UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08837
THE SELECT SECTOR SPDR® TRUST
(Exact name of registrant as specified in charter)
One Iron Street, Boston, Massachusetts 02210
(Address of principal executive offices) (zip code)
Joshua A. Weinberg, Esq.
Managing Director and Managing Counsel
c/o SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Copy to:
W. John McGuire, Esq.
Morgan, Lewis, & Bockius, LLP
1111 Pennsylvania Avenue, N.W.
Washington, D.C. 20004
Registrant’s telephone number, including area code: (617) 664-7037
Date of fiscal year end: September 30
Date of reporting period: September 30, 2018
Item 1. Report to Shareholders.
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 |
1 | |
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited) | |
2 | |
3 | |
6 | |
9 | |
12 | |
15 | |
18 | |
21 | |
24 | |
27 | |
30 | |
Schedules of Investments | |
33 | |
35 | |
37 | |
39 | |
41 | |
43 | |
45 | |
47 | |
49 | |
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52 | |
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67 | |
78 | |
88 | |
89 |
Description | Market Value | % of Net Assets | ||
Facebook, Inc. Class A | 355,669,419 | 17.5% | ||
Alphabet, Inc. Class C | 237,779,802 | 11.7 | ||
Alphabet, Inc. Class A | 233,450,479 | 11.5 | ||
Walt Disney Co. | 96,537,595 | 4.8 | ||
Electronic Arts, Inc. | 94,745,504 | 4.7 | ||
TOTAL | 1,018,182,799 | 50.2% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Consumer Discretionary Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Consumer Discretionary Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 31.63% | 31.69% | 31.86% | 17.91% | 31.63% | 31.69% | 31.86% | 17.91% | ||||||
FIVE YEARS | 107.72% | 107.62% | 109.43% | 92.10% | 15.74% | 15.73% | 15.93% | 13.95% | ||||||
TEN YEARS | 386.56% | 382.77% | 395.40% | 209.62% | 17.14% | 17.05% | 17.35% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Amazon.com, Inc. | 3,766,096,684 | 23.2% | ||
Home Depot, Inc. | 1,724,333,794 | 10.6 | ||
McDonald's Corp. | 944,230,597 | 5.8 | ||
NIKE, Inc. Class B | 789,260,924 | 4.9 | ||
Booking Holdings, Inc. | 685,160,512 | 4.2 | ||
TOTAL | 7,909,082,511 | 48.7% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Consumer Staples Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Consumer Staples Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 2.70% | 2.72% | 2.80% | 17.91% | 2.70% | 2.72% | 2.80% | 17.91% | ||||||
FIVE YEARS | 54.43% | 54.40% | 55.63% | 92.10% | 9.08% | 9.08% | 9.25% | 13.95% | ||||||
TEN YEARS | 158.29% | 157.19% | 162.92% | 209.62% | 9.95% | 9.91% | 10.15% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Procter & Gamble Co. | 1,158,375,082 | 12.5% | ||
Coca-Cola Co. | 988,543,183 | 10.7 | ||
PepsiCo, Inc. | 884,111,493 | 9.5 | ||
Walmart, Inc. | 753,538,254 | 8.1 | ||
Philip Morris International, Inc. | 708,728,802 | 7.6 | ||
TOTAL | 4,493,296,814 | 48.4% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Energy Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Energy Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 13.64% | 13.63% | 13.88% | 17.91% | 13.64% | 13.63% | 13.88% | 17.91% | ||||||
FIVE YEARS | 4.41% | 4.38% | 5.03% | 92.10% | 0.87% | 0.86% | 0.99% | 13.95% | ||||||
TEN YEARS | 48.32% | 48.26% | 50.52% | 209.62% | 4.02% | 4.02% | 4.17% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Exxon Mobil Corp. | 4,235,199,628 | 23.0% | ||
Chevron Corp. | 2,988,509,138 | 16.2 | ||
ConocoPhillips | 1,147,232,243 | 6.2 | ||
EOG Resources, Inc. | 875,032,481 | 4.8 | ||
Occidental Petroleum Corp. | 835,379,251 | 4.5 | ||
TOTAL | 10,081,352,741 | 54.7% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Financial Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Financial Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 8.58% | 8.58% | 8.73% | 17.91% | 8.58% | 8.58% | 8.73% | 17.91% | ||||||
FIVE YEARS | 86.87% | 86.81% | 87.97% | 92.10% | 13.32% | 13.31% | 13.45% | 13.95% | ||||||
TEN YEARS | 102.99% | 103.97% | 104.93% | 209.62% | 7.34% | 7.39% | 7.44% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Berkshire Hathaway, Inc. Class B | 3,954,604,634 | 12.8% | ||
JPMorgan Chase & Co. | 3,593,176,532 | 11.6 | ||
Bank of America Corp. | 2,592,780,433 | 8.3 | ||
Wells Fargo & Co. | 2,158,517,524 | 7.0 | ||
Citigroup, Inc. | 1,710,550,410 | 5.5 | ||
TOTAL | 14,009,629,533 | 45.2% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Health Care Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Health Care Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 18.10% | 18.12% | 18.28% | 17.91% | 18.10% | 18.12% | 18.28% | 17.91% | ||||||
FIVE YEARS | 102.74% | 102.71% | 104.27% | 92.10% | 15.18% | 15.18% | 15.36% | 13.95% | ||||||
TEN YEARS | 272.13% | 270.26% | 278.53% | 209.62% | 14.04% | 13.99% | 14.24% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Johnson & Johnson | 1,965,326,488 | 10.0% | ||
Pfizer, Inc. | 1,369,743,107 | 7.0 | ||
UnitedHealth Group, Inc. | 1,357,624,467 | 6.9 | ||
Merck & Co., Inc. | 1,000,309,333 | 5.1 | ||
AbbVie, Inc. | 759,354,541 | 3.9 | ||
TOTAL | 6,452,357,936 | 32.9% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Industrial Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Industrial Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 12.43% | 12.45% | 12.62% | 17.91% | 12.43% | 12.45% | 12.62% | 17.91% | ||||||
FIVE YEARS | 86.71% | 86.68% | 88.17% | 92.10% | 13.30% | 13.30% | 13.48% | 13.95% | ||||||
TEN YEARS | 216.72% | 215.85% | 222.30% | 209.62% | 12.22% | 12.19% | 12.42% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Boeing Co. | 1,073,376,664 | 8.3% | ||
3M Co. | 667,714,494 | 5.2 | ||
Honeywell International, Inc. | 667,524,915 | 5.1 | ||
Union Pacific Corp. | 650,459,769 | 5.0 | ||
United Technologies Corp. | 568,019,089 | 4.4 | ||
TOTAL | 3,627,094,931 | 28.0% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Materials Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Materials Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 3.84% | 3.87% | 3.94% | 17.91% | 3.84% | 3.87% | 3.94% | 17.91% | ||||||
FIVE YEARS | 52.29% | 52.25% | 53.10% | 92.10% | 8.78% | 8.77% | 8.89% | 13.95% | ||||||
TEN YEARS | 119.88% | 119.93% | 123.16% | 209.62% | 8.20% | 8.20% | 8.36% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
DowDuPont, Inc. | 996,780,627 | 21.9% | ||
Praxair, Inc. | 363,789,853 | 8.0 | ||
Ecolab, Inc. | 313,697,182 | 6.9 | ||
Sherwin-Williams Co. | 294,392,045 | 6.5 | ||
Air Products & Chemicals, Inc. | 206,044,147 | 4.5 | ||
TOTAL | 2,174,703,854 | 47.8% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Real Estate Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Real Estate Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 4.87% | 4.89% | 4.95% | 17.91% | 4.87% | 4.89% | 4.95% | 17.91% | ||||||
SINCE INCEPTION(1) | 21.40% | 21.42% | 21.88% | 61.43% | 6.71% | 6.71% | 6.86% | 17.31% | ||||||
(1) | For the period October 7, 2015 to September 30, 2018. |
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
American Tower Corp. REIT | 267,392,248 | 9.8% | ||
Simon Property Group, Inc. REIT | 228,152,965 | 8.4 | ||
Crown Castle International Corp. REIT | 192,806,304 | 7.1 | ||
Prologis, Inc. REIT | 178,163,983 | 6.5 | ||
Equinix, Inc. REIT | 143,684,849 | 5.3 | ||
TOTAL | 1,010,200,349 | 37.1% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Technology Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Technology Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 29.14% | 29.21% | 29.39% | 17.91% | 29.14% | 29.21% | 29.39% | 17.91% | ||||||
FIVE YEARS | 156.01% | 155.98% | 158.44% | 92.10% | 20.68% | 20.68% | 20.91% | 13.95% | ||||||
TEN YEARS | 348.77% | 350.77% | 357.98% | 209.62% | 16.20% | 16.25% | 16.44% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Apple, Inc. | 4,604,682,896 | 20.1% | ||
Microsoft Corp. | 3,898,819,660 | 17.0 | ||
Visa, Inc. Class A | 1,185,443,690 | 5.2 | ||
Cisco Systems, Inc. | 988,673,084 | 4.3 | ||
Intel Corp. | 969,370,329 | 4.2 | ||
TOTAL | 11,646,989,659 | 50.8% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Utilities Select Sector Index | S&P 500 Index | Net Value Asset | Market Value | Utilities Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 2.89% | 2.89% | 2.93% | 17.91% | 2.89% | 2.89% | 2.93% | 17.91% | ||||||
FIVE YEARS | 67.68% | 67.61% | 69.11% | 92.10% | 10.89% | 10.88% | 11.08% | 13.95% | ||||||
TEN YEARS | 132.66% | 132.75% | 137.23% | 209.62% | 8.81% | 8.81% | 9.02% | 11.97% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
NextEra Energy, Inc. | 865,585,955 | 11.3% | ||
Duke Energy Corp. | 624,244,982 | 8.2 | ||
Dominion Energy, Inc. | 503,177,742 | 6.6 | ||
Southern Co. | 484,224,129 | 6.3 | ||
Exelon Corp. | 461,835,960 | 6.0 | ||
TOTAL | 2,939,068,768 | 38.4% |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 100.0% | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.3% | ||||||
AT&T, Inc. | 2,684,817 | $ 90,156,155 | ||||
CenturyLink, Inc. | 2,451,595 | 51,973,814 | ||||
Verizon Communications, Inc. | 1,653,691 | 88,290,562 | ||||
230,420,531 | ||||||
ENTERTAINMENT — 26.6% | ||||||
Activision Blizzard, Inc. | 1,110,204 | 92,357,871 | ||||
Electronic Arts, Inc. (a) | 786,335 | 94,745,504 | ||||
Netflix, Inc. (a) | 247,490 | 92,593,434 | ||||
Take-Two Interactive Software, Inc. (a) | 293,843 | 40,547,396 | ||||
Twenty-First Century Fox, Inc. Class A | 1,380,556 | 63,961,159 | ||||
Twenty-First Century Fox, Inc. Class B | 637,869 | 29,227,158 | ||||
Viacom, Inc. Class B | 911,782 | 30,781,760 | ||||
Walt Disney Co. | 825,531 | 96,537,595 | ||||
540,751,877 | ||||||
INTERACTIVE MEDIA & SERVICES — 43.9% | ||||||
Alphabet, Inc. Class A (a) | 193,401 | 233,450,479 | ||||
Alphabet, Inc. Class C (a) | 199,234 | 237,779,802 | ||||
Facebook, Inc. Class A (a) | 2,162,650 | 355,669,419 | ||||
TripAdvisor, Inc. (a) | 263,939 | 13,479,365 | ||||
Twitter, Inc. (a) | 1,856,974 | 52,849,480 | ||||
893,228,545 | ||||||
MEDIA — 18.2% | ||||||
CBS Corp. Class B | 873,094 | 50,159,250 | ||||
Charter Communications, Inc. Class A (a) | 283,319 | 92,327,996 |
Security Description | Shares | Value | ||||
Comcast Corp. Class A | 2,440,744 | $ 86,426,745 | ||||
Discovery, Inc. Class A (a) | 402,924 | 12,893,568 | ||||
Discovery, Inc. Class C (a) | 927,617 | 27,438,911 | ||||
DISH Network Corp. Class A (a) | 590,705 | 21,123,611 | ||||
Interpublic Group of Cos., Inc. | 989,935 | 22,639,813 | ||||
News Corp. Class A | 988,971 | 13,044,527 | ||||
News Corp. Class B | 319,087 | 4,339,583 | ||||
Omnicom Group, Inc. | 578,831 | 39,372,085 | ||||
369,766,089 | ||||||
TOTAL COMMON STOCKS (Cost $2,027,003,637) | 2,034,167,042 | |||||
SHORT-TERM INVESTMENT — 0.0% (b) | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) (Cost $715,482) | 715,482 | 715,482 | ||||
TOTAL INVESTMENTS — 100.0% (Cost $2,027,719,119) | 2,034,882,524 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b) | 128,580 | |||||
NET ASSETS — 100.0% | $ 2,035,011,104 |
(a) | Non-income producing security. |
(b) | Amount is less than 0.05% of net assets. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Diversified Telecommunication Services | $ 230,420,531 | $— | $— | $ 230,420,531 | ||||
Entertainment | 540,751,877 | — | — | 540,751,877 | ||||
Interactive Media & Services | 893,228,545 | — | — | 893,228,545 | ||||
Media | 369,766,089 | — | — | 369,766,089 | ||||
Short-Term Investment | 715,482 | — | — | 715,482 | ||||
TOTAL INVESTMENTS | $2,034,882,524 | $— | $— | $2,034,882,524 |
SCHEDULE OF INVESTMENTS (continued)
Number of Shares Held at 6/19/18* | Value at 6/19/18* | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | — | $— | $4,144,683 | $3,429,201 | $— | $— | 715,482 | $715,482 | $3,364 | $— |
* | Commencement of operations. |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
AUTO COMPONENTS — 1.7% | ||||||
Aptiv PLC | 1,926,031 | $ 161,594,001 | ||||
BorgWarner, Inc. | 1,520,183 | 65,033,428 | ||||
Goodyear Tire & Rubber Co. | 1,725,038 | 40,348,639 | ||||
266,976,068 | ||||||
AUTOMOBILES — 4.0% | ||||||
Ford Motor Co. | 28,482,333 | 263,461,580 | ||||
General Motors Co. | 9,546,252 | 321,422,305 | ||||
Harley-Davidson, Inc. | 1,212,233 | 54,914,155 | ||||
639,798,040 | ||||||
DISTRIBUTORS — 1.1% | ||||||
Genuine Parts Co. | 1,068,069 | 106,166,059 | ||||
LKQ Corp. (a) | 2,315,053 | 73,317,728 | ||||
179,483,787 | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.2% | ||||||
H&R Block, Inc. | 1,495,729 | 38,515,022 | ||||
HOTELS, RESTAURANTS & LEISURE — 18.3% | ||||||
Carnival Corp. | 2,933,923 | 187,096,270 | ||||
Chipotle Mexican Grill, Inc. (a) | 178,066 | 80,934,558 | ||||
Darden Restaurants, Inc. | 902,629 | 100,363,319 | ||||
Hilton Worldwide Holdings, Inc. | 2,169,436 | 175,247,040 | ||||
Marriott International, Inc. Class A | 2,095,311 | 276,643,911 | ||||
McDonald's Corp. | 5,644,274 | 944,230,597 | ||||
MGM Resorts International | 3,717,767 | 103,762,877 | ||||
Norwegian Cruise Line Holdings, Ltd. (a) | 1,482,914 | 85,163,751 | ||||
Royal Caribbean Cruises, Ltd. | 1,246,713 | 161,997,887 | ||||
Starbucks Corp. | 9,815,234 | 557,897,901 | ||||
Wynn Resorts, Ltd. | 711,397 | 90,390,103 | ||||
Yum! Brands, Inc. | 2,308,856 | 209,898,099 | ||||
2,973,626,313 | ||||||
HOUSEHOLD DURABLES — 3.4% | ||||||
D.R. Horton, Inc. | 2,497,344 | 105,337,970 | ||||
Garmin, Ltd. | 879,434 | 61,604,352 | ||||
Leggett & Platt, Inc. | 947,339 | 41,483,975 | ||||
Lennar Corp. Class A | 2,123,153 | 99,130,013 | ||||
Mohawk Industries, Inc. (a) | 461,562 | 80,934,897 | ||||
Newell Brands, Inc. | 3,163,808 | 64,225,302 | ||||
PulteGroup, Inc. | 1,901,730 | 47,105,852 | ||||
Whirlpool Corp. | 469,868 | 55,796,825 | ||||
555,619,186 | ||||||
INTERNET & DIRECT MARKETING RETAIL — 29.5% | ||||||
Amazon.com, Inc. (a) | 1,880,228 | 3,766,096,684 | ||||
Booking Holdings, Inc. (a) | 345,343 | 685,160,512 | ||||
eBay, Inc. (a) | 6,767,468 | 223,461,793 | ||||
Expedia Group, Inc. | 864,908 | 112,853,196 | ||||
4,787,572,185 | ||||||
LEISURE EQUIPMENT & PRODUCTS — 0.8% | ||||||
Hasbro, Inc. | 849,930 | 89,344,641 |
Security Description | Shares | Value | ||||
Mattel, Inc. (a) (b) | 2,504,744 | $ 39,324,481 | ||||
128,669,122 | ||||||
MULTILINE RETAIL — 5.6% | ||||||
Dollar General Corp. | 1,931,877 | 211,154,156 | ||||
Dollar Tree, Inc. (a) | 1,730,783 | 141,145,354 | ||||
Kohl's Corp. | 1,213,373 | 90,456,957 | ||||
Macy's, Inc. | 2,234,183 | 77,593,175 | ||||
Nordstrom, Inc. (b) | 834,264 | 49,897,330 | ||||
Target Corp. | 3,829,390 | 337,790,492 | ||||
908,037,464 | ||||||
SPECIALTY RETAIL — 26.5% | ||||||
Advance Auto Parts, Inc. | 539,194 | 90,762,526 | ||||
AutoZone, Inc. (a) | 192,299 | 149,166,334 | ||||
Best Buy Co., Inc. | 1,768,454 | 140,344,509 | ||||
CarMax, Inc. (a) | 1,285,052 | 95,954,833 | ||||
Foot Locker, Inc. | 850,901 | 43,378,933 | ||||
Gap, Inc. | 1,579,257 | 45,561,564 | ||||
Home Depot, Inc. | 8,324,083 | 1,724,333,794 | ||||
L Brands, Inc. | 1,661,603 | 50,346,571 | ||||
Lowe's Cos., Inc. | 5,900,345 | 677,477,613 | ||||
O'Reilly Automotive, Inc. (a) | 586,109 | 203,567,378 | ||||
Ross Stores, Inc. | 2,739,450 | 271,479,495 | ||||
Tiffany & Co. | 792,648 | 102,227,813 | ||||
TJX Cos., Inc. | 4,562,180 | 511,055,404 | ||||
Tractor Supply Co. | 886,538 | 80,568,573 | ||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 413,240 | 116,583,269 | ||||
4,302,808,609 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 8.8% | ||||||
Hanesbrands, Inc. (b) | 2,623,765 | 48,355,989 | ||||
Michael Kors Holdings, Ltd. (a) | 1,086,802 | 74,511,145 | ||||
NIKE, Inc. Class B | 9,316,111 | 789,260,924 | ||||
PVH Corp. | 558,361 | 80,627,328 | ||||
Ralph Lauren Corp. | 402,080 | 55,306,104 | ||||
Tapestry, Inc. | 2,095,595 | 105,345,561 | ||||
Under Armour, Inc. Class A (a) (b) | 1,354,220 | 28,736,548 | ||||
Under Armour, Inc. Class C (a) | 1,388,382 | 27,017,914 | ||||
VF Corp. | 2,365,186 | 221,026,632 | ||||
1,430,188,145 | ||||||
TOTAL COMMON STOCKS (Cost $14,830,041,567) | 16,211,293,941 | |||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) | 1,316,113 | 1,316,113 |
SCHEDULE OF INVESTMENTS (continued)
Security Description | Shares | Value | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e) | 41,766,139 | $ 41,766,139 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $43,082,252) | 43,082,252 | |||||
TOTAL INVESTMENTS — 100.2% (Cost $14,873,123,819) | 16,254,376,193 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (35,433,892) | |||||
NET ASSETS — 100.0% | $ 16,218,942,301 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
(e) | Investment of cash collateral for securities loaned. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Auto Components | $ 266,976,068 | $— | $— | $ 266,976,068 | ||||
Automobiles | 639,798,040 | — | — | 639,798,040 | ||||
Distributors | 179,483,787 | — | — | 179,483,787 | ||||
Diversified Consumer Services | 38,515,022 | — | — | 38,515,022 | ||||
Hotels, Restaurants & Leisure | 2,973,626,313 | — | — | 2,973,626,313 | ||||
Household Durables | 555,619,186 | — | — | 555,619,186 | ||||
Internet & Direct Marketing Retail | 4,787,572,185 | — | — | 4,787,572,185 | ||||
Leisure Equipment & Products | 128,669,122 | — | — | 128,669,122 | ||||
Multiline Retail | 908,037,464 | — | — | 908,037,464 | ||||
Specialty Retail | 4,302,808,609 | — | — | 4,302,808,609 | ||||
Textiles, Apparel & Luxury Goods | 1,430,188,145 | — | — | 1,430,188,145 | ||||
Short-Term Investments | 43,082,252 | — | — | 43,082,252 | ||||
TOTAL INVESTMENTS | $16,254,376,193 | $— | $— | $16,254,376,193 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 20,785,167 | $20,785,167 | $462,644,641 | $482,113,695 | $— | $— | 1,316,113 | $ 1,316,113 | $349,099 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 24,093,725 | 24,093,725 | 481,791,940 | 464,119,526 | — | — | 41,766,139 | 41,766,139 | 314,906 | — | |||||||||
Total | $44,878,892 | $944,436,581 | $946,233,221 | $— | $— | $43,082,252 | $664,005 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.6% | ||||||
BEVERAGES — 25.6% | ||||||
Brown-Forman Corp. Class B | 1,046,009 | $ 52,875,755 | ||||
Coca-Cola Co. | 21,401,671 | 988,543,183 | ||||
Constellation Brands, Inc. Class A | 1,041,934 | 224,661,809 | ||||
Molson Coors Brewing Co. Class B | 1,161,819 | 71,451,869 | ||||
Monster Beverage Corp. (a) | 2,469,221 | 143,906,200 | ||||
PepsiCo, Inc. | 7,907,974 | 884,111,493 | ||||
2,365,550,309 | ||||||
FOOD & STAPLES RETAILING — 20.7% | ||||||
Costco Wholesale Corp. | 1,779,744 | 418,026,270 | ||||
Kroger Co. | 4,965,001 | 144,531,179 | ||||
Sysco Corp. | 2,968,131 | 217,415,596 | ||||
Walmart, Inc. | 8,024,047 | 753,538,254 | ||||
Walgreens Boots Alliance, Inc. | 5,235,810 | 381,690,549 | ||||
1,915,201,848 | ||||||
FOOD PRODUCTS — 17.4% | ||||||
Archer-Daniels-Midland Co. | 3,474,240 | 174,650,045 | ||||
Campbell Soup Co. (b) | 1,194,237 | 43,744,901 | ||||
Conagra Brands, Inc. | 2,430,936 | 82,578,896 | ||||
General Mills, Inc. | 3,699,081 | 158,764,557 | ||||
Hershey Co. | 867,563 | 88,491,426 | ||||
Hormel Foods Corp. (b) | 1,687,554 | 66,489,628 | ||||
J.M. Smucker Co. | 705,971 | 72,439,684 | ||||
Kellogg Co. | 1,570,762 | 109,984,755 | ||||
Kraft Heinz Co. | 3,859,610 | 212,703,107 | ||||
McCormick & Co., Inc. | 752,760 | 99,176,130 | ||||
Mondelez International, Inc. Class A | 9,102,821 | 391,057,190 | ||||
Tyson Foods, Inc. Class A | 1,836,697 | 109,338,572 | ||||
1,609,418,891 | ||||||
HOUSEHOLD PRODUCTS — 21.3% | ||||||
Church & Dwight Co., Inc. | 1,523,190 | 90,431,790 | ||||
Clorox Co. | 790,828 | 118,948,440 | ||||
Colgate-Palmolive Co. | 5,386,051 | 360,596,114 | ||||
Kimberly-Clark Corp. | 2,157,927 | 245,226,824 |
Security Description | Shares | Value | ||||
Procter & Gamble Co. | 13,917,759 | $ 1,158,375,082 | ||||
1,973,578,250 | ||||||
PERSONAL PRODUCTS — 2.6% | ||||||
Coty, Inc. Class A (b) | 2,796,001 | 35,117,773 | ||||
Estee Lauder Cos., Inc. Class A | 1,391,307 | 202,184,733 | ||||
237,302,506 | ||||||
TOBACCO — 12.0% | ||||||
Altria Group, Inc. | 6,748,920 | 407,027,365 | ||||
Philip Morris International, Inc. | 8,691,793 | 708,728,802 | ||||
1,115,756,167 | ||||||
TOTAL COMMON STOCKS (Cost $10,009,245,042) | 9,216,807,971 | |||||
SHORT-TERM INVESTMENT — 0.0% (c) | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (d) (e) (Cost $5,021,303) | 5,021,303 | 5,021,303 | ||||
TOTAL INVESTMENTS — 99.6% (Cost $10,014,266,345) | 9,221,829,274 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% | 34,886,597 | |||||
NET ASSETS — 100.0% | $ 9,256,715,871 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(c) | Amount is less than 0.05% of net assets. |
(d) | 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, 2018 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at September 30, 2018. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Beverages | $2,365,550,309 | $— | $— | $2,365,550,309 | ||||
Food & Staples Retailing | 1,915,201,848 | — | — | 1,915,201,848 | ||||
Food Products | 1,609,418,891 | — | — | 1,609,418,891 | ||||
Household Products | 1,973,578,250 | — | — | 1,973,578,250 | ||||
Personal Products | 237,302,506 | — | — | 237,302,506 | ||||
Tobacco | 1,115,756,167 | — | — | 1,115,756,167 | ||||
Short-Term Investment | 5,021,303 | — | — | 5,021,303 | ||||
TOTAL INVESTMENTS | $9,221,829,274 | $— | $— | $9,221,829,274 |
SCHEDULE OF INVESTMENTS (continued)
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 3,856,474 | $3,856,474 | $430,980,159 | $429,815,330 | $— | $— | 5,021,303 | $5,021,303 | $240,047 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | — | — | 152,859,416 | 152,859,416 | — | — | — | — | 14,319 | — | |||||||||
Total | $3,856,474 | $583,839,575 | $582,674,746 | $— | $— | $5,021,303 | $254,366 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 100.1% | ||||||
ENERGY EQUIPMENT & SERVICES — 10.6% | ||||||
Baker Hughes a GE Co. | 5,535,937 | $ 187,280,749 | ||||
Halliburton Co. | 11,697,607 | 474,104,012 | ||||
Helmerich & Payne, Inc. | 1,448,296 | 99,599,316 | ||||
National Oilwell Varco, Inc. | 5,086,661 | 219,133,356 | ||||
Schlumberger, Ltd. | 13,198,709 | 804,065,352 | ||||
TechnipFMC PLC | 5,696,674 | 178,021,062 | ||||
1,962,203,847 | ||||||
OIL, GAS & CONSUMABLE FUELS — 89.5% | ||||||
Anadarko Petroleum Corp. | 6,807,650 | 458,903,686 | ||||
Andeavor | 1,826,347 | 280,344,264 | ||||
Apache Corp. (a) | 5,084,873 | 242,395,896 | ||||
Cabot Oil & Gas Corp. | 5,854,025 | 131,832,643 | ||||
Chevron Corp. | 24,439,885 | 2,988,509,138 | ||||
Cimarex Energy Co. | 1,267,691 | 117,819,202 | ||||
Concho Resources, Inc. (b) | 2,662,358 | 406,675,184 | ||||
ConocoPhillips | 14,822,122 | 1,147,232,243 | ||||
Devon Energy Corp. | 6,764,177 | 270,161,229 | ||||
EOG Resources, Inc. | 6,859,234 | 875,032,481 | ||||
EQT Corp. | 3,509,718 | 155,234,827 | ||||
Exxon Mobil Corp. | 49,814,157 | 4,235,199,628 | ||||
Hess Corp. (a) | 3,346,688 | 239,555,927 | ||||
HollyFrontier Corp. | 2,150,642 | 150,329,876 | ||||
Kinder Morgan, Inc. | 25,230,908 | 447,343,999 | ||||
Marathon Oil Corp. | 11,355,276 | 264,350,825 | ||||
Marathon Petroleum Corp. | 6,011,848 | 480,767,485 | ||||
Newfield Exploration Co. (b) | 2,657,006 | 76,601,483 | ||||
Noble Energy, Inc. | 6,422,780 | 200,326,508 | ||||
Occidental Petroleum Corp. | 10,166,475 | 835,379,251 |
Security Description | Shares | Value | ||||
ONEOK, Inc. | 5,467,316 | $ 370,629,352 | ||||
Phillips 66 | 5,678,300 | 640,057,976 | ||||
Pioneer Natural Resources Co. | 2,265,342 | 394,599,923 | ||||
Valero Energy Corp. | 5,681,997 | 646,327,159 | ||||
Williams Cos., Inc. | 16,077,788 | 437,155,056 | ||||
16,492,765,241 | ||||||
TOTAL COMMON STOCKS (Cost $19,698,556,343) | 18,454,969,088 | |||||
SHORT-TERM INVESTMENT — 0.0% (c) | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (d) (e) (Cost $6,022,279) | 6,022,279 | 6,022,279 | ||||
TOTAL INVESTMENTS — 100.1% (Cost $19,704,578,622) | 18,460,991,367 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (25,832,739) | |||||
NET ASSETS — 100.0% | $ 18,435,158,628 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(b) | Non-income producing security. |
(c) | Amount is less than 0.05% of net assets. |
(d) | 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, 2018 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at September 30, 2018. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Energy Equipment & Services | $ 1,962,203,847 | $— | $— | $ 1,962,203,847 | ||||
Oil, Gas & Consumable Fuels | 16,492,765,241 | — | — | 16,492,765,241 | ||||
Short-Term Investment | 6,022,279 | — | — | 6,022,279 | ||||
TOTAL INVESTMENTS | $18,460,991,367 | $— | $— | $18,460,991,367 |
SCHEDULE OF INVESTMENTS (continued)
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 11,263,378 | $11,263,378 | $574,343,261 | $579,584,360 | $— | $— | 6,022,279 | $6,022,279 | $442,856 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 42,538,543 | 42,538,543 | 329,946,899 | 372,485,442 | — | — | — | — | 327,675 | — | |||||||||
Total | $53,801,921 | $904,290,160 | $952,069,802 | $— | $— | $6,022,279 | $770,531 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
BANKS — 43.9% | ||||||
Bank of America Corp. | 88,010,198 | $ 2,592,780,433 | ||||
BB&T Corp. | 7,337,647 | 356,169,385 | ||||
Citigroup, Inc. | 23,843,747 | 1,710,550,410 | ||||
Citizens Financial Group, Inc. | 4,509,247 | 173,921,657 | ||||
Comerica, Inc. | 1,624,020 | 146,486,604 | ||||
Fifth Third Bancorp | 6,313,233 | 176,265,465 | ||||
Huntington Bancshares, Inc. | 10,462,169 | 156,095,561 | ||||
JPMorgan Chase & Co. | 31,843,110 | 3,593,176,532 | ||||
KeyCorp | 9,967,754 | 198,258,627 | ||||
M&T Bank Corp. | 1,362,227 | 224,140,831 | ||||
People's United Financial, Inc. (a) | 3,305,125 | 56,583,740 | ||||
PNC Financial Services Group, Inc. | 4,398,995 | 599,099,129 | ||||
Regions Financial Corp. | 10,445,305 | 191,671,347 | ||||
SunTrust Banks, Inc. | 4,365,279 | 291,556,984 | ||||
SVB Financial Group (b) | 504,296 | 156,750,326 | ||||
US Bancorp | 14,508,516 | 766,194,730 | ||||
Wells Fargo & Co. | 41,067,685 | 2,158,517,524 | ||||
Zions Bancorp (a) | 1,841,892 | 92,370,884 | ||||
13,640,590,169 | ||||||
CAPITAL MARKETS — 20.5% | ||||||
Affiliated Managers Group, Inc. | 506,133 | 69,198,504 | ||||
Ameriprise Financial, Inc. | 1,344,075 | 198,466,114 | ||||
Bank of New York Mellon Corp. | 8,716,065 | 444,432,154 | ||||
BlackRock, Inc. | 1,164,203 | 548,723,800 | ||||
Cboe Global Markets, Inc. | 1,059,443 | 101,664,150 | ||||
Charles Schwab Corp. | 11,392,594 | 559,945,995 | ||||
CME Group, Inc. | 3,226,756 | 549,226,139 | ||||
E*TRADE Financial Corp. (b) | 2,460,432 | 128,902,032 | ||||
Franklin Resources, Inc. (a) | 2,896,312 | 88,076,848 | ||||
Goldman Sachs Group, Inc. | 3,326,779 | 745,996,923 | ||||
Intercontinental Exchange, Inc. | 5,432,979 | 406,875,797 | ||||
Invesco, Ltd. | 3,892,669 | 89,064,267 | ||||
Moody's Corp. | 1,581,888 | 264,491,674 | ||||
Morgan Stanley | 12,563,582 | 585,086,014 | ||||
MSCI, Inc. | 841,790 | 149,341,964 | ||||
Nasdaq, Inc. | 1,090,930 | 93,601,794 | ||||
Northern Trust Corp. | 2,115,524 | 216,058,466 | ||||
Raymond James Financial, Inc. | 1,244,139 | 114,522,995 | ||||
S&P Global, Inc. | 2,382,866 | 465,588,188 | ||||
State Street Corp. (c) | 3,594,808 | 301,173,014 | ||||
T Rowe Price Group, Inc. | 2,304,312 | 251,584,784 | ||||
6,372,021,616 | ||||||
CONSUMER FINANCE — 5.1% | ||||||
American Express Co. | 6,689,478 | 712,362,512 | ||||
Capital One Financial Corp. | 4,532,722 | 430,291,300 | ||||
Discover Financial Services | 3,246,653 | 248,206,622 | ||||
Synchrony Financial | 6,456,364 | 200,663,793 | ||||
1,591,524,227 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 13.0% | ||||||
Berkshire Hathaway, Inc. Class B (b) | 18,469,967 | 3,954,604,634 |
Security Description | Shares | Value | ||||
Jefferies Financial Group, Inc. | 2,747,653 | $ 60,338,460 | ||||
4,014,943,094 | ||||||
INSURANCE — 17.3% | ||||||
Aflac, Inc. | 7,274,421 | 342,406,997 | ||||
Allstate Corp. | 3,280,349 | 323,770,446 | ||||
American International Group, Inc. | 8,417,783 | 448,162,767 | ||||
Aon PLC | 2,299,133 | 353,560,673 | ||||
Arthur J Gallagher & Co. | 1,730,118 | 128,789,984 | ||||
Assurant, Inc. | 500,192 | 53,995,726 | ||||
Brighthouse Financial, Inc. (b) | 1,135,030 | 50,213,727 | ||||
Chubb, Ltd. | 4,389,227 | 586,576,296 | ||||
Cincinnati Financial Corp. (a) | 1,433,135 | 110,079,099 | ||||
Everest Re Group, Ltd. | 387,151 | 88,452,389 | ||||
Hartford Financial Services Group, Inc. | 3,395,865 | 169,657,415 | ||||
Lincoln National Corp. | 2,053,116 | 138,913,829 | ||||
Loews Corp. | 2,634,608 | 132,336,360 | ||||
Marsh & McLennan Cos., Inc. | 4,784,400 | 395,765,568 | ||||
MetLife, Inc. | 9,425,742 | 440,370,666 | ||||
Principal Financial Group, Inc. | 2,508,877 | 146,995,103 | ||||
Progressive Corp. | 5,524,538 | 392,463,180 | ||||
Prudential Financial, Inc. | 3,950,784 | 400,293,435 | ||||
Torchmark Corp. | 982,236 | 85,150,039 | ||||
Travelers Cos., Inc. | 2,536,115 | 328,959,477 | ||||
Unum Group | 2,072,150 | 80,958,901 | ||||
Willis Towers Watson PLC | 1,239,028 | 174,628,606 | ||||
5,372,500,683 | ||||||
TOTAL COMMON STOCKS (Cost $30,612,885,623) | 30,991,579,789 | |||||
SHORT-TERM INVESTMENT — 0.1% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (d) (e) (Cost $40,474,692) | 40,474,692 | 40,474,692 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $30,653,360,315) | 31,032,054,481 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 21,751,897 | |||||
NET ASSETS — 100.0% | $ 31,053,806,378 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(b) | Non-income producing security. |
(c) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended September 30, 2018 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 September 30, 2018 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at September 30, 2018. |
SCHEDULE OF INVESTMENTS (continued)
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Banks | $13,640,590,169 | $— | $— | $13,640,590,169 | ||||
Capital Markets | 6,372,021,616 | — | — | 6,372,021,616 | ||||
Consumer Finance | 1,591,524,227 | — | — | 1,591,524,227 | ||||
Diversified Financial Services | 4,014,943,094 | — | — | 4,014,943,094 | ||||
Insurance | 5,372,500,683 | — | — | 5,372,500,683 | ||||
Short-Term Investment | 40,474,692 | — | — | 40,474,692 | ||||
TOTAL INVESTMENTS | $31,032,054,481 | $— | $— | $31,032,054,481 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Corp. | 3,247,550 | $310,270,927 | $ 256,906,072 | $ 223,821,108 | $38,503,806 | $(80,686,683) | 3,594,808 | $301,173,014 | $6,128,038 | $— | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 39,927,132 | 39,927,132 | 916,274,584 | 915,727,024 | — | — | 40,474,692 | 40,474,692 | 914,856 | — | |||||||||
Total | $350,198,059 | $1,173,180,656 | $1,139,548,132 | $38,503,806 | $(80,686,683) | $341,647,706 | $7,042,894 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
BIOTECHNOLOGY — 17.2% | ||||||
AbbVie, Inc. | 8,028,701 | $ 759,354,541 | ||||
Alexion Pharmaceuticals, Inc. (a) | 1,181,596 | 164,253,660 | ||||
Amgen, Inc. | 3,431,897 | 711,397,929 | ||||
Biogen, Inc. (a) | 1,068,072 | 377,360,518 | ||||
Celgene Corp. (a) | 3,729,264 | 333,731,836 | ||||
Gilead Sciences, Inc. | 6,873,229 | 530,682,011 | ||||
Incyte Corp. (a) | 936,617 | 64,701,502 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 410,175 | 165,727,107 | ||||
Vertex Pharmaceuticals, Inc. (a) | 1,354,895 | 261,142,462 | ||||
3,368,351,566 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 21.7% | ||||||
Abbott Laboratories | 9,301,403 | 682,350,924 | ||||
ABIOMED, Inc. (a) | 237,964 | 107,024,309 | ||||
Align Technology, Inc. (a) | 387,524 | 151,607,139 | ||||
Baxter International, Inc. | 2,625,778 | 202,421,226 | ||||
Becton Dickinson and Co. | 1,418,630 | 370,262,430 | ||||
Boston Scientific Corp. (a) | 7,332,322 | 282,294,397 | ||||
Cooper Cos., Inc. | 261,295 | 72,417,909 | ||||
Danaher Corp. | 3,264,881 | 354,761,969 | ||||
DENTSPLY SIRONA, Inc. | 1,178,892 | 44,491,384 | ||||
Edwards Lifesciences Corp. (a) | 1,110,165 | 193,279,727 | ||||
Hologic, Inc. (a) | 1,442,783 | 59,125,247 | ||||
IDEXX Laboratories, Inc. (a) | 459,048 | 114,605,924 | ||||
Intuitive Surgical, Inc. (a) | 603,772 | 346,565,128 | ||||
Medtronic PLC | 7,160,497 | 704,378,090 | ||||
ResMed, Inc. | 759,225 | 87,569,012 | ||||
Stryker Corp. | 1,645,778 | 292,421,835 | ||||
Varian Medical Systems, Inc. (a) | 486,918 | 54,500,732 | ||||
Zimmer Biomet Holdings, Inc. | 1,079,138 | 141,874,273 | ||||
4,261,951,655 | ||||||
HEALTH CARE PROVIDERS & SERVICES — 22.6% | ||||||
Aetna, Inc. | 1,734,229 | 351,788,353 | ||||
AmerisourceBergen Corp. | 848,924 | 78,287,771 | ||||
Anthem, Inc. | 1,378,319 | 377,728,322 | ||||
Cardinal Health, Inc. | 1,637,468 | 88,423,272 | ||||
Centene Corp. (a) | 1,088,254 | 157,557,414 | ||||
Cigna Corp. | 1,290,338 | 268,712,888 | ||||
CVS Health Corp. | 5,397,815 | 424,915,997 | ||||
DaVita, Inc. (a) | 672,552 | 48,174,900 | ||||
Envision Healthcare Corp. (a) | 645,056 | 29,498,411 | ||||
Express Scripts Holding Co. (a) | 2,980,991 | 283,223,955 | ||||
HCA Healthcare, Inc. | 1,431,116 | 199,096,858 | ||||
Henry Schein, Inc. (a) | 811,845 | 69,031,180 | ||||
Humana, Inc. | 731,396 | 247,592,174 | ||||
Laboratory Corp. of America Holdings (a) | 541,588 | 94,063,004 | ||||
McKesson Corp. | 1,059,217 | 140,505,135 | ||||
Quest Diagnostics, Inc. | 723,375 | 78,059,396 | ||||
UnitedHealth Group, Inc. | 5,103,084 | 1,357,624,467 | ||||
Universal Health Services, Inc. Class B | 460,001 | 58,806,528 |
Security Description | Shares | Value | ||||
WellCare Health Plans, Inc. (a) | 264,965 | $ 84,918,633 | ||||
4,438,008,658 | ||||||
HEALTH CARE TECHNOLOGY — 0.6% | ||||||
Cerner Corp. (a) | 1,744,405 | 112,357,126 | ||||
LIFE SCIENCES TOOLS & SERVICES — 6.4% | ||||||
Agilent Technologies, Inc. | 1,690,151 | 119,223,252 | ||||
Illumina, Inc. (a) | 779,430 | 286,097,576 | ||||
IQVIA Holdings, Inc. (a) | 859,239 | 111,477,668 | ||||
Mettler-Toledo International, Inc. (a) | 133,684 | 81,410,882 | ||||
PerkinElmer, Inc. | 588,970 | 57,289,112 | ||||
Thermo Fisher Scientific, Inc. | 2,135,680 | 521,276,774 | ||||
Waters Corp. (a) | 408,575 | 79,541,381 | ||||
1,256,316,645 | ||||||
PHARMACEUTICALS — 31.4% | ||||||
Allergan PLC | 1,691,761 | 322,246,635 | ||||
Bristol-Myers Squibb Co. | 8,652,260 | 537,132,301 | ||||
Eli Lilly & Co. | 5,067,974 | 543,844,290 | ||||
Johnson & Johnson | 14,223,974 | 1,965,326,488 | ||||
Merck & Co., Inc. | 14,100,780 | 1,000,309,333 | ||||
Mylan NV (a) | 2,735,101 | 100,104,697 | ||||
Nektar Therapeutics (a) | 914,466 | 55,745,847 | ||||
Perrigo Co. PLC (b) | 667,423 | 47,253,548 | ||||
Pfizer, Inc. | 31,081,078 | 1,369,743,107 | ||||
Zoetis, Inc. | 2,554,596 | 233,898,810 | ||||
6,175,605,056 | ||||||
TOTAL COMMON STOCKS (Cost $18,122,104,693) | 19,612,590,706 | |||||
SHORT-TERM INVESTMENT — 0.0% (c) | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (d) (e) (Cost $8,912,798) | 8,912,798 | 8,912,798 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $18,131,017,491) | 19,621,503,504 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 10,874,993 | |||||
NET ASSETS — 100.0% | $ 19,632,378,497 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(c) | Amount is less than 0.05% of net assets. |
(d) | 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, 2018 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at September 30, 2018. |
SCHEDULE OF INVESTMENTS (continued)
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Biotechnology | $ 3,368,351,566 | $— | $— | $ 3,368,351,566 | ||||
Health Care Equipment & Supplies | 4,261,951,655 | — | — | 4,261,951,655 | ||||
Health Care Providers & Services | 4,438,008,658 | — | — | 4,438,008,658 | ||||
Health Care Technology | 112,357,126 | — | — | 112,357,126 | ||||
Life Sciences Tools & Services | 1,256,316,645 | — | — | 1,256,316,645 | ||||
Pharmaceuticals | 6,175,605,056 | — | — | 6,175,605,056 | ||||
Short-Term Investment | 8,912,798 | — | — | 8,912,798 | ||||
TOTAL INVESTMENTS | $19,621,503,504 | $— | $— | $19,621,503,504 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 10,549,299 | $10,549,299 | $464,162,402 | $465,798,903 | $— | $— | 8,912,798 | $8,912,798 | $427,281 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | — | — | 838,576 | 838,576 | — | — | — | — | 51 | — | |||||||||
Total | $10,549,299 | $465,000,978 | $466,637,479 | $— | $— | $8,912,798 | $427,332 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
AEROSPACE & DEFENSE — 28.3% | ||||||
Arconic, Inc. | 2,325,681 | $ 51,188,239 | ||||
Boeing Co. | 2,886,197 | 1,073,376,664 | ||||
General Dynamics Corp. | 1,504,518 | 308,004,925 | ||||
Harris Corp. | 634,756 | 107,407,063 | ||||
Huntington Ingalls Industries, Inc. | 234,259 | 59,989,045 | ||||
L3 Technologies, Inc. | 423,522 | 90,049,248 | ||||
Lockheed Martin Corp. | 1,338,351 | 463,015,912 | ||||
Northrop Grumman Corp. | 940,636 | 298,529,647 | ||||
Raytheon Co. | 1,541,016 | 318,466,366 | ||||
Rockwell Collins, Inc. | 887,860 | 124,717,694 | ||||
Textron, Inc. | 1,343,132 | 95,993,644 | ||||
TransDigm Group, Inc. (a) | 261,566 | 97,381,022 | ||||
United Technologies Corp. | 4,062,793 | 568,019,089 | ||||
3,656,138,558 | ||||||
AIR FREIGHT & LOGISTICS — 6.9% | ||||||
C.H. Robinson Worldwide, Inc. | 748,405 | 73,283,818 | ||||
Expeditors International of Washington, Inc. | 942,592 | 69,308,790 | ||||
FedEx Corp. | 1,314,256 | 316,459,702 | ||||
United Parcel Service, Inc. Class B | 3,745,636 | 437,303,003 | ||||
896,355,313 | ||||||
AIRLINES — 4.8% | ||||||
Alaska Air Group, Inc. | 665,011 | 45,792,657 | ||||
American Airlines Group, Inc. | 2,214,060 | 91,507,100 | ||||
Delta Air Lines, Inc. | 3,398,490 | 196,534,677 | ||||
Southwest Airlines Co. | 2,785,945 | 173,982,265 | ||||
United Continental Holdings, Inc. (a) | 1,236,945 | 110,162,322 | ||||
617,979,021 | ||||||
BUILDING PRODUCTS — 2.8% | ||||||
Allegion PLC | 512,336 | 46,402,271 | ||||
AO Smith Corp. | 780,852 | 41,674,071 | ||||
Fortune Brands Home & Security, Inc. | 770,125 | 40,323,745 | ||||
Johnson Controls International PLC | 4,997,376 | 174,908,160 | ||||
Masco Corp. | 1,663,041 | 60,867,301 | ||||
364,175,548 | ||||||
COMMERCIAL SERVICES & SUPPLIES — 3.8% | ||||||
Cintas Corp. | 465,086 | 91,998,662 | ||||
Copart, Inc. (a) | 1,104,156 | 56,897,159 | ||||
Republic Services, Inc. | 1,177,619 | 85,565,796 | ||||
Rollins, Inc. | 524,500 | 31,831,905 | ||||
Stericycle, Inc. (a) | 461,659 | 27,090,150 | ||||
Waste Management, Inc. | 2,130,614 | 192,522,281 | ||||
485,905,953 | ||||||
CONSTRUCTION & ENGINEERING — 0.9% | ||||||
Fluor Corp. | 758,489 | 44,068,211 | ||||
Jacobs Engineering Group, Inc. | 644,677 | 49,317,791 | ||||
Quanta Services, Inc. (a) | 803,853 | 26,832,613 | ||||
120,218,615 |
Security Description | Shares | Value | ||||
ELECTRICAL EQUIPMENT — 5.3% | ||||||
AMETEK, Inc. | 1,252,710 | $ 99,114,415 | ||||
Eaton Corp. PLC | 2,340,684 | 203,007,523 | ||||
Emerson Electric Co. | 3,394,944 | 259,984,812 | ||||
Rockwell Automation, Inc. | 665,290 | 124,755,181 | ||||
686,861,931 | ||||||
INDUSTRIAL CONGLOMERATES — 15.7% | ||||||
3M Co. | 3,168,879 | 667,714,494 | ||||
General Electric Co. | 46,949,111 | 530,055,463 | ||||
Honeywell International, Inc. | 4,011,568 | 667,524,915 | ||||
Roper Technologies, Inc. | 558,230 | 165,353,309 | ||||
2,030,648,181 | ||||||
MACHINERY — 15.8% | ||||||
Caterpillar, Inc. | 3,210,564 | 489,578,904 | ||||
Cummins, Inc. | 811,622 | 118,553,626 | ||||
Deere & Co. | 1,737,661 | 261,222,578 | ||||
Dover Corp. | 798,383 | 70,680,847 | ||||
Flowserve Corp. (b) | 708,358 | 38,740,099 | ||||
Fortive Corp. (b) | 1,661,455 | 139,894,511 | ||||
Illinois Tool Works, Inc. | 1,666,674 | 235,201,035 | ||||
Ingersoll-Rand PLC | 1,325,186 | 135,566,528 | ||||
PACCAR, Inc. | 1,893,666 | 129,129,084 | ||||
Parker-Hannifin Corp. | 715,003 | 131,510,502 | ||||
Pentair PLC | 871,763 | 37,790,926 | ||||
Snap-on, Inc. | 304,721 | 55,946,776 | ||||
Stanley Black & Decker, Inc. | 826,525 | 121,036,321 | ||||
Xylem, Inc. | 970,696 | 77,529,489 | ||||
2,042,381,226 | ||||||
PROFESSIONAL SERVICES — 3.1% | ||||||
Equifax, Inc. | 650,500 | 84,935,785 | ||||
IHS Markit, Ltd. (a) | 1,927,030 | 103,982,539 | ||||
Nielsen Holdings PLC | 1,924,368 | 53,228,019 | ||||
Robert Half International, Inc. | 662,280 | 46,611,266 | ||||
Verisk Analytics, Inc. (a) | 889,753 | 107,259,724 | ||||
396,017,333 | ||||||
ROAD & RAIL — 10.6% | ||||||
CSX Corp. | 4,407,326 | 326,362,490 | ||||
JB Hunt Transport Services, Inc. | 472,551 | 56,205,216 | ||||
Kansas City Southern | 551,816 | 62,509,717 | ||||
Norfolk Southern Corp. | 1,512,712 | 273,044,516 | ||||
Union Pacific Corp. | 3,994,717 | 650,459,769 | ||||
1,368,581,708 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 1.9% | ||||||
Fastenal Co. | 1,550,073 | 89,935,235 | ||||
United Rentals, Inc. (a) | 447,043 | 73,136,235 | ||||
W.W. Grainger, Inc. | 245,438 | 87,721,996 | ||||
250,793,466 | ||||||
TOTAL COMMON STOCKS (Cost $13,276,486,876) | 12,916,056,853 |
SCHEDULE OF INVESTMENTS (continued)
Security Description | Shares | Value | ||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) | 17,453,498 | $ 17,453,498 | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e) | 118,858,872 | 118,858,872 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $136,312,370) | 136,312,370 | |||||
TOTAL INVESTMENTS — 101.0% (Cost $13,412,799,246) | 13,052,369,223 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)% | (127,037,603) | |||||
NET ASSETS — 100.0% | $ 12,925,331,620 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
(e) | Investment of cash collateral for securities loaned. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Aerospace & Defense | $ 3,656,138,558 | $— | $— | $ 3,656,138,558 | ||||
Air Freight & Logistics | 896,355,313 | — | — | 896,355,313 | ||||
Airlines | 617,979,021 | — | — | 617,979,021 | ||||
Building Products | 364,175,548 | — | — | 364,175,548 | ||||
Commercial Services & Supplies | 485,905,953 | — | — | 485,905,953 | ||||
Construction & Engineering | 120,218,615 | — | — | 120,218,615 | ||||
Electrical Equipment | 686,861,931 | — | — | 686,861,931 | ||||
Industrial Conglomerates | 2,030,648,181 | — | — | 2,030,648,181 | ||||
Machinery | 2,042,381,226 | — | — | 2,042,381,226 | ||||
Professional Services | 396,017,333 | — | — | 396,017,333 | ||||
Road & Rail | 1,368,581,708 | — | — | 1,368,581,708 | ||||
Trading Companies & Distributors | 250,793,466 | — | — | 250,793,466 | ||||
Short-Term Investments | 136,312,370 | — | — | 136,312,370 | ||||
TOTAL INVESTMENTS | $13,052,369,223 | $— | $— | $13,052,369,223 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 15,980,490 | $15,980,490 | $299,565,548 | $298,092,540 | $— | $— | 17,453,498 | $ 17,453,498 | $400,748 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | — | — | 162,891,508 | 44,032,636 | — | — | 118,858,872 | 118,858,872 | 115,903 | — | |||||||||
Total | $15,980,490 | $462,457,056 | $342,125,176 | $— | $— | $136,312,370 | $516,651 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
CHEMICALS — 70.4% | ||||||
Air Products & Chemicals, Inc. | 1,233,428 | $ 206,044,147 | ||||
Albemarle Corp. (a) | 921,695 | 91,966,727 | ||||
CF Industries Holdings, Inc. | 1,984,456 | 108,033,785 | ||||
DowDuPont, Inc. | 15,499,621 | 996,780,627 | ||||
Eastman Chemical Co. | 1,200,840 | 114,944,405 | ||||
Ecolab, Inc. | 2,000,875 | 313,697,182 | ||||
FMC Corp. | 1,144,249 | 99,755,628 | ||||
International Flavors & Fragrances, Inc. | 785,660 | 109,301,019 | ||||
LyondellBasell Industries NV Class A | 1,974,826 | 202,439,413 | ||||
Mosaic Co. | 3,014,097 | 97,897,871 | ||||
PPG Industries, Inc. | 1,854,094 | 202,337,278 | ||||
Praxair, Inc. | 2,263,360 | 363,789,853 | ||||
Sherwin-Williams Co. | 646,717 | 294,392,045 | ||||
3,201,379,980 | ||||||
CONSTRUCTION MATERIALS — 4.9% | ||||||
Martin Marietta Materials, Inc. | 535,585 | 97,449,691 | ||||
Vulcan Materials Co. | 1,124,276 | 125,019,491 | ||||
222,469,182 | ||||||
CONTAINERS & PACKAGING — 14.0% | ||||||
Avery Dennison Corp. | 743,079 | 80,512,610 | ||||
Ball Corp. | 2,923,143 | 128,589,060 | ||||
International Paper Co. | 3,475,298 | 170,810,897 | ||||
Packaging Corp. of America | 803,196 | 88,102,569 | ||||
Sealed Air Corp. | 1,349,905 | 54,198,686 | ||||
WestRock Co. | 2,168,330 | 115,875,555 | ||||
638,089,377 |
Security Description | Shares | Value | ||||
METALS & MINING — 10.5% | ||||||
Freeport-McMoRan, Inc. | 12,316,006 | $ 171,438,804 | ||||
Newmont Mining Corp. | 4,533,726 | 136,918,525 | ||||
Nucor Corp. | 2,688,780 | 170,603,091 | ||||
478,960,420 | ||||||
TOTAL COMMON STOCKS (Cost $4,954,026,192) | 4,540,898,959 | |||||
SHORT-TERM INVESTMENT — 0.1% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (b) (c) (Cost $2,380,802) | 2,380,802 | 2,380,802 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $4,956,406,994) | 4,543,279,761 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 4,485,788 | |||||
NET ASSETS — 100.0% | $ 4,547,765,549 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(b) | 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, 2018 are shown in the Affiliate Table below. |
(c) | The rate shown is the annualized seven-day yield at September 30, 2018. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Chemicals | $3,201,379,980 | $— | $— | $3,201,379,980 | ||||
Construction Materials | 222,469,182 | — | — | 222,469,182 | ||||
Containers & Packaging | 638,089,377 | — | — | 638,089,377 | ||||
Metals & Mining | 478,960,420 | — | — | 478,960,420 | ||||
Short-Term Investment | 2,380,802 | — | — | 2,380,802 | ||||
TOTAL INVESTMENTS | $4,543,279,761 | $— | $— | $4,543,279,761 |
SCHEDULE OF INVESTMENTS (continued)
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 4,874,539 | $4,874,539 | $125,209,816 | $127,703,553 | $— | $— | 2,380,802 | $2,380,802 | $122,251 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | — | — | 2,845,042 | 2,845,042 | — | — | — | — | 60 | — | |||||||||
Total | $4,874,539 | $128,054,858 | $130,548,595 | $— | $— | $2,380,802 | $122,311 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.7% | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 97.6% | ||||||
Alexandria Real Estate Equities, Inc. REIT | 441,663 | $ 55,556,789 | ||||
American Tower Corp. REIT | 1,840,277 | 267,392,248 | ||||
Apartment Investment & Management Co. Class A REIT | 655,195 | 28,913,755 | ||||
AvalonBay Communities, Inc. REIT | 577,152 | 104,551,085 | ||||
Boston Properties, Inc. REIT | 644,819 | 79,370,771 | ||||
Crown Castle International Corp. REIT | 1,731,845 | 192,806,304 | ||||
Digital Realty Trust, Inc. REIT | 860,545 | 96,794,102 | ||||
Duke Realty Corp. REIT | 1,487,787 | 42,208,517 | ||||
Equinix, Inc. REIT | 331,920 | 143,684,849 | ||||
Equity Residential REIT | 1,537,774 | 101,892,905 | ||||
Essex Property Trust, Inc. REIT | 275,827 | 68,049,279 | ||||
Extra Space Storage, Inc. REIT | 528,426 | 45,782,829 | ||||
Federal Realty Investment Trust REIT | 306,003 | 38,700,199 | ||||
HCP, Inc. REIT | 1,962,255 | 51,646,552 | ||||
Host Hotels & Resorts, Inc. REIT | 3,097,255 | 65,352,080 | ||||
Iron Mountain, Inc. REIT | 1,191,632 | 41,135,137 | ||||
Kimco Realty Corp. REIT | 1,754,691 | 29,373,527 | ||||
Macerich Co. REIT | 440,534 | 24,357,125 | ||||
Mid-America Apartment Communities, Inc. REIT | 475,334 | 47,618,960 | ||||
Prologis, Inc. REIT | 2,628,175 | 178,163,983 | ||||
Public Storage REIT | 625,710 | 126,161,907 | ||||
Realty Income Corp. REIT (a) | 1,211,203 | 68,905,339 | ||||
Regency Centers Corp. REIT | 705,965 | 45,654,757 | ||||
SBA Communications Corp. REIT (b) | 479,540 | 77,028,510 | ||||
Simon Property Group, Inc. REIT | 1,290,823 | 228,152,965 | ||||
SL Green Realty Corp. REIT | 360,492 | 35,158,785 |
Security Description | Shares | Value | ||||
UDR, Inc. REIT | 1,117,980 | $ 45,199,931 | ||||
Ventas, Inc. REIT | 1,488,370 | 80,937,561 | ||||
Vornado Realty Trust REIT | 722,965 | 52,776,445 | ||||
Welltower, Inc. REIT | 1,553,311 | 99,908,963 | ||||
Weyerhaeuser Co. REIT | 3,163,618 | 102,089,953 | ||||
2,665,326,112 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1% | ||||||
CBRE Group, Inc. Class A (b) | 1,319,728 | 58,200,005 | ||||
TOTAL COMMON STOCKS (Cost $2,870,743,007) | 2,723,526,117 | |||||
SHORT-TERM INVESTMENT — 0.2% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) (Cost $6,227,878) | 6,227,878 | 6,227,878 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $2,876,970,885) | 2,729,753,995 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 2,324,124 | |||||
NET ASSETS — 100.0% | $ 2,732,078,119 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
REIT | = Real Estate Investment Trust |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Equity Real Estate Investment Trusts (REITs) | $2,665,326,112 | $— | $— | $2,665,326,112 | ||||
Real Estate Management & Development | 58,200,005 | — | — | 58,200,005 | ||||
Short-Term Investment | 6,227,878 | — | — | 6,227,878 | ||||
TOTAL INVESTMENTS | $2,729,753,995 | $— | $— | $2,729,753,995 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 6,853,382 | $6,853,382 | $161,810,739 | $162,436,243 | $— | $— | 6,227,878 | $6,227,878 | $41,161 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
COMMUNICATIONS EQUIPMENT — 5.4% | ||||||
Arista Networks, Inc. (a) (b) | 229,498 | $ 61,014,338 | ||||
Cisco Systems, Inc. | 20,322,160 | 988,673,084 | ||||
F5 Networks, Inc. (a) | 270,345 | 53,912,200 | ||||
Juniper Networks, Inc. | 1,532,798 | 45,937,956 | ||||
Motorola Solutions, Inc. | 721,403 | 93,883,387 | ||||
1,243,420,965 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0% | ||||||
Amphenol Corp. Class A | 1,335,262 | 125,541,333 | ||||
Corning, Inc. | 3,600,995 | 127,115,123 | ||||
FLIR Systems, Inc. | 613,559 | 37,715,472 | ||||
IPG Photonics Corp. (a) | 160,170 | 24,997,732 | ||||
TE Connectivity, Ltd. | 1,549,062 | 136,209,022 | ||||
451,578,682 | ||||||
IT SERVICES — 23.0% | ||||||
Accenture PLC Class A | 2,848,516 | 484,817,423 | ||||
Akamai Technologies, Inc. (a) | 753,560 | 55,122,914 | ||||
Alliance Data Systems Corp. | 210,043 | 49,603,755 | ||||
Automatic Data Processing, Inc. | 1,947,569 | 293,420,746 | ||||
Broadridge Financial Solutions, Inc. | 517,097 | 68,230,949 | ||||
Cognizant Technology Solutions Corp. Class A | 2,579,500 | 199,008,425 | ||||
DXC Technology Co. | 1,249,932 | 116,893,641 | ||||
Fidelity National Information Services, Inc. | 1,461,850 | 159,443,979 | ||||
Fiserv, Inc. (a) | 1,800,144 | 148,295,863 | ||||
FleetCor Technologies, Inc. (a) | 392,923 | 89,523,576 | ||||
Gartner, Inc. (a) (b) | 403,717 | 63,989,144 | ||||
Global Payments, Inc. | 703,254 | 89,594,560 | ||||
International Business Machines Corp. | 4,057,766 | 613,574,797 | ||||
Mastercard, Inc. Class A | 4,055,641 | 902,826,243 | ||||
Paychex, Inc. | 1,423,139 | 104,814,187 | ||||
PayPal Holdings, Inc. (a) | 5,262,045 | 462,218,033 | ||||
Total System Services, Inc. | 746,025 | 73,662,508 | ||||
VeriSign, Inc. (a) | 476,982 | 76,374,358 | ||||
Visa, Inc. Class A (b) | 7,898,219 | 1,185,443,690 | ||||
Western Union Co. (b) | 1,988,255 | 37,896,140 | ||||
5,274,754,931 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 18.5% | ||||||
Advanced Micro Devices, Inc. (a) (b) | 3,813,839 | 117,809,487 | ||||
Analog Devices, Inc. | 1,652,325 | 152,773,969 | ||||
Applied Materials, Inc. | 4,369,968 | 168,899,263 | ||||
Broadcom, Inc. | 1,919,035 | 473,483,506 | ||||
Intel Corp. | 20,498,421 | 969,370,329 | ||||
KLA-Tencor Corp. | 694,043 | 70,591,113 | ||||
Lam Research Corp. | 700,542 | 106,272,221 | ||||
Microchip Technology, Inc. (b) | 1,047,207 | 82,635,104 | ||||
Micron Technology, Inc. (a) | 5,156,020 | 233,206,785 | ||||
NVIDIA Corp. | 2,702,859 | 759,557,436 | ||||
Qorvo, Inc. (a) | 558,530 | 42,945,372 |
Security Description | Shares | Value | ||||
QUALCOMM, Inc. (b) | 6,252,278 | $ 450,351,584 | ||||
Skyworks Solutions, Inc. | 795,649 | 72,173,321 | ||||
Texas Instruments, Inc. | 4,321,982 | 463,705,449 | ||||
Xilinx, Inc. | 1,124,376 | 90,141,224 | ||||
4,253,916,163 | ||||||
SOFTWARE — 28.6% | ||||||
Adobe Systems, Inc. (a) | 2,176,821 | 587,632,829 | ||||
ANSYS, Inc. (a) | 374,705 | 69,949,929 | ||||
Autodesk, Inc. (a) | 971,872 | 151,718,938 | ||||
CA, Inc. | 1,394,247 | 61,556,005 | ||||
Cadence Design Systems, Inc. (a) | 1,257,257 | 56,978,887 | ||||
Citrix Systems, Inc. (a) | 572,888 | 63,682,230 | ||||
Intuit, Inc. | 1,149,959 | 261,500,677 | ||||
Microsoft Corp. | 34,089,531 | 3,898,819,660 | ||||
Oracle Corp. | 12,565,844 | 647,894,917 | ||||
Red Hat, Inc. (a) | 788,559 | 107,464,821 | ||||
salesforce.com, Inc. (a) | 3,363,935 | 534,966,583 | ||||
Symantec Corp. | 2,763,028 | 58,797,236 | ||||
Synopsys, Inc. (a) | 660,505 | 65,132,398 | ||||
6,566,095,110 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 22.4% | ||||||
Apple, Inc. | 20,398,170 | 4,604,682,896 | ||||
Hewlett Packard Enterprise Co. | 6,542,341 | 106,705,582 | ||||
HP, Inc. | 7,034,670 | 181,283,446 | ||||
NetApp, Inc. | 1,152,614 | 98,998,016 | ||||
Seagate Technology PLC (b) | 1,161,832 | 55,012,745 | ||||
Western Digital Corp. | 1,295,258 | 75,824,403 | ||||
Xerox Corp. | 986,618 | 26,618,954 | ||||
5,149,126,042 | ||||||
TOTAL COMMON STOCKS (Cost $19,674,945,137) | 22,938,891,893 | |||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) | 16,254,753 | 16,254,753 | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e) | 12,356,093 | 12,356,093 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $28,610,846) | 28,610,846 | |||||
TOTAL INVESTMENTS — 100.0% (Cost $19,703,555,983) | 22,967,502,739 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (f) | (8,018,922) | |||||
NET ASSETS — 100.0% | $ 22,959,483,817 |
SCHEDULE OF INVESTMENTS (continued)
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
(e) | Investment of cash collateral for securities loaned. |
(f) | Amount is less than 0.05% of net assets. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Communications Equipment | $ 1,243,420,965 | $— | $— | $ 1,243,420,965 | ||||
Electronic Equipment, Instruments & Components | 451,578,682 | — | — | 451,578,682 | ||||
IT Services | 5,274,754,931 | — | — | 5,274,754,931 | ||||
Semiconductors & Semiconductor Equipment | 4,253,916,163 | — | — | 4,253,916,163 | ||||
Software | 6,566,095,110 | — | — | 6,566,095,110 | ||||
Technology Hardware, Storage & Peripherals | 5,149,126,042 | — | — | 5,149,126,042 | ||||
Short-Term Investments | 28,610,846 | — | — | 28,610,846 | ||||
TOTAL INVESTMENTS | $22,967,502,739 | $— | $— | $22,967,502,739 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 26,740,576 | $26,740,576 | $642,722,728 | $653,208,551 | $— | $— | 16,254,753 | $16,254,753 | $601,594 | $— | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 979,738 | 979,738 | 137,064,240 | 125,687,885 | — | — | 12,356,093 | 12,356,093 | 17,277 | — | |||||||||
Total | $27,720,314 | $779,786,968 | $778,896,436 | $— | $— | $28,610,846 | $618,871 | $— |
SCHEDULE OF INVESTMENTS
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
ELECTRIC UTILITIES — 62.1% | ||||||
Alliant Energy Corp. | 2,563,475 | $ 109,127,131 | ||||
American Electric Power Co., Inc. | 5,398,186 | 382,623,424 | ||||
Duke Energy Corp. | 7,801,112 | 624,244,982 | ||||
Edison International | 3,568,102 | 241,489,143 | ||||
Entergy Corp. | 1,980,580 | 160,684,456 | ||||
Evergy, Inc. | 2,975,334 | 163,405,343 | ||||
Eversource Energy | 3,470,270 | 213,213,389 | ||||
Exelon Corp. | 10,578,011 | 461,835,960 | ||||
FirstEnergy Corp. | 5,322,547 | 197,839,072 | ||||
NextEra Energy, Inc. | 5,164,594 | 865,585,955 | ||||
PG&E Corp. (a) | 5,663,518 | 260,578,463 | ||||
Pinnacle West Capital Corp. | 1,229,230 | 97,330,431 | ||||
PPL Corp. (b) | 7,661,245 | 224,168,029 | ||||
Southern Co. | 11,106,058 | 484,224,129 | ||||
Xcel Energy, Inc. | 5,575,096 | 263,200,282 | ||||
4,749,550,189 | ||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 3.0% | ||||||
AES Corp. | 7,263,806 | 101,693,284 | ||||
NRG Energy, Inc. | 3,330,985 | 124,578,839 | ||||
226,272,123 | ||||||
MULTI-UTILITIES — 32.4% | ||||||
Ameren Corp. | 2,672,473 | 168,953,743 | ||||
CenterPoint Energy, Inc. | 5,404,346 | 149,430,167 | ||||
CMS Energy Corp. | 3,102,175 | 152,006,575 | ||||
Consolidated Edison, Inc. | 3,406,990 | 259,578,568 | ||||
Dominion Energy, Inc. (b) | 7,159,615 | 503,177,742 | ||||
DTE Energy Co. | 1,990,698 | 217,244,873 | ||||
NiSource, Inc. | 3,985,408 | 99,316,367 |
Security Description | Shares | Value | ||||
Public Service Enterprise Group, Inc. | 5,533,908 | $ 292,135,003 | ||||
SCANA Corp. | 1,561,951 | 60,744,275 | ||||
Sempra Energy | 2,994,775 | 340,655,656 | ||||
WEC Energy Group, Inc. (b) | 3,455,435 | 230,684,841 | ||||
2,473,927,810 | ||||||
WATER UTILITIES — 2.3% | ||||||
American Water Works Co., Inc. | 1,974,473 | 173,694,390 | ||||
TOTAL COMMON STOCKS (Cost $8,222,721,305) | 7,623,444,512 | |||||
SHORT-TERM INVESTMENT — 0.1% | ||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.01% (c) (d) (Cost $8,502,091) | 8,502,091 | 8,502,091 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $8,231,223,396) | 7,631,946,603 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 10,313,212 | |||||
NET ASSETS — 100.0% | $ 7,642,259,815 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2018. |
(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, 2018 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2018. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | ||||||||
Electric Utilities | $4,749,550,189 | $— | $— | $4,749,550,189 | ||||
Independent Power and Renewable Electricity Producers | 226,272,123 | — | — | 226,272,123 | ||||
Multi-Utilities | 2,473,927,810 | — | — | 2,473,927,810 | ||||
Water Utilities | 173,694,390 | — | — | 173,694,390 | ||||
Short-Term Investment | 8,502,091 | — | — | 8,502,091 | ||||
TOTAL INVESTMENTS | $7,631,946,603 | $— | $— | $7,631,946,603 |
Number of Shares Held at 9/30/17 | Value at 9/30/17 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/18 | Value at 9/30/18 | Dividend Income | Capital Gains Distributions | ||||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 18,133,795 | $18,133,795 | $371,717,173 | $381,348,877 | $— | $— | 8,502,091 | $8,502,091 | $289,257 | $— |
The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund | |||
ASSETS | |||||
Investments in unaffiliated issuers, at value* | $2,034,167,042 | $16,211,293,941 | $ 9,216,807,971 | ||
Investments in affiliated issuers, at value | 715,482 | 43,082,252 | 5,021,303 | ||
Total Investments | 2,034,882,524 | 16,254,376,193 | 9,221,829,274 | ||
Cash | — | 773,953 | 7,413,817 | ||
Receivable for investments sold | — | — | — | ||
Receivable for income related to Select Sector SPDR shares in-kind transactions | — | 1,553 | 21,970 | ||
Dividends receivable — unaffiliated issuers | 308,445 | 8,395,798 | 29,256,239 | ||
Dividends receivable — affiliated issuers | 1,924 | 64,829 | 26,678 | ||
Securities lending income receivable — unaffiliated issuers | — | 6,200 | 11,241 | ||
Securities lending income receivable — affiliated issuers | — | 10,005 | — | ||
Receivable from Adviser | 3,915 | — | — | ||
Other Receivable | — | — | — | ||
Prepaid expenses and other assets | 52 | 25,438 | 15,785 | ||
TOTAL ASSETS | 2,035,196,860 | 16,263,653,969 | 9,258,575,004 | ||
LIABILITIES | |||||
Payable upon return of securities loaned | — | 41,766,139 | — | ||
Payable for investments purchased | — | — | — | ||
Payable for income related to Select Sector SPDR shares in-kind transactions | 47,119 | — | — | ||
Advisory and Administration fees payable | 23,939 | 450,922 | 261,078 | ||
Distribution fees payable | 27,008 | 790,213 | 467,709 | ||
Unitary fees payable | 6,857 | 126,242 | 80,372 | ||
Trustees’ fees and expenses payable | 161 | 2,884 | 1,814 | ||
License fee payable | 50,006 | 1,482,014 | 926,365 | ||
Registration and filing fees payable | 359 | 32,117 | 20,057 | ||
Professional fees payable | 26,000 | 59,185 | 41,952 | ||
Printing and postage fees payable | — | — | 58,063 | ||
Accrued expenses and other liabilities | 4,307 | 1,952 | 1,723 | ||
TOTAL LIABILITIES | 185,756 | 44,711,668 | 1,859,133 | ||
NET ASSETS | $2,035,011,104 | $16,218,942,301 | $ 9,256,715,871 | ||
NET ASSETS CONSIST OF: | |||||
Paid-in Capital | $2,029,368,816 | $15,484,632,097 | $10,451,306,529 | ||
Total distributable earnings (loss) | $ 5,642,288 | $ 734,310,204 | $ (1,194,590,658) | ||
NET ASSETS | $2,035,011,104 | $16,218,942,301 | $ 9,256,715,871 | ||
NET ASSET VALUE PER SHARE | |||||
Net asset value per share | $ 48.98 | $ 117.19 | $ 53.92 | ||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 41,550,000 | 138,403,252 | 171,671,809 | ||
COST OF INVESTMENTS: | |||||
Investments in unaffiliated issuers | $2,027,003,637 | $14,830,041,567 | $10,009,245,042 | ||
Investments in affiliated issuers | 715,482 | 43,082,252 | 5,021,303 | ||
Total cost of investments | $2,027,719,119 | $14,873,123,819 | $10,014,266,345 | ||
* Includes investments in securities on loan, at value | $ — | $ 89,490,551 | $ 98,304,568 |
The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||
$18,454,969,088 | $30,690,406,775 | $19,612,590,706 | $12,916,056,853 | $ 4,540,898,959 | $2,723,526,117 | $22,938,891,893 | ||||||
6,022,279 | 341,647,706 | 8,912,798 | 136,312,370 | 2,380,802 | 6,227,878 | 28,610,846 | ||||||
18,460,991,367 | 31,032,054,481 | 19,621,503,504 | 13,052,369,223 | 4,543,279,761 | 2,729,753,995 | 22,967,502,739 | ||||||
1,595,303 | 6,256,431 | 771 | 298,235 | 229,932 | 996,789 | 3,484,403 | ||||||
— | — | — | 13,947,694 | 15,309,561 | — | — | ||||||
— | — | — | 4,292 | — | — | 9,785,250 | ||||||
16,427,055 | 21,519,596 | 14,450,410 | 11,913,004 | 5,430,988 | 8,308,104 | 4,819,696 | ||||||
100,788 | 201,022 | 60,762 | 60,771 | 17,137 | 6,031 | 54,382 | ||||||
2,521 | 880 | 1,107 | 2,299 | 8,209 | 930 | 38,074 | ||||||
— | — | — | 7,484 | 60 | — | 728 | ||||||
— | — | — | — | — | — | — | ||||||
— | — | — | — | — | 41,972 | — | ||||||
35,257 | 63,536 | 32,219 | 25,759 | 9,573 | 4,603 | 39,905 | ||||||
18,479,152,291 | 31,060,095,946 | 19,636,048,773 | 13,078,628,761 | 4,564,285,221 | 2,739,112,424 | 22,985,725,177 | ||||||
— | — | — | 118,858,872 | — | — | 12,356,093 | ||||||
40,111,545 | — | — | 31,833,216 | 15,498,525 | 6,416,749 | 9,381,587 | ||||||
113,931 | 46,563 | 107,921 | — | 85,369 | 39,374 | — | ||||||
491,675 | 883,252 | 520,751 | 367,821 | 126,171 | 78,926 | 653,431 | ||||||
958,897 | 1,690,891 | 932,029 | 702,274 | 249,429 | 139,123 | 1,180,029 | ||||||
157,931 | 275,586 | 153,014 | 111,567 | 39,392 | 30,019 | 198,601 | ||||||
3,874 | 6,274 | 3,379 | 2,525 | — | 544 | 4,640 | ||||||
1,973,752 | 3,158,090 | 1,776,270 | 1,309,164 | 468,064 | 277,625 | 2,345,875 | ||||||
44,566 | 78,505 | 40,318 | 31,947 | 11,898 | 5,878 | 50,086 | ||||||
56,203 | 77,556 | 56,423 | 48,493 | 34,735 | 31,125 | 68,669 | ||||||
78,849 | 69,378 | 77,077 | 29,620 | 5,612 | 14,768 | — | ||||||
2,440 | 3,473 | 3,094 | 1,642 | 477 | 174 | 2,349 | ||||||
43,993,663 | 6,289,568 | 3,670,276 | 153,297,141 | 16,519,672 | 7,034,305 | 26,241,360 | ||||||
$18,435,158,628 | $31,053,806,378 | $19,632,378,497 | $12,925,331,620 | $ 4,547,765,549 | $2,732,078,119 | $22,959,483,817 | ||||||
$22,951,105,245 | $31,017,871,473 | $18,560,026,832 | $13,701,834,278 | $ 5,619,685,787 | $2,926,189,130 | $20,560,182,146 | ||||||
$ (4,515,946,617) | $ 35,934,905 | $ 1,072,351,665 | $ (776,502,658) | $(1,071,920,238) | $ (194,111,011) | $ 2,399,301,671 | ||||||
$18,435,158,628 | $31,053,806,378 | $19,632,378,497 | $12,925,331,620 | $ 4,547,765,549 | $2,732,078,119 | $22,959,483,817 | ||||||
$ 75.75 | $ 27.58 | $ 95.11 | $ 78.37 | $ 57.92 | $ 32.62 | $ 75.30 | ||||||
243,374,200 | 1,126,045,427 | 206,415,324 | 164,926,000 | 78,523,725 | 83,750,000 | 304,905,897 | ||||||
$19,698,556,343 | $30,270,753,628 | $18,122,104,693 | $13,276,486,876 | $ 4,954,026,192 | $2,870,743,007 | $19,674,945,137 | ||||||
6,022,279 | 382,606,687 | 8,912,798 | 136,312,370 | 2,380,802 | 6,227,878 | 28,610,846 | ||||||
$19,704,578,622 | $30,653,360,315 | $18,131,017,491 | $13,412,799,246 | $ 4,956,406,994 | $2,876,970,885 | $19,703,555,983 | ||||||
$ 4,852,779 | $ 9,911,150 | $ 4,052,167 | $ 125,759,891 | $ 84,117,035 | $ 8,630,213 | $ 624,232,024 |
The Utilities Select Sector SPDR Fund | |
ASSETS | |
Investments in unaffiliated issuers, at value* | $ 7,623,444,512 |
Investments in affiliated issuers, at value | 8,502,091 |
Total Investments | 7,631,946,603 |
Cash | 341 |
Receivable for income related to Select Sector SPDR shares in-kind transactions | 19,806 |
Dividends receivable — unaffiliated issuers | 11,809,694 |
Dividends receivable — affiliated issuers | 43,054 |
Securities lending income receivable — unaffiliated issuers | 6,193 |
Prepaid expenses and other assets | 14,259 |
TOTAL ASSETS | 7,643,839,950 |
LIABILITIES | |
Advisory and Administration fees payable | 210,599 |
Distribution fees payable | 390,309 |
Unitary fees payable | 67,316 |
Trustees’ fees and expenses payable | 1,573 |
License fee payable | 810,455 |
Registration and filing fees payable | 18,046 |
Professional fees payable | 40,001 |
Printing and postage fees payable | 40,618 |
Accrued expenses and other liabilities | 1,218 |
TOTAL LIABILITIES | 1,580,135 |
NET ASSETS | $ 7,642,259,815 |
NET ASSETS CONSIST OF: | |
Paid-in Capital | $ 8,658,542,546 |
Total distributable earnings (loss) | $(1,016,282,731) |
NET ASSETS | $ 7,642,259,815 |
NET ASSET VALUE PER SHARE | |
Net asset value per share | $ 52.68 |
Shares outstanding (unlimited amount authorized, $0.01 par value) | 145,074,160 |
COST OF INVESTMENTS: | |
Investments in unaffiliated issuers | $ 8,222,721,305 |
Investments in affiliated issuers | 8,502,091 |
Total cost of investments | $ 8,231,223,396 |
* Includes investments in securities on loan, at value | $ 14,548,153 |
The Communication Services Select Sector SPDR Fund(a) | The Consumer Discretionary Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund | |||
INVESTMENT INCOME | |||||
Dividend income — unaffiliated issuers | 989,844 | $ 208,741,421 | $ 247,961,303 | ||
Dividend income — affiliated issuers | 3,364 | 349,099 | 240,047 | ||
Unaffiliated securities lending income | — | 360,534 | 120,758 | ||
Affiliated securities lending income | — | 314,906 | 14,319 | ||
Foreign taxes withheld | — | — | — | ||
TOTAL INVESTMENT INCOME (LOSS) | 993,208 | 209,765,960 | 248,336,427 | ||
EXPENSES | |||||
Advisory and Administration fees | 44,325 | 4,561,883 | 2,833,220 | ||
Distribution fees | 45,922 | 4,789,652 | 2,957,252 | ||
License fees | 50,446 | 5,193,898 | 3,225,702 | ||
Unitary fees | 12,841 | 1,511,613 | 924,949 | ||
Trustees’ fees and expenses | 267 | 122,062 | 79,089 | ||
Registration fees | 359 | 69,267 | 39,626 | ||
Professional fees | 26,075 | 109,422 | 51,515 | ||
Printing and postage fees | 8,048 | 546,362 | 301,120 | ||
Insurance expense | 14 | 34,453 | 24,840 | ||
Miscellaneous expenses | 7,501 | 79,368 | 66,745 | ||
TOTAL EXPENSES | 195,798 | 17,017,980 | 10,504,058 | ||
Expenses waived/reimbursed by the Adviser | (19,326) | — | — | ||
NET EXPENSES | 176,472 | 17,017,980 | 10,504,058 | ||
NET INVESTMENT INCOME (LOSS) | 816,736 | 192,747,980 | 237,832,369 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Investments — unaffiliated issuers | (1,521,144) | (206,368,644) | (189,476,784) | ||
Investments — affiliated issuers | — | — | — | ||
In-kind redemptions — unaffiliated issuers | 227,767 | 2,393,046,208 | 447,697,091 | ||
In-kind redemptions — affiliated issuers | — | — | — | ||
Net realized gain (loss) | (1,293,377) | 2,186,677,564 | 258,220,307 | ||
Net change in unrealized appreciation/depreciation on: | |||||
Investments — unaffiliated issuers | 7,163,405 | 1,336,456,887 | (217,605,325) | ||
Investments — affiliated issuers | — | — | — | ||
Net change in unrealized appreciation/depreciation | 7,163,405 | 1,336,456,887 | (217,605,325) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 5,870,028 | 3,523,134,451 | 40,614,982 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $ 6,686,764 | $3,715,882,431 | $ 278,447,351 |
(a) | For the period June 18, 2018 (inception date) through September 30, 2018. |
The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||
511,375,938 | $ 578,297,474 | $ 277,694,150 | $ 240,689,646 | $ 93,407,900 | $ 75,600,508 | $ 311,119,406 | ||||||
442,856 | 7,042,894 | 427,281 | 400,748 | 122,251 | 41,161 | 601,594 | ||||||
257,816 | 10,353 | 17,775 | — | 30,116 | 43,711 | 262,334 | ||||||
327,675 | — | 51 | 115,903 | 60 | — | 17,277 | ||||||
— | — | (497) | — | — | — | — | ||||||
512,404,285 | 585,350,721 | 278,138,760 | 241,206,297 | 93,560,327 | 75,685,380 | 312,000,611 | ||||||
6,130,868 | 10,769,341 | 5,647,689 | 4,388,779 | 1,614,866 | 834,060 | 7,082,271 | ||||||
6,465,604 | 11,432,661 | 5,986,574 | 4,665,488 | 1,717,697 | 852,377 | 7,510,518 | ||||||
6,979,044 | 12,262,945 | 6,431,364 | 4,997,069 | 1,838,570 | 949,241 | 8,062,489 | ||||||
1,995,665 | 3,491,013 | 1,861,261 | 1,494,597 | 542,392 | 287,881 | 2,297,356 | ||||||
165,430 | 288,623 | 158,269 | 120,127 | 42,490 | 22,522 | 185,674 | ||||||
97,206 | 98,420 | 80,450 | 84,139 | 38,848 | 47,641 | 57,144 | ||||||
85,822 | 148,873 | 83,455 | 72,541 | 42,226 | 34,681 | 135,284 | ||||||
704,126 | 1,060,940 | 644,687 | 475,514 | 159,120 | 110,250 | 932,434 | ||||||
49,357 | 68,547 | 44,068 | 31,322 | 11,182 | 7,026 | 47,727 | ||||||
107,744 | 145,154 | 98,356 | 73,344 | 36,278 | 31,083 | 105,521 | ||||||
22,780,866 | 39,766,517 | 21,036,173 | 16,402,920 | 6,043,669 | 3,176,762 | 26,416,418 | ||||||
— | — | — | — | — | — | — | ||||||
22,780,866 | 39,766,517 | 21,036,173 | 16,402,920 | 6,043,669 | 3,176,762 | 26,416,418 | ||||||
489,623,419 | 545,584,204 | 257,102,587 | 224,803,377 | 87,516,658 | 72,508,618 | 285,584,193 | ||||||
(750,805,165) | (29,676,821) | (133,263,903) | (65,541,814) | (8,318,664) | (17,009,234) | (309,274,870) | ||||||
— | (353,089) | — | — | — | — | — | ||||||
912,709,880 | 3,749,510,136 | 1,908,508,003 | 2,027,565,966 | 436,712,336 | 121,687,221 | 4,181,682,488 | ||||||
— | 38,856,895 | — | — | — | — | — | ||||||
161,904,715 | 3,758,337,121 | 1,775,244,100 | 1,962,024,152 | 428,393,672 | 104,677,987 | 3,872,407,618 | ||||||
1,539,678,334 | (1,883,650,382) | 840,112,380 | (780,543,538) | (436,501,277) | (62,412,821) | 936,578,600 | ||||||
— | (80,686,683) | — | — | — | — | — | ||||||
1,539,678,334 | (1,964,337,065) | 840,112,380 | (780,543,538) | (436,501,277) | (62,412,821) | 936,578,600 | ||||||
1,701,583,049 | 1,794,000,056 | 2,615,356,480 | 1,181,480,614 | (8,107,605) | 42,265,166 | 4,808,986,218 | ||||||
$2,191,206,468 | $ 2,339,584,260 | $2,872,459,067 | $1,406,283,991 | $ 79,409,053 | $114,773,784 | $5,094,570,411 |
The Utilities Select Sector SPDR Fund | |
INVESTMENT INCOME | |
Dividend income — unaffiliated issuers | $ 257,904,986 |
Dividend income — affiliated issuers | 289,257 |
Unaffiliated securities lending income | 116,749 |
TOTAL INVESTMENT INCOME (LOSS) | 258,310,992 |
EXPENSES | |
Advisory and Administration fees | 2,502,143 |
Distribution fees | 2,636,985 |
License fees | 2,848,547 |
Unitary fees | 819,902 |
Trustees’ fees and expenses | 69,537 |
Registration fees | 25,744 |
Professional fees | 49,729 |
Printing and postage fees | 288,194 |
Insurance expense | 20,617 |
Miscellaneous expenses | 58,504 |
TOTAL EXPENSES | 9,319,902 |
NET INVESTMENT INCOME (LOSS) | 248,991,090 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (85,536,284) |
In-kind redemptions — unaffiliated issuers | 313,881,478 |
Net realized gain (loss) | 228,345,194 |
Net change in unrealized appreciation/depreciation on: | |
Investments — unaffiliated issuers | (294,460,877) |
NET REALIZED AND UNREALIZED GAIN (LOSS) | (66,115,683) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $ 182,875,407 |
The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | ||||
For the Period 6/18/18* - 9/30/18 | Year Ended 9/30/18 | Year Ended 9/30/17 | |||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||
Net investment income (loss) | $ 816,736 | $ 192,747,980 | $ 178,217,755 | ||
Net realized gain (loss) | (1,293,377) | 2,186,677,564 | 831,914,591 | ||
Net change in unrealized appreciation/depreciation | 7,163,405 | 1,336,456,887 | 517,488,053 | ||
Net increase (decrease) in net assets resulting from operations | 6,686,764 | 3,715,882,431 | 1,527,620,399 | ||
Net equalization credits and charges | 1,745,113 | 11,138,261 | 3,302,274 | ||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||
Distributions to shareholders | (1,080,224) | (177,386,571) | (183,068,428)(a) | ||
Return of capital | (1,553,436) | — | — | ||
Total Distributions to shareholders | (2,633,660) | (177,386,571) | (183,068,428) | ||
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||
Proceeds from sale of shares sold | 2,094,047,660 | 18,624,735,734 | 10,076,630,953 | ||
Cost of shares redeemed | (63,089,660) | (17,462,874,297) | (9,434,526,584) | ||
Net income equalization | (1,745,113) | (11,138,261) | (3,302,274) | ||
Net increase (decrease) in net assets from beneficial interest transactions | 2,029,212,887 | 1,150,723,176 | 638,802,095 | ||
Net increase (decrease) in net assets during the period | 2,035,011,104 | 4,700,357,297 | 1,986,656,340 | ||
Net assets at beginning of period | — | 11,518,585,004 | 9,531,928,664 | ||
NET ASSETS AT END OF PERIOD | $2,035,011,104 | $ 16,218,942,301 | $11,518,585,004(e) | ||
SHARES OF BENEFICIAL INTEREST: | |||||
Shares sold | 42,850,000 | 174,450,000 | 118,750,000 | ||
Shares redeemed | (1,300,000) | (163,900,000) | (110,000,000) | ||
Net increase (decrease) | 41,550,000 | 10,550,000 | 8,750,000 |
* | Inception date. |
(a) | For the period ended September 30, 2017, the distributions to shareholders was $183,068,428 from net investment income. See Note 11 on the notes to financial statements. |
(e) | Undistributed (distributions in excess of) net investment income amounted to $0 at September 30, 2017. See Note 11 on the notes to financial statements. |
The Consumer Staples Select Sector SPDR Fund | The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | ||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/18 | Year Ended 9/30/17 | |||||
$ 237,832,369 | $ 237,891,582 | $ 489,623,419 | $ 509,307,299 | $ 545,584,204 | $ 370,236,767 | |||||
258,220,307 | 385,188,910 | 161,904,715 | (1,205,671,094) | 3,758,337,121 | 2,376,039,412 | |||||
(217,605,325) | (364,745,665) | 1,539,678,334 | 566,314,820 | (1,964,337,065) | 3,148,090,823 | |||||
278,447,351 | 258,334,827 | 2,191,206,468 | (130,048,975) | 2,339,584,260 | 5,894,367,002 | |||||
12,349,526 | 6,793,597 | (5,667,824) | 951,856 | 8,381,760 | 25,865,664 | |||||
(247,305,066) | (244,187,449)(b) | (484,431,572) | (509,160,676)(c) | (556,478,187) | (390,504,087)(d) | |||||
— | — | — | — | — | — | |||||
(247,305,066) | (244,187,449) | (484,431,572) | (509,160,676) | (556,478,187) | (390,504,087) | |||||
20,317,858,214 | 23,126,005,097 | 18,997,159,203 | 20,903,915,315 | 36,653,289,013 | 36,817,183,513 | |||||
(19,901,187,691) | (23,224,407,701) | (18,886,610,420) | (18,567,122,195) | (34,801,440,424) | (26,875,531,255) | |||||
(12,349,526) | (6,793,597) | 5,667,824 | (951,856) | (8,381,760) | (25,865,664) | |||||
404,320,997 | (105,196,201) | 116,216,607 | 2,335,841,264 | 1,843,466,829 | 9,915,786,594 | |||||
447,812,808 | (84,255,226) | 1,817,323,679 | 1,697,583,469 | 3,634,954,662 | 15,445,515,173 | |||||
8,808,903,063 | 8,893,158,289 | 16,617,834,949 | 14,920,251,480 | 27,418,851,716 | 11,973,336,543 | |||||
$ 9,256,715,871 | $ 8,808,903,063(f) | $ 18,435,158,628 | $16,617,834,949(g) | $ 31,053,806,378 | $27,418,851,716(h) | |||||
378,450,000 | 430,400,000 | 261,200,000 | 299,400,000 | 1,315,650,000 | 1,580,250,000 | |||||
(369,950,000) | (434,350,000) | (260,550,000) | (267,950,000) | (1,250,850,000) | (1,139,200,000) | |||||
8,500,000 | (3,950,000) | 650,000 | 31,450,000 | 64,800,000 | 441,050,000 |
(b) | For the period ended September 30, 2017, the distributions to shareholders was $244,187,449 from net investment income. See Note 11 on the notes to financial statements. |
(c) | For the period ended September 30, 2017, the distributions to shareholders was $509,160,676 from net investment income. See Note 11 on the notes to financial statements. |
(d) | For the period ended September 30, 2017, the distributions to shareholders was $390,504,087 from net investment income. See Note 11 on the notes to financial statements. |
(f) | Undistributed (distributions in excess of) net investment income amounted to $0 at September 30, 2017. See Note 11 on the notes to financial statements. |
(g) | Undistributed (distributions in excess of) net investment income amounted to $146,623 at September 30, 2017. See Note 11 on the notes to financial statements. |
(h) | Undistributed (distributions in excess of) net investment income amounted to $0 at September 30, 2017. See Note 11 on the notes to financial statements. |
The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | ||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/18 | Year Ended 9/30/17 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $ 257,102,587 | $ 248,803,424 | $ 224,803,377 | $ 216,093,234 | |||
Net realized gain (loss) | 1,775,244,100 | 674,671,613 | 1,962,024,152 | 1,080,111,866 | |||
Net change in unrealized appreciation/depreciation | 840,112,380 | 1,394,349,669 | (780,543,538) | 835,209,931 | |||
Net increase (decrease) in net assets resulting from operations | 2,872,459,067 | 2,317,824,706 | 1,406,283,991 | 2,131,415,031 | |||
Net equalization credits and charges | 1,856,458 | 4,430,175 | (3,271,128) | (1,024,809) | |||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||
Distributions to shareholders | (258,645,776) | (252,388,527)(i) | (234,789,999) | (212,336,521)(j) | |||
Total Distributions to shareholders | (258,645,776) | (252,388,527) | (234,789,999) | (212,336,521) | |||
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||||
Proceeds from sale of shares sold | 18,290,105,906 | 19,678,407,269 | 23,686,905,734 | 19,062,178,269 | |||
Cost of shares redeemed | (18,983,167,287) | (16,479,429,601) | (22,988,747,367) | (17,260,781,299) | |||
Net income equalization | (1,856,458) | (4,430,175) | 3,271,128 | 1,024,809 | |||
Net increase (decrease) in net assets from beneficial interest transactions | (694,917,839) | 3,194,547,493 | 701,429,495 | 1,802,421,779 | |||
Net increase (decrease) in net assets during the period | 1,920,751,910 | 5,264,413,847 | 1,869,652,359 | 3,720,475,480 | |||
Net assets at beginning of period | 17,711,626,587 | 12,447,212,740 | 11,055,679,261 | 7,335,203,781 | |||
NET ASSETS AT END OF PERIOD | $ 19,632,378,497 | $17,711,626,587(n) | $ 12,925,331,620 | $11,055,679,261(o) | |||
SHARES OF BENEFICIAL INTEREST: | |||||||
Shares sold | 213,550,000 | 267,300,000 | 315,800,000 | 295,600,000 | |||
Shares redeemed | (223,750,000) | (223,350,000) | (306,600,000) | (265,500,000) | |||
Net increase (decrease) | (10,200,000) | 43,950,000 | 9,200,000 | 30,100,000 |
(i) | For the period ended September 30, 2017, the distributions to shareholders was $252,388,527 from net investment income. See Note 11 on the notes to financial statements. |
(j) | For the period ended September 30, 2017, the distributions to shareholders was $212,336,521 from net investment income. See Note 11 on the notes to financial statements. |
(n) | Undistributed (distributions in excess of) net investment income amounted to $0 at September 30, 2017. See Note 11 on the notes to financial statements. |
(o) | Undistributed (distributions in excess of) net investment income amounted to $7,236,727 at September 30, 2017. See Note 11 on the notes to financial statements. |
The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/18 | Year Ended 9/30/17 | |||||
$ 87,516,658 | $ 69,987,081 | $ 72,508,618 | $ 57,449,053 | $ 285,584,193 | $ 254,922,885 | |||||
428,393,672 | 263,923,310 | 104,677,987 | 15,807,172 | 3,872,407,618 | 1,704,331,508 | |||||
(436,501,277) | 352,929,686 | (62,412,821) | (47,777,211) | 936,578,600 | 1,723,331,700 | |||||
79,409,053 | 686,840,077 | 114,773,784 | 25,479,014 | 5,094,570,411 | 3,682,586,093 | |||||
1,436,420 | 2,243,728 | 126,651 | (6,048,620) | 13,158,840 | (895,238) | |||||
(87,749,456) | (74,656,242)(k) | (89,715,446) | (94,128,585)(l) | (309,252,206) | (254,143,361)(m) | |||||
(87,749,456) | (74,656,242) | (89,715,446) | (94,128,585) | (309,252,206) | (254,143,361) | |||||
9,060,229,046 | 6,190,069,633 | 2,437,434,063 | 1,187,415,832 | 28,155,605,742 | 15,219,138,310 | |||||
(8,555,524,945) | (5,645,741,524) | (2,085,232,222) | (1,964,582,409) | (27,813,884,434) | (13,818,965,634) | |||||
(1,436,420) | (2,243,728) | (126,651) | 6,048,620 | (13,158,840) | 895,238 | |||||
503,267,681 | 542,084,381 | 352,075,190 | (771,117,957) | 328,562,468 | 1,401,067,914 | |||||
496,363,698 | 1,156,511,944 | 377,260,179 | (845,816,148) | 5,127,039,513 | 4,828,615,408 | |||||
4,051,401,851 | 2,894,889,907 | 2,354,817,940 | 3,200,634,088 | 17,832,444,304 | 13,003,828,896 | |||||
$ 4,547,765,549 | $4,051,401,851(p) | $ 2,732,078,119 | $2,354,817,940(q) | $ 22,959,483,817 | $17,832,444,304(r) | |||||
151,800,000 | 119,200,000 | 76,400,000 | 37,650,000 | 405,600,000 | 293,150,000 | |||||
(144,600,000) | (108,500,000) | (65,650,000) | (62,400,000) | (402,300,000) | (263,700,000) | |||||
7,200,000 | 10,700,000 | 10,750,000 | (24,750,000) | 3,300,000 | 29,450,000 |
(k) | For the period ended September 30, 2017, the distributions to shareholders was $74,656,242 from net investment income. See Note 11 on the notes to financial statements. |
(l) | For the period ended September 30, 2017, the distributions to shareholders was $94,128,585 from net investment income. See Note 11 on the notes to financial statements. |
(m) | For the period ended September 30, 2017, the distributions to shareholders was $254,143,361 from net investment income. See Note 11 on the notes to financial statements. |
(p) | Undistributed (distributions in excess of) net investment income amounted to $302,259 at September 30, 2017. See Note 11 on the notes to financial statements. |
(q) | Undistributed (distributions in excess of) net investment income amounted to $0 at September 30, 2017. See Note 11 on the notes to financial statements. |
(r) | Undistributed (distributions in excess of) net investment income amounted to $1,944,269 at September 30, 2017. See Note 11 on the notes to financial statements. |
The Utilities Select Sector SPDR Fund | |||
Year Ended 9/30/18 | Year Ended 9/30/17 | ||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss) | $ 248,991,090 | $ 237,379,768 | |
Net realized gain (loss) | 228,345,194 | 300,442,690 | |
Net change in unrealized appreciation/depreciation | (294,460,877) | 186,732,287 | |
Net increase (decrease) in net assets resulting from operations | 182,875,407 | 724,554,745 | |
Net equalization credits and charges | (6,110,912) | (1,395,744) | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Distributions to shareholders | (251,480,540) | (235,607,383)(s) | |
Total Distributions to shareholders | (251,480,540) | (235,607,383) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from sale of shares sold | 21,923,521,078 | 21,312,440,021 | |
Cost of shares redeemed | (21,988,070,391) | (21,437,700,615) | |
Net income equalization | 6,110,912 | 1,395,744 | |
Net increase (decrease) in net assets from beneficial interest transactions | (58,438,401) | (123,864,850) | |
Net increase (decrease) in net assets during the period | (133,154,446) | 363,686,768 | |
Net assets at beginning of period | 7,775,414,261 | 7,411,727,493 | |
NET ASSETS AT END OF PERIOD | $ 7,642,259,815 | $ 7,775,414,261(t) | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold | 422,650,000 | 420,200,000 | |
Shares redeemed | (424,150,000) | (424,900,000) | |
Net increase (decrease) | (1,500,000) | (4,700,000) |
(s) | For the period ended September 30, 2017, the distributions to shareholders was $235,607,383 from net investment income. See Note 11 on the notes to financial statements. |
(t) | Undistributed (distributions in excess of) net investment income amounted to $11,769,678 at September 30, 2017. See Note 11 on the notes to financial statements. |
The Communication Services Select Sector SPDR Fund | |
For the Period 6/19/18* - 9/30/18 | |
Net asset value, beginning of period | $ 50.00 |
Income (loss) from investment operations: | |
Net investment income (loss) (a) | 0.09 |
Net realized and unrealized gain (loss) (b) | (1.17) |
Total from investment operations | (1.08) |
Net equalization credits and charges (a) | 0.19 |
Distributions to shareholders from: | |
Net investment income | (0.05) |
Return of Capital | (0.08) |
Total distributions | (0.13) |
Net asset value, end of period | $ 48.98 |
Total return (c) | (1.78)% |
Ratios and Supplemental Data: | |
Net assets, end of period (in 000s) | $2,035,011 |
Ratios to average net assets: | |
Total expenses | 0.15%(d) |
Net expenses | 0.13%(d) |
Net investment income (loss) | 0.62%(d) |
Portfolio turnover rate (e) | 7%(f) |
* | Commencement of operations. |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(d) | The ratios for periods less than one year are annualized. |
(e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
(f) | Period less than one year is not annualized. |
The Consumer Discretionary Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 90.09 | $ 80.03 | $ 74.26 | $ 66.69 | $ 60.59 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.49 | 1.32 | 1.22 | 1.05 | 0.90 | ||||
Net realized and unrealized gain (loss) (b) | 26.81 | 10.07 | 5.79 | 7.55 | 6.10 | ||||
Total from investment operations | 28.30 | 11.39 | 7.01 | 8.60 | 7.00 | ||||
Net equalization credits and charges (a) | 0.09 | 0.02 | (0.02) | 0.05 | 0.01 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.29) | (1.35) | (1.22) | (1.08) | (0.91) | ||||
Net asset value, end of period | $ 117.19 | $ 90.09 | $ 80.03 | $ 74.26 | $ 66.69 | ||||
Total return (c) | 31.63% | 14.34% | 9.48% | 12.98% | 11.59% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $16,218,942 | $11,518,585 | $9,531,929 | $10,117,642 | $6,712,778 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.43% | 1.54% | 1.56% | 1.41% | 1.37% | ||||
Portfolio turnover rate (d) | 23% | 6% | 10% | 6% | 5% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(d) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Consumer Staples Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 53.99 | $ 53.21 | $ 47.22 | $ 45.10 | $ 39.81 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.52 | 1.48 | 1.29 | 1.27 | 1.14 | ||||
Net realized and unrealized gain (loss) (b) | (0.17) | 0.72 | 5.99 | 2.14 | 5.19 | ||||
Total from investment operations | 1.35 | 2.20 | 7.28 | 3.41 | 6.33 | ||||
Net equalization credits and charges (a) | 0.08 | 0.04 | 0.00(c) | (0.03) | 0.10 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.50) | (1.46) | (1.29) | (1.26) | (1.14) | ||||
Net asset value, end of period | $ 53.92 | $ 53.99 | $ 53.21 | $ 47.22 | $ 45.10 | ||||
Total return (d) | 2.70% | 4.21% | 15.50% | 7.45% | 16.26% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $9,256,716 | $8,808,903 | $8,893,158 | $7,305,874 | $7,623,200 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 2.84% | 2.73% | 2.48% | 2.62% | 2.62% | ||||
Portfolio turnover rate (e) | 12% | 12% | 4% | 3% | 4% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Energy Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 68.46 | $ 70.62 | $ 61.24 | $ 90.58 | $ 82.89 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.95 | 2.16(b) | 1.79 | 2.01 | 1.77 | ||||
Net realized and unrealized gain (loss) (c) | 7.32 | (2.18) | 9.39 | (29.45) | 7.63 | ||||
Total from investment operations | 9.27 | (0.02) | 11.18 | (27.44) | 9.40 | ||||
Net equalization credits and charges (a) | (0.02) | 0.00(d) | 0.04 | 0.09 | 0.07 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.96) | (2.14) | (1.84) | (1.99) | (1.78) | ||||
Net asset value, end of period | $ 75.75 | $ 68.46 | $ 70.62 | $ 61.24 | $ 90.58 | ||||
Total return (e) | 13.64% | (0.01)% | 18.72% | (30.52)% | 11.40% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $18,435,159 | $16,617,835 | $14,920,251 | $11,103,521 | $9,838,985 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 2.71% | 3.12% | 2.77% | 2.63% | 1.94% | ||||
Portfolio turnover rate (f) | 8% | 23% | 6% | 6% | 5% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.44 per share and 0.64% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been (0.63)%. |
(c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(d) | Amount is less than $0.005 per share. |
(e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Financial Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 25.84 | $ 19.31 | $ 22.66 | $ 23.17 | $ 19.91 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 0.48 | 0.39 | 0.43 | 0.42 | 0.34 | ||||
Net realized and unrealized gain (loss) (b) | 1.73 | 6.50 | 1.27 | (0.50) | 3.28 | ||||
Total from investment operations | 2.21 | 6.89 | 1.70 | (0.08) | 3.62 | ||||
Net equalization credits and charges (a) | 0.01 | 0.03 | (0.01) | 0.01 | 0.01 | ||||
Voluntary contribution from Adviser | — | — | — | 0.00(c)(d) | — | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (0.48) | (0.39) | (2.10) | (0.44) | (0.37) | ||||
Return of Capital | — | — | (2.94) | — | — | ||||
Total distributions | (0.48) | (0.39) | (5.04) | (0.44) | (0.37) | ||||
Net asset value, end of period | $ 27.58 | $ 25.84 | $ 19.31 | $ 22.66 | $ 23.17 | ||||
Total return (e) | 8.58% | 36.01%(f) | 7.36% | (0.39)%(g) | 18.32% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $31,053,806 | $27,418,852 | $11,973,337 | $16,800,919 | $18,605,018 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.72% | 1.65% | 1.88% | 1.72% | 1.54% | ||||
Portfolio turnover rate (h) | 3% | 3% | 6% | 3% | 5% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Contribution paid by an Affiliate in the amount of $461,741. |
(e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(f) | Includes a non-recurring litigation payment received by the Fund from State Street Corp., an affiliate, which amounted to less than $0.005 per share outstanding as of March 20, 2017. This payment resulted in an increase to total return of less than 0.005% for the period ended September 30, 2017. |
(g) | The contribution from an Affiliate had no impact on total return. |
(h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Health Care Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 81.76 | $ 72.09 | $ 66.30 | $ 63.90 | $ 50.59 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.31 | 1.20 | 1.08 | 1.02 | 0.89 | ||||
Net realized and unrealized gain (loss) (b) | 13.34 | 9.64 | 5.82 | 2.35 | 13.29 | ||||
Total from investment operations | 14.65 | 10.84 | 6.90 | 3.37 | 14.18 | ||||
Net equalization credits and charges (a) | 0.01 | 0.02 | (0.01) | 0.02 | 0.02 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.31) | (1.19) | (1.10) | (0.99) | (0.89) | ||||
Net asset value, end of period | $ 95.11 | $ 81.76 | $ 72.09 | $ 66.30 | $ 63.90 | ||||
Total return (c) | 18.10% | 15.21% | 10.45% | 5.22% | 28.22% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $19,632,378 | $17,711,627 | $12,447,213 | $12,872,900 | $11,161,902 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.54% | 1.60% | 1.54% | 1.43% | 1.53% | ||||
Portfolio turnover rate (d) | 5% | 4% | 8% | 3% | 3% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(d) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Industrial Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 70.99 | $ 58.39 | $ 49.91 | $ 53.14 | $ 46.39 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.30 | 1.35 | 1.18 | 1.07 | 1.00 | ||||
Net realized and unrealized gain (loss) (b) | 7.49 | 12.58 | 8.53 | (3.16) | 6.71 | ||||
Total from investment operations | 8.79 | 13.93 | 9.71 | (2.09) | 7.71 | ||||
Net equalization credits and charges (a) | (0.02) | (0.01) | (0.01) | (0.01) | 0.03 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.39) | (1.32) | (1.22) | (1.13) | (0.99) | ||||
Net asset value, end of period | $ 78.37 | $ 70.99 | $ 58.39 | $ 49.91 | $ 53.14 | ||||
Total return (c) | 12.43% | 24.03% | 19.62% | (4.09)% | 16.71% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $12,925,332 | $11,055,679 | $7,335,204 | $6,257,309 | $8,575,617 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.74% | 2.07% | 2.15% | 1.95% | 1.93% | ||||
Portfolio turnover rate (d) | 6% | 5% | 12% | 6% | 3% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(d) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Materials Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 56.80 | $ 47.75 | $ 39.94 | $ 49.58 | $ 42.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.09 | 1.01 | 0.96 | 0.93 | 0.95 | ||||
Net realized and unrealized gain (loss) (b) | 1.09 | 9.06 | 7.79 | (9.50) | 7.57 | ||||
Total from investment operations | 2.18 | 10.07 | 8.75 | (8.57) | 8.52 | ||||
Net equalization credits and charges (a) | 0.02 | 0.03 | 0.02 | (0.11) | 0.00(c) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.08) | (1.05) | (0.96) | (0.96) | (0.94) | ||||
Net asset value, end of period | $ 57.92 | $ 56.80 | $ 47.75 | $ 39.94 | $ 49.58 | ||||
Total return (d) | 3.84% | 21.33% | 22.11% | (17.75)% | 20.36% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $4,547,766 | $4,051,402 | $2,894,890 | $1,942,121 | $5,182,235 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.84% | 1.95% | 2.12% | 1.94% | 2.02% | ||||
Portfolio turnover rate (e) | 17% | 10% | 16% | 9% | 7% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Real Estate Select Sector SPDR Fund | |||||
Year Ended 9/30/18 | Year Ended 9/30/17 | For the Period 10/8/15* - 9/30/16 | |||
Net asset value, beginning of period | $ 32.26 | $ 32.74 | $ 30.00 | ||
Income (loss) from investment operations: | |||||
Net investment income (loss) (a) | 0.95 | 0.75 | 2.19 | ||
Net realized and unrealized gain (loss) (b) | 0.58 | 0.11 | 1.40 | ||
Total from investment operations | 1.53 | 0.86 | 3.59 | ||
Net equalization credits and charges (a) | 0.00(c) | (0.08) | 0.24 | ||
Distributions to shareholders from: | |||||
Net investment income | (1.17) | (1.26) | (1.09) | ||
Net asset value, end of period | $ 32.62 | $ 32.26 | $ 32.74 | ||
Total return (d) | 4.87% | 2.52% | 12.92% | ||
Ratios and Supplemental Data: | |||||
Net assets, end of period (in 000s) | $2,732,078 | $2,354,818 | $3,200,634 | ||
Ratios to average net assets: | |||||
Total expenses | 0.13% | 0.14% | 0.16%(e) | ||
Net expenses | 0.13% | 0.14% | 0.07%(e) | ||
Net investment income (loss) | 2.94% | 2.38% | 6.82%(e) | ||
Portfolio turnover rate (f) | 7% | 16% | 5%(g) |
* | Commencement of operations. |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | The ratios for periods less than one year are annualized. |
(f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
(g) | Period less than one year are not annualized. |
The Technology Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 59.13 | $ 47.78 | $ 39.56 | $ 39.89 | $ 32.04 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 0.93 | 0.85 | 0.83 | 0.75 | 0.68 | ||||
Net realized and unrealized gain (loss) (b) | 16.17 | 11.35 | 8.22 | (0.30) | 7.86 | ||||
Total from investment operations | 17.10 | 12.20 | 9.05 | 0.45 | 8.54 | ||||
Net equalization credits and charges (a) | 0.04 | (0.00)(c) | 0.01 | (0.01) | (0.01) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (0.97) | (0.85) | (0.84) | (0.77) | (0.68) | ||||
Net asset value, end of period | $ 75.30 | $ 59.13 | $ 47.78 | $ 39.56 | $ 39.89 | ||||
Total return (d) | 29.14% | 25.72% | 23.13% | 1.04% | 26.75% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $22,959,484 | $17,832,444 | $13,003,829 | $11,382,284 | $13,854,341 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 1.37% | 1.62% | 1.91% | 1.80% | 1.85% | ||||
Portfolio turnover rate (e) | 19% | 4% | 5% | 5% | 10% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Utilities Select Sector SPDR Fund | |||||||||
Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | |||||
Net asset value, beginning of period | $ 53.05 | $ 49.00 | $ 43.29 | $ 42.10 | $ 37.36 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.76 | 1.69 | 1.62 | 1.57 | 1.49 | ||||
Net realized and unrealized gain (loss) (b) | (0.28) | 4.07 | 5.76 | 1.22 | 4.77 | ||||
Total from investment operations | 1.48 | 5.76 | 7.38 | 2.79 | 6.26 | ||||
Net equalization credits and charges (a) | (0.04) | (0.01) | (0.03) | (0.04) | (0.03) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.81) | (1.70) | (1.64) | (1.56) | (1.49) | ||||
Net asset value, end of period | $ 52.68 | $ 53.05 | $ 49.00 | $ 43.29 | $ 42.10 | ||||
Total return (c) | 2.89% | 11.88% | 17.06% | 6.51% | 16.83% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $7,642,260 | $7,775,414 | $7,411,727 | $6,639,689 | $5,468,273 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.14% | 0.14% | 0.15% | 0.15% | ||||
Net investment income (loss) | 3.37% | 3.32% | 3.40% | 3.52% | 3.67% | ||||
Portfolio turnover rate (d) | 5% | 2% | 8% | 4% | 5% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(d) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
The Communication Services Select Sector SPDR Fund |
The Consumer Discretionary Select Sector SPDR Fund |
The Consumer Staples Select Sector SPDR Fund |
The Energy Select Sector SPDR Fund |
The Financial Select Sector SPDR Fund |
The Health Care Select Sector SPDR Fund |
The Industrial Select Sector SPDR Fund |
The Materials Select Sector SPDR Fund |
The Real Estate Select Sector SPDR Fund |
The Technology Select Sector SPDR Fund |
The Utilities Select Sector SPDR Fund |
Purchases | Sales | ||
The Communication Services Select Sector SPDR Fund | $ 49,896,705 | $ 50,663,019 | |
The Consumer Discretionary Select Sector SPDR Fund | 3,360,607,122 | 3,116,765,002 | |
The Consumer Staples Select Sector SPDR Fund | 998,177,210 | 999,830,486 | |
The Energy Select Sector SPDR Fund | 1,442,319,748 | 1,408,619,289 | |
The Financial Select Sector SPDR Fund | 897,083,936 | 896,804,832 | |
The Health Care Select Sector SPDR Fund | 906,155,935 | 808,884,896 | |
The Industrial Select Sector SPDR Fund | 817,195,219 | 804,117,059 | |
The Materials Select Sector SPDR Fund | 796,512,134 | 785,475,118 | |
The Real Estate Select Sector SPDR Fund | 169,784,615 | 172,305,717 | |
The Technology Select Sector SPDR Fund | 3,896,828,239 | 3,859,459,275 | |
The Utilities Select Sector SPDR Fund | 385,849,091 | 378,978,079 |
In-kind Contributions | In-kind Redemptions | In-kind Net Realized Gains/(Losses) | |||
The Communication Services Select Sector SPDR Fund | $ 2,033,900,194 | $ 4,836,865 | $ 227,767 | ||
The Consumer Discretionary Select Sector SPDR Fund | 12,477,023,099 | 11,332,579,442 | 2,393,046,208 | ||
The Consumer Staples Select Sector SPDR Fund | 13,111,433,420 | 12,716,926,014 | 447,697,091 | ||
The Energy Select Sector SPDR Fund | 11,389,628,208 | 11,273,304,096 | 912,709,880 | ||
The Financial Select Sector SPDR Fund | 22,619,505,531 | 20,786,983,069 | 3,788,367,031 | ||
The Health Care Select Sector SPDR Fund | 11,589,208,079 | 12,288,153,373 | 1,908,508,003 | ||
The Industrial Select Sector SPDR Fund | 16,401,912,356 | 15,703,204,176 | 2,027,565,966 | ||
The Materials Select Sector SPDR Fund | 6,452,497,946 | 5,955,182,154 | 436,712,336 | ||
The Real Estate Select Sector SPDR Fund | 1,867,854,159 | 1,517,045,166 | 121,687,221 | ||
The Technology Select Sector SPDR Fund | 18,776,437,252 | 18,431,518,365 | 4,181,682,488 | ||
The Utilities Select Sector SPDR Fund | 13,754,005,374 | 13,812,418,645 | 313,881,478 |
Ordinary Income | Long-Term Capital Gains | Tax Return of Capital | Total | ||||
The Communication Services Select Sector SPDR Fund | $ 1,080,224 | $— | $1,553,436 | $ 2,633,660 | |||
The Consumer Discretionary Select Sector SPDR Fund | 177,386,572 | — | — | 177,386,572 | |||
The Consumer Staples Select Sector SPDR Fund | 247,305,066 | — | — | 247,305,066 | |||
The Energy Select Sector SPDR Fund | 484,431,572 | — | — | 484,431,572 | |||
The Financial Select Sector SPDR Fund | 556,478,187 | — | — | 556,478,187 | |||
The Health Care Select Sector SPDR Fund | 258,645,776 | — | — | 258,645,776 | |||
The Industrial Select Sector SPDR Fund | 234,789,999 | — | — | 234,789,999 | |||
The Materials Select Sector SPDR Fund | 87,749,456 | — | — | 87,749,456 | |||
The Real Estate Select Sector SPDR Fund | 89,715,446 | — | — | 89,715,446 | |||
The Technology Select Sector SPDR Fund | 309,252,206 | — | — | 309,252,206 | |||
The Utilities Select Sector SPDR Fund | 251,480,540 | — | — | 251,480,540 |
Ordinary Income | Long-Term Capital Gains | Total | |||
The Consumer Discretionary Select Sector SPDR Fund | $ 183,068,428 | $ — | $ 183,068,428 | ||
The Consumer Staples Select Sector SPDR Fund | 244,187,449 | — | 244,187,449 | ||
The Energy Select Sector SPDR Fund | 509,160,676 | — | 509,160,676 | ||
The Financial Select Sector SPDR Fund | 390,504,087 | — | 390,504,087 | ||
The Health Care Select Sector SPDR Fund | 252,388,527 | — | 252,388,527 | ||
The Industrial Select Sector SPDR Fund | 212,336,521 | — | 212,336,521 | ||
The Materials Select Sector SPDR Fund | 74,656,242 | — | 74,656,242 | ||
The Real Estate Select Sector SPDR Fund | 94,128,585 | — | 94,128,585 | ||
The Technology Select Sector SPDR Fund | 254,143,361 | — | 254,143,361 | ||
The Utilities Select Sector SPDR Fund | 235,607,383 | — | 235,607,383 |
Undistributed Ordinary Income | Capital Loss Carryforwards | Undistributed Long-Term Capital Gains | Net Unrealized Gains (Losses) | Qualified Late-Year Losses | Total | ||||||
The Communication Services Select Sector SPDR Fund | $ — | $ (1,508,717) | $— | $ 7,150,980 | $— | $ 5,642,263 | |||||
The Consumer Discretionary Select Sector SPDR Fund | 15,361,408 | (660,271,114) | — | 1,379,219,909 | — | 734,310,203 | |||||
The Consumer Staples Select Sector SPDR Fund | — | (400,952,391) | — | (793,638,266) | — | (1,194,590,657) | |||||
The Energy Select Sector SPDR Fund | 5,334,497 | (3,262,114,110) | — | (1,259,167,004) | — | (4,515,946,617) | |||||
The Financial Select Sector SPDR Fund | — | (334,486,616) | — | 370,421,521 | — | 35,934,905 | |||||
The Health Care Select Sector SPDR Fund | — | (413,904,244) | — | 1,486,255,908 | — | 1,072,351,664 | |||||
The Industrial Select Sector SPDR Fund | — | (412,690,142) | — | (363,812,516) | — | (776,502,658) | |||||
The Materials Select Sector SPDR Fund | 69,461 | (647,488,175) | — | (424,501,524) | — | (1,071,920,238) | |||||
The Real Estate Select Sector SPDR Fund | — | (39,042,126) | — | (155,068,885) | — | (194,111,011) | |||||
The Technology Select Sector SPDR Fund | — | (862,956,812) | — | 3,262,258,482 | — | 2,399,301,670 |
Undistributed Ordinary Income | Capital Loss Carryforwards | Undistributed Long-Term Capital Gains | Net Unrealized Gains (Losses) | Qualified Late-Year Losses | Total | ||||||
The Utilities Select Sector SPDR Fund | $9,280,228 | $(425,171,239) | $— | $(600,391,719) | $— | (1,016,282,730) |
Expiring 2019 | Non-Expiring Short Term** | Non-Expiring Long Term** | |||
The Communication Services Select Sector SPDR Fund | $ — | $ 1,508,717 | $ — | ||
The Consumer Discretionary Select Sector SPDR Fund | 41,068,081 | 165,446,377 | 453,756,656 | ||
The Consumer Staples Select Sector SPDR Fund | 7,952,209 | 35,287,810 | 357,712,372 | ||
The Energy Select Sector SPDR Fund | 120,300,080 | 270,683,725 | 2,871,130,305 | ||
The Financial Select Sector SPDR Fund | 5,257,095 | 194,218,479 | 135,011,042 | ||
The Health Care Select Sector SPDR Fund | — | 138,159,611 | 275,744,633 | ||
The Industrial Select Sector SPDR Fund | 27,687,839 | 75,834,179 | 309,168,124 | ||
The Materials Select Sector SPDR Fund | 159,773,879 | 122,163,513 | 365,550,783 | ||
The Real Estate Select Sector SPDR Fund | — | 30,977,495 | 8,064,631 | ||
The Technology Select Sector SPDR Fund | 61,133,352 | 198,142,651 | 603,680,809 | ||
The Utilities Select Sector SPDR Fund | 104,752,494 | 38,943,943 | 281,474,802 |
** Must be utilized prior to losses subject to expiration. |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
The Communication Services Select Sector SPDR Fund | $ 2,027,731,544 | $ 30,220,752 | $ 23,069,772 | $ 7,150,980 | |||
The Consumer Discretionary Select Sector SPDR Fund | 14,875,156,284 | 2,095,187,702 | 715,967,793 | 1,379,219,909 | |||
The Consumer Staples Select Sector SPDR Fund | 10,015,467,540 | 117,384,416 | 911,022,682 | (793,638,266) | |||
The Energy Select Sector SPDR Fund | 19,720,158,371 | 789,190,038 | 2,048,357,043 | (1,259,167,005) | |||
The Financial Select Sector SPDR Fund | 30,661,632,960 | 1,315,994,584 | 945,573,063 | 370,421,521 | |||
The Health Care Select Sector SPDR Fund | 18,135,247,596 | 2,394,695,359 | 908,439,451 | 1,486,255,908 | |||
The Industrial Select Sector SPDR Fund | 13,416,181,739 | 646,792,778 | 1,010,605,294 | (363,812,516) | |||
The Materials Select Sector SPDR Fund | 4,967,781,285 | 48,461,459 | 472,962,983 | (424,501,524) | |||
The Real Estate Select Sector SPDR Fund | 2,884,822,880 | 55,240,469 | 210,309,354 | (155,068,885) | |||
The Technology Select Sector SPDR Fund | 19,705,244,257 | 3,500,458,717 | 238,200,235 | 3,262,258,482 | |||
The Utilities Select Sector SPDR Fund | 8,232,338,322 | 28,009,073 | 628,400,792 | (600,391,719) |
Fund | Market Value of Securities on Loan | Cash Collateral Received | Non-Cash Collateral Received* | Total Collateral Received | ||||
The Consumer Discretionary Select Sector SPDR Fund | $ 89,490,551 | $ 41,766,139 | $ 50,223,652 | $ 91,989,791 | ||||
The Consumer Staples Select Sector SPDR Fund | 98,304,568 | — | 100,211,056 | 100,211,056 | ||||
The Energy Select Sector SPDR Fund | 4,852,779 | — | 4,943,047 | 4,943,047 | ||||
The Financial Select Sector SPDR Fund | 9,911,150 | — | 10,204,431 | 10,204,431 | ||||
The Health Care Select Sector SPDR Fund | 4,052,167 | — | 4,206,699 | 4,206,699 | ||||
The Industrial Select Sector SPDR Fund | 125,759,891 | 118,858,872 | 10,302,432 | 129,161,304 | ||||
The Materials Select Sector SPDR Fund | 84,117,035 | — | 86,831,575 | 86,831,575 | ||||
The Real Estate Select Sector SPDR Fund | 8,630,213 | — | 8,684,825 | 8,684,825 | ||||
The Technology Select Sector SPDR Fund | 624,232,024 | 12,356,093 | 628,044,608 | 640,400,701 | ||||
The Utilities Select Sector SPDR Fund | 14,548,153 | — | 14,651,900 | 14,651,900 |
* | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
Remaining Contractual Maturity of the Agreements As of September 30, 2018 | ||||||||||||||
Fund | Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 Days | >90 Days | Total Borrowings | Gross Amount of Recognized Liabilities for Securities Lending Transactions | |||||||
The Consumer Discretionary Select Sector SPDR Fund | Common Stocks | $ 41,766,139 | $— | $— | $— | $ 41,766,139 | $ 41,766,139 | |||||||
The Industrial Select Sector SPDR Fund | Common Stocks | 118,858,872 | — | — | — | 118,858,872 | 118,858,872 | |||||||
The Technology Select Sector SPDR Fund | Common Stocks | 12,356,093 | — | — | — | 12,356,093 | 12,356,093 |
Boston, Massachusetts
November 21, 2018
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period | Ending Account Value | Expenses Paid During Period(a) | |||||
The Communication Services Select Sector SPDR Fund | 0.13% | $ 982.20 | $0.37(b) | $1,024.40 | $0.66 | ||||
The Consumer Discretionary Select Sector SPDR Fund | 0.13 | 1,163.10 | 0.70(a) | 1,024.40 | 0.66 | ||||
The Consumer Staples Select Sector SPDR Fund | 0.13 | 1,040.00 | 0.66(a) | 1,024.40 | 0.66 | ||||
The Energy Select Sector SPDR Fund | 0.13 | 1,138.80 | 0.70(a) | 1,024.40 | 0.66 | ||||
The Financial Select Sector SPDR Fund | 0.13 | 1,010.00 | 0.66(a) | 1,024.40 | 0.66 | ||||
The Health Care Select Sector SPDR Fund | 0.13 | 1,179.60 | 0.71(a) | 1,024.40 | 0.66 | ||||
The Industrial Select Sector SPDR Fund | 0.13 | 1,064.30 | 0.67(a) | 1,024.40 | 0.66 | ||||
The Materials Select Sector SPDR Fund | 0.13 | 1,027.20 | 0.66(a) | 1,024.40 | 0.66 | ||||
The Real Estate Select Sector SPDR Fund | 0.13 | 1,069.90 | 0.67(a) | 1,024.40 | 0.66 | ||||
The Technology Select Sector SPDR Fund | 0.13 | 1,158.70 | 0.70(a) | 1,024.40 | 0.66 | ||||
The Utilities Select Sector SPDR Fund | 0.13 | 1,061.70 | 0.67(a) | 1,024.40 | 0.66 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365. |
(b) | Actual period is from commencement of operations 6/19/2018. |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During the Past 5 Years | |||||
Trustees | ||||||||||
Independent Trustees | ||||||||||
CHERYL BURGERMEISTER c/o The Select Sector SPDR Trust One Iron Street Boston, MA 02210 1951 | Trustee, Chairman of the Board, Member of the Audit Committee, Member of the Nominating and Governance Committee | Term: Indefinite Elected: October 1998 | Retired; Finance Committee Member, Portland Community College Foundation (January 2001 to present); CPA (Retired). | 11 | Director, Chair of Audit Committee and Member of the Nominating and Governance Committee, Russell Funds Complex; Lead Independent Director and Member of the Audit and Nominating and Governance Committees, ALPS Series Trust (2012 to 2016). | |||||
GEORGE R. GASPARI c/o The Select Sector SPDR Trust One Iron Street Boston, MA 02210 1940 | Trustee, Chairman of the Audit Committee, Member of the Nominating and Governance Committee | Term: Indefinite Elected: October 1998 | Retired Financial Services Consultant (1996 to 2012). | 11 | Director and Member of the Audit Committee, Liberty All-Star Growth Fund, Inc.; Trustee and Member of the Audit Committee, Liberty All-Star Equity Fund. | |||||
ASHLEY T. RABUN c/o The Select Sector SPDR Trust One Iron Street Boston, MA 02210 1952 | Trustee, Member of the Audit Committee, Member of the Nominating and Governance Committee | Term: Indefinite Appointed: October 2015 | Retired; President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 to 2015). | 11 | Chairperson of the Board and Member of the Audit, Nominating and Valuation Committees, Investment Managers Series Trust. |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During the Past 5 Years | |||||
ERNEST J. SCALBERG c/o The Select Sector SPDR Trust One Iron Street Boston, MA 02210 1945 | Trustee, Member of the Audit Committee, Chairman of the Nominating and Governance Committee | Term: Indefinite Elected: October 1998 | Retired; Research Professor and Director of the GLOBE Center, Monterey Institute of International Studies (2009 to 2014). | 11 | Chairman of the Board and Chairman of the Audit Committee of Principal Real Estate Income Fund; Director and Member of the Audit and Nominating Committees, db-X Exchange-Traded Funds Inc. (2007- 2015); Chairman of the Board of the Foundation, International University in Geneva (IUG), Switzerland. | |||||
R. CHARLES TSCHAMPION c/o The Select Sector SPDR Trust One Iron Street Boston, MA 02210 1946 | Trustee, Member of the Audit Committee, Member of the Nominating and Governance Committee, Chair of the Business Continuity Management Team | Term: Indefinite Elected: October 1998 | Retired; Director, Special Projects, CFA Institute (2010 to 2014); Director, Industry Relations, CFA Institute (2005 to 2010). | 11 | Trustee Emeritus of Lehigh University; Director and Member of the Audit and Nominating Committees, db-X Exchange-Traded Funds, Inc. (2007 – 2015); Director, Real Estate Information Standards Board (2007-2013). |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During the Past 5 Years | |||||
Interested Trustee | ||||||||||
JAMES E. ROSS* SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1965 | Trustee | Term: Indefinite Appointed: November 2005 | Chairman and Director, SSGA Funds Management, Inc. (2005-present); Executive Vice President, State Street Global Advisors (2012-present); Chief Executive Officer and Director, State Street Global Advisors Funds Distributors, LLC (May 2017- present); Director, State Street Global Markets, LLC (2013-April 2017); President, SSGA Funds Management, Inc. (2005-2012); Principal, State Street Global Advisors (2000 - 2005). | 195 | SSGA SPDR ETFs Europe I plc (Director) (November 2016- present); SSGA SPDR ETFs Europe II plc (Director) (November 2016- present). | |||||
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser. | ||||||||||
* Mr. Ross is an “interested person” of the Trust, as defined in the 1940 Act, because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
Officers | ||||||
ELLEN M. NEEDHAM SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967 | President and Principal Executive Officer | Term: Indefinite Elected: May 2013 | President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 - present). | |||
MICHAEL P. RILEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969 | Vice President | Term: Indefinite Elected: February 2005 | Managing Director, State Street Global Advisors (2005 - present).* | |||
CHAD C. HALLETT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969 | Treasurer and Principal Financial Officer | Term: Indefinite Elected: November 2007 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).* | |||
ANN M. CARPENTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1966 | Deputy Treasurer | Term: Indefinite Elected: April 2015 | Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present)*; Managing Director, State Street Global Advisors (2005 - present).* |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
BRUCE S. ROSENBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1961 | Deputy Treasurer | Term: Indefinite Elected: February 2016 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015). | |||
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1968 | Deputy Treasurer | Term: Indefinite Elected: February 2017 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016). | |||
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966 | Deputy Treasurer | Term: Indefinite Elected: November 2017 | Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011—July 2016);Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016). | |||
SUJATA UPRETI SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1974 | Assistant Treasurer | Term: Indefinite Elected: February 2016 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 - present); Assistant Director, Cambridge Associates, LLC (July 2014 - January 2015); Vice President, Bank of New York Mellon (July 2012 - August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 - July 2012). | |||
DANIEL FOLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1972 | Assistant Treasurer | Term: Indefinite Elected: February 2016 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 - present).* | |||
DANIEL G. PLOURDE SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1980 | Assistant Treasurer | Term: Indefinite Elected: May 2017 | Vice President, SSGA Funds Management, Inc. (May 2015 - present); Officer, State Street Bank and Trust Company (March 2009 - May 2015). | |||
JOSHUA A. WEINBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1978 | Chief Legal Officer | Term: Indefinite Elected: February 2015 | Managing Director and Managing Counsel, State Street Global Advisors (2011 - present); Clerk, SSGA Funds Management, Inc. (2013 - present); Associate, Financial Services Group, Dechert LLP (2005 - 2011). | |||
JESSE D. HALLEE State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 1967 | Secretary | Term: Indefinite Elected: November 2013 | Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007- 2013).** | |||
ESTEFANIA SALOMON State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 1983 | Assistant Secretary | Term: Indefinite Elected: May 2018 | Assistant Vice President and Associate Counsel, State Street Bank and Trust Company (2018 – present); Senior Compliance Consultant, AdvisorAssist, LLC (2017); Attorney, Commonwealth of Massachusetts, Securities Division (2014-2017). |
Name, Address and Year of Birth | Position(s) with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
BRIAN HARRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1973 | Chief Compliance Officer; Anti- Money Laundering Officer and Code of Ethics Compliance Officer | Term: Indefinite Elected: November 2013 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 - 2013). | |||
* Served in various capacities and/or with various affiliated entities during the noted time period. | ||||||
** Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period. | ||||||
The Trust's Statement of Additional Information (SAI) includes additional information about Funds' directors and is available, without charge, upon request and by calling 1-866-787-2257. |
One Iron Street
Boston, MA 02210
1290 Broadway, Suite 1100
Denver, Colorado 80203
State Street Financial Center
One Lincoln Street
Boston, MA 02111
1111 Pennsylvania Avenue, NW
Washington, DC 20004
101 Seaport Boulevard
Suite 500
Boston, MA 02210
Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 13(a)(1).
Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has four Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”
(2) Cheryl Burgermeister, George Gaspari, Ernest Scalberg and R. Charles Tschampion are the registrant’s audit committee financial experts. The Board has determined that each of the foregoing persons is “independent” in that, (i) other than in his or her capacity as a member of the Audit Committee and the Board of Trustees of the registrant, he or she has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from the registrant, and (ii) he or she is not an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees.
For the fiscal years ended September 30, 2018 and September 30, 2017, the aggregate audit fees billed for professional services rendered by the principal accountant were $181,698 and $170,698, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-CSR; and (5) Rule 17f-2 securities counts.
(b) Audit-Related Fees.
For the fiscal years ended September 30, 2018 and September 30, 2017, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.
(c) Tax Fees.
For the fiscal years ended September 30, 2018 and September 30, 2017, the aggregate tax fees billed for professional services rendered by the principal accountant were $92,840 and $90,950, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.
(d) All Other Fees.
There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2018 and September 30, 2017.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:
Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:
a. | The Audit Committee shall pre-approve all audit services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at the next regularly scheduled meeting of the Board of Trustees; or* |
b. | Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at the next regularly scheduled meeting of the Board. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.** |
(e)(2) Percentage of Services.
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
(f) Not applicable.
(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2017 and December 31, 2016 were approximately $12,773,210 and $4,919,389, respectively. Such information is not readily available on a fiscal year basis.
* | De Minimis Exceptions to Pre-Approval Requirements: Pre-approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit. |
** | Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under section (b) as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity for which services are approved under section (b) (i.e., the investment adviser or any control person). |
(h) The registrant’s principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.
Item 5. Disclosure of Audit Committees for Listed Registrants.
The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). The members of the registrant’s audit committee are Cheryl Burgermeister, George Gaspari, Ashley T. Rabun, Ernest Scalberg and R. Charles Tschampion.
Item 6. Schedule of Investments.
(a) | The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable to the registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.
Item 11. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable.
(b) Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.
(a)(3) Not applicable to the registrant.
(a)(4) Not applicable to the registrant.
(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Select Sector SPDR® Trust
By: | /s/ Ellen M. Needham | |
Date: | Ellen M. Needham President and Principal Executive Officer
December 4, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Ellen M. Needham | |
Date: | Ellen M. Needham President and Principal Executive Officer
December 4, 2018 |
By: | /s/ Chad C. Hallett | |
Date: | Chad C. Hallett Treasurer and Principal Financial Officer
December 4, 2018 |