# EDGAR Filing Document

**Accession Number:** 0001064641
**File Stem:** 0001193125-26-256847
**Filing Date:** 2026-6
**Character Count:** 290240
**Document Hash:** 1f84734de181fbfcb0c6e2645055b571
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-256847.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-256847

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECT SECTOR SPDR TRUST
- **CENTRAL INDEX KEY:** 0001064641

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08837
- **FILM NUMBER:** 261063838

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SECTOR SPDR TRUST
- **DATE OF NAME CHANGE:** 19980622

## Series and Classes Contracts Data

### State Street(R) Consumer Discretionary Select Sector SPDR(R) ETF (Series ID: S000006408)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000017594 | State Street(R) Consumer Discretionary Select Sector SPDR(R) ETF | XLY             |

### State Street(R) Consumer Staples Select Sector SPDR(R) ETF (Series ID: S000006409)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000017595 | State Street(R) Consumer Staples Select Sector SPDR(R) ETF | XLP             |

### State Street(R) Energy Select Sector SPDR(R) ETF (Series ID: S000006410)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000017596 | State Street(R) Energy Select Sector SPDR(R) ETF | XLE             |

### State Street(R) Financial Select Sector SPDR(R) ETF (Series ID: S000006411)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000017597 | State Street(R) Financial Select Sector SPDR(R) ETF | XLF             |

### State Street(R) Health Care Select Sector SPDR(R) ETF (Series ID: S000006412)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000017598 | State Street(R) Health Care Select Sector SPDR(R) ETF | XLV             |

### State Street(R) Industrial Select Sector SPDR(R) ETF (Series ID: S000006413)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000017599 | State Street(R) Industrial Select Sector SPDR(R) ETF | XLI             |

### State Street(R) Materials Select Sector SPDR(R) ETF (Series ID: S000006414)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000017600 | State Street(R) Materials Select Sector SPDR(R) ETF | XLB             |

### State Street(R) Technology Select Sector SPDR(R) ETF (Series ID: S000006415)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000017601 | State Street(R) Technology Select Sector SPDR(R) ETF | XLK             |

### State Street(R) Utilities Select Sector SPDR(R) ETF (Series ID: S000006416)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000017602 | State Street(R) Utilities Select Sector SPDR(R) ETF | XLU             |

### State Street(R) Real Estate Select Sector SPDR(R) ETF (Series ID: S000051152)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000161049 | State Street(R) Real Estate Select Sector SPDR(R) ETF | XLRE            |

### State Street(R) Communication Services Select Sector SPDR(R) ETF (Series ID: S000062095)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000201048 | State Street(R) Communication Services Select Sector SPDR(R) ETF | XLC             |

?xml version='1.0' encoding='ASCII'? THE SELECT SECTOR SPDR TRUST

### 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<sup>®</sup> TRUST

#### (Exact name of registrant as specified in charter)

#### One Congress Street, Boston, Massachusetts 02114

#### (Address of principal executive offices) (zip code)

#### Andrew J. DeLorme, Esq.

#### Chief Legal Officer

#### c/o SSGA Funds Management, Inc.

#### One Congress Street

#### Boston, Massachusetts 02114

#### (Name and address of agent for service)

#### Copy to:
W. John McGuire, Esq.

#### Morgan, Lewis, & Bockius, LLP

#### 1111 Pennsylvania Avenue, NW

#### Washington, D.C. 20004

#### Registrant's telephone number, including area code: (617) 664-3920

#### Date of fiscal year end: September 30

#### Date of reporting period: March 31, 2026

------

#### Item 1. Report to Shareholders.
(a) The Reports to Shareholders are attached herewith.

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF

# XLC

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF | $3 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$23,991,561,815

* Number of Portfolio Holdings26

* Portfolio Turnover Rate23%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Entertainment | 30.5% |
| Interactive Media & Services | 27.1% |
| Media | 24.4% |
| Diversified Telecommunication Services | 13.1% |
| Wireless Telecommunication Services | 4.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Meta Platforms, Inc., Class A | 13.2% |
| Alphabet, Inc., Class A | 7.7% |
| Alphabet, Inc., Class C | 6.2% |
| Netflix, Inc. | 4.5% |
| Live Nation Entertainment, Inc. | 4.5% |
| Take-Two Interactive Software, Inc. | 4.5% |
| Walt Disney Co. | 4.5% |
| Warner Bros Discovery, Inc. | 4.4% |
| AT&T, Inc. | 4.4% |
| Electronic Arts, Inc. | 4.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLC

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF

# XLY

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF | $3 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$21,211,492,061

* Number of Portfolio Holdings50

* Portfolio Turnover Rate3%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Broadline Retail | 24.5% |
| Hotels, Restaurants & Leisure | 23.8% |
| Specialty Retail | 21.9% |
| Automobiles | 21.8% |
| Textiles, Apparel & Luxury Goods | 3.4% |
| Household Durables | 3.3% |
| Distributors | 0.5% |
| Auto Components | 0.4% |
| Leisure Products | 0.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Amazon.com, Inc. | 23.5% |
| Tesla, Inc. | 19.0% |
| Home Depot, Inc. | 5.9% |
| McDonald's Corp. | 4.5% |
| TJX Cos., Inc. | 4.4% |
| Booking Holdings, Inc. | 3.4% |
| Lowe's Cos., Inc. | 3.3% |
| Starbucks Corp. | 2.5% |
| O'Reilly Automotive, Inc. | 1.9% |
| Marriott International, Inc., Class A | 1.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLY

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF

# XLP

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$15,468,331,945

* Number of Portfolio Holdings38

* Portfolio Turnover Rate4%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Consumer Staples Distribution & Retail | 33.5% |
| Beverages | 19.2% |
| Food Products | 17.1% |
| Household Products | 16.2% |
| Tobacco | 10.2% |
| Personal Products | 3.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Walmart, Inc. | 11.9% |
| Costco Wholesale Corp. | 9.6% |
| Procter & Gamble Co. | 7.3% |
| Coca-Cola Co. | 6.4% |
| Philip Morris International, Inc. | 5.6% |
| Mondelez International, Inc., Class A | 4.8% |
| PepsiCo, Inc. | 4.6% |
| Altria Group, Inc. | 4.6% |
| Colgate-Palmolive Co. | 4.4% |
| Target Corp. | 3.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLP

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF

# XLE

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$43,756,309,363

* Number of Portfolio Holdings25

* Portfolio Turnover Rate2%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Oil, Gas & Consumable Fuels | 90.9% |
| Energy Equipment & Services | 9.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Exxon Mobil Corp. | 23.8% |
| Chevron Corp. | 17.3% |
| ConocoPhillips | 7.2% |
| EOG Resources, Inc. | 4.2% |
| SLB Ltd. | 4.1% |
| Williams Cos., Inc. | 4.1% |
| Valero Energy Corp. | 4.0% |
| Phillips 66 Co. | 3.9% |
| Marathon Petroleum Corp. | 3.8% |
| Kinder Morgan, Inc. | 3.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLE

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF

# XLF

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF | $3 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$48,220,501,712

* Number of Portfolio Holdings79

* Portfolio Turnover Rate2%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Financial Services | 28.7% |
| Banks | 27.7% |
| Capital Markets | 25.5% |
| Insurance | 13.7% |
| Consumer Finance | 4.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Berkshire Hathaway, Inc., Class B | 12.5% |
| JPMorgan Chase & Co. | 11.2% |
| Visa, Inc., Class A | 7.2% |
| Mastercard, Inc., Class A | 5.8% |
| Bank of America Corp. | 4.6% |
| Goldman Sachs Group, Inc. | 3.6% |
| Wells Fargo & Co. | 3.5% |
| Citigroup, Inc. | 2.8% |
| Morgan Stanley | 2.8% |
| American Express Co. | 2.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLF

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF

# XLV

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$38,772,392,385

* Number of Portfolio Holdings62

* Portfolio Turnover Rate1%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Pharmaceuticals | 37.0% |
| Health Care Equipment & Supplies | 18.9% |
| Biotechnology | 18.8% |
| Health Care Providers & Services | 16.3% |
| Life Sciences Tools & Services | 8.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Eli Lilly & Co. | 13.7% |
| Johnson & Johnson | 11.1% |
| AbbVie, Inc. | 7.2% |
| Merck & Co., Inc. | 5.6% |
| UnitedHealth Group, Inc. | 4.6% |
| Amgen, Inc. | 3.6% |
| Thermo Fisher Scientific, Inc. | 3.5% |
| Abbott Laboratories | 3.4% |
| Gilead Sciences, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLV

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF

# XLI

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$28,067,973,002

* Number of Portfolio Holdings82

* Portfolio Turnover Rate4%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Aerospace & Defense | 25.7% |
| Machinery | 20.5% |
| Electrical Equipment | 13.3% |
| Ground Transportation | 9.6% |
| Building Products | 5.4% |
| Commercial Services & Supplies | 5.0% |
| Industrial Conglomerates | 4.4% |
| Professional Services | 4.2% |
| Air Freight & Logistics | 3.7% |
| Construction & Engineering | 3.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Caterpillar, Inc. | 6.5% |
| General Electric Co. | 5.9% |
| RTX Corp. | 5.1% |
| GE Vernova, Inc. | 4.7% |
| Boeing Co. | 3.1% |
| Uber Technologies, Inc. | 2.9% |
| Union Pacific Corp. | 2.9% |
| Honeywell International, Inc. | 2.8% |
| Deere & Co. | 2.8% |
| Eaton Corp. PLC | 2.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLI

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF

# XLB

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$6,590,163,357

* Number of Portfolio Holdings29

* Portfolio Turnover Rate13%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Chemicals | 53.0% |
| Metals & Mining | 20.1% |
| Construction Materials | 13.4% |
| Containers & Packaging | 13.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Linde PLC | 14.4% |
| Newmont Corp. | 7.4% |
| Freeport-McMoRan, Inc. | 5.3% |
| Corteva, Inc. | 4.8% |
| Air Products & Chemicals, Inc. | 4.7% |
| Sherwin-Williams Co. | 4.6% |
| CRH PLC | 4.5% |
| Vulcan Materials Co. | 4.5% |
| Martin Marietta Materials, Inc. | 4.4% |
| Nucor Corp. | 4.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLB

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF

# XLRE

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF | $3 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$7,398,414,552

* Number of Portfolio Holdings33

* Portfolio Turnover Rate5%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Specialized REITs | 39.9% |
| Health Care REITs | 16.7% |
| Retail REITs | 13.0% |
| Residential REITs | 12.2% |
| Industrial REITs | 9.1% |
| Real Estate Management & Development | 6.4% |
| Hotel & Resort REITs | 1.4% |
| Office REITs | 0.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Welltower, Inc. REIT | 10.2% |
| Prologis, Inc. REIT | 9.1% |
| Equinix, Inc. REIT | 7.1% |
| American Tower Corp. REIT | 6.0% |
| Digital Realty Trust, Inc. REIT | 4.6% |
| Simon Property Group, Inc. REIT | 4.6% |
| CBRE Group, Inc., Class A | 4.5% |
| Ventas, Inc. REIT | 4.4% |
| Realty Income Corp. REIT | 4.4% |
| Public Storage REIT | 4.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLRE

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF

# XLK

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF | $3 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$84,237,865,957

* Number of Portfolio Holdings76

* Portfolio Turnover Rate5%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Semiconductors & Semiconductor Equipment | 42.1% |
| Software | 26.6% |
| Technology Hardware, Storage & Peripherals | 17.2% |
| Communications Equipment | 5.6% |
| Electronic Equipment, Instruments & Components | 4.4% |
| IT Services | 4.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 15.5% |
| Apple, Inc. | 13.6% |
| Microsoft Corp. | 10.1% |
| Broadcom, Inc. | 5.4% |
| Micron Technology, Inc. | 3.4% |
| Palantir Technologies, Inc., Class A | 3.0% |
| Advanced Micro Devices, Inc. | 3.0% |
| Cisco Systems, Inc. | 2.7% |
| Applied Materials, Inc. | 2.4% |
| Lam Research Corp. | 2.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLK

![Image](g128483g76j17.jpg)

# State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF

# XLU

## Principal Listing Exchange: NYSE Arca Exchange

#### Semi-Annual Shareholder Report

#### March 31, 2026
This semi-annual shareholder report contains important information about the State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF (the "Fund") for the period of October 1, 2025 through March 31, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-732-8673.

## **What were the Fund costs for the last six months ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 3/31/2026
* Total Net Assets$24,249,195,820

* Number of Portfolio Holdings34

* Portfolio Turnover Rate1%

## **What did the Fund invest in as of 3/31/2026 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Electric Utilities | 65.7% |
| Multi-Utilities | 26.0% |
| Independent Power and Renewable Electricity Producers | 4.1% |
| Gas Utilities | 2.1% |
| Water Utilities | 1.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NextEra Energy, Inc. | 13.6% |
| Southern Co. | 7.5% |
| Duke Energy Corp. | 7.2% |
| Constellation Energy Corp. | 6.1% |
| American Electric Power Co., Inc. | 5.0% |
| Sempra | 4.5% |
| Dominion Energy, Inc. | 3.7% |
| Entergy Corp. | 3.6% |
| Exelon Corp. | 3.5% |
| Vistra Corp. | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR SAR XLU

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable to this filing.

#### Item 3. Audit Committee Financial Expert.
Not applicable to this filing.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.

#### Item 6. Investments.
(a) A Schedule of Investments for each applicable series of the registrant is included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

Semi-Annual Financial Statements and Other Information

March 31, 2026

**THE SELECT SECTOR SPDR TRUST** 

---

| |
|:---|
| State Street Communication Services Select Sector SPDR ETF |
| State Street Consumer Discretionary Select Sector SPDR ETF |
| State Street Consumer Staples Select Sector SPDR ETF |
| State Street Energy Select Sector SPDR ETF |
| State Street Financial Select Sector SPDR ETF |
| State Street Health Care Select Sector SPDR ETF |
| State Street Industrial Select Sector SPDR ETF |
| State Street Materials Select Sector SPDR ETF |
| State Street Real Estate Select Sector SPDR ETF |
| State Street Technology Select Sector SPDR ETF |
| State Street Utilities Select Sector SPDR ETF |

---

**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 and SAI from the Distributor by calling 1-866-787-2257 or visiting *www.statestreet.com/SectorETFs.* Please read the prospectus carefully before you invest.**

![](g128483img8cb19fe31.jpg)

------

**TABLE OF CONTENTS** (Unaudited)

---

| | |
|:---|:---|
| **[Schedule of Investments (Unaudited) (N-CSR Item 6)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-1287_1)** |  |
| [State Street Communication Services Select Sector SPDR ETF (XLC) (formerly The Communication Services](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-1287_1)<br> [Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-1287_1)<br>| &nbsp;&nbsp; 1 |
| [State Street Consumer Discretionary Select Sector SPDR ETF (XLY) (formerly The Consumer Discretionary Select](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-370_1)<br> [Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-370_1)<br>| &nbsp;&nbsp; 3 |
| [State Street Consumer Staples Select Sector SPDR ETF (XLP) (formerly The Consumer Staples Select Sector](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-371_1)<br> [SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-371_1)<br>| &nbsp;&nbsp; 5 |
| [State Street Energy Select Sector SPDR ETF (XLE) (formerly The Energy Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-372_1) | &nbsp;&nbsp; 7 |
| [State Street Financial Select Sector SPDR ETF (XLF) (formerly The Financial Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-373_1) | &nbsp;&nbsp; 9 |
| [State Street Health Care Select Sector SPDR ETF (XLV) (formerly The Health Care Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-374_1) | &nbsp;&nbsp; 11 |
| [State Street Industrial Select Sector SPDR ETF (XLI) (formerly The Industrial Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-375_1) | &nbsp;&nbsp; 13 |
| [State Street Materials Select Sector SPDR ETF (XLB) (formerly The Materials Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-376_1) | &nbsp;&nbsp; 16 |
| [State Street Real Estate Select Sector SPDR ETF (XLRE) (formerly The Real Estate Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-377_1) | &nbsp;&nbsp; 18 |
| [State Street Technology Select Sector SPDR ETF (XLK) (formerly The Technology Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-378_1) | &nbsp;&nbsp; 20 |
| [State Street Utilities Select Sector SPDR ETF (XLU) (formerly The Utilities Select Sector SPDR Fund)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_SOI-CommonContent-Continued-379_1) | &nbsp;&nbsp; 22 |
| **[Financial Statements (Unaudited)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_FIN-CommonContent-Continued_2)[(N-CSR Item 7)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_FIN-CommonContent-Continued_2)** | &nbsp;&nbsp; 25 |
| **[Financial Highlights (Unaudited)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_FIH-CommonContent-Continued_1)[(N-CSR Item 7)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_FIH-CommonContent-Continued_1)** | &nbsp;&nbsp; 38 |
| **[Notes to Financial Statements](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_NTFS-CommonContent-Continued_1)[(Unaudited)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_NTFS-CommonContent-Continued_1)[(N-CSR Item 7)](#xx_cbee2e90-50bf-4e1d-b77f-eeb6a1de573a_NTFS-CommonContent-Continued_1)** | &nbsp;&nbsp; 49 |

---

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) -** Not Applicable

**Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)** - Not Applicable

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10)** - Please see Statement of Operations in the Financial Statements under Item 7 above

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)** - Not Applicable

------

**STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.4%**  | **COMMON STOCKS — 99.4%**  | **COMMON STOCKS — 99.4%**  |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 13.1%**  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 13.1%**  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 13.1%**  |
| AT&T, Inc. | 36420932 | &nbsp;&nbsp; $1055842819 |
| Comcast Corp. Class A | 36291495 | &nbsp;&nbsp; 1041928821 |
| Verizon Communications, Inc. | 20846236 | &nbsp;&nbsp; 1046481047 |
|  |  | &nbsp;&nbsp; 3144252687 |
| **ENTERTAINMENT — 30.5%**  | **ENTERTAINMENT — 30.5%**  | **ENTERTAINMENT — 30.5%**  |
| Electronic Arts, Inc. | 5175752 | &nbsp;&nbsp; 1055180560 |
| Live Nation Entertainment, Inc. <br> (a) (b) | 7063631 | &nbsp;&nbsp; 1077274364 |
| Netflix, Inc. (a) | 11265755 | &nbsp;&nbsp; 1083202343 |
| Take-Two Interactive Software, Inc. <br> (a) | 5432921 | &nbsp;&nbsp; 1073001897 |
| TKO Group Holdings, Inc. (b) (c) | 4406738 | &nbsp;&nbsp; 888618718 |
| Walt Disney Co. | 11120489 | &nbsp;&nbsp; 1071792730 |
| Warner Bros Discovery, Inc. (a) | 38710434 | &nbsp;&nbsp; 1062988518 |
|  |  | &nbsp;&nbsp; 7312059130 |
| **INTERACTIVE MEDIA & SERVICES — 27.1%**  | **INTERACTIVE MEDIA & SERVICES — 27.1%**  | **INTERACTIVE MEDIA & SERVICES — 27.1%**  |
| Alphabet, Inc. Class A | 6436520 | &nbsp;&nbsp; 1850885691 |
| Alphabet, Inc. Class C | 5170312 | &nbsp;&nbsp; 1483155700 |
| Meta Platforms, Inc. Class A | 5526957 | &nbsp;&nbsp; 3162137909 |
|  |  | &nbsp;&nbsp; 6496179300 |
| **MEDIA — 24.4%**  | **MEDIA — 24.4%**  | **MEDIA — 24.4%**  |
| Charter Communications, Inc. <br> Class A (a) (b) | 4756920 | &nbsp;&nbsp; 1026923890 |
| EchoStar Corp. Class A (a) (b) (c) | 8948095 | &nbsp;&nbsp; 1047553482 |
| Fox Corp. Class A | 10827138 | &nbsp;&nbsp; 632304859 |
| Fox Corp. Class B | 7637068 | &nbsp;&nbsp; 405528311 |
| News Corp. Class A (c) | 24609732 | &nbsp;&nbsp; 613520619 |
| News Corp. Class B (b) | 8122949 | &nbsp;&nbsp; 231585276 |
| Omnicom Group, Inc. | 13943888 | &nbsp;&nbsp; 1050114205 |
| Paramount Skydance Corp. Class B | 20658377 | &nbsp;&nbsp; 186338560 |
| Trade Desk, Inc. Class A (a) (c) | 29268916 | &nbsp;&nbsp; 664111704 |
|  |  | &nbsp;&nbsp; 5857980906 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **WIRELESS TELECOMMUNICATION SERVICES — 4.3%**  | **WIRELESS TELECOMMUNICATION SERVICES — 4.3%**  | **WIRELESS TELECOMMUNICATION SERVICES — 4.3%**  |
| T-Mobile U.S., Inc. | 4900973 | &nbsp;&nbsp; $1029351359 |
| **TOTAL COMMON STOCKS**<br> (Cost $22,499,496,527)<br>|  | &nbsp;&nbsp; 23839823382 |
| **SHORT-TERM INVESTMENTS — 0.9%**  | **SHORT-TERM INVESTMENTS — 0.9%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (d) (e) | 41489055 | &nbsp;&nbsp; 41489055 |
| State Street Navigator Securities <br> Lending Portfolio II (f) (g) | 176239588 | &nbsp;&nbsp; 176239588 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $217,728,643) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $217,728,643) | &nbsp;&nbsp; 217728643 |
| **TOTAL INVESTMENTS — 100.3%**<br> (Cost $22,717,225,170) | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $22,717,225,170) | &nbsp;&nbsp; 24057552025 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.3)%**  | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.3)%**  | &nbsp;&nbsp; (65990210) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $23991561815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity's outstanding shares. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Investment of cash collateral for securities loaned.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P Communication Services Select Sector Index (long) | 369 | 06/18/2026 | $55973905 | $53878612 | $(2095293)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $47,215,843.

*See accompanying notes to financial statements.* 

------

**STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $23839823382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23839823382 |
| Short-Term Investments | &nbsp;&nbsp; 217728643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 217728643 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $24057552025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24057552025 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(2095293)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2095293)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(2095293)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2095293)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| EchoStar Corp. |  | $— | $1025431118 | $9897045 | $211601 | $31807808 | 8948095 | $1047553482 | $— |
| News Corp. | 17366229 | 533316893 | 395831792 | 219898017 | (26324311)<br>| (69405738)<br>| 24609732 | 613520619 | 1260601 |
| State Street Institutional U.S. Government <br> Money Market Fund, Class G Shares<br>| 8039952 | 8039952 | 376085736 | 342636633 |  |  | 41489055 | 41489055 | 790604 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 421406591 | 421406591 | 3811898714 | 4057065717 |  |  | 176239588 | 176239588 | 524499 |
| TKO Group Holdings, Inc. | 3182905 | 642819494 | 572266249 | 336169595 | 84608246 | (74905676)<br>| 4406738 | 888618718 | 4168088 |
| Trade Desk, Inc. | 20559686 | 1007630211 | 480902946 | 365696560 | (157028539)<br>| (301696354)<br>| 29268916 | 664111704 |  |
| Total |  | $2613213141 | $6662416555 | $5331363567 | $(98533003)<br>| $(414199960)<br>|  | $3431533166 | $6743792 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  |
| **AUTO COMPONENTS — 0.4%**  | **AUTO COMPONENTS — 0.4%**  | **AUTO COMPONENTS — 0.4%**  |
| Aptiv PLC (a) | 1123119 | &nbsp;&nbsp; $77989383 |
| **AUTOMOBILES — 21.8%**  | **AUTOMOBILES — 21.8%**  | **AUTOMOBILES — 21.8%**  |
| Ford Motor Co. | 20692116 | &nbsp;&nbsp; 238787019 |
| General Motors Co. | 4773319 | &nbsp;&nbsp; 355612265 |
| Tesla, Inc. (a) | 10825731 | &nbsp;&nbsp; 4024465499 |
|  |  | &nbsp;&nbsp; 4618864783 |
| **BROADLINE RETAIL — 24.5%**  | **BROADLINE RETAIL — 24.5%**  | **BROADLINE RETAIL — 24.5%**  |
| Amazon.com, Inc. (a) | 23968913 | &nbsp;&nbsp; 4992005511 |
| eBay, Inc. | 2386766 | &nbsp;&nbsp; 217243441 |
|  |  | &nbsp;&nbsp; 5209248952 |
| **DISTRIBUTORS — 0.5%**  | **DISTRIBUTORS — 0.5%**  | **DISTRIBUTORS — 0.5%**  |
| Genuine Parts Co. | 734380 | &nbsp;&nbsp; 77660685 |
| Pool Corp. (b) | 173017 | &nbsp;&nbsp; 35006530 |
|  |  | &nbsp;&nbsp; 112667215 |
| **HOTELS, RESTAURANTS & LEISURE — 23.8%**  | **HOTELS, RESTAURANTS & LEISURE — 23.8%**  | **HOTELS, RESTAURANTS & LEISURE — 23.8%**  |
| Airbnb, Inc. Class A (a) | 2236653 | &nbsp;&nbsp; 282444541 |
| Booking Holdings, Inc. | 170193 | &nbsp;&nbsp; 716566992 |
| Carnival Corp. | 6073399 | &nbsp;&nbsp; 157179566 |
| Chipotle Mexican Grill, Inc. (a) | 6877448 | &nbsp;&nbsp; 220147111 |
| Darden Restaurants, Inc. (b) | 607875 | &nbsp;&nbsp; 119167815 |
| Domino's Pizza, Inc. | 164104 | &nbsp;&nbsp; 58878874 |
| DoorDash, Inc. Class A (a) | 1973947 | &nbsp;&nbsp; 296388142 |
| Expedia Group, Inc. | 617874 | &nbsp;&nbsp; 142660928 |
| Hilton Worldwide Holdings, Inc. | 1210766 | &nbsp;&nbsp; 368169725 |
| Las Vegas Sands Corp. | 1596095 | &nbsp;&nbsp; 85997599 |
| Marriott International, Inc. Class A | 1161334 | &nbsp;&nbsp; 379837511 |
| McDonald's Corp. | 3066446 | &nbsp;&nbsp; 953020752 |
| MGM Resorts International (a) (b) | 1012890 | &nbsp;&nbsp; 37487059 |
| Norwegian Cruise Line Holdings <br> Ltd. (a) (b) | 2403395 | &nbsp;&nbsp; 44943487 |
| Royal Caribbean Cruises Ltd. (b) | 1328477 | &nbsp;&nbsp; 365570301 |
| Starbucks Corp. | 6015878 | &nbsp;&nbsp; 538962510 |
| Wynn Resorts Ltd. | 445664 | &nbsp;&nbsp; 45257179 |
| Yum! Brands, Inc. | 1466138 | &nbsp;&nbsp; 227955136 |
|  |  | &nbsp;&nbsp; 5040635228 |
| **HOUSEHOLD DURABLES — 3.3%**  | **HOUSEHOLD DURABLES — 3.3%**  | **HOUSEHOLD DURABLES — 3.3%**  |
| DR Horton, Inc. | 1422687 | &nbsp;&nbsp; 195221110 |
| Garmin Ltd. | 863281 | &nbsp;&nbsp; 200289825 |
| Lennar Corp. Class A | 1139099 | &nbsp;&nbsp; 98919357 |
| NVR, Inc. (a) | 14738 | &nbsp;&nbsp; 97120914 |
| PulteGroup, Inc. | 1014339 | &nbsp;&nbsp; 119296410 |
|  |  | &nbsp;&nbsp; 710847616 |
| **LEISURE PRODUCTS — 0.3%**  | **LEISURE PRODUCTS — 0.3%**  | **LEISURE PRODUCTS — 0.3%**  |
| Hasbro, Inc. | 703817 | &nbsp;&nbsp; 65877271 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SPECIALTY RETAIL — 21.9%**  | **SPECIALTY RETAIL — 21.9%**  | **SPECIALTY RETAIL — 21.9%**  |
| AutoZone, Inc. (a) | 87514 | &nbsp;&nbsp; $295603039 |
| Best Buy Co., Inc. | 1028709 | &nbsp;&nbsp; 66043118 |
| Carvana Co. (a) (b) | 746781 | &nbsp;&nbsp; 234773011 |
| Home Depot, Inc. | 3831999 | &nbsp;&nbsp; 1260306151 |
| Lowe's Cos., Inc. | 2961976 | &nbsp;&nbsp; 699855689 |
| O'Reilly Automotive, Inc. (a) | 4445593 | &nbsp;&nbsp; 410372690 |
| Ross Stores, Inc. | 1707921 | &nbsp;&nbsp; 369986926 |
| TJX Cos., Inc. | 5863573 | &nbsp;&nbsp; 936412608 |
| Tractor Supply Co. | 2789587 | &nbsp;&nbsp; 126368291 |
| Ulta Beauty, Inc. (a) | 234207 | &nbsp;&nbsp; 122422341 |
| Williams-Sonoma, Inc. | 630235 | &nbsp;&nbsp; 114910748 |
|  |  | &nbsp;&nbsp; 4637054612 |
| **TEXTILES, APPAREL & LUXURY GOODS — 3.4%**  | **TEXTILES, APPAREL & LUXURY GOODS — 3.4%**  | **TEXTILES, APPAREL & LUXURY GOODS — 3.4%**  |
| Deckers Outdoor Corp. (a) | 749359 | &nbsp;&nbsp; 75003342 |
| Lululemon Athletica, Inc. (a) | 563537 | &nbsp;&nbsp; 86277515 |
| NIKE, Inc. Class B | 6291561 | &nbsp;&nbsp; 332320252 |
| Ralph Lauren Corp. | 204114 | &nbsp;&nbsp; 70213175 |
| Tapestry, Inc. | 1069126 | &nbsp;&nbsp; 150864370 |
|  |  | &nbsp;&nbsp; 714678654 |
| **TOTAL COMMON STOCKS**<br> (Cost $22,034,872,919)<br>|  | &nbsp;&nbsp; 21187863714 |
| **SHORT-TERM INVESTMENT — 0.1%**  | **SHORT-TERM INVESTMENT — 0.1%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (c) (d)<br> (Cost $16,640,196) | 16640196 | &nbsp;&nbsp; 16640196 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $22,051,513,115) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $22,051,513,115) | &nbsp;&nbsp; 21204503910 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | &nbsp;&nbsp; 6988151 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $21211492061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount is less than 0.05% of net assets.

*See accompanying notes to financial statements.* 

------

**STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Consumer Discretionary Select Sector Index (long) | 100 | 06/18/2026 | $22865330 | $22189000 | $(676330)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $22,004,304.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $21187863714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21187863714 |
| Short-Term Investment | &nbsp;&nbsp; 16640196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16640196 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $21204503910 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21204503910 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(676330)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(676330)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(676330)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(676330)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 17811377 | $17811377 | $163970934 | $165142115 | $— | $— | 16640196 | $16640196 | $340421 |
| State Street Navigator Securities Lending Portfolio II | 525683 | 525683 | 415062130 | 415587813 |  |  |  |  | 146996 |
| Total |  | $18337060 | $579033064 | $580729928 | $— | $— |  | $16640196 | $487417 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%**  | **COMMON STOCKS — 99.6%**  | **COMMON STOCKS — 99.6%**  |
| **BEVERAGES — 19.2%**  | **BEVERAGES — 19.2%**  | **BEVERAGES — 19.2%**  |
| Brown-Forman Corp. Class B (a) | 1787707 | &nbsp;&nbsp; $47266973 |
| Coca-Cola Co. | 13045885 | &nbsp;&nbsp; 992139554 |
| Constellation Brands, Inc. Class A | 1469397 | &nbsp;&nbsp; 220409550 |
| Keurig Dr. Pepper, Inc. | 14214416 | &nbsp;&nbsp; 374265574 |
| Molson Coors Beverage Co. <br> Class B (a) | 1771383 | &nbsp;&nbsp; 76275752 |
| Monster Beverage Corp. (b) | 7462246 | &nbsp;&nbsp; 540714345 |
| PepsiCo, Inc. | 4605292 | &nbsp;&nbsp; 715155795 |
|  |  | &nbsp;&nbsp; 2966227543 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 33.5%**  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 33.5%**  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 33.5%**  |
| Costco Wholesale Corp. | 1495735 | &nbsp;&nbsp; 1490395226 |
| Dollar General Corp. | 2303035 | &nbsp;&nbsp; 273439346 |
| Dollar Tree, Inc. (b) | 1934899 | &nbsp;&nbsp; 211890790 |
| Kroger Co. | 6091593 | &nbsp;&nbsp; 440787669 |
| Sysco Corp. | 5010901 | &nbsp;&nbsp; 357427568 |
| Target Corp. | 4737562 | &nbsp;&nbsp; 574192514 |
| Walmart, Inc. | 14771691 | &nbsp;&nbsp; 1835825758 |
|  |  | &nbsp;&nbsp; 5183958871 |
| **FOOD PRODUCTS — 17.1%**  | **FOOD PRODUCTS — 17.1%**  | **FOOD PRODUCTS — 17.1%**  |
| Archer-Daniels-Midland Co. | 5028048 | &nbsp;&nbsp; 365488809 |
| Bunge Global SA | 1416153 | &nbsp;&nbsp; 180134662 |
| Campbell's Co. (a) | 2058726 | &nbsp;&nbsp; 45847828 |
| Conagra Brands, Inc. | 5005019 | &nbsp;&nbsp; 78678899 |
| General Mills, Inc. (a) | 5582697 | &nbsp;&nbsp; 207787982 |
| Hershey Co. | 1550276 | &nbsp;&nbsp; 322286878 |
| Hormel Foods Corp. | 3050464 | &nbsp;&nbsp; 69093010 |
| J.M. Smucker Co. | 1116304 | &nbsp;&nbsp; 107656358 |
| Kraft Heinz Co. (a) | 8917301 | &nbsp;&nbsp; 200550099 |
| McCormick & Co., Inc. | 2653200 | &nbsp;&nbsp; 133827408 |
| Mondelez International, Inc. <br> Class A | 12887366 | &nbsp;&nbsp; 742827776 |
| Tyson Foods, Inc. Class A | 2951206 | &nbsp;&nbsp; 189083768 |
|  |  | &nbsp;&nbsp; 2643263477 |
| **HOUSEHOLD PRODUCTS — 16.2%**  | **HOUSEHOLD PRODUCTS — 16.2%**  | **HOUSEHOLD PRODUCTS — 16.2%**  |
| Church & Dwight Co., Inc. | 2476454 | &nbsp;&nbsp; 231102687 |
| Clorox Co. | 1265064 | &nbsp;&nbsp; 131098583 |
| Colgate-Palmolive Co. | 7961661 | &nbsp;&nbsp; 678572367 |
| Kimberly-Clark Corp. (a) | 3472794 | &nbsp;&nbsp; 335020437 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Procter & Gamble Co. | 7831346 | &nbsp;&nbsp; $1131159616 |
|  |  | &nbsp;&nbsp; 2506953690 |
| **PERSONAL CARE PRODUCTS — 3.4%**  | **PERSONAL CARE PRODUCTS — 3.4%**  | **PERSONAL CARE PRODUCTS — 3.4%**  |
| Estee Lauder Cos., Inc. Class A | 2586582 | &nbsp;&nbsp; 185638990 |
| Kenvue, Inc. | 20046617 | &nbsp;&nbsp; 345603677 |
|  |  | &nbsp;&nbsp; 531242667 |
| **TOBACCO — 10.2%**  | **TOBACCO — 10.2%**  | **TOBACCO — 10.2%**  |
| Altria Group, Inc. | 10754365 | &nbsp;&nbsp; 709680546 |
| Philip Morris International, Inc. | 5245650 | &nbsp;&nbsp; 867315771 |
|  |  | &nbsp;&nbsp; 1576996317 |
| **TOTAL COMMON STOCKS**<br> (Cost $18,055,030,130)<br>|  | &nbsp;&nbsp; 15408642565 |
| **SHORT-TERM INVESTMENTS — 0.5%**  | **SHORT-TERM INVESTMENTS — 0.5%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (c) (d) | 22445185 | &nbsp;&nbsp; 22445185 |
| State Street Navigator Securities <br> Lending Portfolio II (e) (f) | 49011264 | &nbsp;&nbsp; 49011264 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $71,456,449) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $71,456,449) | &nbsp;&nbsp; 71456449 |
| **TOTAL INVESTMENTS — 100.1%**<br> (Cost $18,126,486,579) | **TOTAL INVESTMENTS — 100.1%**<br> (Cost $18,126,486,579) | &nbsp;&nbsp; 15480099014 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.1)%**  | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.1)%**  | &nbsp;&nbsp; (11767069) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $15468331945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment of cash collateral for securities loaned.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Consumer Staples Select Sector Index (long) | 741 | 06/18/2026 | $62549354 | $61651200 | $(898154)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $51,405,974.

*See accompanying notes to financial statements.* 

------

**STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $15408642565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15408642565 |
| Short-Term Investments | &nbsp;&nbsp; 71456449 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71456449 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $15480099014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15480099014 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(898154)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(898154)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(898154)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(898154)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 33628189 | $33628189 | $517845580 | $529028584 | $— | $— | 22445185 | $22445185 | $571574 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 112045716 | 112045716 | 2295559058 | 2358593510 |  |  | 49011264 | 49011264 | 154390 |
| Total |  | $145673905 | $2813404638 | $2887622094 | $— | $— |  | $71456449 | $725964 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET ENERGY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  |
| **ENERGY EQUIPMENT & SERVICES — 9.0%**  | **ENERGY EQUIPMENT & SERVICES — 9.0%**  | **ENERGY EQUIPMENT & SERVICES — 9.0%**  |
| Baker Hughes Co. | 22895976 | &nbsp;&nbsp; $1397799335 |
| Halliburton Co. | 19404729 | &nbsp;&nbsp; 756590384 |
| SLB Ltd. (a) | 34644504 | &nbsp;&nbsp; 1780381060 |
|  |  | &nbsp;&nbsp; 3934770779 |
| **OIL, GAS & CONSUMABLE FUELS — 90.9%**  | **OIL, GAS & CONSUMABLE FUELS — 90.9%**  | **OIL, GAS & CONSUMABLE FUELS — 90.9%**  |
| APA Corp. (a) | 8217100 | &nbsp;&nbsp; 348733724 |
| Chevron Corp. | 36633968 | &nbsp;&nbsp; 7579567979 |
| ConocoPhillips | 23943684 | &nbsp;&nbsp; 3160566288 |
| Coterra Energy, Inc. | 17576644 | &nbsp;&nbsp; 617643270 |
| Devon Energy Corp. | 14370508 | &nbsp;&nbsp; 723123963 |
| Diamondback Energy, Inc. (a) | 4495445 | &nbsp;&nbsp; 889154067 |
| EOG Resources, Inc. | 12571148 | &nbsp;&nbsp; 1817410866 |
| EQT Corp. | 14458720 | &nbsp;&nbsp; 920152941 |
| Expand Energy Corp. | 5518091 | &nbsp;&nbsp; 605776030 |
| Exxon Mobil Corp. | 61301435 | &nbsp;&nbsp; 10400401462 |
| Kinder Morgan, Inc. | 45358895 | &nbsp;&nbsp; 1520883749 |
| Marathon Petroleum Corp. | 6834604 | &nbsp;&nbsp; 1668873605 |
| Occidental Petroleum Corp. | 16662867 | &nbsp;&nbsp; 1083086355 |
| ONEOK, Inc. | 14578341 | &nbsp;&nbsp; 1317736243 |
| Phillips 66 Co. | 9335060 | &nbsp;&nbsp; 1700661231 |
| Targa Resources Corp. | 4973398 | &nbsp;&nbsp; 1246980080 |
| Texas Pacific Land Corp. (a) | 1341621 | &nbsp;&nbsp; 636679662 |
| Valero Energy Corp. | 7066615 | &nbsp;&nbsp; 1746019234 |
| Williams Cos., Inc. | 24435609 | &nbsp;&nbsp; 1778423623 |
|  |  | &nbsp;&nbsp; 39761874372 |
| **TOTAL COMMON STOCKS**<br> (Cost $35,234,686,249)<br>|  | &nbsp;&nbsp; 43696645151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.1%**  | **SHORT-TERM INVESTMENTS — 0.1%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (b) (c) | 46779004 | &nbsp;&nbsp; $46779004 |
| State Street Navigator Securities <br> Lending Portfolio II (d) (e) | 285997 | &nbsp;&nbsp; 285997 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $47,065,001) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $47,065,001) | &nbsp;&nbsp; 47065001 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $35,281,751,250) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $35,281,751,250) | &nbsp;&nbsp; 43743710152 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | &nbsp;&nbsp; 12599211 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $43756309363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment of cash collateral for securities loaned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount is less than 0.05% of net assets.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Energy Select Sector Index (long) | 484 | 06/18/2026 | $58669996 | $62594123 | $3924127 |

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $93,437,803.

*See accompanying notes to financial statements.* 

------

**STATE STREET ENERGY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $43696645151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43696645151 |
| Short-Term Investments | &nbsp;&nbsp; 47065001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47065001 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $43743710152 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43743710152 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp; $3924127 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3924127 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $3924127 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3924127 |

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government <br> Money Market Fund, Class G Shares<br>| 35465791 | $35465791 | $717809462 | $706496249 | $— | $— | 46779004 | $46779004 | $1022809 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 98112218 | 98112218 | 947562020 | 1045388241 |  |  | 285997 | 285997 | 42129 |
| Total |  | $133578009 | $1665371482 | $1751884490 | $— | $— |  | $47065001 | $1064938 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET FINANCIAL SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  |
| **BANKS — 27.7%**  | **BANKS — 27.7%**  | **BANKS — 27.7%**  |
| Bank of America Corp. | 45358239 | &nbsp;&nbsp; $2211214151 |
| Citigroup, Inc. | 11945581 | &nbsp;&nbsp; 1354748341 |
| Citizens Financial Group, Inc. | 2905068 | &nbsp;&nbsp; 174216928 |
| Fifth Third Bancorp | 6152763 | &nbsp;&nbsp; 285857369 |
| Huntington Bancshares, Inc. | 13875333 | &nbsp;&nbsp; 217148961 |
| JPMorgan Chase & Co. | 18430429 | &nbsp;&nbsp; 5421494995 |
| KeyCorp | 6405590 | &nbsp;&nbsp; 128432079 |
| M&T Bank Corp. | 1037740 | &nbsp;&nbsp; 214521613 |
| PNC Financial Services Group, <br> Inc. | 2761176 | &nbsp;&nbsp; 574573114 |
| Regions Financial Corp. | 5933307 | &nbsp;&nbsp; 154977979 |
| Truist Financial Corp. | 8630113 | &nbsp;&nbsp; 396726295 |
| U.S. Bancorp | 10625718 | &nbsp;&nbsp; 552643593 |
| Wells Fargo & Co. | 21140092 | &nbsp;&nbsp; 1682962724 |
|  |  | &nbsp;&nbsp; 13369518142 |
| **CAPITAL MARKETS — 25.5%**  | **CAPITAL MARKETS — 25.5%**  | **CAPITAL MARKETS — 25.5%**  |
| Ameriprise Financial, Inc. | 624138 | &nbsp;&nbsp; 277366927 |
| ARES Management Corp. Class A <br> (a) | 1408050 | &nbsp;&nbsp; 153618255 |
| Bank of New York Mellon Corp. | 4704394 | &nbsp;&nbsp; 558082260 |
| Blackrock, Inc. | 986495 | &nbsp;&nbsp; 948722106 |
| Blackstone, Inc. | 5117441 | &nbsp;&nbsp; 588454541 |
| Cboe Global Markets, Inc. | 715474 | &nbsp;&nbsp; 201098277 |
| Charles Schwab Corp. | 11417974 | &nbsp;&nbsp; 1073061196 |
| CME Group, Inc. | 2464773 | &nbsp;&nbsp; 727970706 |
| Coinbase Global, Inc. Class A <br> (a) (b) | 1524501 | &nbsp;&nbsp; 266193120 |
| FactSet Research Systems, Inc. | 253619 | &nbsp;&nbsp; 55032787 |
| Franklin Resources, Inc. (a) | 2098739 | &nbsp;&nbsp; 49572215 |
| Goldman Sachs Group, Inc. | 2050108 | &nbsp;&nbsp; 1734370867 |
| Interactive Brokers Group, Inc. <br> Class A | 3044293 | &nbsp;&nbsp; 204180731 |
| Intercontinental Exchange, Inc. | 3881999 | &nbsp;&nbsp; 610560803 |
| Invesco Ltd. | 3035264 | &nbsp;&nbsp; 73726563 |
| KKR & Co., Inc. | 4692299 | &nbsp;&nbsp; 434037657 |
| Moody's Corp. | 1048852 | &nbsp;&nbsp; 457561685 |
| Morgan Stanley | 8224045 | &nbsp;&nbsp; 1353431086 |
| MSCI, Inc. | 502357 | &nbsp;&nbsp; 270775447 |
| Nasdaq, Inc. | 3069563 | &nbsp;&nbsp; 260575203 |
| Northern Trust Corp. | 1273529 | &nbsp;&nbsp; 177746443 |
| Raymond James Financial, Inc. (a) | 1199254 | &nbsp;&nbsp; 173639987 |
| Robinhood Markets, Inc. Class A <br> (b) | 5402351 | &nbsp;&nbsp; 374382924 |
| S&P Global, Inc. | 2091586 | &nbsp;&nbsp; 889635189 |
| State Street Corp. (c) | 1907797 | &nbsp;&nbsp; 241450788 |
| T. Rowe Price Group, Inc. | 1494417 | &nbsp;&nbsp; 134706748 |
|  |  | &nbsp;&nbsp; 12289954511 |
| **CONSUMER FINANCE — 4.2%**  | **CONSUMER FINANCE — 4.2%**  | **CONSUMER FINANCE — 4.2%**  |
| American Express Co. | 3661012 | &nbsp;&nbsp; 1107382910 |
| Capital One Financial Corp. | 4273003 | &nbsp;&nbsp; 779523937 |
| Synchrony Financial | 2376180 | &nbsp;&nbsp; 161627764 |
|  |  | &nbsp;&nbsp; 2048534611 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **FINANCIAL SERVICES — 28.7%**  | **FINANCIAL SERVICES — 28.7%**  | **FINANCIAL SERVICES — 28.7%**  |
| Apollo Global Management, Inc. <br> (a) | 3174086 | &nbsp;&nbsp; $353656662 |
| Berkshire Hathaway, Inc. Class B <br> (b) | 12535033 | &nbsp;&nbsp; 6006787814 |
| Block, Inc. (b) | 3743717 | &nbsp;&nbsp; 225296889 |
| Corpay, Inc. (b) | 478200 | &nbsp;&nbsp; 139151418 |
| Fidelity National Information <br> Services, Inc. | 3540127 | &nbsp;&nbsp; 166067358 |
| Fiserv, Inc. (b) | 3676710 | &nbsp;&nbsp; 205160418 |
| Global Payments, Inc. | 1626554 | &nbsp;&nbsp; 109467084 |
| Jack Henry & Associates, Inc. | 493296 | &nbsp;&nbsp; 77960500 |
| Mastercard, Inc. Class A | 5567249 | &nbsp;&nbsp; 2781731635 |
| PayPal Holdings, Inc. | 6293621 | &nbsp;&nbsp; 284660478 |
| Visa, Inc. Class A | 11491418 | &nbsp;&nbsp; 3473166176 |
|  |  | &nbsp;&nbsp; 13823106432 |
| **INSURANCE — 13.7%**  | **INSURANCE — 13.7%**  | **INSURANCE — 13.7%**  |
| Aflac, Inc. | 3191115 | &nbsp;&nbsp; 350097228 |
| Allstate Corp. | 1777150 | &nbsp;&nbsp; 368474281 |
| American International Group, Inc. | 3667793 | &nbsp;&nbsp; 276001423 |
| Aon PLC Class A | 1466101 | &nbsp;&nbsp; 473228081 |
| Arch Capital Group Ltd. (b) | 2443398 | &nbsp;&nbsp; 234541774 |
| Arthur J Gallagher & Co. | 1756527 | &nbsp;&nbsp; 380428618 |
| Assurant, Inc. | 342444 | &nbsp;&nbsp; 74587728 |
| Brown & Brown, Inc. (a) | 2001462 | &nbsp;&nbsp; 130515337 |
| Chubb Ltd. | 2486574 | &nbsp;&nbsp; 810449064 |
| Cincinnati Financial Corp. | 1066677 | &nbsp;&nbsp; 167841626 |
| Erie Indemnity Co. Class A (a) | 173491 | &nbsp;&nbsp; 43600023 |
| Everest Group Ltd. | 278156 | &nbsp;&nbsp; 90915288 |
| Globe Life, Inc. | 544205 | &nbsp;&nbsp; 75737010 |
| Hartford Insurance Group, Inc. | 1906673 | &nbsp;&nbsp; 257839390 |
| Loews Corp. | 1154847 | &nbsp;&nbsp; 123268369 |
| Marsh & McLennan Cos., Inc. | 3309394 | &nbsp;&nbsp; 574014389 |
| MetLife, Inc. | 3762767 | &nbsp;&nbsp; 266102882 |
| Principal Financial Group, Inc. | 1352143 | &nbsp;&nbsp; 121841606 |
| Progressive Corp. | 4006144 | &nbsp;&nbsp; 794177986 |
| Prudential Financial, Inc. | 2378773 | &nbsp;&nbsp; 232382334 |
| Travelers Cos., Inc. | 1478260 | &nbsp;&nbsp; 431178877 |
| W.R. Berkley Corp. (a) | 2036572 | &nbsp;&nbsp; 134983992 |
| Willis Towers Watson PLC | 649723 | &nbsp;&nbsp; 188874476 |
|  |  | &nbsp;&nbsp; 6601081782 |
| **TOTAL COMMON STOCKS**<br> (Cost $53,003,538,643)<br>|  | &nbsp;&nbsp; 48132195478 |
| **SHORT-TERM INVESTMENTS — 0.3%**  | **SHORT-TERM INVESTMENTS — 0.3%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (d) (e) | 68782941 | &nbsp;&nbsp; 68782941 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET FINANCIAL SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| State Street Navigator Securities <br> Lending Portfolio II (c) (f) | 55723640 | &nbsp;&nbsp; $55723640 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $124,506,581) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $124,506,581) | &nbsp;&nbsp; 124506581 |
| **TOTAL INVESTMENTS — 100.1%**<br> (Cost $53,128,045,224) | **TOTAL INVESTMENTS — 100.1%**<br> (Cost $53,128,045,224) | &nbsp;&nbsp; 48256702059 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.1)%**  | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.1)%**  | &nbsp;&nbsp; (36200347) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $48220501712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment of cash collateral for securities loaned.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Financial Select Sector Index (long) | 375 | 06/18/2026 | $56691863 | $57468750 | $776887 |

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $55,192,143.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $48132195478 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48132195478 |
| Short-Term Investments | &nbsp;&nbsp; 124506581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124506581 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $48256702059 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48256702059 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp; $776887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $776887 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $776887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $776887 |

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Corp. | 1985828 | $230375906 | $131736948 | $140950317 | $28861657 | $(8573406)<br>| 1907797 | $241450788 | $3257494 |
| State Street Institutional U.S. Government <br> Money Market Fund, Class G Shares<br>| 53803360 | 53803360 | 827703386 | 812723805 |  |  | 68782941 | 68782941 | 885655 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 57778429 | 57778429 | 952783928 | 954838717 |  |  | 55723640 | 55723640 | 23142 |
| Total |  | $341957695 | $1912224262 | $1908512839 | $28861657 | $(8573406)<br>|  | $365957369 | $4166291 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  |
| **BIOTECHNOLOGY — 18.8%**  | **BIOTECHNOLOGY — 18.8%**  | **BIOTECHNOLOGY — 18.8%**  |
| AbbVie, Inc. | 12917805 | &nbsp;&nbsp; $2809493409 |
| Amgen, Inc. | 3935758 | &nbsp;&nbsp; 1384796452 |
| Biogen, Inc. (a) | 1072621 | &nbsp;&nbsp; 196643608 |
| Gilead Sciences, Inc. | 9068087 | &nbsp;&nbsp; 1263819285 |
| Incyte Corp. (a) | 1221846 | &nbsp;&nbsp; 115000146 |
| Moderna, Inc. (a) (b) | 2541716 | &nbsp;&nbsp; 129119173 |
| Regeneron Pharmaceuticals, Inc. | 736761 | &nbsp;&nbsp; 569251019 |
| Vertex Pharmaceuticals, Inc. (a) | 1856458 | &nbsp;&nbsp; 828982755 |
|  |  | &nbsp;&nbsp; 7297105847 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 18.9%**  | **HEALTH CARE EQUIPMENT & SUPPLIES — 18.9%**  | **HEALTH CARE EQUIPMENT & SUPPLIES — 18.9%**  |
| Abbott Laboratories | 12709406 | &nbsp;&nbsp; 1304874714 |
| Align Technology, Inc. (a) | 487711 | &nbsp;&nbsp; 83608297 |
| Baxter International, Inc. (b) | 3760421 | &nbsp;&nbsp; 63175073 |
| Becton Dickinson & Co. | 2081163 | &nbsp;&nbsp; 327221258 |
| Boston Scientific Corp. (a) | 10839355 | &nbsp;&nbsp; 680169526 |
| Cooper Cos., Inc. (a) | 1432390 | &nbsp;&nbsp; 102415885 |
| Dexcom, Inc. (a) | 2812955 | &nbsp;&nbsp; 176653574 |
| Edwards Lifesciences Corp. (a) | 4241382 | &nbsp;&nbsp; 339649871 |
| GE HealthCare Technologies, Inc. | 3331043 | &nbsp;&nbsp; 237103641 |
| Hologic, Inc. (a) | 1626749 | &nbsp;&nbsp; 122965957 |
| IDEXX Laboratories, Inc. (a) | 583626 | &nbsp;&nbsp; 327933613 |
| Insulet Corp. (a) | 514189 | &nbsp;&nbsp; 107897420 |
| Intuitive Surgical, Inc. (a) | 2595644 | &nbsp;&nbsp; 1196565928 |
| Medtronic PLC | 9370186 | &nbsp;&nbsp; 811926617 |
| ResMed, Inc. (b) | 1064774 | &nbsp;&nbsp; 239020467 |
| Solventum Corp. (a) | 1077607 | &nbsp;&nbsp; 70367737 |
| STERIS PLC | 716855 | &nbsp;&nbsp; 158518146 |
| Stryker Corp. | 2517354 | &nbsp;&nbsp; 827177351 |
| Zimmer Biomet Holdings, Inc. (b) | 1448477 | &nbsp;&nbsp; 130971290 |
|  |  | &nbsp;&nbsp; 7308216365 |
| **HEALTH CARE PROVIDERS & SERVICES — 16.3%**  | **HEALTH CARE PROVIDERS & SERVICES — 16.3%**  | **HEALTH CARE PROVIDERS & SERVICES — 16.3%**  |
| Cardinal Health, Inc. | 1719935 | &nbsp;&nbsp; 363439465 |
| Cencora, Inc. | 1421799 | &nbsp;&nbsp; 446643938 |
| Centene Corp. (a) | 3414579 | &nbsp;&nbsp; 111793316 |
| Cigna Group | 1925633 | &nbsp;&nbsp; 513662603 |
| CVS Health Corp. | 9298534 | &nbsp;&nbsp; 667820712 |
| DaVita, Inc. (a) (b) | 244124 | &nbsp;&nbsp; 37519418 |
| Elevance Health, Inc. | 1613149 | &nbsp;&nbsp; 472249370 |
| HCA Healthcare, Inc. | 1144124 | &nbsp;&nbsp; 541445242 |
| Henry Schein, Inc. (a) (b) | 731325 | &nbsp;&nbsp; 53898652 |
| Humana, Inc. | 881427 | &nbsp;&nbsp; 152830627 |
| Labcorp Holdings, Inc. | 605914 | &nbsp;&nbsp; 161663914 |
| McKesson Corp. | 895249 | &nbsp;&nbsp; 774712675 |
| Quest Diagnostics, Inc. | 804017 | &nbsp;&nbsp; 157571252 |
| UnitedHealth Group, Inc. | 6620777 | &nbsp;&nbsp; 1791516048 |
| Universal Health Services, Inc. <br> Class B | 403701 | &nbsp;&nbsp; 72250368 |
|  |  | &nbsp;&nbsp; 6319017600 |
| **LIFE SCIENCES TOOLS & SERVICES — 8.8%**  | **LIFE SCIENCES TOOLS & SERVICES — 8.8%**  | **LIFE SCIENCES TOOLS & SERVICES — 8.8%**  |
| Agilent Technologies, Inc. | 2067234 | &nbsp;&nbsp; 235623331 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Bio-Techne Corp. (b) | 1143571 | &nbsp;&nbsp; $59763020 |
| Charles River Laboratories <br> International, Inc. (a) | 359662 | &nbsp;&nbsp; 62041695 |
| Danaher Corp. | 4598351 | &nbsp;&nbsp; 871847350 |
| IQVIA Holdings, Inc. (a) | 1239576 | &nbsp;&nbsp; 211397291 |
| Mettler-Toledo International, Inc. <br> (a) | 148548 | &nbsp;&nbsp; 187348738 |
| Revvity, Inc. (b) | 828675 | &nbsp;&nbsp; 72600217 |
| Thermo Fisher Scientific, Inc. | 2746033 | &nbsp;&nbsp; 1349757600 |
| Waters Corp. (a) | 716828 | &nbsp;&nbsp; 213471378 |
| West Pharmaceutical Services, Inc. | 525823 | &nbsp;&nbsp; 131792277 |
|  |  | &nbsp;&nbsp; 3395642897 |
| **PHARMACEUTICALS — 37.0%**  | **PHARMACEUTICALS — 37.0%**  | **PHARMACEUTICALS — 37.0%**  |
| Bristol-Myers Squibb Co. | 14884562 | &nbsp;&nbsp; 902748685 |
| Eli Lilly & Co. | 5791771 | &nbsp;&nbsp; 5327097213 |
| Johnson & Johnson | 17613907 | &nbsp;&nbsp; 4305543427 |
| Merck & Co., Inc. | 18141047 | &nbsp;&nbsp; 2182186543 |
| Pfizer, Inc. | 41556698 | &nbsp;&nbsp; 1166912080 |
| Viatris, Inc. | 8418282 | &nbsp;&nbsp; 113730990 |
| Zoetis, Inc. | 3085365 | &nbsp;&nbsp; 364720997 |
|  |  | &nbsp;&nbsp; 14362939935 |
| **TOTAL COMMON STOCKS**<br> (Cost $44,375,318,947)<br>|  | &nbsp;&nbsp; 38682922644 |
| **SHORT-TERM INVESTMENTS — 0.5%**  | **SHORT-TERM INVESTMENTS — 0.5%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (c) (d) | 58156967 | &nbsp;&nbsp; 58156967 |
| State Street Navigator Securities <br> Lending Portfolio II (e) (f) | 153893837 | &nbsp;&nbsp; 153893837 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $212,050,804) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $212,050,804) | &nbsp;&nbsp; 212050804 |
| **TOTAL INVESTMENTS — 100.3%**<br> (Cost $44,587,369,751) | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $44,587,369,751) | &nbsp;&nbsp; 38894973448 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.3)%**  | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.3)%**  | &nbsp;&nbsp; (122581063) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $38772392385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment of cash collateral for securities loaned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

**STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Health Care Select Sector Index (long) | 575 | 06/18/2026 | $87447322 | $85698000 | $(1749322)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $73,347,536.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $38682922644 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38682922644 |
| Short-Term Investments | &nbsp;&nbsp; 212050804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 212050804 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $38894973448 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38894973448 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(1749322)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1749322)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(1749322)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1749322)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government <br> Money Market Fund, Class G Shares<br>| 25290125 | $25290125 | $620610253 | $587743411 | $— | $— | 58156967 | $58156967 | $1048310 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 33104718 | 33104718 | 1289781886 | 1168992767 |  |  | 153893837 | 153893837 | 117684 |
| Total |  | $58394843 | $1910392139 | $1756736178 | $— | $— |  | $212050804 | $1165994 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  |
| **AEROSPACE & DEFENSE — 25.7%**  | **AEROSPACE & DEFENSE — 25.7%**  | **AEROSPACE & DEFENSE — 25.7%**  |
| Axon Enterprise, Inc. (a) | 438502 | &nbsp;&nbsp; $186227414 |
| Boeing Co. (a) | 4364108 | &nbsp;&nbsp; 868588415 |
| General Dynamics Corp. | 1410215 | &nbsp;&nbsp; 484013992 |
| General Electric Co. | 5828058 | &nbsp;&nbsp; 1653828019 |
| Howmet Aerospace, Inc. | 2227942 | &nbsp;&nbsp; 513451513 |
| Huntington Ingalls Industries, Inc. | 218060 | &nbsp;&nbsp; 82840994 |
| L3Harris Technologies, Inc. | 1037902 | &nbsp;&nbsp; 358231875 |
| Lockheed Martin Corp. | 1125089 | &nbsp;&nbsp; 679992541 |
| Northrop Grumman Corp. | 741312 | &nbsp;&nbsp; 505752699 |
| RTX Corp. | 7458865 | &nbsp;&nbsp; 1438815059 |
| Textron, Inc. | 967810 | &nbsp;&nbsp; 84741444 |
| TransDigm Group, Inc. | 313839 | &nbsp;&nbsp; 363726847 |
|  |  | &nbsp;&nbsp; 7220210812 |
| **AIR FREIGHT & LOGISTICS — 3.7%**  | **AIR FREIGHT & LOGISTICS — 3.7%**  | **AIR FREIGHT & LOGISTICS — 3.7%**  |
| CH Robinson Worldwide, Inc. (b) | 659142 | &nbsp;&nbsp; 109463712 |
| Expeditors International of <br> Washington, Inc. | 744687 | &nbsp;&nbsp; 106661519 |
| FedEx Corp. | 1202037 | &nbsp;&nbsp; 428141538 |
| United Parcel Service, Inc. Class B | 4106468 | &nbsp;&nbsp; 403994322 |
|  |  | &nbsp;&nbsp; 1048261091 |
| **AIRLINES — 1.8%**  | **AIRLINES — 1.8%**  | **AIRLINES — 1.8%**  |
| Delta Air Lines, Inc. | 3609614 | &nbsp;&nbsp; 239967139 |
| Southwest Airlines Co. | 2730135 | &nbsp;&nbsp; 102571172 |
| United Airlines Holdings, Inc. (a) | 1797280 | &nbsp;&nbsp; 165475569 |
|  |  | &nbsp;&nbsp; 508013880 |
| **BUILDING PRODUCTS — 5.4%**  | **BUILDING PRODUCTS — 5.4%**  | **BUILDING PRODUCTS — 5.4%**  |
| A.O. Smith Corp. (b) | 624731 | &nbsp;&nbsp; 41194762 |
| Allegion PLC | 478114 | &nbsp;&nbsp; 69465183 |
| Builders FirstSource, Inc. (a) | 614456 | &nbsp;&nbsp; 50588163 |
| Carrier Global Corp. | 4365966 | &nbsp;&nbsp; 245847545 |
| Johnson Controls International <br> PLC | 3401204 | &nbsp;&nbsp; 445387664 |
| Lennox International, Inc. (b) | 177352 | &nbsp;&nbsp; 82314384 |
| Masco Corp. | 1131441 | &nbsp;&nbsp; 68305093 |
| Trane Technologies PLC | 1229893 | &nbsp;&nbsp; 512545609 |
|  |  | &nbsp;&nbsp; 1515648403 |
| **COMMERCIAL SERVICES & SUPPLIES — 5.0%**  | **COMMERCIAL SERVICES & SUPPLIES — 5.0%**  | **COMMERCIAL SERVICES & SUPPLIES — 5.0%**  |
| Cintas Corp. | 1888844 | &nbsp;&nbsp; 319479074 |
| Copart, Inc. (a) | 4948736 | &nbsp;&nbsp; 164298035 |
| Republic Services, Inc. | 1118121 | &nbsp;&nbsp; 244890862 |
| Rollins, Inc. | 1630715 | &nbsp;&nbsp; 87096488 |
| Veralto Corp. | 1379697 | &nbsp;&nbsp; 121992809 |
| Waste Management, Inc. | 2061938 | &nbsp;&nbsp; 473812733 |
|  |  | &nbsp;&nbsp; 1411570001 |
| **CONSTRUCTION & ENGINEERING — 3.3%**  | **CONSTRUCTION & ENGINEERING — 3.3%**  | **CONSTRUCTION & ENGINEERING — 3.3%**  |
| Comfort Systems USA, Inc. | 195527 | &nbsp;&nbsp; 269629778 |
| EMCOR Group, Inc. | 248751 | &nbsp;&nbsp; 183655351 |
| Quanta Services, Inc. (b) | 828610 | &nbsp;&nbsp; 454923462 |
|  |  | &nbsp;&nbsp; 908208591 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **ELECTRICAL EQUIPMENT — 13.3%**  | **ELECTRICAL EQUIPMENT — 13.3%**  | **ELECTRICAL EQUIPMENT — 13.3%**  |
| AMETEK, Inc. | 1279216 | &nbsp;&nbsp; $274212742 |
| Eaton Corp. PLC | 2158273 | &nbsp;&nbsp; 771949504 |
| Emerson Electric Co. | 3122956 | &nbsp;&nbsp; 409169695 |
| GE Vernova, Inc. | 1497703 | &nbsp;&nbsp; 1307344949 |
| Generac Holdings, Inc. (a) | 326103 | &nbsp;&nbsp; 63697699 |
| Hubbell, Inc. | 295393 | &nbsp;&nbsp; 144961161 |
| Rockwell Automation, Inc. | 624343 | &nbsp;&nbsp; 224064216 |
| Vertiv Holdings Co. Class A | 2125770 | &nbsp;&nbsp; 532675446 |
|  |  | &nbsp;&nbsp; 3728075412 |
| **GROUND TRANSPORTATION — 9.6%**  | **GROUND TRANSPORTATION — 9.6%**  | **GROUND TRANSPORTATION — 9.6%**  |
| CSX Corp. | 10333249 | &nbsp;&nbsp; 424179872 |
| JB Hunt Transport Services, Inc. | 415287 | &nbsp;&nbsp; 87999315 |
| Norfolk Southern Corp. | 1247917 | &nbsp;&nbsp; 358152179 |
| Old Dominion Freight Line, Inc. | 1022503 | &nbsp;&nbsp; 199797086 |
| Uber Technologies, Inc. (a) | 11436616 | &nbsp;&nbsp; 822635789 |
| Union Pacific Corp. | 3297399 | &nbsp;&nbsp; 800014945 |
|  |  | &nbsp;&nbsp; 2692779186 |
| **INDUSTRIAL CONGLOMERATES — 4.4%**  | **INDUSTRIAL CONGLOMERATES — 4.4%**  | **INDUSTRIAL CONGLOMERATES — 4.4%**  |
| 3M Co. | 2926842 | &nbsp;&nbsp; 425065264 |
| Honeywell International, Inc. | 3527898 | &nbsp;&nbsp; 797410785 |
|  |  | &nbsp;&nbsp; 1222476049 |
| **MACHINERY — 20.5%**  | **MACHINERY — 20.5%**  | **MACHINERY — 20.5%**  |
| Caterpillar, Inc. | 2585501 | &nbsp;&nbsp; 1831724038 |
| Cummins, Inc. | 767775 | &nbsp;&nbsp; 413078306 |
| Deere & Co. | 1400853 | &nbsp;&nbsp; 789100495 |
| Dover Corp. | 749402 | &nbsp;&nbsp; 156212847 |
| Fortive Corp. | 1741578 | &nbsp;&nbsp; 96274432 |
| IDEX Corp. | 415897 | &nbsp;&nbsp; 78833276 |
| Illinois Tool Works, Inc. | 1457346 | &nbsp;&nbsp; 379332590 |
| Ingersoll Rand, Inc. (b) | 1977812 | &nbsp;&nbsp; 158462297 |
| Nordson Corp. | 294052 | &nbsp;&nbsp; 78235475 |
| Otis Worldwide Corp. | 2160064 | &nbsp;&nbsp; 166497733 |
| PACCAR, Inc. | 2919532 | &nbsp;&nbsp; 337205946 |
| Parker-Hannifin Corp. | 701336 | &nbsp;&nbsp; 627864041 |
| Pentair PLC | 909322 | &nbsp;&nbsp; 79211039 |
| Snap-on, Inc. (b) | 288475 | &nbsp;&nbsp; 104779890 |
| Stanley Black & Decker, Inc. (b) | 860609 | &nbsp;&nbsp; 61154876 |
| Westinghouse Air Brake <br> Technologies Corp. | 947580 | &nbsp;&nbsp; 236809718 |
| Xylem, Inc. | 1353630 | &nbsp;&nbsp; 161758785 |
|  |  | &nbsp;&nbsp; 5756535784 |
| **PROFESSIONAL SERVICES — 4.2%**  | **PROFESSIONAL SERVICES — 4.2%**  | **PROFESSIONAL SERVICES — 4.2%**  |
| Automatic Data Processing, Inc. | 2237422 | &nbsp;&nbsp; 454599402 |
| Broadridge Financial Solutions, <br> Inc. | 648748 | &nbsp;&nbsp; 105408575 |
| Equifax, Inc. | 669053 | &nbsp;&nbsp; 120476374 |
| Jacobs Solutions, Inc. | 652640 | &nbsp;&nbsp; 83068019 |
| Leidos Holdings, Inc. | 710455 | &nbsp;&nbsp; 110489961 |
| Paychex, Inc. | 1795283 | &nbsp;&nbsp; 165381470 |
| Verisk Analytics, Inc. | 774484 | &nbsp;&nbsp; 146958339 |
|  |  | &nbsp;&nbsp; 1186382140 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS — 2.9%**  | **TRADING COMPANIES & DISTRIBUTORS — 2.9%**  | **TRADING COMPANIES & DISTRIBUTORS — 2.9%**  |
| Fastenal Co. (b) | 6380219 | &nbsp;&nbsp; $296042162 |
| United Rentals, Inc. | 350058 | &nbsp;&nbsp; 255038256 |
| WW Grainger, Inc. | 243074 | &nbsp;&nbsp; 265147550 |
|  |  | &nbsp;&nbsp; 816227968 |
| **TOTAL COMMON STOCKS**<br> (Cost $27,062,741,760)<br>|  | &nbsp;&nbsp; 28014389317 |
| **SHORT-TERM INVESTMENT — 0.1%**  | **SHORT-TERM INVESTMENT — 0.1%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (c) (d)<br> (Cost $35,164,767) | 35164767 | &nbsp;&nbsp; 35164767 |
| **TOTAL INVESTMENTS — 99.9%**<br> (Cost $27,097,906,527) | **TOTAL INVESTMENTS — 99.9%**<br> (Cost $27,097,906,527) | &nbsp;&nbsp; 28049554084 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.1%**  | **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.1%**  | &nbsp;&nbsp; 18418918 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $28067973002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven-day yield at March 31, 2026.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Industrial Select Sector Index (long) | 300 | 06/18/2026 | $50004300 | $49301010 | $(703290)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $27,943,357.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $28014389317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28014389317 |
| Short-Term Investment | &nbsp;&nbsp; 35164767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35164767 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $28049554084 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28049554084 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(703290)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(703290)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(703290)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(703290)<br>|

---

*See accompanying notes to financial statements.* 

------

**STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 16080176 | $16080176 | $343362900 | $324278309 | $— | $— | 35164767 | $35164767 | $283985 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 31150393 | 31150393 | 2057621059 | 2088771452 |  |  |  |  | 92906 |
| Total |  | $47230569 | $2400983959 | $2413049761 | $— | $— |  | $35164767 | $376891 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET MATERIALS SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  |
| **CHEMICALS — 53.0%**  | **CHEMICALS — 53.0%**  | **CHEMICALS — 53.0%**  |
| Air Products & Chemicals, Inc. | 1059438 | &nbsp;&nbsp; $307756145 |
| Albemarle Corp. | 973443 | &nbsp;&nbsp; 174762222 |
| CF Industries Holdings, Inc. | 1288476 | &nbsp;&nbsp; 167295724 |
| Corteva, Inc. | 3741462 | &nbsp;&nbsp; 313197784 |
| Dow, Inc. | 5927237 | &nbsp;&nbsp; 246869421 |
| DuPont de Nemours, Inc. | 3380114 | &nbsp;&nbsp; 154809221 |
| Ecolab, Inc. | 1062070 | &nbsp;&nbsp; 282531861 |
| International Flavors & Fragrances, <br> Inc. (a) | 2115482 | &nbsp;&nbsp; 153478219 |
| Linde PLC | 1916835 | &nbsp;&nbsp; 950290120 |
| LyondellBasell Industries NV Class A <br> (a) | 2127099 | &nbsp;&nbsp; 171359095 |
| Mosaic Co. | 2621994 | &nbsp;&nbsp; 66860847 |
| PPG Industries, Inc. | 1853707 | &nbsp;&nbsp; 198124204 |
| Sherwin-Williams Co. | 946372 | &nbsp;&nbsp; 303359545 |
|  |  | &nbsp;&nbsp; 3490694408 |
| **CONSTRUCTION MATERIALS — 13.4%**  | **CONSTRUCTION MATERIALS — 13.4%**  | **CONSTRUCTION MATERIALS — 13.4%**  |
| CRH PLC | 2828826 | &nbsp;&nbsp; 297366189 |
| Martin Marietta Materials, Inc. (a) | 492302 | &nbsp;&nbsp; 289808342 |
| Vulcan Materials Co. | 1091464 | &nbsp;&nbsp; 297205647 |
|  |  | &nbsp;&nbsp; 884380178 |
| **CONTAINERS & PACKAGING — 13.3%**  | **CONTAINERS & PACKAGING — 13.3%**  | **CONTAINERS & PACKAGING — 13.3%**  |
| Amcor PLC (a) | 3816744 | &nbsp;&nbsp; 151715574 |
| Avery Dennison Corp. | 638452 | &nbsp;&nbsp; 110247891 |
| Ball Corp. | 2213723 | &nbsp;&nbsp; 130853167 |
| International Paper Co. | 4361853 | &nbsp;&nbsp; 155718152 |
| Packaging Corp. of America (a) | 738253 | &nbsp;&nbsp; 156672052 |
| Smurfit Westrock PLC | 4315312 | &nbsp;&nbsp; 171965183 |
|  |  | &nbsp;&nbsp; 877172019 |
| **METALS & MINING — 20.1%**  | **METALS & MINING — 20.1%**  | **METALS & MINING — 20.1%**  |
| Freeport-McMoRan, Inc. | 5899645 | &nbsp;&nbsp; 346781133 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Newmont Corp. | 4479667 | &nbsp;&nbsp; $484923953 |
| Nucor Corp. | 1712327 | &nbsp;&nbsp; 289554495 |
| Steel Dynamics, Inc. | 1134002 | &nbsp;&nbsp; 204120360 |
|  |  | &nbsp;&nbsp; 1325379941 |
| **TOTAL COMMON STOCKS**<br> (Cost $6,855,648,988)<br>|  | &nbsp;&nbsp; 6577626546 |
| **SHORT-TERM INVESTMENTS — 0.2%**  | **SHORT-TERM INVESTMENTS — 0.2%**  |  |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Class G Shares 3.64% <br> (b) (c) | 7594122 | &nbsp;&nbsp; 7594122 |
| State Street Navigator Securities <br> Lending Portfolio II (d) (e) | 4761354 | &nbsp;&nbsp; 4761354 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $12,355,476) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $12,355,476) | &nbsp;&nbsp; 12355476 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $6,868,004,464) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $6,868,004,464) | &nbsp;&nbsp; 6589982022 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.0%** <sup>\*</sup> | &nbsp;&nbsp; 181335 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $6590163357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment of cash collateral for securities loaned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount is less than 0.05% of net assets.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Material Select Sector Index (long) | 119 | 06/18/2026 | $12519788 | $12710390 | $190602 |

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $10,709,181.

*See accompanying notes to financial statements.* 

------

**STATE STREET MATERIALS SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $6577626546 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6577626546 |
| Short-Term Investments | &nbsp;&nbsp; 12355476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12355476 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $6589982022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6589982022 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp; $190602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190602 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $190602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190602 |

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 5981756 | $5981756 | $114427613 | $112815247 | $— | $— | 7594122 | $7594122 | $133354 |
| State Street Navigator Securities Lending Portfolio II | 4064245 | 4064245 | 720321641 | 719624532 |  |  | 4761354 | 4761354 | 39834 |
| Total |  | $10046001 | $834749254 | $832439779 | $— | $— |  | $12355476 | $173188 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET REAL ESTATE SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.5%**  | **COMMON STOCKS — 99.5%**  | **COMMON STOCKS — 99.5%**  |
| **HEALTH CARE REITs — 16.7%**  | **HEALTH CARE REITs — 16.7%**  | **HEALTH CARE REITs — 16.7%**  |
| Alexandria Real Estate Equities, <br> Inc. REIT | 1305890 | &nbsp;&nbsp; $60619414 |
| Healthpeak Properties, Inc. REIT | 5819280 | &nbsp;&nbsp; 95610771 |
| Ventas, Inc. REIT | 3982176 | &nbsp;&nbsp; 325662353 |
| Welltower, Inc. REIT | 3810659 | &nbsp;&nbsp; 753405391 |
|  |  | &nbsp;&nbsp; 1235297929 |
| **HOTEL & RESORT REITs — 1.4%**  | **HOTEL & RESORT REITs — 1.4%**  | **HOTEL & RESORT REITs — 1.4%**  |
| Host Hotels & Resorts, Inc. REIT | 5354701 | &nbsp;&nbsp; 102596071 |
| **INDUSTRIAL REITs — 9.1%**  | **INDUSTRIAL REITs — 9.1%**  | **INDUSTRIAL REITs — 9.1%**  |
| Prologis, Inc. REIT | 5076733 | &nbsp;&nbsp; 671042568 |
| **OFFICE REITs — 0.8%**  | **OFFICE REITs — 0.8%**  | **OFFICE REITs — 0.8%**  |
| BXP, Inc. REIT | 1234533 | &nbsp;&nbsp; 64072263 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.4%**  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.4%**  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.4%**  |
| CBRE Group, Inc. Class A (a) | 2436152 | &nbsp;&nbsp; 330001150 |
| CoStar Group, Inc. (a) | 3553880 | &nbsp;&nbsp; 143363519 |
|  |  | &nbsp;&nbsp; 473364669 |
| **RESIDENTIAL REITs — 12.2%**  | **RESIDENTIAL REITs — 12.2%**  | **RESIDENTIAL REITs — 12.2%**  |
| AvalonBay Communities, Inc. <br> REIT | 1187287 | &nbsp;&nbsp; 193943331 |
| Camden Property Trust REIT | 865739 | &nbsp;&nbsp; 84548071 |
| Equity Residential REIT | 2882753 | &nbsp;&nbsp; 170514840 |
| Essex Property Trust, Inc. REIT | 540409 | &nbsp;&nbsp; 130778978 |
| Invitation Homes, Inc. REIT | 4721895 | &nbsp;&nbsp; 117339091 |
| Mid-America Apartment <br> Communities, Inc. REIT | 978729 | &nbsp;&nbsp; 119522385 |
| UDR, Inc. REIT | 2517988 | &nbsp;&nbsp; 85057635 |
|  |  | &nbsp;&nbsp; 901704331 |
| **RETAIL REITs — 13.0%**  | **RETAIL REITs — 13.0%**  | **RETAIL REITs — 13.0%**  |
| Federal Realty Investment Trust <br> REIT | 657362 | &nbsp;&nbsp; 69818418 |
| Kimco Realty Corp. REIT | 5652669 | &nbsp;&nbsp; 127015472 |
| Realty Income Corp. REIT | 5308437 | &nbsp;&nbsp; 324770176 |
| Regency Centers Corp. REIT | 1378157 | &nbsp;&nbsp; 104271359 |
| Simon Property Group, Inc. REIT | 1812131 | &nbsp;&nbsp; 338016795 |
|  |  | &nbsp;&nbsp; 963892220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SPECIALIZED REITs — 39.9%**  | **SPECIALIZED REITs — 39.9%**  | **SPECIALIZED REITs — 39.9%**  |
| American Tower Corp. REIT | 2556840 | &nbsp;&nbsp; $441259447 |
| Crown Castle, Inc. REIT | 3651132 | &nbsp;&nbsp; 296873543 |
| Digital Realty Trust, Inc. REIT | 1902198 | &nbsp;&nbsp; 342795101 |
| Equinix, Inc. REIT | 536635 | &nbsp;&nbsp; 526031092 |
| Extra Space Storage, Inc. REIT | 1779564 | &nbsp;&nbsp; 233354227 |
| Iron Mountain, Inc. REIT | 2480447 | &nbsp;&nbsp; 253352857 |
| Public Storage REIT | 1145370 | &nbsp;&nbsp; 310257826 |
| SBA Communications Corp. REIT | 893415 | &nbsp;&nbsp; 153765656 |
| VICI Properties, Inc. REIT | 8961374 | &nbsp;&nbsp; 244824738 |
| Weyerhaeuser Co. REIT | 6041860 | &nbsp;&nbsp; 147602640 |
|  |  | &nbsp;&nbsp; 2950117127 |
| **TOTAL COMMON STOCKS**<br> (Cost $8,359,942,383)<br>|  | &nbsp;&nbsp; 7362087178 |
| **SHORT-TERM INVESTMENT — 0.2%**  | **SHORT-TERM INVESTMENT — 0.2%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (b) (c)<br> (Cost $12,858,333) | 12858333 | &nbsp;&nbsp; 12858333 |
| **TOTAL INVESTMENTS — 99.7%**<br> (Cost $8,372,800,716) | **TOTAL INVESTMENTS — 99.7%**<br> (Cost $8,372,800,716) | &nbsp;&nbsp; 7374945511 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.3%**  | **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES — 0.3%**  | &nbsp;&nbsp; 23469041 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $7398414552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real Estate Investment Trust

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Real Estate Select Sector Index (long) | 650 | 06/18/2026 | $33710625 | $32676692 | $(1033933)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $20,396,723.

*See accompanying notes to financial statements.* 

------

**STATE STREET REAL ESTATE SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $7362087178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7362087178 |
| Short-Term Investment | &nbsp;&nbsp; 12858333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12858333 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $7374945511 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7374945511 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(1033933)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1033933)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(1033933)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1033933)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 17493518 | $17493518 | $213509089 | $218144274 | $— | $— | 12858333 | $12858333 | $194282 |
| State Street Navigator Securities Lending Portfolio II | 40613881 | 40613881 | 49604038 | 90217919 |  |  |  |  | 5078 |
| Total |  | $58107399 | $263113127 | $308362193 | $— | $— |  | $12858333 | $199360 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  | **COMMON STOCKS — 99.9%**  |
| **COMMUNICATIONS EQUIPMENT — 5.6%**  | **COMMUNICATIONS EQUIPMENT — 5.6%**  | **COMMUNICATIONS EQUIPMENT — 5.6%**  |
| Arista Networks, Inc. (a) | 7747556 | &nbsp;&nbsp; $951244926 |
| Ciena Corp. (a) | 1056785 | &nbsp;&nbsp; 410275641 |
| Cisco Systems, Inc. | 29644677 | &nbsp;&nbsp; 2300130488 |
| F5, Inc. (a) | 424046 | &nbsp;&nbsp; 122689229 |
| Lumentum Holdings, Inc. (a) (b) | 535730 | &nbsp;&nbsp; 376489615 |
| Motorola Solutions, Inc. | 1242919 | &nbsp;&nbsp; 539389558 |
|  |  | &nbsp;&nbsp; 4700219457 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** <br> **— 4.4%**  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** <br> **— 4.4%**  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** <br> **— 4.4%**  |
| Amphenol Corp. Class A | 9222723 | &nbsp;&nbsp; 1165291051 |
| CDW Corp. | 976830 | &nbsp;&nbsp; 118215966 |
| Coherent Corp. (a) (b) | 1406665 | &nbsp;&nbsp; 335081670 |
| Corning, Inc. | 5857802 | &nbsp;&nbsp; 796485338 |
| Jabil, Inc. | 792244 | &nbsp;&nbsp; 210443774 |
| Keysight Technologies, Inc. (a) | 1286904 | &nbsp;&nbsp; 363383082 |
| TE Connectivity PLC | 2201614 | &nbsp;&nbsp; 460181358 |
| Teledyne Technologies, Inc. (a) | 352264 | &nbsp;&nbsp; 213123243 |
| Zebra Technologies Corp. Class A <br> (a) | 369097 | &nbsp;&nbsp; 77170801 |
|  |  | &nbsp;&nbsp; 3739376283 |
| **IT SERVICES — 4.0%**  | **IT SERVICES — 4.0%**  | **IT SERVICES — 4.0%**  |
| Accenture PLC Class A | 4616642 | &nbsp;&nbsp; 915433942 |
| Akamai Technologies, Inc. (a) (b) | 1079441 | &nbsp;&nbsp; 123973799 |
| Cognizant Technology Solutions <br> Corp. Class A | 3588243 | &nbsp;&nbsp; 220138708 |
| EPAM Systems, Inc. (a) (b) | 414475 | &nbsp;&nbsp; 56119915 |
| Gartner, Inc. (a) (b) | 528573 | &nbsp;&nbsp; 83694249 |
| GoDaddy, Inc. Class A (a) | 1013973 | &nbsp;&nbsp; 83825148 |
| International Business Machines <br> Corp. | 7013231 | &nbsp;&nbsp; 1699937062 |
| VeriSign, Inc. | 619216 | &nbsp;&nbsp; 153788486 |
|  |  | &nbsp;&nbsp; 3336911309 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT —** <br> **42.1%**  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT —** <br> **42.1%**  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT —** <br> **42.1%**  |
| Advanced Micro Devices, Inc. (a) | 12232830 | &nbsp;&nbsp; 2488524607 |
| Analog Devices, Inc. | 3666170 | &nbsp;&nbsp; 1166355324 |
| Applied Materials, Inc. | 5955253 | &nbsp;&nbsp; 2035445923 |
| Broadcom, Inc. | 14605505 | &nbsp;&nbsp; 4520549852 |
| First Solar, Inc. (a) | 805087 | &nbsp;&nbsp; 158811462 |
| Intel Corp. (a) | 35228444 | &nbsp;&nbsp; 1554631234 |
| KLA Corp. | 983460 | &nbsp;&nbsp; 1448056339 |
| Lam Research Corp. | 9369436 | &nbsp;&nbsp; 2001873696 |
| Microchip Technology, Inc. | 4060109 | &nbsp;&nbsp; 262323642 |
| Micron Technology, Inc. | 8444590 | &nbsp;&nbsp; 2852920285 |
| Monolithic Power Systems, Inc. (b) | 365444 | &nbsp;&nbsp; 399558197 |
| NVIDIA Corp. | 74856148 | &nbsp;&nbsp; 13054912211 |
| NXP Semiconductors NV | 1888330 | &nbsp;&nbsp; 371736644 |
| ON Semiconductor Corp. (a) | 2956335 | &nbsp;&nbsp; 183056263 |
| Qnity Electronics, Inc. | 1571615 | &nbsp;&nbsp; 181332939 |
| QUALCOMM, Inc. | 8005592 | &nbsp;&nbsp; 1030960138 |
| Skyworks Solutions, Inc. | 1128268 | &nbsp;&nbsp; 60418751 |
| Teradyne, Inc. | 1175052 | &nbsp;&nbsp; 348355916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Texas Instruments, Inc. | 6809263 | &nbsp;&nbsp; $1321950319 |
|  |  | &nbsp;&nbsp; 35441773742 |
| **SOFTWARE — 26.6%**  | **SOFTWARE — 26.6%**  | **SOFTWARE — 26.6%**  |
| Adobe, Inc. (a) | 3079935 | &nbsp;&nbsp; 748670600 |
| AppLovin Corp. Class A (a) | 2033294 | &nbsp;&nbsp; 809251012 |
| Autodesk, Inc. (a) | 1590614 | &nbsp;&nbsp; 380792991 |
| Cadence Design Systems, Inc. (a) | 2042297 | &nbsp;&nbsp; 567493067 |
| Crowdstrike Holdings, Inc. Class A <br> (a) | 1891448 | &nbsp;&nbsp; 738440214 |
| Datadog, Inc. Class A (a) | 2463024 | &nbsp;&nbsp; 290759983 |
| Fair Isaac Corp. (a) | 177978 | &nbsp;&nbsp; 189998634 |
| Fortinet, Inc. (a) | 4742619 | &nbsp;&nbsp; 387566825 |
| Gen Digital, Inc. | 4135277 | &nbsp;&nbsp; 77867266 |
| Intuit, Inc. | 2087882 | &nbsp;&nbsp; 902758419 |
| Microsoft Corp. | 22874638 | &nbsp;&nbsp; 8467504748 |
| Oracle Corp. | 12722783 | &nbsp;&nbsp; 1871648607 |
| Palantir Technologies, Inc. Class A <br> (a) | 17139106 | &nbsp;&nbsp; 2507108426 |
| Palo Alto Networks, Inc. (a) | 6062949 | &nbsp;&nbsp; 972011984 |
| PTC, Inc. (a) | 892816 | &nbsp;&nbsp; 127217352 |
| Roper Technologies, Inc. | 799814 | &nbsp;&nbsp; 283022182 |
| Salesforce, Inc. (b) | 7030189 | &nbsp;&nbsp; 1312325381 |
| ServiceNow, Inc. (a) | 7848049 | &nbsp;&nbsp; 820513523 |
| Synopsys, Inc. (a) | 1435439 | &nbsp;&nbsp; 569122855 |
| Trimble, Inc. (a) | 1785072 | &nbsp;&nbsp; 116440246 |
| Tyler Technologies, Inc. (a) | 322851 | &nbsp;&nbsp; 110537725 |
| Workday, Inc. Class A (a) | 1598079 | &nbsp;&nbsp; 207622424 |
|  |  | &nbsp;&nbsp; 22458674464 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS —** <br> **17.2%**  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS —** <br> **17.2%**  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS —** <br> **17.2%**  |
| Apple, Inc. | 45225207 | &nbsp;&nbsp; 11477705284 |
| Dell Technologies, Inc. Class C | 2229773 | &nbsp;&nbsp; 365972642 |
| Hewlett Packard Enterprise Co. | 9969900 | &nbsp;&nbsp; 237383319 |
| HP, Inc. (b) | 6887504 | &nbsp;&nbsp; 132308952 |
| NetApp, Inc. | 1486064 | &nbsp;&nbsp; 152158093 |
| Sandisk Corp. (a) | 1107406 | &nbsp;&nbsp; 703579328 |
| Seagate Technology Holdings PLC <br> (b) | 1636139 | &nbsp;&nbsp; 640973815 |
| Super Micro Computer, Inc. (a) (b) | 3775041 | &nbsp;&nbsp; 85957684 |
| Western Digital Corp. (b) | 2543736 | &nbsp;&nbsp; 688055151 |
|  |  | &nbsp;&nbsp; 14484094268 |
| **TOTAL COMMON STOCKS**<br> (Cost $71,643,349,781)<br>|  | &nbsp;&nbsp; 84161049523 |
| **SHORT-TERM INVESTMENTS — 0.1%**  | **SHORT-TERM INVESTMENTS — 0.1%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (c) (d) | 62004869 | &nbsp;&nbsp; 62004869 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| State Street Navigator Securities <br> Lending Portfolio II (e) (f) | 23415501 | &nbsp;&nbsp; $23415501 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $85,420,370) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $85,420,370) | &nbsp;&nbsp; 85420370 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $71,728,770,151) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $71,728,770,151) | &nbsp;&nbsp; 84246469893 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.0)%** <sup>\*</sup> | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.0)%** <sup>\*</sup> | &nbsp;&nbsp; (8603936) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $84237865957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment of cash collateral for securities loaned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount is less than 0.05% of net assets.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Technology Select Sector Index (long) | 285 | 06/18/2026 | $79232850 | $76943360 | $(2289490)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $83,656,286.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $84161049523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84161049523 |
| Short-Term Investments | &nbsp;&nbsp; 85420370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85420370 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $84246469893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84246469893 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(2289490)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2289490)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(2289490)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2289490)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government <br> Money Market Fund, Class G Shares<br>| 76163808 | $76163808 | $568113360 | $582272299 | $— | $— | 62004869 | $62004869 | $1173650 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 169137084 | 169137084 | 4045955086 | 4191676669 |  |  | 23415501 | 23415501 | 136852 |
| Total |  | $245300892 | $4614068446 | $4773948968 | $— | $— |  | $85420370 | $1310502 |

---

*See accompanying notes to financial statements.* 

------

**STATE STREET UTILITIES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  | **COMMON STOCKS — 99.8%**  |
| **ELECTRIC UTILITIES — 65.7%**  | **ELECTRIC UTILITIES — 65.7%**  | **ELECTRIC UTILITIES — 65.7%**  |
| Alliant Energy Corp. (a) | 4379207 | &nbsp;&nbsp; $314251894 |
| American Electric Power Co., Inc. | 9214101 | &nbsp;&nbsp; 1207784359 |
| Constellation Energy Corp. (a) | 5308834 | &nbsp;&nbsp; 1482491895 |
| Duke Energy Corp. (a) | 13248251 | &nbsp;&nbsp; 1734725986 |
| Edison International | 6555209 | &nbsp;&nbsp; 479710195 |
| Entergy Corp. (a) | 7706019 | &nbsp;&nbsp; 865848295 |
| Evergy, Inc. | 3921984 | &nbsp;&nbsp; 321288929 |
| Eversource Energy (a) | 6391756 | &nbsp;&nbsp; 442820856 |
| Exelon Corp. (a) | 17426061 | &nbsp;&nbsp; 854225510 |
| FirstEnergy Corp. | 8857097 | &nbsp;&nbsp; 448700534 |
| NextEra Energy, Inc. (a) | 35479311 | &nbsp;&nbsp; 3295318406 |
| NRG Energy, Inc. | 3618089 | &nbsp;&nbsp; 528747526 |
| PG&E Corp. | 37444651 | &nbsp;&nbsp; 657902518 |
| Pinnacle West Capital Corp. (a) | 2038999 | &nbsp;&nbsp; 205429149 |
| PPL Corp. (a) | 12602247 | &nbsp;&nbsp; 481405835 |
| Southern Co. (a) | 18758424 | &nbsp;&nbsp; 1810563085 |
| Xcel Energy, Inc. (a) | 10077519 | &nbsp;&nbsp; 800558109 |
|  |  | &nbsp;&nbsp; 15931773081 |
| **GAS UTILITIES — 2.1%**  | **GAS UTILITIES — 2.1%**  | **GAS UTILITIES — 2.1%**  |
| Atmos Energy Corp. | 2818421 | &nbsp;&nbsp; 520618727 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY** <br> **PRODUCERS — 4.1%**  | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY** <br> **PRODUCERS — 4.1%**  | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY** <br> **PRODUCERS — 4.1%**  |
| AES Corp. | 12131680 | &nbsp;&nbsp; 170935371 |
| Vistra Corp. | 5425863 | &nbsp;&nbsp; 815669985 |
|  |  | &nbsp;&nbsp; 986605356 |
| **MULTI-UTILITIES — 26.0%**  | **MULTI-UTILITIES — 26.0%**  | **MULTI-UTILITIES — 26.0%**  |
| Ameren Corp. (a) | 4708859 | &nbsp;&nbsp; 517597781 |
| CenterPoint Energy, Inc. (a) | 11122257 | &nbsp;&nbsp; 480036612 |
| CMS Energy Corp. (a) | 5220208 | &nbsp;&nbsp; 404983737 |
| Consolidated Edison, Inc. (a) | 6148886 | &nbsp;&nbsp; 695930918 |
| Dominion Energy, Inc. | 14547268 | &nbsp;&nbsp; 899312108 |
| DTE Energy Co. (a) | 3538064 | &nbsp;&nbsp; 517335718 |
| NiSource, Inc. | 8152284 | &nbsp;&nbsp; 380385571 |
| Public Service Enterprise Group, <br> Inc. (a) | 8503542 | &nbsp;&nbsp; 688361725 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Sempra | 11119164 | &nbsp;&nbsp; $1080449166 |
| WEC Energy Group, Inc. (a) | 5544621 | &nbsp;&nbsp; 641900773 |
|  |  | &nbsp;&nbsp; 6306294109 |
| **WATER UTILITIES — 1.9%**  | **WATER UTILITIES — 1.9%**  | **WATER UTILITIES — 1.9%**  |
| American Water Works Co., Inc. (a) | 3325055 | &nbsp;&nbsp; 452506735 |
| **TOTAL COMMON STOCKS**<br> (Cost $22,622,094,114)<br>|  | &nbsp;&nbsp; 24197798008 |
| **SHORT-TERM INVESTMENTS — 0.2%**  | **SHORT-TERM INVESTMENTS — 0.2%**  |  |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Class G Shares <br> 3.64% (b) (c) | 26950991 | &nbsp;&nbsp; 26950991 |
| State Street Navigator Securities <br> Lending Portfolio II (d) (e) | 28225696 | &nbsp;&nbsp; 28225696 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $55,176,687) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $55,176,687) | &nbsp;&nbsp; 55176687 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $22,677,270,801) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $22,677,270,801) | &nbsp;&nbsp; 24252974695 |
| **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.0)%** <sup>\*</sup> | **LIABILITIES IN EXCESS OF OTHER** <br> **ASSETS — (0.0)%** <sup>\*</sup> | &nbsp;&nbsp; (3778875) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | &nbsp;&nbsp; $24249195820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the shares of the security are on loan at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven-day yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended March 31, 2026 are shown in the Affiliate Table below.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment of cash collateral for securities loaned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount is less than 0.05% of net assets.

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| E-mini S&P 500 Utilities Select Sector Index (long) | 614 | 06/18/2026 | $58335096 | $57273920 | $(1061176)<br>|

---

During the period ended March 31, 2026, the average notional value related to futures contracts was $47,974,060.

*See accompanying notes to financial statements.* 

------

**STATE STREET UTILITIES SELECT SECTOR SPDR ETF**

**SCHEDULE OF INVESTMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –** <br> **Quoted Prices**<br>| **Level 2 –**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 –**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS:**  |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $24197798008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24197798008 |
| Short-Term Investments | &nbsp;&nbsp; 55176687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55176687 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp; $24252974695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24252974695 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation | &nbsp;&nbsp; $(1061176)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1061176)<br>|
| **TOTAL OTHER FINANCIAL INSTRUMENTS:** | &nbsp;&nbsp; $(1061176)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1061176)<br>|

---

**Affiliate Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Shares Held**<br> **at** <br> **9/30/25**<br>| **Value at**<br> **9/30/25**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from**<br> **Shares Sold**<br>| **Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Number of**<br> **Shares Held**<br> **at** <br> **3/31/26**<br>| **Value at**<br> **3/31/26**<br>| **Dividend**<br> **Income**<br>|
| State Street Institutional U.S. Government Money <br> Market Fund, Class G Shares<br>| 24116046 | $24116046 | $490246665 | $487411720 | $— | $— | 26950991 | $26950991 | $718603 |
| State Street Navigator Securities Lending <br> Portfolio II<br>| 191357269 | 191357269 | 1788675787 | 1951807360 |  |  | 28225696 | 28225696 | 106598 |
| Total |  | $215473315 | $2278922452 | $2439219080 | $— | $— |  | $55176687 | $825201 |

---

*See accompanying notes to financial statements.* 

------

[This Page Intentionally Left Blank]

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street** <br> **Communication** <br> **Services Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Consumer** <br> **Discretionary** <br> **Select Sector** <br> **SPDR ETF**<br>| **State Street** <br> **Consumer Staples** <br> **Select Sector** <br> **SPDR ETF**<br>|
| **ASSETS** <br>|  |  |  |
| Investments in unaffiliated issuers, at value\* | $20626018859 | $21187863714 | $15408642565 |
| Investments in affiliated issuers, at value | 3431533166 | 16640196 | 71456449 |
| Total Investments | 24057552025 | 21204503910 | 15480099014 |
| Foreign currency, at value |  |  |  |
| Net cash at broker | 7735081 | 3202378 | 3982599 |
| Receivable from broker — accumulated variation margin on futures contracts |  |  |  |
| Receivable for investments sold | 3321376291 |  |  |
| Receivable for fund shares sold |  | 41102 |  |
| Dividends receivable — unaffiliated issuers | 10779587 | 6943336 | 45551976 |
| Dividends receivable — affiliated issuers | 181666 | 56070 | 78039 |
| Securities lending income receivable — unaffiliated issuers | 6995 | 36145 | 14740 |
| Securities lending income receivable — affiliated issuers  | 71502 | 185 | 15178 |
| Receivable for foreign taxes recoverable |  |  |  |
| Prepaid expenses and other assets | 13233 | 12502 | 8771 |
| **TOTAL ASSETS**  | 27397716380 | 21214795628 | 15529750317 |
| **LIABILITIES** <br>|  |  |  |
| Due to custodian |  |  |  |
| Payable upon return of securities loaned | 176239588 |  | 49011264 |
| Payable for investments purchased | 3224957257 |  | 9555589 |
| Payable for fund shares repurchased | 1460 |  | 4486 |
| Payable to broker – accumulated variation margin on open futures contracts | 2094075 | 676000 | 895970 |
| Advisory and Administration fees payable | 676849 | 633812 | 455401 |
| Distribution fees payable | 389109 | 340345 | 251517 |
| Unitary fees payable | 395276 | 329852 | 238828 |
| Trustees' fees and expenses payable |  |  | 1031 |
| License fee payable | 1037492 | 908811 | 640379 |
| Registration and filing fees payable | 38346 | 39448 | 55547 |
| Professional fees payable | 15963 | 15962 | 15962 |
| Printing and postage fees payable | 284124 | 332624 | 264744 |
| Accrued expenses and other liabilities | 25026 | 26713 | 27654 |
| **TOTAL LIABILITIES**  | 3406154565 | 3303567 | 61418372 |
| **NET ASSETS**  | $23991561815 | $21211492061 | $15468331945 |
| **NET ASSETS CONSIST OF:** <br>|  |  |  |
| Paid-in capital | $26445961839 | $26836416059 | $20359137107 |
| Total distributable earnings (loss) | (2454400024)<br>| (5624923998)<br>| (4890805162)<br>|
| **NET ASSETS**  | $23991561815 | $21211492061 | $15468331945 |
| **NET ASSET VALUE PER SHARE** <br>|  |  |  |
| Net asset value per share | $110.89 | $108.97 | $81.96 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | 216350000 | 194656504 | 188721809 |
| **COST OF INVESTMENTS:** <br>|  |  |  |
| Investments in unaffiliated issuers | $18998578980 | $22034872919 | $18055030130 |
| Investments in affiliated issuers | 3718646190 | 16640196 | 71456449 |
| Total cost of investments | $22717225170 | $22051513115 | $18126486579 |
| Foreign currency, at cost | $— | $— | $— |
| \* Includes investments in securities on loan, at value | $220433772 | $355877502 | $176907707 |

---

*See accompanying notes to financial statements.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State Street** <br> **Energy Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Financial Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Health Care** <br> **Select Sector** <br> **SPDR ETF**<br>| **State Street** <br> **Industrial Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Materials Select** <br> **Sector SPDR ETF**<br>| **State Street Real** <br> **Estate Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Technology Select** <br> **Sector SPDR ETF**<br>|
| $43696645151 | &nbsp;&nbsp; $47890744690 | &nbsp;&nbsp; $38682922644 | &nbsp;&nbsp; $28014389317 | &nbsp;&nbsp; $6577626546 | &nbsp;&nbsp; $7362087178 | &nbsp;&nbsp; $84161049523 |
| 47065001 | &nbsp;&nbsp; 365957369 | &nbsp;&nbsp; 212050804 | &nbsp;&nbsp; 35164767 | &nbsp;&nbsp; 12355476 | &nbsp;&nbsp; 12858333 | &nbsp;&nbsp; 85420370 |
| 43743710152 | &nbsp;&nbsp; 48256702059 | &nbsp;&nbsp; 38894973448 | &nbsp;&nbsp; 28049554084 | &nbsp;&nbsp; 6589982022 | &nbsp;&nbsp; 7374945511 | &nbsp;&nbsp; 84246469893 |
|  | &nbsp;&nbsp; 537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 4173723 | &nbsp;&nbsp; 8266285 | &nbsp;&nbsp; 4743952 | &nbsp;&nbsp; 968465 | &nbsp;&nbsp; 3942327 | &nbsp;&nbsp; 11802567 |
| 3925724 | &nbsp;&nbsp; 778125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 190995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17145 | &nbsp;&nbsp; 116156 | &nbsp;&nbsp; — |
| 13519423 | &nbsp;&nbsp; 20208367 | &nbsp;&nbsp; 29595749 | &nbsp;&nbsp; 17576136 | &nbsp;&nbsp; 5643544 | &nbsp;&nbsp; 20955438 | &nbsp;&nbsp; 15562945 |
| 360937 | &nbsp;&nbsp; 183703 | &nbsp;&nbsp; 222853 | &nbsp;&nbsp; 85951 | &nbsp;&nbsp; 25442 | &nbsp;&nbsp; 37738 | &nbsp;&nbsp; 221961 |
| 25661 | &nbsp;&nbsp; 52925 | &nbsp;&nbsp; 25913 | &nbsp;&nbsp; 25720 | &nbsp;&nbsp; 24609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52419 |
| 3559 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 10935 | &nbsp;&nbsp; 10271 | &nbsp;&nbsp; 7595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10249 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143720 | &nbsp;&nbsp; — |
| 14761 | &nbsp;&nbsp; 27888 | &nbsp;&nbsp; 18749 | &nbsp;&nbsp; 12164 | &nbsp;&nbsp; 3028 | &nbsp;&nbsp; 4106 | &nbsp;&nbsp; 44060 |
| 43761560217 | &nbsp;&nbsp; 48282128644 | &nbsp;&nbsp; 38933114086 | &nbsp;&nbsp; 28072008278 | &nbsp;&nbsp; 6596862845 | &nbsp;&nbsp; 7400144996 | &nbsp;&nbsp; 84274164094 |
| 492119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 285997 | &nbsp;&nbsp; 55723640 | &nbsp;&nbsp; 153893837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4761354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23415501 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1235115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3132 | &nbsp;&nbsp; 17953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1747425 | &nbsp;&nbsp; 702300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1031875 | &nbsp;&nbsp; 2288550 |
| 1111849 | &nbsp;&nbsp; 1354483 | &nbsp;&nbsp; 1115363 | &nbsp;&nbsp; 802102 | &nbsp;&nbsp; 170827 | &nbsp;&nbsp; 155766 | &nbsp;&nbsp; 2346717 |
| 626885 | &nbsp;&nbsp; 732153 | &nbsp;&nbsp; 610714 | &nbsp;&nbsp; 447503 | &nbsp;&nbsp; 101316 | &nbsp;&nbsp; 115348 | &nbsp;&nbsp; 1336986 |
| 576332 | &nbsp;&nbsp; 821634 | &nbsp;&nbsp; 665134 | &nbsp;&nbsp; 430907 | &nbsp;&nbsp; 44260 | &nbsp;&nbsp; 71048 | &nbsp;&nbsp; 1482654 |
| 2267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1390067 | &nbsp;&nbsp; 2039874 | &nbsp;&nbsp; 1610449 | &nbsp;&nbsp; 1138203 | &nbsp;&nbsp; 253141 | &nbsp;&nbsp; 291773 | &nbsp;&nbsp; 3536088 |
| 84865 | &nbsp;&nbsp; 73039 | &nbsp;&nbsp; 134969 | &nbsp;&nbsp; 31347 | &nbsp;&nbsp; 28661 | &nbsp;&nbsp; 13827 | &nbsp;&nbsp; 110927 |
| 15962 | &nbsp;&nbsp; 15962 | &nbsp;&nbsp; 15963 | &nbsp;&nbsp; 15963 | &nbsp;&nbsp; 15962 | &nbsp;&nbsp; 15962 | &nbsp;&nbsp; 15962 |
| 629701 | &nbsp;&nbsp; 823286 | &nbsp;&nbsp; 899391 | &nbsp;&nbsp; 354176 | &nbsp;&nbsp; 51223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1739866 |
| 31678 | &nbsp;&nbsp; 24908 | &nbsp;&nbsp; 28456 | &nbsp;&nbsp; 26040 | &nbsp;&nbsp; 37629 | &nbsp;&nbsp; 34845 | &nbsp;&nbsp; 24818 |
| 5250854 | &nbsp;&nbsp; 61626932 | &nbsp;&nbsp; 160721701 | &nbsp;&nbsp; 4035276 | &nbsp;&nbsp; 6699488 | &nbsp;&nbsp; 1730444 | &nbsp;&nbsp; 36298137 |
| $43756309363 | &nbsp;&nbsp; $48220501712 | &nbsp;&nbsp; $38772392385 | &nbsp;&nbsp; $28067973002 | &nbsp;&nbsp; $6590163357 | &nbsp;&nbsp; $7398414552 | &nbsp;&nbsp; $84237865957 |
| $44553455922 | &nbsp;&nbsp; $57930860397 | &nbsp;&nbsp; $46676094140 | &nbsp;&nbsp; $28841949915 | &nbsp;&nbsp; $8568770667 | &nbsp;&nbsp; $8923403276 | &nbsp;&nbsp; $75491964375 |
| (797146559)<br>| &nbsp;&nbsp; (9710358685)<br>| &nbsp;&nbsp; (7903701755)<br>| &nbsp;&nbsp; (773976913)<br>| &nbsp;&nbsp; (1978607310)<br>| &nbsp;&nbsp; (1524988724)<br>| &nbsp;&nbsp; 8745901582 |
| $43756309363 | &nbsp;&nbsp; $48220501712 | &nbsp;&nbsp; $38772392385 | &nbsp;&nbsp; $28067973002 | &nbsp;&nbsp; $6590163357 | &nbsp;&nbsp; $7398414552 | &nbsp;&nbsp; $84237865957 |
| $61.24 | &nbsp;&nbsp; $49.38 | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $161.75 | &nbsp;&nbsp; $49.96 | &nbsp;&nbsp; $40.84 | &nbsp;&nbsp; $132.96 |
| 714448400 | &nbsp;&nbsp; 976445427 | &nbsp;&nbsp; 264465324 | &nbsp;&nbsp; 173526000 | &nbsp;&nbsp; 131897450 | &nbsp;&nbsp; 181150000 | &nbsp;&nbsp; 633561794 |
| $35234686249 | &nbsp;&nbsp; $52782469638 | &nbsp;&nbsp; $44375318947 | &nbsp;&nbsp; $27062741760 | &nbsp;&nbsp; $6855648988 | &nbsp;&nbsp; $8359942383 | &nbsp;&nbsp; $71643349781 |
| 47065001 | &nbsp;&nbsp; 345575586 | &nbsp;&nbsp; 212050804 | &nbsp;&nbsp; 35164767 | &nbsp;&nbsp; 12355476 | &nbsp;&nbsp; 12858333 | &nbsp;&nbsp; 85420370 |
| $35281751250 | &nbsp;&nbsp; $53128045224 | &nbsp;&nbsp; $44587369751 | &nbsp;&nbsp; $27097906527 | &nbsp;&nbsp; $6868004464 | &nbsp;&nbsp; $8372800716 | &nbsp;&nbsp; $71728770151 |
| $— | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| $199453151 | &nbsp;&nbsp; $610042683 | &nbsp;&nbsp; $444206587 | &nbsp;&nbsp; $180083649 | &nbsp;&nbsp; $305853127 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $642663939 |

---

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **State Street** <br> **Utilities Select** <br> **Sector SPDR ETF**<br>|
| **ASSETS** <br>|  |
| Investments in unaffiliated issuers, at value\* | $24197798008 |
| Investments in affiliated issuers, at value | 55176687 |
| Total Investments | 24252974695 |
| Net cash at broker | 4914804 |
| Dividends receivable — unaffiliated issuers | 23159672 |
| Dividends receivable — affiliated issuers | 136032 |
| Securities lending income receivable — unaffiliated issuers | 6316 |
| Securities lending income receivable — affiliated issuers  | 21390 |
| Prepaid expenses and other assets | 10507 |
| **TOTAL ASSETS**  | 24281223416 |
| **LIABILITIES** <br>|  |
| Payable upon return of securities loaned | 28225696 |
| Payable for fund shares repurchased | 34380 |
| Payable to broker – accumulated variation margin on open futures contracts | 1059150 |
| Advisory and Administration fees payable | 673968 |
| Distribution fees payable | 377476 |
| Unitary fees payable | 346593 |
| License fee payable | 911628 |
| Registration and filing fees payable | 61869 |
| Professional fees payable | 15963 |
| Printing and postage fees payable | 295833 |
| Accrued expenses and other liabilities | 25040 |
| **TOTAL LIABILITIES**  | 32027596 |
| **NET ASSETS**  | $24249195820 |
| **NET ASSETS CONSIST OF:** <br>|  |
| Paid-in capital | $23839601319 |
| Total distributable earnings (loss) | 409594501 |
| **NET ASSETS**  | $24249195820 |
| **NET ASSET VALUE PER SHARE** <br>|  |
| Net asset value per share | $45.88 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | 528498320 |
| **COST OF INVESTMENTS:** <br>|  |
| Investments in unaffiliated issuers | $22622094114 |
| Investments in affiliated issuers | 55176687 |
| Total cost of investments | $22677270801 |
| \* Includes investments in securities on loan, at value | $94730913 |

---

*See accompanying notes to financial statements.* 

------

[This Page Intentionally Left Blank]

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF OPERATIONS**

***For the Six Months Ended March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street** <br> **Communication** <br> **Services Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Consumer** <br> **Discretionary** <br> **Select Sector** <br> **SPDR ETF**<br>| **State Street** <br> **Consumer Staples** <br> **Select Sector** <br> **SPDR ETF**<br>|
| **INVESTMENT INCOME** <br>|  |  |  |
| Interest income — unaffiliated issuers | 53270 | $28640 | $41345 |
| Dividend income — unaffiliated issuers | 158723882 | 98124749 | 228474074 |
| Dividend income — affiliated issuers | 6219293 | 340421 | 571574 |
| Unaffiliated securities lending income | 73506 | 197918 | 79729 |
| Affiliated securities lending income | 524499 | 146996 | 154390 |
| Foreign taxes withheld |  |  |  |
| **TOTAL INVESTMENT INCOME (LOSS)** | 165594450 | 98838724 | 229321112 |
| **EXPENSES** <br>|  |  |  |
| Advisory and Administration fees | 3873581 | 3463876 | 2319860 |
| Distribution fees | 2139122 | 1888905 | 1242796 |
| License fees | 2100751 | 1878429 | 1258235 |
| Unitary fees | 822369 | 735390 | 492400 |
| Trustees' fees and expenses  | 89154 | 81283 | 54541 |
| Registration and filing fees | 10011 | 3874 | 21576 |
| Professional fees | 49993 | 42494 | 34534 |
| Printing and postage fees | 553940 | 495316 | 331779 |
| Insurance expense | 26441 | 24994 | 17551 |
| Miscellaneous expenses | 8027 | 9499 | 3097 |
| **TOTAL EXPENSES** | 9673389 | 8624060 | 5776369 |
| **NET INVESTMENT INCOME (LOSS)** | $155921061 | $90214664 | $223544743 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |
| Net realized gain (loss) on: <br>|  |  |  |
| Investments — unaffiliated issuers | (921808062)<br>| (208695372)<br>| (120823104)<br>|
| Investments — affiliated issuers | (98533003)<br>|  |  |
| In-kind redemptions — unaffiliated issuers | 2531876289 | 1505794529 | 876107705 |
| In-kind redemptions — affiliated issuers |  |  |  |
| Futures contracts | (1402973)<br>| (1229183)<br>| 2082595 |
| Net realized gain (loss) | 1510132251 | 1295869974 | 757367196 |
| Net change in unrealized appreciation/depreciation on: <br>|  |  |  |
| Investments — unaffiliated issuers | (2858742851)<br>| (3460029804)<br>| (142779327)<br>|
| Investments — affiliated issuers | (287113024)<br>|  |  |
| Foreign currency translations |  |  |  |
| Futures contracts | (2249968)<br>| (773980)<br>| 135596 |
| Net change in unrealized appreciation/depreciation | (3148105843)<br>| (3460803784)<br>| (142643731)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1637973592)<br>| (2164933810)<br>| 614723465 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(1482052531)<br>| $(2074719146)<br>| $838268208 |

---

*See accompanying notes to financial statements.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State Street** <br> **Energy Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Financial Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Health Care** <br> **Select Sector** <br> **SPDR ETF**<br>| **State Street** <br> **Industrial Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Materials Select** <br> **Sector SPDR ETF**<br>| **State Street Real** <br> **Estate Select** <br> **Sector SPDR ETF**<br>| **State Street** <br> **Technology Select** <br> **Sector SPDR ETF**<br>|
| $147857 | &nbsp;&nbsp; $50844 | &nbsp;&nbsp; $58104 | &nbsp;&nbsp; $21616 | &nbsp;&nbsp; $15366 | &nbsp;&nbsp; $21550 | &nbsp;&nbsp; $101666 |
| 494148989 | &nbsp;&nbsp; 451235540 | &nbsp;&nbsp; 339633074 | &nbsp;&nbsp; 169652330 | &nbsp;&nbsp; 56777989 | &nbsp;&nbsp; 128145476 | &nbsp;&nbsp; 285222016 |
| 1022809 | &nbsp;&nbsp; 4143149 | &nbsp;&nbsp; 1048310 | &nbsp;&nbsp; 283985 | &nbsp;&nbsp; 133354 | &nbsp;&nbsp; 194282 | &nbsp;&nbsp; 1173650 |
| 90769 | &nbsp;&nbsp; 208768 | &nbsp;&nbsp; 164399 | &nbsp;&nbsp; 134517 | &nbsp;&nbsp; 92082 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 158269 |
| 42129 | &nbsp;&nbsp; 23142 | &nbsp;&nbsp; 117684 | &nbsp;&nbsp; 92906 | &nbsp;&nbsp; 39834 | &nbsp;&nbsp; 5078 | &nbsp;&nbsp; 136852 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (604722)<br>|
| 495452553 | &nbsp;&nbsp; 455661443 | &nbsp;&nbsp; 341021571 | &nbsp;&nbsp; 170185354 | &nbsp;&nbsp; 57058625 | &nbsp;&nbsp; 128366396 | &nbsp;&nbsp; 286187731 |
| 4545626 | &nbsp;&nbsp; 7687742 | &nbsp;&nbsp; 5814258 | &nbsp;&nbsp; 3907920 | &nbsp;&nbsp; 865236 | &nbsp;&nbsp; 1104982 | &nbsp;&nbsp; 13447391 |
| 2450306 | &nbsp;&nbsp; 4177464 | &nbsp;&nbsp; 3171242 | &nbsp;&nbsp; 2171808 | &nbsp;&nbsp; 472652 | &nbsp;&nbsp; 598004 | &nbsp;&nbsp; 7454087 |
| 2466218 | &nbsp;&nbsp; 4169171 | &nbsp;&nbsp; 3153569 | &nbsp;&nbsp; 2119984 | &nbsp;&nbsp; 469379 | &nbsp;&nbsp; 599219 | &nbsp;&nbsp; 7292475 |
| 963883 | &nbsp;&nbsp; 1632295 | &nbsp;&nbsp; 1234034 | &nbsp;&nbsp; 829006 | &nbsp;&nbsp; 183542 | &nbsp;&nbsp; 234593 | &nbsp;&nbsp; 2855489 |
| 94264 | &nbsp;&nbsp; 182408 | &nbsp;&nbsp; 124441 | &nbsp;&nbsp; 82549 | &nbsp;&nbsp; 18662 | &nbsp;&nbsp; 26121 | &nbsp;&nbsp; 305581 |
|  | &nbsp;&nbsp; 6183 | &nbsp;&nbsp; 49214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16798 | &nbsp;&nbsp; 3378 | &nbsp;&nbsp; — |
| 43494 | &nbsp;&nbsp; 84998 | &nbsp;&nbsp; 62510 | &nbsp;&nbsp; 46374 | &nbsp;&nbsp; 20712 | &nbsp;&nbsp; 24005 | &nbsp;&nbsp; 133191 |
| 650308 | &nbsp;&nbsp; 1099354 | &nbsp;&nbsp; 831554 | &nbsp;&nbsp; 559011 | &nbsp;&nbsp; 123769 | &nbsp;&nbsp; 158006 | &nbsp;&nbsp; 1922927 |
| 29629 | &nbsp;&nbsp; 55717 | &nbsp;&nbsp; 37560 | &nbsp;&nbsp; 24310 | &nbsp;&nbsp; 6059 | &nbsp;&nbsp; 8208 | &nbsp;&nbsp; 88099 |
| 23497 | &nbsp;&nbsp; 42557 | &nbsp;&nbsp; 27375 | &nbsp;&nbsp; 8155 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72191 |
| 11267225 | &nbsp;&nbsp; 19137889 | &nbsp;&nbsp; 14505757 | &nbsp;&nbsp; 9749117 | &nbsp;&nbsp; 2176887 | &nbsp;&nbsp; 2756516 | &nbsp;&nbsp; 33571431 |
| $484185328 | &nbsp;&nbsp; $436523554 | &nbsp;&nbsp; $326515814 | &nbsp;&nbsp; $160436237 | &nbsp;&nbsp; $54881738 | &nbsp;&nbsp; $125609880 | &nbsp;&nbsp; $252616300 |
| (6841976)<br>| &nbsp;&nbsp; (110137442)<br>| &nbsp;&nbsp; (145124800)<br>| &nbsp;&nbsp; (199040668)<br>| &nbsp;&nbsp; (120241555)<br>| &nbsp;&nbsp; (69196870)<br>| &nbsp;&nbsp; (790830380)<br>|
|  | &nbsp;&nbsp; (32126)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1155198761 | &nbsp;&nbsp; 2906214222 | &nbsp;&nbsp; 1187516466 | &nbsp;&nbsp; 1468580903 | &nbsp;&nbsp; 385741050 | &nbsp;&nbsp; 257193785 | &nbsp;&nbsp; 6416086195 |
|  | &nbsp;&nbsp; 28893783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 20652072 | &nbsp;&nbsp; (6157897)<br>| &nbsp;&nbsp; 607710 | &nbsp;&nbsp; (431789)<br>| &nbsp;&nbsp; (412958)<br>| &nbsp;&nbsp; 557939 | &nbsp;&nbsp; (717278)<br>|
| 1169008857 | &nbsp;&nbsp; 2818780540 | &nbsp;&nbsp; 1042999376 | &nbsp;&nbsp; 1269108446 | &nbsp;&nbsp; 265086537 | &nbsp;&nbsp; 188554854 | &nbsp;&nbsp; 5624538537 |
| 9665502019 | &nbsp;&nbsp; (7375766047)<br>| &nbsp;&nbsp; 713578090 | &nbsp;&nbsp; (47682018)<br>| &nbsp;&nbsp; 308272505 | &nbsp;&nbsp; (430959722)<br>| &nbsp;&nbsp; (10638704614)<br>|
|  | &nbsp;&nbsp; (8573406)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3181723 | &nbsp;&nbsp; 670837 | &nbsp;&nbsp; (1749322)<br>| &nbsp;&nbsp; (1164045)<br>| &nbsp;&nbsp; 375239 | &nbsp;&nbsp; (1139748)<br>| &nbsp;&nbsp; (5549742)<br>|
| 9668683742 | &nbsp;&nbsp; (7383668627)<br>| &nbsp;&nbsp; 711828768 | &nbsp;&nbsp; (48846063)<br>| &nbsp;&nbsp; 308647744 | &nbsp;&nbsp; (432099470)<br>| &nbsp;&nbsp; (10644254356)<br>|
| 10837692599 | &nbsp;&nbsp; (4564888087)<br>| &nbsp;&nbsp; 1754828144 | &nbsp;&nbsp; 1220262383 | &nbsp;&nbsp; 573734281 | &nbsp;&nbsp; (243544616)<br>| &nbsp;&nbsp; (5019715819)<br>|
| $11321877927 | &nbsp;&nbsp; $(4128364533)<br>| &nbsp;&nbsp; $2081343958 | &nbsp;&nbsp; $1380698620 | &nbsp;&nbsp; $628616019 | &nbsp;&nbsp; $(117934736)<br>| &nbsp;&nbsp; $(4767099519)<br>|

---

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF OPERATIONS (continued)** 

***For the Six Months Ended March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **State Street** <br> **Utilities Select** <br> **Sector SPDR ETF**<br>|
| **INVESTMENT INCOME** <br>|  |
| Interest income — unaffiliated issuers | $49973 |
| Dividend income — unaffiliated issuers | 322038228 |
| Dividend income — affiliated issuers | 718603 |
| Unaffiliated securities lending income | 40672 |
| Affiliated securities lending income | 106598 |
| **TOTAL INVESTMENT INCOME (LOSS)** | 322954074 |
| **EXPENSES** <br>|  |
| Advisory and Administration fees | 3326853 |
| Distribution fees | 1853486 |
| License fees | 1804311 |
| Unitary fees | 706285 |
| Trustees' fees and expenses  | 73362 |
| Registration and filing fees | 33428 |
| Professional fees | 44193 |
| Printing and postage fees | 475773 |
| Insurance expense | 20986 |
| Miscellaneous expenses | 3611 |
| **TOTAL EXPENSES** | 8342288 |
| **NET INVESTMENT INCOME (LOSS)** | $314611786 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |
| Net realized gain (loss) on: <br>|  |
| Investments — unaffiliated issuers | (37875777)<br>|
| In-kind redemptions — unaffiliated issuers | 677039527 |
| Futures contracts | 2925075 |
| Net realized gain (loss) | 642088825 |
| Net change in unrealized appreciation/depreciation on: <br>|  |
| Investments — unaffiliated issuers | 452612584 |
| Futures contracts | (2006989)<br>|
| Net change in unrealized appreciation/depreciation | 450605595 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1092694420 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $1407306206 |

---

*See accompanying notes to financial statements.* 

------

[This Page Intentionally Left Blank]

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Street Communication Services** <br> **Select Sector SPDR ETF** | **State Street Communication Services** <br> **Select Sector SPDR ETF** | **State Street Consumer Discretionary** <br> **Select Sector SPDR ETF** | **State Street Consumer Discretionary** <br> **Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>| **Six Months**<br> **Ended(a)**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended(a)**<br> **9/30/25**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss) | $155921061 | $271044575 | $90214664 | $190494273 |
| Net realized gain (loss) | 1510132251 | 3398601890 | 1295869974 | 2289227082 |
| Net change in unrealized appreciation/depreciation | (3148105843)<br>| 2676350807 | (3460803784)<br>| 1592030869 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| (1482052531)<br>| 6345997272 | (2074719146)<br>| 4071752224 |
| Net equalization credits and charges | (5333446)<br>| 400066 | 443341 | (784166)<br>|
| Distributions to shareholders | (162689502)<br>| (263829871)<br>| (91091636)<br>| (188354344)<br>|
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** <br>|  |  |  |  |
| Proceeds from shares sold | 7435606889 | 19134269225 | 8228015273 | 19362832849 |
| Cost of shares redeemed | (9268634893)<br>| (16384930604)<br>| (9489494310)<br>| (18051362922)<br>|
| Net income equalization | 5333446 | (400066)<br>| (443341)<br>| 784166 |
| **Net increase (decrease) in net assets from beneficial** <br> **interest transactions** <br>| (1827694558)<br>| 2748938555 | (1261922378)<br>| 1312254093 |
| Net increase (decrease) in net assets during the period | (3477770037)<br>| 8831506022 | (3427289819)<br>| 5194867807 |
| Net assets at beginning of period | 27469331852 | 18637825830 | 24638781880 | 19443914073 |
| **NET ASSETS AT END OF PERIOD** | $23991561815 | $27469331852 | $21211492061 | $24638781880 |
| **SHARES OF BENEFICIAL INTEREST:** <br>|  |  |  |  |
| Shares sold | 64400000 | 184200000 | 69950000 | 179900000 |
| Shares redeemed | (80100000)<br>| (158300000)<br>| (80900000)<br>| (168300000)<br>|
| **Net increase (decrease) from share transactions** | (15700000)<br>| 25900000 | (10950000)<br>| 11600000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) On December 4, 2025, the State Street Consumer Discretionary Select Sector SPDR ETF, State Street Energy Select Sector SPDR ETF, State Street Materials Select Sector SPDR ETF,, State Street Technology Select Sector SPDR ETF, and State Street Utilities Select Sector SPDR ETF underwent a 2-for-1 share split. The amounts presented here have been adjusted to reflect this split. See Note 13.

*See accompanying notes to financial statements.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State Street Consumer Staples Select** <br> **Sector SPDR ETF** | **State Street Consumer Staples Select** <br> **Sector SPDR ETF** | **State Street Energy Select Sector SPDR** <br> **ETF** | **State Street Energy Select Sector SPDR** <br> **ETF** | **State Street Financial Select Sector** <br> **SPDR ETF** | **State Street Financial Select Sector** <br> **SPDR ETF** |
| **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>| **Six Months**<br> **Ended(a)**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended(a)**<br> **9/30/25**<br>| **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>|
| $223544743 | &nbsp;&nbsp;&nbsp;&nbsp; $422893933 | &nbsp;&nbsp;&nbsp;&nbsp; $484185328 | &nbsp;&nbsp;&nbsp;&nbsp; $986629887 | &nbsp;&nbsp;&nbsp;&nbsp; $436523554 | &nbsp;&nbsp;&nbsp;&nbsp; $727614065 |
| 757367196 | &nbsp;&nbsp;&nbsp;&nbsp; 1182666980 | &nbsp;&nbsp;&nbsp;&nbsp; 1169008857 | &nbsp;&nbsp;&nbsp;&nbsp; 1215076630 | &nbsp;&nbsp;&nbsp;&nbsp; 2818780540 | &nbsp;&nbsp;&nbsp;&nbsp; 8885033013 |
| (142643731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2189459254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9668683742 | &nbsp;&nbsp;&nbsp;&nbsp; (971205636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7383668627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (942027150)<br>|
| 838268208 | &nbsp;&nbsp;&nbsp;&nbsp; (583898341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11321877927 | &nbsp;&nbsp;&nbsp;&nbsp; 1230500881 | &nbsp;&nbsp;&nbsp;&nbsp; (4128364533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8670619928 |
| (9149291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4250799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5160110 | &nbsp;&nbsp;&nbsp;&nbsp; (14869406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11115667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 965637 |
| (202512895)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (425930521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (489539248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (990241768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (424977032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (736692051)<br>|
| 17015698878 | &nbsp;&nbsp;&nbsp;&nbsp; 21532501669 | &nbsp;&nbsp;&nbsp;&nbsp; 15861854917 | &nbsp;&nbsp;&nbsp;&nbsp; 18421842934 | &nbsp;&nbsp;&nbsp;&nbsp; 34879263459 | &nbsp;&nbsp;&nbsp;&nbsp; 68289870074 |
| (18242223160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22362279721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9801402277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27258952143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36249880676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64373195874)<br>|
| 9149291 | &nbsp;&nbsp;&nbsp;&nbsp; 4250799 | &nbsp;&nbsp;&nbsp;&nbsp; (5160110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14869406 | &nbsp;&nbsp;&nbsp;&nbsp; 11115667 | &nbsp;&nbsp;&nbsp;&nbsp; (965637)<br>|
| (1217374991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (825527253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6055292530 | &nbsp;&nbsp;&nbsp;&nbsp; (8822239803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1359501550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3915708563 |
| (590768969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1839606914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16892791319 | &nbsp;&nbsp;&nbsp;&nbsp; (8596850096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5923958782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11850602077 |
| 16059100914 | &nbsp;&nbsp;&nbsp;&nbsp; 17898707828 | &nbsp;&nbsp;&nbsp;&nbsp; 26863518044 | &nbsp;&nbsp;&nbsp;&nbsp; 35460368140 | &nbsp;&nbsp;&nbsp;&nbsp; 54144460494 | &nbsp;&nbsp;&nbsp;&nbsp; 42293858417 |
| $15468331945 | &nbsp;&nbsp;&nbsp;&nbsp; $16059100914 | &nbsp;&nbsp;&nbsp;&nbsp; $43756309363 | &nbsp;&nbsp;&nbsp;&nbsp; $26863518044 | &nbsp;&nbsp;&nbsp;&nbsp; $48220501712 | &nbsp;&nbsp;&nbsp;&nbsp; $54144460494 |
| 208000000 | &nbsp;&nbsp;&nbsp;&nbsp; 266300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307750000 | &nbsp;&nbsp;&nbsp;&nbsp; 417500000 | &nbsp;&nbsp;&nbsp;&nbsp; 665050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1360050000 |
| (224150000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (277000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194650000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (623800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (693600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1288500000)<br>|
| (16150000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10700000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113100000 | &nbsp;&nbsp;&nbsp;&nbsp; (206300000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28550000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71550000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) On December 4, 2025, the State Street Consumer Discretionary Select Sector SPDR ETF, State Street Energy Select Sector SPDR ETF, State Street Materials Select Sector SPDR ETF,, State Street Technology Select Sector SPDR ETF, and State Street Utilities Select Sector SPDR ETF underwent a 2-for-1 share split. The amounts presented here have been adjusted to reflect this split. See Note 13.

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Street Health Care Select Sector** <br> **SPDR ETF** | **State Street Health Care Select Sector** <br> **SPDR ETF** | **State Street Industrial Select Sector** <br> **SPDR ETF** | **State Street Industrial Select Sector** <br> **SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>| **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss) | $326515814 | $629646413 | $160436237 | $326710033 |
| Net realized gain (loss) | 1042999376 | 2274766006 | 1269108446 | 2041206974 |
| Net change in unrealized appreciation/depreciation | 711828768 | (6417656237)<br>| (48846063)<br>| 570040523 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| 2081343958 | (3513243818)<br>| 1380698620 | 2937957530 |
| Net equalization credits and charges | 1626420 | (9950109)<br>| 1478582 | (1491924)<br>|
| Distributions to shareholders | (327045934)<br>| (626291294)<br>| (164866724)<br>| (323904829)<br>|
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** <br>|  |  |  |  |
| Proceeds from shares sold | 15669724377 | 27730414538 | 14279845444 | 27484940263 |
| Cost of shares redeemed | (13056337060)<br>| (31016395015)<br>| (11346673036)<br>| (25717131403)<br>|
| Net income equalization | (1626420)<br>| 9950109 | (1478582)<br>| 1491924 |
| **Net increase (decrease) in net assets from beneficial** <br> **interest transactions** <br>| 2611760897 | (3276030368)<br>| 2931693826 | 1769300784 |
| Net increase (decrease) in net assets during the period | 4367685341 | (7425515589)<br>| 4149004304 | 4381861561 |
| Net assets at beginning of period | 34404707044 | 41830222633 | 23918968698 | 19537107137 |
| **NET ASSETS AT END OF PERIOD** | $38772392385 | $34404707044 | $28067973002 | $23918968698 |
| **SHARES OF BENEFICIAL INTEREST:** <br>|  |  |  |  |
| Shares sold | 103000000 | 196800000 | 88550000 | 197100000 |
| Shares redeemed | (85650000)<br>| (221300000)<br>| (70050000)<br>| (186250000)<br>|
| **Net increase (decrease) from share transactions** | 17350000 | (24500000)<br>| 18500000 | 10850000 |

---

*See accompanying notes to financial statements.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State Street Materials Select Sector** <br> **SPDR ETF** | **State Street Materials Select Sector** <br> **SPDR ETF** | **State Street Real Estate Select Sector** <br> **SPDR ETF** | **State Street Real Estate Select Sector** <br> **SPDR ETF** | **State Street Technology Select Sector** <br> **SPDR ETF** | **State Street Technology Select Sector** <br> **SPDR ETF** |
| **Six Months**<br> **Ended(a)**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended(a)**<br> **9/30/25**<br>| **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended**<br> **9/30/25**<br>| **Six Months**<br> **Ended(a)**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended(a)**<br> **9/30/25**<br>|
| $54881738 | &nbsp;&nbsp;&nbsp;&nbsp; $106734568 | &nbsp;&nbsp;&nbsp;&nbsp; $125609880 | &nbsp;&nbsp;&nbsp;&nbsp; $206287310 | &nbsp;&nbsp;&nbsp;&nbsp; $252616300 | &nbsp;&nbsp;&nbsp;&nbsp; $485802479 |
| 265086537 | &nbsp;&nbsp;&nbsp;&nbsp; (236580087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188554854 | &nbsp;&nbsp;&nbsp;&nbsp; 226679519 | &nbsp;&nbsp;&nbsp;&nbsp; 5624538537 | &nbsp;&nbsp;&nbsp;&nbsp; 6097428983 |
| 308647744 | &nbsp;&nbsp;&nbsp;&nbsp; (300115542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (432099470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (650207149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10644254356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11573992630 |
| 628616019 | &nbsp;&nbsp;&nbsp;&nbsp; (429961061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (117934736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217240320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4767099519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18157224092 |
| 676380 | &nbsp;&nbsp;&nbsp;&nbsp; 2324403 | &nbsp;&nbsp;&nbsp;&nbsp; 193624 | &nbsp;&nbsp;&nbsp;&nbsp; (579919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1094128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 328894 |
| (55777958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106852486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129180504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247443245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246479177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (475467586)<br>|
| 5791216299 | &nbsp;&nbsp;&nbsp;&nbsp; 9838662519 | &nbsp;&nbsp;&nbsp;&nbsp; 2647064181 | &nbsp;&nbsp;&nbsp;&nbsp; 4173833413 | &nbsp;&nbsp;&nbsp;&nbsp; 21678286747 | &nbsp;&nbsp;&nbsp;&nbsp; 24083481337 |
| (5285221454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9346420639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2894762359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4119473911)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22606310213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21676510938)<br>|
| (676380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2324403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (193624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 579919 | &nbsp;&nbsp;&nbsp;&nbsp; 1094128 | &nbsp;&nbsp;&nbsp;&nbsp; (328894)<br>|
| 505318465 | &nbsp;&nbsp;&nbsp;&nbsp; 489917477 | &nbsp;&nbsp;&nbsp;&nbsp; (247891802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54939421 | &nbsp;&nbsp;&nbsp;&nbsp; (926929338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2406641505 |
| 1078832906 | &nbsp;&nbsp;&nbsp;&nbsp; (44571667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (494813418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (410324063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5941602162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20088726905 |
| 5511330451 | &nbsp;&nbsp;&nbsp;&nbsp; 5555902118 | &nbsp;&nbsp;&nbsp;&nbsp; 7893227970 | &nbsp;&nbsp;&nbsp;&nbsp; 8303552033 | &nbsp;&nbsp;&nbsp;&nbsp; 90179468119 | &nbsp;&nbsp;&nbsp;&nbsp; 70090741214 |
| $6590163357 | &nbsp;&nbsp;&nbsp;&nbsp; $5511330451 | &nbsp;&nbsp;&nbsp;&nbsp; $7398414552 | &nbsp;&nbsp;&nbsp;&nbsp; $7893227970 | &nbsp;&nbsp;&nbsp;&nbsp; $84237865957 | &nbsp;&nbsp;&nbsp;&nbsp; $90179468119 |
| 120950000 | &nbsp;&nbsp;&nbsp;&nbsp; 219600000 | &nbsp;&nbsp;&nbsp;&nbsp; 63850000 | &nbsp;&nbsp;&nbsp;&nbsp; 99500000 | &nbsp;&nbsp;&nbsp;&nbsp; 152850000 | &nbsp;&nbsp;&nbsp;&nbsp; 202100000 |
| (112000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211900000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69950000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98150000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (183400000)<br>|
| 8950000 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; (6100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; (5950000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) On December 4, 2025, the State Street Consumer Discretionary Select Sector SPDR ETF, State Street Energy Select Sector SPDR ETF, State Street Materials Select Sector SPDR ETF,, State Street Technology Select Sector SPDR ETF, and State Street Utilities Select Sector SPDR ETF underwent a 2-for-1 share split. The amounts presented here have been adjusted to reflect this split. See Note 13.

------

**THE SELECT SECTOR SPDR TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **State Street Utilities Select Sector SPDR** <br> **ETF** | **State Street Utilities Select Sector SPDR** <br> **ETF** |
|  | **Six Months**<br> **Ended(a)**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year Ended(a)**<br> **9/30/25**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** <br>|  |  |
| Net investment income (loss) | $314611786 | $525445794 |
| Net realized gain (loss) | 642088825 | 1302295025 |
| Net change in unrealized appreciation/depreciation | 450605595 | 201809510 |
| **Net increase (decrease) in net assets resulting from operations** | 1407306206 | 2029550329 |
| Net equalization credits and charges | 8016766 | (2940455)<br>|
| Distributions to shareholders | (326195319)<br>| (528526204)<br>|
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** <br>|  |  |
| Proceeds from shares sold | 7580505082 | 14935211811 |
| Cost of shares redeemed | (5640348119)<br>| (13709458387)<br>|
| Net income equalization | (8016766)<br>| 2940455 |
| **Net increase (decrease) in net assets from beneficial interest transactions**  | 1932140197 | 1228693879 |
| Net increase (decrease) in net assets during the period | 3021267850 | 2726777549 |
| Net assets at beginning of period | 21227927970 | 18501150421 |
| **NET ASSETS AT END OF PERIOD** | $24249195820 | $21227927970 |
| **SHARES OF BENEFICIAL INTEREST:** <br>|  |  |
| Shares sold | 168850000 | 372900000 |
| Shares redeemed | (127000000)<br>| (344400000)<br>|
| **Net increase (decrease) from share transactions** | 41850000 | 28500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) On December 4, 2025, the State Street Consumer Discretionary Select Sector SPDR ETF, State Street Energy Select Sector SPDR ETF, State Street Materials Select Sector SPDR ETF,, State Street Technology Select Sector SPDR ETF, and State Street Utilities Select Sector SPDR ETF underwent a 2-for-1 share split. The amounts presented here have been adjusted to reflect this split. See Note 13.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS**

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $118.38 | &nbsp;&nbsp; $90.41 | &nbsp;&nbsp; $65.58 | &nbsp;&nbsp; $47.89 | &nbsp;&nbsp; $80.15 | &nbsp;&nbsp; $59.40 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 0.68 | 1.26 | 0.88 | 0.54 | 0.58 | 0.54 |
| Net realized and unrealized gain (loss) (c) | &nbsp;&nbsp; (7.42)<br>| 27.92 | 24.85 | 17.68 | &nbsp;&nbsp; (32.25)<br>| 20.73 |
| Total from investment operations | &nbsp;&nbsp; (6.74)<br>| 29.18 | 25.73 | 18.22 | &nbsp;&nbsp; (31.67)<br>| 21.27 |
| Net equalization credits and charges (b) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00)(d)<br>| &nbsp;&nbsp; (0.02)<br>| 0.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00)(d)<br>|
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $110.89 | &nbsp;&nbsp; $118.38 | &nbsp;&nbsp; $90.41 | &nbsp;&nbsp; $65.58 | &nbsp;&nbsp; $47.89 | &nbsp;&nbsp; $80.15 |
| **Total return (e)** | &nbsp;&nbsp; (5.72)%<br>| 32.43<br> %<br>| 39.32<br> %<br>| 38.24<br> %<br>| &nbsp;&nbsp; (39.71)%<br>| 35.88<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $23991562 | &nbsp;&nbsp; $27469332 | &nbsp;&nbsp; $18637826 | &nbsp;&nbsp; $13110317 | &nbsp;&nbsp; $7578050 | &nbsp;&nbsp; $15176057 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.19<br> %(f)<br>| 1.24<br> %<br>| 1.12<br> %<br>| 0.92<br> %<br>| 0.88<br> %<br>| 0.73<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 23<br> %(h)<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26(a)** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25(a)**<br>| **Year**<br> **Ended**<br> **9/30/24(a)**<br>| **Year**<br> **Ended**<br> **9/30/23(a)**<br>| **Year**<br> **Ended**<br> **9/30/22(a)(b)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)(b)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $119.83 | &nbsp;&nbsp; $100.23 | &nbsp;&nbsp; $80.48 | &nbsp;&nbsp; $71.24 | &nbsp;&nbsp; $89.77 | &nbsp;&nbsp; $73.50 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.45 | 0.94 | 0.75 | 0.72 | 0.62 | 0.55 |
| Net realized and unrealized gain (loss) (d) | &nbsp;&nbsp; (10.85)<br>| 19.60 | 19.77 | 9.22 | &nbsp;&nbsp; (18.53)<br>| 16.26 |
| Total from investment operations | &nbsp;&nbsp; (10.40)<br>| 20.54 | 20.52 | 9.94 | &nbsp;&nbsp; (17.91)<br>| 16.81 |
| Net equalization credits and charges (c) | 0.00<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| 0.02 | &nbsp;&nbsp; (0.01)<br>| 0.01 |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $108.97 | &nbsp;&nbsp; $119.83 | &nbsp;&nbsp; $100.23 | &nbsp;&nbsp; $80.48 | &nbsp;&nbsp; $71.24 | &nbsp;&nbsp; $89.77 |
| **Total return (f)** | &nbsp;&nbsp; (8.71)%<br>| 20.58<br> %<br>| 25.54<br> %<br>| 14.08<br> %<br>| &nbsp;&nbsp; (20.06)%<br>| 22.93<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $21211492 | &nbsp;&nbsp; $24638782 | &nbsp;&nbsp; $19443914 | &nbsp;&nbsp; $17432110 | &nbsp;&nbsp; $14098639 | &nbsp;&nbsp; $19633737 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(g)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 0.77<br> %(g)<br>| 0.87<br> %<br>| 0.85<br> %<br>| 0.95<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>|
| Portfolio turnover rate (h) | &nbsp;&nbsp; 3<br> %(i)<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) On December 4, 2025, the State Street Consumer Discretionary Select Sector SPDR ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $78.39 | &nbsp;&nbsp; $83.03 | &nbsp;&nbsp; $68.81 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $68.83 | &nbsp;&nbsp; $64.13 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 1.15 | 2.08 | 2.13 | 1.90 | 1.84 | 1.85 |
| Net realized and unrealized gain (loss) (c) | 3.55 | &nbsp;&nbsp; (4.59)<br>| 14.23 | 2.08 | &nbsp;&nbsp; (2.16)<br>| 4.67 |
| Total from investment operations | 4.70 | &nbsp;&nbsp; (2.51)<br>| 16.36 | 3.98 | &nbsp;&nbsp; (0.32)<br>| 6.52 |
| Net equalization credits and charges (b) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| 0.00<br> (d)<br>| 0.03 | &nbsp;&nbsp; (0.01)<br>|
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $81.96 | &nbsp;&nbsp; $78.39 | &nbsp;&nbsp; $83.03 | &nbsp;&nbsp; $68.81 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $68.83 |
| **Total return (e)** | 5.99<br> %<br>| &nbsp;&nbsp; (3.06)%<br>| 24.04<br> %<br>| 5.84<br> %<br>| &nbsp;&nbsp; (0.63)%<br>| 10.19<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $15468332 | &nbsp;&nbsp; $16059101 | &nbsp;&nbsp; $17898708 | &nbsp;&nbsp; $16206233 | &nbsp;&nbsp; $14465958 | &nbsp;&nbsp; $11757576 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 2.84<br> %(f)<br>| 2.58<br> %<br>| 2.85<br> %<br>| 2.58<br> %<br>| 2.49<br> %<br>| 2.71<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 4<br> %(h)<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Energy Select Sector SPDR ETF** | **State Street Energy Select Sector SPDR ETF** | **State Street Energy Select Sector SPDR ETF** | **State Street Energy Select Sector SPDR ETF** | **State Street Energy Select Sector SPDR ETF** | **State Street Energy Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26(a)** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25(a)**<br>| **Year**<br> **Ended**<br> **9/30/24(a)**<br>| **Year**<br> **Ended**<br> **9/30/23(a)**<br>| **Year**<br> **Ended**<br> **9/30/22(a)(b)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)(b)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $44.67 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $45.20 | &nbsp;&nbsp; $35.99 | &nbsp;&nbsp; $26.06 | &nbsp;&nbsp; $14.99 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.77 | 1.41 | 1.43 | 1.41 | 1.46 | 1.06 |
| Net realized and unrealized gain (loss) (d) | 16.55 | 0.81 | &nbsp;&nbsp; (1.20)<br>| 9.36 | 10.03 | 11.05 |
| Total from investment operations | 17.32 | 2.22 | 0.23 | 10.77 | 11.49 | 12.11 |
| Net equalization credits and charges (c) | 0.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| 0.04 |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (1.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $61.24 | &nbsp;&nbsp; $44.67 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $45.20 | &nbsp;&nbsp; $35.99 | &nbsp;&nbsp; $26.06 |
| **Total return (e)** | 39.13<br> %<br>| 5.12<br> %<br>| 0.45<br> %<br>| 30.31<br> %<br>| 44.34<br> %<br>| 81.93<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $43756309 | &nbsp;&nbsp; $26863518 | &nbsp;&nbsp; $35460368 | &nbsp;&nbsp; $39039650 | &nbsp;&nbsp; $33531192 | &nbsp;&nbsp; $25084339 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 3.14<br> %(f)<br>| 3.19<br> %<br>| 3.23<br> %<br>| 3.30<br> %<br>| 4.14<br> %<br>| 4.54<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 2<br> %(h)<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) On December 4, 2025, the State Street Energy Select Sector SPDR ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Financial Select Sector SPDR ETF** | **State Street Financial Select Sector SPDR ETF** | **State Street Financial Select Sector SPDR ETF** | **State Street Financial Select Sector SPDR ETF** | **State Street Financial Select Sector SPDR ETF** | **State Street Financial Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $53.88 | &nbsp;&nbsp; $45.31 | &nbsp;&nbsp; $33.17 | &nbsp;&nbsp; $30.31 | &nbsp;&nbsp; $37.53 | &nbsp;&nbsp; $24.06 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 0.44 | 0.73 | 0.66 | 0.67 | 0.68 | 0.61 |
| Net realized and unrealized gain (loss) (c) | &nbsp;&nbsp; (4.49)<br>| 8.58 | 12.15 | 2.86 | &nbsp;&nbsp; (7.21)<br>| 13.44 |
| Total from investment operations | &nbsp;&nbsp; (4.05)<br>| 9.31 | 12.81 | 3.53 | &nbsp;&nbsp; (6.53)<br>| 14.05 |
| Net equalization credits and charges (b) | &nbsp;&nbsp; (0.01)<br>| 0.00<br> (d)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00<br> (d)<br>| &nbsp;&nbsp; (0.02)<br>| 0.02 |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.38 | &nbsp;&nbsp; $53.88 | &nbsp;&nbsp; $45.31 | &nbsp;&nbsp; $33.17 | &nbsp;&nbsp; $30.31 | &nbsp;&nbsp; $37.53 |
| **Total return (e)** | &nbsp;&nbsp; (7.55)%<br>| 20.63<br> %<br>| 38.82<br> %<br>| 11.67<br> %<br>| &nbsp;&nbsp; (17.67)%<br>| 58.79<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $48220502 | &nbsp;&nbsp; $54144460 | &nbsp;&nbsp; $42293858 | &nbsp;&nbsp; $30598309 | &nbsp;&nbsp; $26953933 | &nbsp;&nbsp; $40412690 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.68<br> %(f)<br>| 1.45<br> %<br>| 1.66<br> %<br>| 1.97<br> %<br>| 1.83<br> %<br>| 1.80<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 2<br> %(h)<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of units. on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $139.23 | &nbsp;&nbsp; $154.01 | &nbsp;&nbsp; $128.72 | &nbsp;&nbsp; $121.02 | &nbsp;&nbsp; $127.26 | &nbsp;&nbsp; $105.56 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 1.26 | 2.42 | 2.28 | 2.13 | 1.95 | 1.85 |
| Net realized and unrealized gain (loss) (c) | 7.36 | &nbsp;&nbsp; (14.72)<br>| 25.32 | 7.69 | &nbsp;&nbsp; (6.27)<br>| 21.65 |
| Total from investment operations | 8.62 | &nbsp;&nbsp; (12.30)<br>| 27.60 | 9.82 | &nbsp;&nbsp; (4.32)<br>| 23.50 |
| Net equalization credits and charges (b) | 0.01 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| 0.01 | 0.04 | 0.01 |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $139.23 | &nbsp;&nbsp; $154.01 | &nbsp;&nbsp; $128.72 | &nbsp;&nbsp; $121.02 | &nbsp;&nbsp; $127.26 |
| **Total return (d)** | 6.18<br> %<br>| &nbsp;&nbsp; (7.99)%<br>| 21.53<br> %<br>| 8.10<br> %<br>| &nbsp;&nbsp; (3.47)%<br>| 22.37<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $38772392 | &nbsp;&nbsp; $34404707 | &nbsp;&nbsp; $41830223 | &nbsp;&nbsp; $37705483 | &nbsp;&nbsp; $35805067 | &nbsp;&nbsp; $30358856 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(e)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.66<br> %(e)<br>| 1.72<br> %<br>| 1.60<br> %<br>| 1.62<br> %<br>| 1.48<br> %<br>| 1.54<br> %<br>|
| Portfolio turnover rate (f) | &nbsp;&nbsp; 1<br> %(g)<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $154.29 | &nbsp;&nbsp; $135.51 | &nbsp;&nbsp; $101.34 | &nbsp;&nbsp; $82.79 | &nbsp;&nbsp; $97.77 | &nbsp;&nbsp; $76.98 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 0.97 | 2.15 | 1.84 | 1.71 | 1.52 | 1.27 |
| Net realized and unrealized gain (loss) (c) | 7.46 | 18.78 | 34.18 | 18.56 | &nbsp;&nbsp; (14.94)<br>| 20.81 |
| Total from investment operations | 8.43 | 20.93 | 36.02 | 20.27 | &nbsp;&nbsp; (13.42)<br>| 22.08 |
| Net equalization credits and charges (b) | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>| 0.01 |
| Contribution from affiliate | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $161.75 | &nbsp;&nbsp; $154.29 | &nbsp;&nbsp; $135.51 | &nbsp;&nbsp; $101.34 | &nbsp;&nbsp; $82.79 | &nbsp;&nbsp; $97.77 |
| **Total return (e)** | 5.48<br> %<br>| 15.60<br> %<br>| 35.75<br> %<br>| 24.50<br> %(f)<br>| &nbsp;&nbsp; (13.95)%<br>| 28.74<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $28067973 | &nbsp;&nbsp; $23918969 | &nbsp;&nbsp; $19537107 | &nbsp;&nbsp; $14412862 | &nbsp;&nbsp; $11104720 | &nbsp;&nbsp; $17367182 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(g)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.21<br> %(g)<br>| 1.53<br> %<br>| 1.55<br> %<br>| 1.69<br> %<br>| 1.54<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate (h) | &nbsp;&nbsp; 4<br> %(i)<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 2<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The contribution from an affiliate had no impact on total return.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26(a)** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25(a)**<br>| **Year**<br> **Ended**<br> **9/30/24(a)**<br>| **Year**<br> **Ended**<br> **9/30/23(a)**<br>| **Year**<br> **Ended**<br> **9/30/22(a)(b)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)(b)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $44.83 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $39.28 | &nbsp;&nbsp; $33.99 | &nbsp;&nbsp; $39.56 | &nbsp;&nbsp; $31.81 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.44 | 0.88 | 0.78 | 0.80 | 0.82 | 0.73 |
| Net realized and unrealized gain (loss) (d) | 5.12 | &nbsp;&nbsp; (3.42)<br>| 9.05 | 5.32 | &nbsp;&nbsp; (5.51)<br>| 7.72 |
| Total from investment operations | 5.56 | &nbsp;&nbsp; (2.54)<br>| 9.83 | 6.12 | &nbsp;&nbsp; (4.69)<br>| 8.45 |
| Net equalization credits and charges (c) | 0.01 | 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.00)(e)<br>|
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.96 | &nbsp;&nbsp; $44.83 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $39.28 | &nbsp;&nbsp; $33.99 | &nbsp;&nbsp; $39.56 |
| **Total return (f)** | 12.50<br> %<br>| &nbsp;&nbsp; (5.16)%<br>| 25.18<br> %<br>| 17.97<br> %<br>| &nbsp;&nbsp; (12.23)%<br>| 26.60<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $6590163 | &nbsp;&nbsp; $5511330 | &nbsp;&nbsp; $5555902 | &nbsp;&nbsp; $4942608 | &nbsp;&nbsp; $4702427 | &nbsp;&nbsp; $7501906 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(g)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.87<br> %(g)<br>| 1.97<br> %<br>| 1.79<br> %<br>| 1.99<br> %<br>| 1.97<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate (h) | &nbsp;&nbsp; 13<br> %(i)<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) On December 4, 2025, the State Street Materials Select Sector SPDR ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Real Estate Select Sector SPDR ETF** | **State Street Real Estate Select Sector SPDR ETF** | **State Street Real Estate Select Sector SPDR ETF** | **State Street Real Estate Select Sector SPDR ETF** | **State Street Real Estate Select Sector SPDR ETF** | **State Street Real Estate Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25**<br>| **Year**<br> **Ended**<br> **9/30/24**<br>| **Year**<br> **Ended**<br> **9/30/23**<br>| **Year**<br> **Ended**<br> **9/30/22(a)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $42.15 | &nbsp;&nbsp; $44.67 | &nbsp;&nbsp; $34.07 | &nbsp;&nbsp; $36.00 | &nbsp;&nbsp; $44.47 | &nbsp;&nbsp; $35.30 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (b) | 0.69 | 1.16 | 1.20 | 1.20 | 0.86 | 0.85 |
| Net realized and unrealized gain (loss) (c) | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.29)<br>| 10.73 | &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (7.99)<br>| 9.66 |
| Total from investment operations | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.13)<br>| 11.93 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (7.13)<br>| 10.51 |
| Net equalization credits and charges (b) | 0.00<br> (d)<br>| &nbsp;&nbsp; (0.00)(d)<br>| 0.05 | &nbsp;&nbsp; (0.01)<br>| 0.03 | 0.05 |
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.39)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $40.84 | &nbsp;&nbsp; $42.15 | &nbsp;&nbsp; $44.67 | &nbsp;&nbsp; $34.07 | &nbsp;&nbsp; $36.00 | &nbsp;&nbsp; $44.47 |
| **Total return (e)** | &nbsp;&nbsp; (1.41)%<br>| &nbsp;&nbsp; (2.41)%<br>| 35.70<br> %<br>| &nbsp;&nbsp; (1.81)%<br>| &nbsp;&nbsp; (16.46)%<br>| 30.42<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $7398415 | &nbsp;&nbsp; $7893228 | &nbsp;&nbsp; $8303552 | &nbsp;&nbsp; $4093339 | &nbsp;&nbsp; $4612173 | &nbsp;&nbsp; $4282141 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 3.35<br> %(f)<br>| 2.77<br> %<br>| 3.07<br> %<br>| 3.20<br> %<br>| 1.90<br> %<br>| 2.05<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 5<br> %(h)<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Technology Select Sector SPDR ETF** | **State Street Technology Select Sector SPDR ETF** | **State Street Technology Select Sector SPDR ETF** | **State Street Technology Select Sector SPDR ETF** | **State Street Technology Select Sector SPDR ETF** | **State Street Technology Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26(a)** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25(a)**<br>| **Year**<br> **Ended**<br> **9/30/24(a)**<br>| **Year**<br> **Ended**<br> **9/30/23(a)**<br>| **Year**<br> **Ended**<br> **9/30/22(a)(b)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)(b)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $141.01 | &nbsp;&nbsp; $112.90 | &nbsp;&nbsp; $81.95 | &nbsp;&nbsp; $59.37 | &nbsp;&nbsp; $74.68 | &nbsp;&nbsp; $58.38 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.40 | 0.78 | 0.76 | 0.71 | 0.62 | 0.56 |
| Net realized and unrealized gain (loss) (d) | &nbsp;&nbsp; (8.06)<br>| 28.09 | 30.96 | 22.57 | &nbsp;&nbsp; (15.31)<br>| 16.30 |
| Total from investment operations | &nbsp;&nbsp; (7.66)<br>| 28.87 | 31.72 | 23.28 | &nbsp;&nbsp; (14.69)<br>| 16.86 |
| Net equalization credits and charges (c) | &nbsp;&nbsp; (0.00)(e)<br>| 0.00<br> (e)<br>| 0.01 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)(e)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $132.96 | &nbsp;&nbsp; $141.01 | &nbsp;&nbsp; $112.90 | &nbsp;&nbsp; $81.95 | &nbsp;&nbsp; $59.37 | &nbsp;&nbsp; $74.68 |
| **Total return (f)** | &nbsp;&nbsp; (5.45)%<br>| 25.68<br> %<br>| 38.79<br> %<br>| 39.34<br> %<br>| &nbsp;&nbsp; (19.82)%<br>| 28.93<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $84237866 | &nbsp;&nbsp; $90179468 | &nbsp;&nbsp; $70090741 | &nbsp;&nbsp; $47587429 | &nbsp;&nbsp; $35656531 | &nbsp;&nbsp; $43022516 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(g)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 0.55<br> %(g)<br>| 0.65<br> %<br>| 0.75<br> %<br>| 0.96<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>|
| Portfolio turnover rate (h) | &nbsp;&nbsp; 5<br> %(i)<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) On December 4, 2025, the State Street Technology Select Sector SPDR ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**FINANCIAL HIGHLIGHTS (continued)** 

***Selected data for a share outstanding throughout each period***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** |
|  | **Six Months**<br> **Ended**<br> **3/31/26(a)** <br> **(Unaudited)**<br>| **Year**<br> **Ended**<br> **9/30/25(a)**<br>| **Year**<br> **Ended**<br> **9/30/24(a)**<br>| **Year**<br> **Ended**<br> **9/30/23(a)**<br>| **Year**<br> **Ended**<br> **9/30/22(a)(b)**<br>| **Year**<br> **Ended**<br> **9/30/21(a)(b)**<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $40.38 | &nbsp;&nbsp; $29.47 | &nbsp;&nbsp; $32.73 | &nbsp;&nbsp; $31.94 | &nbsp;&nbsp; $29.70 |
| **Income (loss) from investment operations:**  |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.62 | 1.14 | 1.04 | 0.99 | 0.98 | 0.93 |
| Net realized and unrealized gain (loss) (d) | 2.25 | 3.27 | 10.97 | &nbsp;&nbsp; (3.20)<br>| 0.81 | 2.31 |
| Total from investment operations | 2.87 | 4.41 | 12.01 | &nbsp;&nbsp; (2.21)<br>| 1.79 | 3.24 |
| Net equalization credits and charges (c) | 0.02 | &nbsp;&nbsp; (0.01)<br>| 0.01 | 0.01 | 0.02 | &nbsp;&nbsp; (0.01)<br>|
| **Distributions to shareholders from:**  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $45.88 | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $40.38 | &nbsp;&nbsp; $29.47 | &nbsp;&nbsp; $32.73 | &nbsp;&nbsp; $31.94 |
| **Total return (e)** | 6.69<br> %<br>| 11.18<br> %<br>| 41.54<br> %<br>| &nbsp;&nbsp; (7.02)%<br>| 5.46<br> %<br>| 10.95<br> %<br>|
| **Ratios and Supplemental Data:**  |  |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp; $24249196 | &nbsp;&nbsp; $21227928 | &nbsp;&nbsp; $18501150 | &nbsp;&nbsp; $13186436 | &nbsp;&nbsp; $16119053 | &nbsp;&nbsp; $11956669 |
| **Ratios to average net assets:**  |  |  |  |  |  |  |
| Total expenses | 0.07<br> %(f)<br>| 0.08<br> %<br>| 0.08<br> %<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net investment income (loss) | 2.79<br> %(f)<br>| 2.84<br> %<br>| 3.13<br> %<br>| 2.96<br> %<br>| 2.76<br> %<br>| 2.89<br> %<br>|
| Portfolio turnover rate (g) | &nbsp;&nbsp; 1<br> %(h)<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) On December 4, 2025, the State Street Utilities Select Sector SPDR ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company, Ltd. The previous years were audited by another independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratios for periods less than one year are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not annualized.

*See accompanying notes to financial statements.* 

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS**

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

The Select Sector SPDR Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of March 31, 2026, the Trust consists of twenty-two (22) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the "Board") to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a "Fund", and collectively, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| State Street Communication Services Select Sector SPDR <br> ETF (formerly The Communication Services Select Sector <br> SPDR Fund)<br>|
| State Street Consumer Discretionary Select Sector SPDR <br> ETF (formerly The Consumer Discretionary Select Sector <br> SPDR Fund)<br>|
| State Street Consumer Staples Select Sector SPDR ETF <br> (formerly The Consumer Staples Select Sector SPDR <br> Fund)<br>|
| State Street Energy Select Sector SPDR ETF (formerly The <br> Energy Select Sector SPDR Fund)<br>|
| State Street Financial Select Sector SPDR ETF (formerly The <br> Financial Select Sector SPDR Fund)<br>|

---

---

| |
|:---|
| State Street Health Care Select Sector SPDR ETF (formerly <br> The Health Care Select Sector SPDR Fund)<br>|
| State Street Industrial Select Sector SPDR ETF (formerly <br> The Industrial Select Sector SPDR Fund)<br>|
| State Street Materials Select Sector SPDR ETF (formerly The <br> Materials Select Sector SPDR Fund)<br>|
| State Street Real Estate Select Sector SPDR ETF (formerly <br> The Real Estate Select Sector SPDR Fund)<br>|
| State Street Technology Select Sector SPDR ETF (formerly <br> The Technology Select Sector SPDR Fund)<br>|
| State Street Utilities Select Sector SPDR ETF (formerly The <br> Utilities Select Sector SPDR Fund)<br>|

---

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. The Trust has entered into an Indemnification Agreement with each trustee who is not an "interested person" (as defined in the 1940 Act) (each, an "Independent Trustee") providing for indemnification of the Independent Trustee by the Trust consistent with the foregoing and providing procedures for seeking and obtaining indemnification advancement of expenses. 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 would involve future claims that may be made against the Trust that have not yet occurred.

**2. Segment Reporting**

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's total return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's total return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

**3. 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.

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

**Security Valuation**

Each Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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 the 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 overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund's investments by major category are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (including 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 investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 ("NAV") per share or unit.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

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

Fair value pricing could result in a difference between the prices used to calculate Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Fund's underlying benchmarks. Fund's NAV and the prices used by the Funds' 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 the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize 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 investing in it.

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

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;• 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 assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

The value of each Fund's investments according to the fair value hierarchy as of March 31, 2026 is disclosed in each Fund's respective Schedule of Investments.

**Investment Transactions and Income Recognition**

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, 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 determine the tax character of their distributions 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 initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") estimates of such re-designations for which actual information has not yet been reported.

**Expenses**

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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.

**Foreign Taxes**

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or recoverable as of March 31, 2026, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**Equalization**

The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund 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 reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.&nbsp;&nbsp;&nbsp;&nbsp;

**Distributions**

Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Derivative Financial Instruments** 

**Futures Contracts**

The Funds may enter into futures contracts to meet Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

The Funds in the following tables each entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity. The following tables summarize the value of the Fund's derivative instruments as of March 31, 2026, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | **Interest**<br> **Rate**<br> **Risk**<br>| **Foreign**<br> **Exchange**<br> **Risk**<br>| **Credit**<br> **Risk**<br>| **Equity**<br> **Risk**<br>| **Commodity**<br> **Risk**<br>| **Total** |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3925724 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3925724 |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 778125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 778125 |
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 190995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Interest**<br> **Rate**<br> **Risk**<br>| **Foreign**<br> **Exchange**<br> **Risk**<br>| **Credit**<br> **Risk**<br>| **Equity**<br> **Risk**<br>| **Commodity**<br> **Risk**<br>| **Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2094075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2094075 |
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 676000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 676000 |
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 895970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 895970 |
| **State Street Health Care Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1747425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1747425 |
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 702300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 702300 |
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1031875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1031875 |
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2288550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2288550 |
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059150 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  | **Interest**<br> **Rate**<br> **Risk**<br>| **Foreign**<br> **Exchange**<br> **Risk**<br>| **Credit**<br> **Risk**<br>| **Equity**<br> **Risk**<br>| **Commodity**<br> **Risk**<br>| **Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1402973)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1402973)<br>|
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1229183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1229183)<br>|
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2082595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2082595 |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20652072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20652072 |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6157897)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6157897)<br>|
| **State Street Health Care Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 607710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 607710 |
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (431789)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (431789)<br>|
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (412958)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (412958)<br>|
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 557939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 557939 |
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (717278)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (717278)<br>|
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2925075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2925075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** |
|  | **Interest**<br> **Rate**<br> **Risk**<br>| **Foreign**<br> **Exchange**<br> **Risk**<br>| **Credit**<br> **Risk**<br>| **Equity**<br> **Risk**<br>| **Commodity**<br> **Risk**<br>| **Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2249968)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2249968)<br>|
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (773980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (773980)<br>|
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 135596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135596 |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3181723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3181723 |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 670837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 670837 |
| **State Street Health Care Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1749322)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1749322)<br>|
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1164045)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1164045)<br>|
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 375239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 375239 |
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1139748)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1139748)<br>|
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5549742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5549742)<br>|
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2006989)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2006989)<br>|

---

**5. Fees and Transactions with Affiliates** 

**Advisory and Administration Fee**

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with 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 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 of the Trust up to the next $100.0 billion of net assets; (viii) 0.0243% of average daily net assets of the Trust up to the next $100.0 billion of net assets; and 0.023% of average daily net assets on the remainder of net assets of the Trust.

The Trust has also entered into an Administration Agreement with SSGA FM to serve as each Fund's Administrator. For its administration services to the Funds, each Fund pays SSGA FM a fee accrued daily and paid monthly at a rate 0.0006% of its average daily net assets.

**Unitary Fee**

State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent to each Fund of the Trust. A "unitary" fee is paid by each Fund to State Street for custody, sub-administration 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 SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

Effective January 1, 2026, the unitary fee structure was amended and is calculated as follows: (i) $0 - $50 billion of net assets of the Trust, 0.01495% of average daily net assets; (ii) over $50 billion - $75 billion of net assets of the Trust, 0.01245% of average daily net assets; (iii) over $75 billion - $100 billion of net assets of the Trust, 0.00995% of average daily net assets; (iv) over$100 billion - $250 billion of net assets of the Trust, 0.00395% of average daily net assets; and (v) over $250 billion of net assets of the Trust, 0.00245% of average daily net assets.

Prior to January 1, 2026, the unitary fee structure was calculated as follows: (i) $0 - $50 billion of net assets of the Trust, 0.015% of average daily net assets; (ii) over $50 billion - $75 billion of net assets of the Trust, 0.0125% of average daily net assets; (iii) over $75 billion - $100 billion of net assets of the Trust, 0.01% of average daily net assets; (iv) over $100 billion - $250 billion of net assets of the Trust, 0.004% of average daily net assets; and (v) over $250 billion of net assets of the Trust, 0.0025% of average daily net assets.

State Street is a wholly-owned subsidiary of State Street Corporation.

**Other Transactions with Affiliates - Securities Lending**

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated July 10, 2017, as amended.

Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across participating affiliated funds, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 11 for additional information regarding securities lending.

**Other Transactions with Affiliates**

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2026, are disclosed in the Funds' respective Schedules of Investments.

**Due to Custodian**

In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

**6. Additional Expenses**

**Distributor**

State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), an affiliate of the Adviser, serves as the Distributor of the Trust. Prior to December 1, 2025, ALPS Portfolio Solutions Distributor, Inc. served as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted by each Fund 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. The Board limited each Fund's 12b-1 fee to an annual rate of 0.02% of its average daily net assets.

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

**License Fees**

S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC and S&P Global ("S&P"), and NYSE Arca, Inc. (either directly or through affiliates) have entered into a license agreement with respect to each Fund's Select Sector Index. Each Fund pays an annual sub-license fee to S&P based on a percentage of its total expense ratio shown on the financial highlight for the most recent fiscal year. This rate is applied to the Fund's average daily net assets. Future years' sub-license fee rate will be based on a schedule of percentages applied to the most recent total expense ratio of a Fund shown in the, then, current annual report and applied to the average daily net assets of that Fund. Fees to S&P are generally paid quarterly.

**7. Trustees' Fees**

The fees and expenses of the Independent Trustees and one interested, non-management trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

**8. Investment Transactions**

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street Communication Services Select Sector SPDR ETF | $6173777294 | $6311578707 |
| State Street Consumer Discretionary Select Sector SPDR ETF | 800982656 | 805013033 |
| State Street Consumer Staples Select Sector SPDR ETF | 710509450 | 678605451 |
| State Street Energy Select Sector SPDR ETF | 643199187 | 636276744 |
| State Street Financial Select Sector SPDR ETF | 858050378 | 872979570 |
| State Street Health Care Select Sector SPDR ETF | 251659666 | 295164020 |
| State Street Industrial Select Sector SPDR ETF | 930786998 | 961470341 |
| State Street Materials Select Sector SPDR ETF | 795656956 | 798061363 |
| State Street Real Estate Select Sector SPDR ETF | 405911100 | 410332621 |
| State Street Technology Select Sector SPDR ETF | 4335123808 | 4335859671 |
| State Street Utilities Select Sector SPDR ETF | 264045953 | 288581516 |

---

For the period ended March 31, 2026, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind**<br> **Contributions**<br>| **In-kind**<br> **Redemptions**<br>| **In-kind Net**<br> **Realized**<br> **Gains/(Losses)**<br>|
| State Street Communication Services Select Sector SPDR ETF | $5567283923 | $7410045945 | $2531876289 |
| State Street Consumer Discretionary Select Sector SPDR ETF | 5742823981 | 7003833715 | 1505794529 |
| State Street Consumer Staples Select Sector SPDR ETF | 10778901440 | 12004146551 | 876107705 |
| State Street Energy Select Sector SPDR ETF | 12389803476 | 6329770248 | 1155198761 |
| State Street Financial Select Sector SPDR ETF | 28024988774 | 29393794880 | 2935108005 |
| State Street Health Care Select Sector SPDR ETF | 10043268569 | 7429412370 | 1187516466 |
| State Street Industrial Select Sector SPDR ETF | 9636440174 | 6704045588 | 1468580903 |
| State Street Materials Select Sector SPDR ETF | 4183309981 | 3679006781 | 385741050 |
| State Street Real Estate Select Sector SPDR ETF | 2106890535 | 2354671127 | 257193785 |
| State Street Technology Select Sector SPDR ETF | 14018843706 | 14946904914 | 6416086195 |
| State Street Utilities Select Sector SPDR ETF | 5819293917 | 3879444129 | 677039527 |

---

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Shareholder Transactions**

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

**10. Income Tax Information**

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2025, SSGA FM has analyzed the Funds' tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of March 31, 2026, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br> **Cost**<br>| **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **Depreciation**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| State Street Communication Services Select Sector SPDR ETF | $22847459151 | $2530004476 | $1322006895 | $1207997581 |
| State Street Consumer Discretionary Select Sector SPDR ETF | 22063352134 | 1054953512 | 1914478066 | (859524554)<br>|
| State Street Consumer Staples Select Sector SPDR ETF | 18139189756 | 356368745 | 3016357641 | (2659988896)<br>|
| State Street Energy Select Sector SPDR ETF | 35303655362 | 8654368818 | 210389901 | 8443978917 |
| State Street Financial Select Sector SPDR ETF | 53137500338 | 662540921 | 5542562313 | (4880021392)<br>|
| State Street Health Care Select Sector SPDR ETF | 44606968198 | 2569059961 | 8282804033 | (5713744072)<br>|
| State Street Industrial Select Sector SPDR ETF | 27084990348 | 3235605756 | 2271745310 | 963860446 |
| State Street Materials Select Sector SPDR ETF | 6869807315 | 306843285 | 586477976 | (279634691)<br>|
| State Street Real Estate Select Sector SPDR ETF | 8381909768 | 404103107 | 1412101297 | (1007998190)<br>|
| State Street Technology Select Sector SPDR ETF | 71806233432 | 17595742967 | 5157795996 | 12437946971 |
| State Street Utilities Select Sector SPDR ETF | 22684976042 | 2079315720 | 512378243 | 1566937477 |

---

**11. Securities Lending** 

Each Fund may lend securities 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 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 with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

collateral is less than the aggregate market value of the securities which are 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. 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 the 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.

The market value of securities on loan as of March 31, 2026, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. 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 non-cash collateral and 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of**<br> **Securities on Loan**<br>| **Cash**<br> **Collateral**<br> **Received**<br>| **Non-Cash**<br> **Collateral**<br> **Received\***<br>| **Total**<br> **Collateral**<br> **Received**<br>|
| State Street Communication Services Select Sector SPDR ETF | $220433772 | $176239588 | $47270710 | $223510298 |
| State Street Consumer Discretionary Select Sector SPDR ETF | 355877502 |  | 344097014 | 344097014 |
| State Street Consumer Staples Select Sector SPDR ETF | 176907707 | 49011264 | 131986050 | 180997314 |
| State Street Energy Select Sector SPDR ETF | 199453151 | 285997 | 203457685 | 203743682 |
| State Street Financial Select Sector SPDR ETF | 610042683 | 55723640 | 542970611 | 598694251 |
| State Street Health Care Select Sector SPDR ETF | 444206587 | 153893837 | 285438208 | 439332045 |
| State Street Industrial Select Sector SPDR ETF | 180083649 |  | 177342843 | 177342843 |
| State Street Materials Select Sector SPDR ETF | 305853127 | 4761354 | 305703142 | 310464496 |
| State Street Technology Select Sector SPDR ETF | 642663939 | 23415501 | 594928886 | 618344387 |
| State Street Utilities Select Sector SPDR ETF | 94730913 | 28225696 | 68424450 | 96650146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** |
| **Fund** | **Securities**<br> **Lending**<br> **Transactions**<br>| **Overnight**<br> **and**<br> **Continuous**<br>| **˂30 Days** | **Between**<br> **30 & 90**<br> **Days**<br>| **˃90 Days** | **Total**<br> **Borrowings**<br>| **Gross Amount**<br> **of Recognized**<br> **Liabilities for**<br> **Securities Lending** <br> **Transactions**<br>|
| State Street Communication Services Select Sector <br> SPDR ETF<br>| Common Stocks | $176239588 | $— | $— | $— | $176239588 | $176239588 |
| State Street Consumer Staples Select Sector SPDR <br> ETF<br>| Common Stocks | 49011264 |  |  |  | 49011264 | 49011264 |
| State Street Energy Select Sector SPDR ETF | Common Stocks | 285997 |  |  |  | 285997 | 285997 |
| State Street Financial Select Sector SPDR ETF | Common Stocks | 55723640 |  |  |  | 55723640 | 55723640 |
| State Street Health Care Select Sector SPDR ETF | Common Stocks | 153893837 |  |  |  | 153893837 | 153893837 |
| State Street Materials Select Sector SPDR ETF | Common Stocks | 4761354 |  |  |  | 4761354 | 4761354 |
| State Street Technology Select Sector SPDR ETF | Common Stocks | 23415501 |  |  |  | 23415501 | 23415501 |

---

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **as of March 31, 2026** |
| **Fund** | **Securities**<br> **Lending**<br> **Transactions**<br>| **Overnight**<br> **and**<br> **Continuous**<br>| **˂30 Days** | **Between**<br> **30 & 90**<br> **Days**<br>| **˃90 Days** | **Total**<br> **Borrowings**<br>| **Gross Amount**<br> **of Recognized**<br> **Liabilities for**<br> **Securities Lending** <br> **Transactions**<br>|
| State Street Utilities Select Sector SPDR ETF | Common Stocks | $28225696 | $— | $— | $— | $28225696 | $28225696 |

---

**12. Risks** 

**Concentration Risk**

As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.

**Market Risk**

A Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.

New or escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts, and others around the world, are impossible to predict but could continue to be significant. Market disruption caused by these conflicts, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact a Fund's performance.

**13. Stock Split**

On November 20, 2025, State Street Investment Management announced 2-for-1 share splits on the five State Street Select Sector SPDR ETF listed below. Share splits increase the number of shares outstanding and decrease the fund share price. The aggregate market value of shares outstanding will not be impacted. The share splits apply to shareholders of record as of market close on December 2, 2025, and are payable after market close on December 4, 2025. The Statements of Assets and Liabilities, the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been retroactively adjusted to give effect to the share splits.

State Street Consumer Discretionary Select Sector SPDR ETF

State Street Energy Select Sector SPDR ETF

State Street Materials Select Sector SPDR ETF

State Street Technology Select Sector SPDR ETF

State Street Utilities Select Sector SPDR ETF

------

**THE SELECT SECTOR SPDR TRUST**

**NOTES TO FINANCIAL STATEMENTS (continued)** 

***March 31, 2026 (Unaudited)***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**14. Subsequent Events**

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

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable to this filing.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.

#### Item 15. 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 16. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, Ann M. Carpenter 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 Investment Company Act of 1940, as amended (the "1940 Act")) and evaluated their effectiveness. Based on their review, Ms. Carpenter and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.

------

#### Item 19. Exhibits.
(a)(1) Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

(a)(2) Not applicable to the registrant.

(a)(3) [Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.](d128483dex99cert.htm)

(a)(4) Not applicable.

(a)(5) 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, as amended (the "1934 Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.](d128483dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **The Select Sector SPDR<sup>®</sup> Trust** | **The Select Sector SPDR<sup>®</sup> Trust** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | June 4, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| By: | /s/ Chad C. Hallett |
|  | Chad C. Hallett |
|  | Treasurer and Principal Financial Officer |
| Date: | June 4, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President and Principal Executive Officer of The Select Sector SPDR<sup>®</sup> Trust, certify that:

1. I have reviewed this report on Form N-CSR of The Select Sector SPDR<sup>®</sup> Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 4, 2026 |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |

---

------

I, Chad C. Hallett, Treasurer and Principal Financial Officer of The Select Sector SPDR<sup>®</sup> Trust, certify that:

1. I have reviewed this report on Form N-CSR of The Select Sector SPDR<sup>®</sup> Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 4, 2026 |
| By: | /s/ Chad C. Hallett |
|  | Chad C. Hallett |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

I, Ann M. Carpenter, President and Principal Executive Officer, and I, Chad C. Hallett, Treasurer and Principal Financial Officer, of The Select Sector SPDR<sup>®</sup> Trust (the "Trust") each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | June 4, 2026 |
| By: | /s/ Chad C. Hallett |
|  | Chad C. Hallett |
|  | Treasurer and Principal Financial Officer |
| Date: | June 4, 2026 |

---