Semi-Annual Report
December 31, 2021
SSGA Active Trust
SPDR Blackstone Senior Loan ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


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TABLE OF CONTENTS (Unaudited)

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


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Table of Contents
See accompanying notes to financial statements.
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Table of Contents
SPDR Blackstone Senior Loan ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Change Healthcare Holdings LLC Senior Secured 2017 Term Loan B
3.50% 3/1/2024
1.8%  
  BCP Raptor, LLC Senior Secured Term Loan B
5.25% 6/24/2024
1.7  
  Envision Healthcare Corp. Senior Secured 2018 1st Lien Term Loan
3.85% 10/10/2025
1.6  
  DirecTV Financing, LLC Senior Secured Term Loan
5.75% 8/2/2027
1.6  
  LBM Acquisition LLC Senior Secured Term Loan B
4.50% 12/17/2027
1.5  
  TOTAL 8.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Software 15.8%  
  Health Care Providers & Services 7.3  
  Diversified Financial Services 6.1  
  Commercial Services & Supplies 4.9  
  Entertainment 4.3  
  Hotels, Restaurants & Leisure 4.1  
  Airlines 3.6  
  Media 3.5  
  Oil, Gas & Consumable Fuels 3.3  
  Specialty Retail 2.6  
  Unknown G3 2.2  
  Chemicals 2.1  
  Commercial Services 2.0  
  Health Care Technology 1.8  
  Retail-Building Products 1.8  
  Containers & Packaging 1.7  
  Internet & Catalog Retail 1.5  
  Computers 1.4  
  Insurance 1.3  
  Communications Equipment 1.3  
  Web Hosting/Design 1.3  
  Health Care Equipment & Supplies 1.2  
  Air Freight & Logistics 1.2  
  Telecommunication Equip 1.1  
  Pipelines 1.0  
  Textiles, Apparel & Luxury Goods 1.0  
  Construction & Engineering 0.9  
  Transport-Air Freight 0.9  
  Retail-Restaurants 0.9  
  Cosmetics & Toiletries 0.9  
  IT Services 0.8  
See accompanying notes to financial statements.
2


Table of Contents
SPDR Blackstone Senior Loan ETF
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Real Estate Management & Development 0.7%  
  Capital Markets 0.7  
  Home Furnishings 0.7  
  MRI/Medical Diag Imaging 0.6  
  Building Products 0.6  
  Industrial Conglomerates 0.6  
  Leisure Industry 0.6  
  Distributors 0.6  
  Lasers-Syst/Components 0.6  
  Pharmaceuticals 0.5  
  Telecom Services 0.5  
  Professional Services 0.5  
  Computer Services 0.5  
  Machinery-Construction & Mining 0.5  
  Consumer Products-Misc 0.5  
  Trading Companies & Distributors 0.5  
  Medical Labs&Testing Srv 0.5  
  Leisure&Rec/Games 0.4  
  Environmentally Friendly 0.3  
  Household Products 0.3  
  Food-Misc/Diversified 0.3  
  Machinery 0.3  
  Transport-Services 0.3  
  Retail-Petroleum Product 0.3  
  Electronic Equipment, Instruments & Components 0.2  
  Miscellaneous Manufactur 0.2  
  Hand/Machine Tools and Related Products 0.2  
  Aerospace & Defense 0.2  
  Food Products 0.2  
  Fiduciary Banks 0.2  
  Auto Components 0.1  
  Electrical Equipment 0.1  
  Diversified Telecommunication Services 0.1  
  Steel-Producers 0.1  
  Advertising Services 0.1  
  Life Sciences Tools & Services 0.1  
  Interactive Media & Services 0.1 *  
  Leisure Equipment & Products 0.1  
  Machinery-Farm 0.1  
  Semiconductors & Semiconductor Equipment 0.1  
  Internet Security 0.1  
  Diversified Finan Serv 0.1  
  Independent Power Producers & Energy Traders 0.1  
  Communications Software 0.1  
  Construction Materials 0.0 *  
  Television 0.0 *  
  Beverages 0.0 *  
  Retail-Catalog Shopping 0.0 *  
  Containers-Paper/Plastic 0.0 *  
  Short-Term Investment 10.4  
  Liabilities in Excess of Other Assets (8.7)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.  
See accompanying notes to financial statements.
3


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SENIOR FLOATING RATE LOANS — 91.7% (a)          
ADVERTISING SERVICES — 0.1%          
AppLovin Corp.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25% 3.35%, 8/15/2025

    $ 7,366,219   $ 7,361,615
Terrier Media Buyer, Inc.

Senior Secured 2021 Term Loan, 12/17/2026 (b)

    498,741   497,057
          7,858,672
AEROSPACE & DEFENSE — 0.2%          
Dynasty Acquisition Co., Inc.:          
Senior Secured 2020 CAD Term Loan B2, 3 Month USD LIBOR + 3.50% 3.72%, 4/6/2026

    4,831,857   4,714,540
Senior Secured 2020 Term Loan B1, 3 Month USD LIBOR + 3.50% 3.72%, 4/6/2026

    8,988,482   8,770,242
TransDigm, Inc.

Senior Secured 2020 Term Loan F, 12/9/2025 (b)

    2,493,639   2,462,942
          15,947,724
AIR FREIGHT & LOGISTICS — 1.2%          
Kenan Advantage Group, Inc.

Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 3.75% 4.50%, 3/24/2026

    49,104,831   49,040,013
Worldwide Express Operations, LLC

Senior Secured 2021 1st Lien Term Loan, 6 Month USD LIBOR + 4.25% 5.00%, 7/26/2028

    61,510,725   61,754,000
          110,794,013
AIRLINES — 3.6%          
AAdvantage Loyalty IP Ltd.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 4/20/2028

    70,662,575   73,343,866
Air Canada

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.25%, 8/11/2028

    7,745,695   7,749,839
American Airlines, Inc.:          
Senior Secured 2017 Incremental Term Loan, 3 Month USD LIBOR + 2.00% 2.11%, 12/15/2023

    12,263,560   12,041,958
Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 1.85%, 6/27/2025

    44,460,207   42,264,984
Mileage Plus Holdings LLC

Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 5.25% 6.25%, 6/21/2027

    39,941,895   42,228,768
See accompanying notes to financial statements.
4


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SkyMiles IP Ltd.

Senior Secured 2020 Skymiles Term Loan B, 3 Month USD LIBOR + 3.75% 4.75%, 10/20/2027

    $ 25,778,136   $ 27,324,824
United Airlines, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 4/21/2028

    115,299,907   115,974,412
          320,928,651
AUTO COMPONENTS — 0.1%          
USI, Inc.

Senior Secured 2017 Repriced Term Loan, 3 Month USD LIBOR + 3.00% 3.22%, 5/16/2024

    2,493,489   2,477,245
Wheel Pros, LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 5.25%, 5/11/2028

    9,830,582   9,828,763
          12,306,008
BEVERAGES — 0.0% (c)          
Triton Water Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50% 4.00%, 3/31/2028

    509,525   504,748
BUILDING PRODUCTS — 0.6%          
CP Atlas Buyer, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 11/23/2027

    54,224,524   54,061,851
DiversiTech Holdings, Inc.:          
Senior Secured 2021 1st Lien Term Loan, 12/16/2028 (b)

    630,435   630,633
Senior Secured 2021 Delayed Draw Term Loan, 12/16/2028 (b)

    130,435   130,476
          54,822,960
CAPITAL MARKETS — 0.7%          
AqGen Ascensus, Inc.

Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50% 7.00%, 8/2/2029

    7,194,340   7,232,578
Freeport LNG Investments, LLLP

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50% 4.00%, 12/21/2028

    19,598,931   19,436,651
PECF USS Intermediate Holding III Corp.

Senior Secured Term Loan B, 12/15/2028 (b)

    36,746,575   36,832,011
          63,501,240
See accompanying notes to financial statements.
5


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CHEMICALS — 2.1%          
Ascend Performance Materials Operations LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75% 5.50%, 8/27/2026

    $ 18,388,167   $ 18,521,481
Atotech B.V.

Senior Secured 2021 USD Term Loan B, 3/18/2028 (b)

    12,098,003   12,090,018
Axalta Coating Systems US Holdings, Inc.

Senior Secured USD Term Loan B3, 6/1/2024 (b)

    2,703,957   2,705,647
CPC Acquisition Corp.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 12/29/2027

    25,860,981   25,602,371
GEON Performance Solutions, LLC

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 8/18/2028

    7,881,481   7,960,296
Ineos US Finance, LLC

Senior Secured 2017 USD Term Loan B, 4/1/2024 (b)

    680,566   677,888
Messer Industries GmbH

Senior Secured 2018 USD Term Loan, 3/1/2026 (b)

    997,040   990,709
New Arclin U.S. Holding Corp.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.25%, 9/30/2028

    11,481,730   11,482,132
Olympus Water US Holding Corp.

Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 11/9/2028

    10,434,311   10,414,747
SCIH Salt Holdings, Inc.

Senior Secured 2021 Incremental Term Loan B, 3 Month USD LIBOR + 4.00% 4.75%, 3/16/2027

    49,669,906   49,266,338
Starfruit Finco B.V

Senior Secured 2018 USD Term Loan B, 10/1/2025 (b)

    2,933,023   2,926,614
Vantage Specialty Chemicals, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 10/28/2024

    42,109,010   41,398,420
          184,036,661
COMMERCIAL SERVICES — 1.8%          
Allied Universal Holdco LLC

Senior Secured 2021 USD Incremental Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 5/12/2028

    92,531,197   92,346,597
Inmar Holdings, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 5.00%, 5/1/2024

    2,194,256   2,195,408
Spin Holdco Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.00% 4.75%, 3/4/2028

    53,482,837   53,720,568
See accompanying notes to financial statements.
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Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Verscend Holding Corp.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.00% 4.10%, 8/27/2025

    $ 2,493,734   $ 2,496,228
VT Topco, Inc.

Senior Secured 2021 Incremental Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 8/1/2025

    12,309,206   12,311,791
          163,070,592
COMMERCIAL SERVICES & SUPPLIES — 4.9%          
ADMI Corp.

Senior Secured 2021 Incremental Term Loan B3, 12/23/2027 (b)

    1,770,563   1,770,146
Asurion, LLC:          
Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25% 5.35%, 1/31/2028

    75,951,226   76,283,513
Senior Secured 2021 Second Lien Term Loan B4, 1 Month USD LIBOR + 5.25% 5.35%, 1/20/2029

    100,160,000   99,878,550
Covanta Holding Corporation:          
Senior Secured 2021 Term Loan B, 11/30/2028 (b)

    465,157   466,203
Senior Secured 2021 Term Loan C, 11/30/2028 (b)

    34,843   34,922
Emerald TopCo, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50% 3.63%, 7/24/2026

    6,345   6,325
Garda World Security Corporation

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25% 4.36%, 10/30/2026

    34,704,700   34,701,230
Intrado Corp.

Senior Secured 2017 Term Loan, 3 Month USD LIBOR + 4.00% 5.00%, 10/10/2024

    57,007,187   54,256,021
Learning Care Group, Inc.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.25% 4.25%, 3/13/2025

    22,352,455   21,961,287
McGraw-Hill Global Education Holdings, LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.75% 5.25%, 7/28/2028

    97,758,577   97,468,723
Packaging Coordinators Midco, Inc.

Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 11/30/2027

    6,916,933   6,925,579
SSH Group Holdings, Inc.

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 4.25% 4.47%, 7/30/2025

    14,145,417   13,676,850
TRC Companies, Inc.

Senior Secured 2021 First Lien Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 11/17/2028

    29,556,650   29,450,394
See accompanying notes to financial statements.
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Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
VT Topco, Inc.

Senior Secured 2018 1st Lien Term Loan, 8/1/2025 (b)

    $ 3,093,605   $ 3,074,270
          439,954,013
COMMUNICATIONS EQUIPMENT — 1.3%          
CommScope, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25% 3.35%, 4/6/2026

    50,864,822   50,303,275
Zayo Group Holdings, Inc.

Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.00% 3.10%, 3/9/2027

    62,717,217   61,979,035
          112,282,310
COMPUTER SERVICES — 0.5%          
ConvergeOne Holdings, Inc.

Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 5.00% 5.10%, 1/4/2026

    18,943,954   18,594,722
Genuine Financial Holdings, LLC

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75% 3.85%, 7/11/2025

    29,189,800   29,131,420
          47,726,142
COMPUTERS — 1.4%          
Magenta Buyer LLC

Senior Secured 2021 USD 1st Lien Term Loan, 3 Month USD LIBOR + 5.00% 5.75%, 7/27/2028

    99,653,860   99,544,739
Park Place Technologies, LLC

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 5.00% 6.00%, 11/10/2027

    3,408,906   3,409,622
Virtusa Corp.

Senior Secured First Lien Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 2/11/2028

    22,083,622   22,180,238
          125,134,599
CONSTRUCTION & ENGINEERING — 0.9%          
Aegion Corporation

Senior Secured Term Loan, 3 Month USD LIBOR + 4.75% 5.50%, 5/17/2028

    33,856,905   34,054,291
Brand Energy & Infrastructure Services, Inc.

Senior Secured 2017 Term Loan, 3 Month USD LIBOR + 4.25% 5.25%, 6/21/2024

    21,487,898   21,070,066
DG Investment Intermediate Holdings 2, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 3.75%, 3/31/2028

    6,705,319   6,711,622
See accompanying notes to financial statements.
8


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
KKR Apple Bidco, LLC:          
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.75% 6.25%, 9/21/2029

    $ 13,662,426   $ 13,871,666
Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00% 3.50%, 9/23/2028

    2,500,000   2,495,488
Tutor Perini Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75% 5.75%, 8/18/2027

    978,613   982,282
          79,185,415
CONSTRUCTION MATERIALS — 0.0% (c)          
Quikrete Holdings, Inc.

Senior Secured 2016 1st Lien Term Loan, 2/1/2027 (b)

    1,994,911   1,975,830
CONSUMER PRODUCTS-MISC — 0.5%          
Drive Chassis HoldCo, LLC

Senior Secured 2019 2nd Lien Term Loan, 3 Month USD LIBOR + 6.00% 6.87%, 4/10/2026

    29,503,958   29,688,358
MI Windows and Doors, LLC

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 12/18/2027

    10,452,124   10,510,917
          40,199,275
CONTAINERS & PACKAGING — 1.7%          
Berlin Packaging LLC

Senior Secured 2021 First Lien Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 3/11/2028

    8,899,927   8,901,039
Berry Global, Inc.

Senior Secured 2021 Term Loan Z, 2 Month USD LIBOR + 1.75% 1.86%, 7/1/2026

    23,729,818   23,605,236
BWAY Holding Co.

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 3.25% 3.35%, 4/3/2024

    57,689,353   57,035,156
Charter NEX US, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 12/1/2027

    11,273,380   11,311,259
Graham Packaging Company, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00% 3.75%, 8/4/2027

    1,420,709   1,418,706
Pretium PKG Holdings, Inc.

Senior Secured 2021 1st Lien Term Loan, 6 Month USD LIBOR + 4.00% 4.50%, 10/2/2028

    31,659,979   31,642,250
See accompanying notes to financial statements.
9


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Proampac PG Borrower LLC

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 11/3/2025

    $ 4,251,512   $ 4,261,482
Ring Container Technologies Group, LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 8/12/2028

    4,264,955   4,279,882
Trident TPI Holdings, Inc.:          
Senior Secured 2017 USD Term Loan B1, 3 Month USD LIBOR + 3.25% 4.25%, 10/17/2024

    875,191   876,491
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 4.00% 4.20%, 9/15/2028

    383,662   383,961
Senior Secured 2021 Incremental Term Loan, 3 Month USD LIBOR + 4.00% 4.50%, 9/15/2028

    6,711,705   6,716,940
          150,432,402
COSMETICS & TOILETRIES — 0.9%          
Sunshine Luxembourg VII SARL

Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75% 4.50%, 10/1/2026

    77,479,500   77,875,033
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

    57,435,848   57,907,684
DIVERSIFIED FINAN SERV — 0.1%          
Apex Group Treasury, LLC

Senior Secured 2021 USD Incremental Term Loan, 7/27/2028 (b)

    6,433,735   6,431,740
DIVERSIFIED FINANCIAL SERVICES — 5.9%          
Advisor Group, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.50% 4.60%, 7/31/2026

    60,590,785   60,837,086
AlixPartners, LLP

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75% 3.25%, 2/4/2028

    7,980,074   7,954,418
Apex Group Treasury LLC

Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 7/27/2028

    11,059,530   11,056,102
Atlas CC Acquisition Corp.:          
Senior Secured Term Loan B, 3 Month USD LIBOR + 4.25% 5.00%, 5/25/2028

    18,117,028   18,180,709
See accompanying notes to financial statements.
10


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Senior Secured Term Loan C, 3 Month USD LIBOR + 4.25% 5.00%, 5/25/2028

    $ 3,684,819   $ 3,697,771
Camelot U.S. Acquisition 1 Co.

Senior Secured 2020 Incremental Term Loan B, 10/30/2026 (b)

    3,989,925   3,992,418
Deerfield Dakota Holding, LLC

Senior Secured 2020 USD Term Loan B, 1 Month USD LIBOR + 3.75% 4.75%, 4/9/2027

    72,564,593   72,740,562
DirecTV Financing, LLC

Senior Secured Term Loan, 3 Month USD LIBOR + 5.00% 5.75%, 8/2/2027

    141,067,985   141,379,745
Edelman Financial Center, LLC:          
Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 6.85%, 7/20/2026

    32,634,126   32,821,120
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.25%, 4/7/2028

    91,267,299   91,330,274
Minotaur Acquisition, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.75% 4.85%, 3/27/2026

    24,840,209   24,747,058
S&S Holdings LLC

Senior Secured Term Loan, 3 Month USD LIBOR + 5.00% 5.50%, 3/11/2028

    12,326,934   12,346,226
Superannuation and Investments US LLC

Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 12/1/2028

    341,427   342,067
Trans Union, LLC

Senior Secured 2019 Term Loan B5, 11/16/2026 (b)

    2,991,312   2,965,138
William Morris Endeavor Entertainment, LLC

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 2.75% 2.86%, 5/18/2025

    48,193,749   47,272,044
          531,662,738
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%          
Altice France S.A.

Senior Secured USD Term Loan B12, 3 Month USD LIBOR + 3.69% 3.81%, 1/31/2026

    282,945   280,999
CenturyLink, Inc.

Senior Secured 2020 Term Loan B, 3/15/2027 (b)

    3,890,076   3,850,903
Level 3 Financing, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75% 1.85%, 3/1/2027

    5,100,000   5,042,625
See accompanying notes to financial statements.
11


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Numericable Group SA

Senior Secured USD Term Loan B11, 3 Month USD LIBOR + 2.75% 2.88%, 7/31/2025

    $ 1,288,813   $ 1,267,200
          10,441,727
ELECTRICAL EQUIPMENT — 0.1%          
EXC Holdings III Corp.

Senior Secured USD 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 12/2/2024

    6,466,726   6,499,060
Gates Global, LLC

Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.50% 3.25%, 3/31/2027

    5,770,184   5,764,760
          12,263,820
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%          
CPI International, Inc.

Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 4.50%, 7/26/2024

    17,427,588   17,431,945
Ingram Micro, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.00%, 6/30/2028

    2,864   2,869
Mirion Technologies, Inc.

Senior Secured 2021 Term Loan, 2 Month USD LIBOR + 2.75% 3.25%, 10/20/2028

    499,000   498,643
          17,933,457
ENTERTAINMENT — 3.1%          
AMC Entertainment Holdings, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00% 3.10%, 4/22/2026

    112,120,639   101,399,103
Crown Finance US, Inc.:          
Senior Secured 2018 USD Term Loan, 6 Month USD LIBOR + 2.50% 3.50%, 2/28/2025

    141,731,478   110,134,571
Senior Secured 2019 Incremental Term Loan, 6 Month USD LIBOR + 2.75% 3.75%, 9/30/2026

    64,458,145   49,391,054
Delta 2 (LUX) S.A.R.L.

Senior Secured 2018 USD Term Loan, 1 Month USD LIBOR + 2.50% 3.50%, 2/1/2024

    500,000   500,207
Motion Finco S.A.R.L.

Senior Secured Delayed Draw Term Loan B2, 3 Month USD LIBOR + 3.25% 3.47%, 11/12/2026

    11,939,398   11,705,923
See accompanying notes to financial statements.
12


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SMG U.S. Midco 2, Inc.

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 2.50% 2.63%, 1/23/2025

    $ 3,982,353   $ 3,881,142
UFC Holdings, LLC

Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 2.75% 3.50%, 4/29/2026

    916,298   913,842
          277,925,842
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

    32,071,290   30,291,333
FIDUCIARY BANKS — 0.2%          
AqGen Island Holdings, Inc.

Senior Secured Term Loan, 8/2/2028 (b)

    19,326,531   19,278,214
FOOD PRODUCTS — 0.2%          
Chobani, LLC

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50% 4.50%, 10/25/2027

    15,893,551   15,955,138
FOOD-MISC/DIVERSIFIED — 0.3%          
Froneri International Ltd.

Senior Secured 2020 USD Term Loan, 1 Month USD LIBOR + 2.25% 2.35%, 1/29/2027

    498,734   493,181
Skopima Merger Sub, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00% 4.50%, 5/12/2028

    29,845,200   29,699,108
          30,192,289
HAND/MACHINE TOOLS AND RELATED PRODUCTS — 0.2%          
Apex Tool Group, LLC

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 5.50% 6.75%, 8/1/2024

    17,195,367   16,917,490
HEALTH CARE EQUIPMENT & SUPPLIES — 1.2%          
Carestream Health, Inc.:          
Senior Secured 2020 Extended 2nd Lien PIK Term Loan, 3 Month USD LIBOR + 4.50% 5.50%, 8/8/2023

    19,547,958   19,132,564
Senior Secured 2020 Extended Term Loan, 5/8/2023

    4,980,676   5,004,558
See accompanying notes to financial statements.
13


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Gainwell Acquisition Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00% 4.75%, 10/1/2027

    $ 85,343,525   $ 85,674,231
          109,811,353
HEALTH CARE PROVIDERS & SERVICES — 6.5%          
AHP Health Partners, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 8/4/2028

    498,750   499,531
Auris Luxembourg III S.A.R.L.

Senior Secured 2019 USD Term Loan B2, 1 Month USD LIBOR + 3.75% 3.85%, 2/27/2026

    5,579,153   5,546,040
Cambrex Corp.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.50% 4.25%, 12/4/2026

    1,010   1,012
CHG Healthcare Services, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50% 4.00%, 9/29/2028

    3,077,974   3,082,207
Covenant Surgical Partners, Inc.:          
Senior Secured 2019 Delayed Draw Term Loan, 1 Month USD LIBOR + 4.00% 4.10%, 7/1/2026

    505,237   500,225
Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 4.00% 4.10%, 7/1/2026

    2,476,099   2,451,536
Curia Global, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 8/30/2026

    19,928,005   19,977,825
DaVita, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.75% 1.85%, 8/12/2026

    1,534,005   1,528,053
Envision Healthcare Corp.:          
Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.75% 3.85%, 10/10/2025

    178,624,677   144,295,694
Senior Secured 2018 Revolver, 10/11/2023 (b)

    11,164,500   9,378,180
Global Medical Response, Inc.:          
Senior Secured 2017 Incremental Term Loan, 6 Month USD LIBOR + 4.25% 5.25%, 3/14/2025

    66,197,685   66,044,107
Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 4.25% 5.25%, 10/2/2025

    53,006,705   52,860,936
Horizon Therapeutics USA, Inc.

Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75% 2.25%, 3/15/2028

    8,272,375   8,255,375
ICON Luxembourg S.A.R.L.:          
Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25% 2.75%, 7/3/2028

    3,940,944   3,947,230
See accompanying notes to financial statements.
14


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25% 2.75%, 7/3/2028

    $ 981,889   $ 983,455
National Mentor Holdings, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3/2/2028

    116,520   115,427
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 3/2/2028

    42,900,284   42,498,094
Senior Secured 2021 Term Loan C, 3 Month USD LIBOR + 3.75% 4.50%, 3/2/2028

    1,296,202   1,284,050
NMSC Holdings, Inc.

Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 5.00% 6.00%, 4/19/2023

    12,405,650   12,408,751
Phoenix Guarantor, Inc.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.25% 3.35%, 3/5/2026

    2,493,639   2,480,971
Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.50% 3.60%, 3/5/2026

    1,866,135   1,861,003
Radnet Management, Inc.

Senior Secured 2021 Term Loan, 4/21/2028 (b)

    1,412,116   1,413,881
RegionalCare Hospital Partners Holdings, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.75% 3.85%, 11/16/2025

    3,500,000   3,501,732
Surgery Center Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 8/31/2026

    71,386,527   71,453,631
Team Health Holdings, Inc.

Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 2.75% 3.75%, 2/6/2024

    102,541,430   98,337,231
Unified Physician Management, LLC

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 4.25% 5.00%, 12/16/2027

    22,999,718   23,054,343
          577,760,520
HEALTH CARE TECHNOLOGY — 1.8%          
Change Healthcare Holdings LLC

Senior Secured 2017 Term Loan B, 1 Month USD LIBOR + 2.50% 3.50%, 3/1/2024

    160,217,263   160,239,693
HOME FURNISHINGS — 0.7%          
AI Aqua Merger Sub, Inc.:          
Senior Secured 2021 1st Lien Delayed Draw Term Loan, 7/31/2028 (b)

    4,261,271   4,278,379
See accompanying notes to financial statements.
15


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 4.00% 4.50%, 7/31/2028

    $ 60,081,264   $ 60,322,491
          64,600,870
HOTELS, RESTAURANTS & LEISURE — 4.1%          
1011778 B.C. Unlimited Liability Co.

Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75% 1.85%, 11/19/2026

    2,992,366   2,956,832
Alterra Mountain Co.

Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 8/17/2028

    1,051,505   1,051,505
Caesars Resort Collection, LLC

Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75% 2.85%, 12/23/2024

    498,701   496,754
Golden Nugget, Inc.

Senior Secured 2017 Incremental Term Loan B, 2 Month USD LIBOR + 2.50% 3.25%, 10/4/2023

    91,567,063   91,150,433
Motion Finco S.A.R.L.

Senior Secured USD Term Loan B1, 3 Month USD LIBOR + 3.25% 3.47%, 11/12/2026

    90,827,929   89,051,789
Peraton Corp.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 2/1/2028

    54,519,890   54,636,563
Recess Holdings, Inc.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.75% 4.75%, 9/30/2024

    20,260,165   20,203,133
Scientific Games International, Inc.

Senior Secured 2018 Term Loan B5, 1 Month USD LIBOR + 2.75% 2.85%, 8/14/2024

    14,399,196   14,369,965
Travel Leaders Group, LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 4.00% 4.10%, 1/25/2024

    28,701,893   26,331,117
Travelport Finance (Luxembourg) S.A.R.L.:          
Senior Secured 2020 Super Priority Term Loan, 3 Month USD LIBOR + 1.50% 3.50%, 2/28/2025

    56,350,055   58,079,156
Senior Secured 2021 Consented Term Loan, 3 Month USD LIBOR + 1.75% 6.97%, 5/29/2026

    13,662,131   11,414,710
          369,741,957
HOUSEHOLD PRODUCTS — 0.3%          
Champ Acquisition Corp.

Senior Secured Term Loan, 6 Month USD LIBOR + 5.50% 5.66%, 12/19/2025

    24,651,810   24,821,291
See accompanying notes to financial statements.
16


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Reynolds Consumer Products, LLC

Senior Secured Term Loan, 2/4/2027 (b)

    $ 3,551,083   $ 3,536,808
          28,358,099
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%          
Calpine Corp.

Senior Secured 2020 Term Loan B5, 12/16/2027 (b)

    1,941,848   1,931,731
Vistra Operations Co., LLC

Senior Secured 1st Lien Term Loan B3, 12/31/2025 (b)

    3,463,494   3,441,986
          5,373,717
INDUSTRIAL CONGLOMERATES — 0.5%          
Anticimex International AB

Senior Secured 2021 USD Term Loan B1, 11/16/2028 (b)

    500,000   499,530
Anvil International, LLC

Senior Secured 2019 1st Lien Term Loan, 1 Month USD LIBOR + 5% 5.11%, 5/28/2026

    15,112,168   15,051,417
Fluid-Flow Products, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.75% 3.97%, 3/31/2028

    7,759,194   7,749,495
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   17,843,925
          41,144,367
INSURANCE — 1.3%          
Acrisure, LLC:          
Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.50% 3.72%, 2/15/2027

    11,432,496   11,323,887
Senior Secured 2021 First Lien Term Loan B, 3 Month USD LIBOR + 4.25% 4.75%, 2/15/2027

    18,150,685   18,173,373
Senior Secured 2021 Incremental Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 2/15/2027

    3,486,250   3,486,250
Alliant Holdings Intermediate, LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50% 4.00%, 11/6/2027

    2,493,750   2,494,199
AmWINS Group, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25% 3.00%, 2/19/2028

    3,217,352   3,197,581
AssuredPartners, Inc.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50% 3.60%, 2/12/2027

    4,542,772   4,514,698
See accompanying notes to financial statements.
17


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 2/12/2027

    $ 31,578,053   $ 31,573,158
Baldwin Risk Partners, LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 10/14/2027

    4,084,031   4,068,716
Broadstreet Partners, Inc.

Senior Secured 2020 Term Loan B, 1/27/2027 (b)

    3,451,005   3,412,371
Hub International, Ltd.:          
Senior Secured 2018 Term Loan B, 3 Month USD LIBOR + 2.75% 2.87%, 4/25/2025

    14,033,403   13,889,911
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25% 4.00%, 4/25/2025

    2,992,443   2,996,019
NFP Corp.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25% 3.35%, 2/15/2027

    15,831,892   15,603,122
Sedgwick Claims Management Services, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25% 3.35%, 12/31/2025

    4,208,964   4,181,353
          118,914,638
INTERACTIVE MEDIA & SERVICES — 0.1% (c)          
Go Daddy Operating Co., LLC

Senior Secured 2017 Repriced Term Loan, 2/15/2024 (b)

    398,604   396,667
Ivanti Software, Inc.:          
Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 4.75% 5.75%, 12/1/2027

    573,239   574,850
Senior Secured 2021 Add On Term Loan B, 3 Month USD LIBOR + 4.00% 4.75%, 12/1/2027

    3,327,909   3,316,128
          4,287,645
INTERNET & CATALOG RETAIL — 1.3%          
Shutterfly, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 5.00% 5.75%, 9/25/2026

    43,271,044   42,946,511
White Cap Buyer LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00% 4.50%, 10/19/2027

    68,794,460   68,942,712
          111,889,223
INTERNET SECURITY — 0.1%          
Proofpoint, Inc.

Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 6.25% 6.75%, 8/31/2029

    5,000,000   5,068,750
See accompanying notes to financial statements.
18


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
IT SERVICES — 0.8%          
Access CIG, LLC

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 3.75% 3.84%, 2/27/2025

    $ 5,331   $ 5,305
Ahead DB Holdings, LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 10/18/2027

    23,069,050   23,133,989
CoreLogic, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 6/2/2028

    37,549,675   37,568,450
TierPoint, LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.50%, 5/5/2026

    9,854,485   9,870,893
          70,578,637
LASERS-SYST/COMPONENTS — 0.6%          
II-VI, Inc.

Senior Secured 2021 Bridge Term Loan B, 12/1/2028 (b)

    56,790,123   56,802,049
LEISURE EQUIPMENT & PRODUCTS — 0.1%          
Cinemark USA, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75% 1.85%, 3/31/2025

    12,145,171   11,687,784
LEISURE INDUSTRY — 0.6%          
Carnival Corporation

Senior Secured 2021 Incremental Term Loan B, 6 Month USD LIBOR + 3.25% 4.00%, 10/18/2028

    57,699,115   57,314,550
LEISURE&REC/GAMES — 0.4%          
AP Gaming I, LLC

Senior Secured 2018 Incremental Term Loan, 3 Month USD LIBOR + 3.5% 4.50%, 2/15/2024

    32,528,253   32,396,026
LIFE SCIENCES TOOLS & SERVICES — 0.1%          
eResearchTechnology, Inc.

Senior Secured 2020 1st Lien Term Loan, 1 Month USD LIBOR + 4.50% 5.50%, 2/4/2027

    12,289,095   12,346,300
MACHINERY — 0.3%          
American Trailer World Corp.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 3/3/2028

    7,339,462   7,325,701
See accompanying notes to financial statements.
19


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Engineered Machinery Holdings, Inc.

Senior Secured 2021 USD Incremental Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 5/19/2028

    $ 15,050,167   $ 15,036,020
Hillman Group, Inc.:          
Senior Secured 2021 Delayed Draw Term Loan, 3 Month USD LIBOR + 2.75% 2.79%, 7/14/2028

    1,100,592   1,098,253
Senior Secured 2021 Term Loan B1, 1 Month USD LIBOR + 2.75% 3.25%, 7/14/2028

    558,849   557,661
Ingersoll-Rand Services Co.

Senior Secured 2020 USD Spinco Term Loan, 3/1/2027 (b)

    3,504,203   3,470,370
Madison IAQ LLC

Senior Secured Term Loan, 6 Month USD LIBOR + 3.25% 3.75%, 6/21/2028

    3,595,646   3,597,139
          31,085,144
MACHINERY-CONSTRUCTION & MINING — 0.5%          
Brookfield WEC Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75% 3.25%, 8/1/2025

    1,496,222   1,487,177
Clear Channel Outdoor Holdings, Inc.

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.50% 3.63%, 8/21/2026

    39,339,009   38,851,402
          40,338,579
MACHINERY-FARM — 0.1%          
ASP Blade Holdings, Inc.

Senior Secured Initial Term Loan, 1 Month USD LIBOR + 4.00% 4.50%, 10/13/2028

    7,000,000   7,008,750
Victory Buyer, LLC

Senior Secured Term Loan, 11/19/2028 (b)

    4,241,379   4,244,030
          11,252,780
MEDIA — 3.1%          
Altice Financing SA

Senior Secured 2017 USD Term Loan B, 3 Month USD LIBOR + 2.75% 2.87%, 7/15/2025

    1,338,282   1,323,588
Charter Communications Operating, LLC

Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75% 1.85%, 2/1/2027

    4,089,541   4,055,659
CSC Holdings, LLC:          
Senior Secured 2017 Term Loan B1, 3 Month USD LIBOR + 2.25% 2.36%, 7/17/2025

    19,246,971   18,982,325
Senior Secured 2018 Incremental Term Loan, 3 Month USD LIBOR + 2.25% 2.36%, 1/15/2026

    976,830   965,597
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Senior Secured 2019 Term Loan B5, 3 Month USD LIBOR + 2.50% 2.61%, 4/15/2027

    $ 38,949,354   $ 38,511,174
iHeartCommunications, Inc.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00% 3.10%, 5/1/2026

    6,472,768   6,436,941
MH Sub I, LLC:          
Senior Secured 2017 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 3.60%, 9/13/2024

    1,994,792   1,987,690
Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75% 4.75%, 9/13/2024

    67,328,326   67,552,866
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 6.25% 6.35%, 2/12/2029

    23,868,141   24,076,987
Nexstar Broadcasting, Inc.

Senior Secured 2019 Term Loan B4, 3 Month USD LIBOR + 2.50% 2.60%, 9/18/2026

    3,000,000   2,998,140
Radiate Holdco, LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25% 4.00%, 9/25/2026

    72,423,670   72,273,028
Telenet Financing USD, LLC

Senior Secured 2020 USD Term Loan AR, 3 Month USD LIBOR + 2.00% 2.11%, 4/30/2028

    5,500,000   5,411,312
Univision Communications Inc.

Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 3.25% 4.00%, 3/15/2026

    5,012   5,030
Univision Communications, Inc.

Senior Secured Term Loan C5, 1 Month USD LIBOR + 2.75% 3.75%, 3/15/2024

    2,554,758   2,558,743
UPC Financing Partnership

Senior Secured 2021 USD Term Loan AX, 3 Month USD LIBOR + 3.00% 3.11%, 1/31/2029

    1,961,071   1,956,777
Vertical US Newco, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50% 4.00%, 7/30/2027

    4,488,750   4,497,481
Virgin Media Bristol, LLC

Senior Secured USD Term Loan N, 3 Month USD LIBOR + 2.50% 2.61%, 1/31/2028

    17,379,000   17,245,095
Ziggo Financing Partnership

Senior Secured USD Term Loan I, 3 Month USD LIBOR + 2.50% 2.61%, 4/30/2028

    7,764,167   7,691,378
          278,529,811
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
MEDICAL LABS&TESTING SRV — 0.5%          
Electron BidCo, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.25% 3.75%, 11/1/2028

    $ 12,035,919   $ 12,021,958
U.S. Anesthesia Partners, Inc.

Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 4.25% 4.75%, 10/1/2028

    36,512,077   36,468,810
          48,490,768
MISCELLANEOUS MANUFACTUR — 0.2%          
Hyperion Materials & Technologies, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.50% 5.00%, 8/30/2028

    11,511,134   11,544,747
LTI Holdings, Inc.:          
Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75% 6.85%, 9/6/2026

    1,928,424   1,924,085
Senior Secured 2018 Add On 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 3.60%, 9/6/2025

    498,711   493,587
          13,962,419
MRI/MEDICAL DIAG IMAGING — 0.6%          
Radiology Partners, Inc

Senior Secured 2018 1st Lien Term Loan B, 3 Month USD LIBOR + 4.25% 4.36%, 7/9/2025

    55,803,644   55,098,565
OIL, GAS & CONSUMABLE FUELS — 3.3%          
BCP Raptor, LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.25% 5.25%, 6/24/2024

    147,011,923   147,063,378
EG America LLC

Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 4.00% 4.22%, 2/7/2025

    44,603,368   44,494,982
EG Group Limited:          
Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 4.00% 4.22%, 2/7/2025

    8,890,328   8,868,724
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25% 4.75%, 3/31/2026

    8,286,084   8,353,408
Oryx Midstream Services Permian Basin LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25% 3.75%, 10/5/2028

    12,918,052   12,852,493
Pacific Gas & Electric Co.

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.00% 3.50%, 6/23/2025

    74,182,308   73,533,213
          295,166,198
See accompanying notes to financial statements.
22


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
PHARMACEUTICALS — 0.5%          
Amneal Pharmaceuticals LLC

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.50% 3.63%, 5/4/2025

    $ 4,533,976   $ 4,495,438
Elanco Animal Health, Inc.

Senior Secured Term Loan B, 3 Month USD LIBOR + 1.75% 1.85%, 8/1/2027

    5,460,807   5,397,243
Grifols Worldwide Operations USA, Inc.

Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00% 2.10%, 11/15/2027

    471,021   464,923
Jazz Financing Lux SARL

Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50% 4.00%, 5/5/2028

    499,058   501,524
Padagis LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75% 5.25%, 7/6/2028

    28,485,934   28,396,915
PetVet Care Centers, LLC

Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 3.50% 4.25%, 2/14/2025

    1,994,898   1,997,142
          41,253,185
PIPELINES — 1.0%          
CQP Holdco LP

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.25%, 6/5/2028

    8,977,444   8,968,062
Lucid Energy Group II Borrower, LLC

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25% 5.00%, 11/24/2028

    63,845,777   63,175,396
TransMontaigne Operating Company L.P.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50% 4.00%, 11/17/2028

    17,184,210   17,280,872
          89,424,330
PROFESSIONAL SERVICES — 0.5%          
Dun & Bradstreet Corporation (The)

Senior Secured Term Loan, 1 Month USD LIBOR + 3.25% 3.35%, 2/6/2026

    2,493,703   2,486,583
KUEHG Corp.

Senior Secured 2018 Incremental Term Loan, 3 Month USD LIBOR + 3.75% 4.75%, 2/21/2025

    41,859,442   41,100,949
Trans Union, LLC

Senior Secured 2021 Term Loan B6, 12/1/2028

    500,000   499,375
See accompanying notes to financial statements.
23


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
WP CityMD Bidco, LLC

Senior Secured 2021 1st Lien Term Loan B, 6 Month USD LIBOR + 3.25% 3.75%, 12/22/2028

    $ 998,744   $ 999,523
          45,086,430
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%          
Bright Bidco B.V.

Senior Secured 2018 Term Loan B, 6 Month USD LIBOR + 3.50% 4.50%, 6/30/2024

    75,530,283   58,532,193
RETAIL-BUILDING PRODUCTS — 1.7%          
LBM Acquisition LLC

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75% 4.50%, 12/17/2027

    136,867,242   135,851,687
Park River Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.25% 4.00%, 12/28/2027

    6,107,435   6,059,706
Specialty Building Products Holdings, LLC

Senior Secured 2021 Term Loan B, 10/15/2028 (b)

    8,771,930   8,763,728
          150,675,121
RETAIL-CATALOG SHOPPING — 0.0% (c)          
Medical Solutions L.L.C.:          
Senior Secured 2021 Delayed Draw Term Loan, 11/1/2028

    218,880   218,919
Senior Secured 2021 First Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.00%, 11/1/2028

    2,889,843   2,890,363
          3,109,282
RETAIL-RESTAURANTS — 0.9%          
CT Technologies Intermediate Holdings, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25% 5.00%, 12/16/2025

    31,117,892   31,176,238
IRB Holding Corp.:          
Senior Secured 2020 Fourth Amendment Incremental Term Loan, 3 Month USD LIBOR + 3.25% 4.25%, 12/15/2027

    24,559,292   24,593,798
Senior Secured 2020 Term Loan B, 6 Month USD LIBOR + 2.75% 3.75%, 2/5/2025

    11,927,424   11,924,025
Tacala, LLC

Senior Secured 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 4.25%, 2/5/2027

    8,538,490   8,534,092
          76,228,153
See accompanying notes to financial statements.
24


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%          
MKS Instruments, Inc.

Senior Secured 2021 USD Term Loan, 10/21/2028 (b)

    $ 5,000,000   $ 4,995,625
SOFTWARE — 15.8%          
Applied Systems, Inc.:          
Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 2.25% 3.25%, 9/19/2024

    2,000,000   2,001,500
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 5.50% 6.25%, 9/19/2025

    5,914,103   5,976,409
Apttus Corp.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25% 5.00%, 5/8/2028

    12,651,220   12,698,662
Athenahealth, Inc.

Senior Secured 2021 Term Loan B1, 3 Month USD LIBOR + 4.25% 4.40%, 2/11/2026

    58,881,826   58,962,788
Banff Merger Sub, Inc.:          
Senior Secured 2021 USD 2nd Lien Term Loan, 3 Month USD LIBOR + 5.50% 6.00%, 2/27/2026

    43,500,065   43,998,358
Senior Secured 2021 USD Term Loan, 3 Month USD LIBOR + 3.75% 3.97%, 10/2/2025

    35,158,849   34,983,055
CCC Intelligent Solutions, Inc.

Senior Secured Term Loan B, 9/21/2028 (b)

    5,000,000   5,002,350
Cengage Learning, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.75% 5.75%, 6/29/2026

    106,137,879   106,563,492
Cloudera, Inc.:          
Senior Secured 2021 Second Lien Term Loan, 1 Month USD LIBOR + 6.00% 6.50%, 10/8/2029

    20,579,950   20,631,400
Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75% 4.25%, 10/8/2028

    49,715,481   49,645,631
ConnectWise, LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50% 4.00%, 9/29/2028

    8,000,000   7,991,440
Cornerstone OnDemand, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.25%, 10/16/2028

    17,524,590   17,496,376
DCert Buyer, Inc.:          
Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 4.00% 4.10%, 10/16/2026

    8,318,321   8,313,122
Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.00% 7.10%, 2/19/2029

    30,245,434   30,371,406
See accompanying notes to financial statements.
25


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
ECI Macola Max Holdings, LLC

Senior Secured 2020 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 11/9/2027

    $ 17,440,337   $ 17,470,334
Ensono, LP

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 4.00% 4.75%, 5/19/2028

    33,274,252   33,291,554
Epicor Software Corp.:          
Senior Secured 2020 2nd Lien Term Loan, 1 Month USD LIBOR + 7.75% 8.75%, 7/31/2028

    3,632,899   3,726,755
Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25% 4.00%, 7/30/2027

    3,491,162   3,492,960
Finastra USA, Inc.

Senior Secured USD 1st Lien Term Loan, 3 Month USD LIBOR + 3.50% 4.50%, 6/13/2024

    79,993,289   79,743,310
Flexera Software LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75% 4.50%, 3/3/2028

    25,826,552   25,876,785
Gigamon, Inc.

Senior Secured 1st Lien Term Loan, 6 Month USD LIBOR + 3.75% 4.50%, 12/27/2024

    1,546,614   1,549,762
Greeneden U.S. Holdings II, LLC

Senior Secured 2020 USD Term Loan B4, 1 Month USD LIBOR + 4.00% 4.75%, 12/1/2027

    78,730,701   79,099,948
Help/Systems Holdings, Inc

Senior Secured 2021 Term Loan, 2 Month USD LIBOR + 4.00% 4.75%, 11/19/2026

    73,770,719   73,663,014
Hyland Software, Inc.

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50% 4.25%, 7/1/2024

    2,992,268   3,007,229
Idera, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75% 4.50%, 3/2/2028

    61,627,111   61,656,076
I-Logic Technologies Bidco, Ltd.

Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 4.00% 4.50%, 2/16/2028

    2,304,315   2,315,422
Imperva, Inc.:          
Senior Secured 1st Lien Term Loan, 3 Month USD LIBOR + 4.00% 5.00%, 1/12/2026

    25,444,401   25,442,365
Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 7.75% 8.75%, 1/11/2027

    5,398,559   5,425,552
ION Trading Finance Limited

Senior Secured 2021 USD Term Loan, 3 Month USD LIBOR + 4.75% 4.97%, 4/3/2028

    20,695,306   20,775,811
See accompanying notes to financial statements.
26


Table of Contents
SPDR BLACKSTONE SENIOR LOAN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Ivanti Software, Inc.:          
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 7.25% 7.75%, 12/1/2028

    $ 14,677,836   $ 14,714,604
Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25% 5.00%, 12/1/2027

    77,014,489   77,230,900
MA FinanceCo., LLC

Senior Secured 2020