MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Communication Services Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index. The Fund’s benchmark is the Communication Services Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 35.88%, and the Index was 36.08%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

Despite the continued suffering of the global economy due to the challenges of the COVID-19 pandemic, the fund was still able to enjoy strong double digit returns for the period. Although restaurants, travel companies and retailers continued to feel the brunt of the negative impact, consumers reliance on social media tools like Facebook remained high as many people were still more comfortable staying close to home. In addition, students across the globe were forced to maintain reliance on remote learning, allowing Google’s parent company Alphabet to enjoy the benefits of increased demand for Google Chromebooks and other resources. Finally, the shift of viewership to streaming services continued to rise. As a result, Netflix reported its subscribers surpassed the 200 million mark for the first time toward the end of 2020 and the company is hoping to be cash flow positive after 2021. Even as students slowly started to return to in class learning and some workers began returning to the office, these trends continued to help the fund enjoy returns over 35% for the period.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Facebook, Inc. Class A, Alphabet Inc. Class A, and Alphabet Inc. Class C. The top negative contributors to the Fund’s performance during the Reporting Period were Verizon Communications Inc., Take-Two Interactive Software, Inc., and Match Group, Inc..

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Consumer Discretionary Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index. The Fund’s benchmark is the Consumer Discretionary Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.93%, and the Index was 23.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

Despite the continued suffering of the global economy due to the challenges of the COVID-19 pandemic, the fund was still able to enjoy positive returns all four quarters of the period. Although restaurants, travel companies and retailers continued to feel the brunt of the negative impact leading into the holiday season of 2020, online shopping services like Amazon continued to prosper as many consumers were still more comfortable shopping from the safety of their own homes. As restaurants tried their best to stay afloat by relying on creative outdoor eating setups, takeout service and home delivery, consumers were saving more than usual which helped them have more money to put back into the economy. U.S. consumers were still taking advantage of being at home by focusing on home improvement projects, allowing companies like Home Depot and Lowes to reap the benefits and help the Consumer Discretionary Index maintain positive returns. Meanwhile, Tesla’s Elon Musk welcomed a large increase in auto sales as well as being rewarded a $178 million contract by NASA to launch a spacecraft to Jupiter’s moon Europa. Despite the spread of the more contagious Delta variant and the realization supplemental unemployment payments from the federal government were unlikely to continue after September 2021, the fund still managed to finish the final quarter of the period in slightly positive territory.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Tesla Inc, Home Depot, Inc., and Starbucks Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Penn National Gaming, Inc., Las Vegas Sands Corp., and Best Buy Co., Inc..

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Consumer Staples Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Staples Select Sector Index. The Fund’s benchmark is the Consumer Staples Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 10.19%, and the Index was 10.35%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The COVID- 19 pandemic and the policy and medical responses to it were the primary drivers of Fund performance during the Reporting Period. The lingering effects of the Great Shutdown, spread of the Delta variant of COVID-19 and uneven vaccination rates had far reaching impacts on the constituents of this Fund. One of the negative impacts was the continuing increased operating costs associated with maintaining a healthy and safe working environment. These higher operating costs were also observed in the difficult hiring environment as many were either unable or unwilling to work. Another significant issue was the challenges around keeping production lines open and operating in the face of significant side bottlenecks and disruptions. All of this led to a dramatic rise in transportation and commodity costs. Constituents whose business model involved supplying restaurants were particularly harmed by the repressed operating environment. In general, the earnings for many of the constituents were negatively impacted by product availability and inflationary impacts on the supply side. Additionally, the market environment generally favored more “risk on” entities. Conversely, aggressive monetary and fiscal stimulus helped as the economic activity associated with increased unemployment was mainly mitigated especially in regard to activity within the consumer staples segment. Additionally, firms that had a strong internet presence were generally better able to weather the pandemic impacts.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Costco Wholesale Corporation, Altria Group Inc, and Philip Morris International Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Clorox Company, Kimberly-Clark Corporation, and McCormick & Company, Incorporated.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Energy Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Energy Select Sector Index. The Fund’s benchmark is the Energy Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 81.93%, and the Index was 82.48%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the index and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.

The start of mass vaccinations, election results, stimulus package deals, inflation concerns, and increased demand were the primary drivers of Fund performance during the Reporting Period. The Fund had positive performance in three of the quarters in the Reporting Period.

Risk assets rallied in the Q4 2020 on positive news flow on vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth. Commodities registered robust returns and oil prices rose as stronger demand outlook offset concerns on increased supply. The U.S. dollar declined by nearly 4% in the quarter, its weakest fourth quarter performance since 2003, amid increased risk appetite and continued monetary support. On the fiscal front, the U.S. Congress reached a sizeable stimulus package deal of $900 billion, ending months of stalemate.

Economic recovery gathered pace in Q1 2021 on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Although manufacturing continued to expand strongly across regions, services growth improved in the United States. Emergence of new variants of COVID-19 and a pick-up in inflation caused by cost pressures across supply chains remained key risks to growth momentum. Risk assets continued to rally in the quarter with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. Commodities registered modest gains and oil prices rallied sharply on optimism that demand would rebound even as OPEC+ countries kept a tight rein on additional supplies. The U.S. dollar registered its best quarterly performance since 2018 amid rising expectations of a strong U.S. economic recovery. On the fiscal front, the U.S. Congress passed a third major stimulus package in the form of a $1.9 trillion American Rescue Plan backed by U.S. President Joe Biden. On the monetary policy front, despite markets pricing in higher growth and inflation being at the long end of the curve, the Federal Reserve reiterated its accommodative monetary policy stance after and indicated that it did not expect to raise interest rates in near future. The Federal Reserve remains focused on restoring the economy to full employment.

Global growth recovery broadened in Q2 2021 aided by accelerated vaccine rollout in the United States and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of COVID-19 and potential central bank tightening on inflationary concerns. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. The U.S. dollar remained flat for the quarter with the decline in the first half of the quarter made good during the strong monthly performance in June. On the monetary policy front, although the Federal Reserve reiterated that the rise in inflation is transitory, its tone was more hawkish. The Federal Reserve acknowledged discussions around tapering and indicated the possibility of at least two hikes by end-2023 through its “dot plot” projections.

While global growth recovery regained momentum in the first half of the Q3 2021, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch pose key risks to recovery momentum. Risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. Commodities registered positive returns in the third quarter, driven by higher energy prices. On the

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Financial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index. The Fund’s benchmark is the Financials Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 58.79%, and the Index was 59.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, and cash drag contributed to the difference between the Fund’s performance and that of the Index.

The start of the Reporting Period brought a reversion to prior sentiments with a bounce back and returns in excess of 23% for the first quarter. This was thanks, in part, to hopes of economic recovery and higher interest rates following the distribution of COVID-19 vaccines and the Federal Reserve's new guidance giving banks the go-ahead for limited dividends and share repurchases, starting at the beginning of 2021. The financial sector is more sensitive to economic cycles and, as the Reporting Period progressed, sentiment and the hawkish tone conveyed by the Federal Reserve continued to drive positive returns with an overall return of almost 58.79% for the Period. Financial stocks benefit from a rising rate environment through increased profit margin. This was the overarching theme for most of the Period until the end of the 4th quarter of the Reporting Period, when lower rates began to suggest slower economic growth.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Bank of America Corp, JPMorgan Chase & Co., and Berkshire Hathaway Inc. Class B. The top negative contributors to the Fund’s performance during the Reporting Period were E*TRADE Financial Corporation, MarketAxess Holdings Inc., and Brown & Brown, Inc.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Health Care Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index. The Fund’s benchmark is the Health Care Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.37%, and the Index was 22.56%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The COVID-19 pandemic and the policy and medical response to it have had a dramatic and varied impact on most of the constituents of this fund during the Reporting Period. Some constituents have seen increased sales as consumers increased their purchasing of varied pharmaceuticals owing to both continuing concerns of potential shortages and pandemic-related concerns. A number of firms' returns were also helped by a return to near pre-pandemic levels of elective surgery although the rise of the Delta variant late in the period led to some retrenchment in the numbers. Firms directly involved in COVID-19-related medicines saw the largest increase in demand and included firms involved in the testing, vaccination and treatment of COVID-19. Conversely, this fund was negatively impacted by heightened concerns around both legislative action on pharmaceutical pricing, and general increased regulatory scrutiny and costs. Offsetting this, secular trends such as the continuing increased health care demands associated with the ongoing aging of the American population continue to make a positive contribution to many of this fund’s constituents. This demographic trend is anticipated to lead to continued strong growth in the medical products, pharmaceuticals and medical services markets. Additionally, the returns for many of the constituents of this Fund were helped by the sector’s continued dramatic innovation success as evidenced by a much quicker than anticipated response to the COVID-19 pandemic. This spirit and success at innovation has positively contributed to the fund in the past and breakthroughs associated with the recent pandemic response are expected to contribute to returns in the future. Finally though slower than recent periods, mergers and acquisitions both completed and anticipated contributed to this Fund’s return.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Incorporated, Eli Lilly and Company, and AbbVie, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Amgen Inc., Merck & Co., Inc., and Vertex Pharmaceuticals Incorporated.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Industrial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Industrial Select Sector Index. The Fund’s benchmark is the Industrial Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 28.74%, and the Index was 28.96%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and a drag from holding a small amount of cash in the portfolio contributed to the difference between the Fund’s performance and that of the Index.

Economic recovery, progress on the COVID-19 vaccine, supply chain issues and increased consumer spending were primary drivers of Fund performance during the Reporting Period. Airline travel rebounded sharply over the last twelve months as passengers became more comfortable with safety issues and released some pent up demand. All of the airline stocks in the index had stronger returns than the index itself. As consumers still largely shifted their purchasing towards online retailers, the Railroad and Trucking stocks within the index benefited greatly. Interestingly, however, major delivery companies like FedEx and United Parcel Service did not benefit as much as one may have expected, largely due to the tremendous growth of an alternative delivery service from the world’s largest online retailer. Building products, construction, and machinery firms also enjoyed a very strong reporting period as the demand for housing and home improvement projects continued to grow.

The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were General Electric Company, Honeywell International Inc., and Raytheon Technologies Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Lockheed Martin Corporation, FedEx Corporation, and C.H. Robinson Worldwide, Inc..

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Real Estate Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Real Estate Select Sector Index. The Fund’s benchmark is the Real Estate Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 30.42%, and the Index was 30.64%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Economic recovery over the Reporting period gathered pace on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. The real estate sector as measured by the Index performed roughly in-line with broad U.S. large-cap equities as measured by the S&P 500 Index over the Reporting Period. Retail REITs and hotel and resort REITs, the sub-industries hit hardest by COVID-19, have shown signs of recovery by advancing over 50% over the Reporting period. Industrial REITs and specialized REITs lagged over the Reporting Period. While many REITs within these sub-industries continue to benefit from the advancement of technology, they could not maintain the same momentum from the prior Reporting Period.

The Fund used index futures in order to equitize dividend receivables and cash during the Reporting Period. The Fund’s use of index futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period werePrologis, Inc, Simon Property Group, Inc. and CBRE Group, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were SBA Communications Corp. Class A, Weingarten Realty Investors and Apartment Income REIT Corp.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Technology Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Technology Select Sector Index. The Fund’s benchmark is the Technology Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 28.93%, and the Index was 29.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.

Widespread technology integration, economic recovery and progress on the COVID-19 vaccine were primary drivers of Fund performance during the Reporting Period. The Fund had positive performance in each of the four quarters of the Reporting Period. The positive performance in the first quarter of the Reporting Period was driven by progress on vaccines, strong macro data and a resolution to the U.S. elections. Performance in the second quarter of the Reporting Period was helped by ongoing reopening of the economy, ongoing demand for cloud computing and continued progress on vaccine distribution. The third quarter of the Reporting Period had positive performance as more states lifted COVID-19 restrictions, strong earnings and despite inflation concerns. The fourth quarter of the Reporting Period’s positive performance was driven by demand for computer chips for gaming and data centers, interest in artificial intelligence technology, ongoing reopening of the economy and strong macroeconomic data.

The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Apple Inc., Microsoft Corporation, and NVIDIA Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Enphase Energy, Inc., Fidelity National Information Services, Inc., and Citrix Systems, Inc..

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The Utilities Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Utilities Select Sector Index. The Fund’s benchmark is the Utilities Select Sector Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 10.95%, and the Index was 11.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The COVID-19 pandemic and the policy and medical responses to it had a significant impact on this Fund’s return during the Reporting Period. Additional factors that impacted this Fund were heightened concerns regarding the legislative environments in relation to regulatory scrutiny, potential business restrictions and potential increased green energy-related compliance costs. Interest rates have been relatively low during the Reporting Period and typically this Fund’s returns have been helped by low interest rate environments owing to the sector’s capital intensive nature. The unprecedented societal, health and economic events associated with the COVID-19 pandemic overwhelmed the typical observed impacts of low interest rate environments.

Now with expectations of rising interest rates in the future, the constituents are being negatively impacted by profitability concerns associated with the generally higher level of debt on many utility firm’s balance sheets. Significant increases in commodity prices and a general "risk on" market environment also hurt this fund.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were NextEra Energy, Inc., Southern Company, and Exelon Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Xcel Energy Inc., Dominion Energy Inc, and WEC Energy Group Inc.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.