The Select Sector SPDR Trust
Semi-Annual Report
March 31, 2022

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

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Table of Contents
The Communication Services Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Meta Platforms, Inc. Class A 2,355,760,555 19.9%  
  Alphabet, Inc. Class A 1,402,353,889 11.8  
  Alphabet, Inc. Class C 1,300,485,969 11.0  
  Netflix, Inc. 543,363,397 4.6  
  Walt Disney Co. 513,900,252 4.3  
  TOTAL 6,115,864,062 51.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
1

Table of Contents
The Consumer Discretionary Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Amazon.com, Inc. 4,552,741,852 23.0%  
  Tesla, Inc. 4,333,739,738 21.9  
  McDonald's Corp. 946,712,716 4.8  
  Home Depot, Inc. 881,916,578 4.4  
  NIKE, Inc. Class B 879,908,428 4.4  
  TOTAL 11,595,019,312 58.5%  
(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 March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
2

Table of Contents
The Consumer Staples Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Procter & Gamble Co. 2,402,934,481 15.7%  
  Costco Wholesale Corp. 1,675,265,123 10.9  
  Coca-Cola Co. 1,581,231,446 10.3  
  PepsiCo, Inc. 1,519,141,717 9.9  
  Philip Morris International, Inc. 682,942,015 4.5  
  TOTAL 7,861,514,782 51.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
3

Table of Contents
The Energy Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Exxon Mobil Corp. 8,160,706,007 22.2%  
  Chevron Corp. 7,874,208,693 21.4  
  EOG Resources, Inc. 1,750,034,452 4.8  
  ConocoPhillips 1,668,235,000 4.5  
  Schlumberger NV 1,607,757,935 4.4  
  TOTAL 21,060,942,087 57.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
4

Table of Contents
The Financial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Berkshire Hathaway, Inc. Class B 6,959,271,916 15.2%  
  JPMorgan Chase & Co. 4,337,872,119 9.4  
  Bank of America Corp. 3,155,037,209 6.9  
  Wells Fargo & Co. 2,027,610,256 4.4  
  S&P Global, Inc. 1,564,428,981 3.4  
  TOTAL 18,044,220,481 39.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
5

Table of Contents
The Health Care Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  UnitedHealth Group, Inc. 3,407,001,456 9.2%  
  Johnson & Johnson 3,309,516,280 8.9  
  Pfizer, Inc. 2,061,131,383 5.6  
  AbbVie, Inc. 2,032,835,083 5.5  
  Thermo Fisher Scientific, Inc. 1,650,907,505 4.5  
  TOTAL 12,461,391,707 33.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
6

Table of Contents
The Industrial Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Union Pacific Corp. 932,110,284 5.8%  
  United Parcel Service, Inc. Class B 837,945,189 5.2  
  Raytheon Technologies Corp. 792,040,279 4.9  
  Honeywell International, Inc. 714,982,070 4.4  
  Caterpillar, Inc. 645,858,476 4.0  
  TOTAL 3,922,936,298 24.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
7

Table of Contents
The Materials Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Linde PLC 1,261,133,597 16.3%  
  Freeport-McMoRan, Inc. 562,463,352 7.3  
  Newmont Corp. 488,015,110 6.3  
  Sherwin-Williams Co. 463,813,929 6.0  
  Air Products & Chemicals, Inc. 426,799,297 5.5  
  TOTAL 3,202,225,285 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 March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
8

Table of Contents
The Real Estate Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Prologis, Inc. REIT 655,603,310 11.4%  
  American Tower Corp. REIT 627,697,036 11.0  
  Crown Castle International Corp. REIT 437,740,503 7.6  
  Equinix, Inc. REIT 366,340,256 6.4  
  Public Storage REIT 326,671,775 5.7  
  TOTAL 2,414,052,880 42.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
9

Table of Contents
The Technology Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  Apple, Inc. 10,896,669,579 22.9%  
  Microsoft Corp. 10,537,347,960 22.1  
  NVIDIA Corp. 2,139,676,166 4.5  
  Visa, Inc. Class A 1,747,704,613 3.7  
  Mastercard, Inc. Class A 1,465,684,712 3.1  
  TOTAL 26,787,083,030 56.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
10

Table of Contents
The Utilities Select Sector SPDR Fund
Portfolio Statistics (Unaudited)
Top Five Holdings as of March 31, 2022

        
  Description Market Value % of Net Assets  
  NextEra Energy, Inc. 2,356,025,338 15.8%  
  Duke Energy Corp. 1,217,483,135 8.2  
  Southern Co. 1,089,276,182 7.3  
  Dominion Energy, Inc. 975,583,820 6.6  
  Sempra Energy 761,008,462 5.1  
  TOTAL 6,399,376,937 43.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2022*
* The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
See accompanying notes to financial statements.
11

Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
DIVERSIFIED TELECOMMUNICATION SERVICES — 9.2%  
AT&T, Inc.
   21,284,585   $ 502,954,743
Lumen Technologies, Inc. (a)
   10,361,856   116,778,117
Verizon Communications, Inc.
   9,305,485   474,021,406
          1,093,754,266
ENTERTAINMENT — 19.6%  
Activision Blizzard, Inc.
   6,145,878   492,346,287
Electronic Arts, Inc.
   3,162,263   400,057,892
Live Nation Entertainment, Inc. (a)  (b)
   1,518,934   178,687,396
Netflix, Inc. (b)
   1,450,555   543,363,397
Take-Two Interactive Software, Inc. (a)  (b)
   1,297,771   199,519,314
Walt Disney Co. (b)
   3,746,721   513,900,252
          2,327,874,538
INTERACTIVE MEDIA & SERVICES — 48.6%  
Alphabet, Inc. Class A (b)
   504,199   1,402,353,889
Alphabet, Inc. Class C (b)
   465,625   1,300,485,969
Match Group, Inc. (b)
   3,183,198   346,140,950
Meta Platforms, Inc. Class A (b)
   10,594,354   2,355,760,555
Twitter, Inc. (b)
   8,991,226   347,870,534
          5,752,611,897
MEDIA — 18.2%  
Charter Communications, Inc. Class A (b)
   882,506   481,424,673
Comcast Corp. Class A
   10,964,288   513,347,964
Discovery, Inc. Class A (b)
   1,906,432   47,508,285
Discovery, Inc. Class C (b)
   3,415,314   85,280,391
DISH Network Corp. Class A (b)
   2,807,874   88,869,212
Fox Corp. Class A
   3,551,113   140,091,408
Fox Corp. Class B
   1,639,323   59,474,639
Interpublic Group of Cos., Inc.
   4,426,055   156,903,650
News Corp. Class A
   4,395,236   97,354,477
News Corp. Class B
   1,361,438   30,659,584
Security Description     Shares   Value
Omnicom Group, Inc.
   2,349,960   $ 199,464,605
Paramount Global Class B (a)
   6,822,130   257,944,735
          2,158,323,623
WIRELESS TELECOMMUNICATION SERVICES — 4.3%  
T-Mobile US, Inc. (b)
   3,962,396   508,573,527
TOTAL COMMON STOCKS

(Cost $13,164,669,676)
         11,841,137,851
SHORT-TERM INVESTMENTS — 2.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (c)  (d)
   6,761,538   6,760,862
State Street Navigator Securities Lending Portfolio II (e)  (f)
   239,458,019   239,458,019
TOTAL SHORT-TERM INVESTMENTS

(Cost $246,218,125)
   246,218,881  
TOTAL INVESTMENTS — 102.0%

(Cost $13,410,887,801)
   12,087,356,732  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%
  (238,196,904)  
NET ASSETS — 100.0%
   $ 11,849,159,828  
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $11,841,137,851   $—   $—   $11,841,137,851
Short-Term Investments
   246,218,881   —   —   246,218,881
TOTAL INVESTMENTS
   $12,087,356,732   $—   $—   $12,087,356,732
See accompanying notes to financial statements.
12

Table of Contents
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/30/21 		  Value at

9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 3,600,221   $ 3,600,941   $117,193,658   $114,032,195   $(2,298)   $756   6,761,538   $ 6,760,862   $ 2,923
State Street Navigator Securities Lending Portfolio II
 76,583,434   76,583,434   625,318,721   462,444,136   —   —   239,458,019   239,458,019   129,592
Total
     $80,184,375   $742,512,379   $576,476,331   $(2,298)   $756       $246,218,881   $132,515
See accompanying notes to financial statements.
13

Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTO COMPONENTS — 1.1%  
Aptiv PLC (a)
   1,385,940   $ 165,910,877
BorgWarner, Inc.
   1,228,464   47,787,250
          213,698,127
AUTOMOBILES — 25.2%  
Ford Motor Co.
   20,152,858   340,784,829
General Motors Co. (a)
   7,444,636   325,628,379
Tesla, Inc. (a)
   4,021,659   4,333,739,738
          5,000,152,946
DISTRIBUTORS — 1.2%  
Genuine Parts Co.
   729,716   91,958,810
LKQ Corp.
   1,373,979   62,392,387
Pool Corp.
   205,412   86,858,464
          241,209,661
HOTELS, RESTAURANTS & LEISURE — 18.6%  
Booking Holdings, Inc. (a)
   210,415   494,149,107
Caesars Entertainment, Inc. (a)
   1,095,277   84,730,629
Carnival Corp. (a)
   4,144,046   83,792,610
Chipotle Mexican Grill, Inc. (a)
   144,169   228,079,683
Darden Restaurants, Inc.
   654,370   86,998,492
Domino's Pizza, Inc.
   186,438   75,882,130
Expedia Group, Inc. (a)
   769,666   150,600,546
Hilton Worldwide Holdings, Inc. (a)
   1,428,052   216,692,610
Las Vegas Sands Corp. (a)  (b)
   1,761,441   68,467,212
Marriott International, Inc. Class A (a)
   1,401,688   246,346,666
McDonald's Corp.
   3,828,505   946,712,716
MGM Resorts International
   1,929,782   80,935,057
Norwegian Cruise Line Holdings, Ltd. (a)  (b)
   2,135,996   46,735,592
Penn National Gaming, Inc. (a)
   851,106   36,103,917
Royal Caribbean Cruises, Ltd. (a)  (b)
   1,148,921   96,256,601
Starbucks Corp.
   5,893,646   536,144,977
Wynn Resorts, Ltd. (a)  (b)
   539,234   42,998,519
Yum! Brands, Inc.
   1,480,677   175,504,645
          3,697,131,709
HOUSEHOLD DURABLES — 2.9%  
D.R. Horton, Inc.
   1,652,170   123,103,187
Garmin, Ltd.
   778,408   92,326,973
Lennar Corp. Class A
   1,339,125   108,696,776
Mohawk Industries, Inc. (a)
   281,100   34,912,620
Newell Brands, Inc.
   1,939,756   41,530,176
NVR, Inc. (a)
   16,774   74,933,987
PulteGroup, Inc.
   1,273,929   53,377,625
Whirlpool Corp. (b)
   302,259   52,224,310
          581,105,654
INTERNET & DIRECT MARKETING RETAIL — 24.3%  
Amazon.com, Inc. (a)
   1,396,568   4,552,741,852
eBay, Inc.
   3,207,375   183,654,292
Security Description     Shares   Value
Etsy, Inc. (a)  (b)
   649,539   $ 80,724,707
          4,817,120,851
LEISURE EQUIPMENT & PRODUCTS — 0.3%  
Hasbro, Inc.
   664,382   54,426,174
MULTILINE RETAIL — 4.9%  
Dollar General Corp.
   1,187,176   264,300,993
Dollar Tree, Inc. (a)
   1,152,558   184,582,164
Target Corp.
   2,454,807   520,959,141
          969,842,298
SPECIALTY RETAIL — 15.8%  
Advance Auto Parts, Inc.
   319,441   66,111,509
AutoZone, Inc. (a)
   105,707   216,126,418
Bath & Body Works, Inc.
   1,320,431   63,116,602
Best Buy Co., Inc.
   1,109,287   100,834,188
CarMax, Inc. (a)  (b)
   828,375   79,921,620
Home Depot, Inc.
   2,946,302   881,916,578
Lowe's Cos., Inc.
   3,451,917   697,943,098
O'Reilly Automotive, Inc. (a)
   345,244   236,478,330
Ross Stores, Inc.
   1,810,265   163,756,572
TJX Cos., Inc.
   6,111,736   370,248,967
Tractor Supply Co.
   583,172   136,094,850
Ulta Beauty, Inc. (a)
   277,256   110,408,884
          3,122,957,616
TEXTILES, APPAREL & LUXURY GOODS — 5.6%  
NIKE, Inc. Class B
   6,539,153   879,908,428
PVH Corp.
   358,541   27,467,826
Ralph Lauren Corp.
   237,138   26,900,935
Tapestry, Inc.
   1,352,584   50,248,496
Under Armour, Inc. Class A (a)
   966,512   16,450,034
Under Armour, Inc. Class C (a)
   1,101,901   17,145,579
VF Corp.
   1,653,796   94,034,840
          1,112,156,138
TOTAL COMMON STOCKS

(Cost $19,032,064,536)
         19,809,801,174
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (c)  (d)
   11,996,788   11,995,588
State Street Navigator Securities Lending Portfolio II (e)  (f)
   80,293,118   80,293,118
TOTAL SHORT-TERM INVESTMENTS

(Cost $92,286,932)
   92,288,706  
TOTAL INVESTMENTS — 100.4%

(Cost $19,124,351,468)
   19,902,089,880  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
  (84,879,955)  
NET ASSETS — 100.0%
   $ 19,817,209,925  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
 
See accompanying notes to financial statements.
14

Table of Contents
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $19,809,801,174   $—   $—   $19,809,801,174
Short-Term Investments
   92,288,706   —   —   92,288,706
TOTAL INVESTMENTS
   $19,902,089,880   $—   $—   $19,902,089,880
Affiliate Table
  Number of
Shares Held
at
9/30/21 		  Value at

9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 5,827,718   $ 5,828,883   $110,851,302   $104,682,804   $(3,567)   $1,774   11,996,788   $11,995,588   $ 4,174
State Street Navigator Securities Lending Portfolio II
 88,081,524   88,081,524   823,057,503   830,845,909   —   —   80,293,118   80,293,118   72,064
Total
     $93,910,407   $933,908,805   $935,528,713   $(3,567)   $1,774       $92,288,706   $76,238
See accompanying notes to financial statements.
15

Table of Contents
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.6%   
BEVERAGES — 24.8%  
Brown-Forman Corp. Class B
   1,417,311   $ 94,988,183
Coca-Cola Co.
   25,503,733   1,581,231,446
Constellation Brands, Inc. Class A
   1,274,598   293,565,411
Molson Coors Beverage Co. Class B (a)
   1,461,192   77,998,429
Monster Beverage Corp. (b)
   2,913,774   232,810,543
PepsiCo, Inc.
   9,076,005   1,519,141,717
          3,799,735,729
FOOD & STAPLES RETAILING — 21.0%  
Costco Wholesale Corp.
   2,909,204   1,675,265,123
Kroger Co.
   5,189,101   297,698,724
Sysco Corp.
   3,935,533   321,336,270
Walmart, Inc.
   4,547,631   677,233,209
Walgreens Boots Alliance, Inc.
   5,557,035   248,788,457
          3,220,321,783
FOOD PRODUCTS — 18.7%  
Archer-Daniels-Midland Co.
   4,339,680   391,699,517
Campbell Soup Co. (a)
   1,567,980   69,884,869
Conagra Brands, Inc.
   3,720,378   124,893,089
General Mills, Inc.
   4,678,283   316,813,325
Hershey Co.
   1,127,484   244,246,859
Hormel Foods Corp.
   2,188,057   112,772,458
J.M. Smucker Co.
   840,394   113,797,751
Kellogg Co.
   1,984,277   127,966,024
Kraft Heinz Co.
   5,506,084   216,884,649
Lamb Weston Holdings, Inc.
   1,112,317   66,638,911
McCormick & Co., Inc.
   1,936,913   193,303,917
Mondelez International, Inc. Class A
   10,767,358   675,974,735
Tyson Foods, Inc. Class A
   2,268,247   203,302,979
          2,858,179,083
HOUSEHOLD PRODUCTS — 23.1%  
Church & Dwight Co., Inc.
   1,876,887   186,525,030
Clorox Co.
   954,398   132,689,954
Colgate-Palmolive Co.
   6,536,897   495,692,899
Kimberly-Clark Corp.
   2,612,054   321,700,571
Security Description     Shares   Value
Procter & Gamble Co.
   15,726,011   $ 2,402,934,481
          3,539,542,935
PERSONAL PRODUCTS — 3.2%  
Estee Lauder Cos., Inc. Class A
   1,802,610   490,886,755
TOBACCO — 8.8%  
Altria Group, Inc.
   12,798,872   668,741,062
Philip Morris International, Inc.
   7,269,981   682,942,015
          1,351,683,077
TOTAL COMMON STOCKS

(Cost $15,493,729,068)
         15,260,349,362
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (c)  (d)
   18,274,235   18,272,407
State Street Navigator Securities Lending Portfolio II (e)  (f)
   28,783,386   28,783,386
TOTAL SHORT-TERM INVESTMENTS

(Cost $47,054,401)
   47,055,793  
TOTAL INVESTMENTS — 99.9%

(Cost $15,540,783,469)
   15,307,405,155  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  13,389,945  
NET ASSETS — 100.0%
   $ 15,320,795,100  
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $15,260,349,362   $—   $—   $15,260,349,362
Short-Term Investments
   47,055,793   —   —   47,055,793
TOTAL INVESTMENTS
   $15,307,405,155   $—   $—   $15,307,405,155
See accompanying notes to financial statements.
16

Table of Contents
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/30/21 		  Value at

9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 15,187,963   $15,191,001   $262,722,955   $259,637,694   $(5,247)   $1,392   18,274,235   $18,272,407   $ 6,703
State Street Navigator Securities Lending Portfolio II
 3,227,202   3,227,202   238,882,678   213,326,494   —   —   28,783,386   28,783,386   8,698
Total
     $18,418,203   $501,605,633   $472,964,188   $(5,247)   $1,392       $47,055,793   $15,401
See accompanying notes to financial statements.
17

Table of Contents
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
ENERGY EQUIPMENT & SERVICES — 9.5%  
Baker Hughes Co. (a)
   25,116,730   $ 914,500,139
Halliburton Co.
   24,919,533   943,702,715
Schlumberger NV
   38,919,340   1,607,757,935
          3,465,960,789
OIL, GAS & CONSUMABLE FUELS — 90.3%  
APA Corp.
   10,074,494   416,378,837
Chevron Corp.
   48,358,464   7,874,208,693
ConocoPhillips
   16,682,350   1,668,235,000
Coterra Energy, Inc.
   22,562,543   608,511,785
Devon Energy Corp. (a)
   17,460,766   1,032,455,093
Diamondback Energy, Inc.
   4,722,924   647,418,422
EOG Resources, Inc.
   14,677,803   1,750,034,452
Exxon Mobil Corp.
   98,809,856   8,160,706,007
Hess Corp.
   7,644,721   818,290,936
Kinder Morgan, Inc.
   54,079,547   1,022,644,234
Marathon Oil Corp.
   21,590,842   542,146,043
Marathon Petroleum Corp.
   16,057,198   1,372,890,429
Occidental Petroleum Corp.
   24,606,606   1,396,178,824
ONEOK, Inc.
   12,367,013   873,482,128
Phillips 66
   12,974,720   1,120,886,061
Pioneer Natural Resources Co.
   6,296,468   1,574,305,894
Valero Energy Corp.
   11,338,003   1,151,260,825
Security Description     Shares   Value
Williams Cos., Inc.
   33,695,764   $ 1,125,775,475
          33,155,809,138
TOTAL COMMON STOCKS

(Cost $29,888,017,879)
         36,621,769,927
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (b) (c)

(Cost $78,057,494)
   78,070,476   78,062,669
TOTAL INVESTMENTS — 100.0%

(Cost $29,966,075,373)
   36,699,832,596  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (d)
   12,128,105  
NET ASSETS — 100.0%
   $ 36,711,960,701  
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at March 31, 2022.
(d) Amount is less than 0.05% of net assets.
 
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Energy Sector Index (long)   1,000   06/17/2022   $79,383,250   $79,710,000   $326,750
During the period ended March 31, 2022, average notional value related to futures contracts was $96,257,657.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $36,621,769,927   $—   $—   $36,621,769,927
Short-Term Investment
   78,062,669   —   —   78,062,669
TOTAL INVESTMENTS
   $36,699,832,596   $—   $—   $36,699,832,596
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   326,750   —   —   326,750
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 326,750   $—   $—   $ 326,750
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
18

Table of Contents
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
9/30/21 		  Value at

9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 25,520,972   $ 25,526,076   $ 973,563,481   $ 921,035,120   $3,057   $5,175   78,070,476   $78,062,669   $31,321
State Street Navigator Securities Lending Portfolio II
 204,202,820   204,202,820   606,625,429   810,828,249   —   —   —   —   20,314
Total
     $229,728,896   $1,580,188,910   $1,731,863,369   $3,057   $5,175       $78,062,669   $51,635
See accompanying notes to financial statements.
19

Table of Contents
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
BANKS — 34.2%  
Bank of America Corp.
   76,541,417   $ 3,155,037,209
Citigroup, Inc.
   21,367,481   1,141,023,485
Citizens Financial Group, Inc.
   4,589,169   208,027,031
Comerica, Inc.
   1,407,231   127,255,899
Fifth Third Bancorp
   7,362,528   316,883,205
First Republic Bank
   1,930,318   312,904,548
Huntington Bancshares, Inc.
   15,481,315   226,336,825
JPMorgan Chase & Co.
   31,821,245   4,337,872,119
KeyCorp.
   10,001,432   223,832,048
M&T Bank Corp. (a)
   1,385,873   234,905,474
People's United Financial, Inc.
   4,607,828   92,110,482
PNC Financial Services Group, Inc.
   4,522,320   834,141,924
Regions Financial Corp.
   10,143,032   225,783,892
Signature Bank
   675,343   198,206,417
SVB Financial Group (b)
   632,365   353,776,599
Truist Financial Corp.
   14,373,553   814,980,455
US Bancorp
   14,540,992   772,853,725
Wells Fargo & Co.
   41,840,905   2,027,610,256
Zions Bancorp NA
   1,632,463   107,024,274
          15,710,565,867
CAPITAL MARKETS — 26.6%  
Ameriprise Financial, Inc.
   1,194,125   358,667,385
Bank of New York Mellon Corp.
   7,965,962   395,350,694
BlackRock, Inc.
   1,535,220   1,173,169,068
Cboe Global Markets, Inc.
   1,148,293   131,387,685
Charles Schwab Corp.
   16,187,841   1,364,796,875
CME Group, Inc.
   3,869,947   920,505,594
FactSet Research Systems, Inc.
   407,016   176,705,996
Franklin Resources, Inc. (a)
   3,027,871   84,538,158
Goldman Sachs Group, Inc.
   3,655,302   1,206,615,190
Intercontinental Exchange, Inc.
   6,049,827   799,303,143
Invesco, Ltd.
   3,674,997   84,745,431
MarketAxess Holdings, Inc.
   409,450   139,294,890
Moody's Corp.
   1,741,546   587,615,036
Morgan Stanley
   15,263,915   1,334,066,171
MSCI, Inc.
   875,177   440,109,010
Nasdaq, Inc.
   1,260,487   224,618,783
Northern Trust Corp.
   2,237,302   260,533,818
Raymond James Financial, Inc.
   2,011,846   221,121,994
S&P Global, Inc.
   3,814,006   1,564,428,981
State Street Corp. (c)
   3,940,841   343,326,068
T Rowe Price Group, Inc.
   2,467,791   373,105,321
          12,184,005,291
CONSUMER FINANCE — 5.1%  
American Express Co.
   6,622,904   1,238,483,048
Capital One Financial Corp.
   4,456,560   585,101,763
Discover Financial Services
   3,101,237   341,725,305
Synchrony Financial
   5,612,909   195,385,362
          2,360,695,478
Security Description     Shares   Value
DIVERSIFIED FINANCIAL SERVICES — 15.2%  
Berkshire Hathaway, Inc. Class B (b)
   19,719,679   $ 6,959,271,916
INSURANCE — 18.7%  
Aflac, Inc.
   6,460,119   415,967,062
Allstate Corp.
   3,021,191   418,465,165
American International Group, Inc.
   8,940,398   561,188,783
Aon PLC Class A
   2,313,009   753,185,121
Arthur J Gallagher & Co.
   2,244,643   391,914,668
Assurant, Inc.
   613,598   111,570,524
Brown & Brown, Inc.
   2,524,899   182,474,451
Chubb, Ltd.
   4,638,094   992,088,307
Cincinnati Financial Corp. (a)
   1,613,283   219,341,957
Everest Re Group, Ltd.
   423,966   127,774,873
Globe Life, Inc.
   1,000,350   100,635,210
Hartford Financial Services Group, Inc.
   3,606,193   258,960,719
Lincoln National Corp.
   1,793,600   117,229,696
Loews Corp.
   2,111,189   136,847,271
Marsh & McLennan Cos., Inc.
   5,436,372   926,466,516
MetLife, Inc.
   7,555,376   530,991,825
Principal Financial Group, Inc. (a)
   2,615,740   192,021,473
Progressive Corp.
   6,292,591   717,292,448
Prudential Financial, Inc. (a)
   4,070,026   480,954,973
Travelers Cos., Inc.
   2,597,358   474,615,227
Willis Towers Watson PLC
   1,314,312   310,466,781
WR Berkley Corp.
   2,255,673   150,205,265
          8,570,658,315
TOTAL COMMON STOCKS

(Cost $46,109,587,076)
         45,785,196,867
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (d)  (e)
   75,968,999   75,961,402
State Street Navigator Securities Lending Portfolio II (f)  (g)
   33,798,829   33,798,829
TOTAL SHORT-TERM INVESTMENTS

(Cost $109,756,141)
   109,760,231  
TOTAL INVESTMENTS — 100.0%

(Cost $46,219,343,217)
   45,894,957,098  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (h)
   (12,459,164)  
NET ASSETS — 100.0%
   $ 45,882,497,934  
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) Non-income producing security.
(c) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
 
See accompanying notes to financial statements.
20

Table of Contents
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(e) The rate shown is the annualized seven-day yield at March 31, 2022.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
(h) Amount shown represents less than 0.05% of net assets.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $45,785,196,867   $—   $—   $45,785,196,867
Short-Term Investments
   109,760,231   —   —   109,760,231
TOTAL INVESTMENTS
   $45,894,957,098   $—   $—   $45,894,957,098
Affiliate Table
  Number of
Shares Held
at
9/30/21 		  Value at

9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Corp.
 3,542,553   $300,125,090   $ 198,299,582   $ 156,958,115   $9,661,127   $(7,801,616)   3,940,841   $343,326,068   $4,416,412
State Street Institutional Liquid Reserves Fund, Premier Class
 43,504,448   43,513,149   722,593,058   690,134,138   (14,757)   4,090   75,968,999   75,961,402   15,818
State Street Navigator Securities Lending Portfolio II
 3,282,379   3,282,379   788,475,015   757,958,565   —   —   33,798,829   33,798,829   31,379
Total
     $346,920,618   $1,709,367,655   $1,605,050,818   $9,646,370   $(7,797,526)       $453,086,299   $4,463,609
See accompanying notes to financial statements.
21

Table of Contents
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
BIOTECHNOLOGY — 14.3%  
AbbVie, Inc.
   12,539,850   $ 2,032,835,083
Amgen, Inc. (a)
   3,995,383   966,163,517
Biogen, Inc. (b)
   1,042,038   219,453,203
Gilead Sciences, Inc.
   8,897,590   528,961,726
Incyte Corp. (b)
   1,331,804   105,771,874
Moderna, Inc. (b)
   2,502,082   431,008,645
Regeneron Pharmaceuticals, Inc. (b)
   757,034   528,727,686
Vertex Pharmaceuticals, Inc. (b)
   1,803,533   470,668,007
          5,283,589,741
HEALTH CARE EQUIPMENT & SUPPLIES — 21.1%  
Abbott Laboratories
   12,542,885   1,484,575,869
ABIOMED, Inc. (b)
   322,745   106,906,054
Align Technology, Inc. (b)
   520,104   226,765,344
Baxter International, Inc.
   3,551,543   275,386,644
Becton Dickinson & Co.
   2,020,074   537,339,684
Boston Scientific Corp. (b)
   10,107,747   447,672,115
Cooper Cos., Inc.
   349,808   146,076,323
DENTSPLY SIRONA, Inc.
   1,550,647   76,322,845
DexCom, Inc. (a)  (b)
   687,417   351,682,537
Edwards Lifesciences Corp. (b)
   4,428,517   521,325,021
Hologic, Inc. (b)
   1,773,341