 		  Value
Project Ruby Ultimate Parent Corp.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25% 4.00%, 3/3/2028
    $7,574,631   $7,510,247
Quest Software, Inc.

Senior Secured 2022 Term Loan, 2/1/2029
    87,804,878   86,618,195
RealPage, Inc.

Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.25% 3.75%, 4/24/2028
    22,197,254   21,975,281
Rocket Software, Inc.:          
Senior Secured 2018 Term Loan, 1 Month USD LIBOR + 4.25% 4.71%, 11/28/2025
    11,011,069   10,890,663
Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 4.25% 4.75%, 11/28/2025
    2,431,376   2,404,023
Sabre GLBL Inc.

Senior Secured 2018 Term Loan B, 2/22/2024 (b)
    62,228   61,335
Sabre GLBL, Inc.:          
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.50% 4.00%, 12/17/2027
    3,898,595   3,862,046
Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 3.50% 4.00%, 12/17/2027
    6,214,594   6,156,332
SolarWinds Holdings, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 2.75% 3.21%, 2/5/2024
    13,139,950   12,983,125
Sophia, L.P.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25% 4.26%, 10/7/2027
    1,965,000   1,949,447
Sovos Compliance LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 5.00%, 8/11/2028
    15,040,517   15,040,592
SS&C Technologies Holdings, Inc. S.A.R.L.

Senior Secured 2018 Term Loan B4, 1 Month USD LIBOR + 1.75% 2.21%, 4/16/2025
    7,925,049   7,816,080
 
See accompanying notes to schedule of investments.
37
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SS&C Technologies Inc.:          
Senior Secured 2022 Term Loan B6, 3/23/2029 (b)
    $18,257,178   $18,112,673
Senior Secured 2022 Term Loan B7, 3/23/2029 (b)
    24,717,411   24,521,772
SS&C Technologies, Inc.

Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75% 2.21%, 4/16/2025
    9,859,508   9,723,940
Ultimate Software Group, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25% 5.75%, 5/3/2027
    3,850,746   3,833,302
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25% 3.75%, 5/4/2026
    2,992,500   2,972,435
Veritas US, Inc.

Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 5.00% 6.00%, 9/1/2025
    59,974,335   56,285,913
Vision Solutions, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25% 8.00%, 4/23/2029
    1,233,333   1,216,221
Senior Secured 2021 Incremental Term Loan, 3 Month USD LIBOR + 4.00% 4.75%, 4/24/2028
    77,410,556   76,733,213
Weld North Education LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75% 4.25%, 12/21/2027
    1,086,559   1,079,496
          1,657,359,189
SPECIALTY RETAIL — 1.3%          
K-Mac Holdings Corp.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 7/21/2028
    1,428,136   1,411,777
Michaels Companies, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25% 5.26%, 4/15/2028
    5,508   5,100
Security Description     Principal
Amount 		  Value
Petco Health and Wellness Company, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25% 4.26%, 3/3/2028
    $23,996,048   $23,805,400
PetSmart, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 2/11/2028
    48,108,691   48,018,487
Pilot Travel Centers LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2% 2.46%, 8/4/2028
    14,878,510   14,698,703
SRS Distribution Inc.

Senior Secured 2022 Incremental Term Loan, 3 Month USD SOFR + 3.50% 4.00%, 6/2/2028
    6,574,621   6,504,766
SRS Distribution, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.00%, 6/2/2028
    37,734,404   37,325,741
          131,769,974
STEEL-PRODUCERS — 0.1%          
Phoenix Services International LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 3.75% 4.75%, 3/1/2025
    8,907,705   8,632,100
TELECOM SERVICES — 0.9%          
SBA Senior Finance II, LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 4/11/2025
    94,874,619   93,879,859
TELECOMMUNICATION EQUIP — 1.4%          
Altice France S.A.

Senior Secured 2018 Term Loan B13, 3 Month USD LIBOR + 4.00% 4.51%, 8/14/2026
    18,581,134   18,263,768
CCI Buyer, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 4.00% 4.75%, 12/17/2027
    62,270,065   61,543,685
 
See accompanying notes to schedule of investments.
38
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Cyxtera DC Holdings, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00% 4.00%, 5/1/2024
    $19,000,039   $18,845,663
Delta Topco, Inc.

Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 12/1/2027
    9,666,511   9,530,165
MLN US HoldCo LLC

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 4.50% 4.74%, 11/30/2025
    34,539,989   33,309,502
          141,492,783
TELEVISION — 0.1%          
Gray Television, Inc.

Senior Secured 2018 Term Loan C, 1 Month USD LIBOR + 2.50% 2.73%, 1/2/2026
    5,068,343   5,037,731
TEXTILES, APPAREL & LUXURY GOODS — 1.3%          
Varsity Brands, Inc.

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.50% 4.50%, 12/15/2024
    139,182,583   133,803,873
TRADING COMPANIES & DISTRIBUTORS — 0.3%          
Foundation Building Materials Holding Co. LLC

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25% 3.75%, 2/3/2028
    17,433,523   17,154,586
Pro Mach Group, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 4.00% 4.00%, 8/31/2028
    (642,459)   (640,451)
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00% 5.00%, 8/31/2028
    14,756,844   14,710,729
          31,224,864
TRANSPORT-AIR FREIGHT — 1.0%          
Kestrel Bidco, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00% 4.00%, 12/11/2026
    109,095,591   105,436,525
Security Description     Principal
Amount 		  Value
TRANSPORT-SERVICES — 0.2%          
LaserShip, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.50% 5.25%, 5/7/2028
    $23,750,638   $23,671,429
WEB HOSTING/DESIGN — 1.1%          
Endure Digital, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50% 4.25%, 2/10/2028
    117,469,183   114,385,617
TOTAL SENIOR FLOATING RATE LOANS

(Cost $9,606,036,058)
        9,429,110,892
U.S. TREASURY OBLIGATIONS — 2.3%          
Treasury Bills:          
0.01%, 9/29/2022
    80,000,000   79,604,560
0.01%, 3/23/2023
    80,000,000   78,773,760
U.S. Treasury Bill 0.50%, 6/30/2022
    75,000,000   74,907,150
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $233,285,596)
        233,285,470
    Shares  
WARRANTS — 0.0% (c)      
HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% (c)      
Carestream Health Holdings (expiring 12/31/49) (d) (e)

(Cost $0)
  372 —
TOTAL WARRANTS

(Cost $0)
    —
    Principal
Amount 		 
CORPORATE BONDS & NOTES — 4.3%      
AIRLINES — 0.6%      
American Airlines, Inc.

11.75%, 7/15/2025 (f)
  $52,030,000 60,773,641
AUTO PARTS & EQUIPMENT — 0.2%      
GC EOS Buyer, Inc.

9.25%, 8/1/2025 (f)
  21,000,000 21,943,950
 
See accompanying notes to schedule of investments.
39
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
COMMERCIAL SERVICES — 0.6%          
Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.00%, 6/1/2029 (f)
    $2,817,000   $2,487,467
Prime Security Services Borrower LLC/Prime Finance, Inc.

6.25%, 1/15/2028 (f)
    13,235,000   12,961,830
Team Health Holdings, Inc.

6.38%, 2/1/2025 (f)
    53,084,000   47,763,391
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (f)
    3,400,000   3,417,850
          66,630,538
DIVERSIFIED FINANCIAL SERVICES — 0.1%          
NFP Corp.

6.88%, 8/15/2028 (f)
    10,484,000   10,010,857
ENTERTAINMENT — 1.1%          
AMC Entertainment Holdings, Inc.

10.00%, 6/15/2026 (f)
    68,513,000   61,471,919
Cinemark USA, Inc.:          
5.25%, 7/15/2028 (f)
    29,000,000   27,092,670
5.88%, 3/15/2026 (f)
    27,974,000   27,164,153
          115,728,742
HEALTH CARE SERVICES — 0.1%          
US Acute Care Solutions LLC

6.38%, 3/1/2026 (f)
    9,557,000   9,449,484
INTERNET — 0.2%          
Endurance International Group Holdings, Inc.

6.00%, 2/15/2029 (f)
    21,000,000   18,101,580
MEDIA — 0.3%          
Altice Financing SA

5.75%, 8/15/2029 (f)
    12,274,000   11,164,430
Audacy Capital Corp.

6.75%, 3/31/2029 (f)
    2,500,000   2,334,600
DISH DBS Corp.:          
5.13%, 6/1/2029
    9,533,000   8,115,920
7.38%, 7/1/2028
    6,500,000   6,167,590
LCPR Senior Secured Financing DAC

6.75%, 10/15/2027 (f)
    4,822,000   4,948,915
          32,731,455
RETAIL — 0.6%          
eG Global Finance PLC

6.75%, 2/7/2025 (f)
    25,937,000   25,794,865
Security Description     Principal
Amount 		  Value
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.

6.75%, 1/15/2030 (f)
    $12,161,000   $11,190,187
Foundation Building Materials, Inc.

6.00%, 3/1/2029 (f)
    12,692,000   11,473,568
PetSmart, Inc./PetSmart Finance Corp.

7.75%, 2/15/2029 (f)
    10,248,000   10,582,905
          59,041,525
SOFTWARE — 0.2%          
Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/2025 (f)
    19,444,000   18,452,550
TELECOMMUNICATIONS — 0.3%          
Altice France Holding SA

6.00%, 2/15/2028 (f)
    6,598,000   5,690,841
Altice France SA

5.50%, 1/15/2028 (f)
    2,500,000   2,313,350
CommScope Technologies LLC

6.00%, 6/15/2025 (f)
    7,000,000   6,627,460
CommScope, Inc.

7.13%, 7/1/2028 (f)
    12,325,000   11,133,789
          25,765,440
TOTAL CORPORATE BONDS & NOTES

(Cost $464,921,366)
        438,629,762
    Shares  
SHORT-TERM INVESTMENT — 13.8%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (g) (h)

(Cost $1,416,998,176)
  1,416,998,176 1,416,998,176
TOTAL INVESTMENTS — 112.2%

(Cost $11,721,241,196)
    11,518,024,300
LIABILITIES IN EXCESS OF OTHER ASSETS — (12.2)%
    (1,254,142,975)
NET ASSETS — 100.0%
    $10,263,881,325
(a) The rate shown represents the rate at March 31, 2022.
(b) Position is unsettled. Contract rate was not determined at March 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(c) Amount is less than 0.05% of net assets.
 
See accompanying notes to schedule of investments.
40
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(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 March 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(e) Non-income producing security.
(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.1% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2022.
LIBOR London Interbank Offered Rate
LP Limited Partnership
PIK Payment in Kind
SOFR Secured Overnight Financing Rate
 
At March 31, 2022, the Fund had unfunded loan commitments of $19,242,893, which could be extended at the option of the borrowers, pursuant to the following loan agreements:
Borrower   Unfunded Loan
Commitment ($) 		  Value ($)   Unrealized
Appreciation/(Depreciation) ($)
Hillman Group Inc. (The)
  99,556   97,917   (1,639)
VT Topco, Inc.
  627,385   619,154   (8,231)
Sovos Compliance LLC
  2,603,868   2,603,881   13
Medical Solutions Holdings, Inc.
  470,446   467,212   (3,234)
Pro Mach Group, Inc.
  1,658,154   1,652,972   (5,182)
AthenaHealth Group, Inc.
  12,681,159   12,570,199   (110,960)
Pediatric Associates Holding Company LLC
  971,890   961,564   (10,326)
DiversiTech Holdings, Inc.
  130,435   128,906   (1,529)
    $19,242,893   $19,101,805   $(141,088)
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $—   $438,629,762   $—   $438,629,762
U.S. Treasury Obligations
  158,378,320   74,907,150   —   233,285,470
Senior Floating Rate Loans
  —   9,416,540,692   —   9,416,540,692
Warrants
  —   —   0(a)   0
Short-Term Investment
  1,416,998,176   —   —   1,416,998,176
TOTAL INVESTMENTS
  $1,575,376,496   $9,930,077,604   $0   $11,505,454,100
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Unfunded Loans(b)
  —   (141,088)   —   (141,088)
(a) Fund held a Level 3 security that was valued at $0 at March 31, 2022.
(b) Unfunded loan commitments are valued at unrealized appreciation (depreciation).
See accompanying notes to schedule of investments.
41
Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
1,121,627,625   $1,121,627,625   $4,213,312,709   $3,917,942,158   $—   $—   1,416,998,176   $1,416,998,176   $315,944
See accompanying notes to schedule of investments.
42
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 57.4%          
AEROSPACE & DEFENSE — 1.8%   
Boeing Co.:          
1.17%, 2/4/2023
    $665,000   $657,392
1.43%, 2/4/2024
    1,000,000   967,490
4.51%, 5/1/2023
    4,000,000   4,068,360
L3Harris Technologies, Inc.

3 Month USD LIBOR + 0.75%, 1.45%, 3/10/2023 (a)
    1,500,000   1,504,740
          7,197,982
AGRICULTURE — 1.1%   
BAT Capital Corp.

3 Month USD LIBOR + 0.88%, 1.39%, 8/15/2022 (a)
    2,000,000   2,002,060
Imperial Brands Finance PLC

3.50%, 2/11/2023 (b)
    2,500,000   2,511,950
          4,514,010
AUTO MANUFACTURERS — 3.9%   
American Honda Finance Corp.:          
Series MTN, 3 Month USD LIBOR + 0.37%, 0.74%, 5/10/2023 (a)
    1,900,000   1,901,786
Series MTN, 3 Month USD LIBOR + 0.47%, 0.93%, 11/16/2022 (a)
    1,200,000   1,201,860
Daimler Trucks Finance North America LLC:          
3 Month USD LIBOR + 0.75%, 1.02%, 12/13/2024 (a) (b)
    1,500,000   1,487,445
SOFR + 0.60%, 0.87%, 12/14/2023 (a) (b)
    1,500,000   1,496,115
Ford Motor Credit Co. LLC

2.30%, 2/10/2025
    1,680,000   1,595,546
General Motors Financial Co., Inc.

3 Month USD LIBOR + 1.31%, 2.31%, 6/30/2022 (a)
    2,500,000   2,504,675
Hyundai Capital America

0.80%, 1/8/2024 (b)
    1,500,000   1,435,995
Nissan Motor Acceptance Co. LLC:          
3 Month USD LIBOR + 0.64%, 1.25%, 3/8/2024 (a) (b)
    1,000,000   996,760
3 Month USD LIBOR + 0.65%, 0.89%, 7/13/2022 (a) (b)
    1,000,000   1,000,050
Toyota Motor Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.48%, 1.09%, 9/8/2022 (a)
    2,000,000   2,001,640
          15,621,872
Security Description     Principal
Amount 		  Value
BANKS — 18.7%   
Bank of America Corp.

Series MTN, SOFR + 0.73%, 0.88%, 10/24/2024 (a)
    $1,000,000   $997,760
Bank of Montreal

SOFR + 0.35%, 0.59%, 12/8/2023 (a)
    1,755,000   1,742,575
Barclays Bank PLC

1.70%, 5/12/2022
    985,000   985,443
Citigroup, Inc.:          
 3 Month USD LIBOR + 1.43%, 1.95%, 9/1/2023 (a)
    1,250,000   1,253,950
Series _, 3 Month USD LIBOR + 0.96%, 1.22%, 4/25/2022 (a)
    1,250,000   1,250,087
Cooperatieve Rabobank UA

3 Month USD LIBOR + 0.48%, 0.71%, 1/10/2023 (a)
    250,000   250,325
Credit Suisse Group AG

3 Month USD LIBOR + 1.20%, 2.00%, 12/14/2023 (a) (b)
    1,000,000   1,005,720
Goldman Sachs Group, Inc.:          
3 Month USD LIBOR + 0.75%, 1.21%, 2/23/2023 (a)
    5,000,000   5,007,750
SOFR + 0.50%, 0.62%, 10/21/2024 (a)
    1,500,000   1,474,170
SOFR + 0.58%, 0.82%, 3/8/2024 (a)
    2,000,000   1,973,200
GSK Consumer Healthcare Capital US LLC

1.18%, 3/24/2024
    750,000   751,177
HSBC Holdings PLC:          
1.67%, 3/10/2026
    3,000,000   3,007,170
4.25%, 3/14/2024
    2,500,000   2,537,400
Series ., SOFR + 0.60%, 0.78%, 11/22/2024 (a)
    1,250,000   1,238,612
JPMorgan Chase & Co.:          
3 Month USD LIBOR + 0.73%, 0.99%, 4/23/2024 (a)
    1,000,000   1,002,320
3 Month USD LIBOR + 1.23%, 1.49%, 10/24/2023 (a)
    1,500,000   1,506,720
Lloyds Banking Group PLC

1 year CMT + 1.10%, 1.33%, 6/15/2023 (a)
    1,295,000   1,291,957
Macquarie Group, Ltd.

SOFR + 0.71%, 0.83%, 10/14/2025 (a) (b)
    2,000,000   1,992,980
Mitsubishi UFJ Financial Group, Inc.

3 Month USD LIBOR + 0.79%, 1.05%, 7/25/2022 (a)
    3,000,000   3,004,470
 
See accompanying notes to schedule of investments.
43
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Mizuho Financial Group, Inc.

3 Month USD LIBOR + 0.88%, 1.63%, 9/11/2022 (a)
    $3,000,000   $3,008,070
Morgan Stanley:          
Series GMTN, 3 Month USD LIBOR + 1.22%, 1.56%, 5/8/2024 (a)
    1,682,000   1,693,404
Series GMTN, SOFR + 0.51%, 0.79%, 1/22/2025 (a)
    1,500,000   1,440,090
Series MTN, 3 Month USD LIBOR + 1.40%, 1.66%, 10/24/2023 (a)
    2,000,000   2,010,300
National Australia Bank, Ltd.

1.39%, 1/12/2025 (b)
    2,500,000   2,392,150
NatWest Markets PLC

SOFR + 0.53%, 0.72%, 8/12/2024 (a) (b)
    2,125,000   2,115,799
Royal Bank of Canada:          
Series GMTN, 3 Month USD LIBOR + 0.36%, 0.60%, 1/17/2023 (a)
    3,000,000   3,002,160
Series GMTN, SOFR + 0.40%, 0.57%, 8/5/2022 (a)
    3,000,000   3,001,650
Series GMTN, SOFR + 0.53%, 0.65%, 1/20/2026 (a)
    500,000   493,780
Standard Chartered PLC

SOFR + 1.25%, 1.37%, 10/14/2023 (a) (b)
    2,000,000   2,007,180
Sumitomo Mitsui Financial Group, Inc.:          
3 Month USD LIBOR + 0.74%, 0.98%, 10/18/2022 (a)
    2,400,000   2,404,680
3 Month USD LIBOR + 0.80%, 1.04%, 10/16/2023 (a)
    1,000,000   1,003,360
3 Month USD LIBOR + 0.86%, 1.11%, 7/19/2023 (a)
    3,500,000   3,516,100
Sumitomo Mitsui Trust Bank, Ltd.:          
0.80%, 9/16/2024 (b)
    2,500,000   2,359,750
SOFR + 0.44%, 0.70%, 9/16/2024 (a) (b)
    1,500,000   1,492,680
Toronto-Dominion Bank:          
1.15%, 3/8/2024
    2,000,000   2,008,740
Series MTN, SOFR + 0.35%, 0.60%, 9/10/2024 (a)
    1,515,000   1,500,320
Truist Bank

SOFR + 0.20%, 0.32%, 1/17/2024 (a)
    2,000,000   1,992,340
UBS Group AG

3 Month USD LIBOR + 0.95%, 1.46%, 8/15/2023 (a) (b)
    2,000,000   2,003,700
Security Description     Principal
Amount 		  Value
Wells Fargo & Co.

3 Month USD LIBOR + 1.23%, 1.53%, 10/31/2023 (a)
    $1,500,000   $1,506,885
Westpac Banking Corp.

3 Month USD LIBOR + 0.39%, 0.63%, 1/13/2023 (a)
    2,000,000   2,001,220
          75,228,144
CHEMICALS — 0.4%   
DuPont de Nemours, Inc.

3 Month USD LIBOR + 1.11%, 1.62%, 11/15/2023 (a)
    1,460,000   1,473,724
COMPUTERS — 0.4%   
Leidos, Inc.

2.95%, 5/15/2023
    1,435,000   1,438,573
DIVERSIFIED FINANCIAL SERVICES — 1.9%   
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:          
SOFR + 0.68%, 0.95%, 9/29/2023 (a)
    1,000,000   990,110
Series 3NC1, 1.75%, 10/29/2024
    1,000,000   943,270
Blackstone Holdings Finance Co. LLC

4.75%, 2/15/2023 (b)
    3,000,000   3,064,050
Magallanes, Inc.

3.53%, 3/15/2024
    2,500,000   2,499,150
          7,496,580
ELECTRIC — 6.3%   
Alliant Energy Finance LLC

3.75%, 6/15/2023 (b)
    1,000,000   1,010,960
American Electric Power Co., Inc.

2.03%, 3/15/2024
    1,135,000   1,115,319
Black Hills Corp.

1.04%, 8/23/2024
    1,000,000   954,770
CenterPoint Energy, Inc.

SOFR + 0.65%, 0.84%, 5/13/2024 (a)
    1,500,000   1,487,790
Duke Energy Corp.

SOFR + 0.25%, 0.50%, 6/10/2023 (a)
    2,000,000   1,992,900
National Rural Utilities Cooperative Finance Corp.

Series D, SOFR + 0.33%, 0.45%, 10/18/2024 (a)
    2,500,000   2,483,500
NextEra Energy Capital Holdings, Inc.:          
1.31%, 3/21/2024
    3,500,000   3,501,715
SOFR + 0.40%, 0.56%, 11/3/2023 (a)
    1,500,000   1,494,030
SOFR + 0.54%, 0.76%, 3/1/2023 (a)
    1,500,000   1,497,735
 
See accompanying notes to schedule of investments.
44
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Pacific Gas & Electric Co.:          
1.37%, 3/10/2023
    $1,745,000   $1,714,009
1.75%, 6/16/2022
    770,000   769,045
3 Month USD LIBOR + 1.48%, 2.36%, 6/16/2022 (a)
    1,500,000   1,498,905
Pacific Gas and Electric Co.

SOFR + 1.15%, 1.34%, 11/14/2022 (a)
    1,850,000   1,846,652
Southern California Edison Co.

Series J, 0.70%, 8/1/2023
    3,850,000   3,752,133
          25,119,463
ENTERTAINMENT — 0.6%   
Magallanes, Inc.

2.03%, 3/15/2024
    2,500,000   2,522,125
GAS — 2.1%   
Atmos Energy Corp.

3 Month USD LIBOR + 0.38%, 1.02%, 3/9/2023 (a)
    3,125,000   3,120,906
CenterPoint Energy Resources Corp.

3 Month USD LIBOR + 0.50%, 1.00%, 3/2/2023 (a)
    3,450,000   3,447,620
ONE Gas, Inc.

3 Month USD LIBOR + 0.61%, 1.36%, 3/11/2023 (a)
    2,000,000   2,001,080
          8,569,606
HEALTH CARE PRODUCTS — 1.9%   
PerkinElmer, Inc.

0.85%, 9/15/2024
    1,000,000   949,240
Thermo Fisher Scientific, Inc.:          
SOFR + 0.35%, 0.47%, 4/18/2023 (a)
    3,000,000   2,996,460
SOFR + 0.40%, 0.51%, 10/18/2023 (a)
    2,500,000   2,488,900
SOFR + 0.53%, 0.65%, 10/18/2024 (a)
    1,135,000   1,132,889
          7,567,489
HEALTH CARE SERVICES — 0.5%   
Centene Corp.

4.25%, 12/15/2027
    2,000,000   2,007,700
INSURANCE — 3.0%   
Allstate Corp.

3 Month USD LIBOR + 0.63%, 1.61%, 3/29/2023 (a)
    1,500,000   1,502,430
Athene Global Funding

SOFR + 0.70%, 0.91%, 5/24/2024 (a) (b)
    2,000,000   1,974,640
Jackson National Life Global Funding

SOFR + 0.60%, 0.70%, 1/6/2023 (a) (b)
    2,398,000   2,400,494
MET Tower Global Funding

SOFR + 0.55%, 0.67%, 1/17/2023 (a) (b)
    1,500,000   1,500,075
Security Description     Principal
Amount 		  Value
Metropolitan Life Global Funding I

SOFR + 0.57%, 0.68%, 1/13/2023 (a) (b)
    $3,000,000   $3,000,480
Pricoa Global Funding I

2.40%, 9/23/2024 (b)
    1,500,000   1,478,580
          11,856,699
INVESTMENT COMPANY SECURITY — 0.2%   
Blackstone Private Credit Fund

2.35%, 11/22/2024 (b)
    1,000,000   947,840
LEISURE TIME — 0.5%   
Brunswick Corp.

0.85%, 8/18/2024
    2,000,000   1,891,000
LODGING — 0.6%   
Hyatt Hotels Corp.

1.30%, 10/1/2023
    2,530,000   2,466,168
MACHINERY, CONSTRUCTION & MINING — 0.7%   
Caterpillar Financial Services Corp.

Series MTN, 3 Month USD LIBOR + 0.59%, 1.17%, 6/6/2022 (a)
    2,872,000   2,873,321
MACHINERY-DIVERSIFIED — 1.2%   
John Deere Capital Corp.:          
Series MTN, 3 Month USD LIBOR + 0.48%, 1.09%, 9/8/2022 (a)
    1,395,000   1,396,214
Series MTN, SOFR + 0.20%, 0.30%, 10/11/2024 (a)
    2,500,000   2,489,825
Rockwell Automation, Inc.

0.35%, 8/15/2023
    1,000,000   973,020
          4,859,059
MISCELLANEOUS MANUFACTURER — 0.4%   
Carlisle Cos., Inc.

0.55%, 9/1/2023
    575,000   558,221
Siemens Financieringsmaatschappij NV

SOFR + 0.43%, 0.68%, 3/11/2024 (a) (b)
    1,000,000   999,020
          1,557,241
OIL & GAS — 2.8%   
BP Capital Markets America, Inc.

3 Month USD LIBOR + 0.65%, 1.58%, 9/19/2022 (a)
    1,750,000   1,749,807
BP Capital Markets PLC

3.99%, 9/26/2023
    2,268,000   2,312,793
Chevron Corp.

1.14%, 5/11/2023
    285,000   282,045
Chevron USA, Inc.

3.90%, 11/15/2024
    2,500,000   2,576,725
 
See accompanying notes to schedule of investments.
45
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
ConocoPhillips Co.

3 Month USD LIBOR + 0.90%, 1.41%, 5/15/2022 (a)
    $2,100,000   $2,097,585
Continental Resources, Inc.

2.27%, 11/15/2026 (b)
    1,250,000   1,169,638
Shell International Finance B.V.

3 Month USD LIBOR + 0.40%, 0.79%, 11/13/2023 (a)
    1,000,000   1,002,300
          11,190,893
PACKAGING & CONTAINERS — 0.9%   
Berry Global, Inc.

0.95%, 2/15/2024
    1,000,000   955,390
Graphic Packaging International LLC

0.82%, 4/15/2024 (b)
    1,000,000   951,080
Sonoco Products Co.

1.80%, 2/1/2025
    1,970,000   1,890,235
          3,796,705
PHARMACEUTICALS — 2.9%   
AbbVie, Inc.

3 Month USD LIBOR + 0.65%, 1.13%, 11/21/2022 (a)
    1,415,000   1,417,278
Astrazeneca Finance LLC

0.70%, 5/28/2024
    3,000,000   2,877,600
AstraZeneca PLC

3 Month USD LIBOR + 0.62%, 1.32%, 6/10/2022 (a)
    690,000   690,145
Bayer US Finance II LLC

3 Month USD LIBOR + 1.01%, 1.84%, 12/15/2023 (a) (b)
    1,500,000   1,511,115
Bristol-Myers Squibb Co.:          
0.54%, 11/13/2023
    1,640,000   1,594,802
3 Month USD LIBOR + 0.38%, 0.84%, 5/16/2022 (a)
    2,000,000   2,000,280
Cigna Corp.

3 Month USD LIBOR + 0.89%, 1.13%, 7/15/2023 (a)
    1,500,000   1,510,365
          11,601,585
PIPELINES — 1.5%   
Enbridge, Inc.

0.55%, 10/4/2023
    1,000,000   969,140
Southern Natural Gas Co. LLC

0.63%, 4/28/2023 (b)
    2,145,000   2,099,998
TransCanada PipeLines, Ltd.

1.00%, 10/12/2024
    3,035,000   2,885,739
          5,954,877
RETAIL — 0.6%   
7-Eleven, Inc.

0.80%, 2/10/2024 (b)
    2,000,000   1,921,380
Security Description     Principal
Amount 		  Value
Genuine Parts Co.

1.75%, 2/1/2025
    $660,000   $631,052
          2,552,432
TELECOMMUNICATIONS — 2.0%   
AT&T, Inc.:          
0.90%, 3/25/2024
    1,500,000   1,453,710
1.70%, 3/25/2026
    1,000,000   948,680
SOFR + 0.64%, 0.91%, 3/25/2024 (a)
    1,500,000   1,500,450
Verizon Communications, Inc.:          
3 Month USD LIBOR + 1.10%, 1.61%, 5/15/2025 (a)
    1,500,000   1,519,320
SOFR + 0.50%, 0.77%, 3/22/2024 (a)
    2,500,000   2,495,800
          7,917,960
TRANSPORTATION — 0.5%   
Canadian Pacific Railway Co.

1.35%, 12/2/2024
    1,895,000   1,820,356
United Parcel Service, Inc.

3 Month USD LIBOR + 0.45%, 1.42%, 4/1/2023 (a)
    200,000   200,354
          2,020,710
TOTAL CORPORATE BONDS & NOTES

(Cost $233,095,889)
        230,243,758
ASSET-BACKED SECURITIES — 4.5%          
AUTOMOBILE — 0.2%          
Enterprise Fleet Financing LLC

Series 2019-3, Class A2, 2.06%, 5/20/2025 (b)
    657,318   657,569
CREDIT CARD — 4.3%          
American Express Credit Account Master Trust

Series 2017-5, Class A, 1 Month USD LIBOR + 0.38%, 0.78%, 2/18/2025 (a)
    1,000,000   1,000,627
Discover Card Execution Note Trust

Series 2017-A7, Class A7, 1 Month USD LIBOR + 0.36%, 0.76%, 4/15/2025 (a)
    1,500,000   1,501,351
Golden Credit Card Trust

Series 2017-4A, Class A, 1 Month USD LIBOR + 0.52%, 0.92%, 7/15/2024 (a) (b)
    7,800,000   7,803,657
 
See accompanying notes to schedule of investments.
46
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Master Credit Card Trust II

Series 2018-1A, Class A, 1 Month USD LIBOR + 0.49%, 0.94%, 7/21/2024 (a) (b)
    $7,000,000   $7,009,100
          17,314,735
TOTAL ASSET-BACKED SECURITIES

(Cost $18,051,586)
        17,972,304
U.S. TREASURY OBLIGATIONS — 28.3%          
U.S. Treasury Bill:          
Zero Coupon, 5/3/2022 (c)
    25,000,000   24,997,056
0.16%, 4/19/2022
    60,000,000   59,995,837
U.S. Treasury Notes 0.25%, 9/30/2023
    29,573,200   28,754,161
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $114,462,435)
        113,747,054
MORTGAGE-BACKED SECURITIES — 2.9%          
BHMS Series 2018-ATLS, Class A, 1 Month USD LIBOR + 1.25%, 1.65%, 7/15/2035 (a) (b)
    2,870,000   2,839,786
BX Commercial Mortgage Trust:          
Series 2018-BIOA, Class A, 1 Month USD LIBOR + 0.67%, 1.07%, 3/15/2037 (a) (b)
    3,009,941   2,981,232
Series 2019-XL, Class A, 1 Month USD LIBOR + 0.92%, 1.32%, 10/15/2036 (a) (b)
    1,585,051   1,577,242
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class A, 1 Month USD LIBOR + 0.98%, 1.38%, 5/15/2036 (a) (b)
    4,350,000   4,319,459
TOTAL MORTGAGE-BACKED SECURITIES

(Cost $11,808,652)
        11,717,719
COMMERCIAL MORTGAGE BACKED SECURITIES — 6.0%          
BX 2021-LBA3 Mortgage Trust:          
Series 2021-PAC, Class A, 1 Month USD LIBOR + 0.70%, 1.09%, 10/15/2036 (a) (b)
    2,750,000   2,690,078
Series 2021-PAC, Class B, 1 Month USD LIBOR + 0.90%, 1.30%, 10/15/2036 (a) (b)
    2,500,000   2,413,800
Security Description     Principal
Amount 		  Value
BX Commercial Mortgage Trust 2021-VINO Series 2021-VINO, Class A, 1 Month USD LIBOR + 0.65%, 1.05%, 5/15/2038 (a) (b)
    $4,365,000   $4,256,895
BX Commercial Mortgage Trust 2021-VOLT Series 2021-VOLT, Class A, 1 Month USD LIBOR + 0.70%, 1.10%, 9/15/2036 (a) (b)
    7,000,000   6,818,891
BX Trust Series 2021-LBA, Class AJV, 1 Month USD LIBOR + 0.80%, 1.20%, 2/15/2036 (a) (b)
    3,000,000   2,936,043
Cold Storage Trust Series 2020-ICE5, Class B, 1 Month USD LIBOR + 1.30%, 1.70%, 11/15/2037 (a) (b)
    4,914,953   4,842,528
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES

(Cost $24,466,822)
        23,958,235
    Shares  
SHORT-TERM INVESTMENT — 11.2%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (d) (e)

(Cost $45,033,893)
45,033,893 45,033,893
TOTAL INVESTMENTS — 110.3%

(Cost $446,919,277)
442,672,963
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.3)%
(41,300,932)
NET ASSETS — 100.0%
$401,372,031
(a) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 24.8% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) When-issued security.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2022.
    
 
See accompanying notes to schedule of investments.
47
Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
CMT Constant Maturity Treasury
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
2 Yr. U.S. Treasury Notes Futures (long)   (262)   06/30/2022   $(56,198,679)   $(55,523,531)   $675,148
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $—   $230,243,758   $—   $230,243,758
Asset-Backed Securities
  —   17,972,304   —   17,972,304
U.S. Treasury Obligations
  —   113,747,054   —   113,747,054
Mortgage-Backed Securities
  —   11,717,719   —   11,717,719
Commercial Mortgage Backed Securities
  —   23,958,235   —   23,958,235
Short-Term Investment
  45,033,893   —   —   45,033,893
TOTAL INVESTMENTS
  $45,033,893   $397,639,070   $—   $442,672,963
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
  675,148   —   —   675,148
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
 
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
62,702,468   $62,702,468   $411,605,599   $429,274,174   $—   $—   45,033,893   $45,033,893   $16,320
See accompanying notes to schedule of investments.
48
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 14.2%          
ARGENTINA — 0.1%          
AES Argentina Generacion SA Series REGS,

7.75%, 2/2/2024
    $500,000   $419,735
Banco Macro SA:          
USD 5 Year Swap Rate + 5.46%, 6.64%, 11/4/2026 (a) (b)
    300,000   247,662
Series REGS, USD 5 Year Swap Rate + 5.46%, 6.64%, 11/4/2026 (b)
    1,000,000   825,540
Pampa Energia SA:          
Series REGS, 7.50%, 1/24/2027
    250,000   217,380
Series REGS, 9.13%, 4/15/2029
    150,000   133,127
          1,843,444
AUSTRALIA — 0.2%          
Glencore Funding LLC:          
1.63%, 4/27/2026 (a)
    1,215,000   1,123,377
3.38%, 9/23/2051 (a)
    865,000   726,634
Macquarie Group, Ltd. SOFR + 1.53%,

2.87%, 1/14/2033 (a) (b)
    2,100,000   1,862,931
Westpac Banking Corp. 5 year CMT + 1.53%,

3.02%, 11/18/2036 (b)
    1,945,000   1,723,873
          5,436,815
BELGIUM — 0.1%          
Anheuser-Busch InBev Worldwide, Inc.

5.55%, 1/23/2049
    1,515,000   1,839,771
BERMUDA — 0.1%          
Triton Container International, Ltd./TAL International Container Corp.

3.25%, 3/15/2032
    1,850,000   1,703,480
BRAZIL — 0.1%          
Itau Unibanco Holding SA Series REGS, 5 Year CMT + 3.98%,

6.13%, 12/12/2022 (b)
    200,000   199,462
MC Brazil Downstream Trading SARL

7.25%, 6/30/2031
    200,000   184,040
Movida Europe SA

5.25%, 2/8/2031
    200,000   179,400
Petrobras Global Finance B.V.:          
5.50%, 6/10/2051
    1,300,000   1,118,000
6.75%, 6/3/2050
    1,000,000   973,390
Security Description     Principal
Amount 		  Value
Simpar Europe SA

5.20%, 1/26/2031
    $200,000   $179,500
          2,833,792
CANADA — 0.3%          
Bank of Montreal 5 year CMT + 1.40%,

3.09%, 1/10/2037 (b)
    1,685,000   1,535,911
Bombardier, Inc.

7.88%, 4/15/2027 (a)
    365,000   357,470
Garda World Security Corp.:          
4.63%, 2/15/2027 (a)
    615,000   589,115
6.00%, 6/1/2029 (a)
    480,000   431,736
GFL Environmental, Inc.

4.00%, 8/1/2028 (a)
    585,000   538,007
Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC

6.00%, 9/15/2028 (a)
    225,000   222,530
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.:          
5.00%, 12/31/2026 (a)
    975,000   899,125
7.00%, 12/31/2027 (a)
    525,000   422,567
Mattamy Group Corp.

4.63%, 3/1/2030 (a)
    395,000   370,921
MEG Energy Corp.:          
5.88%, 2/1/2029 (a)
    95,000   96,309
7.13%, 2/1/2027 (a)
    460,000   481,891
Parkland Corp.:          
4.50%, 10/1/2029 (a)
    435,000   403,349
4.63%, 5/1/2030 (a)
    300,000   278,850
Primo Water Holdings, Inc.

4.38%, 4/30/2029 (a)
    325,000   294,483
Superior Plus L.P./Superior General Partner, Inc.

4.50%, 3/15/2029 (a)
    615,000   577,036
Telesat Canada/Telesat LLC:          
4.88%, 6/1/2027 (a)
    255,000   186,196
6.50%, 10/15/2027 (a)
    260,000   127,520
Tervita Corp.

11.00%, 12/1/2025 (a)
    237,000   268,590
Titan Acquisition, Ltd./Titan Co-Borrower LLC

7.75%, 4/15/2026 (a)
    320,000   318,246
          8,399,852
CAYMAN ISLANDS — 0.0% (c)          
Global Aircraft Leasing Co., Ltd. PIK,

6.50%, 9/15/2024 (a)
    563,752   512,597
CHILE — 0.2%          
CAP SA

3.90%, 4/27/2031 (a)
    1,350,000   1,219,361
 
See accompanying notes to schedule of investments.
49
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Chile Electricity PEC SpA

Zero Coupon, 1/25/2028 (a)
    $500,000   $377,100
Empresa Electrica Cochrane SpA Series REGS,

5.50%, 5/14/2027
    633,920   609,495
Guacolda Energia SA Series REGS,

4.56%, 4/30/2025
    1,900,000   639,217
Mercury Chile Holdco LLC

6.50%, 1/24/2027 (a)
    800,000   765,888
Telefonica Moviles Chile SA

3.54%, 11/18/2031 (a)
    150,000   139,914
          3,750,975
CHINA — 0.1%          
NXP B.V./NXP Funding LLC/NXP USA, Inc.

3.88%, 6/18/2026 (a)
    1,320,000   1,325,623
COLOMBIA — 0.3%          
AI Candelaria Spain SLU

5.75%, 6/15/2033 (a)
    900,000   772,677
Banco Davivienda SA VRN, 10 Year CMT + 5.10%,

6.65%, 4/22/2031 (a) (b)
    600,000   552,690
Ecopetrol SA:          
4.63%, 11/2/2031
    400,000   362,040
5.88%, 5/28/2045
    200,000   175,054
5.88%, 11/2/2051
    2,050,000   1,746,764
Empresas Publicas de Medellin ESP:          
Series REGS, 4.25%, 7/18/2029
    1,400,000   1,245,412
Series REGS, 4.38%, 2/15/2031
    1,000,000   861,460
Gran Tierra Energy International Holdings, Ltd. Series REGS,

6.25%, 2/15/2025
    1,800,000   1,667,790
Grupo Aval, Ltd.

4.38%, 2/4/2030 (a)
    300,000   260,022
Millicom International Cellular SA Series REGS,

5.13%, 1/15/2028
    180,000   179,465
Oleoducto Central SA Series REGS,

4.00%, 7/14/2027
    500,000   471,155
          8,294,529
FRANCE — 0.1%          
Altice France SA:          
5.13%, 7/15/2029 (a)
    680,000   609,178
5.50%, 10/15/2029 (a)
    460,000   413,186
Security Description     Principal
Amount 		  Value
TotalEnergies Capital International SA

3.39%, 6/29/2060
    $1,350,000   $1,248,912
          2,271,276
GERMANY — 0.0% (c)          
TK Elevator US Newco, Inc.

5.25%, 7/15/2027 (a)
    700,000   694,687
HONG KONG — 0.0% (c)          
Seaspan Corp.

5.50%, 8/1/2029 (a)
    325,000   305,812
INDIA — 0.3%          
Adani International Container Terminal Pvt, Ltd. Series REGS,

3.00%, 2/16/2031
    768,000   685,778
Adani Ports & Special Economic Zone, Ltd.:          
4.00%, 7/30/2027
    600,000   582,587
Series REGS, 4.38%, 7/3/2029
    400,000   384,856
JSW Hydro Energy, Ltd.

4.13%, 5/18/2031 (a)
    386,000   362,141
Reliance Industries, Ltd.

2.88%, 1/12/2032
    800,000   735,000
UPL Corp., Ltd.

4.50%, 3/8/2028
    1,300,000   1,233,163
Vedanta Resources Finance II PLC

9.25%, 4/23/2026 (a)
    1,400,000   1,213,870
Vedanta Resources, Ltd. Series REGS,

6.13%, 8/9/2024
    1,400,000   1,210,776
          6,408,171
INDONESIA — 0.1%          
Minejesa Capital B.V.:          
Series REGS, 4.63%, 8/10/2030
    1,200,000   1,138,368
Series REGS, 5.63%, 8/10/2037
    2,200,000   2,003,122
          3,141,490
IRELAND — 0.1%          
Avolon Holdings Funding, Ltd.:          
2.13%, 2/21/2026 (a)
    1,225,000   1,114,885
3.25%, 2/15/2027 (a)
    685,000   644,735
          1,759,620
JAMAICA — 0.0% (c)          
Digicel Group Holdings, Ltd.:          
PIK, 7.00%, 12/31/2099 (a)
    580,750   461,696
PIK, 8.00%, 4/1/2025 (a)
    847,846   753,142
          1,214,838
 
See accompanying notes to schedule of investments.
50
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
KUWAIT — 0.0% (c)          
Equate Petrochemical B.V. Series REGS,

2.63%, 4/28/2028
    $900,000   $833,625
LUXEMBOURG — 0.0% (c)          
Altice Financing SA

5.00%, 1/15/2028 (a)
    240,000   215,446
Altice France Holding SA

6.00%, 2/15/2028 (a)
    430,000   370,879
ARD Finance SA PIK,

6.50%, 6/30/2027 (a)
    200,000   182,720
Intelsat Jackson Holdings SA

6.50%, 3/15/2030 (a)
    430,000   429,286
          1,198,331
MEXICO — 0.2%          
Banco Mercantil del Norte SA 10 year CMT + 5.47%,

7.50%, 6/27/2029 (a) (b)
    1,400,000   1,377,460
Credito Real SAB de CV Series REGS, 5 Year CMT + 7.03%,

9.13%, 11/29/2022 (b)
    500,000   17,630
Grupo Idesa SA de CV PIK,

10.13%, 5/22/2026 (a)
    1,550,908   999,948
Mexarrend SAPI de CV

10.25%, 7/24/2024 (a)
    982,000   640,362
Unifin Financiera SAB de CV Series REGS, 5 Year CMT + 6.31%,

8.88%, 1/29/2025 (b)
    2,700,000   956,016
          3,991,416
PANAMA — 0.0% (c)          
Banco Nacional de Panama

2.50%, 8/11/2030 (a)
    300,000   265,284
C&W Senior Financing DAC Series REGS,

6.88%, 9/15/2027
    250,000   248,090
UEP Penonome II SA:          
6.50%, 10/1/2038 (a)
    336,671   339,304
Series REGS, 6.50%, 10/1/2038
    384,767   387,776
          1,240,454
PERU — 0.1%          
Banco de Credito del Peru S.A. VRN, 5 year CMT + 3.00%,

3.13%, 7/1/2030 (a) (b)
    400,000   375,600
Banco Internacional del Peru SAA Interbank Series REGS, VRN, 1 year CMT + 3.71%,

4.00%, 7/8/2030 (b)
    850,000   815,617
Fenix Power Peru SA Series REGS,

4.32%, 9/20/2027
    314,706   307,235
Security Description     Principal
Amount 		  Value
Petroleos del Peru SA

4.75%, 6/19/2032
    $700,000   $626,619
          2,125,071
QATAR — 0.1%          
Qatar Energy

2.25%, 7/12/2031
    2,400,000   2,208,336
SINGAPORE — 0.2%          
Avation Capital SA PIK,

8.25%, 10/31/2026 (a)
    264,163   224,834
DBS Group Holdings, Ltd. Series GMTN, VRN, 5 year CMT + 1.10%,

1.82%, 3/10/2031 (b)
    400,000   373,220
Oversea-Chinese Banking Corp., Ltd. Series REGS, VRN, 5 year CMT + 1.58%,

1.83%, 9/10/2030 (b)
    900,000   847,305
PSA Treasury Pte, Ltd.

2.25%, 4/30/2030
    300,000   281,748
SingTel Group Treasury Pte, Ltd.

1.88%, 6/10/2030
    200,000   181,239
Temasek Financial I Ltd.:          
1.00%, 10/6/2030 (a)
    2,900,000   2,488,925
Series REGS, 1.00%, 10/6/2030
    250,000   214,563
United Overseas Bank, Ltd. Series EMTN, USD 5 Year Swap Rate + 1.79%,

3.88%, 10/19/2023 (b)
    400,000   396,984
          5,008,818
SOUTH KOREA — 0.2%          
Korea East-West Power Co., Ltd. Series REGS,

1.75%, 5/6/2025
    1,200,000   1,151,952
KT Corp.:          
1.38%, 1/21/2027
    700,000   643,692
Series REGS, 2.50%, 7/18/2026
    1,000,000   974,550
LG Chem, Ltd.

2.38%, 7/7/2031 (a)
    250,000   224,902
NongHyup Bank

1.25%, 7/20/2025 (a)
    500,000   470,400
Shinhan Financial Group Co., Ltd. VRN, 5 year CMT + 2.06%,

2.88%, 5/12/2026 (a) (b)
    900,000   821,997
          4,287,493
SPAIN — 0.0% (c)          
Grifols Escrow Issuer SA

4.75%, 10/15/2028 (a)
    1,040,000   985,951
THAILAND — 0.1%          
Bangkok Bank PCL VRN, 5 Year CMT + 4.72%,

5.00%, 12/31/2099 (b)
    900,000   879,435
 
See accompanying notes to schedule of investments.
51
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Kasikornbank PCL Series EMTN, VRN, 5 year CMT + 4.94%,

5.28%, 10/14/2025 (b)
    $700,000   $694,750
          1,574,185
UNITED ARAB EMIRATES — 0.1%          
Galaxy Pipeline Assets Bidco, Ltd.:          
2.16%, 3/31/2034 (a)
    480,450   442,946
2.94%, 9/30/2040
    196,522   177,199
Series REGS, 2.63%, 3/31/2036
    1,100,000   986,023
          1,606,168
UNITED KINGDOM — 0.1%          
BAT Capital Corp.

2.73%, 3/25/2031
    1,885,000   1,663,060
eG Global Finance PLC

8.50%, 10/30/2025 (a)
    615,000   629,471
Virgin Media Finance PLC

5.00%, 7/15/2030 (a)
    605,000   571,840
          2,864,371
UNITED STATES — 11.0%          
AbbVie, Inc.

3.85%, 6/15/2024
    1,860,000   1,896,419
Academy, Ltd.

6.00%, 11/15/2027 (a)
    385,000   394,221
Acrisure LLC/Acrisure Finance, Inc.:          
4.25%, 2/15/2029 (a)
    445,000   404,501
6.00%, 8/1/2029 (a)
    365,000   337,844
Acuris Finance Us, Inc./Acuris Finance SARL

5.00%, 5/1/2028 (a)
    675,000   620,581
AdaptHealth LLC

5.13%, 3/1/2030 (a)
    765,000   710,608
Advanced Drainage Systems, Inc.

5.00%, 9/30/2027 (a)
    370,000   370,137
AEP Texas, Inc. Series H,

3.45%, 1/15/2050
    1,530,000   1,363,291
Aethon United BR L.P./Aethon United Finance Corp.

8.25%, 2/15/2026 (a)
    305,000   317,377
Air Lease Corp.

3.25%, 3/1/2025
    1,770,000   1,744,813
Air Methods Corp.

8.00%, 5/15/2025 (a)
    173,000   149,631
Alexandria Real Estate Equities, Inc.

1.88%, 2/1/2033
    2,545,000   2,150,703
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

6.75%, 10/15/2027 (a)
    390,000   385,620
Security Description     Principal
Amount 		  Value
Allied Universal Holdco LLC/Allied Universal Finance Corp.:          
6.00%, 6/1/2029 (a)
    $425,000   $375,284
6.63%, 7/15/2026 (a)
    355,000   359,462
9.75%, 7/15/2027 (a)
    455,000   470,247
AMC Entertainment Holdings, Inc.

7.50%, 2/15/2029 (a)
    365,000   354,919
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.

5.75%, 4/20/2029 (a)
    730,000   727,503
American Axle & Manufacturing, Inc.

5.00%, 10/1/2029
    305,000   285,947
AmWINS Group, Inc.

4.88%, 6/30/2029 (a)
    580,000   554,057
Antero Midstream Partners L.P./Antero Midstream Finance Corp.

5.75%, 3/1/2027 (a)
    300,000   305,856
Antero Resources Corp.

5.38%, 3/1/2030 (a)
    330,000   337,022
Anthem, Inc.

3.30%, 1/15/2023
    1,757,000   1,773,920
APi Escrow Corp.

4.75%, 10/15/2029 (a)
    475,000   441,740
Arconic Corp.

6.13%, 2/15/2028 (a)
    860,000   863,844
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

5.25%, 8/15/2027 (a)
    300,000   278,637
Ares Capital Corp.

2.88%, 6/15/2027
    1,960,000   1,787,677
Arrow Electronics, Inc.

3.88%, 1/12/2028
    1,852,000   1,869,761
Ashton Woods USA LLC/Ashton Woods Finance Co.

4.63%, 4/1/2030 (a)
    415,000   361,772
ASP Unifrax Holdings, Inc.:          
5.25%, 9/30/2028 (a)
    590,000   548,228
7.50%, 9/30/2029 (a)
    50,000   44,509
AssuredPartners, Inc.:          
5.63%, 1/15/2029 (a)
    60,000   55,229
7.00%, 8/15/2025 (a)
    952,000   951,134
At Home Group, Inc.:          
4.88%, 7/15/2028 (a)
    115,000   102,956
7.13%, 7/15/2029 (a)
    245,000   212,133
AT&T, Inc.:          
2.25%, 2/1/2032
    1,965,000   1,741,481
2.75%, 6/1/2031
    475,000   444,937
3.30%, 2/1/2052
    950,000   811,813
Athene Holding, Ltd.

3.95%, 5/25/2051
    1,910,000   1,749,675
 
See accompanying notes to schedule of investments.
52
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Avaya, Inc.

6.13%, 9/15/2028 (a)
    $605,000   $595,768
Bank of America Corp. 5 year CMT + 1.20%,

2.48%, 9/21/2036 (b)
    3,030,000   2,609,284
Bausch Health Cos., Inc.:          
4.88%, 6/1/2028 (a)
    420,000   402,226
6.13%, 2/1/2027 (a)
    185,000   186,365
6.25%, 2/15/2029 (a)
    100,000   82,614
7.00%, 1/15/2028 (a)
    535,000   479,371
Beacon Roofing Supply, Inc.

4.13%, 5/15/2029 (a)
    170,000   157,250
Berry Global, Inc.

0.95%, 2/15/2024
    1,860,000   1,777,025
Blackstone Holdings Finance Co. LLC

2.00%, 1/30/2032 (a)
    2,390,000   2,079,085
Blue Racer Midstream LLC/Blue Racer Finance Corp.

7.63%, 12/15/2025 (a)
    235,000   246,174
Boeing Co.

2.95%, 2/1/2030
    1,950,000   1,807,143
Boxer Parent Co., Inc.

7.13%, 10/2/2025 (a)
    35,000   36,263
BP Capital Markets America, Inc.

3.00%, 3/17/2052
    2,155,000   1,852,416
Brighthouse Financial Global Funding

1.00%, 4/12/2024 (a)
    665,000   637,349
Brighthouse Financial, Inc.

3.85%, 12/22/2051
    1,260,000   1,050,979
Broadcom, Inc.

3.42%, 4/15/2033 (a)
    1,929,000   1,800,162
Brown & Brown, Inc.

2.38%, 3/15/2031
    1,440,000   1,267,848
Builders FirstSource, Inc.:          
4.25%, 2/1/2032 (a)
    400,000   372,488
5.00%, 3/1/2030 (a)
    400,000   393,892
Bunge, Ltd. Finance Corp.

2.75%, 5/14/2031
    1,110,000   1,019,235
Caesars Entertainment, Inc.

4.63%, 10/15/2029 (a)
    465,000   436,119
Calpine Corp.:          
4.50%, 2/15/2028 (a)
    265,000   258,587
4.63%, 2/1/2029 (a)
    205,000   189,693
5.13%, 3/15/2028 (a)
    165,000   157,405
Camelot Finance SA

4.50%, 11/1/2026 (a)
    125,000   122,074
Carnival Corp.

5.75%, 3/1/2027 (a)
    855,000   814,960
Carrier Global Corp.

3.58%, 4/5/2050
    970,000   887,531
Carvana Co.

5.63%, 10/1/2025 (a)
    165,000   155,572
Security Description     Principal
Amount 		  Value
Castle US Holding Corp.

9.50%, 2/15/2028 (a)
    $585,000   $580,583
Castlelake Aviation Limited

3.25%, 10/22/2026 (b)
    345,000   336,806
Catalent Pharma Solutions, Inc.

3.50%, 4/1/2030 (a)
    360,000   330,703
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.25%, 1/15/2034 (a)
    380,000   329,513
4.50%, 8/15/2030 (a)
    370,000   347,419
4.75%, 3/1/2030 (a)
    755,000   725,706
4.75%, 2/1/2032 (a)
    375,000   349,470
Cedar Fair L.P.

5.25%, 7/15/2029
    430,000   419,818
Cengage Learning, Inc.

9.50%, 6/15/2024 (a)
    495,000   493,545
Centene Corp.:          
2.50%, 3/1/2031
    1,920,000   1,700,141
3.00%, 10/15/2030
    210,000   193,477
Century Communities, Inc.

6.75%, 6/1/2027
    360,000   373,817
Charter Communications Operating LLC/Charter Communications Operating Capital

2.30%, 2/1/2032
    2,525,000   2,157,562
Chesapeake Energy Corp.

5.88%, 2/1/2029 (a)
    415,000   428,753
CHS/Community Health Systems, Inc.:          
4.75%, 2/15/2031 (a)
    410,000   387,450
6.00%, 1/15/2029 (a)
    455,000   460,237
6.88%, 4/15/2029 (a)
    540,000   528,655
Citigroup, Inc. 3 Month USD LIBOR + 1.39%,

3.67%, 7/24/2028 (b)
    3,480,000   3,483,202
Clarios Global L.P./Clarios US Finance Co.:          
6.25%, 5/15/2026 (a)
    396,000   408,506
8.50%, 5/15/2027 (a)
    225,000   233,478
Clarivate Science Holdings Corp.

4.88%, 7/1/2029 (a)
    590,000   556,541
Clean Harbors, Inc.

5.13%, 7/15/2029 (a)
    145,000   145,471
Clear Channel Outdoor Holdings, Inc.:          
7.50%, 6/1/2029 (a)
    480,000   479,045
7.75%, 4/15/2028 (a)
    80,000   80,408
Clearway Energy Operating LLC

4.75%, 3/15/2028 (a)
    375,000   376,871
CNX Midstream Partners L.P.

4.75%, 4/15/2030 (a)
    775,000   726,245
CNX Resources Corp.

6.00%, 1/15/2029 (a)
    375,000   379,612
 
See accompanying notes to schedule of investments.
53
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Comcast Corp.

2.94%, 11/1/2056 (a)
    $2,206,000   $1,839,760
CommScope Technologies LLC

5.00%, 3/15/2027 (a)
    230,000   199,999
CommScope, Inc.

4.75%, 9/1/2029 (a)
    470,000   433,664
Consolidated Communications, Inc.

5.00%, 10/1/2028 (a)
    405,000   348,397
Constellation Brands, Inc.:          
2.88%, 5/1/2030
    700,000   657,300
3.15%, 8/1/2029
    1,100,000   1,062,039
Constellation Merger Sub, Inc.

8.50%, 9/15/2025 (a)
    170,000   159,598
Continental Resources, Inc.

2.27%, 11/15/2026 (a)
    710,000   664,354
Cornerstone Building Brands, Inc.

6.13%, 1/15/2029 (a)
    375,000   348,281
Coty, Inc.:          
5.00%, 4/15/2026 (a)
    410,000   399,344
6.50%, 4/15/2026 (a)
    245,000   245,152
CQP Holdco L.P./BIP-V Chinook Holdco LLC

5.50%, 6/15/2031 (a)
    1,015,000   1,000,861
Crown Castle International Corp.

4.30%, 2/15/2029
    1,680,000   1,731,526
CSC Holdings LLC

5.75%, 1/15/2030 (a)
    810,000   721,467
CSI Compressco L.P./CSI Compressco Finance, Inc.

7.50%, 4/1/2025 (a)
    660,000   646,800
CSX Corp.

3.35%, 9/15/2049
    1,930,000   1,800,072
CVR Partners L.P./CVR Nitrogen Finance Corp.

6.13%, 6/15/2028 (a)
    380,000   381,444
CVS Health Corp.

2.70%, 8/21/2040
    1,580,000   1,341,546
CWT Travel Group, Inc.

8.50%, 11/19/2026 (a)
    172,935   171,705
Dana Financing Luxembourg Sarl

5.75%, 4/15/2025 (a)
    325,000   328,315
Dana, Inc.:          
4.25%, 9/1/2030
    95,000   86,876
5.38%, 11/15/2027
    125,000   124,295
5.63%, 6/15/2028
    300,000   303,180
DaVita, Inc.

4.63%, 6/1/2030 (a)
    320,000   299,075
Dealer Tire LLC/DT Issuer LLC

8.00%, 2/1/2028 (a)
    455,000   457,075
Diamond BC B.V.

4.63%, 10/1/2029 (a)
    325,000   290,865
Security Description     Principal
Amount 		  Value
Diamond Sports Group LLC/Diamond Sports Finance Co.

5.38%, 8/15/2026 (a)
    $385,000   $147,528
Dick's Sporting Goods, Inc.:          
3.15%, 1/15/2032
    1,070,000   980,666
4.10%, 1/15/2052
    410,000   349,804
Directv Financing LLC/Directv Financing Co-Obligor, Inc.

5.88%, 8/15/2027 (a)
    485,000   478,123
Discover Financial Services

4.10%, 2/9/2027
    1,720,000   1,756,963
DISH DBS Corp.:          
5.13%, 6/1/2029
    345,000   293,716
5.75%, 12/1/2028 (a)
    405,000   384,495
5.88%, 11/15/2024
    380,000   379,681
Dollar General Corp.

3.50%, 4/3/2030
    1,860,000   1,853,025
Dollar Tree, Inc.

4.00%, 5/15/2025
    1,798,000   1,841,709
Duke Energy Carolinas LLC

3.55%, 3/15/2052
    545,000   539,381
Duke Energy Corp.

2.65%, 9/1/2026
    2,690,000   2,622,615
Dun & Bradstreet Corp.

5.00%, 12/15/2029 (a)
    1,005,000   949,725
Dun & Bradstreet Corporation Senior Secured 2022 Incremental Term Loan B2, SOFRRATE,

3.56%, 1/18/2029 (b)
    70,000   69,475
Embarq Corp.

8.00%, 6/1/2036
    285,000   274,663
Emergent BioSolutions, Inc.

3.88%, 8/15/2028 (a)
    420,000   376,719
Encompass Health Corp.:          
4.50%, 2/1/2028
    185,000   181,324
4.63%, 4/1/2031
    455,000   426,822
4.75%, 2/1/2030
    60,000   57,734
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.

6.13%, 4/1/2029 (a)
    475,000   433,295
Endurance International Group Holdings, Inc.

6.00%, 2/15/2029 (a)
    270,000   232,735
Energizer Holdings, Inc.

6.50%, 12/31/2027 (a)
    425,000   420,754
Energy Transfer L.P.:          
4.75%, 1/15/2026
    900,000   934,569
5.00%, 5/15/2044
    935,000   913,579
Enterprise Products Operating LLC

3.75%, 2/15/2025
    1,655,000   1,685,982
EQM Midstream Partners L.P.:          
4.75%, 1/15/2031 (a)
    395,000   370,364
6.50%, 7/1/2027 (a)
    135,000   140,940
 
See accompanying notes to schedule of investments.
54
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Essential Utilities, Inc.

3.35%, 4/15/2050
    $1,990,000   $1,781,985
EverArc Escrow S.A.R.L.

5.00%, 10/30/2029 (a)
    740,000   675,694
Everi Holdings, Inc.

5.00%, 7/15/2029 (a)
    580,000   549,556
Exelon Corp.

4.10%, 3/15/2052 (a)
    255,000   259,608
Expedia Group, Inc.:          
3.80%, 2/15/2028
    2,355,000   2,343,720
5.00%, 2/15/2026
    1,340,000   1,400,689
Exterran Energy Solutions L.P./EES Finance Corp.

8.13%, 5/1/2025
    190,000   191,642
Exxon Mobil Corp.

2.99%, 3/19/2025
    1,325,000   1,332,195
FedEx Corp.

4.75%, 11/15/2045
    850,000   905,802
Ferrellgas L.P./Ferrellgas Finance Corp.

5.38%, 4/1/2026 (a)
    330,000   311,411
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.

6.75%, 1/15/2030 (a)
    640,000   588,909
First Student Bidco, Inc./First Transit Parent, Inc.

4.00%, 7/31/2029 (a)
    340,000   316,615
Ford Motor Co.

3.25%, 2/12/2032
    1,275,000   1,138,588
Ford Motor Credit Co. LLC:          
3.63%, 6/17/2031
    545,000   492,478
4.95%, 5/28/2027
    400,000   406,676
3 Month USD LIBOR + 1.235%, 1.74%, 2/15/2023 (b)
    3,295,000   3,283,435
Series GMTN, 4.39%, 1/8/2026
    600,000   598,056
Fortress Transportation and Infrastructure Investors LLC

5.50%, 5/1/2028 (a)
    500,000   455,150
Freeport-McMoRan, Inc.:          
4.38%, 8/1/2028
    100,000   100,625
5.45%, 3/15/2043
    825,000   925,699
Frontier Communications Holdings LLC:          
5.00%, 5/1/2028 (a)
    250,000   240,588
5.88%, 10/15/2027 (a)
    125,000   124,276
6.00%, 1/15/2030 (a)
    435,000   403,010
Full House Resorts, Inc.

8.25%, 2/15/2028 (a)
    685,000   700,693
Gap, Inc.

3.88%, 10/1/2031 (a)
    405,000   353,512
General Motors Financial Co., Inc.:          
2.40%, 10/15/2028
    1,020,000   917,011
Security Description     Principal
Amount 		  Value
3.10%, 1/12/2032
    $1,010,000   $908,838
Georgia-Pacific LLC

3.60%, 3/1/2025 (a)
    1,878,000   1,898,358
Glatfelter Corp.

4.75%, 11/15/2029 (a)
    425,000   362,219
Goldman Sachs Group, Inc. Series ., 3 Month USD LIBOR + 1.17%,

1.68%, 5/15/2026 (b)
    3,320,000   3,334,077
Goodyear Tire & Rubber Co.

5.25%, 7/15/2031 (a)
    535,000   495,672
GrafTech Finance, Inc.

4.63%, 12/15/2028 (a)
    195,000   181,721
Griffon Corp.

5.75%, 3/1/2028
    960,000   922,627
Guardian Life Global Funding

1.25%, 5/13/2026 (a)
    1,850,000   1,713,507
Gulfport Energy Corp.

8.00%, 5/17/2026 (a)
    375,000   390,862
Halliburton Co.

2.92%, 3/1/2030
    972,000   940,906
HCA, Inc.:          
4.13%, 6/15/2029
    910,000   926,735
5.13%, 6/15/2039
    830,000   896,632
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl

4.63%, 5/1/2028 (a)
    640,000   590,016
Hertz Corp.

5.00%, 12/1/2029 (a)
    345,000   313,819
Hess Midstream Operations L.P.:          
4.25%, 2/15/2030 (a)
    750,000   707,677
5.13%, 6/15/2028 (a)
    365,000   365,102
5.63%, 2/15/2026 (a)
    455,000   466,516
Hexion, Inc.

7.88%, 7/15/2027 (a)
    300,000   317,562
H-Food Holdings LLC/Hearthside Finance Co., Inc.

8.50%, 6/1/2026 (a)
    450,000   432,432
Hightower Holding LLC

6.75%, 4/15/2029 (a)
    315,000   309,998
Hilcorp Energy I L.P./Hilcorp Finance Co.:          
5.75%, 2/1/2029 (a)
    170,000   170,070
6.25%, 11/1/2028 (a)
    540,000   546,496
IAA, Inc.

5.50%, 6/15/2027 (a)
    570,000   572,782
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
5.25%, 5/15/2027
    385,000   378,159
6.25%, 5/15/2026
    715,000   733,740
iHeartCommunications, Inc.:          
5.25%, 8/15/2027 (a)
    300,000   296,877
8.38%, 5/1/2027
    75,000   77,532
 
See accompanying notes to schedule of investments.
55
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
II-VI, Inc.

5.00%, 12/15/2029 (a)
    $605,000   $594,043
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.

9.00%, 7/1/2028 (a)
    510,000   516,304
Installed Building Products, Inc.

5.75%, 2/1/2028 (a)
    435,000   423,011
Invitation Homes Operating Partnership L.P.

2.70%, 1/15/2034
    1,985,000   1,737,113
Iron Mountain, Inc.:          
4.88%, 9/15/2029 (a)
    185,000   176,214
REIT, 4.50%, 2/15/2031 (a)
    260,000   239,860
iStar, Inc.

4.75%, 10/1/2024
    305,000   307,721
Jeld-Wen, Inc.

4.63%, 12/15/2025 (a)
    610,000   591,163
JPMorgan Chase & Co.:          
SOFR + 1.25%, 2.58%, 4/22/2032 (b)
    1,890,000   1,733,243
SOFR + 1.26%, 2.96%, 1/25/2033 (b)
    1,835,000   1,731,800
KAR Auction Services, Inc.

5.13%, 6/1/2025 (a)
    480,000   485,995
LBM Acquisition LLC

6.25%, 1/15/2029 (a)
    320,000   299,645
LD Holdings Group LLC:          
6.13%, 4/1/2028 (a)
    60,000   53,193
6.50%, 11/1/2025 (a)
    230,000   217,440
Leeward Renewable Energy Operations LLC

4.25%, 7/1/2029 (a)
    425,000   396,835
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.

5.00%, 2/1/2026 (a)
    340,000   327,519
Level 3 Financing, Inc.:          
4.25%, 7/1/2028 (a)
    300,000   275,457
4.63%, 9/15/2027 (a)
    460,000   433,950
LFS Topco LLC

5.88%, 10/15/2026 (a)
    395,000   371,900
Lifepoint Health, Inc.

5.38%, 1/15/2029 (a)
    285,000   269,607
Ligado Networks LLC PIK,

15.50%, 11/1/2023 (a)
    350,187   265,767
Lions Gate Capital Holdings LLC

5.50%, 4/15/2029 (a)
    450,000   433,723
Live Nation Entertainment, Inc.

6.50%, 5/15/2027 (a)
    185,000   196,905
LogMeIn, Inc.

5.50%, 9/1/2027 (a)
    175,000   163,767
LOWE S Cos., Inc.

4.25%, 4/1/2052
    1,700,000   1,759,211
Security Description     Principal
Amount 		  Value
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)
    $545,000   $523,892
Lumen Technologies, Inc.:          
4.00%, 2/15/2027 (a)
    355,000   330,906
5.13%, 12/15/2026 (a)
    390,000   371,467
M/I Homes, Inc.

4.95%, 2/1/2028
    365,000   344,115
Madison IAQ LLC:          
4.13%, 6/30/2028 (a)
    340,000   313,524
5.88%, 6/30/2029 (a)
    330,000   295,881
Magallanes, Inc.

3.76%, 3/15/2027 (a)
    1,415,000   1,412,948
Marriott International, Inc. Series HH,

2.85%, 4/15/2031
    1,820,000   1,663,571
Marvell Technology, Inc.

1.65%, 4/15/2026
    1,500,000   1,395,300
Massachusetts Mutual Life Insurance Co.

3.38%, 4/15/2050 (a)
    1,920,000   1,736,544
Match Group Holdings II LLC:          
4.63%, 6/1/2028 (a)
    165,000   159,849
5.00%, 12/15/2027 (a)
    775,000   772,551
McGraw-Hill Education, Inc.

5.75%, 8/1/2028 (a)
    465,000   442,052
Metis Merger Sub LLC

6.50%, 5/15/2029 (a)
    635,000   596,767
Michaels Cos., Inc.:          
5.25%, 5/1/2028 (a)
    490,000   450,290
7.88%, 5/1/2029 (a)
    185,000   157,714
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.

4.88%, 5/1/2029 (a)
    265,000   244,661
Minerva Merger Sub, Inc.

6.50%, 2/15/2030 (a)
    810,000   785,830
ModivCare Escrow Issuer, Inc.

5.00%, 10/1/2029 (a)
    190,000   177,063
ModivCare, Inc.

5.88%, 11/15/2025 (a)
    260,000   262,673
Monongahela Power Co.

5.40%, 12/15/2043 (a)
    675,000   772,720
Morgan Stanley SOFR + 1.36%,

2.48%, 9/16/2036 (b)
    4,015,000   3,446,877
Moss Creek Resources Holdings, Inc.

7.50%, 1/15/2026 (a)
    345,000   318,445
Mozart Debt Merger Sub, Inc.

5.25%, 10/1/2029 (a)
    635,000   590,798
MPH Acquisition Holdings LLC

5.75%, 11/1/2028 (a)
    254,000   229,497
 
See accompanying notes to schedule of investments.
56
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
MPLX L.P.

1.75%, 3/1/2026
    $1,005,000   $943,142
Murphy Oil USA, Inc.

4.75%, 9/15/2029
    285,000   282,438
Nabors Industries, Inc.

7.38%, 5/15/2027 (a)
    255,000   264,891
Nabors Industries, Ltd.

7.25%, 1/15/2026 (a)
    305,000   303,631
Nationstar Mortgage Holdings, Inc.

5.75%, 11/15/2031 (a)
    620,000   591,350
Navient Corp.

5.00%, 3/15/2027
    285,000   272,557
NCL Corp., Ltd.:          
3.63%, 12/15/2024 (a)
    585,000   551,333
5.88%, 3/15/2026 (a)
    395,000   375,455
5.88%, 2/15/2027 (a)
    355,000   350,573
NESCO Holdings II, Inc.

5.50%, 4/15/2029 (a)
    115,000   113,354
NetApp, Inc.

1.88%, 6/22/2025
    1,415,000   1,353,716
News Corp.

5.13%, 2/15/2032 (a)
    155,000   155,854
NFP Corp.:          
4.88%, 8/15/2028 (a)
    280,000   268,302
6.88%, 8/15/2028 (a)
    360,000   343,753
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)
    655,000   643,590
NGL Energy Partners L.P./NGL Energy Finance Corp.

7.50%, 4/15/2026
    360,000   314,111
NRG Energy, Inc.

3.63%, 2/15/2031 (a)
    545,000   480,145
NuStar Logistics L.P.

6.00%, 6/1/2026
    510,000   516,079
Oasis Petroleum, Inc.

6.38%, 6/1/2026 (a)
    545,000   560,445
Occidental Petroleum Corp.:          
6.13%, 1/1/2031
    540,000   607,500
6.45%, 9/15/2036
    220,000   258,542
6.60%, 3/15/2046
    215,000   254,622
6.63%, 9/1/2030
    650,000   745,914
8.00%, 7/15/2025
    255,000   286,289
Olympus Water US Holding Corp.:          
4.25%, 10/1/2028 (a)
    600,000   545,664
6.25%, 10/1/2029 (a)
    400,000   354,088
Omnicom Group, Inc.

2.45%, 4/30/2030
    2,015,000   1,867,300
OneMain Finance Corp.:          
5.38%, 11/15/2029
    250,000   243,290
6.63%, 1/15/2028
    125,000   130,924
7.13%, 3/15/2026
    324,000   346,366
Security Description     Principal
Amount 		  Value
Option Care Health, Inc.

4.38%, 10/31/2029 (a)
    $470,000   $442,731
Oracle Corp.

3.60%, 4/1/2050
    2,185,000   1,810,862
Organon & Co./Organon Foreign Debt Co-Issuer BV

5.13%, 4/30/2031 (a)
    770,000   741,949
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA:          
7.25%, 2/1/2028 (a)
    351,000   361,432
7.38%, 6/1/2025 (a)
    39,000   40,239
Owens & Minor, Inc.

6.63%, 4/1/2030 (a)
    530,000   545,328
Pacific Gas & Electric Co.:          
1.37%, 3/10/2023
    780,000   766,147
2.50%, 2/1/2031
    1,060,000   912,066
Par Petroleum LLC/Par Petroleum Finance Corp.

7.75%, 12/15/2025 (a)
    650,000   643,487
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

4.88%, 5/15/2029 (a)
    290,000   272,261
PBF Holding Co. LLC/PBF Finance Corp.

6.00%, 2/15/2028
    185,000   148,722
PECF USS Intermediate Holding III Corp.

8.00%, 11/15/2029 (a)
    285,000   274,293
Penn National Gaming, Inc.:          
4.13%, 7/1/2029 (a)
    310,000   276,911
5.63%, 1/15/2027 (a)
    620,000   616,218
PennyMac Financial Services, Inc.:          
4.25%, 2/15/2029 (a)
    495,000   424,680
5.38%, 10/15/2025 (a)
    465,000   459,583
Penske Truck Leasing Co. L.P./PTL Finance Corp.

4.20%, 4/1/2027 (a)
    905,000   930,186
Performance Food Group, Inc.:          
4.25%, 8/1/2029 (a)
    380,000   346,020
5.50%, 10/15/2027 (a)
    460,000   457,806
PetSmart, Inc./PetSmart Finance Corp.:          
4.75%, 2/15/2028 (a)
    825,000   797,676
7.75%, 2/15/2029 (a)
    500,000   516,340
PIC AU Holdings LLC/PIC AU Holdings Corp.

10.00%, 12/31/2024 (a)
    188,000   194,001
Pike Corp.

5.50%, 9/1/2028 (a)
    825,000   776,275
Pioneer Natural Resources Co.

1.13%, 1/15/2026
    1,220,000   1,132,258
 
See accompanying notes to schedule of investments.
57
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Post Holdings, Inc.:          
4.63%, 4/15/2030 (a)
    $530,000   $477,949
5.50%, 12/15/2029 (a)
    140,000   134,753
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.:          
5.63%, 9/1/2029 (a)
    485,000   417,532
5.88%, 9/1/2031 (a)
    480,000   410,990
Prime Security Services Borrower LLC/Prime Finance, Inc.

6.25%, 1/15/2028 (a)
    530,000   519,061
Qorvo, Inc.

1.75%, 12/15/2024 (a)
    700,000   667,506
Quanta Services, Inc.

2.35%, 1/15/2032
    2,110,000   1,835,257
Radiate Holdco LLC/Radiate Finance, Inc.:          
4.50%, 9/15/2026 (a)
    300,000   289,431
6.50%, 9/15/2028 (a)
    115,000   108,853
Radiology Partners, Inc.

9.25%, 2/1/2028 (a)
    440,000   442,103
Rattler Midstream L.P.

5.63%, 7/15/2025 (a)
    295,000   299,396
Raytheon Technologies Corp.

3.03%, 3/15/2052
    975,000   858,458
Real Hero Merger Sub 2, Inc.

6.25%, 2/1/2029 (a)
    165,000   150,511
Realogy Group LLC/Realogy Co-Issuer Corp.:          
5.25%, 4/15/2030 (a)
    740,000   680,874
5.75%, 1/15/2029 (a)
    295,000   277,917
Rent-A-Center, Inc.

6.38%, 2/15/2029 (a)
    330,000   302,336
Roller Bearing Co. of America, Inc.

4.38%, 10/15/2029 (a)
    205,000   191,353
Royalty Pharma PLC

3.30%, 9/2/2040
    2,075,000   1,771,801
RP Escrow Issuer LLC

5.25%, 12/15/2025 (a)
    870,000   850,877
Ryan Specialty Group LLC

4.38%, 2/1/2030 (a)
    440,000   417,410
Sabine Pass Liquefaction LLC

5.00%, 3/15/2027
    1,425,000   1,508,248
Sabre GLBL, Inc.

9.25%, 4/15/2025 (a)
    210,000   232,911
Santander Holdings USA, Inc.:          
3.40%, 1/18/2023
    1,750,000   1,761,707
SOFR + 1.24%, 2.49%, 1/6/2028 (b)
    1,760,000   1,644,280
Schweitzer-Mauduit International, Inc.

6.88%, 10/1/2026 (a)
    500,000   472,490
Security Description     Principal
Amount 		  Value
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc.

6.63%, 3/1/2030 (a)
    $470,000   $463,138
Scientific Games International, Inc.

8.25%, 3/15/2026 (a)
    225,000   234,281
Scotts Miracle-Gro Co.

4.50%, 10/15/2029
    440,000   412,408
Scripps Escrow, Inc.

5.88%, 7/15/2027 (a)
    280,000   280,406
SEG Holding LLC/SEG Finance Corp.

5.63%, 10/15/2028 (a)
    605,000   607,541
Select Medical Corp.

6.25%, 8/15/2026 (a)
    860,000   888,303
Sherwin-Williams Co.

2.90%, 3/15/2052
    430,000   353,705
Sirius XM Radio, Inc.

5.50%, 7/1/2029 (a)
    340,000   344,981
Six Flags Entertainment Corp.

4.88%, 7/31/2024 (a)
    710,000   711,839
Smithfield Foods, Inc.:          
3.00%, 10/15/2030 (a)
    125,000   113,531
4.25%, 2/1/2027 (a)
    1,655,000   1,677,905
Sonic Automotive, Inc.

4.63%, 11/15/2029 (a)
    515,000   463,680
Southern Co. Series A,

3.70%, 4/30/2030
    1,745,000   1,757,163
Southwestern Energy Co.:          
4.75%, 2/1/2032
    430,000   429,497
5.38%, 2/1/2029
    410,000   416,064
Spectrum Brands, Inc.

5.00%, 10/1/2029 (a)
    370,000   348,240
Sprint Capital Corp.

6.88%, 11/15/2028
    1,270,000   1,470,571
SRS Distribution, Inc.:          
4.63%, 7/1/2028 (a)
    315,000   300,875
6.13%, 7/1/2029 (a)
    495,000   459,726
Staples, Inc.:          
7.50%, 4/15/2026 (a)
    240,000   232,946
10.75%, 4/15/2027 (a)
    150,000   133,523
Station Casinos LLC

4.63%, 12/1/2031 (a)
    295,000   269,164
Suburban Propane Partners L.P./Suburban Energy Finance Corp.

5.00%, 6/1/2031 (a)
    595,000   558,937
SunCoke Energy, Inc.

4.88%, 6/30/2029 (a)
    510,000   481,195
Sunoco L.P./Sunoco Finance Corp.:          
4.50%, 5/15/2029
    150,000   141,497
6.00%, 4/15/2027
    300,000   306,255
SWF Escrow Issuer Corp.

6.50%, 10/1/2029 (a)
    585,000   501,199
 
See accompanying notes to schedule of investments.
58
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Sysco Corp.:          
3.25%, 7/15/2027
    $945,000   $940,870
3.30%, 2/15/2050
    1,020,000   888,267
Tecta America Corp. Senior Secured 2021 Term Loan, 1 mo. USD LIBOR,

5.00%, 4/10/2028 (b)
    194,025   192,570
Tempo Acquisition LLC

3.50%, 8/31/2028 (b)
    144,638   143,969
Tenet Healthcare Corp.:          
4.25%, 6/1/2029 (a)
    630,000   605,909
6.13%, 10/1/2028 (a)
    695,000   706,433
6.25%, 2/1/2027 (a)
    610,000   626,507
Terrier Media Buyer, Inc.

8.88%, 12/15/2027 (a)
    155,000   158,966
Textron, Inc.

2.45%, 3/15/2031
    3,055,000   2,766,486
Thermo Fisher Scientific, Inc.

1.22%, 10/18/2024
    1,925,000   1,851,195
T-Mobile USA, Inc.:          
2.25%, 2/15/2026
    2,820,000   2,657,991

3.38%, 4/15/2029 (a)
    375,000   357,187
TMS International Corp.

6.25%, 4/15/2029 (a)
    220,000   208,817
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)
    150,000   154,410
TransDigm, Inc.:          
5.50%, 11/15/2027
    520,000   518,045
6.25%, 3/15/2026 (a)
    675,000   695,020
8.00%, 12/15/2025 (a)
    90,000   93,866
Transocean Poseidon, Ltd.

6.88%, 2/1/2027 (a)
    548,437   542,920
Transocean Proteus, Ltd.

6.25%, 12/1/2024 (a)
    250,000   248,100
Transocean, Inc.

11.50%, 1/30/2027 (a)
    141,000   146,462
Trident TPI Holdings, Inc.

6.63%, 11/1/2025 (a)
    410,000   403,854
Triton Water Holdings, Inc.

6.25%, 4/1/2029 (a)
    690,000   589,633
Triumph Group, Inc.:          
6.25%, 9/15/2024 (a)
    160,000   159,094
7.75%, 8/15/2025
    282,000   284,036
Tronox, Inc.

4.63%, 3/15/2029 (a)
    100,000   93,608
Uber Technologies, Inc.

4.50%, 8/15/2029 (a)
    380,000   356,258
United Airlines, Inc.

4.63%, 4/15/2029 (a)
    760,000   723,520
United Natural Foods, Inc.

6.75%, 10/15/2028 (a)
    455,000   466,275
United Rentals North America, Inc.

5.25%, 1/15/2030
    40,000   41,241
Security Description     Principal
Amount 		  Value
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC

6.50%, 2/15/2029 (a)
    $325,000   $303,713
Univision Communications, Inc.

4.50%, 5/1/2029 (a)
    325,000   309,361
US Foods, Inc.:          
4.63%, 6/1/2030 (a)
    290,000   268,659
4.75%, 2/15/2029 (a)
    340,000   325,200
USA Compression Partners L.P./USA Compression Finance Corp.

6.88%, 9/1/2027
    895,000   899,770
Valero Energy Corp.:          
2.85%, 4/15/2025
    329,000   325,039
4.00%, 6/1/2052
    315,000   296,623
Verizon Communications, Inc.

1.75%, 1/20/2031
    3,069,000   2,678,777
Viatris, Inc.:          
1.65%, 6/22/2025
    600,000   558,498
3.85%, 6/22/2040
    970,000   840,883
Victoria's Secret & Co.

4.63%, 7/15/2029 (a)
    760,000   684,730
Viking Cruises, Ltd.:          
5.88%, 9/15/2027 (a)
    955,000   871,161
13.00%, 5/15/2025 (a)
    125,000   138,761
Viper Energy Partners L.P.

5.38%, 11/1/2027 (a)
    365,000   372,023
Virtusa Corp.

7.13%, 12/15/2028 (a)
    155,000   145,105
Vizient, Inc.

6.25%, 5/15/2027 (a)
    380,000   391,658
VMware, Inc.

2.20%, 8/15/2031
    1,340,000   1,178,584
Vontier Corp.

1.80%, 4/1/2026
    2,015,000   1,822,547
Vornado Realty L.P.

2.15%, 6/1/2026
    800,000   749,200
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)
    555,000   557,914
Waste Pro USA, Inc.

5.50%, 2/15/2026 (a)
    375,000   354,008
Weatherford International, Ltd.:          
6.50%, 9/15/2028 (a)
    240,000   247,327
8.63%, 4/30/2030 (a)
    200,000   203,350
11.00%, 12/1/2024 (a)
    211,000   219,100
Wells Fargo & Co. Series MTN, 3 Month USD LIBOR + 1.31%,

3.58%, 5/22/2028 (b)
    1,745,000   1,744,529
Welltower, Inc.

2.05%, 1/15/2029
    1,905,000   1,732,331
 
See accompanying notes to schedule of investments.
59
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Western Midstream Operating L.P.

4.55%, 2/1/2030
    $395,000   $394,791
Wheel Pros, Inc.

6.50%, 5/15/2029 (a)
    245,000   214,608
Williams Cos., Inc.

3.75%, 6/15/2027
    940,000   951,863
Workday, Inc.

3.70%, 4/1/2029
    750,000   751,215
WR Grace Holdings LLC

5.63%, 8/15/2029 (a)
    610,000   570,216
WRKCo, Inc.

3.75%, 3/15/2025
    1,835,000   1,860,323
XHR L.P.:          
4.88%, 6/1/2029 (a)
    425,000   413,402
6.38%, 8/15/2025 (a)
    265,000   274,278
Yum! Brands, Inc.

4.75%, 1/15/2030 (a)
    375,000   369,086
Zayo Group Holdings, Inc.:          
4.00%, 3/1/2027 (a)
    230,000   211,674
6.13%, 3/1/2028 (a)
    110,000   98,440
          275,774,172
TOTAL CORPORATE BONDS & NOTES

(Cost $381,217,349)
        355,435,163
ASSET-BACKED SECURITIES — 8.8%          
Aaset Trust Series 2019-2, Class A,

3.38%, 10/16/2039 (a)
    1,665,502   1,321,689
AccessLex Institute Series 2004-2, Class A3, 3 Month USD LIBOR + 0.19%,

0.45%, 10/25/2024 (b)
    465,547   459,387
ACE Securities Corp. Home Equity Loan Trust Series 2007-WM2, Class A2C, ABS, 1 Month USD LIBOR + 0.28%,

0.74%, 2/25/2037 (b)
    3,028,084   1,524,768
Aimco CLO 11, Ltd. Series 2020-11A, Class AR, 3 Month USD LIBOR + 1.13,

1.37%, 10/17/2034 (a) (b)
    2,000,000   1,973,000
Ameriquest Mortgage Securities Asset-Backed Pass-Through Series 2004-FR1, Class M5,

4.00%, 5/25/2034 (d)
    4,804,032   4,169,576
AMSR Trust:          
Series 2021-SFR2, Class E1, ABS, 2.48, 8/17/2038 (a)
    3,000,000   2,723,068
Series 2021-SFR2, Class F1, ABS, 3.28, 8/17/2038 (a)
    3,000,000   2,746,837
Security Description     Principal
Amount 		  Value
Series 2021-SFR2, Class F2, ABS, 3.67, 8/17/2038 (a)
    $2,000,000   $1,854,370
Anchorage Capital CLO 19, Ltd. Series 2021-19A, Class A, ABS, 3 Month USD LIBOR + 1.21%,

1.37%, 10/15/2034 (a) (b)
    2,000,000   1,987,000
Argent Securities Trust Series 2006-M1, Class A2B, ABS, 1 Month USD LIBOR + 0.18%,

0.64%, 7/25/2036 (b)
    18,444,596   6,519,969
Bain Capital Credit CLO, Ltd.:          
Series 2019-3A, Class DR, ABS, 3 Month USD LIBOR + 3.10%, 3.36, 10/21/2034 (a) (b)
    1,000,000   991,557
Series 2020-5A, Class D, ABS, 3 Month USD LIBOR + 3.55%, 3.80, 1/20/2032 (a) (b)
    2,500,000   2,487,092
Series 2021-6A, Class A1, 1.37, 10/21/2034 (a) (b)
    3,000,000   2,964,000
Blackbird Capital Aircraft Series 2021-1A, Class B, ABS,

3.45%, 7/15/2046 (a)
    4,810,268   3,987,707
BNC Mortgage Loan Trust Series 2006-1, Class A1, ABS, 1 Month USD LIBOR + 0.36%,

0.82%, 10/25/2036 (b)
    18,098,605   13,684,549
Canyon Capital CLO, Ltd.:          
Series 2017-1A, Class DR, ABS, 3 Month USD LIBOR + 3.00%, 3.24, 7/15/2030 (a) (b)
    1,000,000   996,671
Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 3.10%, 3.34, 4/15/2034 (a) (b)
    2,000,000   1,990,356
CARLYLE US CLO, Ltd. Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 6.00%,

6.24%, 4/15/2034 (a) (b)
    1,000,000   960,531
Catamaran CLO, Ltd. Series 2018-1A, Class C,

2.76%, 10/25/2031 (a) (b)
    1,000,000   986,400
CIFC Funding 2017-I, Ltd. Series 2017-1A, Class D, ABS, 3 Month USD LIBOR + 3.50%,

3.76%, 4/23/2029 (a) (b)
    1,000,000   991,700
 
See accompanying notes to schedule of investments.
60
Table of Contents
SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CIFC Funding 2021-I, Ltd. Series 2021-1A, Class E, ABS, 3 Month USD LIBOR + 6.00%,

6.26%, 4/25/2033 (a) (b)
    $500,000   $482,752
CIFC Funding, Ltd. Series 2013-1A, Class CR, ABS, 3 Month USD LIBOR + 3.55%,

3.79%, 7/16/2030 (a) (b)
    1,000,000   984,400
CLNC, Ltd. Series 2019-FL1, Class A, SOFR30A + 1.36%,

1.41%, 8/20/2035 (a) (b)
    0   0
Dryden 68 CLO, Ltd. Series 2019-68A, Class DR, ABS, 3 Month USD LIBOR + 3.35%,

3.59%, 7/15/2035 (a) (b)
    1,500,000   1,492,623
Elmwood CLO VIII, Ltd. Series 2021-1A, Class D1, ABS, 3 Month USD LIBOR + 3.00%,

3.25%, 1/20/2034 (a) (b)
    1,500,000   1,484,042
Exeter Automobile Receivables Trust:          
Series 2021-1A, Class D, ABS, 1.08, 11/16/2026
    1,000,000   961,843
Series 2021-1A, Class E, ABS, 2.21, 2/15/2028 (a)
    1,500,000   1,418,918
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1, ABS, 1 Month USD LIBOR + 0.14%,

0.60%, 3/25/2037 (b)
    9,742,763   5,936,036
FirstKey Homes Trust:          
Series 2020-SFR2, Class D, ABS, 1.97, 10/19/2037 (a)
    2,000,000   1,842,402
Series 2020-SFR2, Class E, 2.67, 10/19/2037 (a)
    2,000,000   1,851,003
FREED ABS Trust 2021-2 Series 2021-2, Class C, ABS,

1.94%, 6/19/2028 (a)
    4,750,000   4,617,624
FS RIALTO Series 2021-FL2, Class A, ABS, 1 Month USD LIBOR + 1.22%,

1.65%, 5/16/2038 (a) (b)
    2,000,000   1,970,194
GAIA Aviation, Ltd. Series 2019-1, Class A,

3.97%, 12/15/2044 (a) (d)
    1,266,151   1,208,183
Galaxy XVIII CLO, Ltd. Series 2018-28A, Class D, ABS, 3 Month USD LIBOR + 3.00%,

3.24%, 7/15/2031 (a) (b)
    2,100,000   2,000,620
Security Description     Principal
Amount 		  Value
GoodLeap Sustainable Home Solutions Trust Series 2021-5CS, Class C,

3.50%, 10/20/2048 (a)
    $3,500,000   $3,092,451
Greystone CRE Notes, Ltd. Series 2021-FL3, Class B, ABS, 1 Month USD LIBOR + 1.65%,

2.05%, 7/15/2039 (a) (b)
    2,925,000   2,841,009
GSAA Home Equity Trust Series 2007-10, Class A2A,

6.50%, 11/25/2037
    2,132,920   1,070,029
Hardee's Funding LLC Series 2018-1A, Class A23, ABS,

5.71%, 6/20/2048 (a)
    1,640,500   1,697,548
Hayfin Kingsland X, Ltd. Series 2019-1A, Class B1R, ABS, 3 Month USD LIBOR + 1.85%,

2.13%, 4/28/2031 (a) (b)
    2,000,000   1,989,906
Helios Issuer LLC Series 2021-A, Class A, ABS,

1.80%, 2/20/2048 (a)
    1,346,632   1,221,351
Jamestown CLO XII, Ltd. Series 2019-1A, Class A2, ABS, 3 Month USD LIBOR + 2.15,

2.40%, 4/20/2032 (a) (b)
    1,000,000   993,700
JOL Air, Ltd. Series 2019-1, Class A,

3.97%, 4/15/2044 (a)
    2,446,200   2,226,385
LCCM Trust Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.45%,

1.85%, 11/15/2038 (a) (b)
    2,864,000   2,837,233
Lendingpoint Asset Securitization Trust Series 2021-A, Class C, ABS,

2.75%, 12/15/2028 (a)
    4,000,000   3,767,443
LoanCore 2019-CRE2 Issuer, Ltd. Series 2019-CRE2, Class AS, 1 Month USD LIBOR + 1.50%,

1.90%, 5/15/2036 (a) (b)
    3,382,000   3,319,565
Madison Park Funding XI, Ltd. Series 2013-11A, Class DR, ABS, 3 Month USD LIBOR + 3.25%,

3.51%, 7/23/2029 (a) (b)
    1,000,000   961,000
Madison Park Funding XLVIII, Ltd. Series 2021-48A, Class D, ABS, 3 Month USD LIBOR + 3.00%,

3.25%, 4/19/2033 (a) (b)
    1,000,000   994,170
Madison Park Funding XVII, Ltd. Series 2015-17A, Class DR, 3 Month USD LIBOR + 3.6,

3.86%, 7/21/2030 (a) (b)
    1,000,000   985,600
 
See accompanying notes to schedule of investments.
61
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Magnetite CLO, Ltd. Series 2021-31A, Class E, 3 Month USD LIBOR + 6.00%,

6.24%, 7/15/2034 (a) (b)
    $500,000   $485,438
Magnetite Xxix, Ltd. Series 2021-29A, Class E, ABS, 3 Month USD LIBOR + 5.75%,

5.99%, 1/15/2034 (a) (b)
    500,000   489,897
Mosaic Solar Loan Trust Series 2018-1A, Class C, ABS, PO,

0.01%, 6/22/2043 (a)
    388,979   366,607
MVW 2021-1W LLC:          
Series 2021-1WA, Class C, ABS, 1.94, 1/22/2041 (a)
    1,170,754   1,114,163
Series 2021-1WA, Class D, ABS, 3.17, 1/22/2041 (a)
    1,951,257   1,823,979
Neuberger Berman Loan Advisers Clo 40, Ltd. Series 2021-40A, Class D, ABS, 3 Month USD LIBOR + 2.75%,

2.99%, 4/16/2033 (a) (b)
    1,500,000   1,441,368
Neuberger Berman Loan Advisers CLO 47, Ltd. Series 2022-47A, Class D, ABS, TSFR3M + 3.100%,

3.35%, 4/14/2035 (a) (b)
    500,000   494,900
Ocean Trails CLO V Series 2014-5A, Class DRR, ABS, 3 Month USD LIBOR + 3.45,

3.69%, 10/13/2031 (a) (b)
    1,000,000   942,700
Octagon Investment Partners 27, Ltd. Series 2016-1A, Class DR, ABS, 3 Month USD LIBOR + 2.95%,

3.19%, 7/15/2030 (a) (b)
    500,000   484,150
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class CR, ABS, 3 Month USD LIBOR + 3.30%,

3.55%, 3/17/2030 (a) (b)
    1,000,000   997,547
Octagon Investment Partners 31 LLC Series 2017-1A, Class DR, ABS, 3 Month USD LIBOR + 3.40%,

3.65%, 7/20/2030 (a) (b)
    1,000,000   996,100
Octagon Investment Partners 40, Ltd. Series 2019-1A, Class DR, ABS, 3 Month USD LIBOR + 3.35%,

3.60%, 1/20/2035 (a) (b)
    500,000   470,050
Security Description     Principal
Amount 		  Value
Octagon Investment Partners 49, Ltd. Series 2020-5A, Class D, ABS, 3 Month USD LIBOR + 3.40%,

3.64%, 1/15/2033 (a) (b)
    $2,500,000   $2,480,207
Octagon Investment Partners 51, Ltd. Series 2021-1A, Class A, ABS, 3 Month USD LIBOR + 1.15%,

1.40%, 7/20/2034 (a) (b)
    1,385,000   1,369,488
Pagaya AI Debt Trust:          
Series 2022-1, Class A, 2.03, 10/15/2029 (a)
    2,000,000   1,963,372
Series 2022-1, Class B, ABS, 3.34, 10/15/2029 (a)
    4,500,000   4,290,595
PMT Issuer Trust - FMSR Series 2021-FT1, Class A, ABS, 1 Month USD LIBOR + 3.00%,

3.46%, 3/25/2026 (a) (b)
    1,300,000   1,275,397
PRET LLC Series 2021-NPL5, Class A1,

2.49%, 10/25/2051 (a) (d)
    4,930,465   4,801,257
Pretium Mortage Credit Partne Pret Series 2022-RN1, Class A1,

3.72%, 7/25/2051 (a) (d)
    14,945,318   14,664,580
Regatta VI Funding, Ltd. Series 2016-1A, Class AR2, 3 Month USD LIBOR + 1.16,

1.41%, 4/20/2034 (a) (b)
    850,000   839,715
Regatta XXIII Funding, Ltd. Series 2021-4A, Class A1, 3 Month USD LIBOR + 1.15,

1.26%, 1/20/2035 (a) (b)
    4,500,000   4,441,500
Renaissance Home Equity Loan Trust Series 2006-2, Class AF4, ABS,

6.12%, 8/25/2036 (d)
    8,709,983   4,443,889
Sapphire Aviation Finance II, Ltd. Series 2020-1A, Class A,

3.23%, 3/15/2040 (a)
    1,201,207   1,083,300
Shenton Aircraft Investment I, Ltd. Series 2015-1A, Class A, ABS,

4.75%, 10/15/2042 (a)
    2,156,892   1,919,543
SOFI Alternative Trust 2021-A Series 2021-A, Class PT1, ABS, VRN,

1.48%, 3/15/2047 (a) (b)
    5,974,715   5,584,118
Sofi Alternative Trust 2021-B Series 2021-B, Class PT1, ABS, VRN,

1.76%, 2/15/2047 (a) (b)
    3,906,896   3,885,190
 
See accompanying notes to schedule of investments.
62
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Sound Point Clo XII, Ltd. Series 2016-2A, Class DR, ABS, 3 Month USD LIBOR + 3.85%,

4.10%, 10/20/2028 (a) (b)
    $1,000,000   $992,700
Sound Point Clo XIV, Ltd. Series 2016-3A, Class DR, ABS, 3 Month USD LIBOR + 3.65%,

3.91%, 1/23/2029 (a) (b)
    1,000,000   997,027
Sound Point CLO XXIII Series 2019-2A, Class ER, 3 Month USD LIBOR + 6.47%,

6.71%, 7/15/2034 (a) (b)
    1,000,000   930,357
Sound Point CLO XXVIII, Ltd. Series 2020-3A, Class D, ABS, 3 Month USD LIBOR + 3.65%,

3.91%, 1/25/2032 (a) (b)
    4,000,000   3,981,168
Sound Point CLO XXXIII, Ltd. Series 2022-1A, Class D, ABS, TSFR3M + 3.300%,

1.00%, 4/25/2035 (a) (b)
    700,000   701,260
Sound Point CLO, Ltd. Series 2020-1A, Class DR, 3 Month USD LIBOR + 3.35%,

3.60%, 7/20/2034 (a) (b)
    500,000   495,876
START Ireland Series 2019-1, Class A,

4.09%, 3/15/2044 (a)
    571,458   528,665
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 1 Month USD LIBOR + 0.34%,

0.80%, 12/25/2036 (b)
    932,227   916,683
Sunrun Demeter Issuer Series 2021-2A, Class A,

2.27%, 1/30/2057 (a)
    2,729,800   2,476,937
THL Credit Wind River CLO, Ltd. Series 2017-3A, Class AR, ABS, 3 Month USD LIBOR + 1.15,

1.39%, 4/15/2035 (a) (b)
    2,150,000   2,128,500
TIF Funding II LLC:          
Series 2021-1A, Class A, ABS, 1.65, 2/20/2046 (a)
    4,547,917   4,070,529
Series 2021-1A, Class B, ABS, 2.54, 2/20/2046 (a)
    1,819,167   1,655,068
TPG Real Estate Finance Issuer, Ltd. Series 2021-FL4, Class A, ABS, 1 Month USD LIBOR + 1.20%,

1.64%, 3/15/2038 (a) (b)
    200,000   197,786
Security Description     Principal
Amount 		  Value
Trimaran Cavu, Ltd. Series 2021-3A, Class D, ABS, 3 Month USD LIBOR + 3.78%,

3.88%, 1/18/2035 (a) (b)
    $1,500,000   $1,492,572
TRTX Issuer, Ltd. Series 2019-FL3, Class AS, SOFR30A + 1.56%,

1.61%, 10/15/2034 (a) (b)
    3,527,000   3,484,570
Upstart Pass-Through Trust Series 2021-ST3, Class A, ABS,

2.00%, 5/20/2027 (a)
    3,398,823   3,300,250
Upstart Securitization Trust:          
Series 2020-1, Class C, ABS, 4.90, 4/22/2030 (a)
    2,000,000   1,984,117
Series 2022-1, Class B, 4.48, 3/20/2032 (a)
    6,500,000   6,367,925
US Auto Funding 2019-1 LLC Series 2019-1A, Class D, ABS,

8.06%, 11/15/2025 (a)
    2,750,000   2,787,147
Venture 39 CLO, Ltd. Series 2020-39A, Class D, ABS, 3 Month USD LIBOR + 4.25%,

4.49%, 4/15/2033 (a) (b)
    1,750,000   1,741,250
VOLT XCVI LLC Series 2021-NPL5, Class A1, CMO,

2.12%, 3/27/2051 (a) (d)
    1,744,747   1,698,891
Voya CLO 2017-3, Ltd. Series 2017-3A, Class CR, ABS, 3 Month USD LIBOR + 3.15%,

3.40%, 4/20/2034 (a) (b)
    1,000,000   995,150
Wellfleet CLO X, Ltd. Series 2019-XA, Class A2R, 3 Month USD LIBOR + 1.75,

2.00%, 7/20/2032 (a) (b)
    3,500,000   3,431,400
TOTAL ASSET-BACKED SECURITIES

(Cost $231,399,055)
        220,073,135
FOREIGN GOVERNMENT OBLIGATIONS — 1.2%          
BRAZIL — 0.2%          
Brazilian Government International Bond:          
3.75%, 9/12/2031
    3,000,000   2,710,980
5.63%, 2/21/2047
    1,200,000   1,134,192
          3,845,172
CHILE — 0.1%          
Chile Government International Bond:          
2.55%, 1/27/2032
    200,000   188,194
 
See accompanying notes to schedule of investments.
63
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
3.10%, 5/7/2041
    $1,800,000   $1,590,660
3.10%, 1/22/2061
    500,000   411,480
3.50%, 1/25/2050
    1,300,000   1,191,177
          3,381,511
COLOMBIA — 0.2%          
Colombia Government International Bond:          
3.13%, 4/15/2031
    1,200,000   1,017,804
3.25%, 4/22/2032
    1,800,000   1,508,760
4.13%, 5/15/2051
    1,700,000   1,286,764
5.00%, 6/15/2045
    900,000   756,963
          4,570,291
DOMINICAN REPUBLIC — 0.0% (c)          
Dominican Republic International Bond Series 144A,

6.00%, 2/22/2033 (a)
    1,000,000   976,150
INDONESIA — 0.1%          
Indonesia Government International Bond

3.70%, 10/30/2049
    1,900,000   1,834,298
Perusahaan Penerbit SBSN Indonesia III:          
2.55%, 6/9/2031 (a)
    200,000   191,172
Series REGS, 3.80%, 6/23/2050
    400,000   390,024
          2,415,494
MEXICO — 0.2%          
Mexico Government International Bond:          
2.66%, 5/24/2031
    1,200,000   1,092,228
4.28%, 8/14/2041
    3,000,000   2,801,550
4.35%, 1/15/2047
    300,000   278,049
          4,171,827
PANAMA — 0.1%          
Panama Government International Bond:          
2.25%, 9/29/2032
    1,200,000   1,062,480
3.87%, 7/23/2060
    1,000,000   877,810
4.30%, 4/29/2053
    1,300,000   1,255,475
4.50%, 4/1/2056
    400,000   392,616
          3,588,381
PHILIPPINES — 0.1%          
Philippine Government International Bond:          
1.65%, 6/10/2031
    1,450,000   1,289,528
2.65%, 12/10/2045
    600,000   496,650
2.95%, 5/5/2045
    600,000   519,426
3.70%, 3/1/2041
    400,000   388,420
3.70%, 2/2/2042
    800,000   776,272
          3,470,296
Security Description     Principal
Amount 		  Value
SAUDI ARABIA — 0.1%          
Saudi Government International Bond:          
Series REGS, 2.25%, 2/2/2033
    $1,300,000   $1,196,000
Series REGS, 3.45%, 2/2/2061
    1,000,000   886,696
          2,082,696
SOUTH AFRICA — 0.0% (c)          
Republic of South Africa Government International Bond

4.30%, 10/12/2028
    650,000   627,393
SOUTH KOREA — 0.1%          
Korea Development Bank:          
1.63%, 1/19/2031
    800,000   711,480
2.00%, 10/25/2031
    400,000   360,808
Korea Hydro & Nuclear Power Co., Ltd. Series 144A,

1.25%, 4/27/2026 (a)
    200,000   186,302
Korea International Bond

2.75%, 1/19/2027
    200,000   199,724
          1,458,314
UNITED ARAB EMIRATES — 0.0% (c)          
Abu Dhabi Government International Bond Series 144A,

3.13%, 4/16/2030 (a)
    200,000   204,436
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $34,079,108)
        30,791,961
    Shares  
COMMON STOCKS — 0.0% (c)      
UNITED KINGDOM — 0.0% (c)      
Avation Capital SA (e) (f)
  4,550 1,677
UNITED STATES — 0.0% (c)      
CWT Travel Group, Inc. (e)
  5,125 152,484
Foresight Energy (e) (f)
  572 12,105
Tapstone Energy Holdings (e)
  5,920 —
      164,589
TOTAL COMMON STOCKS

(Cost $137,138)
    166,266
    
 
See accompanying notes to schedule of investments.
64
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SENIOR FLOATING RATE LOANS — 3.3%          
ADVERTISING SERVICES — 0.0% (c)          
CMG Media Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 12/17/2026 (b)
    $454,596   $448,272
AEROSPACE & DEFENSE — 0.0% (c)          
Dynasty Acquisition Co., Inc.:          
Senior Secured 2020 CAD Term Loan B2, 3 Month USD LIBOR + 3.50%, 4.51%, 4/6/2026 (b)
    254,174   250,467
Senior Secured 2020 Term Loan B1, 3 Month USD LIBOR + 3.50%, 4.51%, 4/6/2026 (b)
    472,763   465,868
          716,335
AIR FREIGHT & LOGISTICS — 0.0% (c)          
Kenan Advantage Group, Inc., Senior Secured 2021 Term Loan B1, 3 Month USD LIBOR + 3.75%, 4.50%, 3/24/2026 (b)
    381,425   377,016
Worldwide Express Operations LLC, Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.5%, 5.25%, 7/26/2028 (b)
    189,525   187,956
          564,972
AIRLINES — 0.1%          
AAdvantage Loyalty IP Ltd., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 5.50%, 4/20/2028 (b)
    310,000   314,650
Air Canada, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 4.25%, 8/11/2028 (b)
    195,000   193,375
American Airlines, Inc.:          
Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 1.75%, 1/29/2027 (b)
    215,600   202,394
Senior Secured 2017 Incremental Term Loan, 12/15/2023 (b)
    103,906   102,824
Security Description     Principal
Amount 		  Value
Mileage Plus Holdings LLC, Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 5.25%, 6.25%, 6/21/2027 (b)
    $505,000   $525,690
SkyMiles IP Ltd., Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75%, 4.75%, 10/20/2027 (b)
    215,000   222,591
United Airlines, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.50%, 4/21/2028 (b)
    213,388   211,239
          1,772,763
AUTO COMPONENTS — 0.1%          
Clarios Global LP, Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 3.25%, 3.71%, 4/30/2026 (b)
    528,551   522,737
DexKo Global, Inc.:          
Senior Secured 2021 USD Delayed Draw Term Loan, 3 Month USD LIBOR + 1.86%, 4.72%, 10/4/2028 (b)
    40,800   40,069
Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 4.72%, 10/4/2028 (b)
    214,200   210,363
Wheel Pros LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50%, 5.25%, 5/11/2028 (b)
    238,800   228,315
          1,001,484
BEVERAGES — 0.0% (c)          
Triton Water Holdings, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 4.51%, 3/31/2028 (b)
    428,696   418,973
BROADCAST SERV/PROGRAM — 0.0% (c)          
E.W. Scripps Company (The), Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 2.56%, 3.31%, 5/1/2026 (b)
    453,034   448,828
 
See accompanying notes to schedule of investments.
65
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
BUILDING PRODUCTS — 0.0% (c)          
Chamberlain Group, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 4.51%, 11/3/2028 (b)
    $204,488   $202,315
CP Atlas Buyer, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 4.25%, 11/23/2027 (b)
    395,876   385,484
Quikrete Holdings, Inc., Senior Secured 2021 Term Loan B1, 6/11/2028 (g)
    125,000   122,977
Tamko Building Products LLC, Senior Secured Term Loan B, 2 Month USD LIBOR + 3.00%, 3.29%, 6/1/2026 (b)
    178,177   175,022
          885,798
CASINO SERVICES — 0.0% (c)          
Stars Group Holdings B.V., Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25%, 7/21/2026 (b)
    316,264   314,089
CHEMICALS — 0.1%          
Atotech B.V., Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.50%, 3.00%, 3/18/2028 (b)
    64,675   64,036
Diamond (BC) B.V., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.75%, 3.25%, 9/29/2028 (b)
    453,862   445,807
GEON Performance Solutions LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.75%, 5.50%, 8/18/2028 (b)
    59,700   59,700
Illuminate Buyer, LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 6/30/2027 (b)
    374,868   363,155
Ineos US Finance LLC, Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 3.25%, 11/8/2028
    55,000   54,003
Security Description     Principal
Amount 		  Value
Kraton Corporation, Senior Secured 2022 USD Term Loan, 3 Month USD LIBOR + 3.25%, 3.99%, 3/15/2029
    $155,000   $153,742
Messer Industries GmbH, Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 3.51%, 3/2/2026 (b)
    121,244   119,863
Olympus Water US Holding Corporation, Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 4.75%, 11/9/2028 (b)
    199,500   194,700
PMHC II, Inc., Senior Secured 2022 Term Loan B, 2/1/2029
    380,000   363,533
Polar US Borrower LLC, Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 4.75%, 4.99%, 10/15/2025 (b)
    277,715   270,078
PQ Corporation, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.50%, 3.00%, 6/9/2028 (b)
    99,500   98,505
Starfruit Finco B.V, Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 3.00%, 4.01%, 10/1/2025 (b)
    171,065   168,856
Vantage Specialty Chemicals, Inc., Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.50%, 4.50%, 10/28/2024 (b)
    441,694   426,179
W.R. Grace & Co.-Conn., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.81%, 9/22/2028 (b)
    374,062   372,016
          3,154,173
COMMERCIAL SERVICES — 0.2%          
Allied Universal Holdco LLC, Senior Secured 2021 USD Incremental Term Loan B, 5/12/2028 (b)
    574,302   566,250
APX Group, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 4.00%, 7/10/2028 (b)
    139,650   137,955
 
See accompanying notes to schedule of investments.
66
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
EAB Global, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.95%, 8/16/2028 (b)
    $415,000   $411,473
IRI Holdings, Inc., Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 4.25%, 4.71%, 12/1/2025 (b)
    382,101   381,224
Mavis Tire Express Services Corp., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.75%, 5/4/2028 (b)
    597,000   594,678
PECF USS Intermediate Holding III Corp., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25%, 4.76%, 12/15/2028 (g)
    480,000   476,359
Spin Holdco Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.00%, 4.75%, 3/4/2028 (b)
    441,663   439,055
Verscend Holding Corp., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.46%, 8/27/2025 (b)
    570,058   569,345
Viad Corp., Senior Secured Initial Term Loan, 3 Month USD LIBOR + 5.00%, 5.50%, 7/30/2028 (b)
    169,150   167,670
VT Topco, Inc., Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 4.50%, 8/1/2025 (b)
    258,925   255,528
Wand NewCo 3, Inc., Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.00%, 3.46%, 2/5/2026 (b)
    593,439   576,935
          4,576,472
COMMERCIAL SERVICES & SUPPLIES — 0.1%          
ADMI Corp., Senior Secured 2021 Incremental Term Loan B3, 1 Month USD LIBOR + 3.50%, 4.00%, 12/23/2027 (b)
    169,150   167,547
Asurion LLC:          
Security Description     Principal
Amount 		  Value
Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25%, 5.71%, 1/31/2028 (b)
    $70,000   $68,740
Senior Secured 2021 Second Lien Term Loan B4, 1/20/2029 (b)
    290,000   283,929
Senior Secured 2021 Term Loan B9, 1 Month USD LIBOR + 3.25%, 3.71%, 7/31/2027 (b)
    440,972   432,704
Garda World Security Corp., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25%, 4.71%, 10/30/2026 (b)
    625,000   618,975
Garda World Security Corporation, Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 4.25%, 4.57%, 2/1/2029
    155,000   153,838
Packaging Coordinators Midco, Inc., Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75%, 4.76%, 11/30/2027 (b)
    153,450   152,842
Packers Holdings LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 4.00%, 3/9/2028 (b)
    277,922   274,240
Prometric Holdings, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 4.00%, 1/29/2025 (g)
    472,564   465,003
          2,617,818
COMMUNICATIONS EQUIPMENT — 0.0% (c)          
Avaya, Inc., Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 4.25%, 4.65%, 12/15/2027 (b)
    292,230   290,769
COMPUTER SERVICES — 0.0% (c)          
Redstone Holdco 2 LP, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 5.50%, 4/27/2028 (b)
    95,582   93,670
 
See accompanying notes to schedule of investments.
67
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CONSTRUCTION & ENGINEERING — 0.1%          
Aegion Corp., Senior Secured Term Loan, 3 Month USD LIBOR + 4.75%, 5.50%, 5/17/2028 (b)
    $99,500   $99,127
Brand Energy & Infrastructure Services, Inc., Senior Secured 2017 Term Loan, 3 Month USD LIBOR + 4.25%, 5.25%, 6/21/2024 (b)
    143,519   137,449
Brown Group Holding, LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 2.50%, 3.51%, 6/7/2028 (b)
    51,116   50,530
DG Investment Intermediate Holdings 2, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 7.50%, 3/30/2029 (b)
    60,000   60,150
Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 4.25%, 3/31/2028 (b)
    660,034   654,342
KKR Apple Bidco LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 3.50%, 9/23/2028 (b)
    189,525   187,615
          1,189,213
CONSTRUCTION MATERIALS — 0.0% (c)          
Traverse Midstream Partners LLC, Senior Secured 2017 Term Loan, 3 Month USD LIBOR + 4.25%, 5.25%, 9/27/2024 (b)
    283,758   283,048
          283,048
CONSUMER FINANCE — 0.0% (c)          
Amentum Government Services Holdings LLC:          
Senior Secured 2022 Term Loan, 3 Month USD LIBOR + 4.00%, 4.51%, 2/15/2029
    90,000   89,437
Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50%, 3.96%, 1/29/2027 (b)
    295,540   292,830
          382,267
Security Description     Principal
Amount 		  Value
CONTAINERS & PACKAGING — 0.1%          
Charter NEX US, Inc., Senior Secured 2021 Term Loan, 12/1/2027 (b)
    $301,950   $300,676
Pretium PKG Holdings, Inc.:          
Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 4.50%, 10/2/2028 (b)
    219,450   213,650
Senior Secured 2021 2nd Lien Term Loan, 6 Month USD LIBOR + 6.75%, 7.25%, 10/1/2029 (b)
    45,000   43,838
TricorBraun Holdings, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.25%, 3.75%, 3/3/2028 (b)
    437,238   427,521
Trident TPI Holdings, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 1 Month USD LIBOR + 4.00%, 4.50%, 9/15/2028 (b)
    5,439   5,379
Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 4.00%, 4.50%, 9/15/2028 (b)
    60,998   60,337
          1,051,401
COSMETICS & TOILETRIES — 0.0% (c)          
Solis IV BV, Senior Secured USD Term Loan B1, 3 Month USD SOFR + 3.50%, 4.00%, 2/26/2029
    480,000   471,151
DISTRIBUTORS — 0.0% (c)          
American Tire Distributors Holdings, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25%, 7.00%, 10/8/2028 (b)
    165,000   163,969
DIVERSIFIED CONSUMER SERVICES — 0.0% (c)          
Ascend Learning, LLC:          
Senior Secured 2021 2nd Lien Term Loan, 12/10/2029 (b)
    85,000   84,681
Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 12/11/2028 (g)
    545,000   539,686
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Mister Car Wash Holdings, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 3.46%, 5/14/2026 (b)
    $340,097   $336,394
          960,761
DIVERSIFIED FINANCIAL SERVICES — 0.2%          
AllSpring Buyer LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 4.31%, 11/1/2028 (b)
    243,952   242,694
Astra Acquisition Corp.:          
Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 5.25%, 5.75%, 10/25/2028 (b)
    458,850   446,518
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 8.86%, 9.63%, 10/22/2029 (b)
    160,000   157,600
Clydesdale Acquisition Holdings, Inc., Senior Secured Term Loan, 3/30/2029
    290,000   285,650
Deerfield Dakota Holding LLC, Senior Secured 2020 USD Term Loan B, 1 Month USD LIBOR + 3.75%, 4.75%, 4/9/2027 (b)
    894,260   891,000
DirecTV Financing, LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 5.75%, 8/2/2027 (b)
    367,121   367,193
Edelman Financial Center LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 4.25%, 4/7/2028 (b)
    556,792   551,342
Edelman Financial Center, LLC, Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 7.20%, 7/20/2026 (b)
    295,000   291,644
Eisner Advisory Group LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 5.25%, 6.00%, 7/28/2028 (b)
    159,160   158,563
Security Description     Principal
Amount 		  Value
HighTower Holdings LLC, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 4.75%, 4/21/2028 (b)
    $333,325   $330,825
          3,723,029
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (c)          
Cincinnati Bell, Inc., Senior Secured 2021 Term Loan B2, 3 Month USD LIBOR + 3.25%, 4.05%, 11/22/2028 (b)
    204,488   202,507
Intelsat Jackson Holdings SA, Senior Secured 2021 Exist Term Loan B, 6 Month USD SOFR + 4.25%, 4.92%, 2/1/2029
    334,162   329,280
Lumen Technologies, Inc., Senior Secured 2020 Term Loan B, 3/15/2027 (b)
    369,056   359,802
Telesat Canada, Senior Secured Term Loan B5, 1 Month USD LIBOR + 2.75%, 12/7/2026 (b)
    102,573   76,973
          968,562
ELECTRICAL EQUIPMENT — 0.0% (c)          
Excelitas Technologies Corp., Senior Secured USD 2017 1st Lien Term Loan, 12/2/2024 (b)
    74,417   74,138
ELECTRIC-INTEGRATED — 0.0% (c)          
ExGen Renewables IV, LLC, Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 2.50%, 3.50%, 12/15/2027 (b)
    210,162   208,783
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.0% (c)          
Ingram Micro, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 4.51%, 6/30/2028 (b)
    486,325   482,921
Mirion Technologies, Inc., Senior Secured 2021 Term Loan, 2 Month USD LIBOR + 2.75%, 3.25%, 10/20/2028 (b)
    244,510   242,566
          725,487
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
ENERGY EQUIPMENT & SERVICES — 0.1%          
Carnival Corporation, Senior Secured USD Term Loan B, 3 Month USD LIBOR + 3.00%, 3.75%, 6/30/2025 (b)
    $142,825   $139,361
Granite Holdings US Acquisition Co., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 5.01%, 9/30/2026 (b)
    530,347   525,706
WIN Waste Innovations Holdings, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 3.76%, 3/24/2028 (b)
    426,775   424,042
          1,089,109
ENTERTAINMENT — 0.1%          
AMC Entertainment Holdings, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 3.35%, 4/22/2026
    139,833   125,156
Everi Holdings, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.50%, 3.00%, 8/3/2028 (b)
    114,713   114,139
Fertitta Entertainment LLC, Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 4.50%, 1/27/2029 (b)
    235,000   234,134
NASCAR Holdings, Inc, Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 10/19/2026 (b)
    237,657   236,039
Sweetwater Borrower LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 4.75%, 5.50%, 8/7/2028 (b)
    290,670   287,763
UFC Holdings LLC, Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 2.75%, 3.50%, 4/29/2026 (b)
    3,643   3,612
          1,000,843
Security Description     Principal
Amount 		  Value
FINANCIAL SERVICES — 0.0% (c)          
Greystone Select Financial LLC, Senior Secured Term Loan B, 6 Month USD LIBOR + 5.00%, 5.75%, 6/16/2028 (b)
    $89,169   $89,169
FOOD & STAPLES RETAILING — 0.0% (c)          
Monogram Food Solutions LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00%, 4.50%, 8/28/2028 (b)
    259,350   255,136
United Natural Foods, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.25%, 3.71%, 10/22/2025 (b)
    113,010   112,263
          367,399
FOOD PRODUCTS — 0.0% (c)          
CHG PPC Parent LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 3.50%, 12/8/2028 (b)
    315,000   308,306
FOOD-MISC/DIVERSIFIED — 0.0% (c)          
H Food Holdings LLC, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.69%, 4.14%, 5/23/2025 (b)
    581,548   561,877
HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.0% (c)          
Apex Tool Group LLC, Senior Secured 2022 Term Loan, 1 Month USD SOFR + 5.25%, 5.75%, 2/8/2029
    80,000   78,114
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%          
Gainwell Acquisition Corp., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 5.01%, 10/1/2027 (b)
    559,609   559,609
Zelis Healthcare Corporation, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.73%, 9/30/2026 (b)
    582,091   577,230
          1,136,839
 
See accompanying notes to schedule of investments.
70
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
HEALTH CARE PROVIDERS & SERVICES — 0.2%          
Agiliti Health, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 2.75%, 3.00%, 1/4/2026 (b)
    $114,410   $113,838
Air Methods Corporation, Senior Secured 2017 Term Loan B, 3 Month USD LIBOR + 3.50%, 4.51%, 4/22/2024 (b)
    214,835   206,421
Aveanna Healthcare LLC, Senior Secured 2021 Delayed Draw Term Loan, 7/17/2028 (g)
    108,491   105,819
Aveanna Healthcare, LLC:          
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00%, 7.50%, 12/10/2029 (b)
    310,000   296,825
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.25%, 7/17/2028 (b)
    465,343   453,884
CHG Healthcare Services, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50%, 5.00%, 9/29/2028 (b)
    258,700   256,760
Endo Luxembourg Finance Company I S.a r.l., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 5.00%, 5.75%, 3/27/2028 (b)
    97,635   91,726
Envision Healthcare Corporation, Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 4.21%, 10/10/2025 (b)
    400,862   267,910
Global Medical Response, Inc.:          
Senior Secured 2017 Incremental Term Loan, 3/14/2025 (b)
    109,717   109,227
Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 4.25%, 5.25%, 10/2/2025 (b)
    287,058   285,579
Heartland Dental LLC, Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 4.00%, 4.45%, 4/30/2025 (b)
    570,687   566,713
Security Description     Principal
Amount 		  Value
Horizon Therapeutics USA, Inc., Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 2.25%, 3/15/2028 (b)
    $258,050   $255,873
ICON Luxembourg S.A.R.L.:          
Senior Secured LUX Term Loan, 7/3/2028 (b)
    177,861   177,250
Senior Secured US Term Loan, 7/3/2028 (b)
    44,314   44,162
MED ParentCo LP, Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 4.25%, 4.71%, 8/31/2026 (b)
    188,071   186,426
Pediatric Associates Holding Company LLC:          
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 3.75%, 12/29/2028
    210,791   208,551
Senior Secured 2022 Delayed Draw Term Loan, 3 Month USD LIBOR + 0.00%, 12/29/2028
    32,237   31,894
Radnet Management, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.00%, 5.50%, 4/21/2028 (b)
    571,309   564,525
RegionalCare Hospital Partners Holdings, Inc., Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.75%, 4.20%, 11/16/2025 (b)
    318,096   316,720
Team Health Holdings, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 2.75%, 3.75%, 2/6/2024 (b)
    170,925   163,080
Upstream Rehabilition, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.25%, 4.68%, 11/20/2026 (b)
    163,763   163,047
          4,866,230
HOME FURNISHINGS — 0.0% (c)          
AI Aqua Merger Sub, Inc.:          
Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75%, 4.25%, 7/31/2028 (b)
    140,000   138,885
Senior Secured 2022 Delayed Draw Term loan, 7/31/2028
    12,963   12,846
 
See accompanying notes to schedule of investments.
71
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Senior Secured 2022 Term Loan B, 7/31/2028
    $57,037   $56,520
          208,251
HOTELS, RESTAURANTS & LEISURE — 0.1%          
Alterra Mountain Co., Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 8/17/2028 (b)
    506,136   502,972
ClubCorp Holdings, Inc., Senior Secured 2017 Term Loan B, 3 Month USD LIBOR + 2.75%, 3.76%, 9/18/2024 (b)
    324,288   308,845
Peraton Corp., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 4.50%, 2/1/2028 (b)
    500,638   498,135
Playa Resorts Holding B.V., Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 2.75%, 3.75%, 4/29/2024 (b)
    337,990   331,046
Travel Leaders Group LLC, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.46%, 1/25/2024 (b)
    203,415   192,673
Travelport Finance (Luxembourg) S.A.R.L.:          
Senior Secured 2020 Super Priority Term Loan, 3 Month USD LIBOR + 1.5%, 2.50%, 2/28/2025 (b)
    281,069   292,195
Senior Secured 2021 Consented Term Loan, 3 Month USD LIBOR + 5.00%, 6.01%, 5/29/2026 (b)
    92,300   82,263
Twin River Worldwide Holdings, Inc., Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 3.25%, 3.75%, 10/2/2028 (b)
    3   3
          2,208,132
HOUSEHOLD DURABLES — 0.0% (c)          
Springs Windows Fashions LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.75%, 10/6/2028 (b)
    570,000   553,373
Security Description     Principal
Amount 		  Value
HOUSEHOLD PRODUCTS — 0.0% (c)          
Conair Holdings, LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.75%, 4.76%, 5/17/2028 (b)
    $184,075   $181,452
TGP Holdings III LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 4.00%, 6/29/2028 (b)
    84,643   81,231
          262,683
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0% (c)          
Calpine Corporation, Senior Secured 2019 Term Loan B10, 1 Month USD LIBOR + 2.00%, 2.46%, 8/12/2026 (b)
    78,000   77,038
INSURANCE — 0.2%          
Acrisure LLC:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 3.96%, 2/15/2027 (b)
    826,980   816,990
Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 4.75%, 2/15/2027 (b)
    139,650   139,301
Alliant Holdings Intermediate, LLC, Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50%, 4.00%, 11/6/2027 (b)
    154,225   153,465
AmWINS Group, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 3.00%, 2/19/2028 (b)
    312,478   307,791
AssuredPartners, Inc.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 3.96%, 2/12/2027 (b)
    508,548   503,081
Senior Secured 2022 Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 2/12/2027
    105,000   103,983
OneDigital Borrower LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 4.75%, 11/16/2027 (b)
    653,362   650,099
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Sedgwick Claims Management Services, Inc., Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.71%, 12/31/2025 (b)
    $826,141   $819,061
          3,493,771
INTERACTIVE MEDIA & SERVICES — 0.0% (c)          
Rentpath, Inc., Senior Secured 2021 Stub Current Face Term Loan, 4/1/2028
    28,239   7,201
INTERNET & CATALOG RETAIL — 0.0% (c)          
PUG LLC, Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 2/12/2027 (b)
    314,388   309,149
Uber Technologies, Inc., Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 3.50%, 3.96%, 4/4/2025 (b)
    503,462   503,190
          812,339
INTERNET & TELECOM — 0.1%          
Arches Buyer, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.75%, 12/6/2027 (b)
    392,023   386,246
Cablevision Lightpath LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 3.75%, 11/30/2027 (b)
    390,062   386,113
CNT Holdings I Corp, Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.50%, 4.25%, 11/8/2027 (b)
    218,350   217,463
          989,822
IT SERVICES — 0.1%          
Access CIG, LLC, Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 4.21%, 2/27/2025 (b)
    79,572   78,517
Blackhawk Network Holdings, Inc., Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 3.46%, 6/15/2025 (b)
    692,283   680,687
Security Description     Principal
Amount 		  Value
VS Buyer LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 3.46%, 2/28/2027 (b)
    $509,803   $506,405
          1,265,609
LEISURE INDUSTRY — 0.0% (c)          
Carnival Corp., Senior Secured 2021 Incremental Term Loan B, 10/18/2028 (b)
    428,925   420,347
LEISURE&REC/GAMES — 0.0% (c)          
Scientific Games Holdings LP, Senior Secured 2022 USD Term Loan B, 4/4/2029
    155,000   153,810
LIFE SCIENCES TOOLS & SERVICES — 0.0% (c)          
eResearchTechnology, Inc., Senior Secured 2020 1st Lien Term Loan, 2/4/2027 (b)
    29,698   29,633
Parexel International Corp., Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 11/15/2028 (b)
    385,000   382,663
          412,296
MACHINERY — 0.1%          
Alliance Laundry Systems LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 4.25%, 10/8/2027 (b)
    117,514   116,487
American Trailer World Corp., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 4.50%, 3/3/2028 (b)
    233,237   224,455
Columbus McKinnon Corporation, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 3.81%, 5/14/2028 (b)
    34,103   33,649
Filtration Group Corporation, Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.00%, 3.46%, 3/29/2025 (b)
    392,492   387,443
Grinding Media Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.00%, 4.80%, 10/12/2028 (b)
    239,400   237,754
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Hillman Group, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 2.75%, 2.75%, 7/14/2028 (b)
    $2,290   $2,252
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 2.75%, 3.20%, 7/14/2028 (b)
    119,490   117,523
Madison IAQ LLC, Senior Secured Term Loan, 6 Month USD LIBOR + 3.25%, 4.52%, 6/21/2028 (b)
    363,175   358,485
Titan Acquisition Limited, Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 3.00%, 4.01%, 3/28/2025 (b)
    285,464   279,908
Waterlogic Holdings Limited, Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 4.75%, 5.76%, 8/4/2028 (b)
    376,612   376,062
          2,134,018
MACHINERY-CONSTRUCTION & MINING — 0.0% (c)          
Clear Channel Outdoor Holdings, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 3.80%, 8/21/2026 (b)
    241,416   237,720
MACHINERY-FARM — 0.0% (c)          
ASP Blade Holdings, Inc., Senior Secured Initial Term Loan, 1 Month USD LIBOR + 4.00%, 4.46%, 10/13/2028 (b)
    85,000   84,054
MEDIA — 0.1%          
Charter Communications Operating LLC, Senior Secured 2019 Term Loan B2, 2/1/2027
    185,000   183,703
Diamond Sports Group, LLC, Senior Secured 2022 2nd Lien Term Loan, 3 Month USD LIBOR + 3.25%, 3.45%, 8/24/2026
    172,795   59,885
NEP/NCP Holdco, Inc., Senior Secured 2018 1st Lien Term Loan, 10/20/2025 (g)
    144,627   142,349
Security Description     Principal
Amount 		  Value
Radiate Holdco LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 4.00%, 9/25/2026 (b)
    $478,800   $475,420
Sinclair Television Group, Inc., Senior Secured Term Loan B2B, 1 Month USD LIBOR + 2.50%, 2.96%, 9/30/2026 (b)
    128,740   125,145
Vertical US Newco, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50%, 4.00%, 7/30/2027 (b)
    572,138   567,851
Ziggo Financing Partnership, Senior Secured USD Term Loan I, 3 Month USD LIBOR + 2.50%, 2.90%, 4/30/2028 (b)
    190,000   187,506
          1,741,859
METALS & MINING — 0.0% (c)          
Tiger Acquisition LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25%, 3.76%, 6/1/2028 (b)
    194,025   186,709
U.S. Silica Company, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 4.00%, 5.00%, 5/1/2025 (b)
    242,742   239,253
          425,962
MRI/MEDICAL DIAG IMAGING — 0.0% (c)          
Radiology Partners, Inc, Senior Secured 2018 1st Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 4.71%, 7/9/2025 (b)
    728,810   720,742
OIL, GAS & CONSUMABLE FUELS — 0.1%          
EG America LLC, Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00%, 5.00%, 2/7/2025 (b)
    177,119   174,714
EG Group Limited, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 5.25%, 3/31/2026 (b)
    154,231   152,380
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Gulf Finance LLC, Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 6.75%, 7.75%, 8/25/2026 (b)
    $175,386   $161,011
Oryx Midstream Services Permian Basin LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 3.75%, 10/5/2028 (b)
    190,000   188,709
Pacific Gas & Electric Co., Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 3.50%, 6/23/2025 (b)
    594,413   588,284
Waterbridge Midstream Operating LLC, Senior Secured Term Loan B, 6 Month USD LIBOR + 5.75%, 6.75%, 6/22/2026 (b)
    168,278   162,678
          1,427,776
PERSONAL PRODUCTS — 0.0% (c)          
Kronos Acquisition Holdings, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.25%, 12/22/2026 (b)
    445,587   418,110
PHARMACEUTICALS — 0.1%          
Bausch Health Companies, Inc., Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.00%, 3.46%, 6/2/2025 (b)
    127,526   126,729
Jazz Financing Lux S.A.R.L., Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 5/5/2028 (b)
    570,687   569,298
Organon & Co, Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.00%, 3.56%, 6/2/2028 (b)
    553,523   551,447
Pathway Vet Alliance LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 4.21%, 3/31/2027 (b)
    683,759   678,207
PetVet Care Centers LLC, Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.5%, 4.25%, 2/14/2025 (b)
    224,097   223,327
Security Description     Principal
Amount 		  Value
Southern Veterinary Partners LLC, Senior Secured Term Loan, 3 Month USD LIBOR + 4.00%, 5.00%, 10/5/2027 (b)
    $54,774   $54,500
          2,203,508
PIPELINES — 0.1%          
BCP Renaissance Parent LLC, Senior Secured 2022 Term Loan B3, 1 Month USD LIBOR + 3.50%, 4.50%, 10/31/2026
    139,638   138,009
CQP Holdco LP, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.76%, 6/5/2028 (b)
    572,902   570,888
DT Midstream, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 2.00%, 2.50%, 6/26/2028 (b)
    169,150   169,126
Freeport LNG Investments, LLLP, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50%, 4.00%, 12/21/2028 (b)
    215,000   213,734
GIP II Blue Holding, L.P, Senior Secured Term Loan B, 3 Month USD LIBOR + 4.50%, 5.51%, 9/29/2028 (b)
    144,638   144,457
          1,236,214
PROFESSIONAL SERVICES — 0.0% (c)          
Proofpoint, Inc., Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 3.76%, 8/31/2028 (b)
    340,000   336,765
Trans Union LLC, Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25%, 2.75%, 12/1/2028 (g)
    173,694   172,680
          509,445
PUBLISHING-BOOKS — 0.0% (c)          
Getty Images, Inc., Senior Secured 2019 USD Term Loan B, 3 Month USD LIBOR + 4.50%, 5.06%, 2/19/2026 (b)
    236,814   235,828
 
See accompanying notes to schedule of investments.
75
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (c)          
Bright Bidco B.V., Senior Secured 2018 Term Loan B, 6 Month USD LIBOR + 3.50%, 4.77%, 6/30/2024 (b)
    $352,849   $213,639
RETAIL-BUILDING PRODUCTS — 0.0% (c)          
LBM Acquisition LLC, Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 4.50%, 12/17/2027 (b)
    253,205   247,510
Park River Holdings, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 4.00%, 12/28/2027 (b)
    292,787   286,800
          534,310
RETAIL-RESTAURANTS — 0.0% (c)          
IRB Holding Corp., Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 3.75%, 12/15/2027 (b)
    277,200   275,987
ROAD & RAIL — 0.0% (c)          
PODS LLC, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.00%, 3.75%, 3/31/2028 (b)
    600,620   594,929
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.0% (c)          
Ultra Clean Holdings, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 4.21%, 8/27/2025 (b)
    145,894   145,772
SOFTWARE — 0.6%          
Applied Systems, Inc.:          
Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 2.00%, 5.50%, 9/19/2024 (b)
    281,712   280,216
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 5.50%, 6.51%, 9/19/2025
    210,000   209,410
Security Description     Principal
Amount 		  Value
Artera Services LLC, Senior Secured Incremental Term Loan, 3 Month USD LIBOR + 3.50%, 4.51%, 3/6/2025 (b)
    $188,500   $177,237
AthenaHealth Group, Inc., Senior Secured 2022 Term Loan B, 2/15/2029
    333,478   330,560
Atlas Purchaser, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 5.25%, 6.00%, 5/8/2028 (b)
    298,500   290,664
Banff Merger Sub, Inc., Senior Secured 2021 USD Term Loan, 3 Month USD LIBOR + 3.75%, 4.76%, 10/2/2025 (b)
    302,804   301,417
Camelot U.S. Acquisition 1 Co., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 3.46%, 10/30/2026 (b)
    574,215   569,073
Castle US Holding Corporation, Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.75%, 4.21%, 1/29/2027 (b)
    574,239   556,475
Cengage Learning, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75%, 5.75%, 7/14/2026 (b)
    493,675   490,345
Constant Contact, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 4.00%, 4.75%, 2/10/2028 (b)
    286,541   283,675
Cornerstone OnDemand, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 4.25%, 10/16/2028 (b)
    340,000   337,238
Cvent, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 4.21%, 11/29/2024 (b)
    200,905   199,232
DCert Buyer, Inc.:          
Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.46%, 10/16/2026 (b)
    93,804   93,263
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00%, 7.46%, 2/19/2029 (b)
    190,000   188,298
Finastra USA, Inc.:          
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Senior Secured USD 1st Lien Term Loan, 3 Month USD LIBOR + 3.50%, 4.50%, 6/13/2024 (b)
    $258,123   $255,249
Senior Secured USD 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 8.25%, 6/13/2025 (b)
    105,000   103,573
First Advantage Holdings LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.75%, 3.21%, 1/31/2027 (b)
    275,666   274,346
Genesys Cloud Services Holdings II LLC, Senior Secured 2020 USD Term Loan B4, 12/1/2027 (b)
    568,014   567,838
Grab Holdings, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 4.50%, 5.50%, 1/29/2026 (b)
    301,950   295,911
Helios Software Holdings, Inc., Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 5.25%, 3/11/2028 (b)
    513,714   509,864
Hyland Software, Inc.:          
Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 4.25%, 7/1/2024 (b)
    567,638   565,509
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.25%, 7.00%, 7/7/2025 (b)
    45,000   44,606
I-Logic Technologies Bidco Limited, Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 4.00%, 4.50%, 2/16/2028 (b)
    162,500   161,408
Informatica LLC, Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 3.25%, 10/27/2028 (b)
    330,000   327,690
ION Trading Finance, Ltd., Senior Secured 2021 USD Term Loan, 1 Month USD LIBOR + 4.75%, 5.21%, 4/1/2028 (b)
    476,400   473,577
Ivanti Software, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 5.00%, 12/1/2027 (b)
    263,675   260,544
Security Description     Principal
Amount 		  Value
LogMeIn, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75%, 5.22%, 8/31/2027 (b)
    $128,731   $126,700
McAfee LLC, Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.00%, 4.50%, 3/1/2029
    280,000   278,425
MedAssets Software Intermediate Holdings, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4%, 4.50%, 12/18/2028 (b)
    215,000   213,185
Mitchell International, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 7.00%, 10/15/2029 (b)
    40,000   39,713
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 4.25%, 10/15/2028 (b)
    570,000   561,678
PointClickCare Technologies, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00%, 3.75%, 12/29/2027 (b)
    143,913   142,473
Polaris Newco LLC, Senior Secured USD Term Loan B, 1 Month USD LIBOR + 4.00%, 4.50%, 6/2/2028 (b)
    572,125   568,764
Project Alpha Intermediate Holding, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00%, 4.30%, 4/26/2024 (b)
    569,558   566,830
Renaissance Holding Corp., Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00%, 7.46%, 5/29/2026 (b)
    150,000   149,086
Sabre GLBL, Inc.:          
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.50%, 4.00%, 12/17/2027 (b)
    80,347   79,594
Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 3.50%, 4.00%, 12/17/2027 (b)
    128,078   126,877
Severin Acquisition LLC, Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.00%, 3.45%, 8/1/2025 (b)
    592,498   586,784
 
See accompanying notes to schedule of investments.
77
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
SkillSoft Corporation, Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75%, 5.50%, 7/14/2028 (b)
    $209,563   $207,781
Sophia, L.P., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 4.26%, 10/7/2027 (b)
    587,585   582,934
Surf Holdings LLC, Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.50%, 4.11%, 3/5/2027 (b)
    508,255   504,047
Tibco Software, Inc., Senior Secured 2020 Term Loan B3, 1 Month USD LIBOR + 3.75%, 4.21%, 6/30/2026 (b)
    572,947   570,798
Ultimate Software Group, Inc., Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.25%, 5.75%, 5/3/2027
    70,000   69,683
Zelis Healthcare Corporation, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 3.73%, 9/30/2026 (b)
    128,010   126,930
          13,649,500
SPECIALTY RETAIL — 0.1%          
Great Outdoors Group, LLC, Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.75%, 4.50%, 3/6/2028 (b)
    459,205   458,128
Jo-Ann Stores, Inc., Senior Secured 2021 Term Loan B1, 3 Month USD LIBOR + 4.75%, 5.50%, 7/7/2028 (b)
    238,800   210,059
K-Mac Holdings Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 7/21/2028 (b)
    194,513   192,284
Michaels Companies, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 5.26%, 4/15/2028 (b)
    90,093   84,737
Petco Health and Wellness Company, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 4.26%, 3/3/2028 (b)
    580,612   576,000
Security Description     Principal
Amount 		  Value
PetSmart, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.50%, 2/11/2028 (b)
    $298,500   $297,940
Rent-A-Center, Inc., Senior Secured 2021 First Lien Term Loan B, 3 Month USD LIBOR + 3.25%, 3.81%, 2/17/2028 (b)
    168,725   165,746
Restoration Hardware, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 3.00%, 10/20/2028 (b)
    238,800   234,920
SRS Distribution, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 4.00%, 6/2/2028 (b)
    268,650   265,741
Staples, Inc., Senior Secured 7 Year Term Loan, 3 Month USD LIBOR + 5.00%, 5.32%, 4/16/2026 (b)
    208,393   197,408
Victoria's Secret & Co., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 3.75%, 8/2/2028 (b)
    209,475   206,989
Whatabrands LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.75%, 8/3/2028 (b)
    294,262   291,107
          3,181,059
STEEL-PRODUCERS — 0.0% (c)          
Phoenix Services International LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 3.75%, 4.75%, 3/1/2025 (b)
    396,907   384,627
TELECOM SERVICES — 0.0% (c)          
Connect Finco Sarl, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50%, 4.50%, 12/11/2026 (b)
    142,100   141,141
TELECOMMUNICATION EQUIP — 0.1%          
Cyxtera DC Holdings, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00%, 4.00%, 5/1/2024 (b)
    298,437   296,013
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Delta Topco, Inc., Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.50%, 12/1/2027 (b)
    $272,938   $269,088
Delta TopCo, Inc., Senior Secured 2020 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25%, 8.00%, 12/1/2028 (b)
    65,000   64,133
GOGO Intermediate Holdings LLC, Senior Secured Term Loan B, 3 Month USD LIBOR + 3.75%, 4.50%, 4/30/2028 (b)
    477,600   474,765
          1,103,999
THRIFTS & MORTGAGE FINANCE — 0.0% (c)          
Walker & Dunlop, Inc., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25%, 2.33%, 12/16/2028 (b)
    114,712   114,282
TRANSPORT-AIR FREIGHT — 0.0% (c)          
Kestrel Bidco, Inc., Senior Secured Term Loan B, 6 Month USD LIBOR + 3.00%, 4.00%, 12/11/2026 (b)
    553,516   534,951
TRANSPORTATION INFRASTRUCTURE — 0.0% (c)          
First Student Bidco, Inc.:          
Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00%, 3.98%, 7/21/2028 (b)
    298,712   296,679
Senior Secured Term Loan C, 3 Month USD LIBOR + 3.00%, 3.98%, 7/21/2028 (b)
    110,539   109,787
          406,466
TRANSPORT-SERVICES — 0.0% (c)          
Echo Global Logistics, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.75%, 4.25%, 11/23/2028 (b)
    205,000   203,046
LaserShip, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 6 Month USD LIBOR + 7.50%, 8.25%, 5/7/2029 (b)
    40,000   39,900
Security Description     Principal
Amount 		  Value
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.50%, 5.25%, 5/7/2028 (b)
    $139,300   $138,836
Savage Enterprises LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.75%, 9/15/2028 (b)
    253,087   251,597
          633,379
WEB HOSTING/DESIGN — 0.0% (c)          
Endure Digital, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 4.25%, 2/10/2028 (b)
    264,574   257,629
TOTAL SENIOR FLOATING RATE LOANS

(Cost $82,297,315)
        81,415,689
U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.8%          
Federal Home Loan Mortgage Corp.:          
2.50%, 4/1/2033
    1,559,463   1,555,450
2.50%, 9/1/2050
    14,940,932   14,323,342

3.00%, 11/1/2042
    6,933,473   6,923,340
3.00%, 12/1/2042
    5,766,352   5,725,735
3.00%, 1/1/2045
    811,304   809,099
3.00%, 2/1/2045
    563,257   560,460
3.00%, 3/1/2045
    549,054   546,328

3.00%, 4/1/2045
    15,462,339   15,410,785
3.00%, 5/1/2045
    2,172,837   2,162,049
3.00%, 8/1/2045
    6,321,732   6,290,345
3.00%, 7/1/2047
    2,189,423   2,174,001
3.00%, 6/1/2051
    20,281,681   19,869,901
3.50%, 2/1/2045
    895,261   913,260

3.50%, 4/1/2045
    13,307,668   13,549,265
3.50%, 6/1/2045
    6,697,202   6,818,788
3.50%, 10/1/2045
    7,083,011   7,211,600
3.50%, 2/1/2046
    3,696,754   3,748,132
4.00%, 4/1/2047
    11,181,542   11,509,738
4.00%, 7/1/2047
    2,622,996   2,699,985
4.00%, 10/1/2047
    5,728,757   5,896,905
4.50%, 6/1/2044
    1,010,584   1,071,426
Series 326, Class 300, CMO, 3.00%, 3/15/2044
    12,046,259   11,860,276
Series 3852, Class NS, CMO, IO, REMIC, 6.00% - 1 Month USD LIBOR, 5.60%, 5/15/2041 (b)
    3,918,509   513,920
Series 3889, Class VZ, CMO, REMIC, 4.00%, 7/15/2041
    2,646,030   2,701,191
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 3935, Class SJ, CMO, IO, REMIC, 6.65% - 1 Month USD LIBOR, 6.25%, 5/15/2041 (b)
    $721,526   $52,610
Series 4120, Class KA, CMO, REMIC, 1.75%, 10/15/2032
    7,143,504   6,965,008
Series 4165, Class ZT, CMO, REMIC, 3.00%, 2/15/2043
    4,352,653   4,207,387
Series 4364, Class ZX, CMO, REMIC, 4.00%, 7/15/2044
    32,653,274   33,728,014
Series 4434, Class LZ, CMO, REMIC, 3.00%, 2/15/2045
    3,709,315   3,621,147
Series 4444, Class CZ, CMO, REMIC, 3.00%, 2/15/2045
    13,600,820   13,328,711
Series 4447, Class A, CMO, REMIC, 3.00%, 6/15/2041
    111,351   111,751
Series 4447, Class Z, CMO, REMIC, 3.00%, 3/15/2045
    4,489,133   4,407,607
Series 4471, Class BA, CMO, REMIC, 3.00%, 12/15/2041
    1,026,369   1,030,005
Series 4471, Class GA, CMO, REMIC, 3.00%, 2/15/2044
    4,122,084   4,104,179
Series 4474, Class ZX, CMO, REMIC, 4.00%, 4/15/2045
    13,596,411   14,085,193
Series 4481, Class B, CMO, REMIC, 3.00%, 12/15/2042
    1,370,382   1,369,196
Series 4483, Class CA, CMO, REMIC, 3.00%, 6/15/2044
    4,129,820   4,113,844
Series 4484, Class CD, CMO, REMIC, 1.75%, 7/15/2030
    4,034,117   3,913,868
Series 4492, Class GZ, CMO, REMIC, 3.50%, 7/15/2045
    8,845,368   8,895,740
Series 4499, Class AB, CMO, REMIC, 3.00%, 6/15/2042
    2,323,197   2,318,535
Series 4504, Class CA, CMO, REMIC, 3.00%, 4/15/2044
    3,811,906   3,807,568
Series 4533, Class AB, CMO, REMIC, 3.00%, 6/15/2044
    3,484,428   3,469,769
Series 4543, Class HG, CMO, REMIC, 2.70%, 4/15/2044
    6,393,075   6,333,813
Security Description     Principal
Amount 		  Value
Series 4582, Class HA, CMO, REMIC, 3.00%, 9/15/2045
    $4,894,012   $4,901,542
Series 4702, Class ZL, CMO, 3.00%, 7/15/2047
    14,260,903   14,328,027
Series 4792, Class A, CMO, REMIC, 3.00%, 5/15/2048
    3,616,559   3,567,827
Series 5130, Class SD, CMO, IO, SOFR30A + 2.60%, 2.50%, 8/25/2051 (b)
    89,471,704   3,850,728
Federal National Mortgage Association:          
1.41%, 12/1/2030
    10,000,000   8,906,900
1.91%, 12/1/2031
    10,000,000   9,167,228
1.98%, 10/1/2033
    19,500,000   17,709,513
2.00%, 2/1/2036
    1,612,990   1,569,478
2.22%, 12/1/2029
    5,400,000   5,167,315
2.44%, 1/1/2032
    16,600,000   15,948,039
2.50%, 10/1/2040
    21,015,630   20,387,881
2.50%, 9/1/2046
    1,917,207   1,826,237
2.50%, 2/1/2047
    5,139,142   4,968,980
2.50%, 11/1/2050
    8,701,179   8,355,826
2.50%, 2/1/2051
    11,816,330   11,325,636
2.50%, 4/1/2051
    4,226,336   4,046,139
2.50%, 5/1/2051
    9,095,705   8,700,925
2.80%, 11/1/2039
    10,034,000   9,518,452
3.00%, 5/1/2035
    3,469,955   3,473,728
3.00%, 10/1/2041
    10,235,391   10,163,194
3.00%, 3/1/2043
    2,575,724   2,572,061
3.00%, 7/1/2043
    2,621,178   2,589,125
3.00%, 1/1/2045
    71,020   70,154
3.00%, 3/1/2045
    724,478   720,360
3.00%, 4/1/2045
    1,531,344   1,509,257
3.00%, 7/1/2045
    13,837,583   13,817,908
3.00%, 10/1/2046
    2,617,065   2,598,605
3.00%, 2/1/2047
    9,464,504   9,397,745
3.00%, 11/1/2048
    5,822,365   5,781,296
3.00%, 10/1/2049
    3,858,893   3,785,001
3.00%, 4/1/2053
    12,174,007   12,147,458
3.50%, 9/1/2034
    1,001,988   1,024,781
3.50%, 12/1/2034
    851,258   870,623
3.50%, 2/1/2035
    570,043   583,010
3.50%, 1/1/2045
    5,930,173   6,044,675
3.50%, 2/1/2045
    1,827,591   1,862,879
3.50%, 6/1/2045
    6,780,391   6,898,381
3.88%, 10/1/2030
    11,560,000   12,181,210

4.50%, 3/1/2044
    873,565   925,498
4.50%, 6/1/2044
    346,927   367,551
4.50%, 7/1/2044
    349,223   369,984
4.50%, 2/1/2045
    535,921   567,781
3.00%, 6/1/2051
    17,569,123   17,212,661
Series 2010-109, Class N, CMO, REMIC, 3.00%, 10/25/2040
    1,324,997   1,323,045
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2011-51, Class CI, CMO, IO, REMIC, 6.00% - 1 Month USD LIBOR, 5.54%, 6/25/2041 (b)
    $2,346,257   $305,267
Series 2012-127, Class PA, CMO, REMIC, 2.75%, 11/25/2042
    1,632,449   1,617,951
Series 2012-151, Class SB, CMO, REMIC, 6.00% - 1 Month USD LIBOR, 5.65%, 1/25/2043 (b)
    20,907   15,442
Series 2013-114, Class HZ, CMO, REMIC, 3.00%, 11/25/2038
    18,365,694   18,091,034
Series 2013-18, Class CD, CMO, REMIC, 1.50%, 10/25/2027
    1,653,645   1,635,710
Series 2013-30, Class PS, CMO, REMIC, 6.00% - 1 Month USD LIBOR, 5.65%, 4/25/2043 (b)
    626,695   508,720
Series 2014-21, Class GZ, CMO, REMIC, 3.00%, 4/25/2044
    4,144,966   4,059,597
Series 2014-39, Class ZA, CMO, REMIC, 3.00%, 7/25/2044
    5,115,037   5,033,662
Series 2015-42, Class CA, CMO, REMIC, 3.00%, 3/25/2044
    2,633,581   2,621,291
Series 2016-21, Class BZ, CMO, REMIC, 3.00%, 4/25/2046
    5,184,266   5,047,846
Series 2016-32, Class LA, CMO, REMIC, 3.00%, 10/25/2044
    4,505,495   4,461,696
Series 2016-72, Class PA, CMO, REMIC, 3.00%, 7/25/2046
    4,202,104   4,158,748
Series 2016-81, Class PA, CMO, REMIC, 3.00%, 2/25/2044
    2,855,029   2,859,778
Series 2016-9, Class A, CMO, REMIC, 3.00%, 9/25/2043
    482,495   484,434
Series 2016-92, Class A, CMO, REMIC, 3.00%, 4/25/2042
    5,650,808   5,640,252
Series 2017-87, Class BA, CMO, REMIC, 3.00%, 12/25/2042
    4,231,918   4,250,870
Series 2018-M10, Class A1, 3.36%, 7/25/2028 (b)
    5,548,700   5,617,166
Series 2020-47, Class GL, CMO, 2.00%, 5/25/2046
    10,000,000   9,541,112
Series 2021-29, Class BA, CMO, 1.25%, 5/25/2041
    11,307,857   10,605,820
Security Description     Principal
Amount 		  Value
Series 2021-35, Class EH, CMO, 2.00%, 2/25/2037
    $18,647,625   $17,994,972
Government National Mortgage Association:          
2.50%, 3/20/2051
    10,354,560   10,073,626
Series 2013-169, Class SE, CMO, IO, REMIC, 6.05% - 1 Month USD LIBOR, 5.62%, 11/16/2043 (b)
    941,773   136,752
Series 2013-34, Class PL, CMO, REMIC, 3.00%, 3/20/2042
    2,022,793   2,029,106
Series 2014-43, Class PS, CMO, IO, REMIC, 6.18% - 1 Month USD LIBOR, 5.73%, 7/20/2042 (b)
    2,077,369   110,194
Series 2020-116, Class HS, CMO, IO, 1 Month USD LIBOR + 6.20%, 5.75%, 8/20/2050 (b)
    8,914,575   1,587,201
Series 2020-173, Class SY, CMO, IO, 1 Month USD LIBOR + 6.30%, 5.85%, 11/20/2050 (b)
    30,546,929   5,052,672
Series 2020-173, Class TI, CMO, IO, 2.00%, 11/20/2050
    37,490,981   4,094,108
Series 2020-176, Class SL, CMO, IO, 1 Month USD LIBOR + 5.00%, 4.55%, 11/20/2050 (b)
    10,148,449   1,166,639
Series 2020-185, Class SE, CMO, IO, 1 Month USD LIBOR + 6.30%, 5.85%, 12/20/2050 (b)
    36,218,727   7,128,262
Series 2021-125, Class SN, CMO, IO, 1 Month USD LIBOR+ 4.20%, 3.75%, 1/20/2051 (b)
    9,497,879   800,404
Series 2021-143, Class IO, IO, VRN, 0.98%, 10/16/2063 (b)
    88,681,843   6,915,450
Series 2021-196, Class UI, IO, 3.00%, 11/20/2051
    56,018,405   4,895,415
Series 2021-40, Class IO, IO, VRN, 0.83%, 2/16/2063 (b)
    77,236,495   5,458,155
Series 2021-60, Class IO, IO, VRN, 0.82%, 5/16/2063 (b)
    59,947,958   4,251,820
Series 2021-79, Class IO, IO, 0.91%, 8/16/2063 (b)
    89,699,792   6,858,095
Series 2021-80, Class IO, IO, VRN, 0.90%, 12/16/2062 (b)
    90,630,606   6,907,355
Series 2021-85, Class IO, IO, VRN, 0.68%, 3/16/2063 (b)
    102,979,075   6,886,528
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2021-99, Class IO, IO, VRN, 0.59%, 5/16/2061 (b)
    $42,678,743   $2,612,477
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

(Cost $762,608,920)
        719,329,537
U.S. TREASURY OBLIGATIONS — 21.0%          
Treasury Bonds 1.88%, 11/15/2051
    185,000,000   161,990,625
Treasury Notes:          
0.13%, 11/30/2022
    34,600,000   34,324,281
0.50%, 11/30/2023
    66,700,000   64,834,484
0.63%, 7/31/2026
    32,300,000   29,806,844
1.13%, 1/15/2025
    19,400,000   18,683,109
1.50%, 2/29/2024
    15,200,000   14,979,719
1.50%, 2/15/2025
    46,200,000   44,915,063
1.50%, 1/31/2027
    19,400,000   18,542,156
1.88%, 2/28/2027
    38,700,000   37,669,008
1.88%, 2/28/2029
    61,000,000   58,893,594
1.88%, 2/15/2032
    24,300,000   23,339,391
2.25%, 11/15/2025
    18,700,000   18,510,078
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $552,811,828)
        526,488,352
MORTGAGE-BACKED SECURITIES — 12.7%          
Alternative Loan Trust:          
Series 2005-21CB, Class A3, CMO, 5.25%, 6/25/2035
    1,912,213   1,599,173
Series 2005-79CB, Class A4, CMO, 5.50%, 1/25/2036
    3,616,248   2,524,806
Series 2006-24CB, Class A9, CMO, 6.00%, 8/25/2036
    2,736,936   1,799,137
Series 2006-43CB, Class 1A12, CMO, 5.75%, 2/25/2037
    2,461,387   1,563,338
Series 2006-OA2, Class A1, CMO, 1 Month USD LIBOR + 0.42%, 0.87%, 5/20/2046 (b)
    1,954,809   1,607,070
Banc of America Funding Trust:          
Series 2006-8T2, Class A4, CMO, 5.83%, 10/25/2036 (d)
    2,211,448   1,971,189
Series 2007-5, Class CA1, CMO, 6.00%, 7/25/2037
    3,834,040   3,199,153
BANK Series 2017-BNK6, Class XA, IO, 0.80%, 7/15/2060 (b)
    51,719,901   1,611,005
Security Description     Principal
Amount 		  Value
BBCMS Mortgage Trust Series 2017-DELC, Class B, 1 Month USD LIBOR + 1.03%, 1.43%, 8/15/2036 (a) (b)
    $925,000   $913,645
BCAP LLC Trust Series 2010-RR4, Class 3212, CMO, 6.45%, 1/26/2037 (a) (b)
    6,735,877   6,479,480
BX Trust Series 2018-EXCL, Class A, 1 Month USD LIBOR + 1.09%, 1.48%, 9/15/2037 (a) (b)
    188,893   186,705
ChaseFlex Trust Series 2007-3, Class 1A2, CMO , IO, 1 Month USD LIBOR + 0.46%, 0.92%, 7/25/2037 (b)
    7,889,178   1,983,858
CHL Mortgage PassThrough Trust:          
Series 2005-J2, Class 3A14, CMO, 5.50%, 8/25/2035
    725,408   601,095
Series 2007-12, Class A9, CMO, 5.75%, 8/25/2037
    2,367,854   1,632,535
CHL Mortgage Pass-Through Trust:          
Series 2007-10, Class A4, 5.50%, 7/25/2037
    3,810,754   2,080,068
Series 2007-HYB1, Class 2A1, CMO, 2.98%, 3/25/2037 (b)
    1,217,406   1,052,424
CHT COSMO Mortgage Trust Series 2017-CSMO, Class E, 1 Month USD LIBOR + 3.00%, 3.40%, 11/15/2036 (a) (b)
    1,333,000   1,322,172
Citigroup Mortgage Loan Trust:          
Series 2007-10, Class 2A2A, CMO, 3.18%, 9/25/2037 (b)
    4,747,948   4,279,464
Series 2007-AR4, Class 1A1A, CMO, 3.22%, 3/25/2037 (b)
    1,400,271   1,235,891
Series 2007-AR5, Class 1A2A, CMO, 3.04%, 4/25/2037 (b)
    735,391   678,136
Series 2021-JL1, Class A, 2.75%, 2/27/2062 (a) (b)
    1,280,015   1,229,511
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7, CMO, 6.00%, 1/25/2037
    4,110,214   3,552,231
COLT Mortgage Loan Trust:          
Series 2022-2, Class A1, 2.99%, 2/25/2067 (a) (d)
    19,616,044   19,121,769
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2022-3, Class M1, 4.23%, 2/25/2067 (a) (b)
    $10,023,000   $9,535,652
COMM Mortgage Trust Series 2018-HCLV, Class A, 1 Month USD LIBOR + 1.00%, 1.40%, 9/15/2033 (a) (b)
    347,000   340,051
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2, CMO, SOFR30A + 1.4, 3.10%, 1/25/2042 (a) (b)
    12,000,000   11,700,009
Credit Suisse Mortgage Capital Certificates Series 2021-RPL9, Class A1, 2.44%, 2/25/2061 (a) (b)
    5,805,014   5,518,884
Credit Suisse Mortgage Trust Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (a) (d)
    15,000,000   14,807,295
CSAIL Commercial Mortgage Trust Series 2017-CX10, Class XA, IO, 0.70%, 11/15/2050 (b)
    63,085,170   1,823,588
CSMC MortgageBacked Trust Series 2006-7, Class 7A7, CMO, 6.00%, 8/25/2036
    1,344,947   1,300,776
CSMC Trust:          
Series 2017-MOON, Class E, 3.20%, 7/10/2034 (a) (b)
    3,181,000   3,171,475
Series 2020-RPL2, Class A12, CMO, 3.42%, 2/25/2060 (a) (b)
    9,958,163   9,824,775
Series 2021-JR2, Class A1, 2.22%, 11/25/2061 (a) (b)
    11,907,093   11,578,576
Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067 (a) (b)
    5,500,000   5,501,545
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-AR3, Class 1A4, 0.83%, 6/25/2037 (b)
    3,767,938   3,451,789
Federal Home Loan Mortgage Corp.:          
Series 2021-HQA4, Class M2, CMO, SOFR30A + 2.6, 2.45%, 12/25/2041 (a) (b)
    5,000,000   4,696,977
Series 2022-DNA2, Class M2, SOFR30A + 1.6, 3.85%, 2/25/2042 (a) (b)
    9,500,000   9,298,357
FMC GMSR Issuer Trust:          
Series 2020-GT1, Class A, CMO, VRN, 4.45%, 1/25/2026 (a) (b)
    3,000,000   2,891,648
Security Description     Principal
Amount 		  Value
Series 2021-GT2, Class A, 3.85%, 10/25/2026 (a) (b)
    $2,650,000   $2,451,326
FWD Securitization Trust Series 2019-INV1, Class A3, 3.11%, 6/25/2049 (a) (b)
    747,144   746,929
Great Wolf Trust Series 2019-WOLF, Class E, 1 Month USD LIBOR + 2.73%, 3.13%, 12/15/2036 (a) (b)
    100,000   95,757
GS Mortgage Securities Trust:          
Series 2017-GS7, Class XA, IO, 1.11%, 8/10/2050 (b)
    40,061,896   1,733,351
Series 2018-TWR, Class A, 1 Month USD LIBOR + 0.90%, 1.30%, 7/15/2031 (a) (b)
    283,000   280,259
Series 2018-TWR, Class D, 1 Month USD LIBOR + 1.60%, 2.00%, 7/15/2031 (a) (b)
    650,000   617,137
Series 2018-TWR, Class E, 1 Month USD LIBOR + 2.10%, 2.50%, 7/15/2031 (a) (b)
    650,000   617,349
Series 2018-TWR, Class F, 1 Month USD LIBOR + 2.80%, 3.20%, 7/15/2031 (a) (b)
    650,000   616,567
Series 2018-TWR, Class G, 1 Month USD LIBOR + 3.92%, 4.32%, 7/15/2031 (a) (b)
    650,000   571,786
GSR Mortgage Loan Trust:          
Series 2006-OA1, Class 1A1, CMO, 1 Month USD LIBOR + 0.44%, 0.90%, 8/25/2046 (b)
    14,041,011   3,661,915
Series 2007-AR1, Class 2A1, 2.74%, 3/25/2047 (b)
    4,648,869   3,513,615
IndyMac IMJA Mortgage Loan Trust Series 2007-A4, Class A1, CMO, 6.25%, 2/25/2038
    21,270,160   9,290,072
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 3A1B, CMO, 3.10%, 4/25/2036 (b)
    1,325,927   1,281,015
Legacy Mortgage Asset Trust Series 2020-SL1, Class M, 3.25%, 1/25/2060 (a) (b)
    8,492,000   8,127,194
Lehman XS Trust Series 2006-GP2, Class 1A4, 0.85%, 6/25/2046 (b)
    5,590,734   5,227,336
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Morgan Stanley Capital I Trust Series 2016-UB12, Class XA, IO, 0.66%, 12/15/2049 (b)
    $48,194,757   $1,199,845
Morgan Stanley Resecuritization Trust Series 2014-R7, Class B2, CMO, 3.73%, 1/26/2051 (a) (b)
    13,786,968   13,871,935
Morgan Stanley Residential Mortgage Loan Trust Series 2020-RPL1, Class A1, CMO, VRN, 2.69%, 10/25/2060 (a) (b)
    913,454   883,171
NRPL Trust Series 2019-3A, Class A1, CMO, 3.00%, 7/25/2059 (a) (d)
    3,800,697   3,781,943
PMT Credit Risk Transfer Trust:          
Series 2019-2R, Class A, 1 Month USD LIBOR + 2.75%, 3.20%, 5/27/2023 (a) (b)
    1,530,138   1,517,236
Series 2021-1R, Class A, 1 Month USD LIBOR + 2.90%, 3.36%, 2/27/2024 (a) (b)
    1,063,655   1,068,873
PRPM LLC:          
Series 2020-6, Class A1, CMO, 2.36%, 11/25/2025 (a) (d)
    3,906,870   3,801,147
Series 2022-1, Class A1, 3.72%, 2/25/2027 (a) (d)
    17,710,877   17,397,255
RALI Trust Series 2005-QA7, Class A22, CMO, 2.99%, 7/25/2035 (b)
    2,326,565   2,240,979
Seasoned Credit Risk Transfer Trust:          
Series 2019-4, Class MV, 3.00%, 2/25/2059
    16,370,809   16,176,797
Series 2020-2, Class MT, CMO, 2.00%, 11/25/2059
    7,194,994   6,756,993
Seasoned Credit Risk Transfer Trust Series 2020-3, Class MT, CMO, 2.00%, 5/25/2060
    11,549,540   10,817,518
Structured Adjustable Rate Mortgage Loan Trust Series 2006-8, Class 4A3, CMO, 3.25%, 9/25/2036 (b)
    267,886   260,129
Structured Asset Mortgage Investments II Trust Series 2004-AR3, Class M, CMO, 1 Month USD LIBOR + 0.68%, 1.12%, 7/19/2034 (b)
    1,367,874   1,309,562
Security Description     Principal
Amount 		  Value
UBS Commercial Mortgage Trust Series 2017-C1, Class XA, IO, 1.53%, 6/15/2050 (b)
    $17,628,992   $1,075,900
Verus Securitization Trust Series 2022-3, Class A1, 4.13%, 2/25/2067
    20,000,000   19,938,200
WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR14, Class 1A5, 2.57%, 11/25/2036 (b)
    3,845,744   3,640,501
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-1, Class 4CB, 6.50%, 2/25/2036
    5,829,698   5,491,099
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-HY1 Trust Series 2007-HY1, Class A3A, CMO, 1 Month USD LIBOR + 0.23%, 0.92%, 2/25/2037 (b)
    4,628,601   3,553,247
Washington Mutual Mortgage PassThrough Certificates WMALT Trust:          
Series 2005-8, Class 2CB1, CMO, 5.50%, 10/25/2035
    860,254   853,319
Series 2006-5, Class 3A2, CMO, 6.50%, 7/25/2036 (d)
    2,639,243   691,727
Series 2007-2, Class 1A3, CMO, 6.00%, 4/25/2037
    4,168,438   3,972,493
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR4, Class A1, CMO, 2.70%, 8/25/2037 (b)
    877,454   850,836
TOTAL MORTGAGE-BACKED SECURITIES

(Cost $337,181,152)
        317,647,565
COMMERCIAL MORTGAGE BACKED SECURITIES — 5.3%          
ACRE Commercial Mortgage, Ltd. Series 2021-FL4, Class B, 1 Month USD LIBOR + 1.40%, 1.87%, 12/18/2037 (a) (b)
    3,000,000   2,951,400
BANK:          
Series 2017-BNK4, Class XA, IO, 1.34%, 5/15/2050 (b)
    26,914,227   1,373,355
Series 2021-BN35, Class XA, IO, VRN, 1.05%, 6/15/2064 (b)
    9,224,536   668,933
 
See accompanying notes to schedule of investments.
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March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
BBCMS Mortgage Trust Series 2021-C11, Class XA, IO, VRN, 1.39%, 9/15/2054 (b)
    $27,180,124   $2,563,135
Benchmark Mortgage Trust:          
Series 2018-B2, Class C, VRN, 4.20%, 2/15/2051 (b)
    2,545,000   2,537,777
Series 2020-B19, Class XA, IO, VRN, 1.77%, 9/15/2053 (b)
    20,015,050   1,845,579
Series 2021-B24, Class XA, IO, VRN, 1.15%, 3/15/2054 (b)
    3,388,191   252,393
BX Commercial Mortgage Trust:          
Series 2021-21M, Class H, 1 Month USD LIBOR + 4.01%, 4.41%, 10/15/2036 (a) (b)
    2,873,000   2,770,233
Series 2021-VOLT, Class E, 1 Month USD LIBOR + 2.00%, 2.40%, 9/15/2036 (a) (b)
    1,923,000   1,851,001
Series 2021-VOLT, Class F, 1 Month USD LIBOR + 2.40%, 2.80%, 9/15/2036 (a) (b)
    1,923,000   1,858,507
Series 2021-XL2, Class E, 1 Month USD LIBOR + 1.84%, 2.24%, 10/15/2038 (a) (b)
    2,812,728   2,743,001
BX Trust:          
Series 2017-SLCT, Class E, 1 Month USD LIBOR + 3.15%, 3.55%, 7/15/2034 (a) (b)
    1,297,031   1,289,295
Series 2019-OC11, Class E, 4.08%, 12/9/2041 (a) (b)
    3,830,000   3,434,419
CD Mortgage Trust Series 2017-CD4, Class XA, IO, 1.27%, 5/10/2050 (b)
    16,314,398   694,008
CFCRE Commercial Mortgage Trust:          
Series 2016-C3, Class XA, IO, 0.99%, 1/10/2048 (b)
    23,084,310   721,663
Series 2016-C4, Class XA, IO, 1.63%, 5/10/2058 (b)
    10,553,552   539,250
Series 2017-C8, Class XA, IO, 1.49%, 6/15/2050 (b)
    22,162,939   1,307,179
Citigroup Commercial Mortgage Trust:          
Series 2015-GC27, Class C, VRN, 4.42%, 2/10/2048 (b)
    2,541,000   2,403,672
Security Description     Principal
Amount 		  Value
Series 2015-GC27, Class D, 4.42%, 2/10/2048 (a) (b)
    $423,700   $394,860
Series 2015-GC31, Class C, 4.04%, 6/10/2048 (b)
    1,500,000   1,481,662
Series 2015-GC33, Class C, 4.58%, 9/10/2058 (b)
    1,500,000   1,428,661
Series 2016-GC36, Class XA, IO, 1.22%, 2/10/2049 (b)
    19,925,353   744,007
Series 2020-555, Class E, 3.50%, 12/10/2041 (a) (b)
    2,047,000   1,766,619
COMM Mortgage Trust:          
Series 2013-CR12, Class XA, IO, 1.10%, 10/10/2046 (b)
    25,620,464   337,498
Series 2015-CR22, Class XA, IO, 0.86%, 3/10/2048 (b)
    7,465,768   152,912
Series 2015-CR26, Class XA, IO, 0.92%, 10/10/2048 (b)
    19,874,155   518,428
Series 2015-DC1, Class C, VRN, 4.33%, 2/10/2048 (b)
    644,000   623,915
Series 2015-DC1, Class XA, IO, 1.02%, 2/10/2048 (b)
    6,223,531   135,620
Series 2016-CR28, Class C, 4.64%, 2/10/2049 (b)
    2,011,000   1,990,535
Series 2016-DC2, Class XA, IO, 0.95%, 2/10/2049 (b)
    15,435,646   441,197
Series 2017-PANW, Class D, 3.93%, 10/10/2029 (a) (b)
    1,388,000   1,362,733
Series 2017-PANW, Class E, 3.81%, 10/10/2029 (a) (b)
    2,316,000   2,209,030
CSAIL Commercial Mortgage Trust:          
Series 2015-C2, Class AS, 3.85%, 6/15/2057 (b)
    900,000   892,236
Series 2015-C4, Class XA, IO, 0.81%, 11/15/2048 (b)
    32,176,689   771,557
Series 2019-C17, Class XA, IO, VRN, 1.36%, 9/15/2052 (b)
    30,094,387   2,216,403
CSMC 2017-TIME Series 2017-TIME, Class A, 3.65%, 11/13/2039 (a)
    2,977,000   2,784,774
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CSMC 2020-NET Series 2020-NET, Class A, 2.26%, 8/15/2037 (a)
    $2,388,355   $2,271,394
CSMC 2021-B33:          
Series 2021-B33, Class A1, 3.05%, 10/10/2043 (a)
    632,000   594,921
Series 2021-B33, Class A2, 3.17%, 10/10/2043 (a)
    2,250,000   2,113,112
CSMC Trust Series 2017-MOON, Class D, 3.20%, 7/10/2034 (a) (b)
    2,263,000   2,257,174
DBUBS Mortgage Trust Series 2017-BRBK, Class E, VRN, 3.53%, 10/10/2034 (a) (b)
    463,000   438,665
DOLP Trust:          
Series 2021-NYC, Class D, VRN, 3.70%, 5/10/2041 (a) (b)
    1,000,000   883,807
Series 2021-NYC, Class E, VRN, 3.70%, 5/10/2041 (a) (b)
    1,000,000   842,228
Grace Trust Series 2020-GRCE, Class D, VRN, 2.68%, 12/10/2040 (a) (b)
    1,147,000   986,437
Great Wolf Trust Series 2019-WOLF, Class F, 1 Month USD LIBOR + 3.13%, 3.53%, 12/15/2036 (a) (b)
    100,000   95,555
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA, IO, 1.47%, 2/10/2046 (b)
    11,390,209   76,640
GS Mortgage Securities Trust:          
Series 2014-GC24, Class XA, IO, 0.71%, 9/10/2047 (b)
    26,040,560   366,601
Series 2015-GC32, Class XA, IO, 0.73%, 7/10/2048 (b)
    22,561,666   456,645
Series 2015-GC34, Class XA, IO, 1.22%, 10/10/2048 (b)
    15,391,206   529,818
Series 2015-GS1, Class XA, IO, 0.76%, 11/10/2048 (b)
    25,552,489   603,244
Series 2016-GS3, Class XA, IO, 1.20%, 10/10/2049 (b)
    24,034,611   1,042,050
Series 2019-GC38, Class XA, IO, 0.96%, 2/10/2052 (b)
    40,382,474   2,137,887
HPLY Trust Series 2019-HIT, Class F, 1 Month USD LIBOR + 3.15%, 3.55%, 11/15/2036 (a) (b)
    2,685,894   2,577,403
Security Description     Principal
Amount 		  Value
JP Morgan Chase Commercial Mortgage Securities Trust:          
Series 2014-C20, Class B, 4.40%, 7/15/2047 (b)
    $3,000,000   $3,022,370
Series 2015-JP1, Class XA, IO, 0.89%, 1/15/2049 (b)
    15,612,929   439,975
Series 2016-JP3, Class B, VRN, 3.40%, 8/15/2049 (b)
    2,899,000   2,763,908
JPMBB Commercial Mortgage Securities Trust:          
Series 2014-C21, Class B, VRN, 4.34%, 8/15/2047 (b)
    1,055,000   1,059,531
Series 2014-C25, Class XA, IO, 0.82%, 11/15/2047 (b)
    4,732,432   83,323
Series 2014-C26, Class C, 4.38%, 1/15/2048 (b)
    1,500,000   1,451,699
Series 2015-C28, Class XA, IO, 0.96%, 10/15/2048 (b)
    8,677,245   181,197
Series 2015-C30, Class XA, IO, 0.49%, 7/15/2048 (b)
    24,367,263   314,919
Series 2015-C32, Class C, 4.65%, 11/15/2048 (b)
    1,132,000   888,469
Series 2015-C33, Class C, 4.61%, 12/15/2048 (b)
    1,739,000   1,687,647
JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA, IO, 1.55%, 6/15/2049 (b)
    17,500,664   771,624
LSTAR Commercial Mortgage Trust Series 2017-5, Class X, IO, 0.79%, 3/10/2050 (a) (b)
    35,366,249   911,965
Manhattan West 2020-1MW Mortgage Trust:          
Series 2020-1MW, Class C, VRN, 2.34%, 9/10/2039 (a) (b)
    2,462,000   2,228,476
Series 2020-1MW, Class D, VRN, 2.34%, 9/10/2039 (a) (b)
    2,462,000   2,179,410
Med Trust Series 2021-MDLN, Class G, 1 Month USD LIBOR + 5.25%, 5.65%, 11/15/2038 (a) (b)
    2,864,000   2,815,367
Morgan Stanley Bank of America Merrill Lynch Trust:          
Series 2013-C12, Class XA, IO, 0.57%, 10/15/2046 (b)
    12,075,774   73,779
Series 2013-C7, Class XA, IO, 1.27%, 2/15/2046 (b)
    11,907,807   49,802
 
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2015-C20, Class C, 4.45%, 2/15/2048 (b)
    $500,000   $488,028
Series 2016-C28, Class XA, IO, 1.17%, 1/15/2049 (b)
    18,681,018   656,591
Series 2016-C30, Class XA, IO, 1.36%, 9/15/2049 (b)
    17,163,023   789,899
Series 2016-C31, Class C, 4.27%, 11/15/2049 (b)
    3,358,000   3,124,010
Morgan Stanley Capital I Trust:          
Series 2015-UBS8, Class XA, IO, 0.86%, 12/15/2048 (b)
    23,564,870   607,733
Series 2019-L3, Class XA, IO, 0.64%, 11/15/2052 (b)
    55,840,477   2,268,064
Series 2020-HR8, Class XA, IO, VRN, 1.84%, 7/15/2053 (b)
    13,637,055   1,634,546
Series 2020-L4, Class XA, IO, VRN, 1.08%, 2/15/2053 (b)
    33,064,457   2,255,510
One New York Plaza Trust Series 2020-1NYP, Class C, 1 Month USD LIBOR + 2.20%, 2.60%, 1/15/2036 (a) (b)
    1,599,000   1,572,497
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048
    450,000   433,175
SLG Office Trust 2021-OVA:          
Series 2021-OVA, Class E, 2.85%, 7/15/2041 (a)
    1,989,000   1,703,918
Series 2021-OVA, Class F, 2.85%, 7/15/2041 (a)
    1,989,000   1,625,567
SREIT Trust Series 2021-MFP, Class D, 1 Month USD LIBOR + 1.58%, 1.97%, 11/15/2038 (a) (b)
    2,864,000   2,776,117
UBS Commercial Mortgage Trust Series 2017-C4, Class XA, IO, 1.01%, 10/15/2050 (b)
    22,929,720   990,603
Velocity Commercial Capital Loan Trust Series 2020-1, Class M3, VRN, 3.19%, 2/25/2050 (a) (b)
    2,832,983   2,655,344
Waterfall Commercial Mortgage Trust Series 2015-SBC5, Class A, 4.10%, 9/14/2022 (a) (b)
    2,025,426   2,004,748
Security Description     Principal
Amount 		  Value
Wells Fargo Commercial Mortgage Trust:          
Series 2015-C26, Class XA, IO, 1.20%, 2/15/2048 (b)
    $7,299,628   $197,231
Series 2015-C28, Class C, 4.08%, 5/15/2048 (b)
    1,500,000   1,471,878
Series 2015-LC20, Class XA, IO, 1.29%, 4/15/2050 (b)
    6,552,102   170,698
Series 2015-NXS1, Class XA, IO, 1.08%, 5/15/2048 (b)
    6,973,906   174,867
Series 2015-NXS2, Class XA, IO, 0.65%, 7/15/2058 (b)
    22,538,395   401,266
Series 2015-P2, Class XA, IO, 0.96%, 12/15/2048 (b)
    15,531,100   457,187
Series 2016-BNK1, Class XB, IO, VRN, 1.33%, 8/15/2049 (b)
    19,849,000   1,021,751
Series 2016-C33, Class XA, IO, 1.61%, 3/15/2059 (b)
    11,335,660   585,848
Series 2016-C35, Class B, 3.44%, 7/15/2048
    3,000,000   2,864,999
Series 2016-LC24, Class C, VRN, 4.43%, 10/15/2049 (b)
    1,900,000   1,800,224
Series 2017-C38, Class XA, IO, 1.01%, 7/15/2050 (b)
    36,246,673   1,438,553
Series 2017-RC1, Class XA, IO, 1.47%, 1/15/2060 (b)
    19,008,276   1,049,156
Series 2019-C50, Class XA, IO, 1.41%, 5/15/2052 (b)
    28,250,512   2,079,767
Series 2020-C58, Class XA, IO, VRN, 1.88%, 7/15/2053 (b)
    20,036,325   2,447,589
WFRBS Commercial Mortgage Trust:          
Series 2014-C19, Class XA, IO, 1.00%, 3/15/2047 (b)
    8,122,174   103,986
Series 2014-C21, Class XA, IO, 1.02%, 8/15/2047 (b)
    13,708,410   242,817
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES

(Cost $179,328,733)
        133,348,656
    
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 4.2%          
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (h) (i)

(Cost $104,298,720)
    104,298,720   $104,298,720
TOTAL INVESTMENTS — 99.5%

(Cost $2,665,359,318)
        2,488,995,044
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%
        12,333,452
NET ASSETS — 100.0%
        $2,501,328,496
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 22.8% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) Amount is less than 0.05% of net assets.
(d) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of March 31, 2022. Maturity date shown is the final maturity.
(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. As of March 31, 2022, total aggregate fair value of securities is $166,266 representing 0.0% of net assets.
(f) Non-income producing security.
(g) Position is unsettled. Contract rate was not determined at March 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(i) The rate shown is the annualized seven-day yield at March 31, 2022.
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
LIBOR London Interbank Offered Rate
LP Limited Partnership
MTN Medium Term Note
PIK Payment in Kind
PO Principal Only
REIT Real Estate Investment Trust
REMIC Real Estate Mortgage Investment Conduit
SOFR Secured Overnight Financing Rate
VRN Variable Rate Note
 
At March 31, 2022, the Fund had unfunded loan commitments of $137,706, which could be extended at the option of the borrowers, pursuant to the following loan agreements:
Borrower   Unfunded Loan
Commitment ($) 		  Value ($)   Unrealized
Appreciation/(Depreciation) ($)
TGP Holdings III LLC
  11,111   10,711   (450)
Hillman Group Inc. (The)
  26,397   25,962   (434)
VT Topco, Inc.
  17,108   16,884   (224)
Zelis Healthcare Corporation
  23,333   23,136   (197)
Trident TPI Holdings, Inc.
  3,235   3,200   (35)
AthenaHealth Group, Inc.
  56,522   56,027   (495)
    $137,706   $135,920   $(1,835)
See accompanying notes to schedule of investments.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $2,304,539   $353,130,624   $—   $355,435,163
Asset-Backed Securities
  —   220,073,135   —   220,073,135
Foreign Government Obligations
  —   30,791,961   —   30,791,961
U.S. Government Agency Obligations
  —   719,329,537   —   719,329,537
U.S. Treasury Obligations
  —   526,488,352   —   526,488,352
Mortgage-Backed Securities
  19,938,200   297,709,365   —   317,647,565
Commercial Mortgage Backed Securities
  —   133,348,656   —   133,348,656
Common Stocks
  —   —   166,266   166,266
Senior Floating Rate Loans
  —   81,415,689   —   81,415,689
Short-Term Investment
  104,298,720   —   —   104,298,720
TOTAL INVESTMENTS
  $126,541,459   $2,362,287,319   $166,266   $2,488,995,044
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Unfunded Loans(a)
  —   (1,340)   —   (1,340)
(a) Includes appreciation on unfunded loan commitments.
 
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
63,404,943   $63,404,943   $819,519,306   $778,625,529   $—   $—   104,298,720   $104,298,720   $26,433
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 63.6%      
ARGENTINA — 1.1%          
Banco Macro SA Series REGS, USD 5 Year Swap Rate + 5.46%, 6.64%, 11/4/2026 (a)
    $550,000   $454,047
Pampa Energia SA Series REGS, 7.50%, 1/24/2027
    450,000   391,284
          845,331
BRAZIL — 2.6%          
Itau Unibanco Holding SA Series REGS, 5 year CMT + 3.45%, 3.88%, 4/15/2031 (a)
    800,000   757,136
MC Brazil Downstream Trading SARL 7.25%, 6/30/2031
    200,000   184,040
Petrobras Global Finance B.V. 5.50%, 6/10/2051
    1,100,000   946,000
Simpar Europe SA 5.20%, 1/26/2031
    200,000   179,500
          2,066,676
CHILE — 8.3%          
CAP SA:          
3.90%, 4/27/2031 (b)
    600,000   541,938
3.90%, 4/27/2031
    1,000,000   903,230
Chile Electricity PEC SpA Zero Coupon, 1/25/2028 (b)
    2,500,000   1,885,500
Empresa Electrica Angamos SA Series REGS, 4.88%, 5/25/2029
    130,400   122,335
Empresa Electrica Cochrane SpA Series REGS, 5.50%, 5/14/2027
    1,426,320   1,371,364
Engie Energia Chile SA 3.40%, 1/28/2030
    400,000   368,488
Guacolda Energia SA Series REGS, 4.56%, 4/30/2025
    400,000   134,572
Mercury Chile Holdco LLC 6.50%, 1/24/2027 (b)
    800,000   765,888
Telefonica Moviles Chile SA 3.54%, 11/18/2031 (b)
    150,000   139,914
VTR Finance NV Series REGS, 6.38%, 7/15/2028
    500,000   484,960
          6,718,189
COLOMBIA — 7.0%          
AI Candelaria Spain SLU 5.75%, 6/15/2033 (b)
    500,000   429,265
Banco Davivienda SA 10 Year CMT + 5.10%, 6.65%, 4/22/2031 (a)(b)
    400,000   368,460
Ecopetrol SA:          
4.63%, 11/2/2031
    1,500,000   1,357,650
5.88%, 5/28/2045
    100,000   87,527
5.88%, 11/2/2051
    250,000   213,020
Security Description     Principal
Amount 		  Value
Empresas Publicas de Medellin ESP:          
Series REGS, 4.25%, 7/18/2029
    $1,500,000   $1,334,370
Series REGS, 4.38%, 2/15/2031
    500,000   430,730
Gran Tierra Energy International Holdings, Ltd. Series REGS, 6.25%, 2/15/2025
    600,000   555,930
Oleoducto Central SA Series REGS, 4.00%, 7/14/2027
    950,000   895,195
          5,672,147
INDIA — 4.6%          
Adani International Container Terminal Pvt, Ltd.:          
3.00%, 2/16/2031 (b)
    384,000   342,206
Series REGS, 3.00%, 2/16/2031
    960,000   857,222
Adani Ports & Special Economic Zone, Ltd.:          
3.10%, 2/2/2031
    1,000,000   860,910
Series REGS, 4.38%, 7/3/2029
    700,000   673,498
ONGC Videsh Vankorneft Pte, Ltd. 3.75%, 7/27/2026
    600,000   592,859
Vedanta Resources, Ltd. Series REGS, 6.13%, 8/9/2024
    400,000   345,936
          3,672,631
INDONESIA — 3.6%          
LLPL Capital Pte, Ltd. 6.88%, 2/4/2039 (b)
    348,680   347,637
Minejesa Capital B.V.:          
Series REGS, 4.63%, 8/10/2030
    800,000   758,912
Series REGS, 5.63%, 8/10/2037
    2,000,000   1,821,020
          2,927,569
JAMAICA — 0.1%          
Digicel Group Holdings, Ltd.:          
7.00%, 12/31/2099 (b)
    61,377   48,795
8.00%, 4/1/2025 (b)
    44,197   39,260
          88,055
KUWAIT — 1.0%          
Equate Petrochemical B.V. Series REGS, 2.63%, 4/28/2028
    900,000   833,625
MALAYSIA — 2.9%          
Petronas Capital, Ltd. 2.48%, 1/28/2032 (b)
    400,000   373,384
 
See accompanying notes to schedule of investments.
90
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SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
TNB Global Ventures Capital Bhd Series EMTN, 3.24%, 10/19/2026
    $2,000,000   $1,972,620
          2,346,004
MEXICO — 2.1%          
Banco Mercantil del Norte SA Series REGS, 10 Year CMT + 5.47%, 7.50%, 6/27/2029 (a)
    800,000   787,120
Mexarrend SAPI de CV 10.25%, 7/24/2024 (b)
    300,000   195,630
Petroleos Mexicanos 6.75%, 9/21/2047
    550,000   447,255
Unifin Financiera SAB de CV Series REGS, 5 Year CMT + 6.31%, 8.88%, 1/29/2025 (a)
    800,000   283,264
          1,713,269
PANAMA — 1.5%          
Banco Nacional de Panama 2.50%, 8/11/2030 (b)
    300,000   265,284
C&W Senior Financing DAC Series REGS, 6.88%, 9/15/2027
    200,000   198,472
UEP Penonome II SA 6.50%, 10/1/2038 (b)
    759,915   765,857
          1,229,613
PERU — 6.5%          
Banco BBVA Peru SA 5 year CMT + 2.75%, 5.25%, 9/22/2029 (a)
    200,000   203,636
Banco de Credito del Peru S.A.:          
Series REGS, 5 year CMT + 3.00%, 3.13%, 7/1/2030 (a)
    200,000   187,800
5 year CMT + 3.00%, 3.13%, 7/1/2030 (a)(b)
    250,000   234,750
Banco Internacional del Peru SAA Interbank Series REGS, 3 Month USD LIBOR + 5.76%, 6.63%, 3/19/2029
    898,000   922,713
Banco Internacional del Peru SAA Interbank Series REGS, 1 year CMT + 3.71%, 4.00%, 7/8/2030 (a)
    700,000   671,685
Fenix Power Peru SA Series REGS, 4.32%, 9/20/2027
    865,441   844,896
Hunt Oil Co. of Peru LLC Sucursal Del Peru Series REGS, 6.38%, 6/1/2028
    1,053,800   1,051,987
Inkia Energy, Ltd. Series REGS, 5.88%, 11/9/2027
    300,000   289,773
Orazul Energy Egenor SCA 5.63%, 4/28/2027
    252,000   241,393
Petroleos del Peru SA:          
4.75%, 6/19/2032
    500,000   447,585
Security Description     Principal
Amount 		  Value
5.63%, 6/19/2047
    $200,000   $168,500
          5,264,718
QATAR — 1.7%          
Qatar Energy 2.25%, 7/12/2031
    1,500,000   1,380,210
SAUDI ARABIA — 0.5%          
SA Global Sukuk, Ltd. 2.69%, 6/17/2031 (b)
    400,000   379,144
SINGAPORE — 11.3%          
DBS Group Holdings, Ltd. Series GMTN, 5 year CMT + 1.10%, 1.82%, 3/10/2031 (a)
    950,000   886,397
Oversea-Chinese Banking Corp., Ltd.:          
5 year CMT + 1.58%, 1.83%, 9/10/2030 (a)(b)
    500,000   470,725
Series REGS, 5 year CMT + 1.58%, 1.83%, 9/10/2030 (a)
    1,700,000   1,600,465
PSA Treasury Pte, Ltd. Series GMTN, 2.13%, 9/5/2029
    2,000,000   1,874,880
SingTel Group Treasury Pte, Ltd. 1.88%, 6/10/2030
    1,500,000   1,359,291
Temasek Financial I Ltd.:          
1.00%, 10/6/2030 (b)
    2,100,000   1,802,325
Series REGS, 1.00%, 10/6/2030
    250,000   214,563
United Overseas Bank, Ltd.:          
Series EMTN, USD 5 Year Swap Rate + 1.79%, 3.88%, 10/19/2023 (a)
    400,000   396,984
Series GMTN, 5 year CMT + 1.52%, 1.75%, 3/16/2031 (a)
    600,000   558,570
          9,164,200
SOUTH KOREA — 4.3%          
Korea East-West Power Co., Ltd. Series REGS, 1.75%, 5/6/2025
    1,100,000   1,055,956
KT Corp.:          
1.00%, 9/1/2025
    400,000   370,672
Series REGS, 2.50%, 7/18/2026
    800,000   779,640
LG Chem, Ltd. 2.38%, 7/7/2031 (b)
    200,000   179,922
NongHyup Bank 1.25%, 7/20/2025 (b)
    600,000   564,480
Shinhan Financial Group Co., Ltd. 5 year CMT + 2.06%, 2.88%, 5/12/2026 (a)(b)
    550,000   502,331
          3,453,001
THAILAND — 1.2%          
Bangkok Bank PCL 5 Year CMT + 4.72%, 5.00%, 12/31/2099
    400,000   390,860
 
See accompanying notes to schedule of investments.
91
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SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Kasikornbank PCL Series EMTN, 5 year CMT + 4.94%, 5.28%, 10/14/2025 (a)
    $600,000   $595,500
          986,360
UNITED ARAB EMIRATES — 3.2%          
Galaxy Pipeline Assets Bidco, Ltd.:          
2.16%, 3/31/2034 (b)
    2,300,000   2,120,462
Series REGS, 2.63%, 3/31/2036
    500,000   448,192
          2,568,654
UNITED STATES — 0.1%          
Freeport-McMoRan, Inc. 4.38%, 8/1/2028
    100,000   100,625
TOTAL CORPORATE BONDS & NOTES

(Cost $55,897,768)
        51,410,021
FOREIGN GOVERNMENT OBLIGATIONS — 33.5%      
BRAZIL — 2.4%          
Brazilian Government International Bond:          
3.75%, 9/12/2031
    900,000   813,294
5.00%, 1/27/2045
    300,000   267,063
5.63%, 2/21/2047
    900,000   850,644
          1,931,001
CHILE — 3.0%          
Chile Government International Bond:          
2.55%, 1/27/2032
    600,000   564,582
2.55%, 7/27/2033
    600,000   547,128
3.10%, 5/7/2041
    600,000   530,220
3.10%, 1/22/2061
    200,000   164,592
3.50%, 1/25/2050
    700,000   641,403
          2,447,925
COLOMBIA — 3.8%          
Colombia Government International Bond:          
3.13%, 4/15/2031
    700,000   593,719
3.25%, 4/22/2032
    1,400,000   1,173,480
4.13%, 5/15/2051
    950,000   719,074
5.00%, 6/15/2045
    700,000   588,749
          3,075,022
DOMINICAN REPUBLIC — 2.4%          
Dominican Republic International Bond:          
Series 144A, 4.88%, 9/23/2032 (b)
    1,900,000   1,723,167
Security Description     Principal
Amount 		  Value
Series 144A, 6.00%, 2/22/2033 (b)
    $200,000   $195,230
          1,918,397
INDONESIA — 4.7%          
Indonesia Government International Bond:          
3.70%, 10/30/2049
    1,600,000   1,544,672
4.35%, 1/11/2048
    500,000   515,520
Perusahaan Penerbit SBSN Indonesia III:          
2.55%, 6/9/2031 (b)
    1,500,000   1,433,790
Series REGS, 3.80%, 6/23/2050
    300,000   292,518
          3,786,500
MEXICO — 5.5%          
Mexico Government International Bond:          
2.66%, 5/24/2031
    1,600,000   1,456,304
4.28%, 8/14/2041
    1,600,000   1,494,160
4.35%, 1/15/2047
    300,000   278,049
4.40%, 2/12/2052
    1,350,000   1,243,404
          4,471,917
PANAMA — 3.3%          
Panama Government International Bond:          
2.25%, 9/29/2032
    300,000   265,620
3.87%, 7/23/2060
    2,100,000   1,843,401
4.30%, 4/29/2053
    600,000   579,450
          2,688,471
PHILIPPINES — 3.4%          
Philippine Government International Bond:          
2.46%, 5/5/2030
    400,000   380,500
2.65%, 12/10/2045
    500,000   413,875
3.70%, 3/1/2041
    1,000,000   971,050
3.70%, 2/2/2042
    1,000,000   970,340
          2,735,765
SAUDI ARABIA — 3.0%          
Saudi Government International Bond:          
Series REGS, 2.25%, 2/2/2033
    2,000,000   1,840,000
Series REGS, 3.45%, 2/2/2061
    700,000   620,687
          2,460,687
SOUTH AFRICA — 0.7%          
Republic of South Africa Government International Bond 4.30%, 10/12/2028
    600,000   579,132
SOUTH KOREA — 0.8%          
Korea Development Bank 1.63%, 1/19/2031
    500,000   444,675
 
See accompanying notes to schedule of investments.
92
Table of Contents
SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Korea Electric Power Corp. Series REGS, 1.13%, 6/15/2025
    $200,000   $188,162
          632,837
UNITED ARAB EMIRATES — 0.5%          
Abu Dhabi Government International Bond Series 144A, 3.13%, 4/16/2030 (b)
    400,000   408,872
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $29,876,717)
        27,136,526
    Shares  
SHORT-TERM INVESTMENT — 3.4%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c)(d)

(Cost $2,725,156)
2,725,156 2,725,156
TOTAL INVESTMENTS — 100.5%

(Cost $88,499,641)
81,271,703
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
(411,597)
NET ASSETS — 100.0%
$80,860,106
    
(a) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 20.4% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
CMT Constant Maturity Treasury
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $—   $51,410,021   $—   $51,410,021
Foreign Government Obligations
  —   27,136,526   —   27,136,526
Short-Term Investment
  2,725,156   —   —   2,725,156
TOTAL INVESTMENTS
  $2,725,156   $78,546,547   $—   $81,271,703
See accompanying notes to schedule of investments.
93
Table of Contents
SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Industry Breakdown as of March 31, 2022

   
    % of Net Assets
  Foreign Government Obligations 33.5%
  Electric 15.8
  Banks 13.4
  Oil & Gas 10.1
  Commercial Services 5.7
  Pipelines 4.8
  Telecommunications 3.6
  Energy-Alternate Sources 2.6
  Investment Company Security 2.5
  Iron/Steel 1.8
  Chemicals 1.3
  Diversified Financial Services 0.8
  Media 0.6
  Mining 0.6
  Short-Term Investment 3.4
  Liabilities in Excess of Other Assets (0.5)
  TOTAL 100.0%
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
2,549,386   $2,549,386   $25,803,574   $25,627,804   $—   $—   2,725,156   $2,725,156   $2,718,095
See accompanying notes to schedule of investments.
94
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 18.1%          
ADVERTISING — 0.2%   
Omnicom Group, Inc./Omnicom Capital, Inc.

3.65%, 11/1/2024
    $335,000   $338,973
AEROSPACE & DEFENSE — 0.3%   
Boeing Co.

4.51%, 5/1/2023
    355,000   361,067
TransDigm, Inc.

5.50%, 11/15/2027
    20,000   19,925
          380,992
AGRICULTURE — 0.3%   
BAT International Finance PLC

1.67%, 3/25/2026
    405,000   372,292
AIRLINES — 0.4%   
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.

5.75%, 4/20/2029 (a)
    80,000   79,727
Southwest Airlines Co.

4.75%, 5/4/2023
    355,000   362,966
United Airlines, Inc.

4.63%, 4/15/2029 (a)
    115,000   109,480
          552,173
AUTO MANUFACTURERS — 0.5%   
Ford Motor Co.

3.25%, 2/12/2032
    45,000   40,185
General Motors Financial Co., Inc.

5.25%, 3/1/2026
    315,000   330,142
Hyundai Capital America:          
1.00%, 9/17/2024 (a)
    100,000   94,112
2.85%, 11/1/2022 (a)
    165,000   165,535
Nissan Motor Acceptance Co. LLC

1.13%, 9/16/2024 (a)
    80,000   75,008
          704,982
AUTO PARTS & EQUIPMENT — 0.0% (b)  
Goodyear Tire & Rubber Co.

5.25%, 7/15/2031 (a)
    40,000   37,060
BANKS — 2.8%   
Banco Bilbao Vizcaya Argentaria Colombia SA

Series REGS, 4.88%, 4/21/2025
    200,000   198,544
Banco Internacional del Peru SAA Interbank

Series REGS, 1 year CMT + 3.71%, 4.00%, 7/8/2030 (c)
    150,000   143,933
Bank of America Corp.:          
SOFR + 0.69%, 0.83%, 4/22/2025 (c)
    115,000   114,200
Security Description     Principal
Amount 		  Value
Series MTN, 3 Month USD LIBOR + 0.79%, 1.37%, 3/5/2024 (c)
    $235,000   $235,486
Bank of Montreal

0.95%, 3/8/2024
    325,000   325,039
Bank of Nova Scotia

0.65%, 7/31/2024
    175,000   166,150
Citigroup, Inc.:          
3 Month USD LIBOR + 1.02%, 1.55%, 6/1/2024 (c)
    260,000   261,469
SOFR + 0.53%, 1.28%, 11/3/2025 (c)
    105,000   99,902
DBS Group Holdings, Ltd.

Series GMTN, 5 year CMT + 1.10%, 1.82%, 3/10/2031 (c)
    200,000   186,610
Goldman Sachs Group, Inc.

3.50%, 4/1/2025
    335,000   337,717
Itau Unibanco Holding SA

Series REGS, 5 year CMT + 3.45%, 3.88%, 4/15/2031 (c)
    200,000   189,284
JPMorgan Chase & Co.

3.90%, 7/15/2025
    330,000   339,167
Macquarie Group, Ltd.

3 Month USD LIBOR + 1.33%, 4.15%, 3/27/2024 (a) (c)
    330,000   333,963
Morgan Stanley

Series MTN, SOFR + 0.46%, 0.53%, 1/25/2024 (c)
    350,000   344,348
Toronto-Dominion Bank

Series MTN, 0.70%, 9/10/2024
    350,000   332,661
Wells Fargo & Co.

Series MTN, SOFR + 1.60%, 1.65%, 6/2/2024 (c)
    340,000   335,951
          3,944,424
BEVERAGES — 0.2%   
Keurig Dr Pepper, Inc.

0.75%, 3/15/2024
    355,000   343,125
BIOTECHNOLOGY — 0.2%   
Royalty Pharma PLC

0.75%, 9/2/2023
    355,000   345,067
BUILDING MATERIALS — 0.1%   
Carrier Global Corp.

2.24%, 2/15/2025
    52,000   50,529
Griffon Corp.

5.75%, 3/1/2028
    85,000   81,691
          132,220
CHEMICALS — 0.1%   
EverArc Escrow S.A.R.L.

5.00%, 10/30/2029 (a)
    85,000   77,614
WR Grace Holdings LLC

5.63%, 8/15/2029 (a)
    85,000   79,456
          157,070
 
See accompanying notes to schedule of investments.
95
Table of Contents
SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
COMMERCIAL SERVICES — 0.6%   
Garda World Security Corp.

6.00%, 6/1/2029 (a)
    $65,000   $58,464
Metis Merger Sub LLC

6.50%, 5/15/2029 (a)
    65,000   61,087
PSA Treasury Pte, Ltd.

Class GMTN, 2.50%, 4/12/2026
    200,000   196,636
Triton Container International, Ltd.

0.80%, 8/1/2023 (a)
    475,000   459,624
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)
    80,000   80,420
          856,231
DIVERSIFIED FINANCIAL SERVICES — 1.0%   
American Express Co.

1.17%, 3/4/2025
    165,000   166,272
Avolon Holdings Funding, Ltd.

5.13%, 10/1/2023 (a)
    325,000   332,134
Capital One Financial Corp.

3.90%, 1/29/2024
    335,000   340,457
Charles Schwab Corp.

1.28%, 3/3/2027
    340,000   340,796
Global Aircraft Leasing Co., Ltd.

PIK, 6.50%, 9/15/2024 (a)
    53,690   48,818
Nationstar Mortgage Holdings, Inc.

5.75%, 11/15/2031 (a)
    85,000   81,072
OneMain Finance Corp.

5.38%, 11/15/2029
    75,000   72,987
PennyMac Financial Services, Inc.

4.25%, 2/15/2029 (a)
    70,000   60,056
          1,442,592
ELECTRIC — 1.9%   
Calpine Corp.

4.63%, 2/1/2029 (a)
    85,000   78,653
Empresa Electrica Angamos SA

Series REGS, 4.88%, 5/25/2029
    130,400   122,335
Entergy Louisiana LLC

0.95%, 10/1/2024
    350,000   334,351
Fenix Power Peru SA

Series REGS, 4.32%, 9/20/2027
    314,706   307,235
Guacolda Energia SA

Series REGS, 4.56%, 4/30/2025
    200,000   67,286
Inkia Energy, Ltd.

Series REGS, 5.88%, 11/9/2027
    250,000   241,477
Minejesa Capital B.V.

Series REGS, 4.63%, 8/10/2030
    400,000   379,456
Security Description     Principal
Amount 		  Value
NRG Energy, Inc.

3.63%, 2/15/2031 (a)
    $45,000   $39,645
Pacific Gas & Electric Co.:          
1.75%, 6/16/2022
    170,000   169,789
3.25%, 2/16/2024
    220,000   219,281
Pike Corp.

5.50%, 9/1/2028 (a)
    70,000   65,866
Southern California Edison Co.

SOFR + 0.83%, 1.10%, 4/1/2024 (c)
    340,000   340,289
TNB Global Ventures Capital Bhd

Series EMTN, 3.24%, 10/19/2026
    300,000   295,893
          2,661,556
ENTERTAINMENT — 0.3%   
Magallanes, Inc.

3.79%, 3/15/2025
    345,000   345,086
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.

5.63%, 9/1/2029 (a)
    80,000   68,871
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc.

6.63%, 3/1/2030 (a)
    80,000   78,832
          492,789
ENVIRONMENTAL CONTROL — 0.2%   
Republic Services, Inc.

2.50%, 8/15/2024
    340,000   336,569
FOOD — 0.3%   
Conagra Brands, Inc.

4.30%, 5/1/2024
    332,000   341,150
Performance Food Group, Inc.

5.50%, 10/15/2027 (a)
    45,000   44,785
Post Holdings, Inc.

4.63%, 4/15/2030 (a)
    85,000   76,652
          462,587
GAS — 0.1%   
Atmos Energy Corp.

0.63%, 3/9/2023
    145,000   143,196
HEALTH CARE PRODUCTS — 0.3%   
Zimmer Biomet Holdings, Inc.

1.45%, 11/22/2024
    375,000   359,512
HEALTH CARE SERVICES — 0.5%   
Anthem, Inc.

3.50%, 8/15/2024
    340,000   344,821
CHS/Community Health Systems, Inc.:          
6.00%, 1/15/2029 (a)
    20,000   20,230
6.88%, 4/15/2029 (a)
    20,000   19,580
HCA, Inc.

5.00%, 3/15/2024
    325,000   336,889
 
See accompanying notes to schedule of investments.
96
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Tenet Healthcare Corp.

6.13%, 10/1/2028 (a)
    $40,000   $40,658
          762,178
HOME BUILDERS — 0.1%   
Mattamy Group Corp.

4.63%, 3/1/2030 (a)
    85,000   79,818
HOUSEHOLD PRODUCTS & WARES — 0.0% (b)  
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.

5.00%, 12/31/2026 (a)
    55,000   50,720
INSURANCE — 0.9%   
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

6.75%, 10/15/2027 (a)
    65,000   64,270
AmWINS Group, Inc.

4.88%, 6/30/2029 (a)
    85,000   81,198
Athene Global Funding

SOFR + 0.70%, 0.91%, 5/24/2024 (a) (c)
    350,000   345,562
Brighthouse Financial Global Funding

0.60%, 6/28/2023 (a)
    145,000   141,537
Grupo de Inversiones Suramericana SA

5.50%, 4/29/2026
    200,000   201,984
GTCR AP Finance, Inc.

8.00%, 5/15/2027 (a)
    40,000   40,447
Marsh & McLennan Cos., Inc.

3.88%, 3/15/2024
    335,000   342,105
          1,217,103
INTERNET — 0.3%   
Expedia Group, Inc.

6.25%, 5/1/2025 (a)
    330,000   352,922
LEISURE TIME — 0.2%   
Carnival Corp.

5.75%, 3/1/2027 (a)
    125,000   119,146
NCL Corp., Ltd.

5.88%, 2/15/2027 (a)
    40,000   39,501
Viking Cruises, Ltd.

5.88%, 9/15/2027 (a)
    130,000   118,588
          277,235
LODGING — 0.4%   
Hyatt Hotels Corp.

1.30%, 10/1/2023
    295,000   287,557
Marriott International, Inc.

3.60%, 4/15/2024
    330,000   333,660
          621,217
MEDIA — 0.1%   
CCO Holdings LLC/CCO Holdings Capital Corp.

4.75%, 3/1/2030 (a)
    80,000   76,896
Security Description     Principal
Amount 		  Value
Directv Financing LLC/Directv Financing Co-Obligor, Inc.

5.88%, 8/15/2027 (a)
    $30,000   $29,575
McGraw-Hill Education, Inc.

5.75%, 8/1/2028 (a)
    20,000   19,013
          125,484
MINING — 0.3%   
Arconic Corp.

6.13%, 2/15/2028 (a)
    80,000   80,358
Glencore Funding LLC

4.13%, 5/30/2023 (a)
    330,000   335,174
          415,532
OIL & GAS — 1.6%   
Chesapeake Energy Corp.

5.88%, 2/1/2029 (a)
    80,000   82,651
CNX Resources Corp.

6.00%, 1/15/2029 (a)
    85,000   86,046
Ecopetrol SA

4.13%, 1/16/2025
    50,000   49,270
Hilcorp Energy I L.P./Hilcorp Finance Co.

6.25%, 11/1/2028 (a)
    40,000   40,481
MEG Energy Corp.:          
5.88%, 2/1/2029 (a)
    10,000   10,138
7.13%, 2/1/2027 (a)
    55,000   57,617
Occidental Petroleum Corp.:          
6.45%, 9/15/2036
    15,000   17,628
6.63%, 9/1/2030
    35,000   40,165
Pertamina Persero PT

1.40%, 2/9/2026
    200,000   185,206
Petronas Capital, Ltd.

Series REGS, 3.50%, 3/18/2025
    250,000   252,717
Pioneer Natural Resources Co.

0.55%, 5/15/2023
    355,000   347,094
Qatar Petroleum

1.38%, 9/12/2026
    300,000   279,762
Reliance Industries, Ltd.

Class REGS, 4.13%, 1/28/2025
    300,000   304,821
SA Global Sukuk, Ltd.:          
1.60%, 6/17/2026 (a)
    200,000   188,066
1.60%, 6/17/2026
    200,000   187,952
Transocean Poseidon, Ltd.

6.88%, 2/1/2027 (a)
    84,375   83,526
          2,213,140
OIL & GAS SERVICES — 0.3%   
Schlumberger Holdings Corp.

3.75%, 5/1/2024 (a)
    380,000   386,969
USA Compression Partners L.P./USA Compression Finance Corp.

6.88%, 9/1/2027
    80,000   80,427
          467,396
 
See accompanying notes to schedule of investments.
97
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
PHARMACEUTICALS — 0.0% (b)  
Owens & Minor, Inc.

6.63%, 4/1/2030 (a)
    $25,000   $25,723
PIPELINES — 0.8%   
Energy Transfer L.P.:          
4.05%, 3/15/2025
    55,000   55,702
5.88%, 1/15/2024
    300,000   311,781
EQM Midstream Partners L.P.

4.75%, 1/15/2031 (a)
    75,000   70,322
GNL Quintero SA

Series REGS, 4.63%, 7/31/2029
    352,960   358,491
Hess Midstream Operations L.P.

4.25%, 2/15/2030 (a)
    80,000   75,486
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)
    80,000   78,606
Transportadora de Gas del Peru SA

Series REGS, 4.25%, 4/30/2028
    200,000   203,232
          1,153,620
REAL ESTATE — 0.1%   
Realogy Group LLC/Realogy Co-Issuer Corp.

5.75%, 1/15/2029 (a)
    85,000   80,078
REAL ESTATE INVESTMENT TRUSTS — 0.3%   
Iron Mountain, Inc.

REIT, 4.50%, 2/15/2031 (a)
    45,000   41,514
Welltower, Inc.

REIT, 3.63%, 3/15/2024
    330,000   333,581
          375,095
RETAIL — 0.5%   
Dollar Tree, Inc.

4.00%, 5/15/2025
    350,000   358,508
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.

6.75%, 1/15/2030 (a)
    65,000   59,811
SRS Distribution, Inc.

4.63%, 7/1/2028 (a)
    85,000   81,189
Suburban Propane Partners L.P./Suburban Energy Finance Corp.

5.00%, 6/1/2031 (a)
    85,000   79,848
Victoria's Secret & Co.

4.63%, 7/15/2029 (a)
    85,000   76,582
          655,938
SEMICONDUCTORS — 0.2%   
Microchip Technology, Inc.

0.97%, 2/15/2024
    360,000   345,391
Security Description     Principal
Amount 		  Value
SOFTWARE — 0.0% (b)  
Minerva Merger Sub, Inc.

6.50%, 2/15/2030 (a)
    $60,000   $58,210
TELECOMMUNICATIONS — 1.2%   
AT&T, Inc.

4.45%, 4/1/2024
    330,000   339,798
Intelsat Jackson Holdings SA

6.50%, 3/15/2030 (a)
    20,000   19,967
KT Corp.:          
1.00%, 9/1/2025
    250,000   231,670
Series REGS, 2.50%, 7/18/2026
    200,000   194,910
Millicom International Cellular SA

Series REGS, 5.13%, 1/15/2028
    180,000   179,465
SingTel Group Treasury Pte, Ltd.

Class EMTN, 3.25%, 6/30/2025
    200,000   201,270
Verizon Communications, Inc.

3 Month USD LIBOR + 1.10%, 1.61%, 5/15/2025 (c)
    330,000   334,250
VTR Comunicaciones SpA

5.13%, 1/15/2028
    200,000   189,668
          1,690,998
TRANSPORTATION — 0.2%   
Canadian Pacific Railway Co.

1.35%, 12/2/2024
    350,000   336,213
TRUCKING & LEASING — 0.3%   
Penske Truck Leasing Co. L.P./PTL Finance Corp.

2.70%, 11/1/2024 (a)
    385,000   379,510
TOTAL CORPORATE BONDS & NOTES

(Cost $26,860,888)
        25,746,931
ASSET-BACKED SECURITIES — 19.3%          
ASSET-BACKED - OTHER — 0.5%          
FS Rialto 2022-Fl4 Issuer LLC 2.70%, 1/19/2039
    250,000   249,950
VMC Finance 2022-FL5 LLC 2.17%, 2/18/2039
    450,000   450,000
          699,950
AUTOMOBILE — 1.0%          
CPS Auto Receivables Trust

Series 2021-A, Class D, 1.16%, 12/15/2026 (a)
    600,000   580,701
Exeter Automobile Receivables Trust

Series 2021-1A, Class C, 0.74%, 1/15/2026
    500,000   490,696
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Hertz Vehicle Financing LLC

Series 2021-1A, Class B, 1.56%, 12/26/2025 (a)
    $350,000   $331,246
          1,402,643
OTHER ABS — 17.6%          
ACREC 2021-FL1, Ltd.

Series 2021-FL1, Class A, 1 Month USD LIBOR + 1.15%, 1.62%, 10/16/2036 (a) (c)
    181,000   178,198
Affirm Asset Securitization Trust

Series 2020-A, Class B, 3.54%, 2/18/2025 (a)
    750,000   749,172
Anchorage Capital CLO 19, Ltd.

Series 2021-19A, Class A, 3 Month USD LIBOR + 1.21%, 1.37%, 10/15/2034 (a) (c)
    1,500,000   1,484,694
Arbor Realty Collateralized Loan Obligation 2020-FL1, Ltd.

Series 2020-FL1, Class AS, 1 Month USD LIBOR + 1.51%, 1.82%, 2/15/2035 (a) (c)
    131,000   130,306
Bain Capital Credit CLO

Series 2019-1A, Class AR, 3 Month USD LIBOR + 1.13%, 1.38%, 4/19/2034 (a) (c)
    500,000   494,969
BDS, Ltd.

Series 2019-FL4, Class A, 1 Month USD LIBOR + 1.10%, 1.54%, 8/15/2036 (a) (c)
    62,384   62,231
BRSP 2021-FL1, Ltd.

Series 2021-FL1, Class A, 1 Month USD LIBOR + 1.15%, 1.60%, 8/19/2038 (a) (c)
    151,000   148,565
BSPRT Issuer, Ltd.:          
Series 2019-FL5, Class A, 1 Month USD LIBOR + 1.15%, 1.55%, 5/15/2029 (a) (c)
    167,944   167,296
Series 2021-FL6, Class A, 1 Month USD LIBOR + 1.100%, 1.50%, 3/15/2036 (a) (c)
    138,000   136,158
Carlyle US CLO, Ltd

Series 2021-1A, Class A1, 3 Month USD LIBOR + 1.140%, 1.38%, 4/15/2034 (a) (c)
    1,000,000   996,321
CarVal CLO IV, Ltd.

Series 2021-1A, Class A1A, 3 Month USD LIBOR + 1.18%, 1.43%, 7/20/2034 (a) (c)
    500,000   497,322
Security Description     Principal
Amount 		  Value
CHCP, Ltd.:          
Series 2021-FL1, Class A, 1 Month USD LIBOR + 1.16%, 1.21%, 2/15/2038 (a) (c)
    $300,000   $298,233
Series 2021-FL1, Class AS, 1 Month USD LIBOR + 1.41%, 1.46%, 2/15/2038 (a) (c)
    100,000   98,081
CLNC, Ltd.

Series 2019-FL1, Class AS, 1 Month USD LIBOR + 1.66%, 1.71%, 8/20/2035 (a) (c)
    131,000   128,730
CQS US CLO 2021-1, Ltd.

Series 2021-1A, Class A, 3 Month USD LIBOR + 1.22%, 1.47%, 1/20/2035 (a) (c)
    1,000,000   985,800
Credit-Based Asset Servicing & Securitization LLC

Series 2004-CB7, Class M1, 1 Month USD LIBOR + 1.005%, 1.46%, 10/25/2034 (c)
    647,064   635,739
FS RIALTO

Series 2021-FL2, Class A, 1 Month USD LIBOR + 1.22%, 1.65%, 5/16/2038 (a) (c)
    150,000   147,765
FS Rialto 2019-FL1

Series 2019-FL1, Class A, 1 Month USD LIBOR + 1.20%, 1.63%, 12/16/2036 (a) (c)
    115,762   115,548
FS Rialto 2021-FL3

Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.25%, 1.68%, 11/16/2036 (a) (c)
    181,000   178,087
HalseyPoint CLO 3, Ltd.

Series 2020-3A, Class A1A, 3 Month USD LIBOR + 1.45%, 1.75%, 11/30/2032 (a) (c)
    1,150,000   1,142,755
Jamestown CLO XV, Ltd.

Series 2020-15A, Class A, 3 Month USD LIBOR + 1.34%, 1.58%, 4/15/2033 (a) (c)
    500,000   497,000
LCCM 2021-FL2 Trust

Series 2021-FL2, Class A, 1 Month USD LIBOR + 1.20%, 1.60%, 12/13/2038 (a) (c)
    151,000   149,251
LCCM Trust

Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.45%, 1.85%, 11/15/2038 (a) (c)
    181,000   179,308
Lendingpoint 2021-A Asset Securitization Trust

Series 2021-A, Class B, 1.46%, 12/15/2028 (a)
    400,000   386,623
 
See accompanying notes to schedule of investments.
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
LoanCore 2018-CRE1 Issuer, Ltd.

Series 2018-CRE1, Class A, 1 Month USD LIBOR + 1.13%, 1.53%, 5/15/2028 (a) (c)
    $19,301   $19,238
LoanCore 2019-CRE2 Issuer, Ltd.

Series 2019-CRE2, Class AS, 1 Month USD LIBOR + 1.50%, 1.90%, 5/15/2036 (a) (c)
    100,000   98,154
LoanCore 2022-CRE7 Issuer, Ltd.

Series 2022-CRE7, Class A, 1 Month USD LIBOR + 1.55%, 1.60%, 1/17/2037 (a) (c)
    500,000   496,618
Loanpal Solar Loan, Ltd.

Series 2021-1GS, Class A, 2.29%, 1/20/2048 (a)
    382,966   350,169
Marble Point CLO XXI, Ltd.

Series 2021-3A, Class A1, 3 Month USD LIBOR + 1.24%, 1.48%, 10/17/2034 (a) (c)
    2,000,000   1,990,018
Marlette Funding Trust

Series 2021-1A, Class C, 1.41%, 6/16/2031 (a)
    650,000   617,447
MF1 2021-FL7, Ltd.

Series 2021-FL7, Class A, 1 Month USD LIBOR + 1.08%, 1.51%, 10/16/2036 (a) (c)
    192,000   189,279
MF1 2022-FL8, Ltd.

Series 2022-FL8, Class A, 1 Month USD LIBOR + 1.35%, 1.40%, 2/19/2037 (a) (c)
    157,000   155,748
MF1 Multifamily Housing Mortgage Loan Trust

Series 2021-FL6, Class A, 1 Month USD LIBOR + 1.10%, 1.57%, 7/16/2036 (a) (c)
    150,000   148,876
NLY Commercial Mortgage Trust

Series 2019-FL2, Class AS, 1 Month USD LIBOR + 1.60%, 2.00%, 2/15/2036 (a) (c)
    120,000   119,437
Northwoods Capital XVI, Ltd.

Series 2017-16A, Class A, 3 Month USD LIBOR + 1.27%, 1.78%, 11/15/2030 (a) (c)
    1,000,626   996,123
Octagon Investment Partners 51, Ltd.

Series 2021-1A, Class A, 3 Month USD LIBOR + 1.15%, 1.40%, 7/20/2034 (a) (c)
    1,000,000   988,800
Pagaya AI Debt Selection Trust

Series 2021-3, Class B, 1.74%, 5/15/2029 (a)
    1,000,000   938,570
Security Description     Principal
Amount 		  Value
Pagaya AI Debt Selection Trust 2021-5

Series 2021-5, Class B, 2.63%, 8/15/2029 (a)
    $1,000,000   $943,603
Peace Park CLO, Ltd.

Series 2021-1A, Class A, 3 Month USD LIBOR + 1.13%, 1.38%, 10/20/2034 (a) (c)
    1,000,000   987,500
Regatta VI Funding, Ltd.

Series 2016-1A, Class AR2, 3 Month USD LIBOR + 1.16, 1.41%, 4/20/2034 (a) (c)
    1,000,000   987,900
Regatta XXIII Funding, Ltd.

Series 2021-4A, Class A1, 3 Month USD LIBOR + 1.15, 1.26%, 1/20/2035 (a) (c)
    2,265,000   2,235,555
Sapphire Aviation Finance II, Ltd.

Series 2020-1A, Class A, 3.23%, 3/15/2040 (a)
    400,402   361,100
Shackleton CLO, Ltd.

Series 2013-3A, Class AR, 3 Month USD LIBOR + 1.12%, 1.36%, 7/15/2030 (a) (c)
    497,278   493,996
Sound Point CLO

Series 2020-1A, Class AR, 3 Month USD LIBOR + 1.17%, 1.42%, 7/20/2034 (a) (c)
    1,000,000   994,072
STWD, Ltd.

Series 2019-FL1, Class AS, 1 Month USD LIBOR + 1.51%, 1.82%, 7/15/2038 (a) (c)
    100,000   99,313
TPG REAL ESTATE FINANCE TRTX 2022 FL5 A 144A

Series 2022-FL5, Class A, 1 Month USD LIBOR + 1.65%, 1.70%, 2/15/2039 (a) (c)
    200,000   198,527
Vibrant ClO VIII, Ltd.

Series 2018-8A, Class A1A, 3 Month USD LIBOR + 1.14%, 1.39%, 1/20/2031 (a) (c)
    500,000   495,900
Washington Mutural Asset-Backed Certificates WMABS Trust

Series 2006-HE5, Class 2A2, 1 Month USD LIBOR + 0.18%, 0.64%, 10/25/2036 (c)
    294,483   131,607
          25,025,702
STUDENT LOAN ABS — 0.2%          
Commonbond Student Loan Trust

Series 2018-BGS, Class B, 3.99%, 9/25/2045 (a)
    160,203   159,498
 
See accompanying notes to schedule of investments.
100
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SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Laurel Road Prime Student Loan Trust

Series 2019-A, Class A1FX, 2.34%, 10/25/2048 (a)
    $46,262   $46,139
          205,637
TOTAL ASSET-BACKED SECURITIES

(Cost $27,761,004)
        27,333,932
FOREIGN GOVERNMENT OBLIGATIONS — 2.0%          
CHILE — 0.3%          
Chile Government International Bond

3.13%, 1/21/2026
    400,000   402,996
COLOMBIA — 0.3%          
Colombia Government International Bond

4.50%, 1/28/2026
    400,000   399,776
INDONESIA — 0.1%          
Perusahaan Penerbit SBSN Indonesia III

Series 144A, 1.50%, 6/9/2026 (a)
    200,000   188,898
PANAMA — 0.2%          
Panama Government International Bond

3.75%, 3/16/2025
    250,000   254,767
PERU — 0.1%          
Corp. Financiera de Desarrollo SA

Series REGS, 3 Month USD LIBOR + 5.605%, 5.25%, 7/15/2029 (c)
    200,000   197,052
QATAR — 0.3%          
Qatar Government International Bond

Series REGS, 3.25%, 6/2/2026
    400,000   407,448
SOUTH AFRICA — 0.2%          
Republic of South Africa Government International Bond

4.88%, 4/14/2026
    200,000   203,386
SOUTH KOREA — 0.4%          
Korea Development Bank

1.25%, 6/3/2025
    200,000   190,773
Korea Electric Power Corp.

Series REGS, 1.13%, 6/15/2025
    400,000   376,324
          567,097
Security Description     Principal
Amount 		  Value
UNITED ARAB EMIRATES — 0.1%          
Abu Dhabi Government International Bond

Series 144A, 2.50%, 4/16/2025 (a)
    $200,000   $199,176
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $2,982,617)
        2,820,596
U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.6%          
Federal Home Loan Mortgage Corp.:          
1.50%, 2/1/2036
    2,553,150   2,422,185
2.00%, 3/1/2036
    1,463,659   1,422,889
2.00%, 5/1/2036
    2,702,296   2,628,090
2.00%, 10/1/2041
    1,448,406   1,363,948
Series 4211, Class AP, 1.60%, 3/15/2043
    1,021,610   988,068
Series 4461, Class BA, CMO, 2.00%, 12/15/2043
    641,362   624,167
Series 5179, Class GD, CMO, 2.00%, 12/25/2047
    970,227   916,520
Series 4030, Class AN, CMO, REMIC, 1.75%, 4/15/2027
    535,400   530,379
Series 4060, Class QA, CMO, REMIC, 1.50%, 9/15/2026
    81,432   81,370
Series 4484, Class CD, CMO, REMIC, 1.75%, 7/15/2030
    92,375   89,621
Series 4582, Class HA, CMO, REMIC, 3.00%, 9/15/2045
    244,701   245,077
Series K722, Class X1, IO, 1.32%, 3/25/2023 (c)
    359,403   2,976
Federal National Mortgage Association:          
1.50%, 2/1/2036
    1,639,129   1,555,035
1.50%, 3/1/2036
    422,324   400,474
1.50%, 5/1/2036
    1,115,516   1,057,801
2.00%, 2/1/2036
    1,209,743   1,177,108
2.00%, 9/1/2036
    929,362   903,471
2.50%, 1/1/2032
    1,131,339   1,128,428
3.00%, 11/1/2033
    844,398   854,753
3.00%, 11/1/2036
    185,197   185,359
Series 2010-141, Class FB, CMO, REMIC, 1 Month USD LIBOR + 0.47%, 0.93%, 12/25/2040 (c)
    171,309   171,472
Series 2012-32, Class DA, CMO, REMIC, 2.00%, 11/25/2026
    537,260   535,126
 
See accompanying notes to schedule of investments.
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Security Description     Principal
Amount 		  Value
Series 2016-8, Class FA, CMO, REMIC, 1 Month USD LIBOR + 0.45%, 0.91%, 3/25/2046 (c)
    $269,905   $269,420
Series 2018-27, Class FJ, CMO, REMIC, 1 Month USD LIBOR + 0.30%, 0.76%, 12/25/2047 (c)
    192,077   190,381
Series 2018-45, Class FA, CMO, REMIC, 1 Month USD LIBOR + 0.30%, 0.76%, 6/25/2048 (c)
    220,131   218,299
Series 2020-M49, Class 1A1, VRN, 1.26%, 11/25/2030 (c)
    1,083,984   998,940
Freddie Mac Pool 2.00%, 11/1/2036
    1,192,506   1,160,756
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

(Cost $23,395,313)
        22,122,113
U.S. TREASURY OBLIGATIONS — 19.5%          
U.S. Treasury Bill 0.26%, 8/11/2022
    20,800,000   20,736,699
U.S. Treasury Note:          
1.63%, 4/30/2023
    4,000,000   3,992,500
2.25%, 12/31/2023
    3,000,000   2,999,179
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $27,750,443)
        27,728,378
MORTGAGE-BACKED SECURITIES — 9.0%          
Alternative Loan Trust Series 2006-41CB, Class 1A3, CMO, 6.00%, 1/25/2037
    257,620   166,805
Alternative Loan Trust 2006-J7 Series 2006-J7, Class 1A3, 6.25%, 11/25/2036
    437,563   263,067
Atrium Hotel Portfolio Trust Series 2017-ATRM, Class E, 1 Month USD LIBOR + 3.05%, 3.45%, 12/15/2036 (a) (c)
    36,000   33,524
BANK:          
Series 2017-BNK6, Class XA, IO, 0.80%, 7/15/2060 (c)
    1,061,898   33,077
Series 2020-BN26, Class XA, IO, VRN, 1.23%, 3/15/2063 (c)
    1,311,291   99,300
BBCMS Mortgage Trust Series 2017-DELC, Class E, 1 Month USD LIBOR + 2.50%, 2.90%, 8/15/2036 (a) (c)
    38,000   37,055
Security Description     Principal
Amount 		  Value
BENCHMARK Mortgage Trust Series 2018-B1, Class XA, IO, 0.49%, 1/15/2051 (c)
    $2,182,544   $49,520
BX Trust Series 2018-EXCL, Class A, 1 Month USD LIBOR + 1.09%, 1.48%, 9/15/2037 (a) (c)
    164,755   162,846
Cantor Commercial Real Estate Series 2019-CF1, Class 65A, 4.41%, 5/15/2052 (a) (c)
    163,000   159,676
Citigroup Commercial Mortgage Trust:          
Series 2018-TBR, Class D, 1 Month USD LIBOR + 1.80%, 2.20%, 12/15/2036 (a) (c)
    95,000   92,896
Series 2019-PRM, Class D, 4.35%, 5/10/2036 (a)
    261,000   257,449
Series 2016-GC37, Class XA, IO, 1.69%, 4/10/2049 (c)
    414,331   21,753
COLT Mortgage Loan Trust Series 2022-2, Class A1, 2.99%, 2/25/2067 (a) (d)
    1,471,203   1,434,133
COMM Mortgage Trust:          
Series 2018-HCLV, Class A, 1 Month USD LIBOR + 1.00%, 1.40%, 9/15/2033 (a) (c)
    70,000   68,598
Series 2015-CR25, Class XA, IO, 0.82%, 8/10/2048 (c)
    1,147,701   26,164
Credit Suisse Mortgage Capital Certificates Series 2017-CHOP, Class D, 1 Month USD LIBOR + 1.90%, 2.30%, 7/15/2032 (a) (c)
    29,000   27,872
CSAIL Commercial Mortgage Trust:          
Series 2017-C8, Class XA, IO, 1.24%, 6/15/2050 (c)
    245,894   11,123
Series 2017-CX10, Class XA, IO, 0.70%, 11/15/2050 (c)
    967,564   27,969
Series 2017-CX9, Class XA, IO, 0.85%, 9/15/2050 (c)
    1,799,101   30,897
CSMC Mortgage Backed Trust Series 2020-RPL3, Class A1, CMO, 2.69%, 3/25/2060 (a) (c)
    994,412   975,262
Government National Mortgage Association Series 2022-24, Class DC, 2.00%, 11/20/2034
    965,224   932,147
Great Wolf Trust Series 2019-WOLF, Class E, 1 Month USD LIBOR + 2.73%, 3.13%, 12/15/2036 (a) (c)
    125,000   119,696
 
See accompanying notes to schedule of investments.
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Security Description     Principal
Amount 		  Value
GS Mortgage Securities Trust:          
Series 2012-ALOH, Class A, 3.55%, 4/10/2034 (a)
    $129,000   $128,950
Series 2021-IP, Class A, 1 Month USD LIBOR + 0.95%, 1.35%, 10/15/2036 (a) (c)
    181,000   176,618
Series 2017-GS7, Class XA, IO, 1.11%, 8/10/2050 (c)
    385,860   16,695
JP Morgan Chase Commercial Mortgage Securities Trust:          
Series 2019-MFP, Class A, 1 Month USD LIBOR + 0.96% , 1.36%, 7/15/2036 (a) (c)
    107,000   105,933
Series 2016-JP4, Class XA, IO, 0.59%, 12/15/2049 (c)
    1,391,048   30,796
JPMBB Commercial Mortgage Securities Trust:          
Series 2019-COR5, Class XA, IO, VRN, 1.48%, 6/13/2052 (c)
    1,107,881   84,804
Series 2014-C25, Class B, VRN, 4.35%, 11/15/2047 (c)
    150,000   149,019
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (a) (d)
    432,844   419,181
LoanCore 2019-CRE3 Issuer, Ltd. Series 2019-CRE3, Class AS, 1 Month USD LIBOR + 1.37%, 1.77%, 4/15/2034 (a) (c)
    117,900   117,063
MF1 2020-FL3, Ltd. Series 2020-FL3, Class A, 1 Month USD LIBOR + 2.16%, 2.47%, 7/15/2035 (a) (c)
    34,036   33,977
Morgan Stanley Bank of America Merrill Lynch Trust:          
Series 2014-C15, Class XA, IO, 0.93%, 4/15/2047 (c)
    733,991   9,148
Series 2014-C19, Class LNCX, IO, 0.60%, 12/15/2046 (a) (c)
    1,159,596   15,611
Morgan Stanley Capital I Trust:          
Series 2019-PLND, Class B, 1 Month USD LIBOR + 1.30%, 1.70%, 5/15/2036 (a) (c)
    163,000   160,126
Series 2019-PLND, Class D, 1 Month USD LIBOR + 1.75%, 2.15%, 5/15/2036 (a) (c)
    127,000   122,876
Series 2016-UB12, Class XA, IO, 0.66%, 12/15/2049 (c)
    1,361,990   33,908
Morgan Stanley Captial I Trust Series 2021-L6, Class A2, 2.13%, 6/15/2054 (c)
    151,000   143,237
Security Description     Principal
Amount 		  Value
MSCG Trust Series 2018-SELF, Class A, 1 Month USD LIBOR + 0.90%, 1.30%, 10/15/2037 (a) (c)
    $79,000   $78,357
Natixis Commercial Mortgage Securities Trust Series 2018-FL1, Class A, 1 Month USD LIBOR + 0.95%, 1.35%, 6/15/2035 (a) (c)
    52,510   50,533
PFP, Ltd. Series 2019-6, Class A, 1 Month USD LIBOR + 1.05%, 1.48%, 4/14/2037 (a) (c)
    34,608   34,307
PRPM LLC Series 2022-1, Class A1, 3.72%, 2/25/2027 (a)
    1,967,875   1,933,028
Residential Asset Securitization Trust Series 2006-A6, Class 1A4, CMO, IO, 6.00%, 7/25/2036
    2,571,888   793,890
Toorak Mortgage Corp., Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (a) (d)
    964,857   957,103
UBS Commercial Mortgage Trust Series 2017-C1, Class XA, IO, 1.53%, 6/15/2050 (c)
    617,145   37,664
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (c)
    347,186   348,405
Verus Securitization Trust Series 2022-3, Class A1, 4.13%, 2/25/2067
    900,000   897,219
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8, Class 2CB3, CMO, 1 Month USD LIBOR + 0.41%, 0.87%, 10/25/2035 (c)
    363,189   327,058
WELLS FARGO COMMERCIAL MORTGAG WFCM 2022 ONL A 144A Series 2022-ONL, Class A, 3.86%, 12/15/2039 (a)
    500,000   498,135
Wells Fargo Commercial Mortgage Trust Series 2019-C51, Class XA, IO, VRN, 1.33%, 6/15/2052 (c)
    990,418   70,245
WFRBS Commercial Mortgage Trust Series 2013-C18, Class XA, IO, 0.78%, 12/15/2046 (c)
    780,540   8,409
TOTAL MORTGAGE-BACKED SECURITIES

(Cost $14,181,703)
        12,813,124
 
See accompanying notes to schedule of investments.
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March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
COMMERCIAL MORTGAGE BACKED SECURITIES — 2.7%          
Arbor Multifamily Mortgage Securities Trust 2021-MF2 Series 2021-MF2, Class A2, 2.02%, 6/15/2054 (a)
    $139,000   $131,547
Benchmark 2019-B15 Mortgage Trust Series 2019-B15, Class XA, IO, VRN, 0.82%, 12/15/2072 (c)
    4,073,663   189,848
BPR Trust 2021-TY Series 2021-TY, Class A, 1 Month USD LIBOR + 1.05%, 1.45%, 9/15/2038 (a) (c)
    192,000   188,502
BX Commercial Mortgage Trust 2021-21M Series 2021-21M, Class A, 1 Month USD LIBOR + 0.73%, 1.13%, 10/15/2036 (a) (c)
    181,000   176,598
BX Trust Series 2021-VIEW, Class A, 1 Month USD LIBOR + 1.28%, 1.68%, 6/15/2023 (a) (c)
    299,000   296,038
BXHPP Trust 2021-FILM Series 2021-FILM, Class B, 1 Month USD LIBOR + 0.90%, 1.30%, 8/15/2036 (a) (c)
    224,000   216,017
BXMT, Ltd. Series 2021-FL4, Class A, 1 Month USD LIBOR + 1.05%, 1.45%, 5/15/2038 (a) (c)
    138,000   135,693
EQUS 2021-EQAZ Mortgage Trust Series 2021-EQAZ, Class A, 1 Month USD LIBOR + 0.75%, 1.15%, 10/15/2038 (a) (c)
    181,000   177,107
Extended Stay America Trust Series 2021-ESH, Class A, 1 Month USD LIBOR + 1.08%, 1.48%, 7/15/2038 (a) (c)
    149,082   147,298
GPMT, Ltd. Series 2021-FL3, Class A, 1 Month USD LIBOR + 1.25%, 1.72%, 7/16/2035 (a) (c)
    85,999   85,700
GS Mortgage Securities Trust Series 2020-GC47, Class XA, IO, VRN, 1.13%, 5/12/2053 (c)
    2,113,631   161,052
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL5, Class AS, 1 Month USD LIBOR + 1.31%, 1.64%, 7/15/2036 (a) (c)
    138,000   135,321
MHP 2022-MHIL Series 2022-MHIL, Class A, 1 Month USD LIBOR + 0.81%, 1.12%, 1/15/2027 (a) (c)
    157,000   153,377
Security Description     Principal
Amount 		  Value
Morgan Stanley Capital I, Inc. Series 2021-ILP, Class A, 1 Month USD LIBOR + 0.78%, 1.17%, 11/15/2023 (a) (c)
    $180,403   $176,727
SMR 2022-IND Mortgage Trust Series 2022-IND, Class A, 1 Month USD LIBOR + 1.65%, 1.95%, 2/15/2039 (a) (c)
    155,299   155,984
SREIT Trust 2021-MFP Series 2021-MFP, Class A, 1 Month USD LIBOR + 0.73%, 1.13%, 11/15/2038 (a) (c)
    181,000   177,328
Wells Fargo Commercial Mortgage Trust:          
Series 2021-C60, Class A2, 2.04%, 8/15/2054
    151,000   142,656
Series 2021-SAVE, Class A, 1 Month USD LIBOR + 1.150%, 1.55%, 2/15/2040 (a) (c)
    90,902   90,007
Series 2021-SAVE, Class B, 1 Month USD LIBOR + 1.450%, 1.85%, 2/15/2040 (a) (c)
    90,902   89,607
Series 2019-C52, Class XA, IO, VRN, 1.59%, 8/15/2052 (c)
    2,915,462   247,515
WFRBS Commercial Mortgage Trust:          
Series 2014-C21, Class AS, 3.89%, 8/15/2047
    250,000   250,482
Series 2014-C23, Class AS, VRN, 4.21%, 10/15/2057 (c)
    235,000   238,244
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES

(Cost $3,949,571)
        3,762,648
SENIOR FLOATING RATE LOANS — 7.2%      
CABLE/SATELLITE TV — 0.2%        
Cable One, Inc. Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00% 2.46%, 5/3/2028 (c)
  287,775   284,790
CAPITAL MARKETS — 0.0% (b)        
Focus Financial Partners LLC , 1 Month USD LIBOR + 2.50% 3.00%, 6/30/2028 (c)
  34,912   34,514
CASINO SERVICES — 0.2%        
Stars Group Holdings B.V. Senior Secured 2018 USD Incremental Term Loan, 3 Month USD LIBOR + 2.25% 7/21/2026 (c)
  363,937   361,436
 
See accompanying notes to schedule of investments.
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March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CHEMICALS — 0.1%        
Element Solutions Inc. Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 2.00% 2.46%, 1/31/2026 (c)
  $222,969   $221,696
COMMERCIAL SERVICES — 0.2%        
Terminix Co., LLC Senior Secured 2019 Term Loan D, 1 Month USD LIBOR + 1.75% 2.25%, 11/5/2026 (c)
  300,000   298,625
COMMERCIAL SERVICES & SUPPLIES — 0.3%        
Clean Harbors Inc. Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.00% 2.46%, 10/8/2028(c)
  75,000   74,438
KAR Auction Services, Inc. Senior Secured 2019 Term Loan B6, 1 Month USD LIBOR + 2.25% 2.75%, 9/19/2026(c)
  297,710   295,849
          370,287
DISTRIBUTION/WHOLESALE — 0.2%        
Resideo Funding Inc. Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.25% 2.75%, 2/11/2028 (c)
  298,496   294,641
DIVERSIFIED FINANCIAL SERVICES — 0.3%        
Setanta Aircraft Leasing DAC Senior Secured Term Loan B, 3 Month USD LIBOR + 2.00% 3.01%, 11/5/2028(c)
  185,000   182,534
Trans Union LLC Senior Secured 2019 Term Loan B5, 11/16/2026(c)
  236,103   233,063
          415,597
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%        
Level 3 Financing, Inc. Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 3/1/2027 (c)
  425,000   417,662
ENTERTAINMENT — 0.3%        
WMG Acquisition Corp. Senior Secured 2021 Term Loan G, 1/20/2028 (c)
  425,000   421,813
Security Description     Principal
Amount 		  Value
FINANCE-OTHER SERVICES — 0.3%        
RPI Intermediate Finance Trust Senior Secured 2020 Term Loan B1, 2/11/2027 (c)
  $407,810   $404,649
FOOD PRODUCTS — 0.3%        
KFC Holding Co. Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75% 2.22%, 3/15/2028 (c)
  421,805   419,299
FORESTRY — 0.3%        
Asplundh Tree Expert, LLC Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 9/7/2027 (c)
  421,788   418,068
HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% (b)        
ICU Medical, Inc. Senior Secured Term Loan B, 2 Month USD LIBOR + 2.25% 3.00%, 1/8/2029 (c)
  30,000   29,930
HEALTH CARE PROVIDERS & SERVICES — 0.6%        
Horizon Therapeutics USA, Inc. Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75% 2.25%, 3/15/2028(c)
  422,870   419,303
ICON Luxembourg S.A.R.L. Senior Secured LUX Term Loan, 7/3/2028(c)
  308,535   307,475
ICON Luxembourg S.A.R.L. Senior Secured US Term Loan, 7/3/2028(c)
  76,871   76,607
          803,385
HOUSEHOLD DURABLES — 0.0% (b)        
Installed Building Products, Inc. Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25% 2.75%, 12/14/2028 (c)
  14,963   14,936
HOUSEHOLD PRODUCTS — 0.3%        
Reynolds Consumer Products, LLC Senior Secured Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 2/4/2027 (c)
  411,350   405,473
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%        
Vistra Operations Co., LLC Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75% 2.19%, 12/31/2025 (c)
  371,589   368,338
 
See accompanying notes to schedule of investments.
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Security Description     Principal
Amount 		  Value
INTERACTIVE MEDIA & SERVICES — 0.3%        
Go Daddy Operating Co., LLC Senior Secured 2017 Repriced Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 2/15/2024 (c)
  $417,061   $414,888
IT SERVICES — 0.3%        
Fleetcor Technologies Operating Company LLC Senior Secured 2021 Term Loan B4, 4/28/2028 (c)
  421,815   415,563
MACHINERY — 0.4%        
Ali Group S.R.L. , 10/13/2028(e)
  85,000   83,902
Fluidra Finco SL Senior Secured 2022 USD Term Loan B, 1 Month USD LIBOR + 2.00% 2.50%, 1/29/2029(c)
  44,888   44,601
Ingersoll-Rand Services Co. Senior Secured 2020 USD Spinco Term Loan, 1 Month USD LIBOR + 1.75% 2.21%, 3/1/2027(c)
  446,582   439,942
          568,445
MEDIA — 0.2%        
Gray Television, Inc. Senior Secured 2021 Term Loan D, 12/1/2028(c)
  79,800   79,494
Nexstar Broadcasting, Inc. Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50% 2.73%, 9/18/2026(c)
  230,000   229,404
          308,898
MRI/MEDICAL DIAG IMAGING — 0.3%        
IQVIA, Inc. Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75% 2.76%, 6/11/2025 (c)
  396,862   395,175
PHARMACEUTICALS — 0.6%        
Catalent Pharma Solutions Inc. Senior Secured 2021 Term Loan B3, 2/22/2028(c)
  34,825   34,868
Elanco Animal Health, Inc. Senior Secured Term Loan B, 8/1/2027(c)
  503,633   496,512
Grifols Worldwide Operations USA, Inc. Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00% 2.46%, 11/15/2027(c)
  319,481   314,569
          845,949
Security Description     Principal
Amount 		  Value
PROFESSIONAL SERVICES — 0.1%        
Trans Union LLC Senior Secured 2021 Term Loan B6, 1 Month USD LIBOR + 2.25% 2.75%, 12/1/2028 (c)
  $82,504   $82,023
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3%        
Iron Mountain, Inc. Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 2.21%, 1/2/2026 (c)
  421,705   417,138
SOFTWARE — 0.5%        
NortonLifeLock Inc. , 1/28/2029(e)
  295,000   291,743
SS&C Technologies, Inc. Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 1.75% 2.21%, 4/16/2025(c)
  431,276   425,198
          716,941
THRIFTS & MORTGAGE FINANCE — 0.0% (b)        
Walker & Dunlop, Inc. Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25% 2.33%, 12/16/2028 (c)
  39,900   39,750
TOTAL SENIOR FLOATING RATE LOANS

(Cost $10,237,379)
        10,189,909
    Shares  
SHORT-TERM INVESTMENT — 5.8%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (f) (g)

(Cost $8,185,318)
8,185,318 8,185,318
TOTAL INVESTMENTS — 99.2%

(Cost $145,304,236)
140,702,949
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%
1,150,699
NET ASSETS — 100.0%
$141,853,648
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 30.8% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Amount is less than 0.05% of net assets.
(c) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
 
See accompanying notes to schedule of investments.
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March 31, 2022 (Unaudited)
(d) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of March 31, 2022. Maturity date shown is the final maturity.
(e) Position is unsettled. Contract rate was not determined at March 31, 2022 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 transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at March 31, 2022.
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
LIBOR London Interbank Offered Rate
MTN Medium Term Note
PIK Payment in Kind
REIT Real Estate Investment Trust
REMIC Real Estate Mortgage Investment Conduit
SOFR Secured Overnight Financing Rate
VRN Variable Rate Note
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $191,995   $25,554,936   $—   $25,746,931
Asset-Backed Securities
  699,950   26,633,982   —   27,333,932
Foreign Government Obligations
  —   2,820,596   —   2,820,596
U.S. Government Agency Obligations
  —   22,122,113   —   22,122,113
U.S. Treasury Obligations
  —   27,728,378   —   27,728,378
Mortgage-Backed Securities
  897,219   11,915,905   —   12,813,124
Commercial Mortgage Backed Securities
  —   3,762,648   —   3,762,648
Senior Floating Rate Loans
  —   10,189,909   —   10,189,909
Short-Term Investment
  8,185,318   —   —   8,185,318
TOTAL INVESTMENTS
  $9,974,482   $130,728,467   $—   $140,702,949
 
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
14,576,244   $14,576,244   $165,093,869   $171,484,795   $—   $—   8,185,318   $8,185,318   $3,628
See accompanying notes to schedule of investments.
107
Table of Contents
SPDR SSGA FIXED INCOME SECTOR ROTATION ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.7%      
DOMESTIC FIXED INCOME — 99.7%  
SPDR Bloomberg 1-3 Month T-Bill ETF (a)(b)
    225,750   $20,640,322
SPDR Portfolio Intermediate Term Corporate Bond ETF (a)
    295,410   10,088,251
SPDR Portfolio Intermediate Term Treasury ETF (a)
    383,203   11,607,219
SPDR Portfolio Long Term Corporate Bond ETF (a)
    407,791   11,332,512
SPDR Portfolio Long Term Treasury ETF (a)
    550,943   20,836,664
SPDR Portfolio Mortgage Backed Bond ETF (a)(b)
    1,060,086   25,399,661
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $106,392,846)
  99,904,629  
SHORT-TERM INVESTMENTS — 2.4%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c)(d)
    271,198   271,198
State Street Navigator Securities Lending Portfolio II (e)(f)
    2,123,500   2,123,500
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,394,698)
        $2,394,698
TOTAL INVESTMENTS — 102.1%

(Cost $108,787,544)
        102,299,327
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%
        (2,132,922)
NET ASSETS — 100.0%
        $100,166,405
    
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Mutual Funds and Exchange Traded Products
  $99,904,629   $—   $—   $99,904,629
Short-Term Investments
  2,394,698   —   —   2,394,698
TOTAL INVESTMENTS
  $102,299,327   $—   $—   $102,299,327
See accompanying notes to schedule of investments.
108
Table of Contents
SPDR SSGA FIXED INCOME SECTOR ROTATION ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
SPDR Bloomberg 1-3 Month T-Bill ETF
39,726   $3,633,737   $26,439,716   $9,427,241   $(2,602)   $(3,288)   225,750   $20,640,322   $—
SPDR Bloomberg High Yield Bond ETF
—   —   11,937,100   11,686,750   (250,350)   —   —   —   53,159
SPDR Portfolio Intermediate Term Corporate Bond ETF
508,248   18,652,702   12,551,261   20,134,824   (102,858)   (878,030)   295,410   10,088,251   195,721
SPDR Portfolio Intermediate Term Treasury ETF
292,929   9,485,041   8,438,089   5,481,214   44,554   (879,251)   383,203   11,607,219   57,656
SPDR Portfolio Long Term Corporate Bond ETF
634,102   20,151,762   22,226,587   27,482,522   (2,003,120)   (1,560,195)   407,791   11,332,512   569,978
SPDR Portfolio Long Term Treasury ETF
139,338   5,754,659   22,421,611   5,900,904   94,882   (1,533,584)   550,943   20,836,664   118,600
SPDR Portfolio Mortgage Backed Bond ETF
973,311   25,169,822   19,065,042   16,701,136   (322,916)   (1,811,151)   1,060,086   25,399,661   505,743
State Street Institutional U.S. Government Money Market Fund, Class G Shares
136,849   136,849   545,627   411,278   —   —   271,198   271,198   76
State Street Navigator Securities Lending Portfolio II
24,628,973   24,628,973   654,736,327   677,241,800   —   —   2,123,500   2,123,500   198,040
Total
    $107,613,545   $778,361,360   $774,467,669   $(2,542,410)   $(6,665,499)       $102,299,327   $1,698,973
See accompanying notes to schedule of investments.
109
Table of Contents
SPDR SSGA US SECTOR ROTATION ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%      
DOMESTIC EQUITY — 99.8%  
The Communication Services Select Sector SPDR Fund (a)(b)
    85,310   $5,867,622
The Consumer Discretionary Select Sector SPDR Fund (a)
    85,858   15,883,730
The Consumer Staples Select Sector SPDR Fund (a)(b)
    383,342   29,091,824
The Energy Select Sector SPDR Fund (a)(b)
    137,250   10,491,390
The Financial Select Sector SPDR Fund (a)
    856,337   32,814,834
The Health Care Select Sector SPDR Fund (a)(b)
    131,252   17,980,212
The Industrial Select Sector SPDR Fund (a)(b)
    147,247   15,163,496
The Materials Select Sector SPDR Fund (a)(b)
    204,128   17,993,883
The Technology Select Sector SPDR Fund (a)(b)
    430,011   68,341,648
The Utilities Select Sector SPDR Fund (a)(b)
    25,427   1,893,295
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $202,110,456)
  215,521,934  
SHORT-TERM INVESTMENTS — 11.7%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (c)(d)
    474,230   474,230
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)(f)
    24,716,902   $24,716,902
TOTAL SHORT-TERM INVESTMENTS

(Cost $25,191,132)
        $25,191,132
TOTAL INVESTMENTS — 111.5%

(Cost $227,301,588)
        240,713,066
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.5)%
        (24,778,546)
NET ASSETS — 100.0%
        $215,934,520
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Mutual Funds and Exchange Traded Products
  $215,521,934   $—   $—   $215,521,934
Short-Term Investments
  25,191,132   —   —   25,191,132
TOTAL INVESTMENTS
  $240,713,066   $—   $—   $240,713,066
See accompanying notes to schedule of investments.
110
Table of Contents
SPDR SSGA US SECTOR ROTATION ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
422,278   $422,278   $3,217,524   $3,165,572   $—   $—   474,230   $474,230   $125
State Street Navigator Securities Lending Portfolio II
49,478,804   49,478,804   1,082,052,933   1,106,814,835   —   —   24,716,902   24,716,902   41,483
The Communication Services Select Sector SPDR Fund
150,287   12,168,738   50,685,854   54,510,434   (1,164,547)   (1,311,989)   85,310   5,867,622   92,512
The Consumer Discretionary Select Sector SPDR Fund
—   —   17,279,519   684,087   (31,479)   (680,223)   85,858   15,883,730   27,077
The Consumer Staples Select Sector SPDR Fund
67,445   4,719,127   94,041,136   72,461,537   1,778,431   1,014,667   383,342   29,091,824   478,312
The Energy Select Sector SPDR Fund
100,084   5,391,525   23,020,165   19,537,768   (155,173)   1,772,641   137,250   10,491,390   217,594
The Financial Select Sector SPDR Fund
599,399   21,991,949   50,001,278   40,298,355   1,639,963   (520,001)   856,337   32,814,834   381,012
The Health Care Select Sector SPDR Fund
—   —   40,201,724   22,140,888   (336,804)   256,180   131,252   17,980,212   53,018
The Industrial Select Sector SPDR Fund
274,818   28,141,363   27,239,411   40,181,599   (25,513)   (10,166)   147,247   15,163,496   60,213
The Materials Select Sector SPDR Fund
351,629   28,942,583   51,613,543   62,775,028   (266,665)   479,450   204,128   17,993,883   247,851
The Technology Select Sector SPDR Fund
492,231   72,682,830   26,591,003   36,409,836   4,438,315   1,039,336   430,011   68,341,648   417,541
The Utilities Select Sector SPDR Fund
—   —   6,328,660   4,747,468   124,441   187,662   25,427   1,893,295   52,926
Total
    $223,939,197   $1,472,272,750   $1,463,727,407   $6,000,969   $2,227,557       $240,713,066   $2,069,664
See accompanying notes to schedule of investments.
111
Table of Contents
SPDR NUVEEN MUNICIPAL BOND ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
MUNICIPAL BONDS & NOTES — 92.6%      
ALABAMA — 1.5%        
Southeast Energy Authority, A Cooperative District , General Obligation

Series B, VRN, 4.00%, 12/1/2051 (a)
  $500,000   $536,882
ARIZONA — 0.3%        
Maricopa County Industrial Development Authority Revenue

AMT, 4.00%, 10/15/2047 (b)
  100,000   98,737
CALIFORNIA — 16.7%        
Alameda Corridor Transportation Authority Revenue

Series B, 5.00%, 10/1/2035 (c)
  105,000   116,807
Anaheim Public Financing Authority Revenue

ETM, Zero Coupon, 9/1/2036 (c)
  320,000   210,371
California Housing Finance Revenue

3.50%, 11/20/2035
  177,410   185,086
California, State General Obligation:        
5.00%, 8/1/2029
  100,000   112,063
5.00%, 8/1/2030
  360,000   402,792
5.00%, 9/1/2031
  245,000   274,176
5.00%, 8/1/2033
  280,000   311,810
Grossmont Union High School District, General Obligation

Zero Coupon, 8/1/2028 (c)
  120,000   101,398
Los Angeles, CA, Unified School District, General Obligation

Series A, 5.00%, 7/1/2029
  1,000,000   1,184,163
Municipal Improvement Corp. of Los Angeles, Revenue

Series A, 1.45%, 11/1/2027
  540,000   494,533
Norman Y Mineta San Jose International Airport SJC Revenue:        
Series A, AMT, 5.00%, 3/1/2025
  170,000   178,282
Series A, AMT, 5.00%, 3/1/2037
  210,000   228,914
Palomar Health, General Obligation

Series A, Zero Coupon, 8/1/2027 (c)
  100,000   85,072
Peralta Community College District, General Obligation

Series A, 5.00%, 8/1/2026
  150,000   159,764
Sacramento City Financing Authority Revenue

5.00%, 12/1/2026 (c)
  190,000   210,355
San Diego County Regional Airport Authority Revenue

Series B, AMT, 4.00%, 7/1/2051
  155,000   158,366
San Diego County, CA, Regional Airport Authority Revenue

Series B, AMT, 4.00%, 7/1/2056
  165,000   168,220
Security Description     Principal
Amount 		  Value
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue

Series A, 5.00%, 4/1/2032
  $155,000   $171,921
San Diego Public Facilities Financing Authority Revenue

Series A, 5.00%, 5/15/2032
  155,000   172,244
San Francisco City & County Airport Comm-San Francisco International Airport Revenue

Series H, AMT, 5.00%, 5/1/2028
  175,000   197,439
San Mateo Foster City Public Financing Authority Revenue

Series B, 5.00%, 8/1/2025
  330,000   361,692
University of California, Revenue

Series BI, 1.37%, 5/15/2028
  595,000   536,535
          6,022,003
COLORADO — 2.4%        
City & County of Denver Co. Airport System Revenue

Series B2, AMT, VRN, 5.00%, 11/15/2031 (a)
  400,000   434,924
Denver Convention Center Hotel Authority Revenue

5.00%, 12/1/2030
  400,000   436,441
          871,365
CONNECTICUT — 1.2%        
Connecticut, State Health & Educational Facility Authority Revenue

Series A, 5.00%, 7/1/2027
  120,000   127,579
South Central Connecticut Regional Water Authority Revenue

Series B, 5.00%, 8/1/2037
  125,000   138,874
State of Connecticut, General Obligation

Series B, 5.00%, 2/15/2028
  150,000   172,336
          438,789
FLORIDA — 2.0%        
County of Miami-Dade FL Aviation Revenue

Series A, AMT, 5.00%, 10/1/2029
  210,000   222,002
Florida Development Finance Corp. Revenue

VRN, 6.75%, 12/1/2056 (a) (b)
  250,000   242,646
Miami-Dade County, FL, General Obligation

Series A, 5.00%, 7/1/2029
  245,000   273,946
          738,594
GEORGIA — 3.2%        
Georgia, State General Obligation

Series A, 5.00%, 7/1/2028
  1,000,000   1,171,579
GUAM — 0.9%        
Territory of Guam Revenue

Series A, 5.00%, 11/1/2035
  300,000   340,448
 
See accompanying notes to schedule of investments.
112
Table of Contents
SPDR NUVEEN MUNICIPAL BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
ILLINOIS — 8.1%        
Chicago Board of Education, General Obligation

5.00%, 12/1/2035
  $300,000   $327,187
Chicago Transit Authority Capital Grant Receipts Revenue

5.00%, 6/1/2024
  150,000   159,213
Chicago, IL, Board of Education, General Obligation

Series A, 5.00%, 12/1/2036
  300,000   326,827
Chicago, IL, O'Hare International Airport Revenue

Series B, 5.00%, 1/1/2029
  160,000   171,137
Northern Illinois Municipal Power Agency Revenue

Series A, 5.00%, 12/1/2029
  360,000   403,949
State of Illinois Sales Tax Revenue

5.00%, 6/15/2026
  565,000   620,373
State of Illinois, General Obligation:        
4.00%, 3/1/2038
  730,000   744,247
5.00%, 12/1/2031
  150,000   163,025
          2,915,958
KENTUCKY — 0.3%        
Kentucky, Economic Development Finance Authority Revenue

Series A, 4.25%, 7/1/2035
  100,000   104,268
MARYLAND — 3.5%        
State of Maryland Department of Transportation Revenue:        
AMT, 5.00%, 8/1/2027
  250,000   279,130
AMT, 5.00%, 8/1/2028
  400,000   452,384
AMT, 5.00%, 8/1/2030
  200,000   231,358
AMT, 5.00%, 8/1/2031
  250,000   291,783
          1,254,655
MASSACHUSETTS — 0.2%        
Massachusetts Development Finance Agency Revenue

VRN, 0.45%, 7/1/2041 (a)
  90,000   83,272
MICHIGAN — 0.4%        
Michigan, State Finance Authority Revenue

5.00%, 11/1/2034
  110,000   128,344
MINNESOTA — 3.6%        
Metropolitan Council, Minneapolis-Saint Paul, MN, Metropolitan Area, General Obligation

Series C, 5.00%, 12/1/2028
  1,000,000   1,176,641
State of Mississippi, General Obligation

Series A, 5.00%, 8/1/2035
  100,000   116,270
          1,292,911
Security Description     Principal
Amount 		  Value
MISSISSIPPI — 0.3%        
State of Mississippi Gaming Tax Revenue

5.00%, 10/15/2028
  $100,000   $109,703
MISSOURI — 0.3%        
City of State Louis MO Airport Revenue

5.00%, 7/1/2029
  100,000   115,308
NEW JERSEY — 3.9%        
New Jersey Economic Development Authority Revenue

5.00%, 6/15/2031
  1,000,000   1,130,419
New Jersey Transportation Trust Fund Authority Revenue

Series A, 5.00%, 6/15/2025
  245,000   264,251
          1,394,670
NEW YORK — 15.4%        
City of New York NY, General Obligation

4.00%, 8/1/2037
  1,000,000   1,064,718
New York City Transitional Finance Authority Future Tax Secured Revenue

5.00%, 8/1/2025
  300,000   327,899
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue:        
5.00%, 8/1/2027
  120,000   128,093
Series A-1, 5.00%, 11/1/2023
  330,000   346,780
New York, State Dormitory Authority Revenue, State Supported Debt:        
4.00%, 10/1/2025 (c)
  850,000   906,609
Series B-GRP B, 5.00%, 2/15/2034
  300,000   323,530
Series E, 5.25%, 3/15/2033
  400,000   441,352
New York, State Environmental Facilities Corp., Revenue

5.00%, 6/15/2025
  565,000   617,871
New York, State Urban Development Corp., Revenue

Series A, 5.00%, 3/15/2026
  1,000,000   1,107,650
Triborough Bridge & Tunnel Authority Revenue:        
Series A, 5.00%, 11/1/2025
  85,000   93,544
Series C-3, 4.00%, 5/15/2051
  200,000   210,948
          5,568,994
NORTH CAROLINA — 0.4%        
North Carolina, State Revenue

Series B, 5.00%, 5/1/2027
  120,000   137,045
OHIO — 2.8%        
State of Ohio Revenue

5.00%, 1/1/2029
  850,000   994,641
 
See accompanying notes to schedule of investments.
113
Table of Contents
SPDR NUVEEN MUNICIPAL BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
OREGON — 3.4%        
Medford Hospital Facilities Authority Revenue

Series A, 5.00%, 8/15/2032
  $900,000   $1,057,552
Oregon, State General Obligation

1.02%, 5/1/2026
  185,000   172,705
          1,230,257
PENNSYLVANIA — 2.9%        
City of Philadelphia PA Airport Revenue

Series B, AMT, 5.00%, 7/1/2032
  750,000   824,942
Pennsylvania Economic Development Financing Authority Revenue

Series A, 5.00%, 2/1/2025
  100,000   106,392
Pennsylvania, State General Obligation

5.00%, 3/15/2027
  100,000   108,558
          1,039,892
TENNESSEE — 1.4%        
New Memphis Arena Public Building Authority Revenue

4.00%, 4/1/2030
  530,000   501,307
TEXAS — 7.5%        
Fort Bend, TX, Independent School District, General Obligation

Series E, 5.00%, 2/15/2027
  1,000,000   1,137,047
Houston of Harris County, TX, Port Authority General Obligation

Series A, AMT, 5.00%, 10/1/2027
  260,000   298,441
Lake Houston Redevelopment Authority Revenue

3.00%, 9/1/2034
  375,000   350,001
New Hope, Cultural Education Facilities Corp. Revenue

Series A-1, 5.50%, 1/1/2057
  320,000   285,269
Plano, TX, Independent School District, General Obligation

Series A, 5.00%, 2/15/2027
  215,000   239,302
Texas, State General Obligation

5.00%, 8/1/2026
  250,000   267,097
University of Texas, Revenue

5.00%, 8/15/2027
  100,000   114,677
          2,691,834
UTAH — 2.0%        
Vineyard Redevelopment Agency:        
5.00%, 5/1/2024 (c)
  350,000   371,168
5.00%, 5/1/2027
  325,000   366,812
          737,980
VIRGINIA — 3.3%        
Hampton Roads Transportation Accountability Commission Revenue

Series A, 5.00%, 7/1/2026
  575,000   641,696
Security Description     Principal
Amount 		  Value
Virginia Small Business Financing Authority Revenue:        
5.00%, 6/30/2039
  $125,000   $141,716
5.00%, 12/31/2039
  355,000   402,474
          1,185,886
WASHINGTON — 0.5%        
Washington, State General Obligation

5.00%, 8/1/2029
  150,000   167,764
WISCONSIN — 4.2%        
Wisconsin Health & Educational Facilities Authority Revenue:        
5.00%, 10/15/2027
  350,000   399,673
5.00%, 10/15/2028
  850,000   987,740
Wisconsin, State General Obligation

Series 2, 5.00%, 11/1/2027
  100,000   113,429
          1,500,842
TOTAL MUNICIPAL BONDS & NOTES

(Cost $36,166,036)
  33,373,928  
    Shares  
SHORT-TERM INVESTMENT — 6.4%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (d) (e)

(Cost $2,327,724)
2,327,724 2,327,724
TOTAL INVESTMENTS — 99.0%

(Cost $38,493,760)
35,701,652
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%
355,004
NET ASSETS — 100.0%
$36,056,656
(a) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Bond is insured by the following:
  % of
Net Assets
Assured Guaranty Municipal Corp.
4.4%
Build America Mutual Assurance Company
0.6%
National Public Finance Guaranty Corp.
0.3%
Assured Guaranty Corp.
0.2%
    
 
See accompanying notes to schedule of investments.
114
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SPDR NUVEEN MUNICIPAL BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2022.
AMT Alternative Minimum Tax
ETM Escrowed to Maturity
VRN Variable Rate Note
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes
  $—   $33,373,928   $—   $33,373,928
Short-Term Investment
  2,327,724   —   —   2,327,724
TOTAL INVESTMENTS
  $2,327,724   $33,373,928   $—   $35,701,652
 
Affiliate Table
  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
1,374,817   $1,374,817   $13,977,084   $13,024,177   $—   $—   2,327,724   $2,327,724   $645
See accompanying notes to schedule of investments.
115
Table of Contents
SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 52.3%          
AUSTRALIA — 0.7%          
FMG Resources August 2006 Pty, Ltd.

4.50%, 9/15/2027 (a)
    $137,000   $133,530
Infrabuild Australia Pty, Ltd.

12.00%, 10/1/2024 (a)
    20,000   20,386
Macquarie Group, Ltd. SOFR + 2.40%,

4.44%, 6/21/2033 (a) (b)
    140,000   141,646
          295,562
BRAZIL — 0.0% (c)          
MercadoLibre, Inc.

2.00%, 8/15/2028
    3,000   8,320
CANADA — 1.8%          
Athabasca Oil Corp.

9.75%, 11/1/2026 (a)
    45,000   47,884
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.

8.75%, 7/15/2026 (a)
    60,000   62,632
Baytex Energy Corp.

8.75%, 4/1/2027 (a)
    60,000   64,654
Bombardier, Inc.

6.00%, 2/15/2028 (a)
    84,000   78,706
Garda World Security Corp.

9.50%, 11/1/2027 (a)
    35,000   35,929
MEG Energy Corp.

7.13%, 2/1/2027 (a)
    129,000   135,139
Methanex Corp.

5.65%, 12/1/2044
    25,000   22,877
Parkland Corp.

4.50%, 10/1/2029 (a)
    55,000   50,998
Strathcona Resources, Ltd.

6.88%, 8/1/2026 (a)
    120,000   121,201
Taseko Mines, Ltd.

7.00%, 2/15/2026 (a)
    60,000   61,738
Tervita Corp.

11.00%, 12/1/2025 (a)
    38,000   43,065
          724,823
FRANCE — 0.5%          
Credit Agricole SA 5 Year USD + 3.237%,

4.75%, 3/23/2029 (a) (b)
    200,000   181,190
GERMANY — 1.2%          
Deutsche Bank AG:          
SOFR + 1.72%, 3.04%, 5/28/2032 (b)
    150,000   135,000
VRN, USD 5 year swap rate + 4.358%, 4.79%, 4/30/2025 (b)
    400,000   372,259
          507,259
Security Description     Principal
Amount 		  Value
IRELAND — 0.8%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust

3.30%, 1/30/2032
    $150,000   $135,585
Bank of Ireland Group PLC VRN, 1 year CMT + 1.10%,

2.03%, 9/30/2027 (a) (b)
    200,000   181,094
          316,679
ITALY — 1.5%          
Intesa Sanpaolo SpA 1 year CMT + 2.75%,

4.95%, 6/1/2042 (a) (b)
    400,000   342,268
Telecom Italia Capital SA

7.20%, 7/18/2036
    70,000   68,165
UniCredit SpA 5 Year USD ICE Swap + 4.91%,

7.30%, 4/2/2034 (a) (b)
    200,000   212,166
          622,599
NETHERLANDS — 0.5%          
ING Groep NV SOFR + 2.07%,

4.25%, 3/28/2033 (b)
    200,000   205,784
SPAIN — 1.4%          
Banco Santander SA:          
1 year CMT + 1.60%, 3.23%, 11/22/2032 (b)
    200,000   179,442
1 year CMT + 2.00%, 4.18%, 3/24/2028 (b)
    200,000   201,388
VRN, USISDA05 + 4.99%, 7.50%, 2/8/2024 (b)
    200,000   207,500
          588,330
UNITED KINGDOM — 1.3%          
Avon Products, Inc.

6.50%, 3/15/2023
    20,000   20,183
Barclays PLC 1 year CMT + 1.30%,

2.89%, 11/24/2032 (b)
    200,000   181,520
Harbour Energy PLC

5.50%, 10/15/2026 (a)
    200,000   197,546
TechnipFMC PLC

6.50%, 2/1/2026 (a)
    124,000   128,449
          527,698
UNITED STATES — 42.6%          
ADT Security Corp.

4.88%, 7/15/2032 (a)
    102,000   94,137
Airbnb, Inc.

Zero Coupon, 3/15/2026
    5,000   4,849
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC

3.50%, 2/15/2023 (a)
    182,000   182,169
Allen Media LLC/Allen Media Co-Issuer, Inc.

10.50%, 2/15/2028 (a)
    25,000   24,681
 
See accompanying notes to schedule of investments.
116
Table of Contents
SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.

7.50%, 5/1/2025 (a)
    $70,000   $69,951
Allied Universal Holdco LLC/Allied Universal Finance Corp.

9.75%, 7/15/2027 (a)
    70,000   72,346
Amazon.com, Inc.

3.10%, 5/12/2051
    145,000   136,201
American Airlines Group, Inc.

6.50%, 7/1/2025
    30,000   40,670
American International Group, Inc. Series A-9, 3 Month USD LIBOR + 2.87%,

5.75%, 4/1/2048 (b)
    30,000   30,012
American Tower Corp.

2.30%, 9/15/2031
    150,000   130,929
AMN Healthcare, Inc.

4.63%, 10/1/2027 (a)
    124,000   120,914
Antero Resources Corp.

8.38%, 7/15/2026 (a)
    129,000   142,612
Arches Buyer, Inc.

6.13%, 12/1/2028 (a)
    40,000   36,898
Arrow Bidco LLC

9.50%, 3/15/2024 (a)
    25,000   25,481
Ashland LLC

3.38%, 9/1/2031 (a)
    100,000   89,066
AT&T, Inc.:          
3.50%, 2/1/2061
    35,000   29,701
3.55%, 9/15/2055
    70,000   61,405
3.65%, 9/15/2059
    95,000   83,474
3.80%, 12/1/2057
    15,000   13,697
3.85%, 6/1/2060
    20,000   18,004
Athene Global Funding

2.65%, 10/4/2031 (a)
    150,000   133,234
Atkore, Inc.

4.25%, 6/1/2031 (a)
    125,000   117,421
Atlas Air Worldwide Holdings, Inc.

1.88%, 6/1/2024
    25,000   37,682
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.

5.75%, 7/15/2027 (a)
    75,000   74,951
Bain Capital Specialty Finance, Inc.

2.55%, 10/13/2026
    260,000   234,650
Bank of America Corp. SOFR + 1.33%,

1.38%, 4/2/2026 (b)
    140,000   141,229
Bath & Body Works, Inc.:          
6.75%, 7/1/2036
    12,000   12,248
6.95%, 3/1/2033
    15,000   15,487
7.50%, 6/15/2029
    10,000   10,839
BGC Partners, Inc.

4.38%, 12/15/2025
    35,000   35,139
Bill.com Holdings, Inc.

Zero Coupon, 12/1/2025
    8,000   12,752
Security Description     Principal
Amount 		  Value
BlackRock TCP Capital Corp.

2.85%, 2/9/2026
    $80,000   $74,928
BlackRock, Inc.

2.10%, 2/25/2032
    110,000   99,658
Blackstone Holdings Finance Co. LLC

2.00%, 1/30/2032 (a)
    155,000   134,836
Blackstone Private Credit Fund:          
2.35%, 11/22/2024 (a)
    150,000   142,176
2.63%, 12/15/2026 (a)
    225,000   201,924
Blackstone Secured Lending Fund:          
2.75%, 9/16/2026
    150,000   139,689
2.85%, 9/30/2028 (a)
    80,000   69,420
Blue Owl Finance LLC

4.13%, 10/7/2051 (a)
    150,000   118,951
BlueLinx Holdings, Inc.

6.00%, 11/15/2029 (a)
    70,000   65,053
Boyd Gaming Corp.

4.75%, 6/15/2031 (a)
    45,000   43,355
Bristow Group, Inc.

6.88%, 3/1/2028 (a)
    70,000   70,853
Broadcom, Inc.:          
3.50%, 2/15/2041 (a)
    345,000   307,947
4.15%, 4/15/2032 (a)
    145,000   144,682
Builders FirstSource, Inc.

5.00%, 3/1/2030 (a)
    139,000   136,877
C&S Group Enterprises LLC

5.00%, 12/15/2028 (a)
    75,000   65,147
Caesars Entertainment, Inc.

4.63%, 10/15/2029 (a)
    85,000   79,721
Calpine Corp.

5.13%, 3/15/2028 (a)
    55,000   52,468
Carriage Purchaser, Inc.

7.88%, 10/15/2029 (a)
    10,000   9,252
CCO Holdings LLC/CCO Holdings Capital Corp.

4.25%, 1/15/2034 (a)
    150,000   130,071
Cedar Fair L.P.

5.25%, 7/15/2029
    55,000   53,698
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.

5.75%, 3/1/2025 (a)
    10,000   9,998
Charter Communications Operating LLC/Charter Communications Operating Capital:          
3.90%, 6/1/2052
    145,000   122,745
4.40%, 4/1/2033
    140,000   139,768
Citigroup, Inc.:          
4.65%, 7/23/2048
    115,000   130,057
SOFR + 1.53%, 1.58%, 3/17/2026 (b)
    100,000   101,173
Civitas Resources, Inc.

5.00%, 10/15/2026 (a)
    124,000   122,940
 
See accompanying notes to schedule of investments.
117
Table of Contents
SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Clarios Global L.P./Clarios US Finance Co.

8.50%, 5/15/2027 (a)
    $60,000   $62,261
Cloudflare, Inc.

0.01%, 8/15/2026 (a)
    5,000   4,999
Clydesdale Acquisition Holdings, Inc.:          
6.63%, 4/15/2029 (a)
    80,000   81,067
8.75%, 4/15/2030 (a)
    90,000   84,712
Coinbase Global, Inc.

3.63%, 10/1/2031 (a)
    107,000   91,840
Commercial Metals Co.

4.38%, 3/15/2032
    119,000   110,872
Conduent Business Services LLC/Conduent State & Local Solutions, Inc.

6.00%, 11/1/2029 (a)
    65,000   61,599
Continental Resources, Inc.

2.27%, 11/15/2026 (a)
    105,000   98,250
Corebridge Financial, Inc.

4.40%, 4/5/2052 (a)
    115,000   114,980
CoreCivic, Inc.

8.25%, 4/15/2026
    70,000   72,399
Corporate Office Properties L.P.

2.75%, 4/15/2031
    30,000   27,015
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC

4.75%, 1/15/2029 (a)
    65,000   60,866
CPI CG, Inc.

8.63%, 3/15/2026 (a)
    56,000   54,442
Cushman & Wakefield US Borrower LLC

6.75%, 5/15/2028 (a)
    15,000   15,675
CVS Health Corp.

5.05%, 3/25/2048
    115,000   130,298
Datadog, Inc.

0.13%, 6/15/2025
    5,000   8,846
Del Monte Foods, Inc.

11.88%, 5/15/2025 (a)
    45,000   49,473
Dell International LLC/EMC Corp.:          
6.20%, 7/15/2030
    30,000   34,381
8.35%, 7/15/2046
    26,000   38,074
Dick's Sporting Goods, Inc.

3.25%, 4/15/2025
    4,000   12,416
DISH DBS Corp.

5.13%, 6/1/2029
    130,000   110,675
DocuSign, Inc.

Zero Coupon, 1/15/2024
    7,000   6,569
Domtar Corp.

6.75%, 10/1/2028 (a)
    56,000   56,176
Eco Material Technologies, Inc.

7.88%, 1/31/2027 (a)
    40,000   39,842
Enact Holdings, Inc.

6.50%, 8/15/2025 (a)
    45,000   46,505
Security Description     Principal
Amount 		  Value
Encino Acquisition Partners Holdings LLC

8.50%, 5/1/2028 (a)
    $60,000   $61,841
EnLink Midstream LLC:          
5.38%, 6/1/2029
    10,000   10,051
5.63%, 1/15/2028 (a)
    110,000   112,222
EnLink Midstream Partners L.P.:          
4.85%, 7/15/2026
    125,000   126,057
5.05%, 4/1/2045
    5,000   4,083
Enphase Energy, Inc.

Zero Coupon, 3/1/2028
    5,000   5,224
Enstar Group, Ltd.

3.10%, 9/1/2031
    35,000   31,340
Enviva Partners L.P./Enviva Partners Finance Corp.

6.50%, 1/15/2026 (a)
    65,000   66,897
EQT Corp.

1.75%, 5/1/2026
    5,000   11,917
Expedia Group, Inc.

Zero Coupon, 2/15/2026
    5,000   6,024
FedEx Corp.

5.25%, 5/15/2050
    35,000   40,643
Fidelity National Financial, Inc.

2.45%, 3/15/2031
    55,000   48,841
FirstEnergy Corp. Series C,

5.35%, 7/15/2047
    40,000   41,746
Fluor Corp.

4.25%, 9/15/2028
    122,000   120,276
Ford Motor Co.:          
Zero Coupon, 3/15/2026
    5,000   5,926
7.40%, 11/1/2046
    45,000   52,627
9.00%, 4/22/2025
    254,000   290,975
Fresh Market, Inc.

9.75%, 5/1/2023 (a)
    60,000   58,945
Frontier Communications Holdings LLC

6.00%, 1/15/2030 (a)
    20,000   18,529
Full House Resorts, Inc.

8.25%, 2/15/2028 (a)
    30,000   30,687
Gannett Holdings LLC

6.00%, 11/1/2026 (a)
    65,000   62,902
General Motors Financial Co., Inc.:          
2.90%, 2/26/2025
    30,000   29,451
Series C, 5 Year USD + 4.997%, 5.70%, 9/30/2030 (b)
    125,000   130,806
Genesis Energy L.P./Genesis Energy Finance Corp.

6.50%, 10/1/2025
    90,000   88,798
Genworth Holdings, Inc.

6.50%, 6/15/2034
    30,000   28,861
Glatfelter Corp.

4.75%, 11/15/2029 (a)
    15,000   12,784
Global Medical Response, Inc.

6.50%, 10/1/2025 (a)
    65,000   64,633
 
See accompanying notes to schedule of investments.
118
Table of Contents
SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Goldman Sachs Group, Inc.:          
SOFR + 1.51%, 3.21%, 4/22/2042 (b)
    $320,000   $287,373
SOFR + 1.63%, 3.44%, 2/24/2043 (b)
    145,000   134,182
Goodyear Tire & Rubber Co.

5.63%, 4/30/2033
    70,000   64,659
Gray Television, Inc.

7.00%, 5/15/2027 (a)
    70,000   73,005
HCA, Inc.

5.88%, 2/1/2029
    207,000   226,971
Herc Holdings, Inc.

5.50%, 7/15/2027 (a)
    65,000   65,898
Hertz Corp.

5.00%, 12/1/2029 (a)
    60,000   54,577
Hexion, Inc.

7.88%, 7/15/2027 (a)
    60,000   63,512
Hilcorp Energy I L.P./Hilcorp Finance Co.

6.25%, 11/1/2028 (a)
    90,000   91,083
HLF Financing SARL LLC/Herbalife International, Inc.

4.88%, 6/1/2029 (a)
    70,000   61,440
Howmet Aerospace, Inc.

5.95%, 2/1/2037
    70,000   74,678
HubSpot, Inc.

0.38%, 6/1/2025
    5,000   8,933
Hughes Satellite Systems Corp.

5.25%, 8/1/2026
    85,000   86,798
iHeartCommunications, Inc.

8.38%, 5/1/2027
    60,000   62,026
Illumina, Inc.

0.01%, 8/15/2023
    5,000   5,509
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.

9.00%, 7/1/2028 (a)
    35,000   35,433
Ingles Markets, Inc.

4.00%, 6/15/2031 (a)
    90,000   85,198
Iron Mountain, Inc.

5.63%, 7/15/2032 (a)
    120,000   118,360
iStar, Inc.

4.25%, 8/1/2025
    132,000   129,860
Jackson Financial, Inc.

3.13%, 11/23/2031 (a)
    95,000   86,454
JPMorgan Chase & Co. SOFR + 1.46%,

3.16%, 4/22/2042 (b)
    135,000   122,359
Laredo Petroleum, Inc.

9.50%, 1/15/2025
    65,000   67,824
Level 3 Financing, Inc.

3.63%, 1/15/2029 (a)
    129,000   112,883
Liberty Media Corp.-Liberty Formula One

1.00%, 1/30/2023
    5,000   9,491
Liberty Mutual Group, Inc.

4.30%, 2/1/2061 (a)
    160,000   126,362
Security Description     Principal
Amount 		  Value
Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (a)
    $92,000   $92,481
Lowe's Cos., Inc.

2.80%, 9/15/2041
    155,000   132,995
LSF11 A5 Holdco LLC

6.63%, 10/15/2029 (a)
    10,000   9,303
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)
    70,000   67,289
Lumen Technologies, Inc.:          
4.00%, 2/15/2027 (a)
    70,000   65,249
Series P, 7.60%, 9/15/2039
    30,000   28,918
Series U, 7.65%, 3/15/2042
    15,000   14,476
Macy's Retail Holdings LLC:          
4.50%, 12/15/2034
    35,000   29,768
5.88%, 4/1/2029 (a)
    85,000   84,792
5.88%, 3/15/2030 (a)
    45,000   44,416
Magallanes, Inc.

5.14%, 3/15/2052 (a)
    140,000   143,324
Maxar Space Robotics LLC

9.75%, 12/31/2023 (a)
    15,000   15,982
MGM Resorts International

6.75%, 5/1/2025
    10,000   10,339
Michaels Cos., Inc.

7.88%, 5/1/2029 (a)
    45,000   38,363
Micron Technology, Inc.

3.37%, 11/1/2041
    105,000   93,586
Middleby Corp.

1.00%, 9/1/2025
    5,000   6,881
Millennium Escrow Corp.

6.63%, 8/1/2026 (a)
    60,000   56,832
ModivCare Escrow Issuer, Inc.

5.00%, 10/1/2029 (a)
    30,000   27,957
MongoDB, Inc.

0.25%, 1/15/2026
    7,000   15,187
Moody's Corp.

2.00%, 8/19/2031
    95,000   84,438
Morgan Stanley SOFR + 1.36%,

2.48%, 9/16/2036 (b)
    155,000   133,067
MP Materials Corp.

0.25%, 4/1/2026 (a)
    5,000   7,252
Mueller Water Products, Inc.

4.00%, 6/15/2029 (a)
    50,000   47,068
Murphy Oil Corp.:          
5.88%, 12/1/2027
    15,000   15,263
6.38%, 7/15/2028
    105,000   109,456
Murphy Oil USA, Inc.:          
3.75%, 2/15/2031 (a)
    70,000   64,151
4.75%, 9/15/2029
    55,000   54,506
Nestle Holdings, Inc.

2.50%, 9/14/2041 (a)
    155,000   133,946
NextEra Energy Operating Partners L.P.

4.50%, 9/15/2027 (a)
    134,000   133,560
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)
    50,000   49,129
 
See accompanying notes to schedule of investments.
119
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
NRG Energy, Inc.

5.25%, 6/15/2029 (a)
    $149,000   $145,563
Nutanix, Inc.

Zero Coupon, 1/15/2023
    7,000   6,921
Occidental Petroleum Corp.

7.95%, 6/15/2039
    40,000   50,733
Olin Corp.

5.00%, 2/1/2030
    75,000   74,027
ON Semiconductor Corp.

0.01%, 5/1/2027 (a)
    10,000   13,576
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA

7.25%, 2/1/2028 (a)
    30,000   30,892
Outfront Media Capital LLC/Outfront Media Capital Corp.

6.25%, 6/15/2025 (a)
    50,000   51,347
Owens & Minor, Inc.

4.50%, 3/31/2029 (a)
    15,000   14,328
OWL Rock Core Income Corp.

5.50%, 3/21/2025 (a)
    140,000   139,637
Palo Alto Networks, Inc.

0.38%, 6/1/2025
    35,000   73,562
Park River Holdings, Inc.

5.63%, 2/1/2029 (a)
    30,000   24,331
Patterson-UTI Energy, Inc.

5.15%, 11/15/2029
    80,000   78,150
Pegasystems, Inc.

0.75%, 3/1/2025
    5,000   4,703
Penn Virginia Holdings LLC

9.25%, 8/15/2026 (a)
    60,000   63,181
PG&E Corp.

5.25%, 7/1/2030
    65,000   62,971
PHH Mortgage Corp.

7.88%, 3/15/2026 (a)
    75,000   70,131
Phillips 66

3.30%, 3/15/2052
    70,000   61,623
Photo Holdings Merger Sub, Inc.

8.50%, 10/1/2026 (a)
    65,000   61,822
Pilgrim's Pride Corp.

4.25%, 4/15/2031 (a)
    144,000   133,161
Pioneer Natural Resources Co.

0.25%, 5/15/2025
    5,000   11,895
PM General Purchaser LLC

9.50%, 10/1/2028 (a)
    60,000   58,940
PRA Group, Inc.

5.00%, 10/1/2029 (a)
    100,000   94,873
Prestige Brands, Inc.

3.75%, 4/1/2031 (a)
    70,000   62,478
Prime Security Services Borrower LLC/Prime Finance, Inc.

5.75%, 4/15/2026 (a)
    25,000   25,498
Prudential Financial, Inc. 3 Month USD LIBOR + 3.92%,

5.63%, 6/15/2043 (b)
    5,000   5,065
Security Description     Principal
Amount 		  Value
Public Storage

2.25%, 11/9/2031
    $70,000   $64,034
Railworks Holdings L.P./Railworks Rally, Inc.

8.25%, 11/15/2028 (a)
    92,000   94,441
Rain CII Carbon LLC/CII Carbon Corp.

7.25%, 4/1/2025 (a)
    65,000   63,879
Range Resources Corp.

4.75%, 2/15/2030 (a)
    70,000   69,551
Rapid7, Inc.

0.25%, 3/15/2027
    25,000   31,140
Raytheon Technologies Corp.

3.13%, 7/1/2050
    30,000   26,987
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.

9.75%, 12/1/2026 (a)
    50,000   52,348
Rockies Express Pipeline LLC

6.88%, 4/15/2040 (a)
    45,000   44,559
RR Donnelley & Sons Co.

6.13%, 11/1/2026 (a)
    35,000   36,081
Sammons Financial Group, Inc.

3.35%, 4/16/2031 (a)
    125,000   115,210
Santander Holdings USA, Inc. SOFR + 1.24%,

2.49%, 1/6/2028 (b)
    65,000   60,726
Scripps Escrow II, Inc.

3.88%, 1/15/2029 (a)
    90,000   83,685
Seagate HDD Cayman

5.75%, 12/1/2034
    102,000   104,318
Sealed Air Corp.

6.88%, 7/15/2033 (a)
    70,000   80,482
SeaWorld Parks & Entertainment, Inc.

5.25%, 8/15/2029 (a)
    30,000   28,651
SEG Holding LLC/SEG Finance Corp.

5.63%, 10/15/2028 (a)
    75,000   75,315
Sempra Energy

3.70%, 4/1/2029
    35,000   35,206
Sinclair Television Group, Inc.

5.50%, 3/1/2030 (a)
    40,000   34,724
Snap, Inc.:          
Zero Coupon, 5/1/2027 (a)
    5,000   4,269
0.13%, 3/1/2028 (a)
    30,000   29,828
Southwest Airlines Co.

1.25%, 5/1/2025
    55,000   74,824
Spanish Broadcasting System, Inc.

9.75%, 3/1/2026 (a)
    60,000   60,300
Spirit AeroSystems, Inc.

4.60%, 6/15/2028
    15,000   14,095
Splunk, Inc.

1.13%, 9/15/2025
    45,000   54,035
SRM Escrow Issuer LLC

6.00%, 11/1/2028 (a)
    65,000   63,987
 
See accompanying notes to schedule of investments.
120
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Starwood Property Trust, Inc.:          
3.63%, 7/15/2026 (a)
    $45,000   $42,958
4.38%, 1/15/2027 (a)
    100,000   97,040
Station Casinos LLC

4.50%, 2/15/2028 (a)
    60,000   56,989
Stem, Inc.

0.50%, 12/1/2028 (a)
    90,000   66,528
Sunnova Energy Corp.

5.88%, 9/1/2026 (a)
    60,000   57,379
Sunrun, Inc.

0.01%, 2/1/2026
    40,000   31,975
Switch, Ltd.

4.13%, 6/15/2029 (a)
    70,000   68,864
Sylvamo Corp.

7.00%, 9/1/2029 (a)
    65,000   63,796
Talos Production, Inc.

12.00%, 1/15/2026
    15,000   16,230
Tempur Sealy International, Inc.:          
3.88%, 10/15/2031 (a)
    80,000   68,604
4.00%, 4/15/2029 (a)
    60,000   54,738
Tenet Healthcare Corp.:          
6.13%, 10/1/2028 (a)
    15,000   15,247
6.75%, 6/15/2023
    80,000   83,358
6.88%, 11/15/2031
    50,000   54,111
Tenneco, Inc.

7.88%, 1/15/2029 (a)
    80,000   84,298
Terrier Media Buyer, Inc.

8.88%, 12/15/2027 (a)
    40,000   41,024
Thermo Fisher Scientific, Inc.

2.80%, 10/15/2041
    95,000   84,889
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)
    60,000   61,764
Union Pacific Corp.

2.95%, 3/10/2052
    155,000   137,544
United Natural Foods, Inc.

6.75%, 10/15/2028 (a)
    75,000   76,859
United Rentals North America, Inc.

5.25%, 1/15/2030
    162,000   167,027
United States Steel Corp.

5.00%, 11/1/2026
    20,000   58,389
Unity Software, Inc.

0.01%, 11/15/2026 (a)
    30,000   24,716
Univision Communications, Inc.

9.50%, 5/1/2025 (a)
    92,000   96,782
Upstart Holdings, Inc.

0.25%, 8/15/2026 (a)
    5,000   4,255
US Acute Care Solutions LLC

6.38%, 3/1/2026 (a)
    65,000   64,269
Vector Group, Ltd.:          
5.75%, 2/1/2029 (a)
    35,000   31,878
10.50%, 11/1/2026 (a)
    10,000   10,244
Verizon Communications, Inc.:          
2.85%, 9/3/2041
    45,000   39,614
3.55%, 3/22/2051
    100,000   94,320
Viasat, Inc.

5.63%, 9/15/2025 (a)
    75,000   73,355
Security Description     Principal
Amount 		  Value
Vishay Intertechnology, Inc.

2.25%, 6/15/2025
    $5,000   $5,034
Vista Outdoor, Inc.

4.50%, 3/15/2029 (a)
    70,000   64,387
Vistra Operations Co. LLC:          
4.38%, 5/1/2029 (a)
    90,000   85,038
5.63%, 2/15/2027 (a)
    70,000   69,964
Warrior Met Coal, Inc.

7.88%, 12/1/2028 (a)
    92,000   97,110
Weatherford International, Ltd.

11.00%, 12/1/2024 (a)
    75,000   77,879
WESCO Distribution, Inc.

7.25%, 6/15/2028 (a)
    139,000   147,547
Western Global Airlines LLC

10.38%, 8/15/2025 (a)
    55,000   59,177
White Cap Buyer LLC

6.88%, 10/15/2028 (a)
    35,000   33,174
Zscaler, Inc.

0.13%, 7/1/2025
    50,000   85,288
          17,578,101
TOTAL CORPORATE BONDS & NOTES

(Cost $22,921,054)
        21,556,345
ASSET-BACKED SECURITIES — 9.8%          
37 Capital CLO I Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 3.52%,

3.72%, 10/15/2034 (a) (b)
    250,000   243,306
Aimco CLO 11, Ltd. Series 2020-11A, Class DR, ABS, 3 Month USD LIBOR + 3.00%,

3.24%, 10/17/2034 (a) (b)
    250,000   247,347
Canyon Capital CLO, Ltd. Series 2019-2A, Class DR, ABS, 3 Month USD LIBOR + 3.30%,

3.54%, 10/15/2034 (a) (b)
    250,000   248,925
CBAM 2018-6, Ltd. Series 2018-6A, Class B2R, ABS, 3 mo. USD LIBOR + 2.100%,

2.34%, 1/15/2031 (a) (b)
    255,000   254,541
CIFC Funding 2021-VII, Ltd. Series 2021-7A, Class D, ABS, 3 Month USD LIBOR + 3.00%,

3.13%, 1/23/2035 (a) (b)
    250,000   246,601
Hayfin US XII, Ltd. Series 2018-8A, Class B, ABS, 3 mo. USD LIBOR + 1.480%,

1.73%, 4/20/2031 (a) (b)
    250,000   244,875
Invesco CLO, Ltd. Series 2022-1A, Class B, ABS, 3-month CME Term SOFR + 1.80%,

2.08%, 4/20/2035 (a) (b)
    250,000   247,800
 
See accompanying notes to schedule of investments.
121
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Magnetite XVI, Ltd. Series 2015-16A, Class DR, ABS, 3 Month USD LIBOR + 2.15%,

2.39%, 1/18/2028 (a) (b)
    $250,000   $245,929
Myers Park CLO, Ltd. Series 2018-1A, Class C, ABS, 3 mo. USD LIBOR + 2.050%,

2.30%, 10/20/2030 (a) (b)
    250,000   246,350
OHA Credit Funding 4, Ltd. Series 2019-4A, Class DR, ABS, 3 Month USD LIBOR + 3.20%,

3.46%, 10/22/2036 (a) (b)
    250,000   247,708
OHA Credit Funding 9, Ltd. Series 2021-9A, Class C, ABS, 3 mo. USD LIBOR + 1.900%,

2.15%, 7/19/2035 (a) (b)
    250,000   241,275
OHA Credit Partners VII, Ltd. Series 2012-7A, Class D1R3, ABS, 3 Month USD LIBOR + 2.90%,

3.38%, 2/20/2034 (a) (b)
    315,000   305,424
OneMain Direct Auto Receivables Trust Series 2021-1A, Class A, ABS,

0.87%, 7/14/2028 (a)
    600,000   572,095
Point Au Roche Park CLO, Ltd. Series 2021-1A, Class D, ABS, 3 Month USD LIBOR + 2.80%,

3.05%, 7/20/2034 (a) (b)
    195,000   187,726
Post CLO, Ltd. Series 2022-1A, Class B, ABS, 3-month CME Term SOFR + 1.90%,

2.61%, 4/20/2035 (a) (b)
    250,000   249,750
TOTAL ASSET-BACKED SECURITIES

(Cost $4,109,060)
        4,029,652
    Shares  
PREFERRED STOCKS — 0.1%      
LUXEMBOURG — 0.0% (c)      
ArcelorMittal SA, 5.50%
  67 5,014
UNITED STATES — 0.1%      
American Electric Power Co., Inc., 6.13%
  110 6,146
Bank of America Corp., 7.25%
  4 5,250
Broadcom, Inc., 8.00%
  3 5,889
Danaher Corp., 5.00%
  3 4,738
Elanco Animal Health, Inc., 5.00%
  67 2,730
KKR & Co., Inc., 6.00%
  66 4,904
NiSource, Inc., 7.75%
  48 5,711
Wells Fargo & Co., 7.50%
  3 3,975
      39,343
TOTAL PREFERRED STOCKS

(Cost $43,625)
    44,357
    
Security Description     Principal
Amount 		  Value
SENIOR FLOATING RATE LOANS — 23.9%          
ADVERTISING SERVICES — 0.6%          
CMG Media Corp., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 12/17/2026 (b)
    $148,869   $146,798
Summer (BC) Holdco B S.a r.l, Senior Secured 2021 USD Term Loan B2, 12/4/2026 (d)
    119,400   118,903
          265,701
AIRLINES — 1.6%          
AAdvantage Loyalty IP Ltd., Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75%, 5.50%, 4/20/2028 (b)
    110,000   111,650
SkyMiles IP Ltd., Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75%, 4.75%, 10/20/2027 (b)
    140,000   144,944
United Airlines, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 4.50%, 4/21/2028 (b)
    423,370   419,106
          675,700
AUTO COMPONENTS — 0.6%          
USI, Inc., Senior Secured 2017 Repriced Term Loan, 3 Month USD LIBOR + 3.00%, 4.01%, 5/16/2024 (b)
    248,310   247,002
BEVERAGES — 0.2%          
City Brewing Company, LLC, Senior Secured Closing Date Term Loan, 3 Month USD LIBOR + 3.50%, 4.25%, 4/5/2028 (b)
    104,475   96,117
BROADCAST SERV/PROGRAM — 1.3%          
E.W. Scripps Company (The), Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 2.56%, 3.31%, 5/1/2026 (b)
    523,661   518,798
BUILDING PRODUCTS — 0.5%          
ACProducts, Inc., Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 4.25%, 4.75%, 5/17/2028 (b)
    119,400   108,587
CP Atlas Buyer, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 4.25%, 11/23/2027 (b)
    104,224   101,489
          210,076
 
See accompanying notes to schedule of investments.
122
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CHEMICALS — 1.8%          
CPC Acquisition Corp., Senior Secured Term Loan, 3 Month USD LIBOR + 3.75%, 4.76%, 12/29/2027 (b)
    $89,323   $87,090
Illuminate Buyer, LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 6/30/2027 (b)
    113,355   109,813
Ineos Finance PLC, Senior Secured 2021 EUR Term Loan B, 11/4/2028 (d)
    EUR90,000   98,668
LSF11 A5 Holdco LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 10/15/2028 (b)
    $225,000   222,216
Olympus Water US Holding Corporation, Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75%, 4.75%, 11/9/2028 (b)
    224,438   219,037
          736,824
COMMERCIAL SERVICES — 0.2%          
Albion Financing 3 SARL, Senior Secured USD Term Loan, 8/17/2026 (d)
    229,518   95,861
COMMERCIAL SERVICES & SUPPLIES — 0.6%          
McGraw-Hill Global Education Holdings, LLC, Senior Secured 2021 Term Loan, 7/28/2028 (b)
    149,625   148,292
Prime Security Services Borrower, LLC, Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 2.75%, 3.50%, 9/23/2026 (b)
    89,549   89,027
          237,319
COMMUNICATIONS EQUIPMENT — 0.6%          
CommScope, Inc., Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.71%, 4/6/2026 (b)
    270,700   264,045
CONTAINERS & PACKAGING — 0.3%          
Graham Packaging Company, Inc., Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 3.75%, 8/4/2027 (b)
    119,098   117,279
Security Description     Principal
Amount 		  Value
DIVERSIFIED CONSUMER SERVICES — 0.2%          
Ascend Learning, LLC, Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 12/11/2028 (b)
    $95,173   $94,245
DIVERSIFIED FINANCIAL SERVICES — 1.6%          
DirecTV Financing, LLC, Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 5.75%, 8/2/2027 (b)
    644,625   644,751
ELECTRICAL EQUIPMENT — 0.3%          
Gates Global, LLC, Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.50%, 3.25%, 3/31/2027 (b)
    119,095   117,704
ENERGY EQUIPMENT & SERVICES — 0.3%          
Carnival Corporation, Senior Secured USD Term Loan B, 3 Month USD LIBOR + 3.00%, 3.75%, 6/30/2025 (b)
    143,736   140,250
ENERGY-ALTERNATE SOURCES — 0.3%          
Array Technologies, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 3.75%, 10/14/2027 (b)
    119,213   116,382
FINANCE-CREDIT CARD — 0.3%          
Paysafe Holdings (US) Corp., Senior Secured USD Term Loan B1, 1 Month USD LIBOR + 2.75%, 3.25%, 6/28/2028 (b)
    119,100   114,374
HEALTH CARE PROVIDERS & SERVICES — 2.1%          
Agiliti Health, Inc, Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 2.75%, 3.50%, 1/4/2026 (b)
    78,031   77,641
CHG Healthcare Services, Inc., Senior Secured 2021 Term Loan, 9/29/2028 (d)
    298,500   296,261
Medline Borrower, LP, Senior Secured USD Term Loan B, 10/23/2028 (b)
    500,000   495,592
          869,494
 
See accompanying notes to schedule of investments.
123
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
HOTELS, RESTAURANTS & LEISURE — 1.0%          
Caesars Resort Collection, LLC, Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75%, 3.21%, 12/23/2024 (b)
    $397,922   $396,374
INSURANCE — 1.2%          
Amynta Agency Borrower, Inc., Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 4.50%, 4.96%, 2/28/2025 (b)
    104,729   103,878
Sedgwick Claims Management Services, Inc., Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.71%, 12/31/2025 (b)
    382,791   379,510
          483,388
INTERNET & CATALOG RETAIL — 1.0%          
Uber Technologies, Inc., Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 3.50%, 3.96%, 4/4/2025 (b)
    397,933   397,718
INTERNET & TELECOM — 0.2%          
Arches Buyer, Inc., Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 3.75%, 12/6/2027 (b)
    104,209   102,673
IT SERVICES — 0.9%          
Conduent Business Services, LLC, Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25%, 4.75%, 10/16/2028 (b)
    176,558   174,608
CoreLogic, Inc., Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 6/2/2028 (b)
    194,512   192,690
          367,298
LIFE SCIENCES TOOLS & SERVICES — 0.1%          
Avantor Funding, Inc., Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25%, 2.75%, 11/8/2027 (b)
    46,765   46,473
MACHINERY-CONSTRUCTION & MINING — 0.3%          
Clear Channel Outdoor Holdings, Inc., Senior Secured Term Loan B, 8/21/2026 (d)
    119,389   117,261
Security Description     Principal
Amount 		  Value
MACHINERY-FARM — 0.3%          
ASP Blade Holdings, Inc., Senior Secured Initial Term Loan, 1 Month USD LIBOR + 4.00%, 4.46%, 10/13/2028 (b)
    $113,000   $111,743
MEDIA — 0.7%          
MH Sub I LLC, Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 3.96%, 9/13/2024 (b)
    278,270   275,333
PHARMACEUTICALS — 0.2%          
Jazz Financing Lux S.A.R.L., Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 4.00%, 5/5/2028 (b)
    104,213   103,959
PROFESSIONAL SERVICES — 1.1%          
Dun & Bradstreet Corp., Senior Secured Term Loan, 1 Month USD LIBOR + 3.25%, 3.70%, 2/6/2026 (b)
    343,262   340,657
Proofpoint, Inc., Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 3.76%, 8/31/2028 (b)
    135,000   133,715
          474,372
RETAIL-BUILDING PRODUCTS — 0.5%          
LBM Acquisition LLC, Senior Secured Term Loan B, 12/17/2027 (d)
    104,475   101,868
Park River Holdings, Inc., Senior Secured Term Loan, 12/28/2027 (d)
    89,548   87,496
          189,364
RETAIL-RESTAURANTS — 0.5%          
IRB Holding Corp., Senior Secured 2020 Term Loan B, 6 Month USD LIBOR + 2.75%, 3.75%, 2/5/2025 (b)
    193,992   192,750
SOFTWARE — 1.0%          
Camelot U.S. Acquisition 1 Co., Senior Secured Term Loan B, 1 Month USD LIBOR + 3.00%, 3.46%, 10/30/2026 (b)
    223,552   221,550
RealPage, Inc., Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 3.75%, 4/24/2028 (b)
    89,550   88,655
Sabre GLBL, Inc.:          
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.50%, 4.00%, 12/17/2027 (b)
    45,913   45,482
 
See accompanying notes to schedule of investments.
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 3.50%, 4.00%, 12/17/2027 (b)
    $73,187   $72,501
          428,188
SPECIALTY RETAIL — 1.0%          
At Home Group, Inc., Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25%, 4.75%, 7/24/2028 (b)
    74,812   71,961
Michaels Companies, Inc., Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 5.26%, 4/15/2028 (b)
    208,425   196,035
Restoration Hardware, Inc., Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 3.00%, 10/20/2028 (b)
    128,355   126,269
          394,265
TRANSPORTATION INFRASTRUCTURE — 0.2%          
First Student Bidco, Inc.:          
Senior Secured Term Loan B, 3 Month USD LIBOR + 3.00%, 3.98%, 7/21/2028 (b)
    67,864   67,402
Senior Secured Term Loan C, 3 Month USD LIBOR + 3.00%, 3.98%, 7/21/2028 (b)
    25,121   24,950
          92,352
WEB HOSTING/DESIGN — 0.3%          
Endure Digital, Inc., Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 4.25%, 2/10/2028 (b)
    119,400   116,266
TOTAL SENIOR FLOATING RATE LOANS

(Cost $9,990,890)
        9,851,699
    Shares  
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 3.4%      
UNITED STATES — 3.4%      
SPDR Blackstone Senior Loan ETF, (e)
  31,342 1,409,136
    
Security Description     Principal
Amount 		  Value
COMMERCIAL MORTGAGE BACKED SECURITIES — 0.2%          
COMM Mortgage Trust Series 2012-CR3, Class B, 3.92%, 10/15/2045 (a)

(Cost $99,000)
    $100,000   $97,353
    Shares  
SHORT-TERM INVESTMENT — 10.1%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (f) (g)

(Cost $4,177,238)
  4,177,238 4,177,238
TOTAL INVESTMENTS — 99.8%

(Cost $42,727,506)
    41,165,780
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%
    81,175
NET ASSETS — 100.0%
    $41,246,955
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 40.4% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) Amount is less than 0.05% of net assets.
(d) Position is unsettled. Contract rate was not determined at March 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(e) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at March 31, 2022.
ABS Asset-Backed Security
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
LIBOR London Interbank Offered Rate
LP Limited Partnership
SOFR Secured Overnight Financing Rate
VRN Variable Rate Note
 
See accompanying notes to schedule of investments.
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
At March 31, 2022, open forward foreign currency exchange contracts were as follows:
Counterparty   Amount Sold   Amount Bought   Settlement
Date 		  Net Unrealized
Appreciation/
(Depreciation)
Commonwealth Bank of Australia   EUR89,000   USD97,250   04/11/2022   $(1,794)
Standard Chartered Bank   USD142,978   EUR129,000   04/07/2022   565
Standard Chartered Bank   EUR129,000   USD142,847   04/07/2022   (697)
Total               $(1,926)
 
 
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
Ultra U.S. Treasury Bond Futures (long)   13   06/21/2022   $2,285,468   $2,302,625   $17,157
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes
  $141,646   $21,370,283   $44,416   $21,556,345
Asset-Backed Securities
  —   4,029,652   —   4,029,652
Commercial Mortgage Backed Securities
  —   97,353   —   97,353
Mutual Funds and Exchange Traded Products
  1,409,136   —   —   1,409,136
Preferred Stocks
  44,357   —   —   44,357
Senior Floating Rate Loans
  —   9,851,699   —   9,851,699
Short-Term Investment
  4,177,238   —   —   4,177,238
TOTAL INVESTMENTS
  $5,772,377   $35,348,987   $44,416   $41,165,780
OTHER FINANCIAL INSTRUMENTS:                
Foreign Currency Exchange Contracts(a)
  —   565   —   565
Futures Contracts(b)
  17,157   —   —   17,157
TOTAL OTHER FINANCIAL INSTRUMENTS:
  $17,157   $565   $—   $17,722
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Foreign Currency Exchange Contracts(a)
  —   (2,491)   —   (2,491)
(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).
(b) Futures Contracts are valued at unrealized appreciation (depreciation).
 
See accompanying notes to schedule of investments.
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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF
Schedule of Investments  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/27/21* 		  Value at

9/27/21* 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
SPDR Blackstone Senior Loan ETF
—   $—   $4,732,501   $3,285,208   $(60,654)   $22,497   31,342   $1,409,136   $41,312
State Street Institutional U.S. Government Money Market Fund, Class G Shares
—   —   52,343,946   48,166,708   —   —   4,177,238   4,177,238   1,369
Total
    $—   $57,076,447   $51,451,916   $(60,654)   $22,497       $5,586,374   $42,681
* Commencement of operations.
See accompanying notes to schedule of investments.
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SSGA ACTIVE TRUST
NOTES TO SCHEDULES OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price 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 of Trustees of the Trust (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 (“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.
•  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 a Portfolio's or Fund's NAV and the prices used by the Portfolios' or Funds' underlying benchmark. Various inputs are used in determining the value of the Portfolios' or Funds' investments.
The Portfolios or 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
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SSGA ACTIVE TRUST
NOTES TO SCHEDULES OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
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 March 31, 2022, is disclosed in the Fund's respective Schedules of Investments.
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, a Fund is 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 a Fund 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. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.
During the period ended March 31, 2022, the SPDR SSGA Ultra Short Term Bond ETF and SPDR Loomis Sayles Opportunistic Bond ETF entered into futures contracts to hedge interest rate risk and manage duration.
Forward Foreign Currency Exchange Contracts
Certain Funds may engage in forward foreign currency 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, a 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 Funds give up the opportunity to profit from favorable exchange rate movements during the term of the contract.
During the period ended March 31, 2022, the SPDR Loomis Sayles Opportunistic Bond ETF entered into forward foreign currency exchange contracts in order to reduce the currency deviation of the fund versus the Index.
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SSGA ACTIVE TRUST
NOTES TO SCHEDULES OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Loan Agreements
The Blackstone Senior Loan ETF, SPDR DoubleLine Total Return Tactical ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF, SPDR Loomis Sayles Opportunistic Bond ETF and SPDR Blackstone High Income ETF invest in Senior Loans. Senior Loans consist generally of obligations of companies and other entities (collectively, “borrowers”) incurred for the purpose of reorganizing the assets and liabilities of a borrower; acquiring another company; taking over control of a company (leveraged buyout); temporary refinancing; or financing internal growth or other general business purposes. Senior Loans are often obligations of borrowers who have incurred a significant percentage of debt compared to their total assets and thus are highly leveraged. The 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.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2022 are disclosed in the Funds' respective Schedules of Investments.
Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date on which the FORM N-PORT filings were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the FORM N-PORT filings.
Other information regarding the Portfolios or Funds is available in the Portfolio's or Fund's most recent Report to Shareholders. This information is also available on the Portfolio's or Fund's at www.ssga.com as well as on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
130