The Select Sector SPDR Trust
Annual Report

September 30, 2021


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.


TABLE OF CONTENTS

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Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

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Schedules of Investments  

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Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Communication Services Select Sector Index includes companies that have been identified as Communication Services companies by the Global Industry Classification Standard (GICS® ), including securities of companies from the following industries: diversified telecommunication services; wireless telecommunication services; media; entertainment; and interactive media & services.
The Consumer Discretionary Select Sector Index seeks to provide an effective representation of the consumer discretionary sector of the S&P 500 Index. The Index includes companies from the following industries: retail (specialty, multiline, internet and direct marketing); hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services.
The Consumer Staples Select Sector Index seeks to provide an effective representation of the consumer staple sector of the S&P 500 Index. The Index includes companies from the following industries: food and staples retailing; household products; food products; beverages; tobacco; and personal products.
The Energy Select Sector Index seeks to provide an effective representation of the energy sector of the S&P 500 Index. The Index includes companies from the following industries: oil, gas and consumable fuels; and energy equipment and services.
The Financials Select Sector Index seeks to provide an effective representation of the financial sector of the S&P 500 Index. The Index includes companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts ("REITs"); consumer finance; and thrifts and mortgage finance.
The Health Care Select Sector Index seeks to provide an effective representation of the health care sector of the S&P 500 Index. The Index includes companies from the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology.
The Industrials Select Sector Index seeks to provide an effective representation of the industrial sector of the S&P 500 Index. The Index includes companies from the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products.
The Materials Select Sector Index seeks to provide an effective representation of the materials sector of the S&P 500 Index. The Index includes companies from the following industries: chemicals; metals and mining; paper and forest products; containers and packaging; and construction materials.
The Real Estate Select Sector Index seeks to provide an effective representation of the real estate sector of the S&P 500 Index. The Index includes companies from the following industries: real estate management and development and REITs, excluding mortgage REITs.
See accompanying notes to financial statements.
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Table of Contents
Notes to Performance Summaries (Unaudited)  (continued)
The Technology Select Sector Index seeks to provide an effective representation of the technology sector of the S&P 500 Index. The Index includes companies from the following industries: technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components.
The Utilities Select Sector Index seeks to provide an effective representation of the utilities sector of the S&P 500 Index. The Index includes companies from the following industries: electric utilities; water utilities; multi-utilities; independent power producers and renewable electricity producers; and gas utilities.
The S&P 500 Index includes five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 25 separate industry groups.
See accompanying notes to financial statements.
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Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Communication Services Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index. The Fund’s benchmark is the Communication Services Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 35.88%, and the Index was 36.08%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
Despite the continued suffering of the global economy due to the challenges of the COVID-19 pandemic, the fund was still able to enjoy strong double digit returns for the period. Although restaurants, travel companies and retailers continued to feel the brunt of the negative impact, consumers reliance on social media tools like Facebook remained high as many people were still more comfortable staying close to home. In addition, students across the globe were forced to maintain reliance on remote learning, allowing Google’s parent company Alphabet to enjoy the benefits of increased demand for Google Chromebooks and other resources. Finally, the shift of viewership to streaming services continued to rise. As a result, Netflix reported its subscribers surpassed the 200 million mark for the first time toward the end of 2020 and the company is hoping to be cash flow positive after 2021. Even as students slowly started to return to in class learning and some workers began returning to the office, these trends continued to help the fund enjoy returns over 35% for the period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Facebook, Inc. Class A, Alphabet Inc. Class A, and Alphabet Inc. Class C. The top negative contributors to the Fund’s performance during the Reporting Period were Verizon Communications Inc., Take-Two Interactive Software, Inc., and Match Group, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Communication Services Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Communication Services Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Communication Services Select Sector Index S&P 500 Index  
    ONE YEAR   35.88% 35.92% 36.08% 30.00%   35.88% 35.92% 36.08% 30.00%  
    SINCE INCEPTION(1)   64.89% 64.85% 65.54% 64.81%   16.43% 16.42% 16.58% 16.42%  
(1) For the period June 18, 2018 to September 30, 2021.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
* Inception date.
The total expense ratio for The Communication Services Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Communication Services Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Facebook, Inc. Class A 3,285,189,650 21.7%  
  Alphabet, Inc. Class A 1,790,319,995 11.8  
  Alphabet, Inc. Class C 1,670,379,095 11.0  
  Netflix, Inc. 731,107,976 4.8  
  Verizon Communications, Inc. 714,269,180 4.7  
  TOTAL 8,191,265,896 54.0%  
(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 September 30, 2021*
* 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.
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Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Consumer Discretionary Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index. The Fund’s benchmark is the Consumer Discretionary Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.93%, and the Index was 23.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
Despite the continued suffering of the global economy due to the challenges of the COVID-19 pandemic, the fund was still able to enjoy positive returns all four quarters of the period. Although restaurants, travel companies and retailers continued to feel the brunt of the negative impact leading into the holiday season of 2020, online shopping services like Amazon continued to prosper as many consumers were still more comfortable shopping from the safety of their own homes. As restaurants tried their best to stay afloat by relying on creative outdoor eating setups, takeout service and home delivery, consumers were saving more than usual which helped them have more money to put back into the economy. U.S. consumers were still taking advantage of being at home by focusing on home improvement projects, allowing companies like Home Depot and Lowes to reap the benefits and help the Consumer Discretionary Index maintain positive returns. Meanwhile, Tesla’s Elon Musk welcomed a large increase in auto sales as well as being rewarded a $178 million contract by NASA to launch a spacecraft to Jupiter’s moon Europa. Despite the spread of the more contagious Delta variant and the realization supplemental unemployment payments from the federal government were unlikely to continue after September 2021, the fund still managed to finish the final quarter of the period in slightly positive territory.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Tesla Inc, Home Depot, Inc., and Starbucks Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Penn National Gaming, Inc., Las Vegas Sands Corp., and Best Buy Co., Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Consumer Discretionary Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Consumer Discretionary Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Consumer Discretionary Select Sector Index S&P 500 Index  
    ONE YEAR   22.93% 22.99% 23.11% 30.00%   22.93% 22.99% 23.11% 30.00%  
    FIVE YEARS   138.16% 138.15% 139.92% 118.26%   18.95% 18.95% 19.13% 16.90%  
    TEN YEARS   488.94% 488.97% 499.41% 365.86%   19.40% 19.40% 19.61% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Consumer Discretionary Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Consumer Discretionary Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Amazon.com, Inc. 4,347,145,992 22.1%  
  Tesla, Inc. 3,114,602,200 15.9  
  Home Depot, Inc. 1,727,558,850 8.8  
  McDonald's Corp. 903,898,726 4.6  
  NIKE, Inc. Class B 797,390,543 4.1  
  TOTAL 10,890,596,311 55.5%  
(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 September 30, 2021*
* 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.
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THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Consumer Staples Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Staples Select Sector Index. The Fund’s benchmark is the Consumer Staples Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 10.19%, and the Index was 10.35%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The COVID- 19 pandemic and the policy and medical responses to it were the primary drivers of Fund performance during the Reporting Period. The lingering effects of the Great Shutdown, spread of the Delta variant of COVID-19 and uneven vaccination rates had far reaching impacts on the constituents of this Fund. One of the negative impacts was the continuing increased operating costs associated with maintaining a healthy and safe working environment. These higher operating costs were also observed in the difficult hiring environment as many were either unable or unwilling to work. Another significant issue was the challenges around keeping production lines open and operating in the face of significant side bottlenecks and disruptions. All of this led to a dramatic rise in transportation and commodity costs. Constituents whose business model involved supplying restaurants were particularly harmed by the repressed operating environment. In general, the earnings for many of the constituents were negatively impacted by product availability and inflationary impacts on the supply side. Additionally, the market environment generally favored more “risk on” entities. Conversely, aggressive monetary and fiscal stimulus helped as the economic activity associated with increased unemployment was mainly mitigated especially in regard to activity within the consumer staples segment. Additionally, firms that had a strong internet presence were generally better able to weather the pandemic impacts.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Costco Wholesale Corporation, Altria Group Inc, and Philip Morris International Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Clorox Company, Kimberly-Clark Corporation, and McCormick & Company, Incorporated.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Consumer Staples Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Consumer Staples Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Consumer Staples Select Sector Index S&P 500 Index  
    ONE YEAR   10.19% 10.21% 10.35% 30.00%   10.19% 10.21% 10.35% 30.00%  
    FIVE YEARS   48.26% 48.29% 49.19% 118.26%   8.19% 8.20% 8.33% 16.90%  
    TEN YEARS   204.03% 204.03% 209.32% 365.86%   11.76% 11.76% 11.95% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Consumer Staples Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Consumer Staples Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Procter & Gamble Co. 1,880,627,206 16.0%  
  PepsiCo, Inc. 1,152,042,081 9.8  
  Coca-Cola Co. 1,129,661,680 9.6  
  Walmart, Inc. 1,103,856,149 9.4  
  Mondelez International, Inc. Class A 549,223,971 4.7  
  TOTAL 5,815,411,087 49.5%  
(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 September 30, 2021*
* 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.
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THE ENERGY SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Energy Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Energy Select Sector Index. The Fund’s benchmark is the Energy Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 81.93%, and the Index was 82.48%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the index and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.
The start of mass vaccinations, election results, stimulus package deals, inflation concerns, and increased demand were the primary drivers of Fund performance during the Reporting Period. The Fund had positive performance in three of the quarters in the Reporting Period.
Risk assets rallied in the Q4 2020 on positive news flow on vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth. Commodities registered robust returns and oil prices rose as stronger demand outlook offset concerns on increased supply. The U.S. dollar declined by nearly 4% in the quarter, its weakest fourth quarter performance since 2003, amid increased risk appetite and continued monetary support. On the fiscal front, the U.S. Congress reached a sizeable stimulus package deal of $900 billion, ending months of stalemate.
Economic recovery gathered pace in Q1 2021 on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Although manufacturing continued to expand strongly across regions, services growth improved in the United States. Emergence of new variants of COVID-19 and a pick-up in inflation caused by cost pressures across supply chains remained key risks to growth momentum. Risk assets continued to rally in the quarter with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. Commodities registered modest gains and oil prices rallied sharply on optimism that demand would rebound even as OPEC+ countries kept a tight rein on additional supplies. The U.S. dollar registered its best quarterly performance since 2018 amid rising expectations of a strong U.S. economic recovery. On the fiscal front, the U.S. Congress passed a third major stimulus package in the form of a $1.9 trillion American Rescue Plan backed by U.S. President Joe Biden. On the monetary policy front, despite markets pricing in higher growth and inflation being at the long end of the curve, the Federal Reserve reiterated its accommodative monetary policy stance after and indicated that it did not expect to raise interest rates in near future. The Federal Reserve remains focused on restoring the economy to full employment.
Global growth recovery broadened in Q2 2021 aided by accelerated vaccine rollout in the United States and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of COVID-19 and potential central bank tightening on inflationary concerns. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. The U.S. dollar remained flat for the quarter with the decline in the first half of the quarter made good during the strong monthly performance in June. On the monetary policy front, although the Federal Reserve reiterated that the rise in inflation is transitory, its tone was more hawkish. The Federal Reserve acknowledged discussions around tapering and indicated the possibility of at least two hikes by end-2023 through its “dot plot” projections.
While global growth recovery regained momentum in the first half of the Q3 2021, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch pose key risks to recovery momentum. Risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. Commodities registered positive returns in the third quarter, driven by higher energy prices. On the
See accompanying notes to financial statements.
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Table of Contents
THE ENERGY SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)  (continued)
fiscal front, the U.S. Congress narrowly avoided a government shutdown in September, setting a stage for debt ceiling struggle in the fourth quarter. On the monetary policy front, central bankers across the globe laid down the groundwork for policy normalization while emphasizing the transitory nature of high inflation levels.
The Fund used futures contracts in order to expose cash and receivables to the market during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Exxon Mobil Corporation, EOG Resources, Inc., and Chevron Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were E-mini SP 500 Energy (CME) Dec 21, Noble Energy, Inc., and E-mini SP 500 Energy (CME) Sep 21.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Energy Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Energy Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Energy Select Sector Index S&P 500 Index  
    ONE YEAR   81.93% 81.91% 82.48% 30.00%   81.93% 81.91% 82.48% 30.00%  
    FIVE YEARS   7.47% 7.47% 6.76% 118.26%   1.54% 1.54% 1.39% 16.90%  
    TEN YEARS   24.87% 24.82% 26.56% 365.86%   2.25% 2.24% 2.38% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Energy Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Energy Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Exxon Mobil Corp. 5,744,072,100 22.9%  
  Chevron Corp. 5,016,023,799 20.0  
  Schlumberger NV 1,183,474,427 4.7  
  ConocoPhillips 1,139,600,396 4.5  
  Marathon Petroleum Corp. 1,126,308,186 4.5  
  TOTAL 14,209,478,908 56.6%  
(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 September 30, 2021*
* 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.
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THE FINANCIAL SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Financial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index. The Fund’s benchmark is the Financials Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 58.79%, and the Index was 59.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, and cash drag contributed to the difference between the Fund’s performance and that of the Index.
The start of the Reporting Period brought a reversion to prior sentiments with a bounce back and returns in excess of 23% for the first quarter. This was thanks, in part, to hopes of economic recovery and higher interest rates following the distribution of COVID-19 vaccines and the Federal Reserve's new guidance giving banks the go-ahead for limited dividends and share repurchases, starting at the beginning of 2021. The financial sector is more sensitive to economic cycles and, as the Reporting Period progressed, sentiment and the hawkish tone conveyed by the Federal Reserve continued to drive positive returns with an overall return of almost 58.79% for the Period. Financial stocks benefit from a rising rate environment through increased profit margin. This was the overarching theme for most of the Period until the end of the 4th quarter of the Reporting Period, when lower rates began to suggest slower economic growth.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Bank of America Corp, JPMorgan Chase & Co., and Berkshire Hathaway Inc. Class B. The top negative contributors to the Fund’s performance during the Reporting Period were E*TRADE Financial Corporation, MarketAxess Holdings Inc., and Brown & Brown, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Financial Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Financial Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Financial Select Sector Index S&P 500 Index  
    ONE YEAR   58.79% 58.79% 59.13% 30.00%   58.79% 58.79% 59.13% 30.00%  
    FIVE YEARS   114.25% 114.16% 115.85% 118.26%   16.46% 16.45% 16.64% 16.90%  
    TEN YEARS   373.58% 373.50% 380.74% 365.86%   16.83% 16.82% 17.00% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Financial Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Financial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Berkshire Hathaway, Inc. Class B 4,904,905,663 12.1%  
  JPMorgan Chase & Co. 4,741,969,166 11.7  
  Bank of America Corp. 3,047,492,759 7.6  
  Wells Fargo & Co. 1,847,601,035 4.6  
  Citigroup, Inc. 1,378,967,592 3.4  
  TOTAL 15,920,936,215 39.4%  
(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 September 30, 2021*
* 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.
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Table of Contents
THE HEALTH CARE SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Health Care Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index. The Fund’s benchmark is the Health Care Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.37%, and the Index was 22.56%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The COVID-19 pandemic and the policy and medical response to it have had a dramatic and varied impact on most of the constituents of this fund during the Reporting Period. Some constituents have seen increased sales as consumers increased their purchasing of varied pharmaceuticals owing to both continuing concerns of potential shortages and pandemic-related concerns. A number of firms' returns were also helped by a return to near pre-pandemic levels of elective surgery although the rise of the Delta variant late in the period led to some retrenchment in the numbers. Firms directly involved in COVID-19-related medicines saw the largest increase in demand and included firms involved in the testing, vaccination and treatment of COVID-19. Conversely, this fund was negatively impacted by heightened concerns around both legislative action on pharmaceutical pricing, and general increased regulatory scrutiny and costs. Offsetting this, secular trends such as the continuing increased health care demands associated with the ongoing aging of the American population continue to make a positive contribution to many of this fund’s constituents. This demographic trend is anticipated to lead to continued strong growth in the medical products, pharmaceuticals and medical services markets. Additionally, the returns for many of the constituents of this Fund were helped by the sector’s continued dramatic innovation success as evidenced by a much quicker than anticipated response to the COVID-19 pandemic. This spirit and success at innovation has positively contributed to the fund in the past and breakthroughs associated with the recent pandemic response are expected to contribute to returns in the future. Finally though slower than recent periods, mergers and acquisitions both completed and anticipated contributed to this Fund’s return.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Incorporated, Eli Lilly and Company, and AbbVie, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Amgen Inc., Merck & Co., Inc., and Vertex Pharmaceuticals Incorporated.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Health Care Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Health Care Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Health Care Select Sector Index S&P 500 Index  
    ONE YEAR   22.37% 22.46% 22.56% 30.00%   22.37% 22.46% 22.56% 30.00%  
    FIVE YEARS   92.35% 92.32% 93.78% 118.26%   13.98% 13.97% 14.15% 16.90%  
    TEN YEARS   374.85% 374.79% 382.94% 365.86%   16.86% 16.86% 17.05% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Health Care Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Health Care Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Johnson & Johnson 2,661,273,551 8.8%  
  UnitedHealth Group, Inc. 2,306,265,874 7.6  
  Pfizer, Inc. 1,509,486,057 5.0  
  Thermo Fisher Scientific, Inc. 1,406,964,685 4.6  
  Abbott Laboratories 1,310,912,827 4.3  
  TOTAL 9,194,902,994 30.3%  
(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 September 30, 2021*
* 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.
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Table of Contents
THE INDUSTRIAL SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Industrial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Industrial Select Sector Index. The Fund’s benchmark is the Industrial Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 28.74%, and the Index was 28.96%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and a drag from holding a small amount of cash in the portfolio contributed to the difference between the Fund’s performance and that of the Index.
Economic recovery, progress on the COVID-19 vaccine, supply chain issues and increased consumer spending were primary drivers of Fund performance during the Reporting Period. Airline travel rebounded sharply over the last twelve months as passengers became more comfortable with safety issues and released some pent up demand. All of the airline stocks in the index had stronger returns than the index itself. As consumers still largely shifted their purchasing towards online retailers, the Railroad and Trucking stocks within the index benefited greatly. Interestingly, however, major delivery companies like FedEx and United Parcel Service did not benefit as much as one may have expected, largely due to the tremendous growth of an alternative delivery service from the world’s largest online retailer. Building products, construction, and machinery firms also enjoyed a very strong reporting period as the demand for housing and home improvement projects continued to grow.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were General Electric Company, Honeywell International Inc., and Raytheon Technologies Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Lockheed Martin Corporation, FedEx Corporation, and C.H. Robinson Worldwide, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Industrial Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Industrial Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Industrial Select Sector Index S&P 500 Index  
    ONE YEAR   28.74% 28.74% 28.96% 30.00%   28.74% 28.74% 28.96% 30.00%  
    FIVE YEARS   83.81% 83.75% 85.44% 118.26%   12.95% 12.94% 13.15% 16.90%  
    TEN YEARS   308.03% 308.05% 315.09% 365.86%   15.10% 15.10% 15.30% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Industrial Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Industrial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Honeywell International, Inc. 863,295,209 5.0%  
  United Parcel Service, Inc. Class B 781,209,546 4.5  
  Raytheon Technologies Corp. 763,492,938 4.4  
  Union Pacific Corp. 752,932,233 4.3  
  Boeing Co. 713,819,889 4.1  
  TOTAL 3,874,749,815 22.3%  
(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 September 30, 2021*
* 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.
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Table of Contents
THE MATERIALS SELECT SECTOR SPDR FUND
Management's Discussion of Fund Performance (Unaudited)
The Materials Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Materials Select Sector Index. The Fund’s benchmark is the Materials Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 26.60%, and the Index was 26.48%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the index and Fund expenses contributed to the difference between the Fund’s performance and that of the Index
The start of mass vaccinations, election results, stimulus package deals, inflation concerns, and increased demand were the primary drivers of Fund performance during the Reporting Period. The Fund had positive performance in three of the quarters in the Reporting Period.
Risk assets rallied in the Q4 2020 on positive news flow on vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth. Commodities registered robust returns and oil prices rose as stronger demand outlook offset concerns on increased supply. The U.S. dollar declined by nearly 4% in the quarter, its weakest fourth quarter performance since 2003, amid increased risk appetite and continued monetary support. On the fiscal front, the U.S. Congress reached a sizeable stimulus package deal of US$900 billion, ending months of stalemate.
Economic recovery gathered pace in Q1 2021 on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Although manufacturing continued to expand strongly across regions, services growth improved in the United States. Emergence of new variants of COVID-19 and a pick-up in inflation caused by cost pressures across supply chains remained key risks to growth momentum. Risk assets continued to rally in the quarter with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. Commodities registered modest gains and oil prices rallied sharply on optimism that demand would rebound even as OPEC+ countries kept a tight rein on additional supplies. The U.S. dollar registered its best quarterly performance since 2018 amid rising expectations of a strong U.S. economic recovery. On the fiscal front, the U.S. Congress passed a third major stimulus package in the form of a US$1.9 trillion American Rescue Plan backed by U.S. President Joe Biden. On the monetary policy front, despite markets pricing in higher growth and inflation being at the long end of the curve, the Federal Reserve reiterated its accommodative monetary policy stance and indicated it did not expect to raise interest rates in near future. The Federal Reserve remains focused on restoring the economy to full employment.
Global growth recovery broadened in Q2 2021 aided by accelerated vaccine rollout in the United States and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of COVID-19 and potential central bank tightening on inflationary concerns. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. The U.S. dollar remained flat for the quarter with the decline in the first half of the quarter made good during the strong monthly performance in June. On the fiscal front, U.S. President Joe Biden secured an infrastructure package deal worth US$1 trillion, which, however, fell short of the US$2.3 trillion plan proposed in March. On the monetary policy front, although the Federal Reserve reiterated that the rise in inflation is transitory, its tone was more hawkish. The Federal Reserve acknowledged discussions around tapering and indicated the possibility of at least two hikes by end-2023 through its “dot plot” projections.
While global growth recovery regained momentum in the first half of the quarter, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch pose key risks to recovery momentum. Risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. Commodities registered positive returns in the third quarter, driven by higher energy prices. On the
See accompanying notes to financial statements.
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Table of Contents
THE MATERIALS SELECT SECTOR SPDR FUND
Management's Discussion of Fund Performance (Unaudited)  (continued)
fiscal front, U.S. congress narrowly avoided a government shutdown in September, setting a stage for debt ceiling struggle in the fourth quarter. On the monetary policy front, central bankers across the globe laid down the groundwork for policy normalization while emphasizing the transitory nature of high inflation levels.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Nucor Corporation, Freeport-McMoRan, Inc., and Linde plc. The top negative contributors to the Fund’s performance during the Reporting Period were Air Products and Chemicals, Inc., FMC Corporation, and Newmont Corporation.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Materials Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Materials Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Materials Select Sector Index S&P 500 Index  
    ONE YEAR   26.60% 26.63% 26.48% 30.00%   26.60% 26.63% 26.48% 30.00%  
    FIVE YEARS   82.96% 82.93% 83.39% 118.26%   12.84% 12.84% 12.89% 16.90%  
    TEN YEARS   231.63% 231.78% 235.65% 365.86%   12.74% 12.74% 12.87% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Materials Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Materials Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Linde PLC 1,251,560,547 16.7%  
  Sherwin-Williams Co. 559,766,584 7.5  
  Air Products & Chemicals, Inc. 468,333,759 6.2  
  Ecolab, Inc. 428,934,611 5.7  
  Freeport-McMoRan, Inc. 394,508,193 5.3  
  TOTAL 3,103,103,694 41.4%  
(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 September 30, 2021*
* 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.
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Table of Contents
THE REAL ESTATE SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Real Estate Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Real Estate Select Sector Index. The Fund’s benchmark is the Real Estate Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 30.42%, and the Index was 30.64%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.
Economic recovery over the Reporting period gathered pace on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. The real estate sector as measured by the Index performed roughly in-line with broad U.S. large-cap equities as measured by the S&P 500 Index over the Reporting Period. Retail REITs and hotel and resort REITs, the sub-industries hit hardest by COVID-19, have shown signs of recovery by advancing over 50% over the Reporting period. Industrial REITs and specialized REITs lagged over the Reporting Period. While many REITs within these sub-industries continue to benefit from the advancement of technology, they could not maintain the same momentum from the prior Reporting Period.
The Fund used index futures in order to equitize dividend receivables and cash during the Reporting Period. The Fund’s use of index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period werePrologis, Inc, Simon Property Group, Inc. and CBRE Group, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were SBA Communications Corp. Class A, Weingarten Realty Investors and Apartment Income REIT Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
The Real Estate Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Real Estate Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Real Estate Select Sector Index S&P 500 Index  
    ONE YEAR   30.42% 30.52% 30.64% 30.00%   30.42% 30.52% 30.64% 30.00%  
    FIVE YEARS   61.74% 61.72% 62.79% 118.26%   10.09% 10.09% 10.24% 16.90%  
    SINCE INCEPTION(1)   82.63% 82.65% 84.15% 142.23%   10.59% 10.59% 10.75% 15.94%  
(1) For the period October 7, 2015 to September 30, 2021.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
* Inception date.
The total expense ratio for The Real Estate Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
The Real Estate Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  American Tower Corp. REIT 546,978,161 12.8%  
  Prologis, Inc. REIT 419,862,124 9.8  
  Crown Castle International Corp. REIT 339,190,706 7.9  
  Equinix, Inc. REIT 321,114,363 7.5  
  Public Storage REIT 205,120,217 4.8  
  TOTAL 1,832,265,571 42.8%  
(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 September 30, 2021*
* 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.
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THE TECHNOLOGY SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Technology Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Technology Select Sector Index. The Fund’s benchmark is the Technology Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 28.93%, and the Index was 29.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.
Widespread technology integration, economic recovery and progress on the COVID-19 vaccine were primary drivers of Fund performance during the Reporting Period. The Fund had positive performance in each of the four quarters of the Reporting Period. The positive performance in the first quarter of the Reporting Period was driven by progress on vaccines, strong macro data and a resolution to the U.S. elections. Performance in the second quarter of the Reporting Period was helped by ongoing reopening of the economy, ongoing demand for cloud computing and continued progress on vaccine distribution. The third quarter of the Reporting Period had positive performance as more states lifted COVID-19 restrictions, strong earnings and despite inflation concerns. The fourth quarter of the Reporting Period’s positive performance was driven by demand for computer chips for gaming and data centers, interest in artificial intelligence technology, ongoing reopening of the economy and strong macroeconomic data.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Apple Inc., Microsoft Corporation, and NVIDIA Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Enphase Energy, Inc., Fidelity National Information Services, Inc., and Citrix Systems, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
32


Table of Contents
The Technology Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Technology Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Technology Select Sector Index S&P 500 Index  
    ONE YEAR   28.93% 29.04% 29.13% 30.00%   28.93% 29.04% 29.13% 30.00%  
    FIVE YEARS   233.40% 233.34% 236.54% 118.26%   27.23% 27.23% 27.47% 16.90%  
    TEN YEARS   639.78% 639.65% 654.11% 365.86%   22.15% 22.15% 22.39% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Technology Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
33


Table of Contents
The Technology Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  Apple, Inc. 9,450,260,177 22.0%  
  Microsoft Corp. 9,010,211,972 21.0  
  NVIDIA Corp. 2,195,541,342 5.1  
  Visa, Inc. Class A 1,598,775,428 3.7  
  PayPal Holdings, Inc. 1,300,347,953 3.0  
  TOTAL 23,555,136,872 54.8%  
(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 September 30, 2021*
* 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.
34


Table of Contents
THE UTILITIES SELECT SECTOR SPDR FUND
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The Utilities Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Utilities Select Sector Index. The Fund’s benchmark is the Utilities Select Sector Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 10.95%, and the Index was 11.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The COVID-19 pandemic and the policy and medical responses to it had a significant impact on this Fund’s return during the Reporting Period. Additional factors that impacted this Fund were heightened concerns regarding the legislative environments in relation to regulatory scrutiny, potential business restrictions and potential increased green energy-related compliance costs. Interest rates have been relatively low during the Reporting Period and typically this Fund’s returns have been helped by low interest rate environments owing to the sector’s capital intensive nature. The unprecedented societal, health and economic events associated with the COVID-19 pandemic overwhelmed the typical observed impacts of low interest rate environments.
Now with expectations of rising interest rates in the future, the constituents are being negatively impacted by profitability concerns associated with the generally higher level of debt on many utility firm’s balance sheets. Significant increases in commodity prices and a general "risk on" market environment also hurt this fund.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were NextEra Energy, Inc., Southern Company, and Exelon Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Xcel Energy Inc., Dominion Energy Inc, and WEC Energy Group Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
35


Table of Contents
The Utilities Select Sector SPDR Fund
Performance Summary (Unaudited)
Performance as of September 30, 2021
        Cumulative Total Return   Average Annual Total Return    
        Net
Asset
Value
Market
Value
Utilities Select Sector Index S&P 500 Index   Net
Asset
Value
Market
Value
Utilities Select Sector Index S&P 500 Index  
    ONE YEAR   10.95% 11.03% 11.01% 30.00%   10.95% 11.03% 11.01% 30.00%  
    FIVE YEARS   53.72% 53.72% 54.69% 118.26%   8.98% 8.98% 9.12% 16.90%  
    TEN YEARS   169.31% 169.19% 174.07% 365.86%   10.41% 10.41% 10.61% 16.63%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for The Utilities Select Sector SPDR Fund as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
36


Table of Contents
The Utilities Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of September 30, 2021

       
  Description Market Value % of Net Assets  
  NextEra Energy, Inc. 2,045,389,308 17.1%  
  Duke Energy Corp. 996,958,165 8.3  
  Southern Co. 871,276,201 7.3  
  Dominion Energy, Inc. 783,905,115 6.6  
  Exelon Corp. 627,657,485 5.2  
  TOTAL 5,325,186,274 44.5%  
(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 September 30, 2021*
* 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.
37


Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 100.0%   
DIVERSIFIED TELECOMMUNICATION SERVICES — 10.2%  
AT&T, Inc.

  26,386,312   $ 712,694,287
Lumen Technologies, Inc. (a)

  10,395,911   128,805,337
Verizon Communications, Inc.

  13,224,758   714,269,180
          1,555,768,804
ENTERTAINMENT — 18.2%  
Activision Blizzard, Inc.

  8,127,985   629,024,759
Electronic Arts, Inc.

  2,974,206   423,080,803
Live Nation Entertainment, Inc. (a)  (b)

  1,377,002   125,486,192
Netflix, Inc. (b)

  1,197,870   731,107,976
Take-Two Interactive Software, Inc. (b)

  1,217,712   187,612,888
Walt Disney Co. (b)

  3,895,211   658,952,845
          2,755,265,463
INTERACTIVE MEDIA & SERVICES — 50.8%  
Alphabet, Inc. Class A (b)

  669,649   1,790,319,995
Alphabet, Inc. Class C (b)

  626,711   1,670,379,095
Facebook, Inc. Class A (b)

  9,679,689   3,285,189,650
Match Group, Inc. (b)

  2,892,984   454,169,558
Twitter, Inc. (b)

  8,339,665   503,632,369
          7,703,690,667
MEDIA — 16.2%  
Charter Communications, Inc. Class A (a)  (b)

  911,165   662,927,207
Comcast Corp. Class A

  12,094,125   676,424,411
Discovery, Inc. Class A (a)  (b)

  1,767,156   44,850,419
Discovery, Inc. Class C (b)

  3,174,365   77,041,839
DISH Network Corp. Class A (a)  (b)

  2,601,587   113,064,971
Fox Corp. Class A

  3,379,936   135,569,233
Fox Corp. Class B

  1,550,093   57,539,452
Interpublic Group of Cos., Inc.

  4,113,822   150,853,853
News Corp. Class A

  4,088,631   96,205,487
Security Description     Shares   Value
News Corp. Class B

  1,272,728   $ 29,565,472
Omnicom Group, Inc.

  2,240,839   162,371,194
ViacomCBS, Inc. Class B

  6,331,484   250,156,933
          2,456,570,471
WIRELESS TELECOMMUNICATION SERVICES — 4.6%  
T-Mobile US, Inc. (b)

  5,482,598   700,456,721
TOTAL COMMON STOCKS

(Cost $13,100,701,904)

        15,171,752,126
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  3,600,221   3,600,941
State Street Navigator Securities Lending Portfolio II (e)  (f)

  76,583,434   76,583,434
TOTAL SHORT-TERM INVESTMENTS

(Cost $80,184,375)

  80,184,375  
TOTAL INVESTMENTS — 100.5%

(Cost $13,180,886,279)

  15,251,936,501  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%

  (75,879,611)  
NET ASSETS — 100.0%

  $ 15,176,056,890  
(a) All or a portion of the shares of the security are on loan at September 30, 2021.
(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 September 30, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at September 30, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 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 September 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $15,171,752,126   $—   $—   $15,171,752,126
Short-Term Investments

  80,184,375       80,184,375
TOTAL INVESTMENTS

  $15,251,936,501   $—   $—   $15,251,936,501
See accompanying notes to financial statements.
38


Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Affiliate Table
  Number of
Shares Held
at
9/30/20
  Value at

9/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
9/30/21
  Value at

9/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

2,140,112   $ 2,140,540   $ 228,410,995   $ 226,952,539   $1,731   $214   3,600,221   $ 3,600,941   $ 6,281
State Street Navigator Securities Lending Portfolio II

58,511,408   58,511,408   828,193,562   810,121,536       76,583,434   76,583,434   87,542
Total

    $60,651,948   $1,056,604,557   $1,037,074,075   $1,731   $214       $80,184,375   $93,823
See accompanying notes to financial statements.
39


Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTO COMPONENTS — 1.3%  
Aptiv PLC (a)

  1,357,965   $ 202,296,046
BorgWarner, Inc. (b)

  1,203,748   52,013,951
          254,309,997
AUTOMOBILES — 19.2%  
Ford Motor Co. (a)

  19,697,957   278,923,071
General Motors Co. (a)

  7,287,648   384,131,926
Tesla, Inc. (a)

  4,016,354   3,114,602,200
          3,777,657,197
DISTRIBUTORS — 1.2%  
Genuine Parts Co.

  718,949   87,158,187
LKQ Corp. (a)

  1,357,219   68,295,260
Pool Corp.

  201,326   87,458,028
          242,911,475
HOTELS, RESTAURANTS & LEISURE — 19.4%  
Booking Holdings, Inc. (a)

  206,147   489,366,179
Caesars Entertainment, Inc. (a)

  1,071,405   120,297,353
Carnival Corp. (a)  (b)

  4,008,641   100,256,111
Chipotle Mexican Grill, Inc. (a)

  141,046   256,353,926
Darden Restaurants, Inc.

  654,222   99,095,006
Domino's Pizza, Inc.

  184,984   88,229,969
Expedia Group, Inc. (a)

  729,343   119,539,318
Hilton Worldwide Holdings, Inc. (a)

  1,398,998   184,821,626
Las Vegas Sands Corp. (a)

  1,725,863   63,166,586
Marriott International, Inc. Class A (a)

  1,373,226   203,361,038
McDonald's Corp.

  3,748,906   903,898,726
MGM Resorts International

  2,007,841   86,638,339
Norwegian Cruise Line Holdings, Ltd. (a)  (b)

  1,857,546   49,615,054
Penn National Gaming, Inc. (a)

  787,052   57,029,788
Royal Caribbean Cruises, Ltd. (a)  (b)

  1,125,092   100,076,933
Starbucks Corp.

  5,919,097   652,935,590
Wynn Resorts, Ltd. (a)  (b)

  528,425   44,784,019
Yum! Brands, Inc.

  1,484,121   181,522,839
          3,800,988,400
HOUSEHOLD DURABLES — 3.6%  
D.R. Horton, Inc.

  1,636,239   137,394,989
Garmin, Ltd.

  762,746   118,576,493
Leggett & Platt, Inc.

  669,188   30,006,390
Lennar Corp. Class A

  1,378,958   129,180,785
Mohawk Industries, Inc. (a)

  280,719   49,799,551
Newell Brands, Inc.

  1,900,583   42,078,908
NVR, Inc. (a)

  16,887   80,957,629
PulteGroup, Inc.

  1,302,772   59,823,290
Whirlpool Corp.

  314,750   64,164,935
          711,982,970
INTERNET & DIRECT MARKETING RETAIL — 24.0%  
Amazon.com, Inc. (a)

  1,323,316   4,347,145,992
eBay, Inc.

  3,263,270   227,352,021
Security Description     Shares   Value
Etsy, Inc. (a)

  635,408   $ 132,139,448
          4,706,637,461
LEISURE EQUIPMENT & PRODUCTS — 0.3%  
Hasbro, Inc.

  649,720   57,968,019
MULTILINE RETAIL — 4.7%  
Dollar General Corp.

  1,185,732   251,541,186
Dollar Tree, Inc. (a)

  1,164,423   111,458,570
Target Corp.

  2,483,473   568,144,118
          931,143,874
SPECIALTY RETAIL — 20.6%  
Advance Auto Parts, Inc.

  328,523   68,625,169
AutoZone, Inc. (a)

  108,218   183,753,082
Bath & Body Works, Inc.

  1,329,050   83,770,022
Best Buy Co., Inc.

  1,131,610   119,622,493
CarMax, Inc. (a)

  817,908   104,659,508
Gap, Inc. (b)

  1,080,498   24,527,305
Home Depot, Inc.

  5,262,776   1,727,558,850
Lowe's Cos., Inc.

  3,548,575   719,863,924
O'Reilly Automotive, Inc. (a)

  346,169   211,530,029
Ross Stores, Inc.

  1,792,770   195,143,015
TJX Cos., Inc.

  6,056,567   399,612,291
Tractor Supply Co.

  573,968   116,291,656
Ulta Beauty, Inc. (a)

  274,847   99,197,779
          4,054,155,123
TEXTILES, APPAREL & LUXURY GOODS — 5.6%  
Hanesbrands, Inc.

  1,752,781   30,077,722
NIKE, Inc. Class B

  5,490,536   797,390,543
PVH Corp. (a)

  358,192   36,818,556
Ralph Lauren Corp.

  244,088   27,103,532
Tapestry, Inc.

  1,399,905   51,824,483
Under Armour, Inc. Class A (a)

  947,030   19,111,065
Under Armour, Inc. Class C (a)

  1,046,217   18,329,722
VF Corp.

  1,635,988   109,594,836
          1,090,250,459
TOTAL COMMON STOCKS

(Cost $17,579,825,818)

        19,628,004,975
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  5,827,718   5,828,883
State Street Navigator Securities Lending Portfolio II (e)  (f)

  88,081,524   88,081,524
TOTAL SHORT-TERM INVESTMENTS

(Cost $93,910,407)

  93,910,407  
TOTAL INVESTMENTS — 100.4%

(Cost $17,673,736,225)

  19,721,915,382  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%

  (88,178,802)  
NET ASSETS — 100.0%

  $ 19,633,736,580  
(a) Non-income producing security.
 
See accompanying notes to financial statements.
40


Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

(b) All or a portion of the shares of the security are on loan at September 30, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at September 30, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 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 September 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $19,628,004,975   $—   $—   $19,628,004,975
Short-Term Investments

  93,910,407       93,910,407
TOTAL INVESTMENTS

  $19,721,915,382   $—   $—   $19,721,915,382
Affiliate Table
  Number of
Shares Held
at
9/30/20
  Value at

9/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
9/30/21
  Value at

9/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,665,605   $ 1,665,938   $ 390,397,485   $ 386,235,893   $1,353   $—   5,827,718   $ 5,828,883   $ 7,149
State Street Navigator Securities Lending Portfolio II

78,424,080   78,424,080   1,630,441,581   1,620,784,137       88,081,524   88,081,524   108,910
Total

    $80,090,018   $2,020,839,066   $2,007,020,030   $1,353   $—       $93,910,407   $116,059
See accompanying notes to financial statements.
41


Table of Contents
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.6%   
BEVERAGES — 24.6%  
Brown-Forman Corp. Class B

  1,234,035   $ 82,692,685
Coca-Cola Co.

  21,529,668   1,129,661,680
Constellation Brands, Inc. Class A

  1,138,275   239,823,160
Molson Coors Beverage Co. Class B (a)

  1,268,367   58,826,861
Monster Beverage Corp. (b)

  2,535,967   225,269,949
PepsiCo, Inc.

  7,659,345   1,152,042,081
          2,888,316,416
FOOD & STAPLES RETAILING — 19.7%  
Costco Wholesale Corp.

  1,178,366   529,498,762
Kroger Co. (a)

  4,592,241   185,664,303
Sysco Corp.

  3,454,956   271,214,046
Walmart, Inc.

  7,919,760   1,103,856,149
Walgreens Boots Alliance, Inc.

  4,848,518   228,122,772
          2,318,356,032
FOOD PRODUCTS — 18.3%  
Archer-Daniels-Midland Co.

  3,777,644   226,696,417
Campbell Soup Co. (a)

  1,367,058   57,156,695
Conagra Brands, Inc.

  3,243,972   109,873,332
General Mills, Inc.

  4,094,467   244,931,016
Hershey Co.

  982,173   166,232,780
Hormel Foods Corp.

  1,898,294   77,830,054
J.M. Smucker Co.

  731,670   87,822,350
Kellogg Co.

  1,726,583   110,363,185