Select Sector SPDR Trust NCSR Certified annual shareholder report (management investment company)

Select Sector SPDR Trust N-CSRCertified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08837

THE SELECT SECTOR SPDR^® TRUST

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)


(Name and Address of Agent for Service)		Copy to:

Jesse D. Hallee, Esq. State Street Bank and Trust Company One Lincoln Street/CPH0326 Boston, MA 02111		Leonard Mackey, Esq. Clifford Chance US LLP 31 West 52^nd Street New York, New York 10019

Registrant’s telephone number, including area code: (303) 623-2577

Date of fiscal year end: September 30

Date of reporting period: September 30, 2015

Item 1. Reports to Shareholders.

Select Sector SPDR Funds

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR Fund“ or a “Fund“ and collectively the “Select Sector SPDR Funds“ or the “Funds“).

Select Sector SPDR Funds are “index funds” that unbundle the benchmark S&P 500^† and give you ownership in particular sectors or groups of industries that are represented by a specified Select Sector Index. Through a single share, investors can buy or sell any of eleven major industry sectors that make up the S&P 500^®, much as they buy or sell a share of stock. Select Sector SPDR Fund shares are different from the shares of conventional mutual funds. Select Sector SPDR Funds trade on NYSE Arca.

Eleven Select Sector SPDR Funds

Shares are available for exchange trading in the following Funds of The Select Sector SPDR Trust:


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 Financial Services Select Sector SPDR Fund		XLFS*
The Health Care Select Sector SPDR Fund		XLV
The Industrial Select Sector SPDR Fund		XLI
The Materials Select Sector SPDR Fund		XLB
The Real Estate Select Sector SPDR Fund		XLRE*
The Technology Select Sector SPDR Fund		XLK
The Utilities Select Sector SPDR Fund		XLU

Each of these Funds is designed to, before expenses, correspond generally to the price and yield performance of a Select Sector Index. Each Fund’s portfolio is comprised principally of shares of constituent companies in the S&P 500^®. Each stock in the S&P 500^® is allocated to one Select Sector Index, except stocks assigned to the Financial Sector which also are assigned to the Financial Services Sector or the Real Estate Sector. The combined companies of the eleven Select Sector Indexes represent all of the companies in the S&P 500^®. Each Select Sector SPDR Fund can be expected to move up or down in value with its underlying Select Sector Index. Investors cannot invest directly in an index. Funds focused on a single sector generally experience greater price fluctuations than the overall stock market.

Objective

Select Sector SPDR Funds are designed to provide investors with an affordable way to invest in a portfolio of equity securities in a sector or group of industries in a single trade. Select Sector SPDR Funds allow you to tailor asset allocations to fit your particular investment needs or goals. One Fund may complement another; individual Select Sector SPDR Funds can be used to increase exposure to certain industries that may be outperforming the market or to hedge other holdings in your portfolio. Although an individual Select Sector SPDR Fund may bear a higher level of risk than a broad-market fund, because of less diversification, sector investments may also offer opportunities for returns greater than an investment in the entire constituents of the S&P 500^®.


^†		S&P 500: the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged, index of common stock prices.
*		Fund commenced operations on October 7, 2015.

TABLE OF CONTENTS


Management’s Discussion and Analysis of Fund Performance
The Consumer Discretionary Select Sector SPDR Fund (XLY)		1
The Consumer Staples Select Sector SPDR Fund (XLP)		5
The Energy Select Sector SPDR Fund (XLE)		10
The Financial Select Sector SPDR Fund (XLF)		15
The Health Care Select Sector SPDR Fund (XLV)		19
The Industrial Select Sector SPDR Fund (XLI)		23
The Materials Select Sector SPDR Fund (XLB)		27
The Technology Select Sector SPDR Fund (XLK)		31
The Utilities Select Sector SPDR Fund (XLU)		35
Schedules of Investments
The Consumer Discretionary Select Sector SPDR Fund (XLY)		39
The Consumer Staples Select Sector SPDR Fund (XLP)		41
The Energy Select Sector SPDR Fund (XLE)		42
The Financial Select Sector SPDR Fund (XLF)		43
The Health Care Select Sector SPDR Fund (XLV)		45
The Industrial Select Sector SPDR Fund (XLI)		46
The Materials Select Sector SPDR Fund (XLB)		48
The Technology Select Sector SPDR Fund (XLK)		49
The Utilities Select Sector SPDR Fund (XLU)		51
Financial Statements		52
Financial Highlights		60
Notes to Financial Statements		69
Report of Independent Registered Public Accounting Firm		80
Other Information		81

The Consumer Discretionary Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 12.98%, and the total return for the Index was 13.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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 primarily contributed to the difference between the Fund’s performance and that of the Index.

The Index enjoyed a relatively strong performing Reporting Period, ending with double digit returns, outperforming the broader S&P 500 index which was close to flat. Some contributing factors to this positive performance were consumers generally having reduced their debt loads, the job market showing signs of improvement, and wage levels finally starting to see some growth. In addition, gas prices continued to fall, which helped put more money in families’ pockets allowing consumers to increase spending. Auto sales and the housing market both showed various signs of strength as well. Unfortunately, the signs of improvement did not result in a sustainable trend for retail and home sales as lending continued to be limited due to continued tight credit standards and the fear of faster- than-expected interest rate hikes.

On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Inc., Home Depot, Inc., and Starbucks Corporation. The top negative contributors to the Fund’s performance were Wynn Resorts, Limited, Viacom Inc. Class B, and Twenty-First Century Fox, Inc. Class A.

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.

The Consumer Discretionary Select Sector SPDR Fund —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Consumer Discretionary Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		CONSUMER DISCRETIONARY		NET ASSET		MARKET		CONSUMER DISCRETIONARY
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		12.98%		12.91%		13.18%		12.98%		12.91%		13.18%

THREE YEARS		65.79%		65.74%		66.78%		18.35%		18.34%		18.59%

FIVE YEARS		139.44%		139.37%		142.30%		19.08%		19.07%		19.36%

TEN YEARS		164.24%		164.24%		169.01%		10.20%		10.20%		10.40%

The Consumer Discretionary Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Consumer Discretionary		Consumer Discretionary
	Select Sector		Select Sector
	SPDR Fund(a)		Index(b)
09/30/05		10000		10000
12/31/05		10112		10118
03/31/06		10415		10417
06/30/06		10360		10368
09/30/06		10870		10885
12/31/06		11977		12003
03/31/07		11881		11915
06/30/07		12308		12351
09/30/07		11530		11575
12/31/07		10377		10418
03/31/08		9766		9805
06/30/08		9007		9040
09/30/08		8948		8981
12/31/08		6907		6929
03/31/09		6348		6368
06/30/09		7501		7523
09/30/09		8944		8975
12/31/09		9750		9793
03/31/10		10762		10818
06/30/10		9591		9640
09/30/10		11036		11103
12/31/10		12421		12511
03/31/11		13000		13101
06/30/11		13441		13555
09/30/11		11698		11796
12/31/11		13160		13291
03/31/12		15246		15412
06/30/12		14845		15011
09/30/12		15939		16133
12/31/12		16263		16472
03/31/13		18227		18469
06/30/13		19457		19726
09/30/13		20960		21264
12/31/13		23211		23563
03/31/14		22553		22902
06/30/14		23332		23704
09/30/14		23388		23765
12/31/14		25414		25842
03/31/15		26620		27087
6/30/2015		27121		27607
9/30/2015		26424		26901


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Consumer Discretionary Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		WALT	HOME
DESCRIPTION	AMAZON.COM, INC.	DISNEY CO.	DEPOT, INC.	COMCAST CORP. (CLASS A)	MCDONALD’S CORP.

MARKET VALUE	$895,602,232	724,047,960	676,664,225	548,740,472	423,438,193

% OF NET ASSETS	8.9	7.2	6.7	5.4	4.2

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.
**		Amount shown represents less than 0.05% of total common stock.

The Consumer Staples Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 7.45%, and the total return for the Index was 7.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Management fees, cash drag, and the effect of small cumulative misweights primarily contributed to the difference between the Fund’s performance and that of the Index.

The final quarter of 2014 saw the previous quarter’s GDP growth rate revised up to 5%, one of the best results in the last ten years. In addition, strong earnings and a decline in the U.S. unemployment rate to 5.8% had investors in a bullish frame of mind. Further declines in oil prices — plunging 18% in November 2014 alone — contributed to this market rally. The benefit to the economy as a whole was that the decline in the price of oil and gas was like an unexpected tax cut for many U.S. consumers. Strong retail sales helped lead to the consumer staples sector climbing 8.4% for the final quarter of 2014, making it one of the best performing sectors in the S&P 500^® Index during the Reporting Period.

For the first six months of 2015, U.S. stocks in general, and consumer staples stocks in particular, swung back and forth and the sector ended with a slight loss during the entire six-month period of just over 0.5%. Weaker than expected 2014 fourth quarter GDP growth of 2.6% and gasoline prices tumbling again, this time below $2 per gallon in the United States, led to a sharp decline in the market in the first month of the new year with the S&P 500^® Index pulling back 3.0%. However, consumer staples stocks — generally viewed as a defensive sector — managed a more meager decline of 1.1% in January 2015. Oil prices then temporarily stabilized in February and consumer staples stocks increased by 4.3% during the month. February was to be the highlight month of the first half of the year, however, those gains slowly eroded away over the remainder of the Reporting Period. Inventory concerns and a sharp rise in the U.S. dollar also affected the consumer staples sector as it is a sector that relies to a significant extent on the export market. While the declining oil prices were generally a boost to the wallets of consumers, a projected earnings decline in the sector on a year-over-year basis, a mixed bag of economic numbers, and the anticipation of impending U.S. interest rate hikes in the near future had investors unsure of which way to turn. In fact, the end of June marked nine years since the last interest rate hike by the Federal Reserve.

During the third quarter of 2015, S&P 500^® Index stocks fell sharply, with a quarterly return of −6.4%. Crude oil prices resumed their previous selloff as production remained at record levels and new supplies were soon expected to be on the way with sanctions being lifted in Iran. Also, growth concerns in China and a sudden free fall in that country’s stock market caused implied volatility to hit a level not seen in China since the end of the financial crisis in March 2009. The consumer staples sector strongly outpaced the broader U.S. market in July, finishing with a monthly return of +5.6% vs.

The Consumer Staples Select Sector SPDR Fund —
Management’s Discussion of Fund Performance (continued)

the S&P 500^® Index return of +2.1%. The sector also fared better during the final two months of the quarter ending September 30, 2015, although the consumer staples sector lost 5.5% and the S&P 500^® Index return was −8.4%. The superior performance of the consumer staples sector relative to the broader U.S. market came somewhat as expected given that the sector is usually viewed as a safe haven, which has the potential to dampen losses in a declining market.

On an individual security level, the top positive contributors to the Fund’s performance were Walgreens Boots Alliance Inc., CVS Health Corporation, and Kraft Heinz Company. The top negative contributors to the Fund’s performance were Keurig Green Mountain, Inc., Wal-Mart Stores, Inc., and Procter & Gamble Company.

The Consumer Staples Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Consumer Staples Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					CONSUMER						CONSUMER
	NET ASSET		MARKET		STAPLES		NET ASSET		MARKET		STAPLES
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		7.45%		7.39%		7.62%		7.45%		7.39%		7.62%

THREE YEARS		42.86%		42.82%		43.71%		12.62%		12.61%		12.85%

FIVE YEARS		94.20%		94.14%		96.32%		14.20%		14.19%		14.44%

TEN YEARS		162.38%		162.54%		168.84%		10.13%		10.13%		10.39%

The Consumer Staples Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Consumer Staples		Consumer Staples
	Select Sector		Select Sector
	SPDR Fund(a)		Index(b)
09/30/05		10000		10000
12/31/05		10061		10068
03/31/06		10244		10259
06/30/06		10539		10562
09/30/06		11113		11144
12/31/06		11517		11591
03/31/07		11776		11862
06/30/07		12064		12158
09/30/07		12523		12629
12/31/07		12955		13071
03/31/08		12638		12759
06/30/08		12061		12181
09/30/08		12558		12688
12/31/08		11014		11117
03/31/09		9788		9883
06/30/09		10774		10889
09/30/09		12009		12147
12/31/09		12580		12732
03/31/10		13358		13528
06/30/10		12270		12426
09/30/10		13511		13694
12/31/10		14324		14527
03/31/11		14708		14926
06/30/11		15457		15695
09/30/11		14778		15007
12/31/11		16329		16601
03/31/12		17229		17524
06/30/12		17695		18009
09/30/12		18367		18706
12/31/12		18081		18421
03/31/13		20719		21130
06/30/13		20795		21219
09/30/13		21003		21441
12/31/13		22831		23325
03/31/14		22994		23503
06/30/14		24008		24552
09/30/14		24420		24981
12/31/14		26452		27080
03/31/15		26759		27406
6/30/2015		26294		26934
9/30/2015		26238		26884


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Consumer Staples Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	PROCTER &		PHILIP MORRIS		WAL-MART
DESCRIPTION	GAMBLE CO.	COCA-COLA CO.	INTERNATIONAL, INC.	CVS HEALTH CORP.	STORES, INC.

MARKET VALUE	$839,965,325	676,002,341	529,386,622	475,568,444	440,755,217

% OF NET ASSETS	11.5	9.3	7.2	6.5	6.0

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Energy Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −30.52%, and the total return for the Index was −30.57%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Management fees, cash drag, securities lending, and the effect of small cumulative misweights primarily contributed to the difference between the Fund’s performance and that of the Index.

The final quarter of 2014 saw continued strength for large cap equities after a rough start in October brought on by global growth forecasts being lowered and geopolitical fears permeating the market. However, strong earnings from bank stocks reporting in October helped the markets recover quickly. In addition, an upward revision in third quarter GDP growth to 5.0% enabled the market to continue its momentum. However, further declines in oil prices — plunging 18% in November 2014 alone — led to negative performance for energy stocks despite a broader market rally. The contributors to this sharp decline were weak global demand for Brent Crude, lack of production cuts by OPEC, and expanded production by Russia as it tried to blunt the effect of the U.S. sanctions brought on by the crisis in Ukraine. The energy sector was down 12.1% during the fourth quarter of 2014 as compared to the S&P 500^® Index gain of 4.9%. The benefit to the economy as a whole was that the decline in the price of oil and gas was like an unexpected tax cut for U.S. consumers.

For the first half of 2015, U.S. stocks swung back and forth, ending with a slight gain during the entire six-month period of just over 1.2%. A weaker than expected fourth quarter GDP growth rate of 2.6% and gasoline prices tumbling again, this time below $2 per gallon in the U.S., led to a sharp decline in the market in the first month of the new year with the S&P 500^® Index pulling back 3.0% and with energy stocks declining by more than 4.5%. However, oil rebounded sharply in April as Brent Crude saw its biggest monthly gain (21.0%) since 2009 to help turn around performance for some time. This led to only the second positive return in the trailing eight months for the energy sector as these stocks rallied +6.9% in April. However, energy companies started a new losing streak for the last two months of the second quarter as their share prices plummeted more than 8.5% over the course of May and June. Over the six months ending June 30, 2015, the sector slid 3.8%, and this negative performance could have been more pronounced if not for the strong performance during the months of February (+4.6% as oil prices temporarily stabilized) and April.

During the third quarter of 2015, energy stocks fell sharply each month resulting in a quarterly return of −17.9%. The S&P 500^® Index fared better over the period, but it also fell by 6.4%. Crude oil prices resumed their previous selloff as production remained at record levels and new supplies were soon expected to be on the way with sanctions being lifted

The Energy Select Sector SPDR Fund —
Management’s Discussion of Fund Performance (continued)

in Iran. Brent Crude prices fell another 18% in July alone. This was a weak end to a very difficult 12 month period for the sector, and represented the Fund’s weakest performing fiscal year.

On an individual security level, the top positive contributors to the Fund’s performance were Tesoro Corporation, Valero Energy Corporation, and Cameron International Corporation. The top negative contributors to the Fund’s performance were Schlumberger NV, Exxon Mobil Corporation, and Chevron Corporation.

The Energy Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Energy Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

ENERGY

NET ASSET

MARKET

ENERGY

VALUE

SELECT SECTOR INDEX

VALUE

SELECT SECTOR INDEX

ONE YEAR

−30.52%

−30.57%

−30.52%

−30.57%

THREE YEARS

−10.97%

−10.70%

−3.80%

−3.70%

FIVE YEARS

20.57%

20.50%

21.38%

3.81%

3.80%

3.95%

TEN YEARS

35.52%

35.39%

37.94%

3.09%

3.08%

3.27%

The Energy Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Energy Select		Energy Select
	Sector SPDR		Sector Index
	Fund (a)		(b)
09/30/05		10000		10000
12/31/05		9393		9402
03/31/06		10188		10209
06/30/06		10652		10678
09/30/06		10087		10113
12/31/06		11116		11152
03/31/07		11435		11480
06/30/07		13157		13220
09/30/07		14310		14392
12/31/07		15155		15249
03/31/08		14206		14305
06/30/08		17005		17140
09/30/08		12326		12422
12/31/08		9276		9347
03/31/09		8302		8366
06/30/09		9414		9492
09/30/09		10624		10720
12/31/09		11277		11390
03/31/10		11429		11551
06/30/10		9923		10025
09/30/10		11240		11364
12/31/10		13727		13893
03/31/11		16114		16319
06/30/11		15281		15482
09/30/11		11922		12073
12/31/11		14136		14325
03/31/12		14732		14937
06/30/12		13701		13895
09/30/12		15223		15445
12/31/12		14872		15098
03/31/13		16599		16860
06/30/13		16477		16742
09/30/13		17509		17799
12/31/13		18763		19087
03/31/14		18984		19324
06/30/14		21446		21848
09/30/14		19504		19866
12/31/14		17150		17469
03/31/15		16868		17188
6/30/2015		16499		16810
9/30/2015		13552		13794


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Energy Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	EXXON MOBIL CORP.	CHEVRON CORP.	SCHLUMBERGER, LTD.	KINDER MORGAN, INC.	EOG RESOURCES, INC.

MARKET VALUE	$1,915,451,838	1,388,085,357	833,933,237	455,760,113	446,406,179

% OF NET ASSETS	17.3	12.5	7.5	4.1	4.0

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Financial Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −0.39%, and the total return for the Index was −0.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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, small security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) primarily contributed to the difference between the Fund’s performance and that of the Index.

The financial sector outperformed the broader S&P 500^® Index in the fourth quarter of 2014, driven by a strong earnings season, better than expected macroeconomic data, and easy monetary policy. Sector performance was negative in the first quarter of 2015 as comments from Federal Reserve officials were generally dovish in respect of potential interest rate hikes. Banks are a potential beneficiary of higher rates and, despite broader stock market weakness during the second quarter of 2015, the S&P 500 financial sector was actually up. Unfortunately, in the last quarter of the Reporting Period, the major U.S. equity indexes posted their worst quarterly return in several years as worries mounted about the health of the global economy. The U.S. equity market erased all of its calendar year-to-date gains on these concerns. Weak macro and earnings reports, falling oil prices, China’s unexpected currency devaluation, and uncertainty around when the Federal Reserve will start raising rates weighed on the markets, thereby resulting in returns of −6.72% and −6.44% in the financial sector and the S&P 500, respectively.

On an individual security level, the top positive contributors to the Fund’s performance were Simon Property Group, Inc., Chubb Corporation, and Public Storage. The top negative contributors to the Fund’s performance were American Express Company, Berkshire Hathaway Inc. Class B, and Bank of America Corporation.

The Financial Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Financial Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

FINANCIAL

NET ASSET

MARKET

FINANCIAL

VALUE

SELECT SECTOR INDEX

VALUE

SELECT SECTOR INDEX

ONE YEAR

−0.39%

−0.33%

−0.39%

−0.33%

THREE YEARS

53.14%

53.10%

53.81%

15.27%

15.26%

15.43%

FIVE YEARS

71.78%

71.74%

73.20%

11.43%

11.42%

11.61%

TEN YEARS

−5.22%

−5.18%

−4.13%

−0.53%

−0.42%

The Financial Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Financial Select
	Sector SPDR		Financial Select
	Fund(a)		Sector Index(b)
09/30/05		10000		10000
12/31/05		10815		10824
03/31/06		11157		11176
06/30/06		11137		11161
09/30/06		12016		12053
12/31/06		12852		12905
03/31/07		12479		12538
06/30/07		12736		12803
09/30/07		12185		12258
12/31/07		10440		10501
03/31/08		8984		9035
06/30/08		7345		7379
09/30/08		7403		7442
12/31/08		4676		4697
03/31/09		3336		3344
06/30/09		4531		4538
09/30/09		5685		5695
12/31/09		5494		5507
03/31/10		6103		6122
06/30/10		5291		5305
09/30/10		5518		5535
12/31/10		6152		6178
03/31/11		6337		6365
06/30/11		5959		5989
09/30/11		4604		4624
12/31/11		5097		5125
03/31/12		6216		6255
06/30/12		5790		5828
09/30/12		6189		6233
12/31/12		6550		6602
03/31/13		7294		7356
06/30/13		7818		7889
09/30/13		8042		8116
12/31/13		8867		8954
03/31/14		9094		9188
06/30/14		9299		9399
09/30/14		9515		9618
12/31/14		10199		10315
03/31/15		9987		10103
6/30/2015		10156		10277
9/30/2015		9478		9587


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Financial Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	BERKSHIRE HATHAWAY,		JPMORGAN	BANK OF AMERICA
DESCRIPTION	INC. (CLASS B)	WELLS FARGO & CO.	CHASE & CO.	CORP.	CITIGROUP, INC.

MARKET VALUE	$1,463,457,814	1,437,094,040	1,350,805,227	977,142,218	894,491,865

% OF NET ASSETS	8.7	8.6	8.0	5.8	5.3

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Health Care Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 5.22%, and the total return for the Index was 5.30%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Fund expenses, cumulative security misweights and the Fund’s cash position primarily contributed to the difference between the Fund’s performance and that of the Index.

A number of factors contributed to the Fund’s positive return over the Reporting Period. One of the more significant of these factors revolved around the growing subscriber numbers for health insurance under the Affordable Care Act, with the Congressional Budget Office estimating that there will be 13 million subscribers in 2015. General expectations are that this subscriber growth will lead to an appreciable demand increase for the products and services for many of the companies held by the Fund. Also contributing to increased demand expectations was the ongoing aging of the American population, which is anticipated to lead to growth in the medical products, pharmaceuticals and medical services markets. Another factor positively impacting the Fund’s return was continuing growth in both the pharmaceutical pipeline and approved pharmaceuticals for many of the Fund’s holdings. Similarly, improved cost structures and strong revenue growth helped a number of the Fund’s stocks improve their profitability. Conversely, several of the Fund’s holdings were hurt by a strong U.S. dollar, which led to a negative currency impact on their non-U.S. sales and revenues.

On an individual security level, the top positive contributors to the Fund’s performance were UnitedHealth Group Incorporated, Allergan, Inc., and Bristol-Myers Squibb Company. The top negative contributors to the Fund’s performance were Gilead Sciences, Inc., Merck & Co., Inc., and Johnson & Johnson.

The Health Care Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Health Care Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		HEALTH CARE		NET ASSET		MARKET		HEALTH CARE
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		5.22%		5.07%		5.30%		5.22%		5.07%		5.30%

THREE YEARS		73.22%		73.09%		74.10%		20.10%		20.07%		20.30%

FIVE YEARS		137.36%		137.11%		139.58%		18.87%		18.85%		19.09%

TEN YEARS		151.82%		151.68%		156.50%		9.68%		9.67%		9.88%

The Health Care Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Health Care		Health Care
	Select Sector		Select Sector
	SPDR Fund(a)		Index(b)
09/30/05		10000		10000
12/31/05		10144		10151
03/31/06		10261		10274
06/30/06		9734		9752
09/30/06		10717		10745
12/31/06		10864		10898
03/31/07		10962		11002
06/30/07		11513		11562
09/30/07		11628		11684
12/31/07		11617		11678
03/31/08		10262		10318
06/30/08		10132		10193
09/30/08		10169		10233
12/31/08		8927		8985
03/31/09		8219		8271
06/30/09		8954		9017
09/30/09		9804		9880
12/31/09		10695		10778
03/31/10		11063		11156
06/30/10		9758		9839
09/30/10		10609		10706
12/31/10		11008		11113
03/31/11		11627		11743
06/30/11		12534		12668
09/30/11		11266		11385
12/31/11		12375		12517
03/31/12		13490		13654
06/30/12		13709		13883
09/30/12		14537		14733
12/31/12		14544		14748
03/31/13		16828		17078
06/30/13		17477		17744
09/30/13		18665		18961
12/31/13		20542		20882
03/31/14		21733		22105
06/30/14		22702		23102
09/30/14		23932		24361
12/31/14		25716		26189
03/31/15		27409		27916
6/30/2015		28175		28707
9/30/2015		25182		25650


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Health Care Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	JOHNSON & JOHNSON	PFIZER, INC.	GILEAD SCIENCES, INC.	MERCK & CO., INC.	ALLERGAN PLC

MARKET VALUE	$1,330,702,009	997,816,672	741,820,050	716,147,937	580,692,166

% OF NET ASSETS	10.3	7.8	5.8	5.6	4.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Industrial Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.09%, and the total return for the Index was −4.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Fund expenses, a slight cash drag, and security misweights primarily contributed to the difference between the Fund’s performance and that of the Index.

The performance of the industrial sector trailed the performance of the broader market over the Reporting Period (S&P 500^® Index −0.61%). Aerospace and defense companies continued to perform well due to a combination of technological innovations, cost-cutting programs, acquisitions, and heightened geopolitical risks. Industrial conglomerates also enjoyed strong performance, with mergers and acquisitions playing a big role in the industry’s contribution to the Fund’s return. During the Reporting Period, the US dealt with several periods of market uncertainty due to the slowdown of the Chinese economy, continued geopolitical tensions surrounding Ukraine, and the prolonged Greece bailout negotiations. Heavy machinery companies suffered from declining infrastructure and construction spending in emerging-market nations. Lower commodities prices also reduced demand from mining companies which machinery companies rely on to a significant extent. Railroad companies were also hurt by an accelerated decline in high margin coal shipments as low energy prices encouraged utilities to switch to burning cheaper natural gas.

On an individual security level, the top positive contributors to the Fund’s performance were Lockheed Martin Corporation, Northrop Grumman Corporation, and Delta Air Lines, Inc. The top negative contributors to the Fund’s performance were United Technologies Corporation, Union Pacific Corporation, and Caterpillar Inc.

The Industrial Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Industrial Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		INDUSTRIAL		NET ASSET		MARKET		INDUSTRIAL
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		−4.09%		−4.14%		−4.01%		−4.09%		−4.14%		−4.01%

THREE YEARS		45.17%		45.18%		45.87%		13.23%		13.23%		13.41%

FIVE YEARS		76.91%		76.89%		78.52%		12.09%		12.08%		12.29%

TEN YEARS		103.94%		103.87%		107.54%		7.39%		7.38%		7.57%

The Industrial Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Industrial Select
	Sector SPDR		Industrial Select
	Fund(a)		Sector Index(b)
09/30/05		10000		10000
12/31/05		10493		10501
03/31/06		11321		11339
06/30/06		11364		11386
09/30/06		11251		11281
12/31/06		11920		11961
03/31/07		12127		12175
06/30/07		13334		13398
09/30/07		14050		14126
12/31/07		13494		13573
03/31/08		12861		12943
06/30/08		11850		11919
09/30/08		10741		10801
12/31/08		8248		8294
03/31/09		6607		6634
06/30/09		7879		7922
09/30/09		9532		9592
12/31/09		10114		10184
03/31/10		11395		11484
06/30/10		10062		10138
09/30/10		11528		11626
12/31/10		12910		13034
03/31/11		14012		14156
06/30/11		13924		14075
09/30/11		10989		11104
12/31/11		12778		12924
03/31/12		14222		14393
06/30/12		13612		13780
09/30/12		14048		14228
12/31/12		14677		14867
03/31/13		16237		16458
06/30/13		16671		16909
09/30/13		18220		18489
12/31/13		20612		20934
03/31/14		20735		21069
06/30/14		21532		21891
09/30/14		21264		21623
12/31/14		22766		23165
03/31/15		22565		22966
6/30/2015		21984		22377
9/30/2015		20394		20754


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Industrial Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	GENERAL ELECTRIC			UNION PACIFIC	HONEYWELL
DESCRIPTION	CO.	3M CO.	BOEING CO.	CORP.	INTERNATIONAL, INC.

MARKET VALUE	$669,406,894	322,341,457	310,054,243	296,368,356	277,280,064

% OF NET ASSETS	10.7	5.2	5.0	4.7	4.4

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Materials Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

The Materials Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in The Materials Select Sector Index (the “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −17.75%, and the total return for the Index was −17.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and Index constituents primarily contributed to the difference between the Fund’s performance and that of the Index.

The materials sector was one of the worst performing sectors in the S&P 500^® Index for the fiscal year. The return of the materials sector was below that of the broader S&P 500^® Index. Due to its sensitivity to changes in supply and demand of raw materials, the materials sector was hurt by the decrease in consumer demand during the fiscal year. Within the materials sector, the construction materials industry was the strongest performing industry, while the chemicals industry detracted the most from performance due to the combination of its large weight in the sector and its weak performance. Metals & mining was the weakest performing industry within the materials sector for the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Vulcan Materials Company, Sealed Air Corporation, and MeadWestvaco Corporation. The top negative contributors to the Fund’s performance were Monsanto Company, E. I. du Pont de Nemours and Company, and Freeport-McMoRan, Inc.

The Materials Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Materials Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		MATERIALS		NET ASSET		MARKET		MATERIALS
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		−17.75%		−17.77%		−17.70%		−17.75%		−17.77%		−17.70%

THREE YEARS		15.92%		15.98%		16.58%		5.05%		5.06%		5.25%

FIVE YEARS		35.90%		35.97%		37.29%		6.33%		6.34%		6.54%

TEN YEARS		84.63%		83.74%		87.78%		6.32%		6.27%		6.50%

The Materials Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Materials Select
	Sector SPDR		Materials Select
	Fund(a)		Sector Index(b)
09/30/05		10000		10000
12/31/05		11106		11123
03/31/06		11934		11963
06/30/06		11889		11920
09/30/06		11813		11851
12/31/06		13139		13194
03/31/07		14333		14377
06/30/07		15337		15394
09/30/07		16062		16132
12/31/07		16028		16107
03/31/08		15539		15626
06/30/08		16138		16229
09/30/08		12917		12969
12/31/08		8977		9001
03/31/09		8810		8834
06/30/09		10296		10336
09/30/09		12420		12477
12/31/09		13329		13401
03/31/10		13706		13790
06/30/10		11502		11568
09/30/10		13586		13677
12/31/10		16047		16174
03/31/11		16766		16909
06/30/11		16579		16745
09/30/11		12438		12550
12/31/11		14287		14430
03/31/12		15832		16001
06/30/12		15184		15347
09/30/12		15927		16108
12/31/12		16393		16594
03/31/13		17198		17415
06/30/13		16923		17152
09/30/13		18650		18915
12/31/13		20627		20935
03/31/14		21204		21533
06/30/14		22380		22738
09/30/14		22447		22816
12/31/14		22135		22508
03/31/15		22336		22722
6/30/2015		22233		22622
9/30/2015		18463		18778


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Materials Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	DOW CHEMICAL	E.I. DU PONT DE		LYONDELLBASELL INDUSTRIES NV
DESCRIPTION	CO.	NEMOURS & CO.	MONSANTO CO.	(CLASS A)	PRAXAIR, INC.

MARKET VALUE	$199,803,810	177,462,133	162,450,835	126,418,441	118,738,609

% OF NET ASSETS	10.3	9.1	8.4	6.5	6.1

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Technology Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 1.04%, and the total return for the Index was 1.16%. 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. Expenses of the fund, the effects of cash holdings on the fund performance and the cumulative effect of small weight differences between the securities in the Fund and the index contributed to the difference between the Fund’s performance and that of the Index.

The Fund had a positive return for the Reporting Period. The Fund had positive performance in the last calendar quarter of 2014, driven by a strong earnings season, better than expected macroeconomic data and easy monetary policy. The Fund’s performance was also positive relative to the overall market which had negative returns for the Reporting Period. Ongoing demand for mobile electronics products also helped contribute to the Fund’s positive performance. Tapping into the nascent fields of monetizing social media technologies (where some companies have access to over a billion users) and electronic payment processing (where 85% of all global transactions are still conducted in cash) also helped add to the Fund’s positive performance. The Fund continued to have positive performance in the first calendar half of 2015, although the performance was muted in comparison to the last calendar quarter of 2014. During the first calendar half of 2015, healthy earnings data, accommodative monetary policy and increased mergers and acquisitions activity was offset by concerns around Greece’s debt crisis and increased unrest in the Middle East. The economic downturn in the fourth quarter of the Reporting Period contributed to negative performance in the Fund, as many chip makers saw a decline in demand for various semiconductor and microprocessor chip products.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Visa Inc. Class A, and Facebook, Inc. Class A. The top negative contributors to the Fund’s performance were Micron Technology, Inc., QUALCOMM Incorporated, and International Business Machines Corporation.

The Technology Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Technology Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		TECHNOLOGY		NET ASSET		MARKET		TECHNOLOGY
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		1.04%		0.89%		1.16%		1.04%		0.89%		1.16%

THREE YEARS		35.74%		35.60%		36.48%		10.72%		10.68%		10.92%

FIVE YEARS		87.37%		87.07%		89.32%		13.38%		13.34%		13.62%

TEN YEARS		119.35%		118.97%		123.65%		8.17%		8.15%		8.38%

The Technology Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Technology Select		Technology Select
	Sector SPDR		Sector Index
	Fund (a)		(b)
09/30/05		10000		10000
12/31/05		10082		10094
03/31/06		10667		10687
06/30/06		9775		9797
09/30/06		10620		10651
12/31/06		11304		11339
03/31/07		11336		11384
06/30/07		12454		12514
09/30/07		13146		13205
12/31/07		13022		13085
03/31/08		11049		11101
06/30/08		11194		11250
09/30/08		9771		9818
12/31/08		7632		7667
03/31/09		7781		7822
06/30/09		9085		9140
09/30/09		10455		10530
12/31/09		11520		11611
03/31/10		11630		11727
06/30/10		10341		10425
09/30/10		11707		11814
12/31/10		12858		12989
03/31/11		13339		13483
06/30/11		13211		13361
09/30/11		12171		12311
12/31/11		13201		13364
03/31/12		15683		15893
06/30/12		15011		15215
09/30/12		16159		16388
12/31/12		15243		15463
03/31/13		16024		16265
06/30/13		16264		16515
09/30/13		17127		17401
12/31/13		19202		19527
03/31/14		19601		19941
06/30/14		20786		21160
09/30/14		21709		22108
12/31/14		22611		23035
03/31/15		22793		23229
6/30/2015		22857		23301
9/30/2015		21935		22365


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Technology Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




			FACEBOOK, INC.		ALPHABET, INC.
DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	(CLASS A)	AT&T, INC.	(CLASS A)

MARKET VALUE	$1,843,463,313	1,037,451,833	595,375,965	587,319,302	542,366,174

% OF NET ASSETS	16.2	9.1	5.2	5.2	4.8

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Utilities Select Sector SPDR Fund —
Management’s Discussion of Fund Performance

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 “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 6.51%, and the total return for the Index was 6.64%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of 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. Fund expenses, cumulative security misweights and the Fund’s cash position primarily contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, the utilities sector was helped by both its perceived relative safety and its potential for relatively high dividend yield. Dividend yield has been particularly attractive to investors as interest rates have continued to stay low and the Federal Reserve has remained on the sidelines in terms of any increases to the federal funds rate. The utility sector’s return has also been helped by increased demand for energy associated with both improvements in the business environment and a noticeable pick up in residential construction. Similarly, revenues for many utility companies were positively impacted by increased electricity demand caused by a warmer than normal summer in many parts of the United States. Additionally, the U.S. centric nature of the utilities sector became more appealing to investors as global volatility picked up during parts of 2015. Conversely, increasing U.S. regulatory concerns, mainly environmental, continued to weigh on many companies held by the Fund.

On an individual security level, the top positive contributors to the Fund’s performance were PG&E Corporation, Consolidated Edison, Inc., and American Electric Power Company, Inc. The top negative contributors to the Fund’s performance were Exelon Corporation, AES Corporation, and NRG Energy, Inc.

The Utilities Select Sector SPDR Fund —
Performance Summary

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month end performance information visit www.sectorspdrs.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for The Utilities Select Sector SPDR Fund as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as amended October 8, 2015) is 0.14%. Fund returns at Net Asset Value shown in the table below for the Three years, Five years and Ten years reflect the impact of a fee waiver and without this waiver returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		UTILITIES		NET ASSET		MARKET		UTILITIES
	VALUE		VALUE		SELECT SECTOR INDEX		VALUE		VALUE		SELECT SECTOR INDEX

ONE YEAR		6.51%		6.47%		6.64%		6.51%		6.47%		6.64%

THREE YEARS		32.87%		32.85%		33.65%		9.94%		9.93%		10.15%

FIVE YEARS		67.08%		67.11%		68.95%		10.81%		10.82%		11.06%

TEN YEARS		86.61%		86.58%		90.55%		6.44%		6.44%		6.66%

The Utilities Select Sector SPDR Fund —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)


	Utilities Select
	Sector SPDR		Utilities Select
	Fund(a)		Sector Index(b)
09/30/05		10000		10000
12/31/05		9448		9452
03/31/06		9334		9343
06/30/06		9855		9874
09/30/06		10449		10477
12/31/06		11395		11436
03/31/07		12441		12498
06/30/07		12391		12450
09/30/07		12625		12693
12/31/07		13572		13652
03/31/08		12219		12295
06/30/08		13181		13273
09/30/08		10808		10873
12/31/08		9624		9681
03/31/09		8580		8627
06/30/09		9430		9493
09/30/09		10004		10077
12/31/09		10720		10809
03/31/10		10338		10430
06/30/10		9951		10038
09/30/10		11169		11278
12/31/10		11284		11401
03/31/11		11587		11717
06/30/11		12291		12437
09/30/11		12468		12625
12/31/11		13485		13669
03/31/12		13263		13450
06/30/12		14119		14328
09/30/12		14045		14259
12/31/12		13634		13849
03/31/13		15392		15651
06/30/13		14972		15228
09/30/13		14997		15254
12/31/13		15406		15678
03/31/14		16950		17267
06/30/14		18256		18613
09/30/14		17521		17869
12/31/14		19812		20227
03/31/15		18792		19185
6/30/2015		17707		18074
9/30/2015		18661		19055


		Past performance is no guarantee of future results.
		Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Utilities Select Sector SPDR Fund —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




					AMERICAN ELECTRIC
DESCRIPTION	DUKE ENERGY CORP.	NEXTERA ENERGY, INC.	DOMINION RESOURCES, INC.	SOUTHERN CO.	POWER CO., INC.

MARKET VALUE	$569,600,273	559,625,328	521,563,166	506,337,998	349,390,712

% OF NET ASSETS	8.6	8.4	7.9	7.6	5.3

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*


*		The Fund’s industry breakdown is expressed as a percentage of total common stock and may change over time.

The Consumer Discretionary Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AUTO COMPONENTS — 3.0%
BorgWarner, Inc.		1,025,569	$	42,653,415
Delphi Automotive PLC		1,297,467		98,659,391
Goodyear Tire & Rubber Co.		1,222,799		35,864,694
Johnson Controls, Inc.		2,983,994		123,417,992

				300,595,492

AUTOMOBILES — 4.8%
Ford Motor Co.		17,782,657		241,310,656
General Motors Co.		6,571,503		197,276,520
Harley-Davidson, Inc. (a)		947,658		52,026,424

				490,613,600

DISTRIBUTORS — 0.6%
Genuine Parts Co. (a)		689,804		57,177,854

DIVERSIFIED CONSUMER SERVICES — 0.5%
H&R Block, Inc.		1,260,401		45,626,516

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (b)
AT&T, Inc.		3,675		119,731

HOTELS, RESTAURANTS & LEISURE — 14.3%
Carnival Corp.		2,111,170		104,925,149
Chipotle Mexican Grill, Inc. (c)		142,113		102,356,888
Darden Restaurants, Inc.		520,749		35,692,136
Marriott International, Inc. (Class A) (a)		910,108		62,069,366
McDonald’s Corp.		4,297,556		423,438,193
Royal Caribbean Cruises, Ltd. (a)		782,368		69,701,165
Starbucks Corp.		6,771,979		384,919,286
Starwood Hotels & Resorts Worldwide, Inc.		774,577		51,493,879
Wyndham Worldwide Corp.		544,164		39,125,392
Wynn Resorts, Ltd. (a)		369,508		19,628,265
Yum! Brands, Inc.		1,967,259		157,282,357

				1,450,632,076

HOUSEHOLD DURABLES — 3.4%
D.R. Horton, Inc.		1,489,622		43,735,302
Garmin, Ltd.		546,779		19,618,430
Harman International Industries, Inc.		322,453		30,952,263
Leggett & Platt, Inc.		624,595		25,764,544
Lennar Corp. (Class A) (a)		793,693		38,200,444
Mohawk Industries, Inc. (c)		289,945		52,709,101
Newell Rubbermaid, Inc.		1,217,946		48,364,636
Pulte Group, Inc.		1,487,564		28,070,333
Whirlpool Corp.		356,495		52,497,454

				339,912,507

INTERNET & CATALOG RETAIL — 14.5%
Amazon.com, Inc. (c)		1,749,599		895,602,232
Expedia, Inc.		456,409		53,710,211
NetFlix, Inc. (a)(c)		1,943,414		200,676,930
Priceline Group, Inc. (c)		231,356		286,154,982
TripAdvisor, Inc. (a)(c)		515,080		32,460,342

				1,468,604,697

LEISURE PRODUCTS — 0.7%
Hasbro, Inc. (a)		507,732		36,627,787
Mattel, Inc. (a)		1,533,518		32,295,889

				68,923,676

MEDIA — 24.4%
Cablevision Systems Corp. (Class A)		999,277		32,446,524
CBS Corp. (Class B)		2,027,841		80,910,856
Comcast Corp. (Class A)		9,647,336		548,740,472
Comcast Corp. (Special Class A)		1,679,677		96,144,711
Discovery Communications, Inc. (Class A) (a)(c)		676,113		17,599,221
Discovery Communications, Inc. (Class C) (c)		1,183,538		28,748,138
Interpublic Group of Cos., Inc.		1,871,793		35,807,400
News Corp. (Class A)		1,744,163		22,011,337
News Corp. (Class B) (a)		486,412		6,235,802
Omnicom Group, Inc. (a)		1,107,395		72,977,331
Scripps Networks Interactive (Class A) (a)		430,828		21,192,429
TEGNA, Inc.		1,028,299		23,023,615
Time Warner Cable, Inc.		1,291,004		231,567,387
Time Warner, Inc.		3,721,377		255,844,669
Twenty-First Century Fox, Inc. (Class A)		5,535,824		149,356,532
Twenty-First Century Fox, Inc. (Class B)		1,994,645		53,995,040
Viacom, Inc. (Class B)		1,585,654		68,420,970
Walt Disney Co.		7,084,618		724,047,960

				2,469,070,394

MULTILINE RETAIL — 5.5%
Dollar General Corp.		1,346,736		97,557,556
Dollar Tree, Inc. (a)(c)		1,070,254		71,343,132
Kohl’s Corp. (a)		896,811		41,531,317
Macy’s, Inc.		1,510,240		77,505,517
Nordstrom, Inc.		639,080		45,828,427
Target Corp.		2,867,537		225,560,460

				559,326,409

SPECIALTY RETAIL — 20.5%
Advance Auto Parts, Inc.		331,669		62,861,226
AutoNation, Inc. (c)		356,992		20,769,794
AutoZone, Inc. (c)		140,860		101,958,694
Bed Bath & Beyond, Inc. (a)(c)		776,606		44,282,074
Best Buy Co., Inc. (a)		1,399,465		51,948,141
CarMax, Inc. (a)(c)		948,439		56,261,401
GameStop Corp. (Class A) (a)		483,727		19,934,390
Gap, Inc. (a)		1,086,602		30,968,157
Home Depot, Inc.		5,859,072		676,664,225
L Brands, Inc.		1,171,580		105,594,505
Lowe’s Cos., Inc.		4,227,737		291,375,634
O’Reilly Automotive, Inc. (c)		453,548		113,387,000
Ross Stores, Inc.		1,887,731		91,498,322
Signet Jewelers, Ltd.		364,112		49,566,566
Staples, Inc.		2,903,794		34,061,504
Tiffany & Co.		509,378		39,334,169
TJX Cos., Inc.		3,084,184		220,272,421
Tractor Supply Co. (a)		618,377		52,141,549
Urban Outfitters, Inc. (a)(c)		441,528		12,972,093

				2,075,851,865

See accompanying notes to financial statements.

The Consumer Discretionary Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

TEXTILES, APPAREL & LUXURY GOODS — 7.6%
Coach, Inc. (a)		1,252,354	$	36,230,601
Fossil Group, Inc. (a)(c)		194,721		10,881,010
Hanesbrands, Inc.		1,836,173		53,138,847
Michael Kors Holdings, Ltd. (c)		882,696		37,285,079
NIKE, Inc. (Class B)		3,093,592		380,419,008
PVH Corp.		374,763		38,203,340
Ralph Lauren Corp.		273,858		32,359,061
Under Armour, Inc. (Class A) (a)(c)		820,381		79,396,473
V.F. Corp.		1,553,437		105,959,938

				773,873,357

TOTAL COMMON STOCKS —
(Cost $10,486,324,874)				10,100,328,174

SHORT TERM INVESTMENTS — 3.8%
MONEY MARKET FUNDS — 3.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		369,001,158		369,001,158
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		10,764,088		10,764,088

TOTAL SHORT TERM INVESTMENTS —
(Cost $379,765,246)				379,765,246

TOTAL INVESTMENTS — 103.6% (g)
(Cost $10,866,090,120)				10,480,093,420
OTHER ASSETS & LIABILITIES — (3.6)%				(362,451,908	)

NET ASSETS — 100.0%			$	10,117,641,512


(a)		A portion of the security was on loan at September 30, 2015.
(b)		Amount shown represents less than 0.05% of net assets.
(c)		Non-income producing security
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Consumer Staples Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BEVERAGES — 20.7%
Brown-Forman Corp. (Class B)		538,325	$	52,163,693
Coca-Cola Co.		16,849,510		676,002,341
Coca-Cola Enterprises, Inc.		1,096,593		53,020,272
Constellation Brands, Inc. (Class A)		1,116,011		139,735,737
Dr. Pepper Snapple Group, Inc.		977,312		77,256,514
Molson Coors Brewing Co. (Class B)		862,075		71,569,466
Monster Beverage Corp. (a)		757,057		102,308,683
PepsiCo, Inc.		3,623,964		341,739,805

				1,513,796,511

FOOD & STAPLES RETAILING — 25.5%
Costco Wholesale Corp.		1,973,424		285,297,908
CVS Health Corp.		4,929,192		475,568,444
Kroger Co.		4,726,216		170,474,611
Sysco Corp. (b)		2,602,744		101,428,934
Wal-Mart Stores, Inc.		6,797,582		440,755,217
Walgreens Boots Alliance, Inc.		4,007,822		333,050,008
Whole Foods Market, Inc. (b)		1,708,769		54,082,539

				1,860,657,661

FOOD PRODUCTS — 18.4%
Archer-Daniels-Midland Co.		2,848,332		118,063,361
Campbell Soup Co. (b)		991,128		50,230,367
ConAgra Foods, Inc.		2,156,239		87,349,242
General Mills, Inc.		2,746,344		154,152,289
Hershey Co.		728,413		66,926,586
Hormel Foods Corp.		821,720		52,023,093
J.M. Smucker Co.		533,943		60,917,557
Kellogg Co.		1,249,872		83,178,982
Keurig Green Mountain, Inc. (b)		518,938		27,057,427
Kraft Heinz Co.		2,552,491		180,154,815
McCormick & Co., Inc. (b)		601,260		49,411,547
Mead Johnson Nutrition Co.		955,593		67,273,747
Mondelez International, Inc. (Class A)		6,535,643		273,647,372
Tyson Foods, Inc. (Class A)		1,726,438		74,409,478

				1,344,795,863

HOUSEHOLD PRODUCTS — 18.5%
Clorox Co.		652,663		75,402,157
Colgate-Palmolive Co.		4,007,218		254,298,054
Kimberly-Clark Corp.		1,650,554		179,976,408
Procter & Gamble Co.		11,675,915		839,965,325

				1,349,641,944

PERSONAL PRODUCTS — 1.2%
Estee Lauder Cos., Inc. (Class A)		1,107,093		89,320,263

TOBACCO — 15.3%
Altria Group, Inc.		7,627,913		414,958,467
Philip Morris International, Inc.		6,673,221		529,386,622
Reynolds American, Inc.		3,976,314		176,031,421

				1,120,376,510

TOTAL COMMON STOCKS —
(Cost $7,685,981,637)				7,278,588,752

SHORT TERM INVESTMENTS — 2.3%
MONEY MARKET FUNDS — 2.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		158,430,802		158,430,802
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		5,839,455		5,839,455

TOTAL SHORT TERM INVESTMENTS —
(Cost $164,270,257)				164,270,257

TOTAL INVESTMENTS — 101.9% (f)
(Cost $7,850,251,894)				7,442,859,009
OTHER ASSETS & LIABILITIES — (1.9)%				(136,985,177	)

NET ASSETS — 100.0%			$	7,305,873,832


(a)		Non-income producing security
(b)		A portion of the security was on loan at September 30, 2015.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

See accompanying notes to financial statements.

The Energy Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
ENERGY EQUIPMENT & SERVICES — 18.3%
Baker Hughes, Inc.		5,289,594	$	275,270,472
Cameron International Corp. (a)		2,806,706		172,107,212
Diamond Offshore Drilling, Inc. (b)		1,009,631		17,466,616
Ensco PLC (Class A) (b)		2,145,833		30,213,329
FMC Technologies, Inc. (a)(b)		3,795,925		117,673,675
Halliburton Co.		9,372,687		331,324,485
Helmerich & Payne, Inc. (b)		985,569		46,577,991
National Oilwell Varco, Inc. (b)		4,459,000		167,881,350
Schlumberger, Ltd.		12,091,246		833,933,237
Transocean, Ltd. (b)		3,127,030		40,401,227

				2,032,849,594

OIL, GAS & CONSUMABLE FUELS — 81.5%
Anadarko Petroleum Corp.		5,409,741		326,694,259
Apache Corp.		3,977,158		155,745,507
Cabot Oil & Gas Corp.		8,204,379		179,347,725
Chesapeake Energy Corp. (b)		6,289,796		46,104,205
Chevron Corp. (b)		17,597,431		1,388,085,357
Cimarex Energy Co.		864,942		88,639,256
Columbia Pipeline Group, Inc.		2,894,760		52,945,160
ConocoPhillips (b)		8,334,846		399,739,214
CONSOL Energy, Inc. (b)		3,349,662		32,826,688
Devon Energy Corp.		4,080,451		151,343,928
EOG Resources, Inc.		6,131,953		446,406,179
EQT Corp.		1,394,794		90,340,807
Exxon Mobil Corp. (b)		25,762,634		1,915,451,838
Hess Corp.		2,743,992		137,364,240
Kinder Morgan, Inc. (b)		16,465,322		455,760,113
Marathon Oil Corp. (b)		7,256,926		111,756,660
Marathon Petroleum Corp.		4,907,743		227,375,733
Murphy Oil Corp. (b)		2,017,119		48,814,280
Newfield Exploration Co. (a)		1,490,626		49,041,595
Noble Energy, Inc.		5,334,100		160,983,138
Occidental Petroleum Corp.		6,105,428		403,874,062
ONEOK, Inc.		1,911,343		61,545,245
Phillips 66		4,374,624		336,146,108
Pioneer Natural Resources Co. (b)		3,094,746		376,444,904
Range Resources Corp. (b)		2,435,108		78,215,669
Southwestern Energy Co. (a)(b)		4,529,916		57,484,634
Spectra Energy Corp. (b)		8,242,312		216,525,536
Tesoro Corp.		3,543,662		344,585,693
Valero Energy Corp.		6,353,637		381,853,584
Williams Cos., Inc.		8,816,799		324,899,043

				9,046,340,360

TOTAL COMMON STOCKS —
(Cost $16,294,494,302)				11,079,189,954

SHORT TERM INVESTMENTS — 5.4%
MONEY MARKET FUNDS — 5.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		588,776,881		588,776,881
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		9,735,578		9,735,578

TOTAL SHORT TERM INVESTMENTS —
(Cost $598,512,459)				598,512,459

TOTAL INVESTMENTS — 105.2% (f)
(Cost $16,893,006,761)				11,677,702,413
OTHER ASSETS & LIABILITIES — (5.2)%				(574,181,715	)

NET ASSETS — 100.0%			$	11,103,520,698


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Financial Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
BANKS — 36.4%
Bank of America Corp.		62,717,729	$	977,142,218
BB&T Corp.		4,671,530		166,306,468
Citigroup, Inc.		18,030,475		894,491,865
Comerica, Inc.		1,065,947		43,810,422
Fifth Third Bancorp		4,811,277		90,981,248
Huntington Bancshares, Inc.		4,810,728		50,993,717
JPMorgan Chase & Co.		22,155,244		1,350,805,227
KeyCorp		5,036,767		65,528,339
M & T Bank Corp. (a)		798,211		97,341,831
People’s United Financial, Inc. (a)		1,857,472		29,218,035
PNC Financial Services Group, Inc.		3,076,322		274,407,922
Regions Financial Corp.		7,934,923		71,493,656
SunTrust Banks, Inc.		3,104,591		118,719,560
U.S. Bancorp		9,916,501		406,675,706
Wells Fargo & Co.		27,986,252		1,437,094,040
Zions Bancorporation (a)		1,223,562		33,696,897

				6,108,707,151

CAPITAL MARKETS — 12.9%
Affiliated Managers Group, Inc. (a)(b)		325,177		55,602,015
Ameriprise Financial, Inc.		1,067,217		116,465,391
Bank of New York Mellon Corp.		6,626,338		259,421,133
BlackRock, Inc.		768,010		228,459,935
Charles Schwab Corp.		7,183,054		205,148,022
E*TRADE Financial Corp. (b)		1,738,753		45,781,366
Franklin Resources, Inc. (a)		2,316,499		86,312,753
Goldman Sachs Group, Inc.		2,412,384		419,175,844
Invesco, Ltd.		2,568,156		80,203,512
Legg Mason, Inc.		660,366		27,477,829
Morgan Stanley		9,126,308		287,478,702
Northern Trust Corp.		1,311,045		89,360,827
State Street Corp. (a)(c)		2,444,628		164,303,448
T. Rowe Price Group, Inc. (a)		1,533,633		106,587,494

				2,171,778,271

CONSUMER FINANCE — 4.6%
American Express Co.		5,094,655		377,666,776
Capital One Financial Corp.		3,249,406		235,646,923
Discover Financial Services		2,606,390		135,506,216
Navient Corp.		2,237,717		25,151,939

				773,971,854

DIVERSIFIED FINANCIAL SERVICES — 12.7%
Berkshire Hathaway, Inc. (Class B) (b)		11,222,836		1,463,457,814
CME Group, Inc.		2,028,371		188,111,127
Intercontinental Exchange, Inc.		661,769		155,509,097
Leucadia National Corp.		2,025,999		41,046,740
McGraw Hill Financial, Inc.		1,632,720		141,230,280
Moody’s Corp.		1,043,134		102,435,759
Nasdaq, Inc.		708,404		37,779,185

				2,129,570,002

INSURANCE — 16.6%
ACE, Ltd. (a)		1,939,366		200,530,444
Aflac, Inc.		2,579,998		149,975,284
Allstate Corp.		2,397,105		139,607,395
American International Group, Inc.		7,743,679		439,995,841
Aon PLC		1,677,414		148,635,655
Assurant, Inc.		400,342		31,631,021
Chubb Corp.		1,359,193		166,705,021
Cincinnati Financial Corp. (a)		884,679		47,595,730
Genworth Financial, Inc. (Class A) (a)(b)		2,980,241		13,768,713
Hartford Financial Services Group, Inc.		2,484,724		113,750,665
Lincoln National Corp.		1,503,175		71,340,686
Loews Corp. (a)		1,716,231		62,024,588
Marsh & McLennan Cos., Inc.		3,173,744		165,732,912
MetLife, Inc.		6,692,509		315,551,799
Principal Financial Group, Inc. (a)		1,642,231		77,743,216
Progressive Corp.		3,522,904		107,941,779
Prudential Financial, Inc.		2,701,631		205,891,299
Torchmark Corp. (a)		694,949		39,195,124
Travelers Cos., Inc.		1,862,702		185,394,730
Unum Group		1,477,265		47,390,661
XL Group PLC (a)		1,810,267		65,748,897

				2,796,151,460

REAL ESTATE INVESTMENT TRUSTS (REITS) — 16.0%
American Tower Corp.		2,536,100		223,126,078
Apartment Investment & Management Co. (Class A)		936,492		34,668,934
AvalonBay Communities, Inc.		796,627		139,266,332
Boston Properties, Inc.		920,142		108,944,813
Crown Castle International Corp.		1,999,078		157,667,282
Equinix, Inc. (a)		341,274		93,304,312
Equity Residential (a)		2,181,429		163,868,946
Essex Property Trust, Inc.		394,224		88,077,526
General Growth Properties, Inc.		3,492,132		90,690,668
HCP, Inc.		2,772,137		103,262,103
Host Hotels & Resorts, Inc.		4,498,907		71,127,720
Iron Mountain, Inc. (a)		1,150,304		35,682,430
Kimco Realty Corp. (a)		2,475,255		60,470,480
Macerich Co.		804,857		61,829,115
Plum Creek Timber Co., Inc. (a)		1,046,624		41,352,114
ProLogis, Inc.		3,140,736		122,174,630
Public Storage, Inc.		881,106		186,468,463
Realty Income Corp. (a)		1,407,751		66,713,320
Simon Property Group, Inc.		1,853,276		340,483,867
SL Green Realty Corp. (a)		597,040		64,575,846
Ventas, Inc.		1,992,308		111,688,786
Vornado Realty Trust		1,061,921		96,018,897
Welltower, Inc.		2,108,464		142,785,182
Weyerhaeuser Co.		3,080,095		84,209,797

				2,688,457,641

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
CBRE Group, Inc. (b)		1,739,078		55,650,496

THRIFTS & MORTGAGE FINANCE — 0.2%
Hudson City Bancorp, Inc.		2,887,543		29,366,312

TOTAL COMMON STOCKS —
(Cost $18,013,874,772)				16,753,653,187

See accompanying notes to financial statements.

The Financial Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		244,618,359	$	244,618,359
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		36,046,018		36,046,018

TOTAL SHORT TERM INVESTMENTS —
(Cost $280,664,377)				280,664,377

TOTAL INVESTMENTS — 101.4% (g)
(Cost $18,294,539,149)				17,034,317,564
OTHER ASSETS & LIABILITIES — (1.4)%				(233,398,125	)

NET ASSETS — 100.0%			$	16,800,919,439


(a)		A portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Affiliated issuer (Note 3).
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Health Care Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BIOTECHNOLOGY — 24.4%
AbbVie, Inc.		8,523,957	$	463,788,500
Alexion Pharmaceuticals, Inc. (a)(b)		1,164,108		182,054,850
Amgen, Inc.		3,903,523		539,935,301
Baxalta, Inc.		2,787,989		87,849,533
Biogen Idec, Inc. (a)		1,237,829		361,210,881
Celgene Corp. (a)		4,069,688		440,218,151
Gilead Sciences, Inc.		7,554,945		741,820,050
Regeneron Pharmaceuticals, Inc. (a)(b)		397,847		185,054,554
Vertex Pharmaceuticals, Inc. (a)		1,257,171		130,921,788

				3,132,853,608

HEALTH CARE EQUIPMENT & SUPPLIES — 13.6%
Abbott Laboratories (b)		6,510,461		261,850,741
Baxter International, Inc.		2,842,663		93,381,480
Becton, Dickinson and Co. (b)		1,108,852		147,100,306
Boston Scientific Corp. (a)		6,965,741		114,307,810
C.R. Bard, Inc.		407,059		75,839,162
DENTSPLY International, Inc.		719,556		36,387,947
Edwards Lifesciences Corp. (a)		553,662		78,714,127
Intuitive Surgical, Inc. (a)		189,750		87,205,305
Medtronic PLC		7,314,482		489,631,425
St. Jude Medical, Inc. (b)		1,479,039		93,312,571
Stryker Corp.		1,654,381		155,677,252
Varian Medical Systems, Inc. (a)(b)		514,092		37,929,708
Zimmer Biomet Holdings, Inc.		892,565		83,838,630

				1,755,176,464

HEALTH CARE PROVIDERS & SERVICES — 19.5%
Aetna, Inc. (b)		1,843,313		201,676,875
AmerisourceBergen Corp.		1,097,767		104,276,887
Anthem, Inc. (b)		1,382,679		193,575,060
Cardinal Health, Inc.		1,702,273		130,768,612
CIGNA Corp.		1,373,680		185,474,274
DaVita, Inc. (a)(b)		885,713		64,063,621
Express Scripts Holding Co. (a)(b)		3,670,524		297,165,623
HCA Holdings, Inc. (a)		1,644,458		127,215,271
Henry Schein, Inc. (a)(b)		430,440		57,127,997
Humana, Inc.		819,561		146,701,419
Laboratory Corp. of America Holdings (a)		516,736		56,050,354
McKesson Corp.		1,230,244		227,632,047
Patterson Cos., Inc.		440,806		19,064,860
Quest Diagnostics, Inc. (b)		766,889		47,140,667
Tenet Healthcare Corp. (a)(b)		529,912		19,564,351
UnitedHealth Group, Inc.		4,951,079		574,374,675
Universal Health Services, Inc.		468,978		58,533,144

				2,510,405,737

HEALTH CARE TECHNOLOGY — 0.7%
Cerner Corp. (a)(b)		1,575,895		94,490,664

LIFE SCIENCES TOOLS & SERVICES — 3.0%
Agilent Technologies, Inc.		1,715,748		58,901,629
PerkinElmer, Inc.		582,779		26,784,523
Thermo Fisher Scientific, Inc.		2,053,600		251,114,208
Waters Corp. (a)		425,965		50,353,322

				387,153,682

PHARMACEUTICALS — 38.6%
Allergan PLC (a)		2,136,390		580,692,166
Bristol-Myers Squibb Co.		8,627,728		510,761,498
Eli Lilly & Co.		5,021,698		420,265,906
Endo International PLC (a)(b)		1,071,890		74,260,539
Johnson & Johnson		14,254,976		1,330,702,009
Mallinckrodt PLC (a)(b)		601,950		38,488,683
Merck & Co., Inc.		14,499,857		716,147,937
Mylan NV (a)		2,118,453		85,288,918
Perrigo Co. PLC		752,920		118,411,728
Pfizer, Inc.		31,767,484		997,816,672
Zoetis, Inc.		2,364,944		97,388,394

				4,970,224,450

TOTAL COMMON STOCKS —
(Cost $13,950,854,284)				12,850,304,605

SHORT TERM INVESTMENTS — 1.1%
MONEY MARKET FUNDS — 1.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		128,006,341		128,006,341
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		9,211,316		9,211,316

TOTAL SHORT TERM INVESTMENTS —
(Cost $137,217,657)				137,217,657

TOTAL INVESTMENTS — 100.9% (f)
(Cost $14,088,071,941)				12,987,522,262
OTHER ASSETS & LIABILITIES — (0.9)%				(114,621,903	)

NET ASSETS — 100.0%			$	12,872,900,359


(a)		Non-income producing security
(b)		A portion of the security was on loan at September 30, 2015.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Industrial Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 27.4%
Boeing Co.		2,367,730	$	310,054,243
General Dynamics Corp.		1,171,298		161,580,559
Honeywell International, Inc.		2,928,293		277,280,064
L-3 Communications Holdings, Inc.		285,031		29,791,440
Lockheed Martin Corp.		1,004,454		208,233,359
Northrop Grumman Corp.		718,118		119,171,682
Precision Castparts Corp.		488,102		112,121,910
Raytheon Co.		1,179,152		128,834,148
Rockwell Collins, Inc.		604,506		49,472,771
Textron, Inc.		1,225,320		46,121,045
United Technologies Corp.		3,055,024		271,866,586

				1,714,527,807

AIR FREIGHT & LOGISTICS — 7.3%
C.H. Robinson Worldwide, Inc.		503,072		34,098,220
Expeditors International of Washington, Inc.		671,336		31,586,359
FedEx Corp.		999,799		143,951,060
United Parcel Service, Inc. (Class B)		2,525,197		249,211,692

				458,847,331

AIRLINES — 6.2%
American Airlines Group, Inc.		2,383,330		92,544,704
Delta Air Lines, Inc.		2,821,637		126,606,852
Southwest Airlines Co.		2,566,006		97,610,868
United Continental Holdings, Inc. (a)		1,340,811		71,130,024

				387,892,448

BUILDING PRODUCTS — 0.9%
Allegion PLC		340,199		19,615,874
Masco Corp.		1,358,677		34,211,487

				53,827,361

COMMERCIAL SERVICES & SUPPLIES — 4.4%
ADT Corp. (b)		603,813		18,054,009
Cintas Corp. (b)		381,948		32,752,041
Pitney Bowes, Inc. (b)		821,941		16,315,529
Republic Services, Inc.		854,011		35,185,253
Stericycle, Inc. (a)		301,153		41,953,624
Tyco International PLC		1,496,522		50,073,626
Waste Management, Inc.		1,628,944		81,137,701

				275,471,783

CONSTRUCTION & ENGINEERING — 1.0%
Fluor Corp.		748,171		31,685,042
Jacobs Engineering Group, Inc. (a)(b)		439,343		16,444,608
Quanta Services, Inc. (a)(b)		724,133		17,531,260

				65,660,910

ELECTRICAL EQUIPMENT — 5.1%
AMETEK, Inc.		859,958		44,993,003
Eaton Corp. PLC		2,029,335		104,104,886
Emerson Electric Co.		2,469,414		109,074,016
Rockwell Automation, Inc.		615,920		62,497,402

				320,669,307

INDUSTRIAL CONGLOMERATES — 20.0%
3M Co.		2,273,693		322,341,457
Danaher Corp.		2,369,019		201,864,109
General Electric Co.		26,542,700		669,406,894
Roper Technologies, Inc.		357,423		56,008,184

				1,249,620,644

MACHINERY — 13.5%
Caterpillar, Inc. (b)		2,281,689		149,131,193
Cummins, Inc.		1,086,253		117,945,351
Deere & Co. (b)		1,233,743		91,296,982
Dover Corp.		671,753		38,410,837
Flowserve Corp. (b)		474,752		19,531,297
Illinois Tool Works, Inc.		1,242,620		102,280,052
Ingersoll-Rand PLC		942,172		47,834,073
Joy Global, Inc. (b)		346,016		5,166,019
PACCAR, Inc. (b)		1,466,020		76,482,263
Parker-Hannifin Corp. (b)		619,794		60,305,956
Pentair PLC		639,249		32,627,269
Snap-on, Inc.		206,527		31,173,185
Stanley Black & Decker, Inc.		543,997		52,756,829
Xylem, Inc.		644,373		21,167,653

				846,108,959

PROFESSIONAL SERVICES — 2.6%
Dun & Bradstreet Corp.		128,429		13,485,045
Equifax, Inc.		570,772		55,467,623
Nielsen Holdings PLC		1,301,022		57,856,448
Robert Half International, Inc.		675,261		34,546,353

				161,355,469

ROAD & RAIL — 9.4%
CSX Corp.		4,209,854		113,245,073
JB Hunt Transport Services, Inc.		326,022		23,277,971
Kansas City Southern		391,837		35,610,146
Norfolk Southern Corp.		1,255,843		95,946,405
Ryder System, Inc. (b)		344,184		25,483,383
Union Pacific Corp.		3,352,204		296,368,356

				589,931,334

TRADING COMPANIES & DISTRIBUTORS — 1.9%
Fastenal Co. (b)		1,031,753		37,772,478
United Rentals, Inc. (a)		338,462		20,324,643
W.W. Grainger, Inc. (b)		282,615		60,765,051

				118,862,172

TOTAL COMMON STOCKS —
(Cost $7,327,587,566)				6,242,775,525

SHORT TERM INVESTMENTS — 2.1%
MONEY MARKET FUNDS — 2.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		124,731,157		124,731,157

See accompanying notes to financial statements.

The Industrial Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		5,404,030	$	5,404,030

TOTAL SHORT TERM INVESTMENTS —
(Cost $130,135,187)				130,135,187

TOTAL INVESTMENTS — 101.8% (f)
(Cost $7,457,722,753)				6,372,910,712
OTHER ASSETS & LIABILITIES — (1.8)%				(115,602,165	)

NET ASSETS — 100.0%			$	6,257,308,547


(a)		Non-income producing security
(b)		A portion of the security was on loan at September 30, 2015.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Materials Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
CHEMICALS — 73.6%
Air Products & Chemicals, Inc.		694,124	$	88,556,340
Airgas, Inc.		283,609		25,334,792
CF Industries Holdings, Inc.		968,810		43,499,569
Dow Chemical Co. (a)		4,712,354		199,803,810
E.I. du Pont de Nemours & Co.		3,681,787		177,462,133
Eastman Chemical Co.		619,115		40,069,123
Ecolab, Inc.		1,080,736		118,578,354
FMC Corp. (a)		571,127		19,366,917
International Flavors & Fragrances, Inc.		336,836		34,781,685
LyondellBasell Industries NV (Class A)		1,516,536		126,418,441
Monsanto Co.		1,903,572		162,450,835
Mosaic Co.		1,401,057		43,586,883
PPG Industries, Inc.		1,028,700		90,206,703
Praxair, Inc.		1,165,704		118,738,609
Sherwin-Williams Co.		326,472		72,731,432
Sigma-Aldrich Corp.		492,249		68,383,231

				1,429,968,857

CONSTRUCTION MATERIALS — 4.7%
Martin Marietta Materials, Inc. (a)		278,886		42,376,728
Vulcan Materials Co.		551,822		49,222,522

				91,599,250

CONTAINERS & PACKAGING — 8.7%
Avery Dennison Corp.		388,194		21,960,135
Ball Corp.		577,062		35,893,256
Owens-Illinois, Inc. (b)		697,696		14,456,261
Sealed Air Corp.		857,171		40,184,177
WestRock Co.		1,083,014		55,710,240

				168,204,069

METALS & MINING — 9.4%
Alcoa, Inc.		5,423,268		52,388,769
Freeport-McMoRan, Inc.		4,728,175		45,816,016
Newmont Mining Corp.		2,209,148		35,501,008
Nucor Corp.		1,324,792		49,745,940

				183,451,733

PAPER & FOREST PRODUCTS — 3.4%
International Paper Co.		1,723,879		65,145,387

TOTAL COMMON STOCKS —
(Cost $2,656,206,625)				1,938,369,296

SHORT TERM INVESTMENTS — 8.0%
MONEY MARKET FUNDS — 8.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		154,703,245		154,703,245
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		277,516		277,516

TOTAL SHORT TERM INVESTMENTS —
(Cost $154,980,761)				154,980,761

TOTAL INVESTMENTS — 107.8% (f)
(Cost $2,811,187,386)				2,093,350,057
OTHER ASSETS & LIABILITIES — (7.8)%				(151,229,337	)

NET ASSETS — 100.0%			$	1,942,120,720


(a)		A portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

See accompanying notes to financial statements.

The Technology Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.9%
COMMUNICATIONS EQUIPMENT — 6.7%
Cisco Systems, Inc.		14,905,374	$	391,266,067
F5 Networks, Inc. (a)		208,023		24,089,063
Harris Corp.		397,437		29,072,517
Juniper Networks, Inc.		1,069,527		27,497,539
Motorola Solutions, Inc. (b)		482,505		32,993,692
QUALCOMM, Inc.		4,632,212		248,888,751

				753,807,629

DIVERSIFIED TELECOMMUNICATION SERVICES — 10.6%
AT&T, Inc.		18,026,989		587,319,302
CenturyLink, Inc.		1,725,046		43,333,155
Frontier Communications Corp. (b)		4,110,741		19,526,020
Level 3 Communications, Inc. (a)		844,335		36,888,996
Verizon Communications, Inc.		11,979,381		521,222,867

				1,208,290,340

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.7%
Amphenol Corp. (Class A)		970,306		49,446,794
Corning, Inc.		3,662,578		62,703,336
FLIR Systems, Inc.		454,973		12,734,694
TE Connectivity, Ltd.		1,178,616		70,587,312

				195,472,136

INTERNET SOFTWARE & SERVICES — 16.6%
Akamai Technologies, Inc. (a)		592,950		40,949,127
Alphabet, Inc. (Class A) (a)		849,611		542,366,174
Alphabet, Inc. (Class C) (a)		866,872		527,422,262
eBay, Inc. (a)		3,341,201		81,658,952
Facebook, Inc. (Class A) (a)		6,622,647		595,375,965
VeriSign, Inc. (a)(b)		323,000		22,790,880
Yahoo!, Inc. (a)		2,592,906		74,960,913

				1,885,524,273

IT SERVICES — 16.7%
Accenture PLC (Class A)		1,829,128		179,730,117
Alliance Data Systems Corp. (a)		179,990		46,613,810
Automatic Data Processing, Inc.		1,396,649		112,234,714
Cognizant Technology Solutions Corp. (Class A) (a)		1,859,168		116,402,509
Computer Sciences Corp.		429,052		26,335,212
Fidelity National Information Services, Inc.		902,063		60,510,386
Fiserv, Inc. (a)		729,129		63,149,863
International Business Machines Corp.		2,641,066		382,875,338
MasterCard, Inc. (Class A)		2,992,523		269,686,173
Paychex, Inc.		987,951		47,056,106
PayPal Holdings, Inc. (a)		3,250,370		100,891,485
Teradata Corp. (a)(b)		454,727		13,168,894
Total System Services, Inc.		566,212		25,723,011
Visa, Inc. (Class A) (b)		5,719,046		398,388,744
Western Union Co. (b)		1,547,968		28,420,692
Xerox Corp.		3,147,660		30,626,732

				1,901,813,786

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.2%
Altera Corp.		956,397		47,896,362
Analog Devices, Inc.		970,458		54,743,536
Applied Materials, Inc.		3,607,862		52,999,493
Avago Technologies, Ltd. (b)		761,438		95,187,364
Broadcom Corp. (Class A)		1,696,995		87,276,453
First Solar, Inc. (a)		223,028		9,534,447
Intel Corp.		11,880,944		358,091,652
KLA-Tencor Corp.		496,514		24,825,700
Lam Research Corp.		463,224		30,262,424
Linear Technology Corp.		758,569		30,608,259
Microchip Technology, Inc. (b)		679,975		29,300,123
Micron Technology, Inc. (a)		3,356,163		50,275,322
NVIDIA Corp.		1,584,701		39,062,880
Qorvo, Inc. (a)		440,830		19,859,391
Skyworks Solutions, Inc.		558,653		47,044,169
Texas Instruments, Inc.		3,054,188		151,243,390
Xilinx, Inc.		811,363		34,401,791

				1,162,612,756

SOFTWARE — 17.6%
Activision Blizzard, Inc. (b)		1,472,979		45,500,321
Adobe Systems, Inc. (a)		1,497,397		123,115,981
Autodesk, Inc. (a)		717,798		31,683,604
CA, Inc.		965,423		26,356,048
Citrix Systems, Inc. (a)		503,761		34,900,562
Electronic Arts, Inc. (a)		981,317		66,484,227
Intuit, Inc.		853,877		75,781,584
Microsoft Corp.		23,439,942		1,037,451,833
Oracle Corp.		9,584,183		346,180,690
Red Hat, Inc. (a)		584,766		42,032,980
Salesforce.com, Inc. (a)		1,952,131		135,536,455
Symantec Corp.		2,080,304		40,503,519

				2,005,527,804

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 19.8%
Apple, Inc.		16,713,176		1,843,463,313
EMC Corp.		5,716,119		138,101,435
Hewlett-Packard Co.		4,394,349		112,539,278
NetApp, Inc.		925,317		27,389,383
SanDisk Corp.		653,401		35,499,276
Seagate Technology PLC (b)		885,248		39,659,110
Western Digital Corp.		711,517		56,522,911

				2,253,174,706

TOTAL COMMON STOCKS —
(Cost $11,496,834,212)				11,366,223,430

SHORT TERM INVESTMENTS — 3.8%
MONEY MARKET FUNDS — 3.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		414,956,922		414,956,922

See accompanying notes to financial statements.

The Technology Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		23,761,405	$	23,761,405

TOTAL SHORT TERM INVESTMENTS —
(Cost $438,718,327)				438,718,327

TOTAL INVESTMENTS — 103.7% (f)
(Cost $11,935,552,539)				11,804,941,757
OTHER ASSETS & LIABILITIES — (3.7)%				(422,657,996	)

NET ASSETS — 100.0%			$	11,382,283,761


(a)		Non-income producing security
(b)		A portion of the security was on loan at September 30, 2015.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

See accompanying notes to financial statements.

The Utilities Select Sector SPDR Fund
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
ELECTRIC UTILITIES — 56.3%
American Electric Power Co., Inc.		6,144,754	$	349,390,712
Duke Energy Corp.		7,917,713		569,600,273
Edison International		4,080,618		257,364,577
Entergy Corp.		2,238,619		145,734,097
Eversource Energy		3,954,992		200,201,695
Exelon Corp.		10,743,717		319,088,395
FirstEnergy Corp.		5,267,593		164,928,337
NextEra Energy, Inc.		5,736,805		559,625,328
Pepco Holdings, Inc.		3,205,633		77,640,431
Pinnacle West Capital Corp.		1,413,870		90,685,622
PPL Corp.		8,385,371		275,794,852
Southern Co.		11,327,472		506,337,998
Xcel Energy, Inc.		6,379,250		225,889,243

				3,742,281,560

GAS UTILITIES — 1.4%
AGL Resources, Inc.		1,497,495		91,407,095

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.2%
AES Corp.		8,564,876		83,850,136
NRG Energy, Inc.		4,123,523		61,234,317

				145,084,453

MULTI-UTILITIES — 39.7%
Ameren Corp.		3,050,982		128,965,009
CenterPoint Energy, Inc.		5,441,363		98,162,188
CMS Energy Corp. (a)		3,525,649		124,525,923
Consolidated Edison, Inc. (a)		3,677,130		245,816,140
Dominion Resources, Inc. (a)		7,410,673		521,563,166
DTE Energy Co.		2,261,803		181,781,107
NiSource, Inc.		4,025,649		74,675,789
PG&E Corp.		6,130,150		323,671,920
Public Service Enterprise Group, Inc.		6,307,854		265,939,125
SCANA Corp. (a)		1,782,116		100,261,846
Sempra Energy		2,947,859		285,116,922
TECO Energy, Inc.		2,982,102		78,309,999
WEC Energy Group, Inc. (a)		3,936,286		205,552,855

				2,634,341,989

TOTAL COMMON STOCKS —
(Cost $7,327,827,712)				6,613,115,097

SHORT TERM INVESTMENTS — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		121,367,515		121,367,515
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d)		11,607,167		11,607,167

TOTAL SHORT TERM INVESTMENTS —
(Cost $132,974,682)				132,974,682

TOTAL INVESTMENTS — 101.6% (e)
(Cost $7,460,802,394)				6,746,089,779
OTHER ASSETS & LIABILITIES — (1.6)%				(106,401,191	)

NET ASSETS — 100.0%			$	6,639,688,588

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2015


	The Consumer			The Consumer
	Discretionary			Staples			The Energy			The Financial			The Health			The Industrial			The Materials			The Technology			The Utilities
	Select Sector			Select Sector			Select Sector			Select Sector			Care Select Sector			Select Sector			Select Sector			Select Sector			Select Sector
	SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund

ASSETS
Investments in unaffiliated issuers, at value * (Note 2)	$	10,100,328,174		$	7,278,588,752		$	11,079,189,954		$	16,589,349,739		$	12,850,304,605		$	6,242,775,525		$	1,938,369,296		$	11,366,223,430		$	6,613,115,097
Investments in affiliated issuers, at value (Note 2 and Note 3)		379,765,246			164,270,257			598,512,459			444,967,825			137,217,657			130,135,187			154,980,761			438,718,327			132,974,682

Total investments		10,480,093,420			7,442,859,009			11,677,702,413			17,034,317,564			12,987,522,262			6,372,910,712			2,093,350,057			11,804,941,757			6,746,089,779
Cash		488,547			—			6,546,590			981,293			688,600			2,047,204			284,646			787,616			2,476,978
Receivable for investments sold		—			—			—			1,725,923			—			—			20,366,695			—			—
Receivable for income related to Select Sector SPDR shares in-kind transactions		8,264			20,501			77,861			2,260,610			77,192			19,511			—			536			11,725
Dividends receivable — unaffiliated issuers (Note 2)		8,499,410			23,261,918			11,007,617			15,245,038			16,583,650			8,758,504			4,152,545			3,185,344			14,006,660
Dividends and securities lending income receivable — affiliated issuers (Note 2)		3,479			2,351			5,400			854,091			2,797			2,523			629			3,230			2,558
Prepaid expenses		30,303			30,079			39,052			56,702			43,826			23,184			6,753			37,575			20,845

TOTAL ASSETS		10,489,123,423			7,466,173,858			11,695,378,933			17,055,441,221			13,004,918,327			6,383,761,638			2,118,161,325			11,808,956,058			6,762,608,545

LIABILITIES
Payable upon return of securities loaned		369,001,158			158,430,802			588,776,881			244,618,359			128,006,341			124,731,157			154,703,245			414,956,922			121,367,515
Payable for investments purchased		—			—			—			4,690,878			—			—			20,456,971			8,069,463			—
Payable for income related to Select Sector SPDR shares in-kind transactions		—			—			—			—			—			—			176,675			—			—
Accrued distribution fees (Note 3)		462,602			449,513			1,011,861			1,556,587			988,069			491,336			287,918			1,367,315			434,737
Accrued advisory fees (Note 3)		300,647			215,986			333,091			521,128			416,726			185,677			63,100			338,594			184,678
Accrued license fees (Note 3)		1,333,608			891,809			1,283,909			2,401,429			2,053,353			775,950			295,505			1,430,919			683,129
Accrued administration, custodian and transfer agent fees (Note 3)		117,589			86,487			136,825			213,918			170,561			70,116			20,533			137,376			73,164
Accrued expenses and other liabilities		266,307			225,429			315,668			519,483			382,918			198,855			36,658			371,708			176,734

TOTAL LIABILITIES		371,481,911			160,300,026			591,858,235			254,521,782			132,017,968			126,453,091			176,040,605			426,672,297			122,919,957

NET ASSETS	$	10,117,641,512		$	7,305,873,832		$	11,103,520,698		$	16,800,919,439		$	12,872,900,359		$	6,257,308,547		$	1,942,120,720		$	11,382,283,761		$	6,639,688,588

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	10,785,868,315		$	7,819,580,505		$	18,104,566,906		$	18,798,230,493		$	13,973,887,228		$	7,641,780,268		$	3,434,468,731		$	12,343,374,147		$	7,742,420,447
Undistributed (distributions in excess of) net investment income		—			6,426,535			—			—			2,503,052			—			5,401,882			—			15,966,600
Accumulated net realized gain (loss) on investments		(282,230,103	)		(112,740,323	)		(1,785,741,860	)		(737,089,469	)		(2,940,242	)		(299,659,680	)		(779,912,564	)		(830,479,604	)		(403,985,844	)
Net unrealized appreciation (depreciation) on investments		(385,996,700	)		(407,392,885	)		(5,215,304,348	)		(1,260,221,585	)		(1,100,549,679	)		(1,084,812,041	)		(717,837,329	)		(130,610,782	)		(714,712,615	)

NET ASSETS	$	10,117,641,512		$	7,305,873,832		$	11,103,520,698		$	16,800,919,439		$	12,872,900,359		$	6,257,308,547		$	1,942,120,720		$	11,382,283,761		$	6,639,688,588

NET ASSET VALUE:
Net asset value per Select Sector SPDR share	$	74.26		$	47.22		$	61.24		$	22.66		$	66.30		$	49.91		$	39.94		$	39.56		$	43.29

Shares outstanding (unlimited amount authorized, $0.01 par value)		136,253,252			154,721,809			181,324,200			741,545,427			194,165,324			125,376,000			48,623,725			287,755,897			153,374,160

COST OF INVESTMENTS:
Unaffiliated issuers	$	10,486,324,874		$	7,685,981,637		$	16,294,494,302		$	17,829,881,636		$	13,950,854,284		$	7,327,587,566		$	2,656,206,625		$	11,496,834,212		$	7,327,827,712
Affiliated issuers (Note 3)		379,765,246			164,270,257			598,512,459			464,657,513			137,217,657			130,135,187			154,980,761			438,718,327			132,974,682

Total cost of investments	$	10,866,090,120		$	7,850,251,894		$	16,893,006,761		$	18,294,539,149		$	14,088,071,941		$	7,457,722,753		$	2,811,187,386		$	11,935,552,539		$	7,460,802,394

* Includes investments of securities on loan, at value	$	508,239,838		$	180,338,619		$	649,933,674		$	301,703,753		$	154,877,604		$	338,424,065		$	158,023,914		$	458,399,457		$	176,256,132

See accompanying notes to financial statements.

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THE SELECT SECTOR SPDR TRUST
STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2015


	The Consumer			The Consumer
	Discretionary			Staples			The Energy			The Financial			The Health			The Industrial			The Materials			The Technology			The Utilities
	Select Sector			Select Sector			Select Sector			Select Sector			Care Select Sector			Select Sector			Select Sector			Select Sector			Select Sector
	SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund			SPDR Fund

INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	146,116,806		$	238,295,969		$	329,270,445		$	347,525,787		$	214,060,844		$	167,166,812		$	61,310,848		$	250,147,170		$	242,576,881
Dividend income — affiliated issuers (Notes 2 and 3)		25,162			22,733			30,439			3,372,479			23,520			16,089			4,550			26,974			16,185
Affiliated securities lending income — net (Note 3 and Note 7)		1,028,074			130,492			5,060,667			190,067			259,090			349,443			52,850			473,129			297,289
Less: Foreign taxes withheld		—			—			—			—			—			(202,655	)		—			—			—

TOTAL INVESTMENT INCOME		147,170,042			238,449,194			334,361,551			351,088,333			214,343,454			167,329,689			61,368,248			250,647,273			242,890,355

EXPENSES
License fees (Note 3)		4,204,799			3,832,959			5,358,327			8,383,944			6,053,015			3,564,031			1,314,597			5,740,893			2,950,583
Distribution fees (Note 3)		4,158,349			3,786,688			5,295,969			8,283,723			5,980,819			3,519,698			1,296,381			5,670,861			2,914,803
Advisory fees (Note 3)		3,367,591			3,067,972			4,289,978			6,711,981			4,845,473			2,852,158			1,051,248			4,594,915			2,361,654
Unitary fees (Administrator, custodian and transfer agent fees) (Note 3)		1,345,273			1,226,368			1,713,721			2,681,841			1,936,216			1,140,946			421,319			1,836,819			944,156
Printing and postage expenses		406,974			383,040			508,586			767,632			585,567			368,795			126,705			518,451			290,253
Professional fees		51,118			47,419			69,406			115,984			71,015			56,037			24,886			81,866			37,932
Trustees’ fees (Note 3)		61,211			69,097			87,418			146,070			95,150			71,982			29,474			102,025			51,622
SEC registration expenses		53,004			55,961			89,641			152,877			84,040			25,208			3,029			112,925			49,391
Insurance expense		31,395			30,432			47,039			84,247			44,925			45,094			23,007			65,464			28,599
Miscellaneous expenses		38,124			47,473			54,138			84,229			49,173			38,821			24,897			69,978			44,694

TOTAL EXPENSES		13,717,838			12,547,409			17,514,223			27,412,528			19,745,393			11,682,770			4,315,543			18,794,197			9,673,687

NET INVESTMENT INCOME		133,452,204			225,901,785			316,847,328			323,675,805			194,598,061			155,646,919			57,052,705			231,853,076			233,216,668

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		895,793,099			834,802,567			134,461,010			1,849,961,878			2,167,416,959			654,350,205			229,770,411			1,594,411,356			313,298,759
Investment transactions — affiliated issuers (Note 3)		—			—			—			14,303,904			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		(263,317,474	)		(366,933,511	)		(4,428,352,527	)		(2,377,048,168	)		(2,076,932,038	)		(1,004,401,378	)		(829,151,283	)		(1,801,942,239	)		(293,521,382	)
Investment transactions — affiliated issuers (Note 3)		—			—			—			(33,555,037	)		—			—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		632,475,625			467,869,056			(4,293,891,517	)		(546,337,423	)		90,484,921			(350,051,173	)		(599,380,872	)		(207,530,883	)		19,777,377

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	765,927,829		$	693,770,841		$	(3,977,044,189	)	$	(222,661,618	)	$	285,082,982		$	(194,404,254	)	$	(542,328,167	)	$	24,322,193		$	252,994,045

See accompanying notes to financial statements.

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THE SELECT SECTOR SPDR TRUST
STATEMENTS OF CHANGES IN NET ASSETS


	The Consumer Discretionary						The Consumer Staples						The Energy						The Financial						The Health Care
	Select Sector SPDR Fund						Select Sector SPDR Fund						Select Sector SPDR Fund						Select Sector SPDR Fund						Select Sector SPDR Fund
	Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	133,452,204		$	84,260,350		$	225,901,785		$	165,017,955		$	316,847,328		$	189,482,625		$	323,675,805		$	267,383,329		$	194,598,061		$	143,050,610
Net realized gain (loss) on investment transactions		895,793,099			1,080,046,890			834,802,567			471,927,410			134,461,010			892,606,308			1,864,265,782			1,713,071,228			2,167,416,959			1,594,594,175
Net change in unrealized appreciation (depreciation) on investments		(263,317,474	)		(560,627,731	)		(366,933,511	)		137,011,255			(4,428,352,527	)		(193,034,746	)		(2,410,603,205	)		688,776,765			(2,076,932,038	)		485,500,497

Net increase (decrease) in net assets resulting from operations		765,927,829			603,679,509			693,770,841			773,956,620			(3,977,044,189	)		889,054,187			(222,661,618	)		2,669,231,322			285,082,982			2,223,145,282

Net equalization credits and charges		6,495,981			675,003			(5,805,786	)		15,007,751			13,542,096			6,954,845			5,110,821			11,363,628			3,545,990			2,469,490

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(141,863,192	)		(86,551,171	)		(219,475,250	)		(178,039,665	)		(325,192,963	)		(197,189,804	)		(347,890,956	)		(302,622,182	)		(192,095,009	)		(145,423,087	)

FROM SELECT SECTOR SPDR SHARE TRANSACTIONS:
Proceeds from sales of shares		16,252,466,150			9,751,751,920			12,877,492,898			15,173,165,574			30,961,519,729			24,615,662,145			24,655,217,890			19,453,109,270			21,603,030,737			12,619,124,417
Cost of shares redeemed		(13,471,666,946	)		(10,291,030,934	)		(13,669,114,503	)		(13,387,212,488	)		(25,394,747,053	)		(23,436,123,285	)		(25,889,225,388	)		(17,809,235,152	)		(19,985,020,339	)		(11,014,754,397	)
Net income equalization (Note 2)		(6,495,981	)		(675,003	)		5,805,786			(15,007,751	)		(13,542,096	)		(6,954,845	)		(5,110,821	)		(11,363,628	)		(3,545,990	)		(2,469,490	)

Net increase (decrease) in net assets from SPDR share transactions (Note 4)		2,774,303,223			(539,954,017	)		(785,815,819	)		1,770,945,335			5,553,230,580			1,172,584,015			(1,239,118,319	)		1,632,510,490			1,614,464,408			1,601,900,530

Contribution by Affiliate (Note 3)		—			—			—			—			—			—			461,741			—			—			—

Net increase (decrease) in net assets during year		3,404,863,841			(22,150,676	)		(317,326,014	)		2,381,870,041			1,264,535,524			1,871,403,243			(1,804,098,331	)		4,010,483,258			1,710,998,371			3,682,092,215
Net assets at beginning of year		6,712,777,671			6,734,928,347			7,623,199,846			5,241,329,805			9,838,985,174			7,967,581,931			18,605,017,770			14,594,534,512			11,161,901,988			7,479,809,773

NET ASSETS END OF YEAR (1)	$	10,117,641,512		$	6,712,777,671		$	7,305,873,832		$	7,623,199,846		$	11,103,520,698		$	9,838,985,174		$	16,800,919,439		$	18,605,017,770		$	12,872,900,359		$	11,161,901,988

SELECT SECTOR SPDR SHARES:
Shares sold		221,600,000			148,100,000			268,950,000			349,000,000			402,100,000			272,500,000			1,021,050,000			887,950,000			305,050,000			215,900,000
Shares redeemed		(186,000,000	)		(158,600,000	)		(283,250,000	)		(311,650,000	)		(329,400,000	)		(260,000,000	)		(1,082,600,000	)		(818,050,000	)		(285,550,000	)		(189,100,000	)

Net increase (decrease)		35,600,000			(10,500,000	)		(14,300,000	)		37,350,000			72,700,000			12,500,000			(61,550,000	)		69,900,000			19,500,000			26,800,000

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	—		$	6,426,535		$	—		$	—		$	—		$	—		$	—		$	2,503,052		$	—

See accompanying notes to financial statements.

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THE SELECT SECTOR SPDR TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	The Industrial						The Materials						The Technology						The Utilities
	Select Sector SPDR Fund						Select Sector SPDR Fund						Select Sector SPDR Fund						Select Sector SPDR Fund
	Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/15			Year Ended 9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	155,646,919		$	174,834,958		$	57,052,705		$	97,044,104		$	231,853,076		$	238,333,295		$	233,216,668		$	203,318,579
Net realized gain (loss) on investment transactions		654,350,205			1,319,554,204			229,770,411			516,097,288			1,594,411,356			1,482,027,442			313,298,759			465,241,211
Net change in unrealized appreciation (depreciation) on investments		(1,004,401,378	)		(259,651,784	)		(829,151,283	)		260,758,150			(1,801,942,239	)		1,278,835,156			(293,521,382	)		86,241,084

Net increase (decrease) in net assets resulting from operations		(194,404,254	)		1,234,737,378			(542,328,167	)		873,899,542			24,322,193			2,999,195,893			252,994,045			754,800,874

Net equalization credits and charges		(2,163,426	)		5,483,635			(6,448,819	)		506,308			(2,315,017	)		(3,217,526	)		(5,864,623	)		(4,369,589	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(163,721,601	)		(178,042,269	)		(53,406,362	)		(96,023,771	)		(237,080,009	)		(236,118,035	)		(227,496,268	)		(198,977,276	)

FROM SELECT SECTOR SPDR SHARE TRANSACTIONS:
Proceeds from sales of shares		16,779,426,941			15,526,270,343			5,508,069,163			6,708,608,979			7,757,919,825			7,853,062,754			16,306,827,009			17,465,851,111
Cost of shares redeemed		(18,739,609,157	)		(14,867,458,274	)		(8,152,448,898	)		(5,889,951,266	)		(10,017,218,826	)		(8,476,108,670	)		(15,160,909,091	)		(17,728,547,091	)
Net income equalization (Note 2)		2,163,426			(5,483,635	)		6,448,819			(506,308	)		2,315,017			3,217,526			5,864,623			4,369,589

Net increase (decrease) in net assets from SPDR share transactions (Note 4)		(1,958,018,790	)		653,328,434			(2,637,930,916	)		818,151,405			(2,256,983,984	)		(619,828,390	)		1,151,782,541			(258,326,391	)

Net increase (decrease) in net assets during year		(2,318,308,071	)		1,715,507,178			(3,240,114,264	)		1,596,533,484			(2,472,056,817	)		2,140,031,942			1,171,415,695			293,127,618
Net assets at beginning of year		8,575,616,618			6,860,109,440			5,182,234,984			3,585,701,500			13,854,340,578			11,714,308,636			5,468,272,893			5,175,145,275

NET ASSETS END OF YEAR (1)	$	6,257,308,547		$	8,575,616,618		$	1,942,120,720		$	5,182,234,984		$	11,382,283,761		$	13,854,340,578		$	6,639,688,588		$	5,468,272,893

SELECT SECTOR SPDR SHARES:
Shares sold		308,500,000			300,050,000			116,500,000			143,550,000			187,000,000			214,700,000			362,500,000			429,200,000
Shares redeemed		(344,500,000	)		(286,550,000	)		(172,400,000	)		(124,400,000	)		(246,600,000	)		(232,950,000	)		(339,000,000	)		(437,850,000	)

Net increase (decrease)		(36,000,000	)		13,500,000			(55,900,000	)		19,150,000			(59,600,000	)		(18,250,000	)		23,500,000			(8,650,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	—		$	5,401,882		$	1,755,539		$	—		$	4,601,310		$	15,966,600		$	10,246,200

See accompanying notes to financial statements.

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THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Consumer Discretionary Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	66.69		$	60.59		$	46.79		$	34.88		$	33.44

Income (loss) from investment operations:
Net investment income (1)		1.05			0.90			0.83			0.66			0.58	(2)
Net realized and unrealized gain (loss) (3)		7.55			6.10			13.73			11.88			1.49

Total from investment operations		8.60			7.00			14.56			12.54			2.07

Net equalization credits and charges (1)		0.05			0.01			0.06			0.04			(0.02	)

Distributions to shareholders from:
Net investment income		(1.08	)		(0.91	)		(0.82	)		(0.67	)		(0.61	)

Net asset value, end of year	$	74.26		$	66.69		$	60.59		$	46.79		$	34.88

Total return (4)		12.98	%		11.59	%		31.50	%		36.25	%		6.00	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	10,117,642		$	6,712,778		$	6,734,928		$	3,343,159		$	1,779,239
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.41	%		1.37	%		1.55	%		1.55	%		1.52	%(2)
Portfolio turnover rate (5)		6.45	%		5.07	%		7.91	%		4.80	%		6.76	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and the ratio of net investment income to average assets reflects receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.05 per share and 0.14% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been 5.81%.
(3)		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.
(4)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(5)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Consumer Staples Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	45.10		$	39.81		$	35.83		$	29.64		$	27.88

Income (loss) from investment operations:
Net investment income (1)		1.27			1.14			1.12			0.94			0.88
Net realized and unrealized gain (loss) (2)		2.14			5.19			4.00			6.17			1.69

Total from investment operations		3.41			6.33			5.12			7.11			2.57

Net equalization credits and charges (1)		(0.03	)		0.10			(0.04	)		0.03			0.05

Distributions to shareholders from:
Net investment income		(1.26	)		(1.14	)		(1.10	)		(0.95	)		(0.86	)

Net asset value, end of year	$	47.22		$	45.10		$	39.81		$	35.83		$	29.64

Total return (3)		7.45	%		16.26	%		14.35	%		24.28	%		9.38	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	7,305,874		$	7,623,200		$	5,241,330		$	6,031,956		$	5,131,609
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		2.62	%		2.62	%		2.91	%		2.82	%		2.91	%
Portfolio turnover rate (4)		2.94	%		3.94	%		4.70	%		12.41	%		3.64	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(4)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Energy Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	90.58		$	82.89		$	73.45		$	58.54		$	56.05

Income (loss) from investment operations:
Net investment income (1)		2.01			1.77			1.49			1.19			1.01
Net realized and unrealized gain (loss) (2)		(29.45	)		7.63			9.43			14.91			2.55

Total from investment operations		(27.44	)		9.40			10.92			16.10			3.56

Net equalization credits and charges (1)		0.09			0.07			0.02			0.02			0.01

Distributions to shareholders from:
Net investment income		(1.99	)		(1.78	)		(1.50	)		(1.21	)		(1.08	)

Net asset value, end of year	$	61.24		$	90.58		$	82.89		$	73.45		$	58.54

Total return (3)		(30.52	)%		11.40	%		15.02	%		27.68	%		6.07	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	11,103,521		$	9,838,985		$	7,967,582		$	7,582,067		$	6,276,840
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		2.63	%		1.94	%		1.92	%		1.71	%		1.43	%
Portfolio turnover rate (4)		5.63	%		5.25	%		2.68	%		5.47	%		3.48	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(4)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Financial Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	23.17		$	19.91		$	15.59		$	11.81		$	14.35

Income (loss) from investment operations:
Net investment income (1)		0.42			0.34			0.30			0.24			0.19
Net realized and unrealized gain (loss) (2)		(0.50	)		3.28			4.33			3.79			(2.52	)

Total from investment operations		(0.08	)		3.62			4.63			4.03			(2.33	)

Net equalization credits and charges (1)		0.01			0.01			0.01			0.01			(0.01	)

Contribution by Affiliate		0.00	(3)(4)		—			—			—			—

Distributions to shareholders from:
Net investment income		(0.44	)		(0.37	)		(0.32	)		(0.26	)		(0.20	)

Net asset value, end of year	$	22.66		$	23.17		$	19.91		$	15.59		$	11.81

Total return (5)		(0.39	)%(6)		18.32	%		29.94	%		34.44	%		(16.57	)%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	16,800,919		$	18,605,018		$	14,594,535		$	7,921,429		$	4,304,246
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.72	%		1.54	%		1.64	%		1.65	%		1.25	%
Portfolio turnover rate (7)		3.43	%		4.59	%		3.77	%		7.69	%		7.07	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		Amount is less than $0.005 per share.
(4)		Contribution paid by an Affiliate in the amount of $461,741. (See Note 3).
(5)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(6)		The contribution from an Affiliate had no impact on total return. (See Note 3).
(7)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Health Care Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	63.90		$	50.59		$	40.13		$	31.74		$	30.49

Income (loss) from investment operations:
Net investment income (1)		1.02			0.89			0.84			0.78			0.66
Net realized and unrealized gain (loss) (2)		2.35			13.29			10.45			8.40			1.28

Total from investment operations		3.37			14.18			11.29			9.18			1.94

Net equalization credits and charges (1)		0.02			0.02			0.01			(0.02	)		(0.03	)

Distributions to shareholders from:
Net investment income		(0.99	)		(0.89	)		(0.84	)		(0.77	)		(0.66	)

Net asset value, end of year	$	66.30		$	63.90		$	50.59		$	40.13		$	31.74

Total return (3)		5.22	%		28.22	%		28.39	%		29.04	%		6.19	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	12,872,900		$	11,161,902		$	7,479,810		$	5,060,628		$	4,109,777
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.43	%		1.53	%		1.84	%		2.15	%		1.98	%
Portfolio turnover rate (4)		3.25	%		2.99	%		5.43	%		4.70	%		6.99	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(4)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Industrial Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	53.14		$	46.39		$	36.54		$	29.23		$	31.28

Income (loss) from investment operations:
Net investment income (1)		1.07			1.00			0.91			0.80			0.69
Net realized and unrealized gain (loss) (2)		(3.16	)		6.71			9.79			7.32			(2.05	)

Total from investment operations		(2.09	)		7.71			10.70			8.12			(1.36	)

Net equalization credits and charges (1)		(0.01	)		0.03			0.05			(0.01	)		(0.00	)(3)

Distributions to shareholders from:
Net investment income		(1.13	)		(0.99	)		(0.90	)		(0.80	)		(0.69	)

Net asset value, end of year	$	49.91		$	53.14		$	46.39		$	36.54		$	29.23

Total return (4)		(4.09	)%		16.71	%		29.70	%		27.84	%		(4.67	)%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	6,257,309		$	8,575,617		$	6,860,109		$	3,196,212		$	2,361,086
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.95	%		1.93	%		2.19	%		2.26	%		1.96	%
Portfolio turnover rate (5)		5.79	%		2.80	%		6.23	%		7.63	%		4.01	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		Amount is less than $0.005 per share.
(4)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(5)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Materials Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	49.58		$	42.00		$	36.80		$	29.36		$	32.79

Income (loss) from investment operations:
Net investment income (1)		0.93			0.95			0.98			0.75			0.76	(2)
Net realized and unrealized gain (loss) (3)		(9.50	)		7.57			5.21			7.41			(3.30	)

Total from investment operations		(8.57	)		8.52			6.19			8.16			(2.54	)

Net equalization credits and charges (1)		(0.11	)		0.00	(4)		0.02			0.03			(0.07	)

Distributions to shareholders from:
Net investment income		(0.96	)		(0.94	)		(1.01	)		(0.75	)		(0.82	)

Net asset value, end of year	$	39.94		$	49.58		$	42.00		$	36.80		$	29.36

Total return (5)		(17.75	)%		20.36	%		17.09	%		28.06	%		(8.45	)%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	1,942,121		$	5,182,235		$	3,585,702		$	2,359,724		$	1,643,186
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.94	%		2.02	%		2.50	%		2.11	%		2.02	%(2)
Portfolio turnover rate (6)		9.31	%		6.72	%		6.07	%		11.58	%		13.86	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and the ratio of net investment income to average assets reflects receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.23% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (8.77)%.
(3)		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.
(4)		Amount is less than $0.005 per share.
(5)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(6)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Technology Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	39.89		$	32.04		$	30.83		$	23.59		$	23.02

Income (loss) from investment operations:
Net investment income (1)		0.75			0.68			0.61			0.43			0.36
Net realized and unrealized gain (loss) (2)		(0.30	)		7.86			1.20			7.23			0.57

Total from investment operations		0.45			8.54			1.81			7.66			0.93

Net equalization credits and charges (1)		(0.01	)		(0.01	)		(0.00	)(3)		0.02			0.01

Distributions to shareholders from:
Net investment income		(0.77	)		(0.68	)		(0.60	)		(0.44	)		(0.37	)

Net asset value, end of year	$	39.56		$	39.89		$	32.04		$	30.83		$	23.59

Total return (4)		1.04	%		26.75	%		5.99	%		32.76	%		3.97	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	11,382,284		$	13,854,341		$	11,714,309		$	10,679,945		$	6,563,923
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		1.80	%		1.85	%		1.99	%		1.53	%		1.41	%
Portfolio turnover rate (5)		5.09	%		10.16	%		3.93	%		5.28	%		4.95	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		Amount is less than $0.005 per share.
(4)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(5)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS

Selected data for a Select Sector SPDR share outstanding throughout each year


	The Utilities Select Sector SPDR Fund
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of year	$	42.10		$	37.36		$	36.39		$	33.62		$	31.38

Income (loss) from investment operations:
Net investment income (1)		1.57			1.49			1.47			1.42			1.35
Net realized and unrealized gain (loss) (2)		1.22			4.77			1.01			2.80			2.15

Total from investment operations		2.79			6.26			2.48			4.22			3.50

Net equalization credits and charges (1)		(0.04	)		(0.03	)		(0.04	)		(0.02	)		0.09

Distributions to shareholders from:
Net investment income		(1.56	)		(1.49	)		(1.47	)		(1.43	)		(1.35	)

Net asset value, end of year	$	43.29		$	42.10		$	37.36		$	36.39		$	33.62

Total return (3)		6.51	%		16.83	%		6.78	%		12.64	%		11.63	%

Ratios and supplemental data:
Net assets, end of year (in 000’s)	$	6,639,689		$	5,468,273		$	5,175,145		$	6,058,825		$	6,641,623
Ratio of expenses to average net assets		0.15	%		0.15	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income (loss) to average net assets		3.52	%		3.67	%		3.93	%		3.99	%		4.17	%
Portfolio turnover rate (4)		4.23	%		4.96	%		3.53	%		4.23	%		3.20	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.
(3)		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 purposes of this calculation, to be reinvested at the net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in the calculation.
(4)		Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

See accompanying notes to financial statements.

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS

September 30, 2015


1.	Organization

The Select Sector SPDR Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), is an open-end management investment company that was organized as a Massachusetts Business Trust on June 10, 1998. The investment objective of each Select Sector SPDR Fund is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a corresponding benchmark index (each a “Select Sector Index”). Each of the Select Sector Indices that is the benchmark for a Select Sector SPDR Fund is intended to give investors an efficient, modified market capitalization-based way to track the movement of baskets of equity securities of public companies that are components of the S&P 500 and are included in a particular sector or group of industries. The Declaration of Trust authorizes an unlimited number of shares of beneficial interest at a $0.01 par value. As of September 30, 2015, the Trust comprised nine funds (each a “Fund” or “Select Sector SPDR Fund” and collectively the “Funds” or “Select Sector SPDR Funds”) as follows:

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 Technology Select Sector SPDR Fund

The Utilities Select Sector SPDR Fund

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.


2.	Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services Investment Companies (“ASC 946”). The accounting records of the Funds are maintained in U.S. dollars.

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments. Valuation techniques used to value each Fund’s investments by major category are as follows:


•	Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or fair value.

•

Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit. Money market funds generally value portfolio investments using the amortized cost method as set forth in Rule 2a-7 under the 1940 Act, and in accordance with Trust procedures to stabilize net asset value.

In the event prices or quotations are not readily available or that the application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s respective Select Sector Index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s respective Select Sector Index. Various inputs are used in determining the value of Funds’ investments. These inputs are categorized into a hierarchy consisting of three broad levels for financial reporting purposes.

The Funds value their assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.

The three levels of the fair value hierarchy are as follows:


•	Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

•	Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar investments in markets that are not considered to be active, inputs other than quoted prices that are observable for the investments (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

•	Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period.

The aggregate value of investments by input level as of September 30, 2015, is included at each Fund’s Schedules of Investments. The Funds did not hold any investments valued using Level 2 or Level 3 inputs as of September 30, 2015. The Funds had no transfers between levels for the year ended September 30, 2015.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in Real Estate Investment Trusts (“REITs”). REITs will determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

Expenses

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Equalization

All the Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Select Sector SPDR shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of Select Sector SPDR shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Federal Income Tax

Each Fund has qualified and intends to continue to qualify for and elect treatment as a “regulated investment company” (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions, if any, are determined in accordance with income tax regulations which may differ from U.S. GAAP. These book-tax differences are primarily due to differing treatments for in-kind transactions, REITs and losses deferred due to wash sales.

Accounting Standards Codification 740, Income Taxes (“ASC 740”), established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. For the current and prior three tax years (open tax years) as of September 30, 2015, each Fund has determined that no provision for income tax is required in its financial statements. In addition, no Fund has recognized any liabilities relating to tax positions considered to be uncertain tax positions for the current year or prior years. The Funds may be subject to potential examinations by certain taxing authorities, including the United States of America, the Commonwealth of Massachusetts and the State of New York, for all open tax years. A Fund would recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ended September 30, 2015. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of each Fund’s investments may change over time based on factors including, but not limited to, new tax laws, regulations, and interpretations thereof.

For the year ended September 30, 2015, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (See Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

The Consumer Discretionary Select Sector SPDR Fund	$	939,227,330
The Consumer Staples Select Sector SPDR Fund		853,047,781
The Energy Select Sector SPDR Fund		429,313,257
The Financial Select Sector SPDR Fund		1,864,534,274
The Health Care Select Sector SPDR Fund		1,956,663,458
The Industrial Select Sector SPDR Fund		678,674,648
The Materials Select Sector SPDR Fund		271,787,645

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

The Technology Select Sector SPDR Fund	$	1,663,254,028
The Utilities Select Sector SPDR Fund		343,753,288

At September 30, 2015, the Funds had the following capital loss carryforwards, which may be utilized to offset any net realized capital gains, expiring September 30:


									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term

The Consumer Discretionary Select Sector SPDR Fund	$	4,343,910	$	17,652,701	$	44,152,294	$	41,068,081	$	76,176,414	$	98,467,770
The Consumer Staples Select Sector SPDR Fund		2,872,408		—		3,835,906		7,952,209		—		96,594,540
The Energy Select Sector SPDR Fund		16,887,031		46,397,013		932,038,288		120,300,080		135,116,135		528,991,782
The Financial Select Sector SPDR Fund		41,633,377		423,127,850		90,041,088		5,257,095		91,312,563		80,162,799
The Health Care Select Sector SPDR Fund		—		—		—		—		—		—
The Industrial Select Sector SPDR Fund		5,756,566		15,013,076		80,582,108		27,687,839		30,519,334		137,592,974
The Materials Select Sector SPDR Fund		2,396,678		34,304,196		254,329,658		159,773,879		114,295,404		214,281,828
The Technology Select Sector SPDR Fund		64,942,837		121,713,434		135,090,209		61,133,352		47,244,494		394,210,525
The Utilities Select Sector SPDR Fund		—		23,780,627		83,031,840		104,752,494		4,878,484		180,941,193

During the tax year ended September 30, 2015, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

The Consumer Discretionary Select Sector SPDR Fund	$	—	$	7,544,551
The Consumer Staples Select Sector SPDR Fund		—		175,734
The Energy Select Sector SPDR Fund		—		94,186,580
The Financial Select Sector SPDR Fund		747,942		10,349,660
The Health Care Select Sector SPDR Fund		138,671,590		—
The Industrial Select Sector SPDR Fund		—		7,287,655
The Materials Select Sector SPDR Fund		—		400,900
The Technology Select Sector SPDR Fund		—		149,073,403
The Utilities Select Sector SPDR Fund		—		4,942,581

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds did not have any Post October Capital Loss Deferral or Late Year Ordinary Loss Deferral for the fiscal year ended September 30, 2015.

For the year ended September 30, 2015, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

The tax character of distributions paid during the year ended September 30, 2015, were as follows:


	Ordinary
	Income

The Consumer Discretionary Select Sector SPDR Fund	$	141,863,192
The Consumer Staples Select Sector SPDR Fund		219,475,250
The Energy Select Sector SPDR Fund		325,192,963

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Ordinary
	Income

The Financial Select Sector SPDR Fund	$	347,890,956
The Health Care Select Sector SPDR Fund		192,095,009
The Industrial Select Sector SPDR Fund		163,721,601
The Materials Select Sector SPDR Fund		53,406,362
The Technology Select Sector SPDR Fund		237,080,009
The Utilities Select Sector SPDR Fund		227,496,268

The tax character of distributions paid during the year ended September 30, 2014, were as follows:


	Ordinary
	Income

The Consumer Discretionary Select Sector SPDR Fund	$	86,551,171
The Consumer Staples Select Sector SPDR Fund		178,039,665
The Energy Select Sector SPDR Fund		197,189,804
The Financial Select Sector SPDR Fund		302,622,182
The Health Care Select Sector SPDR Fund		145,423,087
The Industrial Select Sector SPDR Fund		178,042,269
The Materials Select Sector SPDR Fund		96,023,771
The Technology Select Sector SPDR Fund		236,118,035
The Utilities Select Sector SPDR Fund		198,977,276

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed
	Ordinary		Long-Term		Net Unrealized
	Income		Capital Gains		(Depreciation)

The Consumer Discretionary Select Sector SPDR Fund	$	—	$	—	$	(386,365,633	)
The Consumer Staples Select Sector SPDR Fund		6,426,535		—		(408,878,145	)
The Energy Select Sector SPDR Fund		—		—		(5,221,315,879	)
The Financial Select Sector SPDR Fund		—		—		(1,265,776,283	)
The Health Care Select Sector SPDR Fund		2,503,052		—		(1,103,489,921	)
The Industrial Select Sector SPDR Fund		—		—		(1,087,319,824	)
The Materials Select Sector SPDR Fund		5,401,882		—		(718,368,250	)
The Technology Select Sector SPDR Fund		—		—		(136,755,535	)
The Utilities Select Sector SPDR Fund		15,966,600		—		(721,313,820	)

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly. Each Fund declares and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.


3.	Fees and Compensation paid to Affiliates and other Related Party Transactions

Advisory Fees

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”). For its advisory services to the Funds, each Fund pays the Adviser a fee accrued daily and paid monthly. The advisory fee is calculated based upon the average daily net assets of the Trust and allocated pro rata to each Select Sector SPDR Fund based on the relative net assets of each Fund. The

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

advisory fee is a sliding scale fee calculated as follows: (i) 0.05% of average daily net assets of the Trust up to the first $12.5 billion of net assets; (ii) 0.04% of average daily net assets of the Trust up to the next $17.5 billion of net assets; (iii) 0.035% of average daily net assets of the Trust up to the next $20.0 billion of net assets; (iv) 0.03% of average daily net assets of the Trust up to the next $50.0 billion of net assets; (v) 0.0285% of average daily net assets of the Trust up to the next $50.0 billion of net assets; (vi) 0.0271% of average daily net assets of the Trust up to the next $50.0 billion of net assets; and (vii) 0.0256% of average daily net assets on the remainder of net assets of the Trust. From time to time, the Adviser may waive all or a portion of its fees. The Adviser did not waive any of its fees in the current period.

Unitary Fee

Effective June 1, 2015, SSGA FM serves as Administrator and State Street Bank and Trust Company (“State Street”) serves as Sub-Administrator to each Fund of the Trust. A “unitary” fee is paid by each Fund to SSGA FM for administration services as well as to State Street for sub-administration, custody and transfer agency services provided to the Funds. The unitary fee is calculated based upon the average daily net assets of the Trust and allocated pro rata to each Select Sector SPDR Fund based upon the relative net assets of each Fund. The unitary fee is a sliding scale fee calculated as follows: (i) 0.07% of average daily net assets up to the first $4.5 billion of net assets of the Trust; (ii) 0.05% of average daily net assets up to the next $4.5 billion of net assets of the Trust; (iii) 0.03% of average daily net assets up to the next $3.5 billion of net assets of the Trust; (iv) 0.015% of average daily net assets up to the next $10.0 billion of net assets of the Trust; and (v) 0.0075% of average daily net assets on the remainder of net assets of the Trust. SSGA FM and State Street each receive a portion of the unitary fee. Prior to June 1, 2015, State Street served as Administrator. The unitary fee paid by the Funds was not changed as a result of the Administrator and Sub-Administrator appointments on June 1, 2015. SSGA FM and State Street are wholly owned subsidiaries of State Street Corporation.

Distributor

ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”) serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund is authorized to pay fees, including fees to the Distributor, at an annualized rate of 0.25% of the average daily net assets of the Fund. Effective January 31, 2014, the Board limited each Fund’s 12b-1 fee to 0.044% of its average daily net assets. Effective October 1, 2015, the Board has limited each Fund’s 12b-1 fee to 0.04% or its average daily net assets through at least January 31, 2017.

Trustees’ Fees

Effective January 1, 2015, the Trust pays each Trustee who is not an “interested person” (as defined in the 1940 Act) (each, an “Independent Trustee”) an annual fee of $90,000 plus a per meeting fee of $8,000 for each regularly scheduled meeting of the Board attended by the Trustee (whether in person or telephonically) (prior to January 1, 2015, the per meeting fee was $7,000) and $2,500 for each non-regularly scheduled telephonic meeting. The Chairman of the Board (who is an Independent Trustee) receives an additional fee of $30,000 per year. Audit Committee members receive $4,000 per committee meeting attended and Nominating and Governance Committee members receive $4,000 per committee meeting attended (prior to January 1, 2015, the Nominating and Governance Committee per meeting fee was $3,500). The Chairman of the Audit Committee receives an additional fee of $9,000 per year and per the Chairman of the Nominating and Governance Committee receives an additional fee of $8,000 per year. Effective January 1, 2015, the Trustee serving as Chair of the Business Continuity Management Team receives an annual fee of $1,000 for these services. The Trust also reimburses each Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings.

License Fees

Standard and Poor’s Financial Services LLC, an affiliate of The McGraw-Hill Companies (“S&P”), NYSE Arca, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, an affiliate of Bank of America Corporation (“BofA Merrill Lynch”), have entered into a license agreement with respect to each Select Sector Index. The Trust has entered into a

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

sub-license agreement whereby the Trust agrees to pay a sub-license fee per annum (i) to S&P equal to the greater of 0.03% of the aggregate net assets of the Trust up to $50 billion and 0.02% on the remainder of the assets of the Trust and (ii) to BofA Merrill Lynch equal to 0.03% of the aggregate net assets of the Trust up to $35 billion, 0.02% of the aggregate net assets of the Trust from $35 billion up to and including $50 billion and 0.01% on the remainder of net assets of the Trust over $50 billion. The fees to S&P and BofA Merrill Lynch are payable on a quarterly basis. Each Select Sector SPDR Fund will pay its proportionate share of the annual sub-license fees based on the relative net assets of each Fund.

Securities Lending Agent Fees

State Street also acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007. Proceeds collected by State Street on investment of cash collateral or any fee income is allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSGA FM serves as investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 7 for additional information regarding securities lending.

For the year ended September 30, 2015, State Street earned securities lending agent fees as follows:


	Securities Lending
	Agent Fees

The Consumer Discretionary Select Sector SPDR Fund	$	181,435
The Consumer Staples Select Sector SPDR Fund		23,030
The Energy Select Sector SPDR Fund		893,068
The Financial Select Sector SPDR Fund		33,546
The Health Care Select Sector SPDR Fund		45,725
The Industrial Select Sector SPDR Fund		61,670
The Materials Select Sector SPDR Fund		9,326
The Technology Select Sector SPDR Fund		83,500
The Utilities Select Sector SPDR Fund		52,466

Transactions with Affiliated Issuers

The Financial Select Sector SPDR Fund has invested in an affiliated company, State Street Corporation. Amounts relating to this investment at September 30, 2015, and for the year then ended are:


Number of														Number of
Shares Held		Cost at		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
at 9/30/14		9/30/14		9/30/14		Cost		Shares		Proceeds		Shares		at 9/30/15		9/30/15		Income		Gain/(Loss)

	2,748,970	$	188,486,334	$	202,351,682	$	161,212,341		2,123,996	$	180,009,443		2,428,338		2,444,628	$	164,303,448	$	3,333,867	$	14,303,904

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund — Premier Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by a Fund from affiliated money market funds are recorded as dividend income on securities of affiliated issuers. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSGA FM serves as the investment adviser.

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

Amounts related to investments in Prime Portfolio and/or Liquid Reserves Fund at September 30, 2015 and for the year then ended are:


	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Income

The Consumer Discretionary Select Sector SPDR Fund	$	253,740,675	$	2,891,210,781		2,891,210,781	$	2,775,950,298		2,775,950,298	$	369,001,158	$	900,149
The Consumer Staples Select Sector SPDR Fund		111,397,278		747,750,524		747,750,524		700,717,000		700,717,000		158,430,802		102,672
The Energy Select Sector SPDR Fund		222,963,581		3,511,558,493		3,511,558,493		3,145,745,193		3,145,745,193		588,776,881		4,964,101
The Financial Select Sector SPDR Fund		101,674,092		1,100,181,431		1,100,181,431		957,237,164		957,237,164		244,618,359		147,910
The Health Care Select Sector SPDR Fund		279,462,473		4,246,449,541		4,246,449,541		4,397,905,673		4,397,905,673		128,006,341		223,139
The Industrial Select Sector SPDR Fund		231,353,393		1,361,670,310		1,361,670,310		1,468,292,546		1,468,292,546		124,731,157		268,129
The Materials Select Sector SPDR Fund		3,878,146		778,827,208		778,827,208		628,002,109		628,002,109		154,703,245		41,316
The Technology Select Sector SPDR Fund		258,010,951		3,026,277,067		3,026,277,067		2,869,331,096		2,869,331,096		414,956,922		410,203
The Utilities Select Sector SPDR Fund		306,777,957		2,312,120,745		2,312,120,745		2,497,531,187		2,497,531,187		121,367,515		204,014


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Income

The Consumer Discretionary Select Sector SPDR Fund	$	4,710,998	$	263,713,648		263,713,648	$	257,660,558		257,660,558	$	10,764,088	$	25,162
The Consumer Staples Select Sector SPDR Fund		1,856,357		476,406,417		476,406,417		472,423,319		472,423,319		5,839,455		22,733
The Energy Select Sector SPDR Fund		9,138,489		569,924,034		569,924,034		569,326,945		569,326,945		9,735,578		30,439
The Financial Select Sector SPDR Fund		36,459,036		600,624,182		600,624,182		601,037,200		601,037,200		36,046,018		38,612
The Health Care Select Sector SPDR Fund		3,995,502		521,672,612		521,672,612		516,456,798		516,456,798		9,211,316		23,520
The Industrial Select Sector SPDR Fund		4,644,591		331,091,017		331,091,017		330,331,578		330,331,578		5,404,030		16,089
The Materials Select Sector SPDR Fund		1,641,226		80,601,425		80,601,425		81,965,135		81,965,135		277,516		4,550
The Technology Select Sector SPDR Fund		29,180,725		509,152,035		509,152,035		514,571,355		514,571,355		23,761,405		26,974
The Utilities Select Sector SPDR Fund		16,060,468		373,965,868		373,965,868		378,419,169		378,419,169		11,607,167		16,185

Contribution from Affiliate

On September 30, 2015, State Street made a contribution of $461,741 to The Financial Select Sector SPDR Fund in connection with processing a class action distribution.


4.	Shareholder Transactions

Fund shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares. Such transactions are generally permitted on an in-kind only basis, with a separate cash payment which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date. Transaction fees at scheduled amounts ranging from $500 to $2,000 per Creation Unit are charged to those persons creating or redeeming Creation Units. Transaction fees are received by the Funds’ custodian and are used to cover related expenses.


5.	Aggregate Unrealized Appreciation and Depreciation

As of September 30, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


			Gross		Gross		Net Unrealized
	Tax		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

The Consumer Discretionary Select Sector SPDR Fund	$	10,866,459,054	$	515,260,146	$	901,625,779	$	(386,365,633	)
The Consumer Staples Select Sector SPDR Fund		7,851,737,154		125,804,297		534,682,442		(408,878,145	)
The Energy Select Sector SPDR Fund		16,899,018,292		46,029,538		5,267,345,417		(5,221,315,879	)
The Financial Select Sector SPDR Fund		18,300,093,847		126,815,849		1,392,592,132		(1,265,776,283	)
The Health Care Select Sector SPDR Fund		14,091,012,183		103,888,585		1,207,378,506		(1,103,489,921	)

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


			Gross		Gross		Net Unrealized
	Tax		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

The Industrial Select Sector SPDR Fund	$	7,460,230,536	$	12,953,243	$	1,100,273,067	$	(1,087,319,824	)
The Materials Select Sector SPDR Fund		2,811,718,307		2,119,976		720,488,226		(718,368,250	)
The Technology Select Sector SPDR Fund		11,941,697,292		685,366,033		822,121,568		(136,755,535	)
The Utilities Select Sector SPDR Fund		7,467,403,600		41,744,122		763,057,943		(721,313,821	)


6.	Investment Transactions

For the year ended September 30, 2015, the Trust had in-kind contributions, in-kind redemptions and in-kind net realized gain/(loss) as follows:


					Realized
	Contributions		Redemptions		Gain/(Loss)

The Consumer Discretionary Select Sector SPDR Fund	$	12,756,836,081	$	9,983,237,384	$	940,205,435
The Consumer Staples Select Sector SPDR Fund		8,626,862,614		9,412,995,326		853,047,781
The Energy Select Sector SPDR Fund		20,695,495,863		15,142,524,701		445,783,078
The Financial Select Sector SPDR Fund		15,076,280,447		16,320,763,481		1,869,343,721
The Health Care Select Sector SPDR Fund		14,178,965,970		12,579,322,005		1,958,190,156
The Industrial Select Sector SPDR Fund		11,188,310,771		13,146,187,755		698,548,349
The Materials Select Sector SPDR Fund		4,076,420,378		6,714,247,243		284,078,159
The Technology Select Sector SPDR Fund		5,579,559,773		7,837,191,314		1,668,215,571
The Utilities Select Sector SPDR Fund		11,541,108,513		10,389,320,696		358,695,373

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes in Net Assets. The table represents the accumulation of the Funds’ daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any income equalization or cash component of the transactions.

Purchases and sales of investment (excluding in-kind transactions and short term investments) for the year ended September 30, 2015 were as follows:


	Purchases		Sales

The Consumer Discretionary Select Sector SPDR Fund	$	687,317,002	$	602,126,238
The Consumer Staples Select Sector SPDR Fund		365,704,790		247,071,138
The Energy Select Sector SPDR Fund		669,423,978		675,096,657
The Financial Select Sector SPDR Fund		635,336,268		635,335,085
The Health Care Select Sector SPDR Fund		762,280,782		434,532,446
The Industrial Select Sector SPDR Fund		456,987,962		459,526,806
The Materials Select Sector SPDR Fund		278,179,805		277,081,219
The Technology Select Sector SPDR Fund		652,571,680		657,109,302
The Utilities Select Sector SPDR Fund		287,833,861		278,824,029


7.	Securities Lending

Each Fund may lend securities up to 25% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to 102% of the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral held with respect to a loaned security may be temporarily more or less than the value of a security on loan due to market fluctuation of security values. With respect to each loan, if on any

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

business day the aggregate market value of securities of collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially (“counterparty risk”). In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of September 30, 2015 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities and Schedules of Investments. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2015:


	Market Value of				Non-Cash
Fund	Securities on Loan		Cash Collateral		Collateral*		Total Collateral

The Consumer Discretionary Select Sector SPDR Fund	$	508,239,838	$	369,001,158	$	140,940,362	$	509,941,520
The Consumer Staples Select Sector SPDR Fund		180,338,619		158,430,802		25,694,034		184,124,836
The Energy Select Sector SPDR Fund		649,933,674		588,776,881		60,018,154		648,795,035
The Financial Select Sector SPDR Fund		301,703,753		244,618,359		60,093,878		304,712,237
The Health Care Select Sector SPDR Fund		154,877,604		128,006,341		26,190,942		154,197,283
The Industrial Select Sector SPDR Fund		338,424,065		124,731,157		217,761,321		342,492,478
The Materials Select Sector SPDR Fund		158,023,914		154,703,245		153,631		154,856,876
The Technology Select Sector SPDR Fund.		458,399,457		414,956,922		43,552,543		458,509,465
The Utilities Select Sector SPDR Fund		176,256,132		121,367,515		55,180,611		176,548,126


*		The non-cash collateral includes US Treasuries and US Government Agency securities.


8.	Concentration Risk

A Fund’s assets will generally be concentrated in an industry or group of industries to the extent that the Fund’s underlying index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of industries, a Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries.


9.	Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-11, Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and enhances the required disclosures for repurchase agreements, reverse repurchase agreements and other similar transactions accounted for as secured borrowings, including securities lending. Management is evaluating the impact, if any, of this standard on the Funds’ financial statement and related disclosures, which would first be effective for annual and interim reporting periods beginning after December 15, 2014.

THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


10.	Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

THE SELECT SECTOR SPDR TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of

the Select Sector SPDR Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 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 Technology Select Sector SPDR Fund and The Utilities Select Sector SPDR Fund, (each a “Fund”) comprising the Select Sector SPDR Trust (the “Trust”) at September 30, 2015, the results of each of their operations for the period then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 25, 2015

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION

September 30, 2015 (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, distribution (12b-1) fees, administration, custodian and transfer agent fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at April 1, 2015 and held for the six months ended September 30, 2015.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Transaction fees at scheduled amounts ranging from $500 to $2,000 per Creation Unit are charged to those persons creating or redeeming Creation Units. If you buy or sell Select Sector SPDR Fund shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


								Expenses Paid
	Annualized			Beginning Account		Ending Account		During Period*
	Expense			Value		Value		4/1/15 to
	Ratio			4/1/15		9/30/15		9/30/15

Actual
The Consumer Discretionary Select Sector SPDR Fund		0.14	%	$	1,000	$	992.60	$	0.70
The Consumer Staples Select Sector SPDR Fund		0.14	%	$	1,000	$	980.60	$	0.70
The Energy Select Sector SPDR Fund		0.14	%	$	1,000	$	803.40	$	0.63
The Financial Select Sector SPDR Fund		0.14	%	$	1,000	$	949.00	$	0.68
The Health Care Select Sector SPDR Fund		0.14	%	$	1,000	$	918.80	$	0.67
The Industrial Select Sector SPDR Fund		0.14	%	$	1,000	$	903.80	$	0.67
The Materials Select Sector SPDR Fund		0.14	%	$	1,000	$	826.60	$	0.64
The Technology Select Sector SPDR Fund		0.14	%	$	1,000	$	962.40	$	0.69
The Utilities Select Sector SPDR Fund		0.14	%	$	1,000	$	993.10	$	0.70
Hypothetical (assuming a 5% return before expenses)
The Consumer Discretionary Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


								Expenses Paid
	Annualized			Beginning Account		Ending Account		During Period*
	Expense			Value		Value		4/1/15 to
	Ratio			4/1/15		9/30/15		9/30/15

The Consumer Staples Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Energy Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Financial Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Health Care Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Industrial Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Materials Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Technology Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71
The Utilities Select Sector SPDR Fund		0.14	%	$	1,000	$	1,024.37	$	0.71


*		Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2015.

Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

The Consumer Discretionary Select Sector SPDR Fund		99.68	%
The Consumer Staples Select Sector SPDR Fund		100.00	%
The Energy Select Sector SPDR Fund		89.52	%
The Financial Select Sector SPDR Fund		80.35	%
The Health Care Select Sector SPDR Fund		73.86	%
The Industrial Select Sector SPDR Fund		96.73	%
The Materials Select Sector SPDR Fund		93.46	%
The Technology Select Sector SPDR Fund		94.72	%
The Utilities Select Sector SPDR Fund		97.22	%

For the fiscal year ended September 30, 2015 certain dividends paid by the Trust may be designated as qualified dividend income and subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will be reported in conjunction with your 2015 Form 1099-DIV.

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the net asset value of the Fund during the past calendar year can be found at www.sectorspdrs.com.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities is available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the U.S. Securities and Exchange Commission, at www.sec.gov.

Information regarding how the investment adviser voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

Quarterly Portfolio Schedule

The Funds file a complete schedule of investments with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. For the second and fourth quarters of each fiscal year, the complete schedule of investments are available in the Funds’ semi-annual and annual financial statements. The Funds’ Form N-Qs are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information in the Form N-Q is available upon request, without charge, by calling 1-866-Sector-ETF (732-8673).

Advisory Contract Renewal

At an in-person meeting held on May 29, 2015 (the “May Meeting”), the Trustees of The Select Sector SPDR^® Trust (the “Trust”) considered the renewal of the Amended and Restated Investment Advisory Agreement dated December 1, 2003, as amended most recently as of June 1, 2014 (the “Agreement”), between the Trust and SSGA Funds Management, Inc. (the “Adviser”) with respect to the nine series of the Trust (the “Funds”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), also met separately with their independent legal counsel during a meeting held on April 22, 2015 (the “April Meeting”) to consider the Agreement and the materials provided by the Adviser and State Street Bank and Trust Company (“State Street”) in response to a request from independent legal counsel on their behalf. The April Meeting included a presentation by representatives of the Adviser and State Street during which the Independent Trustees and independent legal counsel were able to pose questions. Following the April Meeting, independent legal counsel on behalf of the Independent Trustees requested certain clarifications and supplements to the materials provided, and those materials were considered at the May Meeting. In deciding whether to renew the Agreement, the Trustees considered various factors, including (i) the nature, extent and quality of the services provided by the Adviser under the Agreement, (ii) the investment performance of the Funds, (iii) the costs to the Adviser of its services and the profits realized by the Adviser and its affiliate, State Street, from their relationships with the Trust, and (iv) the extent to which economies of scale would be realized if and as the Funds grow and whether the fee levels in the Agreement reflect these economies of scale.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser, the Trustees relied on their prior experience as Trustees of the Trust as well as on the materials provided for purposes of reviewing the Agreement. They noted that under the Agreement the Adviser is responsible for managing the investment operations of each of the Funds in accordance with the Fund’s investment objective and policies, applicable legal and regulatory requirements, and the instructions of the Trustees; for providing necessary and appropriate reports and information to the Trustees; for maintaining all necessary books and records pertaining to the Trust’s securities transactions; and for furnishing each Fund with the assistance, cooperation and information necessary for the Fund to meet various legal requirements regarding registration and reporting. They noted the distinctive nature of the Funds, as exchange-traded funds (“ETFs”) investing in sectors of the S&P 500 Index, and the experience and expertise appropriate in an adviser to funds of that nature. The Trustees reviewed the background and experience of the Adviser’s senior management, including those individuals responsible for the investment and compliance operations of the Trust, and the responsibilities of the latter with respect to the Funds. They also considered the resources, operational structures and practices of the Adviser in managing the Funds’ portfolios, in monitoring and securing each Fund’s compliance with its investment objective and policies and with applicable law and regulations, and in seeking best execution of portfolio transactions. Drawing upon the materials provided and their general knowledge of the business of the Adviser and its affiliate, State Street Global Advisors (“SSGA”), with which the Adviser shares all of its senior personnel, the Trustees took into account the experience, resources and strength of the Adviser and its affiliates in the areas of indexed products generally and ETFs in particular. On the basis of this review, the Trustees determined that the nature and extent of the services provided by the Adviser to the Trust were appropriate, had been of high quality, and could be expected to remain so.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

Investment Performance of the Funds

The Trustees noted that, in view of the distinctive investment objective of the Funds, the investment performance of the Funds in absolute terms was not of the importance that normally attaches to the performance of actively managed funds. Of more importance to the Trustees was the extent to which each Fund achieved its objective to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in its applicable index. Drawing upon information provided at the May Meeting and at the April Meeting and upon reports provided to the Trustees by the Adviser throughout the preceding year, they determined that the Funds had in fact tracked their sector indexes within an acceptable range; they further concluded, on the basis of the data available (see discussion in “Comparison of Fees and Expense Ratios” below), that the expense ratios of the Funds were among the lowest of all of their direct competitors, and had been trending even lower. Moreover, none of the Funds generated any taxable gain during the most recent fiscal year. Accordingly, they concluded that the performance of each Fund was satisfactory.

Profitability to the Adviser and its Affiliates

The Trustees considered the profitability of the advisory arrangement with the Funds to the Adviser and of the Trust’s relationship with the Adviser’s affiliate, State Street, in its role as Administrator, Transfer Agent and Custodian. The Trustees also considered the profitability from the fees received and income earned by State Street as Securities Lending Agent for the Trust. The Trustees received data on the Funds’ profitability to the Adviser for calendar year 2014 as well as 2013 profitability data and restated 2013 profitability data reflecting changes to the method for computing profitability prompted by recommendations of an independent consultant, together with data on the Trust’s profitability to State Street for the same and prior periods. The Trustees reviewed with representatives from both the Adviser and State Street the methods by which expenses were allocated to the Trust and to each of the Funds, including further refinements made to the 2014 data. On the basis of this information and discussions at the April Meeting and the May Meeting with representatives of the Adviser and State Street, the Trustees concluded that, to the extent that the Adviser’s and State Street’s relationships with the Trust had been profitable to either or both of those entities, the profitability at current asset levels was not such as to render the advisory fee excessive.

Other Benefits to the Adviser or its Affiliates

In considering whether the Adviser benefits in other ways from its relationship with the Trust, the Trustees noted that the Adviser does not currently use the Funds’ assets for, or participate in, third party soft dollar arrangements, although the Adviser may receive proprietary research from various full service brokers, the cost of which is bundled with the cost of the broker’s execution services. It was further noted that the Trust’s brokerage transactions are not effected through the Adviser or any of its affiliates. The Trustees noted that an affiliate of the Adviser serves the Trust as Administrator, Transfer Agent and Custodian, as well as Securities Lending Agent, and that at the April Meeting the Adviser’s representatives reviewed a proposal for the Adviser to become the Administrator for the Funds, effective June 1, 2015, with State Street to serve as sub-administrator, which, following the receipt of additional information relating to this proposal requested on behalf of the Independent Trustees, the Board approved at the May Meeting. The Trustees also noted that, based on their review of the arrangements for those services, any benefit the Adviser’s affiliate receives or had received from providing those services appears to be appropriate. The Trustees concluded that, to the extent that the Adviser or its affiliates derive other benefits from their relationships with the Trust, those benefits are not such as to render the Adviser’s fees excessive.

Economies of Scale

On the basis of their discussions with management and their analysis of information provided at and prior to the Meeting, the Trustees determined that the nature of the Funds and their operations is such that the Adviser is likely to realize economies of scale in the management of the Funds as the Funds grow in size. They were also of the view that these economies of scale were being shared with the Funds by virtue of an advisory fee, set at a relatively low level since the inception of the Trust, that subsumed economies of scale in the fee itself. Furthermore, the Trustees took into consideration the fact that, in order to ensure that if and as the Funds grow in size the economies of scale resulting from this growth would be shared with the Funds, the Adviser and State Street had each previously agreed to institute one or more breakpoints in their respective fee schedules, and that the Adviser had agreed to amend the Agreement

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

effective February 1, 2011, to add a breakpoint at $30 billion of .035% and a breakpoint at $50 billion of .03%. The Trustees noted that in light of the continued growth in assets and the economies of scale being realized by the Adviser, in 2014 the Independent Trustees requested that the Adviser agree to additional breakpoints at higher asset levels, and that the Adviser then agreed to add a breakpoint at $100 billion of .0285%, a breakpoint at $150 billion of .0271% and a breakpoint at $200 billion of .0256%.

The Independent Trustees also noted that, effective February 1, 2011, State Street had agreed to amend its agreements as Administrator, Transfer Agent and Custodian for the Trust to add a breakpoint on Trust assets over $22.5 billion of .01%, and to voluntarily waive one-quarter of its fee on Trust assets over $22.5 billion, so that the effective fee on Trust assets over $22.5 billion was .0075%. The Independent Trustees noted that, in connection with their annual review of the agreements with State Street in 2011, State Street had agreed to the request of the Independent Trustees to amend the contracts effective February 1, 2012 to change the fee thereafter on Trust assets over $22.5 billion from .01% to .0075%. The Trustees noted that, in connection with the Adviser’s proposal to become Administrator to the Trust effective June 1, 2015, the Adviser and State Street agreed to continue the same aggregate fee schedule for administration, transfer agency and custody services for the Funds.

Comparison of Fees and Expense Ratios

In order better to evaluate the Funds’ advisory fee, the Independent Trustees requested information with respect to expense ratios and advisory fees of comparable funds, and the Adviser provided (1) data from Lipper Inc. on peer sector funds, and (2) data obtained from a Lipper Analytical database of peer sector funds, including both ETFs tracking indexes as well as mutual funds. The Independent Trustees also requested, and the Adviser provided, information on the advisory fees charged to other clients with comparable investment objectives, and reviewed the differences in services provided to the Adviser’s institutional accounts. The Trustees found that, because of the distinctive nature of the Funds, the universe of comparable funds was limited. Moreover, they noted that because many ETFs paid a unitary advisory fee, encompassing all or virtually all of the ETFs’ operating expenses, in many cases a Fund’s advisory fee, which covered only advisory services, would be misleadingly low relative to its competitors’. The Trustees then reviewed expense ratios and noted that the overall expense ratio of each Fund was among the lowest of its domestic sector ETF peers, but also noted that each Fund continued to be significantly larger than all of its ETF sector peers. The Independent Trustees noted that this had prompted them to request, in connection with their 2010 annual review of the Agreement and contracts with the Adviser’s affiliate, State Street, that new breakpoints be added to the fee schedules of both the Agreement and the unitary fee payable under the Administration Agreement, Custodian Agreement and Transfer Agency Agreement, and that the Adviser and State Street had agreed to changes to the fee schedules for the benefit of shareholders, effective February 1, 2011, as noted above. The Trustees noted that in light of further asset growth, the Adviser had agreed to additional breakpoints under the Agreement effective June 1, 2014, as noted above. The Trustees noted that at current asset levels, shareholders are benefiting from these breakpoints and should continue to benefit in the future with additional growth in assets. The Trustees concluded that the data available provided some indirect confirmation of the reasonableness of the Adviser’s fees.

Conclusion

The Trustees, including a majority of the Independent Trustees, as required by the 1940 Act, approved the continuance of the Agreement after weighing the foregoing factors, none of which was dispositive in itself. They reasoned that, considered in themselves, the nature and extent of the services provided by the Adviser were appropriate, that the performance of the Funds had been satisfactory, and that the Adviser could be expected to provide services of high quality. As to the Adviser’s fees for each Fund, the Trustees determined that the fees, considered in relation to the services provided, were fair and reasonable, that the Trust’s relationship with the Adviser and State Street was not so profitable as to render the fees at current asset levels excessive, that any additional benefits to the Adviser and/or State Street were not of a magnitude to materially affect the outcome of the Trustees’ conclusions, and that, especially in light of the breakpoints in the Adviser’s and State Street’s fee schedules, the fees shared economies of scale with the Funds.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

Investment Advisory Agreement for the New Funds

At an in-person meeting held on August 6, 2015 (the “Meeting”), the Trustees of The Select Sector SPDR^® Trust (the “Trust”) considered the approval of the Amended and Restated Investment Advisory Agreement dated December 1, 2003, as amended (the “Agreement”), between the Trust and SSGA Funds Management, Inc. (the “Adviser”) with respect to two new series of the Trust, The Financial Services Select Sector SPDR Fund and The Real Estate Select Sector SPDR Fund (the “New Funds”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), also met separately with their independent legal counsel prior to and during the Meeting to consider the Agreement with respect to the New Funds and the materials provided by the Adviser and State Street Bank and Trust Company (“State Street”) in response to a request from independent legal counsel on their behalf. Additionally, at prior meetings, the Trustees considered renewal of the Agreement with respect to the other nine series of the Trust (collectively, with the New Funds, the “Funds”), and in connection with that consideration, they reviewed information presented by the Adviser, State Street and others related to the services that the Adviser will be providing to the New Funds under the Agreement. At the Meeting, representatives of the Adviser and State Street presented information regarding the Funds, including the New Funds, and responded to questions posed by the Independent Trustees. In deciding whether to approve the Agreement for the New Funds, the Trustees considered various factors, including (i) the nature, extent and quality of the services to be provided by the Adviser under the Agreement, (ii) the investment performance of the other nine series of the Trust, (iii) the costs to the Adviser of its services and the profits realized by the Adviser and its affiliate, State Street, from their relationships with the Trust, and (iv) the extent to which economies of scale would be realized if and as the Funds grow and whether the fee levels in the Agreement reflect these economies of scale.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services to be provided by the Adviser, the Trustees relied on their prior experience as Trustees of the Trust with regard to services currently provided by the Adviser as well as on the materials provided for purposes of reviewing the Agreement for the New Funds. They noted that under the Agreement the Adviser is responsible for managing the investment operations of each of the New Funds in accordance with the Fund’s investment objective and policies, applicable legal and regulatory requirements, and the instructions of the Trustees; for providing necessary and appropriate reports and information to the Trustees; for maintaining all necessary books and records pertaining to the Trust’s securities transactions; and for furnishing each New Fund with the assistance, cooperation and information necessary for the Fund to meet various legal requirements regarding registration and reporting. They noted the distinctive nature of the New Funds, as exchange-traded funds (“ETFs”) investing in sectors or groups of industries of the S&P 500 Index, and the experience and expertise of the Adviser with respect to the other series of the Trust. The Trustees reviewed the background and experience of the Adviser’s senior management, including those individuals responsible for the investment and compliance operations of the Trust, and the responsibilities of the latter with respect to the New Funds. They also considered the resources, operational structures and practices of the Adviser in managing the portfolios of the other series of the Trust, in monitoring and securing compliance by each other series of the Trust with its investment objective and policies and with applicable law and regulations, and in seeking best execution of portfolio transactions. Drawing upon the materials provided and their general knowledge of the business of the Adviser and its affiliate, State Street Global Advisors (“SSGA”), with which the Adviser shares all of its senior personnel, the Trustees took into account the experience, resources and strength of the Adviser and its affiliates in the areas of indexed products generally and ETFs in particular. On the basis of this review, the Trustees determined that the nature and extent of the services to be provided by the Adviser to the New Funds could be expected to be appropriate and of high quality.

Investment Performance of the Funds

The Trustees noted that, in view of the distinctive investment objective of the New Funds, the investment performance of the Funds in absolute terms will not be of the importance that normally attaches to the performance of actively managed funds. Of more importance to the Trustees was the extent to which each New Fund will achieve its objective to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in its applicable index. Drawing upon information provided at prior meetings at

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

which the Trustees had considered the continuation of the Agreement with respect to the other series of the Trust, and upon reports provided to the Trustees by the Adviser throughout the year, they determined that the other series of the Trust had tracked their indexes within an acceptable range. Accordingly, they concluded that the performance of each New Fund could be expected to be satisfactory.

Profitability to the Adviser and its Affiliates

The Trustees considered the profitability of the advisory arrangement with the Trust to the Adviser and of the Trust’s relationship with the Adviser’s affiliate, State Street, in its role as Transfer Agent and Custodian. The Trustees also considered the profitability from the fees received and income earned by State Street as Securities Lending Agent for the other series of the Trust. The Trustees considered data on the profitability to the Adviser of the Agreement for the other nine series of the Trust, together with data on the Trust’s profitability to State Street, noting that the fees to be paid to the Adviser (and to State Street in its role as Transfer Agent, Custodian and Sub-Administrator) will be calculated based on the aggregate net assets of all of Funds, and then allocated pro rata to each Fund based on relative net assets. On the basis of this information and discussions at the Meeting with representatives of the Adviser and State Street, the Trustees concluded that the profitability at current asset levels was not such as to render the advisory fee to be paid by the New Funds to be excessive.

Other Benefits to the Adviser or its Affiliates

In considering whether the Adviser benefits in other ways from its relationship with the Trust, the Trustees noted that the Adviser does not intend to use Fund assets for, or participate in, third party soft dollar arrangements, although the Adviser may receive proprietary research from various full service brokers, the cost of which is bundled with the cost of the broker’s execution services. It was further noted that the Trust’s brokerage transactions are not effected through the Adviser or any of its affiliates. The Trustees noted that effective June 1, 2015, the Adviser serves as Administrator to the Trust and that State Street, an affiliate of the Adviser, serves the Trust as Sub-Administrator (effective June 1, 2015), Transfer Agent and Custodian, as well as Securities Lending Agent, and that at the Meeting, the Trustees approved the Adviser and State Street serving in these roles for the New Funds. The Trustees noted that, based on their review of the arrangements for these services, any benefit the Adviser or the Adviser’s affiliate receives from providing those services appears to be appropriate. The Trustees concluded that, to the extent that the Adviser or its affiliates derive other benefits from their relationships with the Trust or will derive other benefits from their relationships with the Funds, including the New Funds, those benefits are not such as to render the Adviser’s fees excessive.

Economies of Scale

On the basis of their discussions with management and their analysis of information provided at and prior to the Meeting, the Trustees determined that the nature of the New Funds and the other series of the Trust and their operations is such that the Adviser is likely to realize economies of scale in the management of the Funds as the Funds grow in size. The Trustees considered that these economies of scale will be shared with the Funds by virtue of an advisory fee, set at a relatively low level since the inception of the Trust, that subsumes economies of scale in the fee itself, and that, if and as the Funds grow in size, the economies of scale resulting from this growth would be shared with the Funds, including the New Funds, by virtue of breakpoints in the respective fee schedules of the Adviser and State Street.

Comparison of Fees and Expense Ratios

In order better to evaluate the New Funds’ proposed advisory fee, the Independent Trustees requested information with respect to expense ratios and advisory fees of comparable funds, and the Adviser provided (1) data from Lipper Inc. on peer sector ETFs, and (2) data obtained from Morningstar on the largest ETFs tracking similar indexes. The Independent Trustees also requested, and the Adviser provided, information on the advisory fees charged to other clients with comparable investment objectives, and considered the differences in services provided to the Adviser’s institutional accounts. The Trustees found that, because of the distinctive nature of the Funds, the universe of comparable funds was limited. Moreover, they noted that because many ETFs paid a unitary advisory fee, encompassing all or virtually all of the ETFs’ operating expenses, in many cases a Fund’s proposed advisory fee, which

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

covered only advisory services, would be misleadingly low relative to its competitors’. The Trustees then reviewed expense ratios and noted that, pursuant to an expense limitation agreement agreed to by the Adviser, the overall expense ratio of each New Fund would be among the lowest of its domestic sector ETF peers. The Trustees concluded that the data available provided some indirect confirmation of the reasonableness of the Adviser’s fees.

Conclusion

The Trustees, including a majority of the Independent Trustees, as required by the 1940 Act, approved the Agreement for the New Funds after weighing the foregoing factors, none of which was dispositive in itself. They reasoned that, considered in themselves, the nature and extent of the services to be provided by the Adviser were expected to be appropriate, that the performance of the other series of the Trust had been satisfactory, and that the Adviser could be expected to provide services of high quality to the New Funds. As to the Adviser’s fees for each New Fund, the Trustees determined that the fees, considered in relation to the services to be provided, were fair and reasonable, that the Trust’s relationship with the Adviser and State Street was not so profitable as to render the fees at current asset levels excessive, that any additional benefits to the Adviser and/or State Street were not of a magnitude to materially affect the outcome of the Trustees’ conclusions, and that, especially in light of the breakpoints in the Adviser’s and State Street’s fee schedules and the expense cap agreement, the fees shared economies of scale with the New Funds.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

TRUSTEES AND OFFICERS OF THE TRUST


				Number of
				Portfolios
		Term of	Principal	in Fund	Other
		Office and	Occupation(s)	Complex	Directorships
Name, Address	Position(s)	Length of	During Past	Overseen	Held by Trustee
and Year of Birth	with Trust	Time Served	5 Years	by Trustee	During Past 5 Years

Independent Trustees
CHERYL BURGERMEISTER c/o The Select Sector SPDR Trust State Street Financial Center One Lincoln Street Boston, MA 02111 1951	Trustee, Chairman of the Board, Member of the Audit Committee, Member of the Nominating and Governance Committee	Unlimited Elected: October 1998	Retired; Finance Committee Member, Portland Community College Foundation (January 2001 to present); Active CPA in Oregon.	11	Lead Independent Director, ALPS Series Trust; Director and Member of the Audit and Nominating and Governance Committees, Russell Funds Complex.


GEORGE R. GASPARI c/o The Select Sector SPDR Trust State Street Financial Center One Lincoln Street Boston, MA 02111 1940	Trustee, Chairman of the Audit Committee, Member of the Nominating and Governance Committee	Unlimited 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 State Street Financial Center One Lincoln Street Boston, MA 02111 1952	Trustee, Member of the Audit Committee, Member of the Nominating and Governance Committee	Unlimited Appointed: October 2015	Retired; President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 to 2014).	11	Chairperson of the Board and Member of the Audit and Nominating Committees, Investment Managers Series Trust.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund	Other
		Office and	Occupation(s)	Complex	Directorships
Name, Address	Position(s)	Length of	During Past	Overseen	Held by Trustee
and Year of Birth	with Trust	Time Served	5 Years	by Trustee	During Past 5 Years

ERNEST J. SCALBERG c/o The Select Sector SPDR Trust State Street Financial Center One Lincoln Street Boston, MA 02111 1945	Trustee, Member of the Audit Committee, Chairman of the Nominating and Governance Committee	Unlimited Elected: October 1998	Retired; Research Professor and Director of the GLOBE Center, Monterey Institute of International Studies (2009 to 2014); Associate Vice President for External Programs and Dean of Fisher Graduate School of International Business (2001 to 2009).	11	Director 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 State Street Financial Center One Lincoln Street Boston, MA 02111 1946	Trustee, Member of the Audit Committee, Member of the Nominating and Governance Committee, Chair of the Business Continuity Management Team	Unlimited Elected: October 1998	Retired; Director, Special Projects, CFA Institute (2010 to 2014); Director, Industry Relations, CFA Institute (2005 to 2010); Trustee of Lehigh University (October 1998 to June 2010).	11	Trustee Emeritus of Lehigh University; Director and Member of the Audit and Nominating Committees, db-X Exchange-Traded Funds Inc. (2007-2015).

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund	Other
		Office and	Occupation(s)	Complex	Directorships
Name, Address	Position(s)	Length of	During Past	Overseen	Held by Trustee
and Year of Birth	with Trust	Time Served	5 Years	by Trustee	During Past 5 Years

Interested Trustee
JAMES E. ROSS** SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Trustee	Unlimited Appointed: November 2005	Chairman and Director, SSGA Funds Management Inc. (2005-present); President, SSGA Funds Management Inc. (2005-2012); Executive Vice President and Principal, State Street Global Advisors (2006-present).	264	SPDR Series Trust (Trustee); SPDR Index Shares Funds (Trustee); SSGA Active Trust (Trustee); SSGA Master Trust (Trustee); SSGA Funds (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).


*		The Trustee Table is reflective of information as of October 1, 2015.
**		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.

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Trust	Time Served	5 Years

Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President and Principal Executive Officer	Unlimited Elected: May 2013	President and Director, SSGA Funds Management, Inc. (June 2012-present); Chief Operating Officer, SSGA Funds Management, Inc. (May 2010-June 2012); Senior Managing Director, SSGA Funds Management, Inc. (1992-2012); Senior Managing Director, State Street Global Advisors (1992-present).


MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Unlimited Elected: February 2005	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSGA Funds Management, Inc. (2005-2008).


CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Treasurer and Principal Financial Officer	Unlimited 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 to November 2014).*


ANN CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Assistant Treasurer	Unlimited Elected: April 2015	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2005-present).*


JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978	Chief Legal Officer	Unlimited Elected: February 2015	Vice President and Managing Counsel, State Street Global Advisors (2011-present); Clerk, SSGA Funds Management, Inc. (2013-present); Associate, Financial Services Group, Dechert LLP (2006-2011).


JESSE D. HALLEE State Street Bank and Trust Company 100 Huntington Avenue Mail Stop CPH0326 Boston, MA 02116 1976	Secretary	Unlimited Elected: November 2013	Vice President and Senior Counsel, State Street Bank and Trust Company (2013 to present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).**


PATRICIA A. MORISETTE State Street Bank and Trust Company 100 Huntington Avenue Mail Stop CPH0326 Boston, MA 02116 1973	Assistant Secretary	Unlimited Elected: August 2015	Vice President and Counsel, State Street Bank and Trust Company (2014-present); Assistant Vice President and Counsel, John Hancock Financial Services (2011-2013); Independent legal consultant (2009-2011); Associate, Bingham McCutchen LLP (2003-2009).,*

THE SELECT SECTOR SPDR TRUST
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Trust	Time Served	5 Years

BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer and AML Compliance Officer	Unlimited Elected: November 2013	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2013 to present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010).
TREVOR SWANBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1979	Code of Ethics Compliance Officer	Unlimited Elected: August 2015	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (January 2015-Present); Senior Manager-Mutual Fund Compliance, ICMA-Retirement Corporation (December 2011-January 2015); Assistant Vice President, J.P. Morgan (September 2007-December 2011).


*		Served in various capacities during the noted time period.
**		Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

The SPDR^® Family of Exchange Traded Funds

The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

The Select Sector SPDR Trust

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 Financial Services Select Sector SPDR Fund (XLFS)

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)

SPDR Series Trust

SPDR Russell 3000^® ETF (THRK)

SPDR Russell 1000 ETF (ONEK)

SPDR Russell 2000 ETF (TWOK)

SPDR S&P 500 Buyback ETF (SPYB)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR S&P 500 High Dividend ETF (SPYD)

SPDR Russell Small Cap Completeness ETF (RSCO)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Software & Services ETF (XSW)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR S&P 1500 Value Tilt ETF (VLU)

SPDR S&P 1500 Momentum Tilt ETF (MMTM)

SPDR Russell 1000 Low Volatility ETF (LGLV)

SPDR Russell 2000 Low Volatility ETF (SMLV)

SPDR MSCI USA Quality Mix ETF (QUS)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays 1-3 Month T-Bill ETF (BIL)

SPDR Barclays TIPS ETF (IPE)

SPDR Barclays 0-5 Year TIPS ETF (SIPE)

SPDR Barclays 1-10 Year TIPS ETF (TIPX)

SPDR Barclays Short Term Treasury ETF (SST)

SPDR Barclays Intermediate Term Treasury ETF (ITE)

SPDR Barclays Long Term Treasury ETF (TLO)

SPDR Barclays Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Long Term Corporate Bond ETF (LWC)

SPDR Barclays Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Convertible Securities ETF (CWB)

SPDR Barclays Mortgage Backed Bond ETF (MBG)

SPDR Barclays Aggregate Bond ETF (BNDS)

SPDR Nuveen Barclays Municipal Bond ETF (TFI)

SPDR Nuveen Barclays California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays International Treasury Bond ETF (BWX)

SPDR Barclays International Corporate Bond ETF (IBND)

SPDR Barclays Emerging Markets Local Bond ETF (EBND)

SPDR Barclays International High Yield Bond ETF (IJNK)

SPDR Barclays High Yield Bond ETF (JNK)

SPDR Barclays Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (CJNK)

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR EURO STOXX Small Cap (SMEZ)

SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)

SPDR S&P International Dividend Currency Hedged ETF (HDWX)

SPDR MSCI International Real Estate Currency Hedged ETF (HREX)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR MSCI China A Shares IMI ETF (XINA)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF (GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR S&P Global Infrastructure ETF (GII)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR MSCI ACWI IMI ETF (ACIM)

SPDR MSCI ACWI Low Carbon Target ETF (LOWC)

SPDR MSCI EM 50 ETF (EMFT)

SPDR MSCI EM Beyond BRIC ETF (EMBB)

SPDR MSCI EAFE Quality Mix ETF (QEFA)

SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)

SPDR MSCI World Quality Mix ETF (QWLD)

SPDR MSCI Australia Quality Mix ETF (QAUS)

SPDR MSCI Canada Quality Mix ETF (QCAN)

SPDR MSCI Germany Quality Mix ETF (QDEU)

SPDR MSCI Japan Quality Mix ETF (QJPN)

SPDR MSCI Mexico Quality Mix ETF (QMEX)

SPDR MSCI South Korea Quality Mix ETF (QKOR)

SPDR MSCI Spain Quality Mix ETF (QESP)

SPDR MSCI Taiwan Quality Mix ETF (QTWN)

SPDR MSCI United Kingdom Quality Mix ETF (QGBR)

SPDR Russell/Nomura PRIME^tm Japan ETF (JPP)

SPDR Russell/Nomura Small Cap^tm Japan ETF (JSC)

SPDR S&P Global Dividend ETF (WDIV)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

SSGA Active Trust

SPDR SSGA Multi-Asset Real Return ETF (RLY)

SPDR SSGA Income Allocation ETF (INKM)

SPDR SSGA Global Allocation ETF (GAL)

SPDR Blackstone/GSO Senior Loan ETF (SRLN)

SPDR SSGA Ultra Short Term Bond ETF (ULST)

SPDR Double Line Total Return Tactical ETF (TOTL)

State Street Clarion Global Infrastructure & MLP Portfolio (SSIDX)

SPDR MFS Systematic Core Equity ETF (SYE)

SPDR MFS Systematic Growth Equity ETF (SYG)

SPDR MFS Systematic Value Equity ETF (SYV)

SPDR SSGA Risk Aware ETF (RORO)

SPDR S&P 500 ETF Trust (SPY)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P MidCap 400 ETF Trust (MDY)

State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF Trust (DIA) and SPDR S&P MidCap 400 ETF Trust (MDY), all unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust.

Trustees

Cheryl Burgermeister, Chairperson

George R. Gaspari

Ashley T. Rabun

James E. Ross

Ernest J. Scalberg

R. Charles Tschampion

Officers

Ellen M. Needham, President

Michael P. Riley, Vice President

Chad C. Hallett, Treasurer

Ann M. Carpenter, Assistant Treasurer

Joshua A. Weinberg, Chief Legal Officer

Jesse D. Hallee, Secretary

Patricia A. Morisette, Assistant Secretary

Brian Harris, Chief Compliance Officer

Trevor Swanberg, Code of Ethics Compliance Officer

Investment Manager and Administrator

SSGA Funds Management, Inc.

State Street Financial Center

One Lincoln Street

Boston, Massachusetts 02111

Distributor

ALPS Portfolio Solutions Distributor, Inc.

1290 Broadway, Suite 1100

Denver, Colorado 80203

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

State Street Financial Center

One Lincoln Street

Boston, Massachusetts 02111

Legal Counsel

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10166

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

The Select Sector SPDR Trust is distributed by ALPS Portfolio Solutions Distributor, Inc.

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus from the Distributor. Please read the prospectus carefully before you invest.

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 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has four Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Cheryl Burgermeister, George Gaspari, Ernest Scalberg and R. Charles Tschampion are the registrant’s audit committee financial experts. The Board has determined that each of the foregoing persons is “independent” in that, (i) other than in his or her capacity as a member of the Audit Committee and the Board of Trustees of the registrant, he or she has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from the registrant, and (ii) he or she is not an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ended September 30, 2015 and September 30, 2014, the aggregate audit fees billed for professional services rendered by the principal accountant were $180,605 and $180,605, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ended September 30, 2015 and September 30, 2014, 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.

For the fiscal years ended September 30, 2015 and September 30, 2014, the aggregate tax fees billed for professional services rendered by the principal accountant were $76,320 and $76,320, 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 ended September 30, 2015 and September 30, 2014.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

	a.		The Audit Committee shall pre-approve all audit services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at the next regularly scheduled meeting of the Board of Trustees; or^*

	b.		Pre-Approval of Non-Audit Services Provided to the Investment Adviser and Certain Control Persons: The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at the next regularly scheduled meeting of the Board. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.^**

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $4,944,322 and $4,715,586, respectively. Such information is not readily available on a fiscal year basis.


^*		De Minimis Exceptions to Pre-Approval Requirements: Pre-approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

^**		Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under section (b) as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity for which services are approved under section (b) (i.e., the investment adviser or any control person).

(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

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 members of the registrant’s audit committee are Cheryl Burgermeister, George Gaspari, Ashley T. Rabun, Ernest Scalberg, and R. Charles Tschampion.

Item 6. Schedule of Investments.

(a)

The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 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 and the Investment Company Act of 1940, 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 4, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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

Date:		December 4, 2015

By:		/s/ Chad C. Hallett Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		December 4, 2015

A portion of the security was on loan at September 30, 2015.

Investments of cash collateral for securities loaned.

Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

The rate shown is the annualized seven-day yield at period end.

The values of the securities of the Fund are determined based on Level 1 inputs (Note 2).