The Select Sector SPDR Trust
Semi-Annual Report
March 31, 2023

Select Sector SPDR Funds
The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR Fund” or a “Fund” and collectively the “Select Sector SPDR Funds” or the “Funds”).
Select Sector SPDR Funds are “index funds” that unbundle the benchmark S&P 500®† and give you ownership in particular sectors or groups of industries that are represented by a specified Select Sector Index. Through a single share, investors can buy or sell any of eleven major industry sectors that make up the S&P 500®, in the same way as they would buy or sell a share of stock. Select Sector SPDR Fund shares are different from the shares of conventional mutual funds. Select Sector SPDR Funds trade on NYSE Arca, Inc.
Eleven Select Sector SPDR Funds
Shares are available for exchange trading in the following Funds of The Select Sector SPDR Trust:
The Communication Services Select Sector SPDR Fund XLC
The Consumer Discretionary Select Sector SPDR Fund XLY
The Consumer Staples Select Sector SPDR Fund XLP
The Energy Select Sector SPDR Fund XLE
The Financial Select Sector SPDR Fund XLF
The Health Care Select Sector SPDR Fund XLV
The Industrial Select Sector SPDR Fund XLI
The Materials Select Sector SPDR Fund XLB
The Real Estate Select Sector SPDR Fund XLRE
The Technology Select Sector SPDR Fund XLK
The Utilities Select Sector SPDR Fund XLU
Each of these Funds is designed to, before expenses, correspond generally to the price and yield performance of a Select Sector Index. Each Fund’s portfolio is comprised principally of shares of constituent companies in the S&P 500®. Each stock in the S&P 500® is allocated to one Select Sector Index. The combined companies of the eleven Select Sector Indexes represent all of the companies in the S& P 500®. Each Select Sector SPDR Fund can be expected to move up or down in value with its underlying Select Sector Index. Investors cannot invest directly in an index. Funds focused on a single sector generally experience greater price fluctuations than the overall stock market.
Objective
Select Sector SPDR Funds are designed to provide investors with an affordable way to invest in a portfolio of equity securities in a sector or group of industries in a single trade. Select Sector SPDR Funds allow you to tailor asset allocations to fit your particular investment needs or goals. One Fund may complement another; individual Select Sector SPDR Funds can be used to increase exposure to certain industries that may be outperforming the market or to hedge other holdings in your portfolio. Although an individual Select Sector SPDR Fund may bear a higher level of risk than a broad-market fund, because of less diversification, sector investments may also offer opportunities for returns greater than an investment in the entire constituents of the S&P 500®.
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 from the Distributor, ALPS Portfolio Solutions Distributor, Inc., by calling 1-866-SECTOR-ETF (1-866-732-8673). Please read the prospectus carefully before you invest.
† S&P 500: the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged, index of common stock prices.

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Table of Contents
The Communication Services Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Meta Platforms, Inc. Class A 2,217,292,543 22.1%  
  Alphabet, Inc. Class A 1,259,917,961 12.6  
  Alphabet, Inc. Class C 1,101,197,656 11.0  
  Netflix, Inc. 476,655,992 4.8  
  Activision Blizzard, Inc. 443,389,494 4.4  
  TOTAL 5,498,453,646 54.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
1

Table of Contents
The Consumer Discretionary Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Amazon.com, Inc. 3,247,602,967 22.7%  
  Tesla, Inc. 2,414,517,194 16.8  
  Home Depot, Inc. 1,301,594,887 9.1  
  NIKE, Inc. Class B 661,089,325 4.6  
  McDonald's Corp. 631,563,216 4.4  
  TOTAL 8,256,367,589 57.6%  
(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 March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
2

Table of Contents
The Consumer Staples Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Procter & Gamble Co. 2,388,937,698 14.1%  
  PepsiCo, Inc. 1,709,901,809 10.1  
  Coca-Cola Co. 1,644,188,022 9.7  
  Costco Wholesale Corp. 1,501,499,900 8.8  
  Walmart, Inc. 779,156,912 4.6  
  TOTAL 8,023,684,341 47.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
3

Table of Contents
The Energy Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Exxon Mobil Corp. 8,768,980,871 23.0%  
  Chevron Corp. 7,454,013,385 19.6  
  Marathon Petroleum Corp. 1,760,164,122 4.6  
  EOG Resources, Inc. 1,729,170,509 4.6  
  Schlumberger NV 1,623,434,593 4.3  
  TOTAL 21,335,763,480 56.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
4

Table of Contents
The Financial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Berkshire Hathaway, Inc. Class B 3,698,546,484 12.5%  
  JPMorgan Chase & Co. 2,541,119,537 8.6  
  Visa, Inc. Class A 2,435,682,257 8.3  
  Mastercard, Inc. Class A 2,038,474,623 6.9  
  Bank of America Corp. 1,327,083,758 4.5  
  TOTAL 12,040,906,659 40.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
5

Table of Contents
The Health Care Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  UnitedHealth Group, Inc. 3,478,793,119 9.0%  
  Johnson & Johnson 3,192,694,805 8.3  
  AbbVie, Inc. 2,220,477,189 5.8  
  Eli Lilly & Co. 2,133,791,061 5.6  
  Merck & Co., Inc. 2,125,135,675 5.5  
  TOTAL 13,150,891,849 34.2%  
(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 March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
6

Table of Contents
The Industrial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Raytheon Technologies Corp. 668,438,282 4.8%  
  United Parcel Service, Inc. Class B 659,659,115 4.8  
  Honeywell International, Inc. 594,980,832 4.3  
  Union Pacific Corp. 573,776,562 4.1  
  Boeing Co. 556,618,220 4.0  
  TOTAL 3,053,473,011 22.0%  
(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 March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
7

Table of Contents
The Materials Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Linde PLC 1,035,501,219 19.3%  
  Air Products & Chemicals, Inc. 377,280,205 7.0  
  Freeport-McMoRan, Inc. 345,867,950 6.4  
  Sherwin-Williams Co. 313,522,233 5.8  
  Corteva, Inc. 254,284,631 4.7  
  TOTAL 2,326,456,238 43.2%  
(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 March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
8

Table of Contents
The Real Estate Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Prologis, Inc. REIT 606,357,620 13.0%  
  American Tower Corp. REIT 500,906,611 10.8  
  Equinix, Inc. REIT 351,323,856 7.5  
  Crown Castle, Inc. REIT 305,122,409 6.6  
  Public Storage REIT 251,463,871 5.4  
  TOTAL 2,015,174,367 43.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
9

Table of Contents
The Technology Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  Apple, Inc. 10,005,035,085 23.0%  
  Microsoft Corp. 9,997,298,088 22.9  
  NVIDIA Corp. 1,954,689,156 4.5  
  Broadcom, Inc. 1,568,286,872 3.6  
  Cisco Systems, Inc. 1,256,255,915 2.9  
  TOTAL 24,781,565,116 56.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
10

Table of Contents
The Utilities Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2023

        
  Description Market Value % of Net Assets  
  NextEra Energy, Inc. 2,400,993,748 15.5%  
  Southern Co. 1,187,405,940 7.7  
  Duke Energy Corp. 1,164,387,980 7.5  
  Sempra Energy 744,799,331 4.8  
  American Electric Power Co., Inc. 732,926,452 4.8  
  TOTAL 6,230,513,451 40.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
11

Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
DIVERSIFIED TELECOMMUNICATION SERVICES — 8.5%  
AT&T, Inc.
   21,916,137   $ 421,885,637
Verizon Communications, Inc.
   11,011,791   428,248,552
          850,134,189
ENTERTAINMENT — 23.9%  
Activision Blizzard, Inc.
   5,180,389   443,389,494
Electronic Arts, Inc.
   2,910,928   350,621,278
Live Nation Entertainment, Inc. (a)
   1,592,835   111,498,450
Netflix, Inc. (a)
   1,379,692   476,655,992
Take-Two Interactive Software, Inc. (a)
   1,771,652   211,358,084
Walt Disney Co. (a)
   4,316,745   432,235,677
Warner Bros Discovery, Inc. (a)
   24,692,594   372,858,169
          2,398,617,144
INTERACTIVE MEDIA & SERVICES — 46.9%  
Alphabet, Inc. Class A (a)
   12,146,129   1,259,917,961
Alphabet, Inc. Class C (a)
   10,588,439   1,101,197,656
Match Group, Inc. (a)
   3,120,920   119,812,119
Meta Platforms, Inc. Class A (a)
   10,461,888   2,217,292,543
          4,698,220,279
MEDIA — 16.4%  
Charter Communications, Inc. Class A (a)
   1,176,897   420,870,136
Comcast Corp. Class A
   11,439,023   433,653,362
DISH Network Corp. Class A (a)  (b)
   2,808,647   26,204,677
Fox Corp. Class A (b)
   3,317,698   112,967,617
Fox Corp. Class B
   1,540,117   48,221,063
Interpublic Group of Cos., Inc.
   4,341,395   161,673,550
News Corp. Class A
   4,272,498   73,786,041
News Corp. Class B
   1,317,261   22,959,859
Omnicom Group, Inc.
   2,265,013   213,681,326
Security Description     Shares   Value
Paramount Global Class B (b)
   5,643,181   $ 125,899,368
          1,639,916,999
WIRELESS TELECOMMUNICATION SERVICES — 4.2%  
T-Mobile U.S., Inc. (a)
   2,895,298   419,354,963
TOTAL COMMON STOCKS

(Cost $11,850,466,222)
         10,006,243,574
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (c)  (d)
   5,017,155   5,017,656
State Street Navigator Securities Lending Portfolio II (e)  (f)
   19,851,115   19,851,115
TOTAL SHORT-TERM INVESTMENTS

(Cost $24,868,628)
   24,868,771  
TOTAL INVESTMENTS — 100.2%

(Cost $11,875,334,850)
   10,031,112,345  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
  (18,110,528)  
NET ASSETS — 100.0%
   $ 10,013,001,817  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $10,006,243,574   $—   $—   $10,006,243,574
Short-Term Investments
   24,868,771   —   —   24,868,771
TOTAL INVESTMENTS
   $10,031,112,345   $—   $—   $10,031,112,345
See accompanying notes to financial statements.
12

Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 5,928,151   $ 5,929,337   $101,951,229   $102,861,674   $(404)   $(832)   5,017,155   $ 5,017,656   $141,964
State Street Navigator Securities Lending Portfolio II
 51,992,399   51,992,399   289,268,247   321,409,531   —   —   19,851,115   19,851,115   49,392
Total
     $57,921,736   $391,219,476   $424,271,205   $(404)   $(832)       $24,868,771   $191,356
See accompanying notes to financial statements.
13

Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTOMOBILE COMPONENTS — 1.3%  
Aptiv PLC (a)
   1,224,754   $ 137,405,151
BorgWarner, Inc.
   1,058,347   51,975,421
          189,380,572
AUTOMOBILES — 20.0%  
Ford Motor Co.
   17,698,225   222,997,635
General Motors Co.
   6,304,100   231,234,388
Tesla, Inc. (a)
   11,638,471   2,414,517,194
          2,868,749,217
BROADLINE RETAIL — 23.9%  
Amazon.com, Inc. (a)
   31,441,601   3,247,602,967
eBay, Inc.
   2,452,965   108,838,057
Etsy, Inc. (a)  (b)
   568,163   63,253,587
          3,419,694,611
DISTRIBUTORS — 1.6%  
Genuine Parts Co.
   637,184   106,607,255
LKQ Corp.
   1,147,356   65,123,926
Pool Corp. (b)
   176,486   60,435,866
          232,167,047
HOTELS, RESTAURANTS & LEISURE — 20.8%  
Booking Holdings, Inc. (a)
   175,346   465,089,484
Caesars Entertainment, Inc. (a)
   969,935   47,342,527
Carnival Corp. (a)  (b)
   4,529,892   45,978,404
Chipotle Mexican Grill, Inc. (a)
   124,891   213,350,046
Darden Restaurants, Inc. (b)
   550,157   85,362,360
Domino's Pizza, Inc.
   160,042   52,793,055
Expedia Group, Inc. (a)
   668,206   64,836,028
Hilton Worldwide Holdings, Inc.
   1,204,387   169,661,997
Las Vegas Sands Corp. (a)
   1,485,508   85,342,435
Marriott International, Inc. Class A
   1,216,232   201,943,161
McDonald's Corp.
   2,258,729   631,563,216
MGM Resorts International
   1,422,263   63,176,922
Norwegian Cruise Line Holdings Ltd. (a)  (b)
   1,904,785   25,619,358
Royal Caribbean Cruises Ltd. (a)  (b)
   992,208   64,791,182
Starbucks Corp.
   5,195,084   540,964,097
Wynn Resorts Ltd. (a)
   466,125   52,164,049
Yum! Brands, Inc.
   1,265,684   167,171,543
          2,977,149,864
HOUSEHOLD DURABLES — 3.8%  
DR Horton, Inc.
   1,412,492   137,986,344
Garmin Ltd.
   693,135   69,951,184
Lennar Corp. Class A
   1,146,020   120,458,162
Mohawk Industries, Inc. (a)
   238,375   23,889,943
Newell Brands, Inc. (b)
   1,701,278   21,163,898
NVR, Inc. (a)
   13,675   76,199,698
PulteGroup, Inc.
   1,019,765   59,431,904
Whirlpool Corp.
   246,373   32,526,164
          541,607,297
Security Description     Shares   Value
LEISURE EQUIPMENT & PRODUCTS — 0.2%  
Hasbro, Inc.
   586,834   $ 31,507,118
SPECIALTY RETAIL — 23.0%  
Advance Auto Parts, Inc.
   267,842   32,572,267
AutoZone, Inc. (a)
   84,842   208,554,362
Bath & Body Works, Inc.
   1,032,511   37,769,252
Best Buy Co., Inc.
   890,156   69,672,510
CarMax, Inc. (a)  (b)
   714,343   45,917,968
Home Depot, Inc.
   4,410,392   1,301,594,887
Lowe's Cos., Inc.
   2,733,393   546,596,598
O'Reilly Automotive, Inc. (a)
   281,824   239,262,940
Ross Stores, Inc.
   1,556,679   165,210,342
TJX Cos., Inc.
   5,223,139   409,285,172
Tractor Supply Co.
   499,337   117,364,169
Ulta Beauty, Inc. (a)
   229,969   125,487,184
          3,299,287,651
TEXTILES, APPAREL & LUXURY GOODS — 5.3%  
NIKE, Inc. Class B
   5,390,487   661,089,325
Ralph Lauren Corp. (b)
   185,819   21,679,503
Tapestry, Inc.
   1,067,136   46,004,233
VF Corp.
   1,493,322   34,212,007
          762,985,068
TOTAL COMMON STOCKS

(Cost $16,926,965,505)
         14,322,528,445
SHORT-TERM INVESTMENTS — 0.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (c)  (d)
   14,880,916   14,882,404
State Street Navigator Securities Lending Portfolio II (e)  (f)
   38,484,345   38,484,345
TOTAL SHORT-TERM INVESTMENTS

(Cost $53,367,741)
   53,366,749  
TOTAL INVESTMENTS — 100.3%

(Cost $16,980,333,246)
   14,375,895,194  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
  (41,198,636)  
NET ASSETS — 100.0%
   $ 14,334,696,558  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
14

Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $14,322,528,445   $—   $—   $14,322,528,445
Short-Term Investments
   53,366,749   —   —   53,366,749
TOTAL INVESTMENTS
   $14,375,895,194   $—   $—   $14,375,895,194
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 17,296,217   $ 17,299,677   $103,976,660   $ 106,393,218   $2,648   $(3,363)   14,880,916   $14,882,404   $354,625
State Street Navigator Securities Lending Portfolio II
 115,679,767   115,679,767   890,244,292   967,439,714   —   —   38,484,345   38,484,345   164,180
Total
     $132,979,444   $994,220,952   $1,073,832,932   $2,648   $(3,363)       $53,366,749   $518,805
See accompanying notes to financial statements.
15

Table of Contents
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%   
BEVERAGES — 25.6%  
Brown-Forman Corp. Class B
   1,406,274   $ 90,381,230
Coca-Cola Co.
   26,506,336   1,644,188,022
Constellation Brands, Inc. Class A
   1,249,163   282,173,430
Keurig Dr Pepper, Inc.
   6,538,208   230,667,978
Molson Coors Beverage Co. Class B (a)
   1,445,703   74,713,931
Monster Beverage Corp. (b)
   5,861,048   316,555,203
PepsiCo, Inc.
   9,379,604   1,709,901,809
          4,348,581,603
CONSUMER FINANCE — 24.7%  
Costco Wholesale Corp.
   3,021,917   1,501,499,900
Dollar General Corp.
   1,720,151   362,022,979
Dollar Tree, Inc. (b)
   1,599,798   229,651,003
Kroger Co.
   5,012,020   247,443,427
Sysco Corp.
   3,905,686   301,636,130
Target Corp.
   3,488,396   577,783,030
Walgreens Boots Alliance, Inc. (a)
   5,508,130   190,471,135
Walmart, Inc.
   5,284,211   779,156,912
          4,189,664,516
FOOD PRODUCTS — 18.0%  
Archer-Daniels-Midland Co.
   4,209,324   335,314,750
Bunge Ltd.
   1,152,047   110,043,529
Campbell Soup Co.
   1,542,908   84,829,082
Conagra Brands, Inc.
   3,667,231   137,741,196
General Mills, Inc.
   4,536,570   387,695,272
Hershey Co.
   1,130,771   287,679,450
Hormel Foods Corp. (a)
   2,227,084   88,816,110
J.M. Smucker Co.
   820,071   129,054,573
Kellogg Co.
   1,968,350   131,800,716
Kraft Heinz Co.
   6,126,246   236,901,933
Lamb Weston Holdings, Inc.
   1,106,405   115,641,451
McCormick & Co., Inc.
   1,929,084   160,519,080
Mondelez International, Inc. Class A
   10,489,622   731,336,446
Tyson Foods, Inc. Class A
   2,196,538   130,298,634
          3,067,672,222
HOUSEHOLD PRODUCTS — 20.8%  
Church & Dwight Co., Inc.
   1,876,429   165,895,088
Security Description     Shares   Value
Clorox Co.
   950,480   $ 150,403,955
Colgate-Palmolive Co.
   6,426,373   482,941,931
Kimberly-Clark Corp.
   2,596,899   348,555,784
Procter & Gamble Co.
   16,066,566   2,388,937,698
          3,536,734,456
PERSONAL CARE PRODUCTS — 2.6%  
Estee Lauder Cos., Inc. Class A
   1,782,494   439,313,471
TOBACCO — 7.8%  
Altria Group, Inc.
   13,738,266   613,001,429
Philip Morris International, Inc.
   7,359,235   715,685,604
          1,328,687,033
TOTAL COMMON STOCKS

(Cost $17,710,665,241)
         16,910,653,301
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (c)  (d)
   33,330,731   33,334,064
State Street Navigator Securities Lending Portfolio II (e)  (f)
   2,794,700   2,794,700
TOTAL SHORT-TERM INVESTMENTS

(Cost $36,129,705)
   36,128,764  
TOTAL INVESTMENTS — 99.7%

(Cost $17,746,794,946)
   16,946,782,065  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%
  42,893,025  
NET ASSETS — 100.0%
   $ 16,989,675,090  
(a) All or a portion of the shares of the security are on loan at March 31, 2023.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $16,910,653,301   $—   $—   $16,910,653,301
Short-Term Investments
   36,128,764   —   —   36,128,764
TOTAL INVESTMENTS
   $16,946,782,065   $—   $—   $16,946,782,065
See accompanying notes to financial statements.
16

Table of Contents
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 16,130,664   $16,133,890   $ 331,627,450   $ 314,425,000   $(828)   $(1,448)   33,330,731   $33,334,064   $551,723
State Street Navigator Securities Lending Portfolio II
 24,693,312   24,693,312   1,012,493,859   1,034,392,471   —   —   2,794,700   2,794,700   60,178
Total
     $40,827,202   $1,344,121,309   $1,348,817,471   $(828)   $(1,448)       $36,128,764   $611,901
See accompanying notes to financial statements.
17

Table of Contents
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.6%   
ENERGY EQUIPMENT & SERVICES — 8.6%  
Baker Hughes Co. (a)
   28,927,417   $ 834,845,254
Halliburton Co.
   25,996,748   822,537,107
Schlumberger NV
   33,063,841   1,623,434,593
          3,280,816,954
OIL, GAS & CONSUMABLE FUELS — 91.0%  
APA Corp.
   9,244,999   333,374,664
Chevron Corp.
   45,685,299   7,454,013,385
ConocoPhillips
   16,179,794   1,605,197,363
Coterra Energy, Inc. (a)
   22,672,234   556,376,622
Devon Energy Corp. (a)
   18,797,069   951,319,662
Diamondback Energy, Inc.
   5,284,537   714,310,866
EOG Resources, Inc. (a)
   15,084,799   1,729,170,509
EQT Corp. (a)
   10,554,354   336,789,436
Exxon Mobil Corp.
   79,965,173   8,768,980,871
Hess Corp. (a)
   7,978,820   1,055,917,039
Kinder Morgan, Inc. (a)
   56,884,130   996,041,116
Marathon Oil Corp.
   18,261,312   437,541,036
Marathon Petroleum Corp. (a)
   13,054,692   1,760,164,122
Occidental Petroleum Corp. (a)
   20,908,576   1,305,322,400
ONEOK, Inc.
   12,852,135   816,624,658
Phillips 66 (a)
   13,399,772   1,358,468,885
Pioneer Natural Resources Co. (a)
   6,832,106   1,395,389,330
Targa Resources Corp.
   6,509,402   474,860,876
Valero Energy Corp. (a)
   11,085,631   1,547,554,088
Williams Cos., Inc. (a)
   35,023,435   1,045,799,769
          34,643,216,697
TOTAL COMMON STOCKS

(Cost $36,420,759,916)
         37,924,033,651
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (b)  (c)
   92,476,067   $ 92,485,315
State Street Navigator Securities Lending Portfolio II (d)  (e)
   22,111,247   22,111,247
TOTAL SHORT-TERM INVESTMENTS

(Cost $114,605,113)
   114,596,562  
TOTAL INVESTMENTS — 99.9%

(Cost $36,535,365,029)
   38,038,630,213  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  26,670,570  
NET ASSETS — 100.0%
   $ 38,065,300,783  
(a) All or a portion of the shares of the security are on loan at March 31, 2023.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at March 31, 2023.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(e) Investment of cash collateral for securities loaned.
 
At March 31, 2023, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Energy Select Sector Index (long)   1,670   06/16/2023   $143,495,440   $145,785,576   $2,290,136
During the period ended March 31, 2023, average notional value related to futures contracts was $179,857,223.
See accompanying notes to financial statements.
18

Table of Contents
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $37,924,033,651   $—   $—   $37,924,033,651
Short-Term Investments
   114,596,562   —   —   114,596,562
TOTAL INVESTMENTS
   $38,038,630,213   $—   $—   $38,038,630,213
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   $ 2,290,136   $—   $—   $ 2,290,136
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $38,040,920,349   $—   $—   $38,040,920,349
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 97,350,272   $ 97,369,742   $1,161,265,887   $1,166,154,559   $15,751   $(11,506)   92,476,067   $ 92,485,315   $2,266,955
State Street Navigator Securities Lending Portfolio II
 32,065,518   32,065,518   2,131,923,106   2,141,877,377   —   —   22,111,247   22,111,247   185,151
Total
     $129,435,260   $3,293,188,993   $3,308,031,936   $15,751   $(11,506)       $114,596,562   $2,452,106
See accompanying notes to financial statements.
19

Table of Contents
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%   
BANKS — 24.1%  
Bank of America Corp.
   46,401,530   $ 1,327,083,758
Citigroup, Inc.
   12,876,759   603,791,229
Citizens Financial Group, Inc.
   3,274,106   99,434,599
Comerica, Inc.
   876,512   38,058,151
Fifth Third Bancorp (a)
   4,543,278   121,032,926
First Republic Bank (a)
   1,243,361   17,394,620
Huntington Bancshares, Inc. (a)
   9,593,999   107,452,789
JPMorgan Chase & Co.
   19,500,572   2,541,119,537
KeyCorp (a)
   6,205,042   77,687,126
M&T Bank Corp.
   1,125,529   134,579,503
PNC Financial Services Group, Inc.
   2,666,036   338,853,176
Regions Financial Corp.
   6,209,394   115,246,353
Truist Financial Corp.
   8,821,148   300,801,147
U.S. Bancorp
   9,262,506   333,913,341
Wells Fargo & Co.
   25,333,068   946,950,082
Zions Bancorp NA (a)
   1,001,230   29,966,814
          7,133,365,151
CAPITAL MARKETS — 21.9%  
Ameriprise Financial, Inc.
   700,131   214,590,152
Bank of New York Mellon Corp.
   4,889,942   222,198,964
BlackRock, Inc.
   995,739   666,268,880
Cboe Global Markets, Inc.
   705,392   94,691,822
Charles Schwab Corp.
   10,140,664   531,167,980
CME Group, Inc.
   2,391,659   458,050,532
FactSet Research Systems, Inc.
   254,268   105,544,104
Franklin Resources, Inc. (a)
   1,908,612   51,418,007
Goldman Sachs Group, Inc.
   2,251,260   736,409,659
Intercontinental Exchange, Inc.
   3,715,280   387,466,551
Invesco Ltd.
   3,043,427   49,912,203
MarketAxess Holdings, Inc.
   250,102   97,862,412
Moody's Corp.
   1,047,466   320,545,545
Morgan Stanley
   8,685,865   762,618,947
MSCI, Inc.
   531,574   297,516,652
Nasdaq, Inc.
   2,253,595   123,204,039
Northern Trust Corp. (a)
   1,385,573   122,110,548
Raymond James Financial, Inc. (a)
   1,288,661   120,193,411
S&P Global, Inc.
   2,188,661   754,584,653
State Street Corp. (b)
   2,320,288   175,622,599
T Rowe Price Group, Inc. (a)
   1,491,241   168,361,109
          6,460,338,769
CONSUMER FINANCE — 3.9%  
American Express Co.
   3,957,989   652,870,285
Capital One Financial Corp.
   2,535,036   243,769,062
Discover Financial Services
   1,775,036   175,444,558
Synchrony Financial
   2,905,636   84,495,895
          1,156,579,800
FINANCIAL SERVICES — 33.1%  
Berkshire Hathaway, Inc. Class B (c)
   11,978,322   3,698,546,484
Fidelity National Information Services, Inc.
   3,945,014   214,332,611
Security Description     Shares   Value
Fiserv, Inc. (c)
   4,221,909   $ 477,202,374
FleetCor Technologies, Inc. (c)
   490,251   103,369,423
Global Payments, Inc.
   1,749,108   184,076,126
Jack Henry & Associates, Inc.
   485,411   73,161,146
Mastercard, Inc. Class A
   5,609,297   2,038,474,623
PayPal Holdings, Inc. (c)
   7,521,695   571,197,518
Visa, Inc. Class A (a)
   10,803,168   2,435,682,257
          9,796,042,562
INSURANCE — 16.7%  
Aflac, Inc.
   3,722,250   240,159,570
Allstate Corp.
   1,748,609   193,763,363
American International Group, Inc.
   4,939,637   248,760,119
Aon PLC Class A
   1,365,634   430,570,744
Arch Capital Group Ltd. (c)
   2,459,007   166,892,805
Arthur J Gallagher & Co.
   1,410,000   269,747,100
Assurant, Inc.
   353,573   42,453,510
Brown & Brown, Inc.
   1,562,755   89,733,392
Chubb Ltd.
   2,759,208   535,783,010
Cincinnati Financial Corp.
   1,044,967   117,119,902
Everest Re Group Ltd.
   260,428   93,238,433
Globe Life, Inc.
   601,308   66,155,906
Hartford Financial Services Group, Inc.
   2,094,954   145,997,344
Lincoln National Corp. (a)
   1,030,407   23,153,245
Loews Corp.
   1,296,710   75,235,114
Marsh & McLennan Cos., Inc.
   3,291,177   548,145,530
MetLife, Inc.
   4,381,704   253,875,930
Principal Financial Group, Inc. (a)
   1,512,688   112,422,972
Progressive Corp.
   3,888,587   556,301,256
Prudential Financial, Inc.
   2,446,660   202,436,649
Travelers Cos., Inc.
   1,536,403   263,354,838
W R Berkley Corp. (a)
   1,354,197   84,312,305
Willis Towers Watson PLC
   709,669   164,912,882
          4,924,525,919
TOTAL COMMON STOCKS

(Cost $34,110,154,568)
         29,470,852,201
SHORT-TERM INVESTMENTS — 1.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (d)  (e)
   52,800,007   52,805,287
State Street Navigator Securities Lending Portfolio II (b)  (f)
   469,204,050   469,204,050
TOTAL SHORT-TERM INVESTMENTS

(Cost $522,009,927)
   522,009,337  
TOTAL INVESTMENTS — 101.5%

(Cost $34,632,164,495)
   29,992,861,538  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%
  (449,057,426)  
NET ASSETS — 100.0%
   $ 29,543,804,112  
(a) All or a portion of the shares of the security are on loan at March 31, 2023.
 
See accompanying notes to financial statements.
20

Table of Contents
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
(b) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(c) Non-income producing security.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2023.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $29,470,852,201   $—   $—   $29,470,852,201
Short-Term Investments
   522,009,337   —   —   522,009,337
TOTAL INVESTMENTS
   $29,992,861,538   $—   $—   $29,992,861,538
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Corp.
 2,979,555   $181,186,739   $ 133,057,589   $ 179,045,641   $(23,079,075)   $63,502,987   2,320,288   $175,622,599   $3,394,417
State Street Institutional Liquid Reserves Fund, Premier Class
 62,474,114   62,486,609   530,972,057   540,638,693   (7,705)   (6,981)   52,800,007   52,805,287   997,718
State Street Navigator Securities Lending Portfolio II
 122,805,648   122,805,648   1,777,234,722   1,430,836,320   —   —   469,204,050   469,204,050   256,817
Total
     $366,478,996   $2,441,264,368   $2,150,520,654   $(23,086,780)   $63,496,006       $697,631,936   $4,648,952
See accompanying notes to financial statements.
21

Table of Contents
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
BIOTECHNOLOGY — 16.1%  
AbbVie, Inc. (a)
   13,932,843   $ 2,220,477,189
Amgen, Inc.
   4,206,928   1,017,024,844
Biogen, Inc. (a)  (b)
   1,134,554