Semi-Annual Report
December 31, 2022
SSGA Active Trust
SPDR Blackstone High Income ETF
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.





TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

1

3
Schedules of Investments (Unaudited)  

5

25

46

49

51

57
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
SPDR Blackstone High Income ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  Point Au Roche Park CLO Ltd.
10.34% 7/20/2034
1.0%  
  Mineral Resources, Ltd.
8.50% 5/1/2030
0.7  
  Intesa Sanpaolo SpA
5.71% 1/15/2026
0.7  
  LTI Holdings, Inc. Senior Secured 2018 2nd Lien Term Loan
11.13% 9/6/2026
0.7  
  Sunoco L.P./Sunoco Finance Corp.
4.50% 5/15/2029
0.6  
  TOTAL 3.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

     
    % of Net Assets  
  Software 7.0%  
  Oil, Gas & Consumable Fuels 6.9  
  Diversified Financial Services 4.8  
  Media 4.7  
  Hotels, Restaurants & Leisure 3.8  
  Insurance 3.3  
  Entertainment 3.1  
  Retail-Restaurants 3.1  
  Other ABS 3.0  
  Commercial Services 2.8  
  Commercial Services & Supplies 2.7  
  Health Care Providers & Services 2.6  
  Specialty Retail 2.6  
  Real Estate Investment Trusts (REITs) 2.3  
  Aerospace & Defense 2.2  
  Chemicals 1.9  
  Pipelines 1.9  
  Diversified Telecommunication Services 1.8  
  Leisure Industry 1.8  
  Construction & Engineering 1.6  
  Food & Staples Retailing 1.5  
  Home Furnishings 1.5  
  Pharmaceuticals 1.3  
  Metals & Mining 1.3  
  IT Services 1.2  
  Containers & Packaging 1.2  
  Transport-Services 1.0  
  Metal-Iron 1.0  
  Electronic Equipment, Instruments & Components 0.8  
  Construction Materials 0.8  
  Airlines 0.8  
  Miscellaneous Manufactur 0.8  
  Capital Markets 0.8  
  Electric Utilities 0.8  
  Steel-Producers 0.7  
  Advertising Services 0.7  
  Household Products 0.7  
  Commercial Banks 0.7  
  Paper & Forest Products 0.7  
  Independent Power Producers & Energy Traders 0.6  
  Auto Components 0.6  
  Computer Services 0.6  
  Automobiles 0.6  
  Telecom Services 0.5  
  Professional Services 0.5  
  Communications Equipment 0.5  
  Air Freight & Logistics 0.5  
  Machinery 0.5  
  Building Products 0.5  
  Food Products 0.5  
  Life Sciences Tools & Services 0.5  
  Health Care Equipment & Supplies 0.4  
  Cosmetics & Toiletries 0.4  
  Computers 0.4  
  Distribution/Wholesale 0.4  
See accompanying notes to financial statements.
1


Table of Contents
SPDR Blackstone High Income ETF
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Financial Services 0.4%  
  Energy-Alternate Sources 0.4  
  Office Automation&Equip 0.4  
  Electronic Compo-Misc 0.4  
  Electrical Equipment 0.3  
  Road & Rail 0.3  
  Consumer Finance 0.3  
  Telecommunication Equip 0.3  
  Retail-Building Products 0.3  
  Machinery-Construction & Mining 0.3  
  Beverages 0.3  
  Textiles, Apparel & Luxury Goods 0.3  
  Investment Companies 0.3  
  Semiconductors & Semiconductor Equipment 0.3  
  Casino Services 0.3  
  Television 0.2  
  Trading Companies & Distributors 0.2  
  Food-Misc/Diversified 0.2  
  Internet Security 0.2  
  Distributors 0.2  
  Leisure&Rec/Games 0.2  
  Environ Monitoring&Det 0.2  
  Real Estate 0.2  
  MRI/Medical Diag Imaging 0.1  
  Transport-Air Freight 0.1  
  Food & Beverage 0.1  
  Internet & Telecom 0.1  
  Forestry 0.1  
  Energy Equipment & Services 0.1  
  Cable/Satellite TV 0.1  
  Finance-Credit Card 0.1  
  Personal Products 0.1  
  Thrifts & Mortgage Finance 0.1  
  Diversified Consumer Services 0.1  
  Gaming & Entertainment 0.1  
  Office Furnishings-Orig 0.1  
  Medical Labs&Testing Srv 0.0 *  
  Coal 0.0 *  
  Short-Term Investment 8.2  
  Liabilities in Excess of Other Assets (6.2)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Blackstone Senior Loan ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  1011778 B.C. Unlimited Liability Co. Senior Secured Term Loan B4
5.82% 11/19/2026
2.2%  
  Caesars Resort Collection LLC Senior Secured 2017 1st Lien Term Loan B
7.13% 12/23/2024
1.7  
  Peraton Corp. Senior Secured Term Loan B
8.13% 2/1/2028
1.7  
  Medline Borrower LP Senior Secured USD Term Loan B
7.63% 10/23/2028
1.5  
  Berry Global, Inc. Senior Secured 2021 Term Loan Z
6.02% 7/1/2026
1.5  
  TOTAL 8.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

     
    % of Net Assets  
  Software 12.3%  
  Hotels, Restaurants & Leisure 7.3  
  Media 6.6  
  Health Care Providers & Services 5.9  
  Diversified Financial Services 5.9  
  Insurance 4.3  
  Retail-Restaurants 3.7  
  Specialty Retail 2.8  
  Entertainment 2.4  
  Oil, Gas & Consumable Fuels 2.4  
  Commercial Services & Supplies 2.2  
  Health Care Equipment & Supplies 1.9  
  Pharmaceuticals 1.8  
  Commercial Services 1.8  
  Airlines 1.7  
  Diversified Telecommunication Services 1.6  
  Aerospace & Defense 1.6  
  Containers & Packaging 1.6  
  Casino Services 1.5  
  Independent Power Producers & Energy Traders 1.4  
  Telecom Services 1.2  
  Professional Services 1.2  
  Road & Rail 1.2  
  IT Services 1.2  
  Machinery-Construction & Mining 1.1  
  Chemicals 1.0  
  Capital Markets 0.9  
  MRI/Medical Diag Imaging 0.8  
  Building Products 0.8  
  Cosmetics & Toiletries 0.8  
  Communications Equipment 0.7  
  Retail-Building Products 0.7  
  Food Products 0.7  
  Computers 0.7  
  Transport-Services 0.6  
  Beverages 0.6  
  Life Sciences Tools & Services 0.6  
  Distributors 0.6  
  Auto Components 0.5  
  Pipelines 0.5  
  Household Products 0.4  
  Semiconductors & Semiconductor Equipment 0.4  
  Electronic Equipment, Instruments & Components 0.4  
  Real Estate Investment Trusts (REITs) 0.4  
  Construction Materials 0.2  
  Food-Misc/Diversified 0.2  
  Air Freight & Logistics 0.2  
  Industrial Conglomerates 0.2  
  Leisure Industry 0.2  
  Investment Companies 0.2  
  Internet & Telecom 0.2  
  Automobiles 0.2  
  Metals & Mining 0.2  
  Metal-Iron 0.2  
  Food & Staples Retailing 0.1  
See accompanying notes to financial statements.
3


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

     
    % of Net Assets  
  Construction & Engineering 0.1%  
  Textiles, Apparel & Luxury Goods 0.1  
  Diversified Consumer Services 0.1  
  Distribution/Wholesale 0.1  
  Advertising Services 0.1  
  Home Furnishings 0.1  
  Leisure&Rec/Games 0.1  
  Internet Security 0.1  
  Commercial Banks 0.1  
  Auto/Trk Prts&Equip-Orig 0.1  
  Energy-Alternate Sources 0.1  
  Electric Utilities 0.1  
  Computer Services 0.1  
  Paper & Forest Products 0.1  
  Office Automation&Equip 0.1  
  Steel-Producers 0.0 *  
  Telecommunication Equip 0.0 *  
  Machinery 0.0 *  
  Miscellaneous Manufactur 0.0 *  
  Leisure Equipment & Products 0.0 *  
  Interactive Media & Services 0.0 *  
  Medical Labs&Testing Srv 0.0 *  
  Gaming & Entertainment 0.0 *  
  Real Estate 0.0 *  
  Environ Monitoring&Det 0.0 *  
  Short-Term Investment 5.9  
  U.S. Treasury Obligations 2.5  
  Liabilities in Excess of Other Assets (0.7)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
SENIOR FLOATING RATE LOANS — 50.1% (a)          
ADVERTISING SERVICES — 0.5%          
AppLovin Corp.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 8/15/2025 (b)

    $ 353,137   $ 340,961
CMG Media Corp.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.50%, 12/17/2026 (b)

    112,658   105,797
Lamar Media Corp.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.50%, 5.86%, 2/5/2027 (b)

    119,339   116,356
          563,114
AEROSPACE & DEFENSE — 0.6%          
Dynasty Acquisition Co., Inc.:          
Senior Secured 2020 CAD Term Loan B2, 1 Month USD LIBOR + 3.50%, 7.92%, 4/6/2026 (b)

    28,547   27,285
Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.80%, 4/6/2026 (b)

    53,098   50,750
TransDigm, Inc.:          
Senior Secured 2020 Term Loan E, 3 Month USD LIBOR + 2.25%, 6.98%, 5/30/2025 (b)

    308,932   306,159
Senior Secured 2020 Term Loan F, 3 Month USD LIBOR + 2.25%, 6.98%, 12/9/2025 (b)

    296,939   293,895
          678,089
AIR FREIGHT & LOGISTICS — 0.4%          
Kenan Advantage Group, Inc.

Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 7.25%, 11.63%, 9/1/2027 (b)

    87,127   80,883
Worldwide Express Operations LLC

Senior Secured 2021 1st Lien Term Loan, 3 Month USD LIBOR + 4.00%, 8.73%, 7/26/2028 (b)

    61,710   56,675
Security Description     Principal
Amount
  Value
XPO Logistics, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 5.93%, 2/24/2025 (b)

    $ 340,594   $ 339,502
          477,060
AIRLINES — 0.7%          
American Airlines, Inc.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 6/27/2025 (b)

    286,174   275,846
United Airlines, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.11%, 4/21/2028 (b)

    512,460   507,443
          783,289
AUTO COMPONENTS — 0.5%          
Belron Finance U.S. LLC

Senior Secured 2019 USD Term Loan B, 3 Month USD LIBOR + 2.50%, 6.69%, 10/30/2026 (b)

    123,193   122,988
Clarios Global LP

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/30/2026 (b)

    288,720   283,909
USI, Inc.

Senior Secured 2022 Incremental Term Loan, 1 Month USD SOFR + 3.75%, 8.33%, 11/22/2029 (b)

    149,625   148,503
          555,400
BEVERAGES — 0.2%          
Triton Water Holdings, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 3.50%, 8.23%, 3/31/2028 (b)

    191,163   178,427
BUILDING PRODUCTS — 0.4%          
Cornerstone Building Brands, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.57%, 4/12/2028 (b)

    112,641   101,598
Standard Industries, Inc.

Senior Secured 2021 Term Loan B, 6.68%, 9/22/2028 (b)

    146,407   144,813
Summit Materials LLC

Senior Secured Term Loan B, 3 Month USD SOFR + 3.00%, 7.61%, 12/14/2027 (b)

    200,000   200,125
          446,536
 
See accompanying notes to financial statements.
5


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
CABLE/SATELLITE TV — 0.1%          
Cable One, Inc.

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.39%, 5/3/2028 (b)

    $ 123,056   $ 120,548
CAPITAL MARKETS — 0.8%          
Focus Financial Partners LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.82%, 6/30/2028 (b)

    314,574   309,266
LPL Holdings, Inc.

Senior Secured 2019 Term Loan B1, 1 Month USD LIBOR + 1.75%, 5.87%, 11/12/2026 (b)

    340,380   339,103
Victory Capital Holdings, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.25%, 6.60%, 7/1/2026 (b)

    305,454   303,783
          952,152
CASINO SERVICES — 0.3%          
Stars Group Holdings B.V.

Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.25%, 8.09%, 7/22/2028 (b)

    399,000   397,837
CHEMICALS — 0.7%          
Axalta Coating Systems Dutch Holding B B.V

Senior Secured 2022 USD Term Loan B, 12/20/2029 (b)

    250,000   250,562
Messer Industries GmbH

Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 7.23%, 3/2/2026 (b)

    140,290   139,304
PQ Corp.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.50%, 6.91%, 6/9/2028 (b)

    126,402   124,743
Starfruit Finco B.V

Senior Secured 2018 USD Term Loan B, 3 Month USD LIBOR + 2.75%, 7.16%, 10/1/2025 (b)

    345,384   341,326
          855,935
COMMERCIAL SERVICES — 1.2%          
AEA International Holdings (Lux) S.a.r.l.

Senior Secured Term Loan B, COR, 8.14%, 9/7/2028 (b)

    290,800   288,619
Security Description     Principal
Amount
  Value
Allied Universal Holdco LLC

Senior Secured 2021 USD Incremental Term Loan B, 1 Month USD LIBOR + 3.75%, 8.17%, 5/12/2028 (b)

    $ 121,705   $ 115,863
Corporation Service Co.

Senior Secured Term Loan B, 1 Month USD SOFR + 3.25%, 7.67%, 11/2/2029 (b)

    500,000   495,625
Galaxy U.S. Opco, Inc.

Senior Secured Term Loan, 1 Month USD SOFR + 4.75%, 9.07%, 4/29/2029 (b)

    58,708   53,278
Sabre GLBL Inc.

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.25%, 8.67%, 6/30/2028 (b)

    47,622   43,723
Vaco Holdings LLC

Senior Secured 2022 Term Loan, 3 Month USD SOFR + 5.00%, 9.73%, 1/21/2029 (b)

    413,104   399,850
          1,396,958
COMMERCIAL SERVICES & SUPPLIES — 2.5%          
Aramark Services, Inc.:          
Senior Secured 2018 Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.13%, 3/11/2025 (b)

    149,836   149,344
Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 1/15/2027 (b)

    125,532   123,790
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.88%, 4/6/2028 (b)

    355,896   352,203
Asurion LLC:          
Senior Secured 2021 2nd Lien Term Loan B3, 1 Month USD LIBOR + 5.25%, 9.63%, 1/31/2028 (b)

    108,911   85,585
Senior Secured 2021 Second Lien Term Loan B4, 1 Month USD LIBOR + 5.25%, 9.63%, 1/20/2029 (b)

    445,120   348,625
Senior Secured 2021 Term Loan B9, 1 Month USD LIBOR + 3.25%, 7.63%, 7/31/2027 (b)

    229,315   201,368
Cast and Crew Payroll LLC

Senior Secured 2019 1st Lien Term Loan, 1 Month USD LIBOR + 3.75%, 1.00%, 2/9/2026 (b)

    199,449   197,117
 
See accompanying notes to financial statements.
6


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
Clean Harbors, Inc.

Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 10/8/2028 (b)

    $ 323,182   $ 322,329
Covanta Holding Corp.:          
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.50%, 6.82%, 11/30/2028 (b)

    132,465   131,685
Senior Secured 2021 Term Loan C, 1 Month USD LIBOR + 2.50%, 6.57%, 11/30/2028 (b)

    9,997   9,939
Garda World Security Corp.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 4.25%, 8.93%, 10/30/2026 (b)

    305,848   298,355
McGraw-Hill Global Education Holdings LLC

Senior Secured 2021 Term Loan, 6 Month USD LIBOR + 4.75%, 8.32%, 7/28/2028 (b)

    247,044   233,225
Packaging Coordinators Midco, Inc.

Senior Secured 2020 1st Lien Term Loan, 3 Month USD LIBOR + 3.75%, 8.23%, 11/30/2027 (b)

    189,105   179,819
Prime Security Services Borrower LLC

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.75%, 6.50%, 9/23/2026 (b)

    331,125   328,641
          2,962,025
COMMUNICATIONS EQUIPMENT — 0.5%          
Ciena Corp.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.14%, 9/26/2025 (b)

    287,336   286,618
Cogeco Financing 2 LP

Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 9/1/2028 (b)

    127,599   124,329
CommScope, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 4/6/2026 (b)

    221,326   209,209
          620,156
Security Description     Principal
Amount
  Value
COMPUTER SERVICES — 0.4%          
Maximus, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 2.00%, 6.42%, 5/28/2028 (b)

    $ 110,970   $ 110,323
Tempo Acquisition LLC

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 8/31/2028 (b)

    359,169   358,630
          468,953
COMPUTERS — 0.4%          
Magenta Buyer LLC

Senior Secured 2021 USD 1st Lien Term Loan, 3 Month USD LIBOR + 4.75%, 9.17%, 7/27/2028 (b)

    540,026   464,930
CONSTRUCTION & ENGINEERING — 1.0%          
AECOM

Senior Secured 2021 Term Loan B, 6.07%, 4/13/2028 (b)

    313,354   313,433
Brown Group Holding LLC:          
Senior Secured 2022 Incremental Term Loan B2, 1.00%, 7/2/2029 (b)

    154,681   154,427
Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 6/7/2028 (b)

    338,373   332,781
KKR Apple Bidco LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 9/23/2028 (b)

    199,187   196,775
Pike Corp.

Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.00%, 7.39%, 1/21/2028 (b)

    184,204   181,973
          1,179,389
CONSTRUCTION MATERIALS — 0.4%          
Quikrete Holdings, Inc.

Senior Secured 2016 1st Lien Term Loan, 1 Month USD LIBOR + 2.63%, 7.01%, 2/1/2027 (b)

    424,951   421,001
CONSUMER FINANCE — 0.3%          
Amentum Government Services Holdings LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 1/29/2027 (b)

    353,179   346,262
 
See accompanying notes to financial statements.
7


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
CONTAINERS & PACKAGING — 0.6%          
Berlin Packaging LLC

Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 3.75%, 7.88%, 3/11/2028 (b)

    $ 61,241   $ 59,064
Berry Global, Inc.

Senior Secured 2021 Term Loan Z, 1 Month USD LIBOR + 1.75%, 6.02%, 7/1/2026 (b)

    393,114   390,702
Charter NEX U.S., Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 12/1/2027 (b)

    189,700   184,617
Graham Packaging Company, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 8/4/2027 (b)

    51,032   50,238
          684,621
COSMETICS & TOILETRIES — 0.1%          
Sunshine Luxembourg VII SARL

Senior Secured 2021 Term Loan B3, 3 Month USD LIBOR + 3.75%, 8.48%, 10/1/2026 (b)

    108,034   103,728
DISTRIBUTION/WHOLESALE — 0.4%          
Resideo Funding, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 2.25%, 6.83%, 2/11/2028 (b)

    304,872   303,159
Univar Solutions USA, Inc.

Senior Secured Term Loan B6, 1 Month USD LIBOR + 1.75%, 6.13%, 6/3/2028 (b)

    128,181   127,900
          431,059
DISTRIBUTORS — 0.2%          
American Tire Distributors Holdings, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 6.25%, 10.61%, 10/20/2028 (b)

    213,649   196,557
DIVERSIFIED CONSUMER SERVICES — 0.1%          
Ascend Learning LLC

Senior Secured 2021 2nd Lien Term Loan, 1 Month USD LIBOR + 5.75%, 10.13%, 12/10/2029 (b)

    157,414   136,228
Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 2.0%          
AlixPartners, LLP

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/4/2028 (b)

    $ 178,217   $ 177,023
Citadel Securities LP

Senior Secured 2021 Term Loan B, 1 Month USD SOFR + 2.50%, 6.94%, 2/2/2028 (b)

    402,326   395,688
Clipper Acquisitions Corp.

Senior Secured 2017 Term Loan B, Finance, 6.48%, 3/3/2028 (b)

    286,381   283,396
Clydesdale Acquisition Holdings, Inc.

Senior Secured Term Loan B, 1 Month USD SOFR + 4.18%, 8.60%, 4/13/2029 (b)

    221,357   211,369
Deerfield Dakota Holding LLC

Senior Secured 2020 USD Term Loan B, 1 Month USD SOFR + 3.75%, 8.07%, 4/9/2027 (b)

    103,389   96,814
DirecTV Financing LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 5.00%, 9.38%, 8/2/2027 (b)

    477,937   466,338
Setanta Aircraft Leasing DAC

Senior Secured Term Loan B, 3 Month USD LIBOR + 2.00%, 6.73%, 11/5/2028 (b)

    159,762   159,283
Trans Union LLC

Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 1.75%, 6.13%, 11/16/2026 (b)

    296,515   292,835
William Morris Endeavor Entertainment LLC

Senior Secured 2018 1st Lien Term Loan, 3 Month USD LIBOR + 2.75%, 7.14%, 5/18/2025 (b)

    276,901   271,640
          2,354,386
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%          
CenturyLink, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 3/15/2027 (b)

    247,302   235,312
Intelsat Jackson Holdings SA

Senior Secured 2021 Exit Term Loan B, 6 Month USD SOFR + 4.25%, 7.44%, 2/1/2029 (b)

    381,436   369,039
 
See accompanying notes to financial statements.
8


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
Level 3 Financing, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 3/1/2027 (b)

    $ 175,501   $ 168,622
Numericable Group SA

Senior Secured USD Term Loan B11, 3 Month USD LIBOR + 2.75%, 7.16%, 7/31/2025 (b)

    202,750   192,993
          965,966
ELECTRICAL EQUIPMENT — 0.1%          
Generac Power Systems, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 5.97%, 12/13/2026 (b)

    114,546   112,165
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%          
II-VI, Inc.

Senior Secured 2022 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.13%, 7/2/2029 (b)

    407,152   403,895
Ingram Micro, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.22%, 6/30/2028 (b)

    339,251   335,010
MX Holdings U.S., Inc.

Senior Secured 2018 USD Term Loan B1C, 1 Month USD LIBOR + 2.75%, 7/31/2025 (b)

    116,109   116,158
TTM Technologies, Inc.

Senior Secured 2017 Term Loan, 1 Month USD LIBOR + 2.50%, 6.62%, 9/28/2024 (b)

    111,486   111,718
          966,781
ENERGY EQUIPMENT & SERVICES — 0.1%          
WIN Waste Innovations Holdings, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR, 1.00%, 3/24/2028 (b)

    151,342   145,194
ENERGY-ALTERNATE SOURCES — 0.1%          
TerraForm Power Operating LLC

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.41%, 5/21/2029 (b)

    113,589   112,933
Security Description     Principal
Amount
  Value
ENTERTAINMENT — 1.9%          
AMC Entertainment Holdings, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.27%, 4/22/2026 (b)

    $ 97,845   $ 53,499
AP Gaming I LLC

Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/15/2029 (b)

    167,326   158,960
Crown Finance U.S., Inc.

Senior Secured 2018 USD Term Loan, 3 Month USD LIBOR + 2.50%, 4.00%, 2/28/2025 (b)  (c)

    95,314   18,013
Fertitta Entertainment LLC

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 4.00%, 8.32%, 1/27/2029 (b)

    353,227   336,539
Formula One Holdings Ltd.

Senior Secured Term Loan B, 3 Month USD SOFR + 3.25%, 7.57%, 1/15/2030 (b)

    250,000   250,187
GVC Holdings (Gibraltar) Ltd.:          
Senior Secured 2021 USD Term Loan B4, 3 Month USD LIBOR + 2.50%, 7.23%, 3/29/2027 (b)

    81,341   80,871
Senior Secured 2022 Term Loan B, 10/31/2029 (b)

    279,536   278,663
Live Nation Entertainment, Inc.

Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 10/17/2026 (b)

    124,167   121,683
Motion Finco SARL

Senior Secured Delayed Draw Term Loan B2, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)

    25,086   23,991
NASCAR Holdings, Inc

Senior Secured Term Loan B, 1 Month USD LIBOR + 2.50%, 6.88%, 10/19/2026 (b)

    287,393   287,101
SMG U.S. Midco 2, Inc.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 2.50%, 6.91%, 1/23/2025 (b)

    140,261   136,989
UFC Holdings LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 2.75%, 7.11%, 4/29/2026 (b)

    325,025   321,369
WMG Acquisition Corp.

Senior Secured 2021 Term Loan G, 1 Month USD LIBOR + 2.13%, 6.51%, 1/20/2028 (b)

    134,203   132,861
          2,200,726
 
See accompanying notes to financial statements.
9


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
FINANCE-CREDIT CARD — 0.1%          
Paysafe Holdings (US) Corp.

Senior Secured USD Term Loan B1, 1 Month USD LIBOR + 2.75%, 7.14%, 6/28/2028 (b)

    $ 76,820   $ 73,475
FINANCIAL SERVICES — 0.4%          
Belron Finance U.S. LLC

Senior Secured 2021 USD Term Loan B, 3 Month USD LIBOR + 2.50%, 7.06%, 4/13/2028 (b)

    303,531   301,397
CE Intermediate I LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.59%, 11/10/2028 (b)

    190,291   181,728
          483,125
FOOD & BEVERAGE — 0.1%          
Caesars Resort Collection LLC

Senior Secured 2020 Term Loan B1, 1 Month USD LIBOR + 3.50%, 7.88%, 7/21/2025 (b)

    151,406   151,225
FOOD & STAPLES RETAILING — 0.4%          
Hostess Brands LLC

Senior Secured 2019 Term Loan, 1 Month USD LIBOR + 2.25%, 6.66%, 8/3/2025 (b)

    119,383   119,202
U.S. Foods, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 9/13/2026 (b)

    361,010   358,146
          477,348
FOOD PRODUCTS — 0.3%          
KFC Holding Co.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.09%, 3/15/2028 (b)

    322,494   318,866
FOOD-MISC/DIVERSIFIED — 0.2%          
Skopima Merger Sub, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 4.00%, 8.38%, 5/12/2028 (b)

    189,927   180,159
FORESTRY — 0.1%          
Asplundh Tree Expert LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 9/7/2027 (b)

    158,416   158,349
Security Description     Principal
Amount
  Value
GAMING & ENTERTAINMENT — 0.1%          
PCI Gaming Authority

Senior Secured Term Loan, 1 Month USD LIBOR + 2.50%, 6.88%, 5/29/2026 (b)

    $ 130,998   $ 130,453
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%          
Bausch & Lomb, Inc.

Senior Secured Term Loan, 3 Month USD SOFR + 3.25%, 7.84%, 5/10/2027 (b)

    127,976   122,078
Gainwell Acquisition Corp.

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.00%, 8.73%, 10/1/2027 (b)

    378,103   355,889
          477,967
HEALTH CARE PROVIDERS & SERVICES — 1.1%          
GHX Ultimate Parent Corp.

Senior Secured 2017 1st Lien Term Loan, 3 Month USD LIBOR + 3.25%, 6/28/2024 (b)

    171,084   167,805
Horizon Therapeutics USA, Inc.

Senior Secured 2021 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.19%, 3/15/2028 (b)

    146,433   146,473
ICON Luxembourg SARL

Senior Secured LUX Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)

    201,747   201,394
Medline Borrower LP

Senior Secured USD Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/23/2028 (b)

    212,534   202,354
National Mentor Holdings, Inc.:          
Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 8.33%, 3/2/2028 (b)

    92,199   64,949
Senior Secured 2021 Term Loan C, 3 Month USD LIBOR + 3.75%, 8.48%, 3/2/2028 (b)

    2,631   1,854
Pediatric Associates Holding Company LLC:          
Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/29/2028 (b)

    148,728   141,601
Senior Secured 2022 Delayed Draw Term Loan, 1 Month USD LIBOR + 3.25%, 5.43%, 12/29/2028 (b)

    22,620   9,841
 
See accompanying notes to financial statements.
10


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
PRA Health Sciences, Inc.

Senior Secured US Term Loan, 3 Month USD LIBOR + 2.25%, 7.00%, 7/3/2028 (b)

    $ 50,265   $ 50,178
Vizient, Inc.

Senior Secured 2022 Term Loan B, 1 Month SOFR CME + 2.25%, 6.67%, 4/28/2029 (b)

    116,342   116,371
WP CityMD Bidco LLC

Senior Secured 2021 1st Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 12/22/2028 (b)

    214,810   214,634
          1,317,454
HOME FURNISHINGS — 0.2%          
AI Aqua Merger Sub, Inc.:          
Senior Secured 2021 1st Lien Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 7/31/2028 (b)

    73,454   69,368
Senior Secured 2022 Delayed Draw Term loan,  7/31/2028 (b)

    9,794   9,247
Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 3.75%, 7.84%, 7/31/2028 (b)

    166,090   156,817
          235,432
HOTELS, RESTAURANTS & LEISURE — 2.4%          
1011778 B.C. Unlimited Liability Co.

Senior Secured Term Loan B4, 1 Month USD LIBOR + 1.75%, 5.82%, 11/19/2026 (b)

    296,939   292,404
Alterra Mountain Co.

Senior Secured 2021 Series B-2 Consenting Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 8/17/2028 (b)

    314,580   311,534
Aristocrat Technologies, Inc.

Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 2.25%, 6.93%, 5/24/2029 (b)

    124,904   124,904
Caesars Resort Collection LLC

Senior Secured 2017 1st Lien Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 12/23/2024 (b)

    319,386   319,080
Marriott Ownership Resorts, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 8/29/2025 (b)

    123,151   122,166
Security Description     Principal
Amount
  Value
Motion Finco SARL

Senior Secured USD Term Loan B1, 3 Month USD LIBOR + 3.25%, 7.98%, 11/12/2026 (b)

    $ 175,965   $ 168,285
Penn National Gaming, Inc.

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 5/3/2029 (b)

    386,839   383,641
Peraton Corp.

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 2/1/2028 (b)

    539,834   528,139
Scientific Games International, Inc.

Senior Secured 2022 USD Term Loan, 1 Month USD SOFR + 3.00%, 7.42%, 4/14/2029 (b)

    309,852   306,422
Twin River Worldwide Holdings, Inc.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.54%, 10/2/2028 (b)

    160,116   148,587
Wyndham Hotels & Resorts, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 6.13%, 5/30/2025 (b)

    133,229   133,262
          2,838,424
HOUSEHOLD PRODUCTS — 0.4%          
Champ Acquisition Corp.

Senior Secured Term Loan, 3 Month USD LIBOR + 5.50%, 10.23%, 12/19/2025 (b)

    140,876   139,820
Energizer Holdings, Inc.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 2.00%, 6.63%, 12/22/2027 (b)

    135,226   133,028
Reynolds Consumer Products LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 1.75%, 6.13%, 2/4/2027 (b)

    162,288   161,236
          434,084
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.6%          
Calpine Corp.:          
Senior Secured 2020 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.89%, 12/16/2027 (b)

    26,042   25,826
Senior Secured Term Loan B9, 1 Month USD LIBOR + 2.25%, 6.39%, 4/5/2026 (b)

    339,540   335,827
 
See accompanying notes to financial statements.
11


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
Vistra Operations Co. LLC

Senior Secured 1st Lien Term Loan B3, 1 Month USD LIBOR + 1.75%, 6.12%, 12/31/2025 (b)

    $ 319,813   $ 317,506
          679,159
INSURANCE — 3.1%          
Acrisure LLC

Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 2/15/2027 (b)

    571,462   554,556
Alliant Holdings Intermediate LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 3.50%, 7.85%, 11/6/2027 (b)

    494,987   484,469
AmWINS Group, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 2/19/2028 (b)

    320,083   314,806
AssuredPartners, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.50%, 7.88%, 2/12/2027 (b)

    369,720   359,939
Broadstreet Partners, Inc.

Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 3.00%, 7.38%, 1/27/2027 (b)

    206,927   201,065
Hub International Ltd.

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.25%, 7.53%, 4/25/2025 (b)

    494,950   491,180
Hyperion Insurance Group Ltd.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.69%, 11/12/2027 (b)

    560,543   546,829
NFP Corp.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 2/15/2027 (b)

    135,817   130,239
Ryan Specialty Group LLC

Senior Secured Term Loan, 1 Month USD LIBOR + 3.00%, 7.32%, 9/1/2027 (b)

    146,624   145,953
Sedgwick Claims Management Services, Inc.

Senior Secured 2019 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.13%, 9/3/2026 (b)

    358,669   352,714
          3,581,750
Security Description     Principal
Amount
  Value
INTERNET & TELECOM — 0.1%          
Adevinta ASA

Senior Secured USD Term Loan B, 6/26/2028 (b)

    $ 115,358   $ 114,377
INTERNET SECURITY — 0.2%          
Proofpoint, Inc.

Senior Secured 2nd Lien Term Loan, 3 Month USD LIBOR + 6.25%, 10.98%, 8/31/2029 (b)

    240,040   231,739
INVESTMENT COMPANIES — 0.1%          
AL GCX Holdings LLC

Senior Secured Term Loan B, 3 Month USD SOFR + 3.75%, 7.42%, 5/17/2029 (b)

    138,692   137,687
IT SERVICES — 1.0%          
Access CIG LLC

Senior Secured 2018 2nd Lien Term Loan, 3 Month USD LIBOR + 7.75%, 11.82%, 2/27/2026 (b)

    194,616   173,208
Ahead DB Holdings LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 10/18/2027 (b)

    189,772   183,723
CoreLogic, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.50%, 7.94%, 6/2/2028 (b)

    138,716   116,218
Fleetcor Technologies Operating Co. LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 1.75%, 6.13%, 4/28/2028 (b)

    155,807   154,444
Presidio Holdings, Inc.

Senior Secured 2020 Term Loan B, 3 Month USD LIBOR + 3.50%, 1/22/2027 (b)

    167,271   164,920
Science Applications International Corp.

Senior Secured 2018 Term Loan B, 1 Month USD LIBOR + 1.875%, 6.30%, 10/31/2025 (b)

    113,279   113,467
WEX, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 3/31/2028 (b)

    248,106   247,021
          1,153,001
 
See accompanying notes to financial statements.
12


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
LEISURE INDUSTRY — 0.2%          
Carnival Corp.

Senior Secured 2021 Incremental Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 10/18/2028 (b)

    $ 198,000   $ 185,922
LEISURE&REC/GAMES — 0.2%          
Scientific Games Holdings LP

Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 3.50%, 7.10%, 4/4/2029 (b)

    278,485   266,259
LIFE SCIENCES TOOLS & SERVICES — 0.5%          
Avantor Funding, Inc.

Senior Secured 2021 Term Loan B5, 1 Month USD LIBOR + 2.25%, 6.63%, 11/8/2027 (b)

    238,467   237,722
Parexel International Corp.

Senior Secured 2021 1st Lien Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 11/15/2028 (b)

    325,631   314,325
          552,047
MACHINERY — 0.5%          
Clark Equipment Co.

Senior Secured 2022 Term Loan B, 3 Month USD SOFR + 2.25%, 7.18%, 4/20/2029 (b)

    125,316   123,749
Ingersoll-Rand Services Co.

Senior Secured 2020 USD Spinco Term Loan, 1 Month USD SOFR + 1.75%, 6.17%, 3/1/2027 (b)

    335,172   332,938
Madison IAQ LLC

Senior Secured Term Loan, 3 Month USD LIBOR + 3.25%, 7.99%, 6/21/2028 (b)

    198,990   185,634
          642,321
MACHINERY-CONSTRUCTION & MINING — 0.3%          
Brookfield WEC Holdings, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 8/1/2025 (b)

    336,637   332,412
MEDIA — 3.9%          
Charter Communications Operating LLC

Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.14%, 2/1/2027 (b)

    552,523   540,368
Cogeco Communications Finance (USA) LP

Senior Secured Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 1/3/2025 (b)

    148,366   146,718
Security Description     Principal
Amount
  Value
CSC Holdings LLC:          
Senior Secured 2017 Term Loan B1, 1 Month USD LIBOR + 2.25%, 6.57%, 7/17/2025 (b)

    $ 297,638   $ 282,310
Senior Secured 2019 Term Loan B5, 1 Month USD LIBOR + 2.50%, 6.82%, 4/15/2027 (b)

    370,528   332,086
Go Daddy Operating Co. LLC

Senior Secured 2021 Term Loan B4, 1 Month USD LIBOR + 2.00%, 6.38%, 8/10/2027 (b)

    320,069   317,519
Gray Television, Inc.

Senior Secured 2021 Term Loan D, 1 Month USD LIBOR + 3.00%, 7.12%, 12/1/2028 (b)

    60,058   58,450
MH Sub I LLC:          
Senior Secured 2020 Incremental Term Loan, 1 Month USD LIBOR + 3.75%, 8.13%, 9/13/2024 (b)

    378,233   368,372
Senior Secured 2021 2nd Lien Term Loan, 3 Month USD SOFR + 6.25%, 10.65%, 2/23/2029 (b)

    194,343   174,059
Nexstar Broadcasting, Inc.

Senior Secured 2019 Term Loan B4, 1 Month USD LIBOR + 2.50%, 6.88%, 9/18/2026 (b)

    136,843   135,971
Radiate Holdco LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 9/25/2026 (b)

    353,220   288,556
Telenet Financing USD LLC

Senior Secured 2020 USD Term Loan AR, 1 Month USD LIBOR + 2.00%, 6.32%, 4/30/2028 (b)

    311,409   303,857
Univision Communications, Inc.:          
Senior Secured 2021 First Lien Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 3/15/2026 (b)

    296,985   292,901
Senior Secured 2022 Term Loan B, 1 Month USD LIBOR + 3.25%, 7.63%, 1/31/2029 (b)

    154,579   150,474
UPC Broadband Holding BV

Senior Secured 2020 USD Term Loan AT, 1 Month USD LIBOR + 2.25%, 6.57%, 4/30/2028 (b)

    322,531   315,475
 
See accompanying notes to financial statements.
13


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
Vertical U.S. Newco, Inc.

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.50%, 6.87%, 7/30/2027 (b)

    $ 339,742   $ 327,773
Virgin Media Bristol LLC

Senior Secured USD Term Loan N, 1 Month USD LIBOR + 2.50%, 6.82%, 1/31/2028 (b)

    164,749   162,292
Ziggo Financing Partnership

Senior Secured USD Term Loan I, 1 Month USD LIBOR + 2.50%, 6.82%, 4/30/2028 (b)

    322,531   315,250
          4,512,431
MEDICAL LABS&TESTING SRV (d) — 0.0%          
Electron BidCo, Inc.

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 3.00%, 7.38%, 11/1/2028 (b)

    61,242   59,719
MISCELLANEOUS MANUFACTUR — 0.7%          
LTI Holdings, Inc.

Senior Secured 2018 2nd Lien Term Loan, 1 Month USD LIBOR + 6.75%, 11.13%, 9/6/2026 (b)

    961,858   769,486
MRI/MEDICAL DIAG IMAGING — 0.1%          
IQVIA, Inc.

Senior Secured 2018 USD Term Loan B3, 3 Month USD LIBOR + 1.75%, 6.48%, 6/11/2025 (b)

    124,671   124,321
OIL, GAS & CONSUMABLE FUELS — 0.9%          
Buckeye Partners LP

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.25%, 6.63%, 11/1/2026 (b)

    309,044   307,709
ITT Holdings LLC

Senior Secured 2021 Term Loan, 1 Month USD LIBOR + 2.75%, 7.13%, 7/10/2028 (b)

    119,316   118,123
Oryx Midstream Services Permian Basin LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 3.25%, 7.92%, 10/5/2028 (b)

    350,923   347,331
Pacific Gas & Electric Co.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 7.44%, 6/23/2025 (b)

    325,587   323,552
          1,096,715
Security Description     Principal
Amount
  Value
PERSONAL PRODUCTS — 0.1%          
Prestige Brands, Inc.

Senior Secured 2021 Term Loan B5, 6.39%, 7/3/2028 (b)

    $ 112,009   $ 111,851
PHARMACEUTICALS — 1.2%          
Catalent Pharma Solutions, Inc.

Senior Secured 2021 Term Loan B3, 1 Month USD LIBOR + 2.00%, 6.38%, 2/22/2028 (b)

    349,060   344,317
Elanco Animal Health, Inc.

Senior Secured Term Loan B, 1 Month USD LIBOR + 1.75%, 5.87%, 8/1/2027 (b)

    191,713   184,493
Grifols Worldwide Operations USA, Inc.

Senior Secured USD 2019 Term Loan B, 1 Month USD LIBOR + 2.00%, 6.38%, 11/15/2027 (b)

    171,055   165,781
Jazz Financing Lux SARL

Senior Secured USD Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 5/5/2028 (b)

    308,551   306,310
Organon & Co.

Senior Secured USD Term Loan, 3 Month USD LIBOR + 3.00%, 6/2/2028 (b)

    31,693   31,464
Padagis LLC

Senior Secured Term Loan B, 3 Month USD LIBOR + 4.75%, 8.49%, 7/6/2028 (b)

    391,339   348,945
          1,381,310
PIPELINES — 0.5%          
CQP Holdco LP

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.75%, 8.48%, 6/5/2028 (b)

    392,386   391,160
TransMontaigne Operating Co. LP

Senior Secured Term Loan B, 1 Month USD LIBOR + 3.50%, 7.87%, 11/17/2028 (b)

    152,535   149,914
          541,074
PROFESSIONAL SERVICES — 0.5%          
Anticimex International AB

Senior Secured 2021 USD Term Loan B1, 3 Month USD LIBOR + 3.50%, 8.23%, 11/16/2028 (b)

    176,542   170,804
 
See accompanying notes to financial statements.
14


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
Dun & Bradstreet Corp.

Senior Secured Term Loan, 1 Month USD LIBOR + 3.25%, 7.64%, 2/6/2026 (b)

    $ 385,135   $ 382,281
          553,085
RETAIL-BUILDING PRODUCTS — 0.1%          
LBM Acquisition LLC

Senior Secured Term Loan B, 6 Month USD LIBOR + 3.75%, 7.12%, 12/17/2027 (b)

    107,658   93,814
Specialty Building Products Holdings LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 7.64%, 10/15/2028 (b)

    24,353   22,009
          115,823
RETAIL-RESTAURANTS — 0.9%          
CT Technologies Intermediate Holdings, Inc.

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 4.25%, 8.63%, 12/16/2025 (b)

    205,933   189,490
Hilton Domestic Operating Company, Inc

Senior Secured 2019 Term Loan B2, 1 Month USD LIBOR + 1.75%, 6.17%, 6/22/2026 (b)

    328,092   327,457
IRB Holding Corp.:          
Senior Secured 2020 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 2/5/2025 (b)

    203,314   201,821
Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.00%, 7.32%, 12/15/2027 (b)

    297,727   289,391
          1,008,159
ROAD & RAIL — 0.3%          
Genesee & Wyoming, Inc.

Senior Secured Term Loan, 3 Month USD LIBOR + 2.00%, 6.73%, 12/30/2026 (b)

    320,062   318,803
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%          
Entegris, Inc.

Senior Secured 2022 Term Loan B, 7/6/2029 (b)

    260,777   260,404
Security Description     Principal
Amount
  Value
MKS Instruments, Inc.

Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 2.75%, 7.17%, 8/17/2029 (b)

    $ 141,431   $ 140,092
          400,496
SOFTWARE — 5.4%          
Applied Systems, Inc.

Senior Secured 2022 Extended 1st Lien Term Loan, 3 Month USD SOFR + 4.50%, 9.08%, 9/18/2026 (b)

    125,000   124,594
Apttus Corp.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 4.25%, 8.66%, 5/8/2028 (b)

    171,250   160,975
Athenahealth, Inc.:          
Senior Secured 2022 Delayed Draw Term Loan, 1 Month CME Term SOFR + 3.50%, 3.50%, 2/15/2029 (b)

    43,478   9,841
Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 3.50%, 7.82%, 2/15/2029 (b)

    255,239   231,083
Banff Merger Sub, Inc.

Senior Secured 2021 USD 2nd Lien Term Loan, 1 Month USD LIBOR + 5.50%, 9.88%, 2/27/2026 (b)

    73,647   68,101
CCC Intelligent Solutions, Inc.

Senior Secured Term Loan, 1 Month USD LIBOR + 2.25%, 6.63%, 9/21/2028 (b)

    144,802   143,933
CDK Global, Inc.

Senior Secured 2022 USD Term Loan B, 3 Month USD SOFR + 4.50%, 9.08%, 7/6/2029 (b)

    400,000   397,068
Cengage Learning, Inc.

Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 4.75%, 7.81%, 7/14/2026 (b)

    123,577   111,432
DCert Buyer, Inc.

Senior Secured 2019 Term Loan B, 6 Month USD SOFR + 4.00%, 8.70%, 10/16/2026 (b)

    250,235   242,281
EP Purchaser LLC

Senior Secured 2021 Term Loan B, 3 Month USD LIBOR + 3.50%, 8.23%, 11/6/2028 (b)

    146,122   144,844
Epicor Software Corp.

Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.25%, 7.63%, 7/30/2027 (b)

    93,311   89,807
 
See accompanying notes to financial statements.
15


Table of Contents
SPDR BLACKSTONE HIGH INCOME ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)

Security Description     Principal
Amount
  Value
EverCommerce, Inc.

Senior Secured Term Loan B, 7.64%, 7/6/2028 (b)

    $ 137,764   $ 135,559
First Advantage Holdings LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 2.75%, 7.13%, 1/31/2027 (b)

    116,548   114,654
Flexera Software LLC

Senior Secured 2021 Term Loan B, 1 Month USD LIBOR + 3.75%, 8.14%, 3/3/2028 (b)

    188,466   181,340
Fortra LLC

Senior Secured 2021 Term Loan, 3 Month USD SOFR + 4.00%, 8.19%, 11/19/2026 (b)

    97,714   88,358
Greeneden U.S. Holdings II LLC

Senior Secured 2020 USD Term Loan B4, 1 Month USD LIBOR + 4.00%, 8.38%, 12/1/2027 (b)

    189,531   182,385
Hyland Software, Inc.

Senior Secured 2018 1st Lien Term Loan, 1 Month USD LIBOR + 3.50%, 7.88%, 7/1/2024 (b)

    122,871   121,474
Idera, Inc.

Senior Secured 2021 Term Loan, 3 Month USD LIBOR + 3.75%, 7.50%, 3/2/2028 (b)

    189,639   179,327
I-Logic Technologies Bidco Ltd.

Senior Secured 2021 USD Term Loan B, 3 Month USD SOFR + 4.00%, 8.73%, 2/16/2028 (b)

    177,920   175,251
Informatica LLC

Senior Secured 2021 USD Term Loan B, 1 Month USD LIBOR + 2.75%, 7.19%, 10/27/2028 (b)

    154,343   151,796
McAfee LLC

Senior Secured 2022 USD Term Loan B, 1 Month USD SOFR + 3.75%, 7.97%, 3/1/2029 (b)

    507,793   474,061
MeridianLink, Inc.

Senior Secured 2021 Term Loan B, 6 Month USD LIBOR + 3.00%, 8.15%, 11/10/2028 (b)

    115,285   111,215
Mitchell International, Inc.

Senior Secured 2021 2nd Lien Term Loan, 3 Month USD LIBOR + 6.50%, 11.23%, 10/15/2029 (b)

    77,379   64,660
NortonLifeLock, Inc.

Senior Secured 2022 Term Loan B, 1 Month USD SOFR + 2.00%, 6.42%, 9/12/2029 (b)

    448,132   441,504