UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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)
Sean O’Malley, Esq.
Senior Vice President and Deputy General 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, NW
Washington, D.C. 20004
Registrant’s telephone number, including area code: (617)664-1465
Date of fiscal year end: September 30
Date of reporting period: September 30, 2019
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 |
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Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited) | |
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29 | |
32 | |
Schedules of Investments | |
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43 | |
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93 |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Communication Services Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Communication Services Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 2.07% | 2.03% | 2.17% | 4.25% | 2.07% | 2.03% | 2.17% | 4.25% | ||||||
SINCE INCEPTION(1) | 0.25% | 0.24% | 0.38% | 10.09% | 0.20% | 0.18% | 0.30% | 7.78% | ||||||
(1) | For the period June 18, 2018 to September 30, 2019. |
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Facebook, Inc. Class A | 1,088,050,458 | 18.0% | ||
Alphabet, Inc. Class C | 708,409,660 | 11.7 | ||
Alphabet, Inc. Class A | 703,495,090 | 11.7 | ||
Verizon Communications, Inc. | 282,603,166 | 4.7 | ||
AT&T, Inc. | 280,211,860 | 4.6 | ||
TOTAL | 3,062,770,234 | 50.7% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Consumer Discretionary Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Consumer Discretionary Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 4.45% | 4.43% | 4.58% | 4.25% | 4.45% | 4.43% | 4.58% | 4.25% | ||||||
FIVE YEARS | 94.43% | 94.38% | 95.96% | 67.27% | 14.22% | 14.22% | 14.40% | 10.84% | ||||||
TEN YEARS | 408.41% | 408.53% | 418.44% | 246.74% | 17.66% | 17.66% | 17.89% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Amazon.com, Inc. | 3,064,065,156 | 22.0% | ||
Home Depot, Inc. | 1,552,552,085 | 11.1 | ||
McDonald's Corp. | 996,195,999 | 7.2 | ||
NIKE, Inc. Class B | 718,180,881 | 5.2 | ||
Starbucks Corp. | 646,492,645 | 4.6 | ||
TOTAL | 6,977,486,766 | 50.1% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Consumer Staples Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Consumer Staples Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 17.14% | 17.13% | 17.31% | 4.25% | 17.14% | 17.13% | 17.31% | 4.25% | ||||||
FIVE YEARS | 55.59% | 55.55% | 56.69% | 67.27% | 9.24% | 9.24% | 9.40% | 10.84% | ||||||
TEN YEARS | 216.36% | 216.56% | 222.29% | 246.74% | 12.21% | 12.21% | 12.42% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Procter & Gamble Co. | 2,315,789,801 | 16.5% | ||
Coca-Cola Co. | 1,558,533,743 | 11.1 | ||
PepsiCo, Inc. | 1,426,344,117 | 10.2 | ||
Walmart, Inc. | 1,255,884,103 | 9.0 | ||
Mondelez International, Inc. Class A | 653,481,828 | 4.7 | ||
TOTAL | 7,210,033,592 | 51.5% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Energy Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Energy Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | –19.08% | –19.09% | –19.01% | 4.25% | –19.08% | –19.09% | –19.01% | 4.25% | ||||||
FIVE YEARS | –24.16% | –24.18% | –23.79% | 67.27% | –5.38% | –5.39% | –5.29% | 10.84% | ||||||
TEN YEARS | 39.24% | 39.40% | 41.27% | 246.74% | 3.37% | 3.38% | 3.52% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Exxon Mobil Corp. | 2,279,412,814 | 22.8% | ||
Chevron Corp. | 2,117,867,834 | 21.1 | ||
ConocoPhillips | 455,915,157 | 4.6 | ||
Phillips 66 | 447,718,605 | 4.5 | ||
Schlumberger, Ltd. | 419,958,492 | 4.2 | ||
TOTAL | 5,720,872,902 | 57.2% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Financial Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Financial Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 3.81% | 3.81% | 3.92% | 4.25% | 3.81% | 3.81% | 3.92% | 4.25% | ||||||
FIVE YEARS | 63.95% | 63.98% | 64.82% | 67.27% | 10.39% | 10.40% | 10.51% | 10.84% | ||||||
TEN YEARS | 174.39% | 174.96% | 178.29% | 246.74% | 10.62% | 10.64% | 10.78% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Berkshire Hathaway, Inc. Class B | 2,871,614,794 | 12.7% | ||
JPMorgan Chase & Co. | 2,649,255,331 | 11.7 | ||
Bank of America Corp. | 1,720,377,934 | 7.6 | ||
Wells Fargo & Co. | 1,423,790,107 | 6.3 | ||
Citigroup, Inc. | 1,098,643,415 | 4.9 | ||
TOTAL | 9,763,681,581 | 43.2% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Health Care Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Health Care Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | –3.65% | –3.64% | –3.57% | 4.25% | –3.65% | –3.64% | –3.57% | 4.25% | ||||||
FIVE YEARS | 52.35% | 52.31% | 53.33% | 67.27% | 8.78% | 8.78% | 8.93% | 10.84% | ||||||
TEN YEARS | 271.88% | 272.33% | 278.09% | 246.74% | 14.04% | 14.05% | 14.23% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Johnson & Johnson | 1,699,771,281 | 10.1% | ||
Merck & Co., Inc. | 1,072,929,238 | 6.4 | ||
UnitedHealth Group, Inc. | 1,025,236,004 | 6.1 | ||
Pfizer, Inc. | 989,287,242 | 5.9 | ||
Abbott Laboratories | 735,781,513 | 4.4 | ||
TOTAL | 5,523,005,278 | 32.9% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Industrial Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Industrial Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 1.25% | 1.24% | 1.39% | 4.25% | 1.25% | 1.24% | 1.39% | 4.25% | ||||||
FIVE YEARS | 61.98% | 61.91% | 63.14% | 67.27% | 10.13% | 10.12% | 10.29% | 10.84% | ||||||
TEN YEARS | 261.35% | 261.87% | 267.77% | 246.74% | 13.71% | 13.72% | 13.91% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Boeing Co. | 862,349,713 | 8.8% | ||
Honeywell International, Inc. | 516,223,955 | 5.2 | ||
Union Pacific Corp. | 483,906,179 | 4.9 | ||
United Technologies Corp. | 469,551,393 | 4.8 | ||
Lockheed Martin Corp. | 410,983,599 | 4.2 | ||
TOTAL | 2,743,014,839 | 27.9% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Materials Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Materials Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 2.64% | 2.64% | 2.79% | 4.25% | 2.64% | 2.64% | 2.79% | 4.25% | ||||||
FIVE YEARS | 29.87% | 29.84% | 30.48% | 67.27% | 5.37% | 5.36% | 5.47% | 10.84% | ||||||
TEN YEARS | 134.73% | 135.00% | 138.40% | 246.74% | 8.91% | 8.92% | 9.08% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Linde PLC | 652,233,737 | 15.5% | ||
DuPont de Nemours, Inc. | 331,090,191 | 7.9 | ||
Ecolab, Inc. | 308,772,680 | 7.4 | ||
Air Products & Chemicals, Inc. | 304,479,333 | 7.2 | ||
Sherwin-Williams Co. | 281,209,017 | 6.7 | ||
TOTAL | 1,877,784,958 | 44.7% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Real Estate Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Real Estate Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 24.64% | 24.61% | 24.74% | 4.25% | 24.64% | 24.61% | 24.74% | 4.25% | ||||||
SINCE INCEPTION(1) | 51.32% | 51.30% | 52.03% | 61.81% | 10.95% | 10.95% | 11.10% | 12.85% | ||||||
(1) | For the period October 7, 2015 to September 30, 2019. |
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
American Tower Corp. REIT | 476,607,238 | 12.3% | ||
Crown Castle International Corp. REIT | 281,396,275 | 7.2 | ||
Prologis, Inc. REIT | 261,873,901 | 6.7 | ||
Equinix, Inc. REIT | 238,241,472 | 6.1 | ||
Simon Property Group, Inc. REIT | 233,432,196 | 6.0 | ||
TOTAL | 1,491,551,082 | 38.3% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Technology Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Technology Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 8.44% | 8.43% | 8.59% | 4.25% | 8.44% | 8.43% | 8.59% | 4.25% | ||||||
FIVE YEARS | 119.02% | 119.02% | 120.89% | 67.27% | 16.98% | 16.98% | 17.18% | 10.84% | ||||||
TEN YEARS | 354.76% | 355.34% | 363.74% | 246.74% | 16.35% | 16.37% | 16.58% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
Microsoft Corp. | 4,381,868,571 | 19.6% | ||
Apple, Inc. | 3,927,339,483 | 17.5 | ||
Visa, Inc. Class A | 1,226,189,626 | 5.5 | ||
Mastercard, Inc. Class A | 1,000,785,147 | 4.5 | ||
Intel Corp. | 942,288,350 | 4.2 | ||
TOTAL | 11,478,471,177 | 51.3% |
Cumulative Total Return | Average Annual Total Return | |||||||||||||
Net Asset Value | Market Value | Utilities Select Sector Index | S&P 500 Index | Net Asset Value | Market Value | Utilities Select Sector Index | S&P 500 Index | |||||||
ONE YEAR | 26.85% | 26.85% | 27.10% | 4.25% | 26.85% | 26.85% | 27.10% | 4.25% | ||||||
FIVE YEARS | 82.06% | 82.03% | 83.50% | 67.27% | 12.73% | 12.73% | 12.91% | 10.84% | ||||||
TEN YEARS | 218.83% | 219.25% | 225.40% | 246.74% | 12.29% | 12.31% | 12.52% | 13.24% | ||||||
(Based on Net Asset Value)
Description | Market Value | % of Net Assets | ||
NextEra Energy, Inc. | 1,447,413,796 | 12.8% | ||
Duke Energy Corp. | 887,758,214 | 7.9 | ||
Dominion Energy, Inc. | 846,631,849 | 7.5 | ||
Southern Co. | 820,649,721 | 7.3 | ||
Exelon Corp. | 596,602,074 | 5.3 | ||
TOTAL | 4,599,055,654 | 40.8% |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 10.9% | ||||||
AT&T, Inc. | 7,405,176 | $280,211,860 | ||||
CenturyLink, Inc. | 7,764,165 | 96,896,779 | ||||
Verizon Communications, Inc. | 4,681,961 | 282,603,166 | ||||
659,711,805 | ||||||
ENTERTAINMENT — 19.8% | ||||||
Activision Blizzard, Inc. | 5,017,483 | 265,525,200 | ||||
Electronic Arts, Inc. (a) | 2,330,784 | 227,997,291 | ||||
Netflix, Inc. (a) | 954,354 | 255,404,218 | ||||
Take-Two Interactive Software, Inc. (a) | 895,061 | 112,186,946 | ||||
Viacom, Inc. Class B | 2,799,465 | 67,271,144 | ||||
Walt Disney Co. | 2,034,023 | 265,073,877 | ||||
1,193,458,676 | ||||||
INTERACTIVE MEDIA & SERVICES — 46.1% | ||||||
Alphabet, Inc. Class A (a) | 576,097 | 703,495,090 | ||||
Alphabet, Inc. Class C (a) | 581,140 | 708,409,660 | ||||
Facebook, Inc. Class A (a) | 6,109,897 | 1,088,050,458 | ||||
TripAdvisor, Inc. (a) (b) | 830,472 | 32,122,657 | ||||
Twitter, Inc. (a) | 6,113,851 | 251,890,661 | ||||
2,783,968,526 | ||||||
MEDIA — 19.8% | ||||||
CBS Corp. Class B | 2,588,093 | 104,481,314 | ||||
Charter Communications, Inc. Class A (a) | 659,759 | 271,899,879 | ||||
Comcast Corp. Class A | 5,988,226 | 269,949,228 | ||||
Discovery, Inc. Class A (a) (b) | 1,249,907 | 33,285,023 | ||||
Discovery, Inc. Class C (a) | 2,744,129 | 67,560,456 | ||||
DISH Network Corp. Class A (a) | 1,902,807 | 64,828,635 | ||||
Fox Corp. Class A | 2,803,174 | 88,398,092 | ||||
Fox Corp. Class B | 1,284,181 | 40,503,069 | ||||
Interpublic Group of Cos., Inc. | 3,062,549 | 66,028,557 | ||||
News Corp. Class A | 3,050,124 | 42,457,726 |
Security Description | Shares | Value | ||||
News Corp. Class B | 963,148 | $13,768,201 | ||||
Omnicom Group, Inc. | 1,720,428 | 134,709,512 | ||||
1,197,869,692 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 3.3% | ||||||
T-Mobile US, Inc. (a) | 2,500,438 | 196,959,501 | ||||
TOTAL COMMON STOCKS (Cost $6,122,341,603) | 6,031,968,200 | |||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 4,889,562 | 4,890,051 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 4,017,892 | 4,017,892 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,907,943) | 8,907,943 | |||||
TOTAL INVESTMENTS — 100.0% (Cost $6,131,249,546) | 6,040,876,143 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (g) | (1,473,199) | |||||
NET ASSETS — 100.0% | $6,039,402,944 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | Investment of cash collateral for securities loaned. |
(g) | 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 | $6,031,968,200 | $— | $— | $6,031,968,200 | ||||
Short-Term Investments | 8,907,943 | — | — | 8,907,943 | ||||
TOTAL INVESTMENTS | $6,040,876,143 | $— | $— | $6,040,876,143 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $19,989,633 | $15,099,581 | $(1) | $— | 4,889,562 | $4,890,051 | $7,845 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 715,482 | 715,482 | 66,795,876 | 67,511,358 | — | — | — | — | 106,482 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 287,008,411 | 282,990,519 | — | — | 4,017,892 | 4,017,892 | 31,000 | ||||||||
Total | $715,482 | $373,793,920 | $365,601,458 | $(1) | $— | $8,907,943 | $145,327 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
AUTO COMPONENTS — 1.3% | ||||||
Aptiv PLC | 1,561,660 | $136,520,317 | ||||
BorgWarner, Inc. | 1,268,266 | 46,519,997 | ||||
183,040,314 | ||||||
AUTOMOBILES — 3.9% | ||||||
Ford Motor Co. | 23,912,651 | 219,039,883 | ||||
General Motors Co. | 7,669,010 | 287,434,495 | ||||
Harley-Davidson, Inc. (a) | 962,527 | 34,622,096 | ||||
541,096,474 | ||||||
DISTRIBUTORS — 1.1% | ||||||
Genuine Parts Co. | 897,127 | 89,344,878 | ||||
LKQ Corp. (b) | 1,892,720 | 59,526,044 | ||||
148,870,922 | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.2% | ||||||
H&R Block, Inc. (a) | 1,232,709 | 29,116,587 | ||||
HOTELS, RESTAURANTS & LEISURE — 20.7% | ||||||
Carnival Corp. (a) | 2,439,788 | 106,643,133 | ||||
Chipotle Mexican Grill, Inc. (b) | 155,425 | 130,630,050 | ||||
Darden Restaurants, Inc. | 754,219 | 89,163,770 | ||||
Hilton Worldwide Holdings, Inc. | 1,749,390 | 162,885,703 | ||||
Marriott International, Inc. Class A | 1,667,824 | 207,427,271 | ||||
McDonald's Corp. | 4,639,728 | 996,195,999 | ||||
MGM Resorts International | 3,202,210 | 88,765,261 | ||||
Norwegian Cruise Line Holdings, Ltd. (b) | 1,324,031 | 68,545,085 | ||||
Royal Caribbean Cruises, Ltd. | 1,047,001 | 113,421,618 | ||||
Starbucks Corp. | 7,311,611 | 646,492,645 | ||||
Wynn Resorts, Ltd. | 594,778 | 64,664,264 | ||||
Yum! Brands, Inc. | 1,856,550 | 210,588,467 | ||||
2,885,423,266 | ||||||
HOUSEHOLD DURABLES — 4.3% | ||||||
D.R. Horton, Inc. | 2,050,052 | 108,058,241 | ||||
Garmin, Ltd. | 887,299 | 75,145,352 | ||||
Leggett & Platt, Inc. (a) | 807,408 | 33,055,284 | ||||
Lennar Corp. Class A | 1,746,610 | 97,548,169 | ||||
Mohawk Industries, Inc. (b) | 367,763 | 45,628,355 | ||||
Newell Brands, Inc. (a) | 2,340,189 | 43,808,338 | ||||
NVR, Inc. (b) | 19,116 | 71,060,863 | ||||
PulteGroup, Inc. | 1,582,986 | 57,858,138 | ||||
Whirlpool Corp. (a) | 390,181 | 61,789,063 | ||||
593,951,803 | ||||||
INTERNET & DIRECT MARKETING RETAIL — 27.8% | ||||||
Amazon.com, Inc. (b) | 1,765,106 | 3,064,065,156 | ||||
Booking Holdings, Inc. (b) | 259,628 | 509,548,509 | ||||
eBay, Inc. | 4,809,769 | 187,484,796 | ||||
Expedia Group, Inc. | 851,982 | 114,514,901 | ||||
3,875,613,362 |
Security Description | Shares | Value | ||||
LEISURE EQUIPMENT & PRODUCTS — 0.6% | ||||||
Hasbro, Inc. | 720,821 | $85,554,244 | ||||
MULTILINE RETAIL — 6.1% | ||||||
Dollar General Corp. | 1,568,849 | 249,352,860 | ||||
Dollar Tree, Inc. (b) | 1,443,071 | 164,740,985 | ||||
Kohl's Corp. | 977,219 | 48,528,695 | ||||
Macy's, Inc. (a) | 1,897,103 | 29,480,981 | ||||
Nordstrom, Inc. (a) | 656,485 | 22,103,850 | ||||
Target Corp. | 3,119,347 | 333,489,388 | ||||
847,696,759 | ||||||
SPECIALTY RETAIL — 25.9% | ||||||
Advance Auto Parts, Inc. | 438,392 | 72,510,037 | ||||
AutoZone, Inc. (b) | 149,610 | 162,269,998 | ||||
Best Buy Co., Inc. | 1,424,367 | 98,267,079 | ||||
CarMax, Inc. (a) (b) | 1,016,870 | 89,484,560 | ||||
Gap, Inc. (a) | 1,315,491 | 22,836,924 | ||||
Home Depot, Inc. | 6,691,458 | 1,552,552,085 | ||||
L Brands, Inc. | 1,425,789 | 27,931,207 | ||||
Lowe's Cos., Inc. | 4,713,658 | 518,313,834 | ||||
O'Reilly Automotive, Inc. (b) | 466,730 | 185,996,572 | ||||
Ross Stores, Inc. | 2,225,588 | 244,480,842 | ||||
Tiffany & Co. (a) | 667,690 | 61,848,125 | ||||
TJX Cos., Inc. | 7,382,052 | 411,475,578 | ||||
Tractor Supply Co. | 732,414 | 66,239,522 | ||||
Ulta Salon Cosmetics & Fragrance, Inc. (b) | 361,409 | 90,587,166 | ||||
3,604,793,529 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 8.0% | ||||||
Capri Holdings, Ltd. (b) | 930,839 | 30,866,621 | ||||
Hanesbrands, Inc. (a) | 2,220,360 | 34,015,915 | ||||
NIKE, Inc. Class B | 7,646,730 | 718,180,881 | ||||
PVH Corp. | 455,342 | 40,174,825 | ||||
Ralph Lauren Corp. | 318,404 | 30,398,030 | ||||
Tapestry, Inc. | 1,761,638 | 45,890,670 | ||||
Under Armour, Inc. Class A (a) (b) | 1,155,433 | 23,039,334 | ||||
Under Armour, Inc. Class C (b) | 1,193,583 | 21,639,660 | ||||
VF Corp. | 1,991,378 | 177,212,728 | ||||
1,121,418,664 | ||||||
TOTAL COMMON STOCKS (Cost $14,426,405,772) | 13,916,575,924 | |||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 10,102,149 | 10,103,159 |
Security Description | Shares | Value | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 84,833,593 | $84,833,593 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $94,936,752) | 94,936,752 | |||||
TOTAL INVESTMENTS — 100.6% (Cost $14,521,342,524) | 14,011,512,676 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% | (83,198,464) | |||||
NET ASSETS — 100.0% | $13,928,314,212 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | 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 | $13,916,575,924 | $— | $— | $13,916,575,924 | ||||
Short-Term Investments | 94,936,752 | — | — | 94,936,752 | ||||
TOTAL INVESTMENTS | $14,011,512,676 | $— | $— | $14,011,512,676 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $104,348,560 | $94,245,302 | $(99) | $— | 10,102,149 | $10,103,159 | $58,170 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 1,316,113 | 1,316,113 | 232,103,797 | 233,419,910 | — | — | — | — | 259,189 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 41,766,139 | 41,766,139 | 17,756,495 | 59,522,634 | — | — | — | — | 9,454 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,436,689,612 | 1,351,856,019 | — | — | 84,833,593 | 84,833,593 | 248,177 | ||||||||
Total | $43,082,252 | $1,790,898,464 | $1,739,043,865 | $(99) | $— | $94,936,752 | $574,990 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.6% | ||||||
BEVERAGES — 25.9% | ||||||
Brown-Forman Corp. Class B (a) | 1,490,892 | $93,598,200 | ||||
Coca-Cola Co. | 28,628,467 | 1,558,533,743 | ||||
Constellation Brands, Inc. Class A | 1,369,868 | 283,946,239 | ||||
Molson Coors Brewing Co. Class B | 1,538,732 | 88,477,090 | ||||
Monster Beverage Corp. (b) | 3,168,802 | 183,980,644 | ||||
PepsiCo, Inc. | 10,403,677 | 1,426,344,117 | ||||
3,634,880,033 | ||||||
FOOD & STAPLES RETAILING — 19.4% | ||||||
Costco Wholesale Corp. | 2,130,238 | 613,742,870 | ||||
Kroger Co. | 6,543,095 | 168,680,989 | ||||
Sysco Corp. | 4,203,544 | 333,761,394 | ||||
Walmart, Inc. | 10,582,104 | 1,255,884,103 | ||||
Walgreens Boots Alliance, Inc. | 6,214,094 | 343,701,539 | ||||
2,715,770,895 | ||||||
FOOD PRODUCTS — 17.2% | ||||||
Archer-Daniels-Midland Co. | 4,562,229 | 187,370,745 | ||||
Campbell Soup Co. (a) | 1,381,386 | 64,814,631 | ||||
Conagra Brands, Inc. | 3,985,803 | 122,284,436 | ||||
General Mills, Inc. | 4,943,267 | 272,472,877 | ||||
Hershey Co. | 1,220,169 | 189,113,993 | ||||
Hormel Foods Corp. (a) | 2,274,404 | 99,459,687 | ||||
J.M. Smucker Co. | 934,215 | 102,782,334 | ||||
Kellogg Co. | 2,036,777 | 131,066,600 | ||||
Kraft Heinz Co. | 5,096,447 | 142,369,247 | ||||
Lamb Weston Holdings, Inc. | 1,193,191 | 86,768,850 | ||||
McCormick & Co., Inc. (a) | 1,007,942 | 157,541,335 | ||||
Mondelez International, Inc. Class A | 11,812,759 | 653,481,828 | ||||
Tyson Foods, Inc. Class A | 2,413,665 | 207,913,103 | ||||
2,417,439,666 | ||||||
HOUSEHOLD PRODUCTS — 25.3% | ||||||
Church & Dwight Co., Inc. | 2,023,999 | 152,285,685 | ||||
Clorox Co. | 1,029,994 | 156,425,189 | ||||
Colgate-Palmolive Co. | 7,028,052 | 516,632,102 | ||||
Kimberly-Clark Corp. | 2,819,398 | 400,495,486 | ||||
Procter & Gamble Co. | 18,618,667 | 2,315,789,801 | ||||
3,541,628,263 |
Security Description | Shares | Value | ||||
PERSONAL PRODUCTS — 2.7% | ||||||
Coty, Inc. Class A (a) | 2,409,285 | $25,321,586 | ||||
Estee Lauder Cos., Inc. Class A | 1,812,057 | 360,508,740 | ||||
385,830,326 | ||||||
TOBACCO — 9.1% | ||||||
Altria Group, Inc. | 15,301,813 | 625,844,152 | ||||
Philip Morris International, Inc. | 8,512,424 | 646,348,354 | ||||
1,272,192,506 | ||||||
TOTAL COMMON STOCKS (Cost $14,256,824,646) | 13,967,741,689 | |||||
SHORT-TERM INVESTMENTS — 0.9% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 637,217 | 637,281 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 121,441,491 | 121,441,491 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $122,078,772) | 122,078,772 | |||||
TOTAL INVESTMENTS — 100.5% (Cost $14,378,903,418) | 14,089,820,461 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% | (74,816,390) | |||||
NET ASSETS — 100.0% | $14,015,004,071 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | 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 | $13,967,741,689 | $— | $— | $13,967,741,689 | ||||
Short-Term Investments | 122,078,772 | — | — | 122,078,772 | ||||
TOTAL INVESTMENTS | $14,089,820,461 | $— | $— | $14,089,820,461 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $185,875,758 | $185,238,397 | $(80) | $— | 637,217 | $637,281 | $63,594 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 5,021,303 | 5,021,303 | 474,088,241 | 479,109,544 | — | — | — | — | 313,079 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | — | — | 100,363,213 | 100,363,213 | — | — | — | — | 10,820 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,134,819,896 | 1,013,378,405 | — | — | 121,441,491 | 121,441,491 | 598,582 | ||||||||
Total | $5,021,303 | $1,895,147,108 | $1,778,089,559 | $(80) | $— | $122,078,772 | $986,075 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.7% | ||||||
ENERGY EQUIPMENT & SERVICES — 9.5% | ||||||
Baker Hughes a GE Co. (a) | 6,339,967 | $147,087,235 | ||||
Halliburton Co. | 8,538,380 | 160,948,463 | ||||
Helmerich & Payne, Inc. | 1,051,503 | 42,133,725 | ||||
National Oilwell Varco, Inc. | 3,773,886 | 80,006,383 | ||||
Schlumberger, Ltd. | 12,290,269 | 419,958,492 | ||||
TechnipFMC PLC | 4,104,380 | 99,079,733 | ||||
949,214,031 | ||||||
OIL, GAS & CONSUMABLE FUELS — 90.2% | ||||||
Apache Corp. (a) | 3,676,724 | 94,124,134 | ||||
Cabot Oil & Gas Corp. | 4,091,658 | 71,890,431 | ||||
Chevron Corp. | 17,857,233 | 2,117,867,834 | ||||
Cimarex Energy Co. (a) | 992,187 | 47,565,445 | ||||
Concho Resources, Inc. | 1,966,380 | 133,517,202 | ||||
ConocoPhillips | 8,001,319 | 455,915,157 | ||||
Devon Energy Corp. | 3,952,047 | 95,086,251 | ||||
Diamondback Energy, Inc. | 1,594,488 | 143,360,416 | ||||
EOG Resources, Inc. | 5,657,211 | 419,878,200 | ||||
Exxon Mobil Corp. | 32,281,728 | 2,279,412,814 | ||||
Hess Corp. | 2,530,980 | 153,073,670 | ||||
HollyFrontier Corp. | 1,480,735 | 79,426,625 | ||||
Kinder Morgan, Inc. | 18,977,616 | 391,128,666 | ||||
Marathon Oil Corp. | 7,863,111 | 96,480,372 | ||||
Marathon Petroleum Corp. | 6,417,116 | 389,839,797 | ||||
Noble Energy, Inc. | 4,677,022 | 105,045,914 | ||||
Occidental Petroleum Corp. | 8,719,112 | 387,738,911 | ||||
ONEOK, Inc. | 4,025,502 | 296,639,242 | ||||
Phillips 66 | 4,372,252 | 447,718,605 | ||||
Pioneer Natural Resources Co. | 1,629,316 | 204,919,073 | ||||
Valero Energy Corp. | 4,039,455 | 344,323,144 |
Security Description | Shares | Value | ||||
Williams Cos., Inc. | 11,814,463 | $284,255,980 | ||||
9,039,207,883 | ||||||
TOTAL COMMON STOCKS (Cost $14,437,500,052) | 9,988,421,914 | |||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (b) (c) | 12,896,062 | 12,897,352 | ||||
State Street Navigator Securities Lending Portfolio II (d) (e) | 4,960,705 | 4,960,705 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,858,055) | 17,858,057 | |||||
TOTAL INVESTMENTS — 99.9% (Cost $14,455,358,107) | 10,006,279,971 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 8,501,029 | |||||
NET ASSETS — 100.0% | $10,014,781,000 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(c) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(d) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(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 | $9,988,421,914 | $— | $— | $9,988,421,914 | ||||
Short-Term Investments | 17,858,057 | — | — | 17,858,057 | ||||
TOTAL INVESTMENTS | $10,006,279,971 | $— | $— | $10,006,279,971 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $183,305,845 | $170,408,435 | $(60) | $2 | 12,896,062 | $12,897,352 | $33,928 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 6,022,279 | 6,022,279 | 812,628,705 | 818,650,984 | — | — | — | — | 542,378 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,063,948,890 | 1,058,988,185 | — | — | 4,960,705 | 4,960,705 | 80,268 | ||||||||
Total | $6,022,279 | $2,059,883,440 | $2,048,047,604 | $(60) | $2 | $17,858,057 | $656,574 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
BANKS — 42.1% | ||||||
Bank of America Corp. | 58,977,646 | $1,720,377,934 | ||||
BB&T Corp. (a) | 5,393,900 | 287,872,443 | ||||
Citigroup, Inc. | 15,903,929 | 1,098,643,415 | ||||
Citizens Financial Group, Inc. | 3,147,547 | 111,328,737 | ||||
Comerica, Inc. | 1,051,456 | 69,385,581 | ||||
Fifth Third Bancorp | 5,142,628 | 140,805,155 | ||||
First Republic Bank | 1,184,345 | 114,526,162 | ||||
Huntington Bancshares, Inc. | 7,306,526 | 104,264,126 | ||||
JPMorgan Chase & Co. | 22,510,454 | 2,649,255,331 | ||||
KeyCorp | 7,062,892 | 126,001,993 | ||||
M&T Bank Corp. | 941,053 | 148,658,142 | ||||
People's United Financial, Inc. | 2,807,249 | 43,891,338 | ||||
PNC Financial Services Group, Inc. | 3,134,688 | 439,357,870 | ||||
Regions Financial Corp. | 7,024,363 | 111,125,423 | ||||
SunTrust Banks, Inc. | 3,125,221 | 215,015,205 | ||||
SVB Financial Group (b) | 362,926 | 75,833,388 | ||||
US Bancorp | 10,095,433 | 558,681,262 | ||||
Wells Fargo & Co. | 28,227,401 | 1,423,790,107 | ||||
Zions Bancorp NA (a) | 1,245,832 | 55,464,441 | ||||
9,494,278,053 | ||||||
CAPITAL MARKETS — 20.8% | ||||||
Affiliated Managers Group, Inc. | 356,513 | 29,715,359 | ||||
Ameriprise Financial, Inc. | 921,254 | 135,516,463 | ||||
Bank of New York Mellon Corp. | 6,039,161 | 273,030,469 | ||||
BlackRock, Inc. | 826,999 | 368,543,834 | ||||
Cboe Global Markets, Inc. | 786,264 | 90,349,596 | ||||
Charles Schwab Corp. | 8,190,435 | 342,605,896 | ||||
CME Group, Inc. | 2,521,061 | 532,801,032 | ||||
E*TRADE Financial Corp. | 1,688,330 | 73,763,138 | ||||
Franklin Resources, Inc. (a) | 1,985,651 | 57,305,888 | ||||
Goldman Sachs Group, Inc. | 2,278,280 | 472,127,964 | ||||
Intercontinental Exchange, Inc. | 3,945,157 | 364,019,636 | ||||
Invesco, Ltd. (a) | 2,711,978 | 45,940,907 | ||||
MarketAxess Holdings, Inc. | 265,953 | 87,099,608 | ||||
Moody's Corp. | 1,145,462 | 234,624,981 | ||||
Morgan Stanley | 8,842,924 | 377,327,567 | ||||
MSCI, Inc. | 596,224 | 129,827,776 | ||||
Nasdaq, Inc. | 811,433 | 80,615,869 | ||||
Northern Trust Corp. | 1,512,856 | 141,179,722 | ||||
Raymond James Financial, Inc. | 869,936 | 71,734,923 | ||||
S&P Global, Inc. | 1,733,970 | 424,787,971 | ||||
State Street Corp. (c) | 2,622,937 | 155,251,641 | ||||
T Rowe Price Group, Inc. | 1,658,414 | 189,473,799 | ||||
4,677,644,039 | ||||||
CONSUMER FINANCE — 5.3% | ||||||
American Express Co. | 4,789,590 | 566,512,705 | ||||
Capital One Financial Corp. | 3,311,218 | 301,254,614 | ||||
Discover Financial Services | 2,240,363 | 181,671,036 | ||||
Synchrony Financial | 4,297,007 | 146,484,968 | ||||
1,195,923,323 |
Security Description | Shares | Value | ||||
DIVERSIFIED FINANCIAL SERVICES — 12.7% | ||||||
Berkshire Hathaway, Inc. Class B (b) | 13,804,513 | $2,871,614,794 | ||||
INSURANCE — 18.9% | ||||||
Aflac, Inc. | 5,212,287 | 272,706,856 | ||||
Allstate Corp. | 2,317,542 | 251,870,465 | ||||
American International Group, Inc. | 6,124,115 | 341,113,205 | ||||
Aon PLC | 1,660,287 | 321,381,755 | ||||
Arthur J Gallagher & Co. | 1,309,969 | 117,333,923 | ||||
Assurant, Inc. | 430,430 | 54,156,703 | ||||
Chubb, Ltd. | 3,208,463 | 517,974,267 | ||||
Cincinnati Financial Corp. | 1,069,352 | 124,761,298 | ||||
Everest Re Group, Ltd. | 286,828 | 76,322,063 | ||||
Globe Life, Inc. | 706,619 | 67,665,835 | ||||
Hartford Financial Services Group, Inc. | 2,545,499 | 154,282,694 | ||||
Lincoln National Corp. | 1,409,457 | 85,018,446 | ||||
Loews Corp. | 1,830,815 | 94,250,356 | ||||
Marsh & McLennan Cos., Inc. | 3,564,382 | 356,616,419 | ||||
MetLife, Inc. | 5,603,737 | 264,272,237 | ||||
Principal Financial Group, Inc. | 1,825,328 | 104,299,242 | ||||
Progressive Corp. | 4,115,976 | 317,959,146 | ||||
Prudential Financial, Inc. | 2,830,097 | 254,567,225 | ||||
Travelers Cos., Inc. | 1,833,146 | 272,570,479 | ||||
Unum Group | 1,468,711 | 43,650,091 | ||||
Willis Towers Watson PLC | 908,162 | 175,248,022 | ||||
4,268,020,727 | ||||||
TOTAL COMMON STOCKS (Cost $23,313,992,075) | 22,507,480,936 | |||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (d) (e) | 31,507,466 | 31,510,617 | ||||
State Street Navigator Securities Lending Portfolio II (c) (f) | 18,432,206 | 18,432,206 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $49,941,781) | 49,942,823 | |||||
TOTAL INVESTMENTS — 100.0% (Cost $23,363,933,856) | 22,557,423,759 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (g) | (5,219,987) | |||||
NET ASSETS — 100.0% | $22,552,203,772 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(b) | Non-income producing security. |
(c) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 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, 2019 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(f) | Investment of cash collateral for securities loaned. |
(g) | 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 | $22,507,480,936 | $— | $— | $22,507,480,936 | ||||
Short-Term Investments | 49,942,823 | — | — | 49,942,823 | ||||
TOTAL INVESTMENTS | $22,557,423,759 | $— | $— | $22,557,423,759 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Corp. | 3,594,808 | $301,173,014 | $183,416,146 | $245,766,577 | $(28,473,669) | $(55,097,273) | 2,622,937 | $155,251,641 | $5,472,078 | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | — | 150,709,624 | 119,199,884 | (165) | 1,042 | 31,507,466 | 31,510,617 | 131,697 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 40,474,692 | 40,474,692 | 804,648,550 | 845,123,242 | — | — | — | — | 707,395 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,208,715,616 | 1,190,283,410 | — | — | 18,432,206 | 18,432,206 | 89,294 | ||||||||
Total | $341,647,706 | $2,347,489,936 | $2,400,373,113 | $(28,473,834) | $(55,096,231) | $205,194,464 | $6,400,464 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
BIOTECHNOLOGY — 15.5% | ||||||
AbbVie, Inc. | 7,359,920 | $557,293,142 | ||||
Alexion Pharmaceuticals, Inc. (a) | 1,117,837 | 109,480,956 | ||||
Amgen, Inc. | 2,985,339 | 577,692,950 | ||||
Biogen, Inc. (a) | 918,227 | 213,781,610 | ||||
Celgene Corp. (a) | 3,528,200 | 350,350,260 | ||||
Gilead Sciences, Inc. | 6,304,487 | 399,578,386 | ||||
Incyte Corp. (a) | 887,133 | 65,851,883 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 397,814 | 110,353,604 | ||||
Vertex Pharmaceuticals, Inc. (a) | 1,276,648 | 216,289,704 | ||||
2,600,672,495 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 26.4% | ||||||
Abbott Laboratories | 8,793,851 | 735,781,513 | ||||
ABIOMED, Inc. (a) | 224,913 | 40,009,774 | ||||
Align Technology, Inc. (a) (b) | 362,950 | 65,664,914 | ||||
Baxter International, Inc. | 2,541,519 | 222,306,667 | ||||
Becton Dickinson and Co. | 1,344,540 | 340,114,838 | ||||
Boston Scientific Corp. (a) | 6,931,768 | 282,053,640 | ||||
Cooper Cos., Inc. | 246,667 | 73,260,099 | ||||
Danaher Corp. | 3,178,204 | 459,028,004 | ||||
DENTSPLY SIRONA, Inc. | 1,115,965 | 59,492,094 | ||||
Edwards Lifesciences Corp. (a) | 1,035,294 | 227,671,504 | ||||
Hologic, Inc. (a) | 1,336,088 | 67,459,083 | ||||
IDEXX Laboratories, Inc. (a) | 428,541 | 116,533,154 | ||||
Intuitive Surgical, Inc. (a) | 573,725 | 309,771,339 | ||||
Medtronic PLC | 6,682,746 | 725,879,870 | ||||
ResMed, Inc. | 713,980 | 96,465,838 | ||||
Stryker Corp. | 1,597,359 | 345,508,752 | ||||
Teleflex, Inc. | 230,100 | 78,176,475 | ||||
Varian Medical Systems, Inc. (a) | 453,335 | 53,987,665 | ||||
Zimmer Biomet Holdings, Inc. | 1,020,826 | 140,128,785 | ||||
4,439,294,008 | ||||||
HEALTH CARE PROVIDERS & SERVICES — 18.2% | ||||||
AmerisourceBergen Corp. | 757,068 | 62,329,408 | ||||
Anthem, Inc. | 1,273,421 | 305,748,382 | ||||
Cardinal Health, Inc. | 1,485,705 | 70,110,419 | ||||
Centene Corp. (a) | 2,060,462 | 89,135,586 | ||||
Cigna Corp. | 1,879,726 | 285,323,609 | ||||
CVS Health Corp. | 6,475,292 | 408,396,666 | ||||
DaVita, Inc. (a) | 482,062 | 27,511,278 | ||||
HCA Healthcare, Inc. | 1,324,034 | 159,440,174 | ||||
Henry Schein, Inc. (a) (b) | 741,649 | 47,094,712 | ||||
Humana, Inc. | 673,143 | 172,102,471 | ||||
Laboratory Corp. of America Holdings (a) | 486,377 | 81,711,336 | ||||
McKesson Corp. | 920,480 | 125,792,797 | ||||
Quest Diagnostics, Inc. | 668,435 | 71,542,598 | ||||
UnitedHealth Group, Inc. | 4,717,633 | 1,025,236,004 | ||||
Universal Health Services, Inc. Class B | 404,408 | 60,155,690 |
Security Description | Shares | Value | ||||
WellCare Health Plans, Inc. (a) | 250,311 | $64,873,102 | ||||
3,056,504,232 | ||||||
HEALTH CARE TECHNOLOGY — 0.6% | ||||||
Cerner Corp. | 1,584,927 | 108,044,473 | ||||
LIFE SCIENCES TOOLS & SERVICES — 7.5% | ||||||
Agilent Technologies, Inc. | 1,540,569 | 118,053,803 | ||||
Illumina, Inc. (a) | 732,485 | 222,836,587 | ||||
IQVIA Holdings, Inc. (a) | 906,959 | 135,481,535 | ||||
Mettler-Toledo International, Inc. (a) | 122,481 | 86,275,616 | ||||
PerkinElmer, Inc. | 552,915 | 47,091,771 | ||||
Thermo Fisher Scientific, Inc. | 1,993,746 | 580,718,397 | ||||
Waters Corp. (a) | 332,314 | 74,182,454 | ||||
1,264,640,163 | ||||||
PHARMACEUTICALS — 31.7% | ||||||
Allergan PLC | 1,632,975 | 274,813,363 | ||||
Bristol-Myers Squibb Co. | 8,153,376 | 413,457,697 | ||||
Eli Lilly & Co. | 4,229,321 | 472,964,968 | ||||
Johnson & Johnson | 13,137,821 | 1,699,771,281 | ||||
Merck & Co., Inc. | 12,745,655 | 1,072,929,238 | ||||
Mylan NV (a) | 2,563,398 | 50,704,013 | ||||
Nektar Therapeutics (a) (b) | 863,811 | 15,734,317 | ||||
Perrigo Co. PLC (b) | 677,287 | 37,853,570 | ||||
Pfizer, Inc. | 27,533,739 | 989,287,242 | ||||
Zoetis, Inc. | 2,377,275 | 296,184,692 | ||||
5,323,700,381 | ||||||
TOTAL COMMON STOCKS (Cost $18,869,657,154) | 16,792,855,752 | |||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 12,480,331 | 12,481,579 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 28,805,353 | 28,805,353 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $41,286,521) | 41,286,932 | |||||
TOTAL INVESTMENTS — 100.1% (Cost $18,910,943,675) | 16,834,142,684 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (15,425,706) | |||||
NET ASSETS — 100.0% | $16,818,716,978 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | 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 | $16,792,855,752 | $— | $— | $16,792,855,752 | ||||
Short-Term Investments | 41,286,932 | — | — | 41,286,932 | ||||
TOTAL INVESTMENTS | $16,834,142,684 | $— | $— | $16,834,142,684 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $119,119,595 | $106,638,428 | $1 | $411 | 12,480,331 | $12,481,579 | $97,187 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 8,912,798 | 8,912,798 | 702,794,599 | 711,707,397 | — | — | — | — | 702,788 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,842,023,921 | 1,813,218,568 | — | — | 28,805,353 | 28,805,353 | 2,579,474 | ||||||||
Total | $8,912,798 | $2,663,938,115 | $2,631,564,393 | $1 | $411 | $41,286,932 | $3,379,449 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.9% | ||||||
AEROSPACE & DEFENSE — 29.0% | ||||||
Arconic, Inc. | 1,642,707 | $42,710,382 | ||||
Boeing Co. | 2,266,538 | 862,349,713 | ||||
General Dynamics Corp. | 992,712 | 181,398,264 | ||||
Huntington Ingalls Industries, Inc. | 175,299 | 37,126,575 | ||||
L3Harris Technologies, Inc. | 946,725 | 197,524,704 | ||||
Lockheed Martin Corp. | 1,053,642 | 410,983,599 | ||||
Northrop Grumman Corp. | 667,384 | 250,128,849 | ||||
Raytheon Co. | 1,180,902 | 231,681,163 | ||||
Textron, Inc. | 975,841 | 47,777,175 | ||||
TransDigm Group, Inc. | 210,504 | 109,603,118 | ||||
United Technologies Corp. | 3,439,433 | 469,551,393 | ||||
2,840,834,935 | ||||||
AIR FREIGHT & LOGISTICS — 6.2% | ||||||
C.H. Robinson Worldwide, Inc. (a) | 576,016 | 48,834,636 | ||||
Expeditors International of Washington, Inc. | 725,653 | 53,908,761 | ||||
FedEx Corp. | 1,017,675 | 148,142,950 | ||||
United Parcel Service, Inc. Class B | 2,961,102 | 354,799,242 | ||||
605,685,589 | ||||||
AIRLINES — 4.2% | ||||||
Alaska Air Group, Inc. | 524,243 | 34,028,613 | ||||
American Airlines Group, Inc. (a) | 1,680,341 | 45,318,797 | ||||
Delta Air Lines, Inc. | 2,454,006 | 141,350,745 | ||||
Southwest Airlines Co. | 2,051,338 | 110,792,765 | ||||
United Airlines Holdings, Inc. (b) | 934,921 | 82,656,366 | ||||
414,147,286 | ||||||
BUILDING PRODUCTS — 3.1% | ||||||
Allegion PLC | 396,197 | 41,065,819 | ||||
AO Smith Corp. | 586,688 | 27,990,884 | ||||
Fortune Brands Home & Security, Inc. | 593,245 | 32,450,502 | ||||
Johnson Controls International PLC | 3,373,953 | 148,082,797 | ||||
Masco Corp. | 1,227,412 | 51,158,532 | ||||
300,748,534 | ||||||
COMMERCIAL SERVICES & SUPPLIES — 4.6% | ||||||
Cintas Corp. | 352,048 | 94,384,069 | ||||
Copart, Inc. (b) | 852,791 | 68,504,701 | ||||
Republic Services, Inc. | 897,699 | 77,695,849 | ||||
Rollins, Inc. (a) | 597,262 | 20,348,716 | ||||
Waste Management, Inc. | 1,654,951 | 190,319,365 | ||||
451,252,700 | ||||||
CONSTRUCTION & ENGINEERING — 0.8% | ||||||
Jacobs Engineering Group, Inc. | 574,159 | 52,535,549 | ||||
Quanta Services, Inc. | 603,153 | 22,799,183 | ||||
75,334,732 | ||||||
ELECTRICAL EQUIPMENT — 5.0% | ||||||
AMETEK, Inc. | 968,265 | 88,906,092 | ||||
Eaton Corp. PLC | 1,780,992 | 148,089,485 |
Security Description | Shares | Value | ||||
Emerson Electric Co. | 2,608,151 | $174,380,976 | ||||
Rockwell Automation, Inc. | 496,162 | 81,767,498 | ||||
493,144,051 | ||||||
INDUSTRIAL CONGLOMERATES — 14.3% | ||||||
3M Co. | 2,438,310 | 400,858,164 | ||||
General Electric Co. | 37,004,709 | 330,822,098 | ||||
Honeywell International, Inc. | 3,050,969 | 516,223,955 | ||||
Roper Technologies, Inc. | 441,013 | 157,265,236 | ||||
1,405,169,453 | ||||||
MACHINERY — 16.9% | ||||||
Caterpillar, Inc. | 2,385,611 | 301,326,525 | ||||
Cummins, Inc. | 668,802 | 108,794,021 | ||||
Deere & Co. | 1,335,210 | 225,223,223 | ||||
Dover Corp. | 616,700 | 61,398,652 | ||||
Flowserve Corp. | 556,584 | 25,998,039 | ||||
Fortive Corp. | 1,252,008 | 85,837,669 | ||||
IDEX Corp. | 321,560 | 52,697,253 | ||||
Illinois Tool Works, Inc. | 1,248,298 | 195,346,154 | ||||
Ingersoll-Rand PLC | 1,024,381 | 126,213,983 | ||||
PACCAR, Inc. | 1,468,724 | 102,825,367 | ||||
Parker-Hannifin Corp. | 544,634 | 98,366,347 | ||||
Pentair PLC | 712,386 | 26,928,191 | ||||
Snap-on, Inc. | 235,036 | 36,792,535 | ||||
Stanley Black & Decker, Inc. | 643,471 | 92,923,647 | ||||
Wabtec Corp. (a) | 772,177 | 55,488,639 | ||||
Xylem, Inc. | 761,067 | 60,596,155 | ||||
1,656,756,400 | ||||||
PROFESSIONAL SERVICES — 3.6% | ||||||
Equifax, Inc. | 512,631 | 72,111,803 | ||||
IHS Markit, Ltd. (b) | 1,700,157 | 113,706,500 | ||||
Nielsen Holdings PLC | 1,509,006 | 32,066,377 | ||||
Robert Half International, Inc. | 498,491 | 27,746,009 | ||||
Verisk Analytics, Inc. | 692,283 | 109,477,634 | ||||
355,108,323 | ||||||
ROAD & RAIL — 10.4% | ||||||
CSX Corp. | 3,383,964 | 234,407,186 | ||||
JB Hunt Transport Services, Inc. (a) | 362,157 | 40,072,672 | ||||
Kansas City Southern | 425,479 | 56,592,962 | ||||
Norfolk Southern Corp. | 1,116,972 | 200,675,190 | ||||
Union Pacific Corp. | 2,987,444 | 483,906,179 | ||||
1,015,654,189 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 1.8% | ||||||
Fastenal Co. (a) | 2,431,497 | 79,437,007 | ||||
United Rentals, Inc. (b) | 327,215 | 40,784,078 | ||||
W.W. Grainger, Inc. | 187,484 | 55,710,870 | ||||
175,931,955 | ||||||
TOTAL COMMON STOCKS (Cost $11,002,040,794) | 9,789,768,147 |
Security Description | Shares | Value | ||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 6,868,611 | $6,869,298 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 57,921,882 | 57,921,882 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $64,791,163) | 64,791,180 | |||||
TOTAL INVESTMENTS — 100.5% (Cost $11,066,831,957) | 9,854,559,327 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% | (52,190,885) | |||||
NET ASSETS — 100.0% | $9,802,368,442 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | 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 | $9,789,768,147 | $— | $— | $9,789,768,147 | ||||
Short-Term Investments | 64,791,180 | — | — | 64,791,180 | ||||
TOTAL INVESTMENTS | $9,854,559,327 | $— | $— | $9,854,559,327 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $76,268,144 | $69,398,568 | $(295) | $17 | 6,868,611 | $6,869,298 | $40,339 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 17,453,498 | 17,453,498 | 473,310,081 | 490,763,579 | — | — | — | — | 364,168 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 118,858,872 | 118,858,872 | 7,835 | 118,866,707 | — | — | — | — | 1,172 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 893,053,433 | 835,131,551 | — | — | 57,921,882 | 57,921,882 | 125,508 | ||||||||
Total | $136,312,370 | $1,442,639,493 | $1,514,160,405 | $(295) | $17 | $64,791,180 | $531,187 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
CHEMICALS — 71.5% | ||||||
Air Products & Chemicals, Inc. | 1,372,394 | $304,479,333 | ||||
Albemarle Corp. (a) | 675,469 | 46,958,605 | ||||
Celanese Corp. | 788,598 | 96,437,649 | ||||
CF Industries Holdings, Inc. | 1,391,517 | 68,462,636 | ||||
Corteva, Inc. | 4,772,928 | 133,641,984 | ||||
Dow, Inc. | 3,976,459 | 189,478,271 | ||||
DuPont de Nemours, Inc. | 4,642,970 | 331,090,191 | ||||
Eastman Chemical Co. | 873,090 | 64,460,235 | ||||
Ecolab, Inc. | 1,559,143 | 308,772,680 | ||||
FMC Corp. | 831,326 | 72,890,664 | ||||
International Flavors & Fragrances, Inc. (a) | 680,541 | 83,495,575 | ||||
Linde PLC | 3,366,889 | 652,233,737 | ||||
LyondellBasell Industries NV Class A | 1,645,194 | 147,195,507 | ||||
Mosaic Co. | 2,262,558 | 46,382,439 | ||||
PPG Industries, Inc. | 1,505,958 | 178,471,082 | ||||
Sherwin-Williams Co. | 511,410 | 281,209,017 | ||||
3,005,659,605 | ||||||
CONSTRUCTION MATERIALS — 5.6% | ||||||
Martin Marietta Materials, Inc. | 397,984 | 109,087,414 | ||||
Vulcan Materials Co. | 843,123 | 127,513,923 | ||||
236,601,337 | ||||||
CONTAINERS & PACKAGING — 13.9% | ||||||
Amcor PLC | 10,353,606 | 100,947,658 | ||||
Avery Dennison Corp. | 536,561 | 60,937,233 | ||||
Ball Corp. | 2,115,948 | 154,062,174 | ||||
International Paper Co. | 2,503,721 | 104,705,612 | ||||
Packaging Corp. of America | 603,310 | 64,011,191 | ||||
Sealed Air Corp. | 984,892 | 40,882,867 | ||||
Westrock Co. | 1,640,088 | 59,781,208 | ||||
585,327,943 |
Security Description | Shares | Value | ||||
METALS & MINING — 8.8% | ||||||
Freeport-McMoRan, Inc. | 9,247,128 | $88,495,015 | ||||
Newmont Goldcorp Corp. | 4,771,495 | 180,935,091 | ||||
Nucor Corp. | 1,932,087 | 98,362,549 | ||||
367,792,655 | ||||||
TOTAL COMMON STOCKS (Cost $4,622,320,510) | 4,195,381,540 | |||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (b) (c) | 1,045,819 | 1,045,923 | ||||
State Street Navigator Securities Lending Portfolio II (d) (e) | 72,906,398 | 72,906,398 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $73,952,321) | 73,952,321 | |||||
TOTAL INVESTMENTS — 101.6% (Cost $4,696,272,831) | 4,269,333,861 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.6)% | (67,860,535) | |||||
NET ASSETS — 100.0% | $4,201,473,326 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(c) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(d) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(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 | $4,195,381,540 | $— | $— | $4,195,381,540 | ||||
Short-Term Investments | 73,952,321 | — | — | 73,952,321 | ||||
TOTAL INVESTMENTS | $4,269,333,861 | $— | $— | $4,269,333,861 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $31,369,742 | $30,323,819 | $— | $— | 1,045,819 | $1,045,923 | $21,922 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 2,380,802 | 2,380,802 | 137,636,501 | 140,017,303 | — | — | — | — | 135,567 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 503,609,946 | 430,703,548 | — | — | 72,906,398 | 72,906,398 | 122,974 | ||||||||
Total | $2,380,802 | $672,616,189 | $601,044,670 | $— | $— | $73,952,321 | $280,463 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 97.5% | ||||||
Alexandria Real Estate Equities, Inc. REIT (a) | 552,255 | $85,069,360 | ||||
American Tower Corp. REIT | 2,155,326 | 476,607,238 | ||||
Apartment Investment & Management Co. Class A REIT | 724,883 | 37,795,400 | ||||
AvalonBay Communities, Inc. REIT | 679,942 | 146,411,911 | ||||
Boston Properties, Inc. REIT | 699,871 | 90,745,274 | ||||
Crown Castle International Corp. REIT | 2,024,288 | 281,396,275 | ||||
Digital Realty Trust, Inc. REIT | 1,014,365 | 131,674,721 | ||||
Duke Realty Corp. REIT | 1,759,821 | 59,781,119 | ||||
Equinix, Inc. REIT | 413,040 | 238,241,472 | ||||
Equity Residential REIT | 1,697,294 | 146,408,580 | ||||
Essex Property Trust, Inc. REIT | 320,051 | 104,544,659 | ||||
Extra Space Storage, Inc. REIT | 625,754 | 73,100,582 | ||||
Federal Realty Investment Trust REIT | 338,779 | 46,121,373 | ||||
HCP, Inc. REIT | 2,391,147 | 85,196,568 | ||||
Host Hotels & Resorts, Inc. REIT | 3,553,795 | 61,445,116 | ||||
Iron Mountain, Inc. REIT (a) | 1,395,377 | 45,196,261 | ||||
Kimco Realty Corp. REIT | 2,055,109 | 42,910,676 | ||||
Macerich Co. REIT (a) | 535,568 | 16,918,593 | ||||
Mid-America Apartment Communities, Inc. REIT | 555,279 | 72,191,823 | ||||
Prologis, Inc. REIT | 3,072,916 | 261,873,901 | ||||
Public Storage REIT | 731,041 | 179,302,426 | ||||
Realty Income Corp. REIT | 1,549,401 | 118,808,069 | ||||
Regency Centers Corp. REIT | 815,838 | 56,692,583 | ||||
SBA Communications Corp. REIT | 550,729 | 132,808,298 | ||||
Simon Property Group, Inc. REIT | 1,499,725 | 233,432,196 | ||||
SL Green Realty Corp. REIT | 400,564 | 32,746,107 | ||||
UDR, Inc. REIT | 1,425,752 | 69,120,457 | ||||
Ventas, Inc. REIT | 1,814,038 | 132,479,195 | ||||
Vornado Realty Trust REIT | 769,755 | 49,010,301 |
Security Description | Shares | Value | ||||
Welltower, Inc. REIT | 1,973,148 | $178,865,866 | ||||
Weyerhaeuser Co. REIT | 3,626,961 | 100,466,820 | ||||
3,787,363,220 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.3% | ||||||
CBRE Group, Inc. Class A (b) | 1,637,634 | 86,810,978 | ||||
TOTAL COMMON STOCKS (Cost $3,692,998,302) | 3,874,174,198 | |||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 7,560,491 | 7,561,247 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 16,954,517 | 16,954,517 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $24,515,616) | 24,515,764 | |||||
TOTAL INVESTMENTS — 100.4% (Cost $3,717,513,918) | 3,898,689,962 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)% | (14,416,520) | |||||
NET ASSETS — 100.0% | $3,884,273,442 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | Investment of cash collateral for securities loaned. |
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 | $3,874,174,198 | $— | $— | $3,874,174,198 | ||||
Short-Term Investments | 24,515,764 | — | — | 24,515,764 | ||||
TOTAL INVESTMENTS | $3,898,689,962 | $— | $— | $3,898,689,962 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $42,229,265 | $34,668,287 | $121 | $148 | 7,560,491 | $7,561,247 | $8,544 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 6,227,878 | 6,227,878 | 142,535,086 | 148,762,964 | — | — | — | — | 47,228 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 180,698,216 | 163,743,699 | — | — | 16,954,517 | 16,954,517 | 8,774 | ||||||||
Total | $6,227,878 | $365,462,567 | $347,174,950 | $121 | $148 | $24,515,764 | $64,546 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
COMMUNICATIONS EQUIPMENT — 4.9% | ||||||
Arista Networks, Inc. (a) (b) | 224,684 | $53,681,501 | ||||
Cisco Systems, Inc. | 17,523,725 | 865,847,252 | ||||
F5 Networks, Inc. (a) | 247,455 | 34,747,631 | ||||
Juniper Networks, Inc. | 1,425,282 | 35,275,730 | ||||
Motorola Solutions, Inc. | 682,112 | 116,238,706 | ||||
1,105,790,820 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.4% | ||||||
Amphenol Corp. Class A | 1,227,808 | 118,483,472 | ||||
CDW Corp. | 597,427 | 73,626,904 | ||||
Corning, Inc. | 3,223,270 | 91,927,660 | ||||
FLIR Systems, Inc. | 561,438 | 29,526,024 | ||||
IPG Photonics Corp. (a) (b) | 147,397 | 19,987,033 | ||||
Keysight Technologies, Inc. (a) | 774,263 | 75,297,077 | ||||
TE Connectivity, Ltd. | 1,386,654 | 129,208,420 | ||||
538,056,590 | ||||||
IT SERVICES — 25.1% | ||||||
Accenture PLC Class A | 2,630,037 | 505,887,617 | ||||
Akamai Technologies, Inc. (a) | 679,362 | 62,080,100 | ||||
Alliance Data Systems Corp. | 169,180 | 21,677,033 | ||||
Automatic Data Processing, Inc. | 1,791,289 | 289,149,870 | ||||
Broadridge Financial Solutions, Inc. | 471,773 | 58,702,714 | ||||
Cognizant Technology Solutions Corp. Class A | 2,279,770 | 137,390,339 | ||||
DXC Technology Co. | 1,081,284 | 31,897,878 | ||||
Fidelity National Information Services, Inc. | 2,532,109 | 336,162,791 | ||||
Fiserv, Inc. (a) | 2,356,254 | 244,084,352 | ||||
FleetCor Technologies, Inc. (a) | 356,833 | 102,332,568 | ||||
Gartner, Inc. (a) (b) | 372,957 | 53,329,122 | ||||
Global Payments, Inc. | 1,238,510 | 196,923,090 | ||||
International Business Machines Corp. | 3,656,676 | 531,753,824 | ||||
Jack Henry & Associates, Inc. | 317,835 | 46,394,375 | ||||
Leidos Holdings, Inc. | 558,008 | 47,921,727 | ||||
Mastercard, Inc. Class A | 3,685,183 | 1,000,785,147 | ||||
Paychex, Inc. | 1,320,117 | 109,266,084 | ||||
PayPal Holdings, Inc. (a) | 4,857,091 | 503,146,057 | ||||
VeriSign, Inc. (a) | 430,054 | 81,121,086 | ||||
Visa, Inc. Class A (b) | 7,128,595 | 1,226,189,626 | ||||
Western Union Co. (b) | 1,749,766 | 40,542,078 | ||||
5,626,737,478 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 17.8% | ||||||
Advanced Micro Devices, Inc. (a) (b) | 4,480,906 | 129,901,465 | ||||
Analog Devices, Inc. | 1,524,818 | 170,367,915 | ||||
Applied Materials, Inc. | 3,813,074 | 190,272,393 | ||||
Broadcom, Inc. | 1,643,163 | 453,628,009 | ||||
Intel Corp. | 18,286,209 | 942,288,350 | ||||
KLA Corp. | 657,435 | 104,828,011 |
Security Description | Shares | Value | ||||
Lam Research Corp. | 596,603 | $137,880,919 | ||||
Maxim Integrated Products, Inc. | 1,119,793 | 64,847,213 | ||||
Microchip Technology, Inc. (b) | 984,848 | 91,502,228 | ||||
Micron Technology, Inc. (a) | 4,556,309 | 195,237,841 | ||||
NVIDIA Corp. | 2,513,851 | 437,586,043 | ||||
Qorvo, Inc. (a) | 486,184 | 36,045,682 | ||||
QUALCOMM, Inc. | 5,018,015 | 382,774,184 | ||||
Skyworks Solutions, Inc. | 708,729 | 56,166,773 | ||||
Texas Instruments, Inc. | 3,853,894 | 498,077,260 | ||||
Xilinx, Inc. | 1,042,717 | 99,996,560 | ||||
3,991,400,846 | ||||||
SOFTWARE — 30.3% | ||||||
Adobe, Inc. (a) | 2,003,735 | 553,531,794 | ||||
ANSYS, Inc. (a) | 347,456 | 76,912,860 | ||||
Autodesk, Inc. (a) | 906,441 | 133,881,336 | ||||
Cadence Design Systems, Inc. (a) | 1,156,470 | 76,419,537 | ||||
Citrix Systems, Inc. | 507,969 | 49,029,168 | ||||
Fortinet, Inc. (a) | 585,888 | 44,972,763 | ||||
Intuit, Inc. | 1,073,096 | 285,379,150 | ||||
Microsoft Corp. | 31,517,432 | 4,381,868,571 | ||||
Oracle Corp. | 9,087,921 | 500,108,293 | ||||
salesforce.com, Inc. (a) | 3,620,067 | 537,362,745 | ||||
Symantec Corp. | 2,347,027 | 55,460,248 | ||||
Synopsys, Inc. (a) | 620,500 | 85,163,625 | ||||
6,780,090,090 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 19.3% | ||||||
Apple, Inc. | 17,535,114 | 3,927,339,483 | ||||
Hewlett Packard Enterprise Co. | 5,389,201 | 81,754,179 | ||||
HP, Inc. | 6,117,006 | 115,733,754 | ||||
NetApp, Inc. | 982,006 | 51,565,135 | ||||
Seagate Technology PLC (b) | 977,304 | 52,569,182 | ||||
Western Digital Corp. | 1,221,805 | 72,868,450 | ||||
Xerox Holdings Corp. | 785,521 | 23,494,933 | ||||
4,325,325,116 | ||||||
TOTAL COMMON STOCKS (Cost $21,153,602,634) | 22,367,400,940 | |||||
SHORT-TERM INVESTMENTS — 0.8% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (c) (d) | 44,116,854 | 44,121,266 | ||||
State Street Navigator Securities Lending Portfolio II (e) (f) | 130,802,180 | 130,802,180 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $174,923,310) | 174,923,446 | |||||
TOTAL INVESTMENTS — 100.6% (Cost $21,328,525,944) | 22,542,324,386 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% | (125,164,492) | |||||
NET ASSETS — 100.0% | $22,417,159,894 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(d) | The rate shown is the annualized seven-day yield at September 30, 2019. |
(e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2019 are shown in the Affiliate Table below. |
(f) | 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 | $22,367,400,940 | $— | $— | $22,367,400,940 | ||||
Short-Term Investments | 174,923,446 | — | — | 174,923,446 | ||||
TOTAL INVESTMENTS | $22,542,324,386 | $— | $— | $22,542,324,386 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $147,125,319 | $103,004,109 | $(80) | $136 | 44,116,854 | $44,121,266 | $125,427 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 16,254,753 | 16,254,753 | 582,120,408 | 598,375,161 | — | — | — | — | 677,051 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 12,356,093 | 12,356,093 | 33,304,886 | 45,660,979 | — | — | — | — | 5,493 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,489,308,755 | 1,358,506,575 | — | — | 130,802,180 | 130,802,180 | 246,772 | ||||||||
Total | $28,610,846 | $2,251,859,368 | $2,105,546,824 | $(80) | $136 | $174,923,446 | $1,054,743 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 99.8% | ||||||
ELECTRIC UTILITIES — 61.0% | ||||||
Alliant Energy Corp. | 3,019,083 | $162,819,146 | ||||
American Electric Power Co., Inc. | 6,276,508 | 588,046,034 | ||||
Duke Energy Corp. | 9,260,987 | 887,758,214 | ||||
Edison International | 4,551,562 | 343,278,806 | ||||
Entergy Corp. | 2,527,183 | 296,590,197 | ||||
Evergy, Inc. (a) | 2,992,955 | 199,211,085 | ||||
Eversource Energy | 4,113,235 | 351,558,195 | ||||
Exelon Corp. | 12,349,453 | 596,602,074 | ||||
FirstEnergy Corp. (a) | 6,863,559 | 331,029,451 | ||||
NextEra Energy, Inc. | 6,212,343 | 1,447,413,796 | ||||
Pinnacle West Capital Corp. | 1,427,472 | 138,564,707 | ||||
PPL Corp. | 9,180,218 | 289,085,065 | ||||
Southern Co. | 13,285,571 | 820,649,721 | ||||
Xcel Energy, Inc. | 6,665,056 | 432,495,484 | ||||
6,885,101,975 | ||||||
GAS UTILITIES — 1.5% | ||||||
Atmos Energy Corp. | 1,502,445 | 171,113,461 | ||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.3% | ||||||
AES Corp. | 8,437,922 | 137,875,646 | ||||
NRG Energy, Inc. | 3,215,667 | 127,340,413 | ||||
265,216,059 | ||||||
MULTI-UTILITIES — 32.5% | ||||||
Ameren Corp. | 3,124,330 | 250,102,617 | ||||
CenterPoint Energy, Inc. | 6,383,450 | 192,652,521 | ||||
CMS Energy Corp. | 3,607,096 | 230,673,789 | ||||
Consolidated Edison, Inc. | 4,221,755 | 398,829,195 | ||||
Dominion Energy, Inc. | 10,447,086 | 846,631,849 |
Security Description | Shares | Value | ||||
DTE Energy Co. | 2,329,852 | $309,777,122 | ||||
NiSource, Inc. | 4,745,450 | 141,983,864 | ||||
Public Service Enterprise Group, Inc. | 6,426,929 | 398,983,752 | ||||
Sempra Energy | 3,489,690 | 515,113,141 | ||||
WEC Energy Group, Inc. (a) | 4,009,375 | 381,291,562 | ||||
3,666,039,412 | ||||||
WATER UTILITIES — 2.5% | ||||||
American Water Works Co., Inc. | 2,296,213 | 285,258,541 | ||||
TOTAL COMMON STOCKS (Cost $10,651,362,596) | 11,272,729,448 | |||||
SHORT-TERM INVESTMENT — 0.1% | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 2.03% (b) (c) (Cost $8,628,860) | 8,627,998 | 8,628,861 | ||||
TOTAL INVESTMENTS — 99.9% (Cost $10,659,991,456) | 11,281,358,309 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 15,124,799 | |||||
NET ASSETS — 100.0% | $11,296,483,108 |
(a) | All or a portion of the shares of the security are on loan at September 30, 2019. |
(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, 2019 are shown in the Affiliate Table below. |
(c) | The rate shown is the annualized seven-day yield at September 30, 2019. |
Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks | $11,272,729,448 | $— | $— | $11,272,729,448 | ||||
Short-Term Investment | 8,628,861 | — | — | 8,628,861 | ||||
TOTAL INVESTMENTS | $11,281,358,309 | $— | $— | $11,281,358,309 |
Number of Shares Held at 9/30/18 | Value at 9/30/18 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 9/30/19 | Value at 9/30/19 | Dividend Income | |||||||||
State Street Institutional Liquid Reserves Fund, Premier Class | — | $— | $109,374,625 | $100,745,706 | $(59) | $1 | 8,627,998 | $8,628,861 | $90,737 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 8,502,091 | 8,502,091 | 506,691,884 | 515,193,975 | — | — | — | — | 385,484 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 1,262,811,583 | 1,262,811,583 | — | — | — | — | 128,121 | ||||||||
Total | $8,502,091 | $1,878,878,092 | $1,878,751,264 | $(59) | $1 | $8,628,861 | $604,342 |
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* | $6,031,968,200 | $13,916,575,924 | $13,967,741,689 | ||
Investments in affiliated issuers, at value | 8,907,943 | 94,936,752 | 122,078,772 | ||
Total Investments | 6,040,876,143 | 14,011,512,676 | 14,089,820,461 | ||
Cash | — | — | 9,895,002 | ||
Receivable for investments sold | — | — | — | ||
Receivable for income related to Select Sector SPDR shares in-kind transactions | 50,242 | — | — | ||
Dividends receivable — unaffiliated issuers | 3,633,773 | 4,519,371 | 39,374,760 | ||
Dividends receivable — affiliated issuers | 5,868 | 46,838 | 46,138 | ||
Securities lending income receivable — unaffiliated issuers | 2,130 | 22,066 | 3,919 | ||
Securities lending income receivable — affiliated issuers | 2,300 | 27,688 | 33,130 | ||
Other Receivable | — | — | — | ||
Prepaid expenses and other assets | 8,524 | 25,937 | 20,654 | ||
TOTAL ASSETS | 6,044,578,980 | 14,016,154,576 | 14,139,194,064 | ||
LIABILITIES | |||||
Due to custodian | 55,237 | 134,860 | — | ||
Payable upon return of securities loaned | 4,017,892 | 84,833,593 | 121,441,491 | ||
Payable for investments purchased | — | — | — | ||
Payable for income related to Select Sector SPDR shares in-kind transactions | — | 26,185 | 123,175 | ||
Advisory and Administration fees payable | 184,658 | 457,126 | 434,336 | ||
Distribution fees payable | 238,155 | 591,029 | 552,126 | ||
Unitary fees payable | 19,063 | 45,040 | 67,920 | ||
Trustees’ fees and expenses payable | — | 1,028 | 512 | ||
License fee payable | 621,408 | 1,436,907 | 1,362,704 | ||
Professional fees payable | 23,466 | 41,558 | 37,249 | ||
Printing and postage fees payable | 13,502 | 271,413 | 168,582 | ||
Accrued expenses and other liabilities | 2,655 | 1,625 | 1,898 | ||
TOTAL LIABILITIES | 5,176,036 | 87,840,364 | 124,189,993 | ||
NET ASSETS | $6,039,402,944 | $13,928,314,212 | $14,015,004,071 | ||
NET ASSETS CONSIST OF: | |||||
Paid-in Capital | $6,191,450,335 | $15,253,320,119 | $15,061,352,255 | ||
Total distributable earnings (loss) | (152,047,391) | (1,325,005,907) | (1,046,348,184) | ||
NET ASSETS | $6,039,402,944 | $13,928,314,212 | $14,015,004,071 | ||
NET ASSET VALUE PER SHARE | |||||
Net asset value per share | $49.50 | $120.69 | $61.41 | ||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 122,000,000 | 115,403,252 | 228,221,809 | ||
COST OF INVESTMENTS: | |||||
Investments in unaffiliated issuers | $6,122,341,603 | $14,426,405,772 | $14,256,824,646 | ||
Investments in affiliated issuers | 8,907,943 | 94,936,752 | 122,078,772 | ||
Total cost of investments | $6,131,249,546 | $14,521,342,524 | $14,378,903,418 | ||
* Includes investments in securities on loan, at value | $31,799,686 | $303,645,362 | $166,477,122 |
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 | ||||||
$9,988,421,914 | $22,352,229,295 | $16,792,855,752 | $9,789,768,147 | $4,195,381,540 | $3,874,174,198 | $22,367,400,940 | ||||||
17,858,057 | 205,194,464 | 41,286,932 | 64,791,180 | 73,952,321 | 24,515,764 | 174,923,446 | ||||||
10,006,279,971 | 22,557,423,759 | 16,834,142,684 | 9,854,559,327 | 4,269,333,861 | 3,898,689,962 | 22,542,324,386 | ||||||
5,054,090 | 713,571 | 1,384,869 | 2,627,498 | — | — | — | ||||||
29,012,101 | — | — | — | 44,226,186 | — | — | ||||||
3,025 | — | 12,555 | — | — | — | — | ||||||
14,286,022 | 15,816,699 | 15,423,557 | 5,013,011 | 6,486,477 | 10,165,002 | 10,172,915 | ||||||
24,682 | 1,474,559 | 68,064 | 28,500 | 13,178 | 7,484 | 93,765 | ||||||
— | 7,827 | 945 | 8,594 | 3,442 | 3,141 | 18,295 | ||||||
1,220 | 1,128 | 8,350 | 14,173 | 15,977 | 5,821 | 29,880 | ||||||
— | — | — | 207,277 | — | — | 12,779 | ||||||
27,789 | 50,330 | 37,053 | 21,079 | 7,886 | 5,757 | 38,867 | ||||||
10,054,688,900 | 22,575,487,873 | 16,851,078,077 | 9,862,479,459 | 4,320,087,007 | 3,908,877,167 | 22,552,690,887 | ||||||
— | — | — | — | 42,007 | 37,261 | 219,076 | ||||||
4,960,705 | 18,432,206 | 28,805,353 | 57,921,882 | 72,906,398 | 16,954,517 | 130,802,180 | ||||||
32,439,704 | — | — | — | 44,736,818 | 6,681,800 | — | ||||||
— | 8,677 | — | 55,208 | 18,405 | 158,493 | 1,167 | ||||||
354,392 | 737,165 | 558,153 | 326,238 | 137,527 | 122,922 | 721,139 | ||||||
478,942 | 974,647 | 743,801 | 428,106 | 179,981 | 156,692 | 926,161 | ||||||
30,800 | 102,357 | 51,306 | 35,126 | 9,028 | 20,450 | 115,904 | ||||||
3,366 | 4,186 | 2,979 | 1,850 | 837 | 274 | 1,599 | ||||||
1,243,091 | 2,343,032 | 1,822,825 | 1,046,549 | 455,825 | 387,657 | 2,288,127 | ||||||
44,631 | 56,542 | 47,386 | 39,233 | 31,450 | 29,750 | 48,067 | ||||||
350,680 | 624,992 | 325,990 | 254,891 | 92,726 | 50,986 | 406,664 | ||||||
1,589 | 297 | 3,306 | 1,934 | 2,679 | 2,923 | 909 | ||||||
39,907,900 | 23,284,101 | 32,361,099 | 60,111,017 | 118,613,681 | 24,603,725 | 135,530,993 | ||||||
$10,014,781,000 | $22,552,203,772 | $16,818,716,978 | $9,802,368,442 | $4,201,473,326 | $3,884,273,442 | $22,417,159,894 | ||||||
$17,852,370,203 | $23,879,367,255 | $19,150,476,394 | $11,496,312,326 | $5,419,364,216 | $3,742,779,404 | $22,085,123,822 | ||||||
(7,837,589,203) | (1,327,163,483) | (2,331,759,416) | (1,693,943,884) | (1,217,890,890) | 141,494,038 | 332,036,072 | ||||||
$10,014,781,000 | $22,552,203,772 | $16,818,716,978 | $9,802,368,442 | $4,201,473,326 | $3,884,273,442 | $22,417,159,894 | ||||||
$59.18 | $28.02 | $90.13 | $77.66 | $58.17 | $39.35 | $80.51 | ||||||
169,224,200 | 804,945,427 | 186,615,324 | 126,226,000 | 72,223,725 | 98,700,000 | 278,455,897 | ||||||
$14,437,500,052 | $23,062,684,180 | $18,869,657,154 | $11,002,040,794 | $4,622,320,510 | $3,692,998,302 | $21,153,602,634 | ||||||
17,858,055 | 301,249,676 | 41,286,521 | 64,791,163 | 73,952,321 | 24,515,616 | 174,923,310 | ||||||
$14,455,358,107 | $23,363,933,856 | $18,910,943,675 | $11,066,831,957 | $4,696,272,831 | $3,717,513,918 | $21,328,525,944 | ||||||
$4,819,528 | $95,277,952 | $41,570,326 | $143,396,589 | $115,926,239 | $35,770,426 | $321,851,082 |
The Utilities Select Sector SPDR Fund | |
ASSETS | |
Investments in unaffiliated issuers, at value* | $11,272,729,448 |
Investments in affiliated issuers, at value | 8,628,861 |
Total Investments | 11,281,358,309 |
Cash | 2,110,595 |
Receivable for income related to Select Sector SPDR shares in-kind transactions | 12,532 |
Dividends receivable — unaffiliated issuers | 15,079,591 |
Dividends receivable — affiliated issuers | 69,283 |
Securities lending income receivable — unaffiliated issuers | 14,485 |
Securities lending income receivable — affiliated issuers | 1,067 |
Prepaid expenses and other assets | 17,500 |
TOTAL ASSETS | 11,298,663,362 |
LIABILITIES | |
Advisory and Administration fees payable | 352,161 |
Distribution fees payable | 451,543 |
Unitary fees payable | 52,181 |
Trustees’ fees and expenses payable | 681 |
License fee payable | 1,140,553 |
Professional fees payable | 35,735 |
Printing and postage fees payable | 145,315 |
Accrued expenses and other liabilities | 2,085 |
TOTAL LIABILITIES | 2,180,254 |
NET ASSETS | $11,296,483,108 |
NET ASSETS CONSIST OF: | |
Paid-in Capital | $11,358,450,357 |
Total distributable earnings (loss) | (61,967,249) |
NET ASSETS | $11,296,483,108 |
NET ASSET VALUE PER SHARE | |
Net asset value per share | $64.73 |
Shares outstanding (unlimited amount authorized, $0.01 par value) | 174,524,160 |
COST OF INVESTMENTS: | |
Investments in unaffiliated issuers | $10,651,362,596 |
Investments in affiliated issuers | 8,628,860 |
Total cost of investments | $10,659,991,456 |
* Includes investments in securities on loan, at value | $284,065,856 |
The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund | |||
INVESTMENT INCOME | |||||
Dividend income — unaffiliated issuers | 48,565,329 | $203,007,485 | $325,291,609 | ||
Dividend income — affiliated issuers | 114,327 | 317,359 | 376,673 | ||
Dividend income — non-cash transactions | — | — | — | ||
Unaffiliated securities lending income | 5,352 | 188,008 | 115,232 | ||
Affiliated securities lending income | 31,000 | 257,631 | 609,402 | ||
TOTAL INVESTMENT INCOME (LOSS) | 48,716,008 | 203,770,483 | 326,392,916 | ||
EXPENSES | |||||
Advisory and Administration fees | 1,584,365 | 4,548,489 | 3,764,622 | ||
Distribution fees | 1,620,598 | 4,650,904 | 3,849,049 | ||
License fees | 1,819,195 | 5,204,468 | 4,313,061 | ||
Unitary fees | 505,092 | 1,450,232 | 1,199,940 | ||
Trustees’ fees and expenses | 33,075 | 123,751 | 93,791 | ||
Registration and filing fees | 2,368 | 47,662 | 29,482 | ||
Professional fees | 27,975 | 49,778 | 51,630 | ||
Printing and postage fees | 181,069 | 1,251,475 | 664,298 | ||
Insurance expense | 2,913 | 34,146 | 22,719 | ||
Miscellaneous expenses | 19,755 | 79,818 | 62,711 | ||
TOTAL EXPENSES | 5,796,405 | 17,440,723 | 14,051,303 | ||
NET INVESTMENT INCOME (LOSS) | $42,919,603 | $186,329,760 | $312,341,613 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Investments — unaffiliated issuers | (63,819,469) | (220,261,330) | (376,208,962) | ||
Investments — affiliated issuers | (1) | (99) | (80) | ||
In-kind redemptions — unaffiliated issuers | 325,657,114 | 2,186,100,637 | 1,353,784,266 | ||
In-kind redemptions — affiliated issuers | — | — | — | ||
Net realized gain (loss) | 261,837,644 | 1,965,839,208 | 977,575,224 | ||
Net change in unrealized appreciation/depreciation on: | |||||
Investments — unaffiliated issuers | (97,536,808) | (1,891,082,222) | 503,354,114 | ||
Investments — affiliated issuers | — | — | — | ||
Net change in unrealized appreciation/depreciation | (97,536,808) | (1,891,082,222) | 503,354,114 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 164,300,836 | 74,756,986 | 1,480,929,338 | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $207,220,439 | $261,086,746 | $1,793,270,951 |
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 | ||||||
846,581,561 | $553,588,837 | $482,484,959 | $211,570,575 | $93,093,948 | $87,034,410 | $313,283,249 | ||||||
576,306 | 6,311,170 | 799,975 | 404,507 | 157,489 | 55,772 | 802,478 | ||||||
— | — | — | 16,655,688 | — | — | — | ||||||
42,611 | 88,969 | 68,023 | 578,225 | 71,008 | 10,949 | 433,962 | ||||||
80,268 | 89,294 | 2,579,474 | 126,680 | 122,974 | 8,774 | 252,265 | ||||||
847,280,746 | 560,078,270 | 485,932,431 | 229,335,675 | 93,445,419 | 87,109,905 | 314,771,954 | ||||||
4,539,864 | 8,457,106 | 6,260,372 | 3,572,316 | 1,386,054 | 1,056,920 | 6,873,404 | ||||||
4,640,697 | 8,646,425 | 6,398,665 | 3,652,221 | 1,417,102 | 1,080,648 | 7,028,358 | ||||||
5,188,923 | 9,669,790 | 7,166,048 | 4,085,876 | 1,586,446 | 1,210,889 | 7,866,560 | ||||||
1,447,642 | 2,696,665 | 1,995,702 | 1,139,011 | 441,883 | 336,883 | 2,191,359 | ||||||
140,606 | 248,310 | 173,743 | 103,623 | 39,642 | 26,756 | 186,798 | ||||||
62,624 | 109,777 | 58,419 | 44,783 | 16,333 | 8,705 | 73,758 | ||||||
58,854 | 84,881 | 72,433 | 49,634 | 34,798 | 32,808 | 65,155 | ||||||
1,189,142 | 2,139,338 | 1,290,497 | 881,771 | 338,978 | 204,883 | 1,748,441 | ||||||
44,587 | 80,434 | 44,660 | 32,835 | 12,221 | 6,537 | 52,954 | ||||||
98,829 | 161,487 | 94,147 | 75,770 | 39,972 | 31,962 | 114,160 | ||||||
17,411,768 | 32,294,213 | 23,554,686 | 13,637,840 | 5,313,429 | 3,996,991 | 26,200,947 | ||||||
$829,868,978 | $527,784,057 | $462,377,745 | $215,697,835 | $88,131,990 | $83,112,914 | $288,571,007 | ||||||
(759,187,773) | (223,930,364) | (45,300,895) | (95,348,430) | (312,448,365) | 2,636,969 | (92,477,500) | ||||||
(60) | (165) | 1 | (295) | — | 121 | (80) | ||||||
(194,827,930) | 985,388,574 | 2,353,329,253 | 545,928,389 | 326,202,493 | 269,219,093 | 3,216,736,639 | ||||||
— | (28,473,669) | — | — | — | — | — | ||||||
(954,015,763) | 732,984,376 | 2,308,028,359 | 450,579,664 | 13,754,128 | 271,856,183 | 3,124,259,059 | ||||||
(3,205,490,883) | (1,130,108,032) | (3,567,287,415) | (851,842,624) | (13,811,737) | 328,392,786 | (2,050,148,450) | ||||||
2 | (55,096,231) | 411 | 17 | — | 148 | 136 | ||||||
(3,205,490,881) | (1,185,204,263) | (3,567,287,004) | (851,842,607) | (13,811,737) | 328,392,934 | (2,050,148,314) | ||||||
(4,159,506,644) | (452,219,887) | (1,259,258,645) | (401,262,943) | (57,609) | 600,249,117 | 1,074,110,745 | ||||||
$(3,329,637,666) | $75,564,170 | $(796,880,900) | $(185,565,108) | $88,074,381 | $683,362,031 | $1,362,681,752 |
The Utilities Select Sector SPDR Fund | |
INVESTMENT INCOME | |
Dividend income — unaffiliated issuers | $315,118,511 |
Dividend income — affiliated issuers | 476,221 |
Unaffiliated securities lending income | 198,531 |
Affiliated securities lending income | 128,121 |
TOTAL INVESTMENT INCOME (LOSS) | 315,921,384 |
EXPENSES | |
Advisory and Administration fees | 3,155,023 |
Distribution fees | 3,225,496 |
License fees | 3,615,101 |
Unitary fees | 1,005,615 |
Trustees’ fees and expenses | 79,923 |
Registration and filing fees | 25,693 |
Professional fees | 47,421 |
Printing and postage fees | 588,355 |
Insurance expense | 20,136 |
Miscellaneous expenses | 57,496 |
TOTAL EXPENSES | 11,820,259 |
NET INVESTMENT INCOME (LOSS) | $304,101,125 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (374,755,932) |
Investments — affiliated issuers | (59) |
In-kind redemptions — unaffiliated issuers | 1,091,735,471 |
Net realized gain (loss) | 716,979,480 |
Net change in unrealized appreciation/depreciation on: | |
Investments — unaffiliated issuers | 1,220,643,645 |
Investments — affiliated issuers | 1 |
Net change in unrealized appreciation/depreciation | 1,220,643,646 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 1,937,623,126 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $2,241,724,251 |
The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | ||||||
Year Ended 9/30/19 | For the Period 6/18/18* - 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $42,919,603 | $816,736 | $186,329,760 | $192,747,980 | |||
Net realized gain (loss) | 261,837,644 | (1,293,377) | 1,965,839,208 | 2,186,677,564 | |||
Net change in unrealized appreciation/depreciation | (97,536,808) | 7,163,405 | (1,891,082,222) | 1,336,456,887 | |||
Net increase (decrease) in net assets resulting from operations | 207,220,439 | 6,686,764 | 261,086,746 | 3,715,882,431 | |||
Net equalization credits and charges | 2,407,544 | 1,745,113 | (2,522,826) | 11,138,261 | |||
DISTRIBUTIONS TO SHAREHOLDERS: | |||||||
Distributions to shareholders | (45,484,659) | (1,080,224) | (184,010,473) | (177,386,571) | |||
Return of capital | — | (1,553,436) | — | — | |||
Total Distributions to shareholders | (45,484,659) | (2,633,660) | (184,010,473) | (177,386,571) | |||
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||||
Proceeds from sale of shares sold | 11,663,782,846 | 2,094,047,660 | 20,171,605,252 | 18,624,735,734 | |||
Cost of shares redeemed | (7,821,126,786) | (63,089,660) | (22,539,309,614) | (17,462,874,297) | |||
Net income equalization | (2,407,544) | (1,745,113) | 2,522,826 | (11,138,261) | |||
Net increase (decrease) in net assets from beneficial interest transactions | 3,840,248,516 | 2,029,212,887 | (2,365,181,536) | 1,150,723,176 | |||
Net increase (decrease) in net assets during the period | 4,004,391,840 | 2,035,011,104 | (2,290,628,089) | 4,700,357,297 | |||
Net assets at beginning of period | 2,035,011,104 | — | 16,218,942,301 | 11,518,585,004 | |||
NET ASSETS AT END OF PERIOD | $6,039,402,944 | $2,035,011,104 | $13,928,314,212 | $16,218,942,301 | |||
SHARES OF BENEFICIAL INTEREST: | |||||||
Shares sold | 246,300,000 | 42,850,000 | 178,800,000 | 174,450,000 | |||
Shares redeemed | (165,850,000) | (1,300,000) | (201,800,000) | (163,900,000) | |||
Net increase (decrease) | 80,450,000 | 41,550,000 | (23,000,000) | 10,550,000 |
* | Inception date. |
The Consumer Staples Select Sector SPDR Fund | The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | ||||||||
Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | |||||
$312,341,613 | $237,832,369 | $829,868,978 | $489,623,419 | $527,784,057 | $545,584,204 | |||||
977,575,224 | 258,220,307 | (954,015,763) | 161,904,715 | 732,984,376 | 3,758,337,121 | |||||
503,354,114 | (217,605,325) | (3,205,490,881) | 1,539,678,334 | (1,185,204,263) | (1,964,337,065) | |||||
1,793,270,951 | 278,447,351 | (3,329,637,666) | 2,191,206,468 | 75,564,170 | 2,339,584,260 | |||||
9,224,666 | 12,349,526 | (8,215,744) | (5,667,824) | (26,253,632) | 8,381,760 | |||||
(320,699,124) | (247,305,066) | (437,805,660) | (484,431,572) | (502,942,678) | (556,478,187) | |||||
— | — | — | — | — | — | |||||
(320,699,124) | (247,305,066) | (437,805,660) | (484,431,572) | (502,942,678) | (556,478,187) | |||||
30,878,885,442 | 20,317,858,214 | 25,459,828,236 | 18,997,159,203 | 38,373,618,648 | 36,653,289,013 | |||||
(27,593,169,069) | (19,901,187,691) | (30,112,762,538) | (18,886,610,420) | (46,447,842,746) | (34,801,440,424) | |||||
(9,224,666) | (12,349,526) | 8,215,744 | 5,667,824 | 26,253,632 | (8,381,760) | |||||
3,276,491,707 | 404,320,997 | (4,644,718,558) | 116,216,607 | (8,047,970,466) | 1,843,466,829 | |||||
4,758,288,200 | 447,812,808 | (8,420,377,628) | 1,817,323,679 | (8,501,602,606) | 3,634,954,662 | |||||
9,256,715,871 | 8,808,903,063 | 18,435,158,628 | 16,617,834,949 | 31,053,806,378 | 27,418,851,716 | |||||
$14,015,004,071 | $9,256,715,871 | $10,014,781,000 | $18,435,158,628 | $22,552,203,772 | $31,053,806,378 | |||||
544,850,000 | 378,450,000 | 401,600,000 | 261,200,000 | 1,445,250,000 | 1,315,650,000 | |||||
(488,300,000) | (369,950,000) | (475,750,000) | (260,550,000) | (1,766,350,000) | (1,250,850,000) | |||||
56,550,000 | 8,500,000 | (74,150,000) | 650,000 | (321,100,000) | 64,800,000 |
The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | ||||||
Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | ||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) | $462,377,745 | $257,102,587 | $215,697,835 | $224,803,377 | |||
Net realized gain (loss) | 2,308,028,359 | 1,775,244,100 | 450,579,664 | 1,962,024,152 | |||
Net change in unrealized appreciation/depreciation | (3,567,287,004) | 840,112,380 | (851,842,607) | (780,543,538) | |||
Net increase (decrease) in net assets resulting from operations | (796,880,900) | 2,872,459,067 | (185,565,108) | 1,406,283,991 | |||
Net equalization credits and charges | (3,327,949) | 1,856,458 | (4,688,264) | (3,271,128) | |||
DISTRIBUTIONS TO SHAREHOLDERS: | |||||||
Distributions to shareholders | (303,471,062) | (258,645,776) | (219,261,944) | (234,789,999) | |||
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||||
Proceeds from sale of shares sold | 30,839,809,025 | 18,290,105,906 | 25,518,305,688 | 23,686,905,734 | |||
Cost of shares redeemed | (32,553,118,582) | (18,983,167,287) | (28,236,502,235) | (22,988,747,367) | |||
Net income equalization | 3,327,949 | (1,856,458) | 4,688,264 | 3,271,128 | |||
Net increase (decrease) in net assets from beneficial interest transactions | (1,709,981,608) | (694,917,839) | (2,713,508,283) | 701,429,495 | |||
Contribution from Affiliate (Note 3) | — | — | 60,421 | — | |||
Net increase (decrease) in net assets during the period | (2,813,661,519) | 1,920,751,910 | (3,122,963,178) | 1,869,652,359 | |||
Net assets at beginning of period | 19,632,378,497 | 17,711,626,587 | 12,925,331,620 | 11,055,679,261 | |||
NET ASSETS AT END OF PERIOD | $16,818,716,978 | $19,632,378,497 | $9,802,368,442 | $12,925,331,620 | |||
SHARES OF BENEFICIAL INTEREST: | |||||||
Shares sold | 341,450,000 | 213,550,000 | 346,400,000 | 315,800,000 | |||
Shares redeemed | (361,250,000) | (223,750,000) | (385,100,000) | (306,600,000) | |||
Net increase (decrease) | (19,800,000) | (10,200,000) | (38,700,000) | 9,200,000 |
The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||||
Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/19 | Year Ended 9/30/18 | |||||
$88,131,990 | $87,516,658 | $83,112,914 | $72,508,618 | $288,571,007 | $285,584,193 | |||||
13,754,128 | 428,393,672 | 271,856,183 | 104,677,987 | 3,124,259,059 | 3,872,407,618 | |||||
(13,811,737) | (436,501,277) | 328,392,934 | (62,412,821) | (2,050,148,314) | 936,578,600 | |||||
88,074,381 | 79,409,053 | 683,362,031 | 114,773,784 | 1,362,681,752 | 5,094,570,411 | |||||
(1,842,643) | 1,436,420 | 1,020,500 | 126,651 | 3,636,800 | 13,158,840 | |||||
(86,141,038) | (87,749,456) | (100,374,124) | (89,715,446) | (287,183,470) | (309,252,206) | |||||
11,476,178,733 | 9,060,229,046 | 4,288,314,882 | 2,437,434,063 | 23,072,432,916 | 28,155,605,742 | |||||
(11,824,404,299) | (8,555,524,945) | (3,719,107,466) | (2,085,232,222) | (24,690,255,121) | (27,813,884,434) | |||||
1,842,643 | (1,436,420) | (1,020,500) | (126,651) | (3,636,800) | (13,158,840) | |||||
(346,382,923) | 503,267,681 | 568,186,916 | 352,075,190 | (1,621,459,005) | 328,562,468 | |||||
— | — | — | — | — | — | |||||
(346,292,223) | 496,363,698 | 1,152,195,323 | 377,260,179 | (542,323,923) | 5,127,039,513 | |||||
4,547,765,549 | 4,051,401,851 | 2,732,078,119 | 2,354,817,940 | 22,959,483,817 | 17,832,444,304 | |||||
$4,201,473,326 | $4,547,765,549 | $3,884,273,442 | $2,732,078,119 | $22,417,159,894 | $22,959,483,817 | |||||
208,650,000 | 151,800,000 | 121,250,000 | 76,400,000 | 317,250,000 | 405,600,000 | |||||
(214,950,000) | (144,600,000) | (106,300,000) | (65,650,000) | (343,700,000) | (402,300,000) | |||||
(6,300,000) | 7,200,000 | 14,950,000 | 10,750,000 | (26,450,000) | 3,300,000 |
The Utilities Select Sector SPDR Fund | |||
Year Ended 9/30/19 | Year Ended 9/30/18 | ||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss) | $304,101,125 | $248,991,090 | |
Net realized gain (loss) | 716,979,480 | 228,345,194 | |
Net change in unrealized appreciation/depreciation | 1,220,643,646 | (294,460,877) | |
Net increase (decrease) in net assets resulting from operations | 2,241,724,251 | 182,875,407 | |
Net equalization credits and charges | 2,286,382 | (6,110,912) | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
Distributions to shareholders | (306,206,442) | (251,480,540) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from sale of shares sold | 32,174,828,096 | 21,923,521,078 | |
Cost of shares redeemed | (30,456,122,612) | (21,988,070,391) | |
Net income equalization | (2,286,382) | 6,110,912 | |
Net increase (decrease) in net assets from beneficial interest transactions | 1,716,419,102 | (58,438,401) | |
Net increase (decrease) in net assets during the period | 3,654,223,293 | (133,154,446) | |
Net assets at beginning of period | 7,642,259,815 | 7,775,414,261 | |
NET ASSETS AT END OF PERIOD | $11,296,483,108 | $7,642,259,815 | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold | 561,850,000 | 422,650,000 | |
Shares redeemed | (532,400,000) | (424,150,000) | |
Net increase (decrease) | 29,450,000 | (1,500,000) |
The Communication Services Select Sector SPDR Fund | |||
Year Ended 9/30/19 | For the Period 6/19/18* - 9/30/18 | ||
Net asset value, beginning of period | $48.98 | $50.00 | |
Income (loss) from investment operations: | |||
Net investment income (loss) (a) | 0.44 | 0.09 | |
Net realized and unrealized gain (loss) (b) | 0.51 | (1.17) | |
Total from investment operations | 0.95 | (1.08) | |
Net equalization credits and charges (a) | 0.02 | 0.19 | |
Distributions to shareholders from: | |||
Net investment income | (0.45) | (0.05) | |
Return of Capital | — | (0.08) | |
Total distributions | (0.45) | (0.13) | |
Net asset value, end of period | $49.50 | $48.98 | |
Total return (c) | 2.07% | (1.78)% | |
Ratios and Supplemental Data: | |||
Net assets, end of period (in 000s) | $6,039,403 | $2,035,011 | |
Ratios to average net assets: | |||
Total expenses | 0.13% | 0.15%(d) | |
Net expenses | 0.13% | 0.13%(d) | |
Net investment income (loss) | 0.93% | 0.62%(d) | |
Portfolio turnover rate (e) | 16% | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $117.19 | $90.09 | $80.03 | $74.26 | $66.69 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.58 | 1.49 | 1.32 | 1.22 | 1.05 | ||||
Net realized and unrealized gain (loss) (b) | 3.51 | 26.81 | 10.07 | 5.79 | 7.55 | ||||
Total from investment operations | 5.09 | 28.30 | 11.39 | 7.01 | 8.60 | ||||
Net equalization credits and charges (a) | (0.02) | 0.09 | 0.02 | (0.02) | 0.05 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.57) | (1.29) | (1.35) | (1.22) | (1.08) | ||||
Net asset value, end of period | $120.69 | $117.19 | $90.09 | $80.03 | $74.26 | ||||
Total return (c) | 4.45% | 31.63% | 14.34% | 9.48% | 12.98% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $13,928,314 | $16,218,942 | $11,518,585 | $9,531,929 | $10,117,642 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 1.40% | 1.43% | 1.54% | 1.56% | 1.41% | ||||
Portfolio turnover rate (d) | 6% | 23% | 6% | 10% | 6% |
(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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $53.92 | $53.99 | $53.21 | $47.22 | $45.10 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.60 | 1.52 | 1.48 | 1.29 | 1.27 | ||||
Net realized and unrealized gain (loss) (b) | 7.41 | (0.17) | 0.72 | 5.99 | 2.14 | ||||
Total from investment operations | 9.01 | 1.35 | 2.20 | 7.28 | 3.41 | ||||
Net equalization credits and charges (a) | 0.05 | 0.08 | 0.04 | 0.00(c) | (0.03) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.57) | (1.50) | (1.46) | (1.29) | (1.26) | ||||
Net asset value, end of period | $61.41 | $53.92 | $53.99 | $53.21 | $47.22 | ||||
Total return (d) | 17.14% | 2.70% | 4.21% | 15.50% | 7.45% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $14,015,004 | $9,256,716 | $8,808,903 | $8,893,158 | $7,305,874 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 2.84% | 2.84% | 2.73% | 2.48% | 2.62% | ||||
Portfolio turnover rate (e) | 10% | 12% | 12% | 4% | 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) | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $75.75 | $68.46 | $70.62 | $61.24 | $90.58 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 4.01 | 1.95 | 2.16(b) | 1.79 | 2.01 | ||||
Net realized and unrealized gain (loss) (c) | (18.36) | 7.32 | (2.18) | 9.39 | (29.45) | ||||
Total from investment operations | (14.35) | 9.27 | (0.02) | 11.18 | (27.44) | ||||
Net equalization credits and charges (a) | (0.04) | (0.02) | 0.00(d) | 0.04 | 0.09 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (2.18) | (1.96) | (2.14) | (1.84) | (1.99) | ||||
Net asset value, end of period | $59.18 | $75.75 | $68.46 | $70.62 | $61.24 | ||||
Total return (e) | (19.08)% | 13.64% | (0.01)% | 18.72% | (30.52)% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $10,014,781 | $18,435,159 | $16,617,835 | $14,920,251 | $11,103,521 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 6.25% | 2.71% | 3.12% | 2.77% | 2.63% | ||||
Portfolio turnover rate (f) | 10% | 8% | 23% | 6% | 6% |
(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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $27.58 | $25.84 | $19.31 | $22.66 | $23.17 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 0.57 | 0.48 | 0.39 | 0.43 | 0.42 | ||||
Net realized and unrealized gain (loss) (b) | 0.46 | 1.73 | 6.50 | 1.27 | (0.50) | ||||
Total from investment operations | 1.03 | 2.21 | 6.89 | 1.70 | (0.08) | ||||
Net equalization credits and charges (a) | (0.03) | 0.01 | 0.03 | (0.01) | 0.01 | ||||
Voluntary contribution from Adviser | — | — | — | — | 0.00(c)(d) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (0.56) | (0.48) | (0.39) | (2.10) | (0.44) | ||||
Return of Capital | — | — | — | (2.94) | — | ||||
Total distributions | (0.56) | (0.48) | (0.39) | (5.04) | (0.44) | ||||
Net asset value, end of period | $28.02 | $27.58 | $25.84 | $19.31 | $22.66 | ||||
Total return (e) | 3.81% | 8.58% | 36.01%(f) | 7.36% | (0.39)%(g) | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $22,552,204 | $31,053,806 | $27,418,852 | $11,973,337 | $16,800,919 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 2.13% | 1.72% | 1.65% | 1.88% | 1.72% | ||||
Portfolio turnover rate (h) | 4% | 3% | 3% | 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) | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $95.11 | $81.76 | $72.09 | $66.30 | $63.90 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 2.29 | 1.31 | 1.20 | 1.08 | 1.02 | ||||
Net realized and unrealized gain (loss) (b) | (5.75) | 13.34 | 9.64 | 5.82 | 2.35 | ||||
Total from investment operations | (3.46) | 14.65 | 10.84 | 6.90 | 3.37 | ||||
Net equalization credits and charges (a) | (0.02) | 0.01 | 0.02 | (0.01) | 0.02 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.50) | (1.31) | (1.19) | (1.10) | (0.99) | ||||
Net asset value, end of period | $90.13 | $95.11 | $81.76 | $72.09 | $66.30 | ||||
Total return (c) | (3.65)% | 18.10% | 15.21% | 10.45% | 5.22% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $16,818,717 | $19,632,378 | $17,711,627 | $12,447,213 | $12,872,900 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 2.53% | 1.54% | 1.60% | 1.54% | 1.43% | ||||
Portfolio turnover rate (d) | 2% | 5% | 4% | 8% | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $78.37 | $70.99 | $58.39 | $49.91 | $53.14 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.52 | 1.30 | 1.35 | 1.18 | 1.07 | ||||
Net realized and unrealized gain (loss) (b) | (0.63) | 7.49 | 12.58 | 8.53 | (3.16) | ||||
Total from investment operations | 0.89 | 8.79 | 13.93 | 9.71 | (2.09) | ||||
Net equalization credits and charges (a) | (0.03) | (0.02) | (0.01) | (0.01) | (0.01) | ||||
Voluntary contribution from Affiliate (Note 3) | 0.00(c)(d) | — | — | — | — | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.57) | (1.39) | (1.32) | (1.22) | (1.13) | ||||
Net asset value, end of period | $77.66 | $78.37 | $70.99 | $58.39 | $49.91 | ||||
Total return (e) | 1.25%(f) | 12.43% | 24.03% | 19.62% | (4.09)% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $9,802,368 | $12,925,332 | $11,055,679 | $7,335,204 | $6,257,309 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 2.07% | 1.74% | 2.07% | 2.15% | 1.95% | ||||
Portfolio turnover rate (g) | 3% | 6% | 5% | 12% | 6% |
(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 $60,421. |
(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) | The contribution from an Affiliate had no impact on total return. |
(g) | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $57.92 | $56.80 | $47.75 | $39.94 | $49.58 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.20 | 1.09 | 1.01 | 0.96 | 0.93 | ||||
Net realized and unrealized gain (loss) (b) | 0.28 | 1.09 | 9.06 | 7.79 | (9.50) | ||||
Total from investment operations | 1.48 | 2.18 | 10.07 | 8.75 | (8.57) | ||||
Net equalization credits and charges (a) | (0.03) | 0.02 | 0.03 | 0.02 | (0.11) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.20) | (1.08) | (1.05) | (0.96) | (0.96) | ||||
Net asset value, end of period | $58.17 | $57.92 | $56.80 | $47.75 | $39.94 | ||||
Total return (c) | 2.64% | 3.84% | 21.33% | 22.11% | (17.75)% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $4,201,473 | $4,547,766 | $4,051,402 | $2,894,890 | $1,942,121 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 2.18% | 1.84% | 1.95% | 2.12% | 1.94% | ||||
Portfolio turnover rate (d) | 20% | 17% | 10% | 16% | 9% |
(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 Real Estate Select Sector SPDR Fund | |||||||
Year Ended 9/30/19 | 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 | $32.62 | $32.26 | $32.74 | $30.00 | |||
Income (loss) from investment operations: | |||||||
Net investment income (loss) (a) | 0.95 | 0.95 | 0.75 | 2.19 | |||
Net realized and unrealized gain (loss) (b) | 6.91 | 0.58 | 0.11 | 1.40 | |||
Total from investment operations | 7.86 | 1.53 | 0.86 | 3.59 | |||
Net equalization credits and charges (a) | 0.01 | 0.00(c) | (0.08) | 0.24 | |||
Distributions to shareholders from: | |||||||
Net investment income | (1.14) | (1.17) | (1.26) | (1.09) | |||
Net asset value, end of period | $39.35 | $32.62 | $32.26 | $32.74 | |||
Total return (d) | 24.64% | 4.87% | 2.52% | 12.92% | |||
Ratios and Supplemental Data: | |||||||
Net assets, end of period (in 000s) | $3,884,273 | $2,732,078 | $2,354,818 | $3,200,634 | |||
Ratios to average net assets: | |||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.16%(e) | |||
Net expenses | 0.13% | 0.13% | 0.14% | 0.07%(e) | |||
Net investment income (loss) | 2.69% | 2.94% | 2.38% | 6.82%(e) | |||
Portfolio turnover rate (f) | 3% | 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) | Periods less than one year are not annualized. |
The Technology Select Sector SPDR Fund | |||||||||
Year Ended 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $75.30 | $59.13 | $47.78 | $39.56 | $39.89 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.05 | 0.93 | 0.85 | 0.83 | 0.75 | ||||
Net realized and unrealized gain (loss) (b) | 5.18 | 16.17 | 11.35 | 8.22 | (0.30) | ||||
Total from investment operations | 6.23 | 17.10 | 12.20 | 9.05 | 0.45 | ||||
Net equalization credits and charges (a) | 0.01 | 0.04 | (0.00)(c) | 0.01 | (0.01) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.03) | (0.97) | (0.85) | (0.84) | (0.77) | ||||
Net asset value, end of period | $80.51 | $75.30 | $59.13 | $47.78 | $39.56 | ||||
Total return (d) | 8.44% | 29.14% | 25.72% | 23.13% | 1.04% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $22,417,160 | $22,959,484 | $17,832,444 | $13,003,829 | $11,382,284 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 1.44% | 1.37% | 1.62% | 1.91% | 1.80% | ||||
Portfolio turnover rate (e) | 6% | 19% | 4% | 5% | 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) | 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 9/30/19 | Year Ended 9/30/18 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | |||||
Net asset value, beginning of period | $52.68 | $53.05 | $49.00 | $43.29 | $42.10 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a) | 1.90 | 1.76 | 1.69 | 1.62 | 1.57 | ||||
Net realized and unrealized gain (loss) (b) | 12.01 | (0.28) | 4.07 | 5.76 | 1.22 | ||||
Total from investment operations | 13.91 | 1.48 | 5.76 | 7.38 | 2.79 | ||||
Net equalization credits and charges (a) | 0.01 | (0.04) | (0.01) | (0.03) | (0.04) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.87) | (1.81) | (1.70) | (1.64) | (1.56) | ||||
Net asset value, end of period | $64.73 | $52.68 | $53.05 | $49.00 | $43.29 | ||||
Total return (c) | 26.85% | 2.89% | 11.88% | 17.06% | 6.51% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s) | $11,296,483 | $7,642,260 | $7,775,414 | $7,411,727 | $6,639,689 | ||||
Ratios to average net assets: | |||||||||
Total expenses | 0.13% | 0.13% | 0.14% | 0.14% | 0.15% | ||||
Net investment income (loss) | 3.30% | 3.37% | 3.32% | 3.40% | 3.52% | ||||
Portfolio turnover rate (d) | 5% | 5% | 2% | 8% | 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) | 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 | $804,238,636 | $752,916,530 | |
The Consumer Discretionary Select Sector SPDR Fund | 765,593,578 | 763,902,067 | |
The Consumer Staples Select Sector SPDR Fund | 1,070,424,455 | 1,077,594,467 | |
The Energy Select Sector SPDR Fund | 1,542,524,407 | 1,264,631,209 | |
The Financial Select Sector SPDR Fund | 929,428,941 | 917,752,709 | |
The Health Care Select Sector SPDR Fund | 753,506,041 | 347,330,424 | |
The Industrial Select Sector SPDR Fund | 465,011,110 | 333,353,181 | |
The Materials Select Sector SPDR Fund | 893,677,411 | 825,463,880 | |
The Real Estate Select Sector SPDR Fund | 136,693,014 | 86,466,624 | |
The Technology Select Sector SPDR Fund | 1,113,983,127 | 1,146,273,161 | |
The Utilities Select Sector SPDR Fund | 426,786,553 | 431,464,678 |
In-kind Contributions | In-kind Redemptions | In-kind Net Realized Gains/(Losses) | |||
The Communication Services Select Sector SPDR Fund | $9,474,599,182 | $5,692,420,974 | $325,657,114 | ||
The Consumer Discretionary Select Sector SPDR Fund | 15,194,460,573 | 17,563,551,660 | 2,186,100,637 | ||
The Consumer Staples Select Sector SPDR Fund | 21,080,821,010 | 17,803,142,749 | 1,353,784,266 | ||
The Energy Select Sector SPDR Fund | 16,005,635,833 | 20,652,310,300 | (194,827,930) | ||
The Financial Select Sector SPDR Fund | 21,845,092,329 | 29,886,252,373 | 956,914,905 | ||
The Health Care Select Sector SPDR Fund | 19,342,559,628 | 21,051,189,387 | 2,353,329,253 | ||
The Industrial Select Sector SPDR Fund | 17,339,557,621 | 20,110,928,791 | 545,928,389 | ||
The Materials Select Sector SPDR Fund | 8,343,835,433 | 8,757,494,973 | 326,202,493 | ||
The Real Estate Select Sector SPDR Fund | 3,160,186,395 | 2,641,720,901 | 269,219,093 | ||
The Technology Select Sector SPDR Fund | 14,189,414,730 | 15,801,358,571 | 3,216,736,639 | ||
The Utilities Select Sector SPDR Fund | 19,712,270,784 | 17,995,625,634 | 1,091,735,471 |
Ordinary Income | Long-Term Capital Gains | Total | |||
The Communication Services Select Sector SPDR Fund | $45,484,659 | $— | $45,484,659 | ||
The Consumer Discretionary Select Sector SPDR Fund | 184,010,473 | — | 184,010,473 | ||
The Consumer Staples Select Sector SPDR Fund | 320,699,124 | — | 320,699,124 | ||
The Energy Select Sector SPDR Fund | 437,805,660 | — | 437,805,660 | ||
The Financial Select Sector SPDR Fund | 502,942,678 | — | 502,942,678 | ||
The Health Care Select Sector SPDR Fund | 303,471,062 | — | 303,471,062 | ||
The Industrial Select Sector SPDR Fund | 219,261,944 | — | 219,261,944 | ||
The Materials Select Sector SPDR Fund | 86,141,038 | — | 86,141,038 | ||
The Real Estate Select Sector SPDR Fund | 100,374,124 | — | 100,374,124 | ||
The Technology Select Sector SPDR Fund | 287,183,470 | — | 287,183,470 | ||
The Utilities Select Sector SPDR Fund | 306,206,442 | — | 306,206,442 |
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 |
Undistributed Ordinary Income | Capital Loss Carryforwards | Undistributed Long-Term Capital Gains | Net Unrealized Gains (Losses) | Total | |||||
The Communication Services Select Sector SPDR Fund | $— | $(57,575,102) | $— | $(94,472,314) | $(152,047,416) | ||||
The Consumer Discretionary Select Sector SPDR Fund | 17,680,695 | (829,255,317) | — | (513,431,286) | (1,325,005,908) | ||||
The Consumer Staples Select Sector SPDR Fund | — | (754,045,536) | — | (292,302,648) | (1,046,348,184) | ||||
The Energy Select Sector SPDR Fund | 384,696,744 | (3,771,507,641) | — | (4,450,778,306) | (7,837,589,203) | ||||
The Financial Select Sector SPDR Fund | 24,841,379 | (538,755,120) | — | (813,249,742) | (1,327,163,483) | ||||
The Health Care Select Sector SPDR Fund | 158,906,683 | (411,792,132) | — | (2,078,873,967) | (2,331,759,416) | ||||
The Industrial Select Sector SPDR Fund | 1,387,336 | (478,946,418) | — | (1,216,384,802) | (1,693,943,884) | ||||
The Materials Select Sector SPDR Fund | 2,060,413 | (764,673,392) | — | (455,277,911) | (1,217,890,890) | ||||
The Real Estate Select Sector SPDR Fund | — | (37,936,040) | — | 179,430,078 | 141,494,038 | ||||
The Technology Select Sector SPDR Fund | 1,387,537 | (873,931,030) | — | 1,204,579,565 | 332,036,072 | ||||
The Utilities Select Sector SPDR Fund | 7,174,911 | (682,586,816) | — | 613,444,657 | (61,967,248) |
Non-Expiring Short Term | Non-Expiring Long Term | ||
The Communication Services Select Sector SPDR Fund | $51,401,673 | $6,173,429 | |
The Consumer Discretionary Select Sector SPDR Fund | 231,175,116 | 598,080,201 | |
The Consumer Staples Select Sector SPDR Fund | 49,156,196 | 704,889,340 | |
The Energy Select Sector SPDR Fund | 250,100,644 | 3,521,406,997 | |
The Financial Select Sector SPDR Fund | 282,248,355 | 256,506,765 | |
The Health Care Select Sector SPDR Fund | 72,985,251 | 338,806,881 | |
The Industrial Select Sector SPDR Fund | 94,618,914 | 384,327,504 | |
The Materials Select Sector SPDR Fund | 233,832,389 | 530,841,003 | |
The Real Estate Select Sector SPDR Fund | 33,494,399 | 4,441,641 | |
The Technology Select Sector SPDR Fund | 241,259,588 | 632,671,442 | |
The Utilities Select Sector SPDR Fund | 79,754,834 | 602,831,982 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
The Communication Services Select Sector SPDR Fund | $6,135,348,457 | $180,016,098 | $274,488,412 | $(94,472,314) | |||
The Consumer Discretionary Select Sector SPDR Fund | 14,524,943,962 | 644,907,947 | 1,158,339,233 | (513,431,286) | |||
The Consumer Staples Select Sector SPDR Fund | 14,382,123,109 | 631,735,937 | 924,038,585 | (292,302,648) | |||
The Energy Select Sector SPDR Fund | 14,457,058,275 | 16,016,749 | 4,466,795,053 | (4,450,778,304) | |||
The Financial Select Sector SPDR Fund | 23,370,673,501 | 564,372,853 | 1,377,622,595 | (813,249,742) | |||
The Health Care Select Sector SPDR Fund | 18,913,016,652 | 508,904,420 | 2,587,778,387 | (2,078,873,967) | |||
The Industrial Select Sector SPDR Fund | 11,070,944,129 | 181,469,261 | 1,397,854,063 | (1,216,384,802) | |||
The Materials Select Sector SPDR Fund | 4,724,611,772 | 93,320,898 | 548,598,809 | (455,277,911) | |||
The Real Estate Select Sector SPDR Fund | 3,719,259,884 | 351,097,462 | 171,667,384 | 179,430,078 | |||
The Technology Select Sector SPDR Fund | 21,337,744,821 | 1,816,411,925 | 611,832,360 | 1,204,579,565 | |||
The Utilities Select Sector SPDR Fund | 10,667,913,652 | 704,591,742 | 91,147,085 | 613,444,657 |
Fund | Market Value of Securities on Loan | Cash Collateral Received | Non-Cash Collateral Received * | Total Collateral Received | ||||
The Communication Services Select Sector SPDR Fund | $ 31,799,686 | $ 4,017,892 | $ 28,709,226 | $ 32,727,118 | ||||
The Consumer Discretionary Select Sector SPDR Fund | 303,645,362 | 84,833,593 | 222,471,395 | 307,304,988 | ||||
The Consumer Staples Select Sector SPDR Fund | 166,477,122 | 121,441,491 | 48,402,863 | 169,844,354 | ||||
The Energy Select Sector SPDR Fund | 4,819,528 | 4,960,705 | — | 4,960,705 | ||||
The Financial Select Sector SPDR Fund | 95,277,952 | 18,432,206 | 78,405,041 | 96,837,247 | ||||
The Health Care Select Sector SPDR Fund | 41,570,326 | 28,805,353 | 13,095,993 | 41,901,346 | ||||
The Industrial Select Sector SPDR Fund | 143,396,589 | 57,921,882 | 87,765,204 | 145,687,086 |
Fund | Market Value of Securities on Loan | Cash Collateral Received | Non-Cash Collateral Received * | Total Collateral Received | ||||
The Materials Select Sector SPDR Fund | $115,926,239 | $72,906,398 | $43,496,555 | $116,402,953 | ||||
The Real Estate Select Sector SPDR Fund | 35,770,426 | 16,954,517 | 19,835,409 | 36,789,926 | ||||
The Technology Select Sector SPDR Fund | 321,851,082 | 130,802,180 | 196,994,266 | 327,796,446 | ||||
The Utilities Select Sector SPDR Fund | 284,065,856 | — | 290,223,825 | 290,223,825 |
* | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
Remaining Contractual Maturity of the Agreements As of September 30, 2019 | ||||||||||||||
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 Communication Services Select Sector SPDR Fund | Common Stocks | $4,017,892 | $— | $— | $— | $4,017,892 | $4,017,892 | |||||||
The Consumer Discretionary Select Sector SPDR Fund | Common Stocks | 84,833,593 | — | — | — | 84,833,593 | 84,833,593 | |||||||
The Consumer Staples Select Sector SPDR Fund | Common Stocks | 121,441,491 | — | — | — | 121,441,491 | 121,441,491 | |||||||
The Energy Select Sector SPDR Fund | Common Stocks | 4,960,705 | — | — | — | 4,960,705 | 4,960,705 | |||||||
The Financial Select Sector SPDR Fund | Common Stocks | 18,432,206 | — | — | — | 18,432,206 | 18,432,206 | |||||||
The Health Care Select Sector SPDR Fund | Common Stocks | 28,805,353 | — | — | — | 28,805,353 | 28,805,353 | |||||||
The Industrial Select Sector SPDR Fund | Common Stocks | 57,921,882 | — | — | — | 57,921,882 | 57,921,882 | |||||||
The Materials Select Sector SPDR Fund | Common Stocks | 72,906,398 | — | — | — | 72,906,398 | 72,906,398 | |||||||
The Real Estate Select Sector SPDR Fund | Common Stocks | 16,954,517 | — | — | — | 16,954,517 | 16,954,517 | |||||||
The Technology Select Sector SPDR Fund | Common Stocks | 130,802,180 | — | — | — | 130,802,180 | 130,802,180 |
Boston, Massachusetts
November 26, 2019
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period(a) | Ending Account Value | Expenses Paid During Period(a) | |||||
The Communication Services Select Sector SPDR Fund | 0.13% | $1,063.60 | $0.67 | $1,024.40 | $0.66 | ||||
The Consumer Discretionary Select Sector SPDR Fund | 0.13 | 1,067.50 | 0.67 | 1,024.40 | 0.66 | ||||
The Consumer Staples Select Sector SPDR Fund | 0.13 | 1,109.50 | 0.69 | 1,024.40 | 0.66 | ||||
The Energy Select Sector SPDR Fund | 0.13 | 911.60 | 0.62 | 1,024.40 | 0.66 | ||||
The Financial Select Sector SPDR Fund | 0.13 | 1,100.90 | 0.68 | 1,024.40 | 0.66 | ||||
The Health Care Select Sector SPDR Fund | 0.13 | 990.70 | 0.65 | 1,024.40 | 0.66 | ||||
The Industrial Select Sector SPDR Fund | 0.13 | 1,045.10 | 0.67 | 1,024.40 | 0.66 | ||||
The Materials Select Sector SPDR Fund | 0.13 | 1,060.30 | 0.67 | 1,024.40 | 0.66 | ||||
The Real Estate Select Sector SPDR Fund | 0.13 | 1,103.20 | 0.69 | 1,024.40 | 0.66 | ||||
The Technology Select Sector SPDR Fund | 0.13 | 1,095.20 | 0.68 | 1,024.40 | 0.66 | ||||
The Utilities Select Sector SPDR Fund | 0.13 | 1,130.00 | 0.69 | 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. |
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). | 188 | 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). | |||
SEAN O’MALLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969 | Chief Legal Officer | Term: Indefinite Served: since August 2019 | Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present). | |||
ANDREW DELORME SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1975 | Secretary | Term: Indefinite Served: since August 2019 | Vice President and Senior Counsel, State Street Global Advisors (April 2016 - present); Vice President and Counsel, State Street Global Advisors (August 2014 - March 2016). | |||
KEVIN MORRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1982 | Assistant Secretary | Term: Indefinite Served: since August 2019 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (January 2016 - April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 - January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 - June 2015). | |||
DAVID URMAN SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1985 | Assistant Secretary | Term: Unlimited Served: since August 2019 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015-April 2019); Associate, Ropes & Gray LLP (November 2012-August 2015). |
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. | ||||||
The Trust's Statement of Additional Information (SAI) includes additional information about the 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 five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to FormN-CSR to qualify as an “audit committee financial expert.”
(2) Cheryl Burgermeister, George Gaspari, Ashley T. Rabun, 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, 2019 and September 30, 2018, the aggregate audit fees billed for professional services rendered by the principal accountant were $187,768 and $181,698, 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 FormN-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 FormN-CSR; and (5) Rule17f-2 securities counts.
(b)Audit-Related Fees.
For the fiscal years ended September 30, 2019 and September 30, 2018, 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, 2019 and September 30, 2018, the aggregate tax fees billed for professional services rendered by the principal accountant were $92,840 and $92,840, 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, 2019 and September 30, 2018.
(e)(1)Audit CommitteePre-Approval Policies and Procedures.
The registrant’s Audit Committee Charter states the following with respect topre-approval procedures:
Before the independent auditors are engaged by the Trust to render audit ornon-audit services, either:
(a) | The Audit Committee shallpre-approve all auditing services and permissiblenon-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 grantpre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the Audit Committee at its next regularly scheduled meeting; or |
(b) | The engagement to render the auditing service or permissiblenon-audit service is entered into pursuant topre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter. |
(c) | De Minimis Exceptions toPre-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 suchnon-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 thenon-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to benon-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. |
(d) | Pre-Approval ofNon-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shallpre-approve anynon-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. It shall be the responsibility of the independent auditors to notify the Audit Committee of anynon-audit services that need to bepre-approved. |
(e) | Application of De Minimis Exception. The De Minimis exception set forth above applies topre-approvals under this Section 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 that has its services approved under this Section (i.e., the investment adviser or any control person). |
(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 Rule2-01 of RegulationS-X during the period of time for which such rule was effective.
(f) Not applicable.
(g) The aggregatenon-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, 2018 and December 31, 2017 were approximately $12,786,401 and $12,773,210, respectively. Such information is not readily available on a fiscal year basis.
(h) The registrant’s principal accountant notified the registrant’s Audit Committee of allnon-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 bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of 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 reports to shareholders filed under Item 1 of this FormN-CSR. |
(b) | Not applicable to the registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities byClosed-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 FormN-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 Rule30a-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 Rule30a-3(d) under the 1940 Act) that occurred during the most recent fiscal half-year 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 forClosed-End Management Investment Companies.
(a) Not applicable to the registrant.
(b) Not applicable to the registrant.
Item 13. Exhibits.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule30a-2(a) 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.
(b) A single certification required by Rule30a-2(b) under the 1940 Act, Rule13a-14(b) or Rule15d-14(b) under the 1934 Act 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 | |
Ellen M. Needham | ||
President and Principal Executive Officer |
Date: December 5, 2019
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 | |
Ellen M. Needham | ||
President and Principal Executive Officer | ||
By: | /s/ Chad C. Hallett | |
Chad C. Hallett | ||
Treasurer and Principal Financial Officer |
Date: December 5, 2019