# EDGAR Filing Document

**Accession Number:** 0001064641
**File Stem:** 0001193125-26-031265
**Filing Date:** 2026-1
**Character Count:** 532544
**Document Hash:** f52b0c4157fa084e212e9b66bf9af895
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-031265.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001193125-26-031265

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08837
- **FILM NUMBER:** 26581702

**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'? 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: September 30, 2025

------

#### Explanatory Note
The Registrant is filing this amendment to its Form N-CSR for the period ended September 30, 2025, originally filed with the Securities and Exchange Commission on December 5, 2025 (<u>Inline Viewer: SELECT SECTOR SPDR TRUST N-CSR 2025-09-30</u>). The purpose of this amendment is to update the Statement of Assets and Liabilities, Statement of Changes in Net Assets, Financial Highlights and Note 13. (Subsequent Events) of each of 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 to reflect 2:1 share splits in each. The share splits occurred after the close of business on December 4, 2025, which was after the audit opinion date of the financial statements of November 24, 2025, and after the issuance date of the financial statements, which were posted to the Registrant's website on November 26, 2025, but prior to the issuance of the Registrant's annual registration statement. In addition, given the timing of this amended N-CSR filing, the Registrant updated the names of each Series of the Registrant, that became effective December 1, 2025, throughout this amended N-CSR filing, which was disclosed only in Note 13 (Subsequent Events) in the original filing noted above.

------

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

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

# (formerly The Communication Services Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLC

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLC. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $9 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was shaped first by moderating inflation and speculation on the timing of rate cuts, and then by a tariff war introduced by the newly elected Trump administration. This injected some market volatility into the mix, but as the early economic data revealed the tariffs' impact to be less than feared, markets resumed their upward march. To a large degree, this continued to be driven by artificial intelligence ("A.I."), with news of significant A.I.-related investments allowing investors to shrug off concerns of excessive valuations. While mega-cap tech-related firms such as Alphabet Inc. and Meta Platforms drove early gains through A.I.-driven advertising and cost efficiencies, defensive players like broadband providers helped stabilize the sector amid broader market fluctuations.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g90c70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLC** | **S&P 500 Index** | **Communications Services Select Sector Index** |
| **06/18/18** | $10000 | $10000 | $10000 |
| **06/30/18** | $9880 | $9804 | $9882 |
| **07/31/18** | $9689 | $10169 | $9690 |
| **08/31/18** | $9836 | $10500 | $9839 |
| **09/30/18** | $9822 | $10560 | $9825 |
| **10/31/18** | $9241 | $9838 | $9245 |
| **11/30/18** | $9037 | $10039 | $9042 |
| **12/31/18** | $8302 | $9132 | $8305 |
| **01/31/19** | $9280 | $9864 | $9287 |
| **02/28/19** | $9234 | $10181 | $9242 |
| **03/31/19** | $9426 | $10379 | $9432 |
| **04/30/19** | $10097 | $10799 | $10106 |
| **05/31/19** | $9493 | $10113 | $9502 |
| **06/30/19** | $9943 | $10825 | $9953 |
| **07/31/19** | $10257 | $10981 | $10269 |
| **08/31/19** | $10013 | $10807 | $10025 |
| **09/30/19** | $10025 | $11009 | $10038 |
| **10/31/19** | $10244 | $11248 | $10259 |
| **11/30/19** | $10638 | $11656 | $10655 |
| **12/31/19** | $10894 | $12008 | $10912 |
| **01/31/20** | $10948 | $12003 | $10968 |
| **02/29/20** | $10312 | $11015 | $10330 |
| **03/31/20** | $8998 | $9654 | $9015 |
| **04/30/20** | $10234 | $10892 | $10256 |
| **05/31/20** | $10999 | $11411 | $11024 |
| **06/30/20** | $11026 | $11638 | $11051 |
| **07/31/20** | $11845 | $12294 | $11872 |
| **08/31/20** | $12907 | $13178 | $12939 |
| **09/30/20** | $12136 | $12677 | $12165 |
| **10/31/20** | $12087 | $12340 | $12117 |
| **11/30/20** | $13353 | $13691 | $13391 |
| **12/31/20** | $13816 | $14217 | $13857 |
| **01/31/21** | $13695 | $14073 | $13736 |
| **02/28/21** | $14655 | $14461 | $14703 |
| **03/31/21** | $15027 | $15095 | $15077 |
| **04/30/21** | $15996 | $15900 | $16052 |
| **05/31/21** | $16146 | $16011 | $16203 |
| **06/30/21** | $16628 | $16385 | $16689 |
| **07/31/21** | $16924 | $16774 | $16989 |
| **08/31/21** | $17583 | $17284 | $17651 |
| **09/30/21** | $16489 | $16481 | $16554 |
| **10/31/21** | $16522 | $17635 | $16588 |
| **11/30/21** | $15513 | $17513 | $15577 |
| **12/31/21** | $16012 | $18298 | $16080 |
| **01/31/22** | $15246 | $17351 | $15311 |
| **02/28/22** | $14109 | $16832 | $14168 |
| **03/31/22** | $14208 | $17457 | $14271 |
| **04/30/22** | $12210 | $15934 | $12262 |
| **05/31/22** | $12438 | $15963 | $12492 |
| **06/30/22** | $11241 | $14646 | $11291 |
| **07/31/22** | $11676 | $15996 | $11729 |
| **08/31/22** | $11266 | $15344 | $11318 |
| **09/30/22** | $9941 | $13931 | $9984 |
| **10/31/22** | $10009 | $15059 | $10048 |
| **11/30/22** | $10696 | $15900 | $10740 |
| **12/31/22** | $9983 | $14984 | $10024 |
| **01/31/23** | $11461 | $15926 | $11513 |
| **02/28/23** | $11133 | $15537 | $11185 |
| **03/31/23** | $12098 | $16107 | $12157 |
| **04/30/23** | $12498 | $16359 | $12560 |
| **05/31/23** | $12984 | $16430 | $13050 |
| **06/30/23** | $13602 | $17516 | $13672 |
| **07/31/23** | $14373 | $18078 | $14449 |
| **08/31/23** | $14154 | $17790 | $14230 |
| **09/30/23** | $13742 | $16942 | $13816 |
| **10/31/23** | $13560 | $16586 | $13628 |
| **11/30/23** | $14615 | $18101 | $14691 |
| **12/31/23** | $15259 | $18923 | $15341 |
| **01/31/24** | $15940 | $19241 | $16029 |
| **02/29/24** | $16686 | $20268 | $16782 |
| **03/31/24** | $17198 | $20920 | $17299 |
| **04/30/24** | $16403 | $20066 | $16499 |
| **05/31/24** | $17527 | $21061 | $17631 |
| **06/30/24** | $18082 | $21817 | $18191 |
| **07/31/24** | $18125 | $22082 | $18236 |
| **08/31/24** | $18438 | $22618 | $18550 |
| **09/30/24** | $19146 | $23101 | $19266 |
| **10/31/24** | $19498 | $22891 | $19622 |
| **11/30/24** | $20832 | $24235 | $20967 |
| **12/31/24** | $20544 | $23657 | $20679 |
| **01/31/25** | $21740 | $24316 | $21887 |
| **02/28/25** | $21661 | $23999 | $21808 |
| **03/31/25** | $20538 | $22647 | $20679 |
| **04/30/25** | $20343 | $22493 | $20484 |
| **05/31/25** | $21603 | $23909 | $21755 |
| **06/30/25** | $23164 | $25125 | $23332 |
| **07/31/25** | $22930 | $25689 | $23097 |
| **08/31/25** | $23766 | $26209 | $23911 |
| **09/30/25** | $25355 | $27166 | $25514 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 06/18/18** |
| XLC | 32.43% | 15.88% | 13.62% |
| S&P 500 Index | 17.60% | 16.47% | 14.70% |
| Communications Services Select Sector Index | 32.43% | 15.97% | 13.72% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$27,469,331,852

* Number of Portfolio Holdings27

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$6,427,451

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Interactive Media & Services | 31.4% |
| Entertainment | 30.8% |
| Media | 24.1% |
| Diversified Telecommunication Services | 9.1% |
| Wireless Telecommunication Services | 4.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Meta Platforms, Inc., Class A | 14.7% |
| Alphabet, Inc., Class A | 8.5% |
| Alphabet, Inc., Class C | 6.8% |
| Netflix, Inc. | 5.8% |
| Warner Bros Discovery, Inc. | 4.9% |
| Verizon Communications, Inc. | 4.6% |
| AT&T, Inc. | 4.5% |
| T-Mobile U.S., Inc. | 4.5% |
| Electronic Arts, Inc. | 4.5% |
| Comcast Corp., Class A | 4.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Communication Services Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLC to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLC.

TSR AR XLC

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

# (formerly The Consumer Discretionary Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLY

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLY. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $9 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
As of the end of September 2025, the consumer discretionary sector experienced a dynamic and volatile year, following strong aggregate gains in 2024. Three rate cuts in late 2024 and another in September 2025 boosted investor optimism and a "risk-on" sentiment. At the same time, mixed economic signals like strong GDP growth alongside persistent inflation, created volatility. Some strong data ironically fueled fears that the U.S. Federal Reserve (the "Fed") might slow its easing pace. After a weak first half of 2025, the sector mounted a significant comeback in the third quarter, fueled by the Fed interest rate cuts and resilient consumer spending, particularly among higher-income households.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g93b88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLY** | **S&P 500 Index** | **Consumer Discretionary Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10904 | $10844 | $10907 |
| **11/30/15** | $10877 | $10876 | $10881 |
| **12/31/15** | $10574 | $10704 | $10579 |
| **01/31/16** | $10033 | $10173 | $10038 |
| **02/29/16** | $10070 | $10159 | $10076 |
| **03/31/16** | $10737 | $10849 | $10749 |
| **04/30/16** | $10751 | $10891 | $10763 |
| **05/31/16** | $10765 | $11086 | $10778 |
| **06/30/16** | $10638 | $11115 | $10650 |
| **07/31/16** | $11121 | $11525 | $11136 |
| **08/31/16** | $10982 | $11541 | $10997 |
| **09/30/16** | $10948 | $11543 | $10964 |
| **10/31/16** | $10691 | $11332 | $10707 |
| **11/30/16** | $11190 | $11752 | $11210 |
| **12/31/16** | $11196 | $11984 | $11217 |
| **01/31/17** | $11668 | $12212 | $11692 |
| **02/28/17** | $11893 | $12697 | $11920 |
| **03/31/17** | $12136 | $12711 | $12165 |
| **04/30/17** | $12430 | $12842 | $12461 |
| **05/31/17** | $12568 | $13023 | $12601 |
| **06/30/17** | $12416 | $13104 | $12450 |
| **07/31/17** | $12647 | $13373 | $12684 |
| **08/31/17** | $12414 | $13414 | $12451 |
| **09/30/17** | $12517 | $13691 | $12556 |
| **10/31/17** | $12780 | $14011 | $12821 |
| **11/30/17** | $13426 | $14440 | $13470 |
| **12/31/17** | $13745 | $14601 | $13794 |
| **01/31/18** | $15025 | $15437 | $15083 |
| **02/28/18** | $14505 | $14868 | $14560 |
| **03/31/18** | $14167 | $14490 | $14221 |
| **04/30/18** | $14500 | $14546 | $14557 |
| **05/31/18** | $14786 | $14896 | $14847 |
| **06/30/18** | $15317 | $14988 | $15383 |
| **07/31/18** | $15595 | $15545 | $15665 |
| **08/31/18** | $16393 | $16052 | $16469 |
| **09/30/18** | $16476 | $16143 | $16555 |
| **10/31/18** | $14819 | $15040 | $14891 |
| **11/30/18** | $15180 | $15346 | $15256 |
| **12/31/18** | $13972 | $13961 | $14040 |
| **01/31/19** | $15348 | $15079 | $15426 |
| **02/28/19** | $15554 | $15564 | $15634 |
| **03/31/19** | $16121 | $15866 | $16208 |
| **04/30/19** | $16999 | $16508 | $17095 |
| **05/31/19** | $15713 | $15459 | $15801 |
| **06/30/19** | $16951 | $16549 | $17050 |
| **07/31/19** | $17160 | $16787 | $17263 |
| **08/31/19** | $17010 | $16521 | $17114 |
| **09/30/19** | $17209 | $16830 | $17314 |
| **10/31/19** | $17233 | $17195 | $17339 |
| **11/30/19** | $17450 | $17819 | $17559 |
| **12/31/19** | $17943 | $18356 | $18060 |
| **01/31/20** | $17934 | $18349 | $18053 |
| **02/29/20** | $16559 | $16839 | $16666 |
| **03/31/20** | $14088 | $14759 | $14182 |
| **04/30/20** | $16759 | $16651 | $16875 |
| **05/31/20** | $17865 | $17444 | $17990 |
| **06/30/20** | $18401 | $17791 | $18532 |
| **07/31/20** | $19722 | $18794 | $19865 |
| **08/31/20** | $21627 | $20145 | $21788 |
| **09/30/20** | $21209 | $19380 | $21366 |
| **10/31/20** | $20630 | $18864 | $20784 |
| **11/30/20** | $22689 | $20929 | $22862 |
| **12/31/20** | $23250 | $21734 | $23433 |
| **01/31/21** | $23430 | $21514 | $23616 |
| **02/28/21** | $23327 | $22108 | $23515 |
| **03/31/21** | $24324 | $23076 | $24524 |
| **04/30/21** | $25897 | $24307 | $26113 |
| **05/31/21** | $25018 | $24477 | $25229 |
| **06/30/21** | $25895 | $25049 | $26118 |
| **07/31/21** | $26160 | $25644 | $26388 |
| **08/31/21** | $26632 | $26423 | $26866 |
| **09/30/21** | $26073 | $25194 | $26304 |
| **10/31/21** | $29205 | $26960 | $29468 |
| **11/30/21** | $29698 | $26773 | $29968 |
| **12/31/21** | $29721 | $27973 | $29995 |
| **01/31/22** | $26912 | $26525 | $27162 |
| **02/28/22** | $25792 | $25731 | $26033 |
| **03/31/22** | $26937 | $26686 | $27191 |
| **04/30/22** | $23732 | $24359 | $23956 |
| **05/31/22** | $22504 | $24404 | $22719 |
| **06/30/22** | $20064 | $22389 | $20255 |
| **07/31/22** | $23761 | $24454 | $23993 |
| **08/31/22** | $22704 | $23457 | $22926 |
| **09/30/22** | $20842 | $21296 | $21042 |
| **10/31/22** | $21071 | $23020 | $21276 |
| **11/30/22** | $21389 | $24307 | $21599 |
| **12/31/22** | $18949 | $22907 | $19128 |
| **01/31/23** | $21809 | $24346 | $22019 |
| **02/28/23** | $21353 | $23752 | $21559 |
| **03/31/23** | $22005 | $24624 | $22220 |
| **04/30/23** | $21751 | $25008 | $21965 |
| **05/31/23** | $22309 | $25117 | $22531 |
| **06/30/23** | $25043 | $26776 | $25300 |
| **07/31/23** | $25609 | $27637 | $25874 |
| **08/31/23** | $25177 | $27197 | $25439 |
| **09/30/23** | $23776 | $25900 | $24021 |
| **10/31/23** | $22469 | $25355 | $22702 |
| **11/30/23** | $24929 | $27671 | $25191 |
| **12/31/23** | $26460 | $28928 | $26743 |
| **01/31/24** | $25296 | $29414 | $25568 |
| **02/29/24** | $27307 | $30985 | $27603 |
| **03/31/24** | $27284 | $31982 | $27582 |
| **04/30/24** | $26017 | $30675 | $26302 |
| **05/31/24** | $26085 | $32196 | $26373 |
| **06/30/24** | $27093 | $33352 | $27397 |
| **07/31/24** | $27863 | $33758 | $28178 |
| **08/31/24** | $27811 | $34577 | $28128 |
| **09/30/24** | $29848 | $35315 | $30196 |
| **10/31/24** | $29331 | $34995 | $29675 |
| **11/30/24** | $33086 | $37049 | $33480 |
| **12/31/24** | $33459 | $36166 | $33862 |
| **01/31/25** | $34643 | $37173 | $35061 |
| **02/28/25** | $32213 | $36688 | $32602 |
| **03/31/25** | $29535 | $34621 | $29892 |
| **04/30/25** | $29512 | $34386 | $29872 |
| **05/31/25** | $32014 | $36550 | $32407 |
| **06/30/25** | $32587 | $38409 | $32989 |
| **07/31/25** | $33189 | $39271 | $33600 |
| **08/31/25** | $34732 | $40067 | $35166 |
| **09/30/25** | $35989 | $41530 | $36440 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLY | 20.58% | 11.16% | 13.66% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Consumer Discretionary Select Sector Index | 20.68% | 11.27% | 13.80% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$24,638,781,880

* Number of Portfolio Holdings53

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$6,478,868

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Hotels, Restaurants & Leisure | 24.4% |
| Automobiles | 23.1% |
| Broadline Retail | 22.2% |
| Specialty Retail | 21.1% |
| Household Durables | 4.0% |
| Textiles, Apparel & Luxury Goods | 3.6% |
| Distributors | 0.9% |
| Auto Components | 0.4% |
| Leisure Products | 0.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Amazon.com, Inc. | 21.3% |
| Tesla, Inc. | 20.6% |
| Home Depot, Inc. | 6.7% |
| McDonald's Corp. | 4.3% |
| Booking Holdings, Inc. | 4.1% |
| TJX Cos., Inc. | 3.8% |
| Lowe's Cos., Inc. | 3.3% |
| DoorDash, Inc., Class A | 2.4% |
| Starbucks Corp. | 2.2% |
| O'Reilly Automotive, Inc. | 2.1% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Consumer Discretionary Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLY to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLY.

TSR AR XLY

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

# (formerly The Consumer Staples Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLP

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLP. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The consumer staples sector had an underwhelming fiscal year as the S&P Consumer Staples Select Sector Index lost 3.01% and lagged the broader market, as measured by the S&P 500 Index, by more than 20% over the period. During this time, investors favored high-growth and Artificial Intelligence-related stocks. The sector also faced challenges from elevated interest rates dimming the appeal of their dividend yields and concerns over the increased impact of weight-loss drugs on food and beverage consumption. Additionally, many companies in the sector offered cautious outlooks on future performance, signaling unpredictable shifts in consumer purchasing behavior and the headwinds that affected the sector to persist.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g27w29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLP** | **S&P 500 Index** | **Consumer Staples Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10563 | $10844 | $10566 |
| **11/30/15** | $10468 | $10876 | $10471 |
| **12/31/15** | $10770 | $10704 | $10778 |
| **01/31/16** | $10836 | $10173 | $10846 |
| **02/29/16** | $10862 | $10159 | $10874 |
| **03/31/16** | $11373 | $10849 | $11388 |
| **04/30/16** | $11218 | $10891 | $11234 |
| **05/31/16** | $11305 | $11086 | $11323 |
| **06/30/16** | $11894 | $11115 | $11915 |
| **07/31/16** | $11797 | $11525 | $11819 |
| **08/31/16** | $11739 | $11541 | $11762 |
| **09/30/16** | $11550 | $11543 | $11573 |
| **10/31/16** | $11459 | $11332 | $11483 |
| **11/30/16** | $10974 | $11752 | $10995 |
| **12/31/16** | $11308 | $11984 | $11333 |
| **01/31/17** | $11495 | $12212 | $11522 |
| **02/28/17** | $12050 | $12697 | $12081 |
| **03/31/17** | $12002 | $12711 | $12034 |
| **04/30/17** | $12128 | $12842 | $12161 |
| **05/31/17** | $12456 | $13023 | $12493 |
| **06/30/17** | $12173 | $13104 | $12209 |
| **07/31/17** | $12254 | $13373 | $12291 |
| **08/31/17** | $12124 | $13414 | $12162 |
| **09/30/17** | $12036 | $13691 | $12074 |
| **10/31/17** | $11838 | $14011 | $11876 |
| **11/30/17** | $12496 | $14440 | $12539 |
| **12/31/17** | $12770 | $14601 | $12817 |
| **01/31/18** | $12984 | $15437 | $13033 |
| **02/28/18** | $11996 | $14868 | $12041 |
| **03/31/18** | $11887 | $14490 | $11930 |
| **04/30/18** | $11398 | $14546 | $11438 |
| **05/31/18** | $11219 | $14896 | $11259 |
| **06/30/18** | $11722 | $14988 | $11765 |
| **07/31/18** | $12191 | $15545 | $12239 |
| **08/31/18** | $12251 | $16052 | $12301 |
| **09/30/18** | $12361 | $16143 | $12412 |
| **10/31/18** | $12620 | $15040 | $12671 |
| **11/30/18** | $12926 | $15346 | $12981 |
| **12/31/18** | $11748 | $13961 | $11796 |
| **01/31/19** | $12341 | $15079 | $12394 |
| **02/28/19** | $12570 | $15564 | $12625 |
| **03/31/19** | $13051 | $15866 | $13112 |
| **04/30/19** | $13425 | $16508 | $13490 |
| **05/31/19** | $12938 | $15459 | $13001 |
| **06/30/19** | $13620 | $16549 | $13689 |
| **07/31/19** | $13938 | $16787 | $14010 |
| **08/31/19** | $14234 | $16521 | $14310 |
| **09/30/19** | $14480 | $16830 | $14560 |
| **10/31/19** | $14417 | $17195 | $14497 |
| **11/30/19** | $14612 | $17819 | $14695 |
| **12/31/19** | $14973 | $18356 | $15061 |
| **01/31/20** | $15021 | $18349 | $15110 |
| **02/29/20** | $13776 | $16839 | $13858 |
| **03/31/20** | $13027 | $14759 | $13106 |
| **04/30/20** | $13934 | $16651 | $14023 |
| **05/31/20** | $14166 | $17444 | $14258 |
| **06/30/20** | $14135 | $17791 | $14226 |
| **07/31/20** | $15100 | $18794 | $15201 |
| **08/31/20** | $15800 | $20145 | $15909 |
| **09/30/20** | $15540 | $19380 | $15647 |
| **10/31/20** | $15079 | $18864 | $15183 |
| **11/30/20** | $16212 | $20929 | $16328 |
| **12/31/20** | $16491 | $21734 | $16611 |
| **01/31/21** | $15669 | $21514 | $15782 |
| **02/28/21** | $15471 | $22108 | $15585 |
| **03/31/21** | $16749 | $23076 | $16879 |
| **04/30/21** | $17086 | $24307 | $17222 |
| **05/31/21** | $17386 | $24477 | $17526 |
| **06/30/21** | $17295 | $25049 | $17437 |
| **07/31/21** | $17664 | $25644 | $17811 |
| **08/31/21** | $17868 | $26423 | $18019 |
| **09/30/21** | $17124 | $25194 | $17266 |
| **10/31/21** | $17724 | $26960 | $17875 |
| **11/30/21** | $17471 | $26773 | $17622 |
| **12/31/21** | $19311 | $27973 | $19487 |
| **01/31/22** | $19032 | $26525 | $19206 |
| **02/28/22** | $18780 | $25731 | $18952 |
| **03/31/22** | $19062 | $26686 | $19241 |
| **04/30/22** | $19538 | $24359 | $19723 |
| **05/31/22** | $18734 | $24404 | $18910 |
| **06/30/22** | $18284 | $22389 | $18465 |
| **07/31/22** | $18872 | $24454 | $19062 |
| **08/31/22** | $18526 | $23457 | $18712 |
| **09/30/22** | $17015 | $21296 | $17182 |
| **10/31/22** | $18544 | $23020 | $18733 |
| **11/30/22** | $19692 | $24307 | $19897 |
| **12/31/22** | $19152 | $22907 | $19351 |
| **01/31/23** | $18940 | $24346 | $19139 |
| **02/28/23** | $18504 | $23752 | $18698 |
| **03/31/23** | $19284 | $24624 | $19491 |
| **04/30/23** | $19985 | $25008 | $20202 |
| **05/31/23** | $18749 | $25117 | $18950 |
| **06/30/23** | $19279 | $26776 | $19488 |
| **07/31/23** | $19685 | $27637 | $19901 |
| **08/31/23** | $18909 | $27197 | $19116 |
| **09/30/23** | $18008 | $25900 | $18202 |
| **10/31/23** | $17759 | $25355 | $17950 |
| **11/30/23** | $18494 | $27671 | $18696 |
| **12/31/23** | $18987 | $28928 | $19198 |
| **01/31/24** | $19230 | $29414 | $19447 |
| **02/29/24** | $19641 | $30985 | $19866 |
| **03/31/24** | $20283 | $31982 | $20520 |
| **04/30/24** | $20058 | $30675 | $20293 |
| **05/31/24** | $20532 | $32196 | $20776 |
| **06/30/24** | $20491 | $33352 | $20736 |
| **07/31/24** | $20830 | $33758 | $21081 |
| **08/31/24** | $22077 | $34577 | $22347 |
| **09/30/24** | $22337 | $35315 | $22613 |
| **10/31/24** | $21558 | $34995 | $21824 |
| **11/30/24** | $22377 | $37049 | $22655 |
| **12/31/24** | $21299 | $36166 | $21567 |
| **01/31/25** | $21417 | $37173 | $21688 |
| **02/28/25** | $22506 | $36688 | $22792 |
| **03/31/25** | $22247 | $34621 | $22532 |
| **04/30/25** | $22309 | $34386 | $22597 |
| **05/31/25** | $22581 | $36550 | $22866 |
| **06/30/25** | $22221 | $38409 | $22503 |
| **07/31/25** | $21889 | $39271 | $22168 |
| **08/31/25** | $22158 | $40067 | $22442 |
| **09/30/25** | $21654 | $41530 | $21933 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLP | (3.06%) | 6.86% | 8.03% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Consumer Staples Select Sector Index | (3.01%) | 6.99% | 8.17% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$16,059,100,914

* Number of Portfolio Holdings40

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$4,824,344

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Consumer Staples Distribution & Retail | 30.9% |
| Food Products | 18.8% |
| Beverages | 18.1% |
| Household Products | 17.9% |
| Tobacco | 10.4% |
| Personal Care Products | 3.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Walmart, Inc. | 10.6% |
| Costco Wholesale Corp. | 9.6% |
| Procter & Gamble Co. | 8.4% |
| Coca-Cola Co. | 6.0% |
| Philip Morris International, Inc. | 5.9% |
| Mondelez International, Inc., Class A | 4.6% |
| Altria Group, Inc. | 4.5% |
| PepsiCo, Inc. | 4.5% |
| Colgate-Palmolive Co. | 4.3% |
| Monster Beverage Corp. | 3.2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Consumer Staples Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLP to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLP.

TSR AR XLP

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

# (formerly The Energy Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLE

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLE. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The Energy Select Sector Index navigated a complex landscape over the past year, shaped by shifting global dynamics and evolving policy signals. Investor sentiment remained cautious amid geopolitical tensions and fluctuating commodity prices, particularly in oil and natural gas markets. Regulatory uncertainty, including global tariff developments and environmental policy debates, added layers of complexity to capital allocation decisions. Despite these headwinds, the sector demonstrated resilience, supported by disciplined capital management and operational efficiencies.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g94o74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLE** | **S&P 500 Index** | **Energy Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $11109 | $10844 | $11113 |
| **11/30/15** | $11102 | $10876 | $11106 |
| **12/31/15** | $9939 | $10704 | $9936 |
| **01/31/16** | $9601 | $10173 | $9598 |
| **02/29/16** | $9338 | $10159 | $9335 |
| **03/31/16** | $10274 | $10849 | $10274 |
| **04/30/16** | $11194 | $10891 | $11196 |
| **05/31/16** | $11099 | $11086 | $11103 |
| **06/30/16** | $11404 | $11115 | $11408 |
| **07/31/16** | $11262 | $11525 | $11267 |
| **08/31/16** | $11452 | $11541 | $11459 |
| **09/30/16** | $11872 | $11543 | $11880 |
| **10/31/16** | $11533 | $11332 | $11542 |
| **11/30/16** | $12518 | $11752 | $12533 |
| **12/31/16** | $12722 | $11984 | $12741 |
| **01/31/17** | $12312 | $12212 | $12331 |
| **02/28/17** | $12063 | $12697 | $12082 |
| **03/31/17** | $11892 | $12711 | $11908 |
| **04/30/17** | $11534 | $12842 | $11551 |
| **05/31/17** | $11127 | $13023 | $11143 |
| **06/30/17** | $11106 | $13104 | $11123 |
| **07/31/17** | $11403 | $13373 | $11421 |
| **08/31/17** | $10789 | $13414 | $10806 |
| **09/30/17** | $11871 | $13691 | $11902 |
| **10/31/17** | $11779 | $14011 | $11811 |
| **11/30/17** | $11988 | $14440 | $12023 |
| **12/31/17** | $12588 | $14601 | $12631 |
| **01/31/18** | $13058 | $15437 | $13105 |
| **02/28/18** | $11648 | $14868 | $11689 |
| **03/31/18** | $11845 | $14490 | $11892 |
| **04/30/18** | $12962 | $14546 | $13016 |
| **05/31/18** | $13351 | $14896 | $13407 |
| **06/30/18** | $13435 | $14988 | $13492 |
| **07/31/18** | $13629 | $15545 | $13688 |
| **08/31/18** | $13167 | $16052 | $13226 |
| **09/30/18** | $13490 | $16143 | $13554 |
| **10/31/18** | $11959 | $15040 | $12019 |
| **11/30/18** | $11767 | $15346 | $11826 |
| **12/31/18** | $10304 | $13961 | $10346 |
| **01/31/19** | $11462 | $15079 | $11513 |
| **02/28/19** | $11727 | $15564 | $11782 |
| **03/31/19** | $11974 | $15866 | $12035 |
| **04/30/19** | $11988 | $16508 | $12050 |
| **05/31/19** | $10659 | $15459 | $10708 |
| **06/30/19** | $11643 | $16549 | $11704 |
| **07/31/19** | $11442 | $16787 | $11503 |
| **08/31/19** | $10513 | $16521 | $10567 |
| **09/30/19** | $10916 | $16830 | $10977 |
| **10/31/19** | $10680 | $17195 | $10741 |
| **11/30/19** | $10857 | $17819 | $10919 |
| **12/31/19** | $11521 | $18356 | $11596 |
| **01/31/20** | $10249 | $18349 | $10314 |
| **02/29/20** | $8786 | $16839 | $8830 |
| **03/31/20** | $5677 | $14759 | $5712 |
| **04/30/20** | $7423 | $16651 | $7474 |
| **05/31/20** | $7576 | $17444 | $7631 |
| **06/30/20** | $7490 | $17791 | $7547 |
| **07/31/20** | $7129 | $18794 | $7177 |
| **08/31/20** | $7059 | $20145 | $7105 |
| **09/30/20** | $6038 | $19380 | $6070 |
| **10/31/20** | $5780 | $18864 | $5811 |
| **11/30/20** | $7408 | $20929 | $7454 |
| **12/31/20** | $7741 | $21734 | $7788 |
| **01/31/21** | $8033 | $21514 | $8082 |
| **02/28/21** | $9836 | $22108 | $9901 |
| **03/31/21** | $10110 | $23076 | $10179 |
| **04/30/21** | $10179 | $24307 | $10249 |
| **05/31/21** | $10768 | $24477 | $10843 |
| **06/30/21** | $11223 | $25049 | $11309 |
| **07/31/21** | $10284 | $25644 | $10364 |
| **08/31/21** | $10086 | $26423 | $10164 |
| **09/30/21** | $10985 | $25194 | $11077 |
| **10/31/21** | $12114 | $26960 | $12216 |
| **11/30/21** | $11494 | $26773 | $11592 |
| **12/31/21** | $11844 | $27973 | $11949 |
| **01/31/22** | $14071 | $26525 | $14197 |
| **02/28/22** | $15077 | $25731 | $15214 |
| **03/31/22** | $16460 | $26686 | $16619 |
| **04/30/22** | $16206 | $24359 | $16364 |
| **05/31/22** | $18765 | $24404 | $18949 |
| **06/30/22** | $15598 | $22389 | $15744 |
| **07/31/22** | $17082 | $24454 | $17244 |
| **08/31/22** | $17532 | $23457 | $17699 |
| **09/30/22** | $15857 | $21296 | $16004 |
| **10/31/22** | $19815 | $23020 | $20001 |
| **11/30/22** | $20086 | $24307 | $20277 |
| **12/31/22** | $19474 | $22907 | $19663 |
| **01/31/23** | $19998 | $24346 | $20192 |
| **02/28/23** | $18626 | $23752 | $18809 |
| **03/31/23** | $18616 | $24624 | $18804 |
| **04/30/23** | $19134 | $25008 | $19328 |
| **05/31/23** | $17214 | $25117 | $17390 |
| **06/30/23** | $18406 | $26776 | $18591 |
| **07/31/23** | $19847 | $27637 | $20047 |
| **08/31/23** | $20171 | $27197 | $20377 |
| **09/30/23** | $20662 | $25900 | $20872 |
| **10/31/23** | $19475 | $25355 | $19674 |
| **11/30/23** | $19326 | $27671 | $19526 |
| **12/31/23** | $19341 | $28928 | $19546 |
| **01/31/24** | $19243 | $29414 | $19448 |
| **02/29/24** | $19861 | $30985 | $20074 |
| **03/31/24** | $21955 | $31982 | $22195 |
| **04/30/24** | $21759 | $30675 | $21998 |
| **05/31/24** | $21666 | $32196 | $21906 |
| **06/30/24** | $21373 | $33352 | $21614 |
| **07/31/24** | $21848 | $33758 | $22097 |
| **08/31/24** | $21380 | $34577 | $21625 |
| **09/30/24** | $20755 | $35315 | $20993 |
| **10/31/24** | $20944 | $34995 | $21185 |
| **11/30/24** | $22562 | $37049 | $22822 |
| **12/31/24** | $20410 | $36166 | $20650 |
| **01/31/25** | $20898 | $37173 | $21146 |
| **02/28/25** | $21690 | $36688 | $21949 |
| **03/31/25** | $22437 | $34621 | $22710 |
| **04/30/25** | $19333 | $34386 | $19571 |
| **05/31/25** | $19601 | $36550 | $19844 |
| **06/30/25** | $20538 | $38409 | $20786 |
| **07/31/25** | $21114 | $39271 | $21371 |
| **08/31/25** | $21877 | $40067 | $22144 |
| **09/30/25** | $21817 | $41530 | $22091 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLE | 5.12% | 29.29% | 8.11% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Energy Select Sector Index | 5.23% | 29.48% | 8.25% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$26,863,518,044

* Number of Portfolio Holdings25

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$9,113,599

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Oil, Gas & Consumable Fuels | 91.4% |
| Energy Equipment & Services | 8.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Exxon Mobil Corp. | 22.8% |
| Chevron Corp. | 18.1% |
| ConocoPhillips | 7.1% |
| Williams Cos., Inc. | 4.8% |
| EOG Resources, Inc. | 4.1% |
| Marathon Petroleum Corp. | 4.1% |
| Kinder Morgan, Inc. | 3.9% |
| Phillips 66 Co. | 3.9% |
| Valero Energy Corp. | 3.7% |
| Schlumberger NV | 3.6% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Energy Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLE to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLE.

TSR AR XLE

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

# (formerly The Financial Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLF

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLF. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $9 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was shaped first by moderating inflation and speculation on the timing of rate cuts, and then by a tariff war introduced by the newly elected Trump administration. This injected some market volatility into the mix, but as the early economic data revealed the tariffs' impact to be less than feared, markets resumed their upward march. Over the past year, the financial sector posted a solid total return of over 20% supported by improving earnings, investor optimism about long-term growth, and a favorable interest rate environment. Banks expanded net interest margins while diversified financials and insurance also contributed positively. When the U.S. Federal Reserve finally cut rates in September—the first in a year, markets had fully priced in the move.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g23t19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLF** | **S&P 500 Index** | **Financial Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10621 | $10844 | $10624 |
| **11/30/15** | $10821 | $10876 | $10826 |
| **12/31/15** | $10589 | $10704 | $10596 |
| **01/31/16** | $9652 | $10173 | $9658 |
| **02/29/16** | $9367 | $10159 | $9374 |
| **03/31/16** | $10051 | $10849 | $10060 |
| **04/30/16** | $10390 | $10891 | $10402 |
| **05/31/16** | $10599 | $11086 | $10613 |
| **06/30/16** | $10262 | $11115 | $10273 |
| **07/31/16** | $10624 | $11525 | $10637 |
| **08/31/16** | $11028 | $11541 | $11045 |
| **09/30/16** | $10736 | $11543 | $10744 |
| **10/31/16** | $10981 | $11332 | $10991 |
| **11/30/16** | $12506 | $11752 | $12523 |
| **12/31/16** | $12991 | $11984 | $13011 |
| **01/31/17** | $13021 | $12212 | $13042 |
| **02/28/17** | $13695 | $12697 | $13720 |
| **03/31/17** | $13318 | $12711 | $13340 |
| **04/30/17** | $13204 | $12842 | $13228 |
| **05/31/17** | $13046 | $13023 | $13067 |
| **06/30/17** | $13882 | $13104 | $13907 |
| **07/31/17** | $14120 | $13373 | $14146 |
| **08/31/17** | $13892 | $13414 | $13919 |
| **09/30/17** | $14602 | $13691 | $14635 |
| **10/31/17** | $15028 | $14011 | $15064 |
| **11/30/17** | $15552 | $14440 | $15592 |
| **12/31/17** | $15854 | $14601 | $15898 |
| **01/31/18** | $16876 | $15437 | $16927 |
| **02/28/18** | $16405 | $14868 | $16456 |
| **03/31/18** | $15698 | $14490 | $15746 |
| **04/30/18** | $15639 | $14546 | $15688 |
| **05/31/18** | $15497 | $14896 | $15546 |
| **06/30/18** | $15199 | $14988 | $15248 |
| **07/31/18** | $15997 | $15545 | $16052 |
| **08/31/18** | $16216 | $16052 | $16274 |
| **09/30/18** | $15855 | $16143 | $15912 |
| **10/31/18** | $15106 | $15040 | $15159 |
| **11/30/18** | $15527 | $15346 | $15583 |
| **12/31/18** | $13778 | $13961 | $13826 |
| **01/31/19** | $14991 | $15079 | $15048 |
| **02/28/19** | $15352 | $15564 | $15413 |
| **03/31/19** | $14951 | $15866 | $15010 |
| **04/30/19** | $16294 | $16508 | $16361 |
| **05/31/19** | $15126 | $15459 | $15187 |
| **06/30/19** | $16141 | $16549 | $16210 |
| **07/31/19** | $16534 | $16787 | $16607 |
| **08/31/19** | $15733 | $16521 | $15803 |
| **09/30/19** | $16459 | $16830 | $16537 |
| **10/31/19** | $16854 | $17195 | $16936 |
| **11/30/19** | $17700 | $17819 | $17790 |
| **12/31/19** | $18173 | $18356 | $18268 |
| **01/31/20** | $17703 | $18349 | $17796 |
| **02/29/20** | $15726 | $16839 | $15805 |
| **03/31/20** | $12369 | $14759 | $12436 |
| **04/30/20** | $13549 | $16651 | $13628 |
| **05/31/20** | $13915 | $17444 | $13998 |
| **06/30/20** | $13871 | $17791 | $13954 |
| **07/31/20** | $14391 | $18794 | $14479 |
| **08/31/20** | $15005 | $20145 | $15100 |
| **09/30/20** | $14486 | $19380 | $14574 |
| **10/31/20** | $14368 | $18864 | $14455 |
| **11/30/20** | $16792 | $20929 | $16898 |
| **12/31/20** | $17840 | $21734 | $17958 |
| **01/31/21** | $17539 | $21514 | $17658 |
| **02/28/21** | $19549 | $22108 | $19687 |
| **03/31/21** | $20680 | $23076 | $20830 |
| **04/30/21** | $22035 | $24307 | $22199 |
| **05/31/21** | $23086 | $24477 | $23262 |
| **06/30/21** | $22397 | $25049 | $22572 |
| **07/31/21** | $22298 | $25644 | $22473 |
| **08/31/21** | $23438 | $26423 | $23628 |
| **09/30/21** | $23002 | $25194 | $23191 |
| **10/31/21** | $24676 | $26960 | $24884 |
| **11/30/21** | $23274 | $26773 | $23470 |
| **12/31/21** | $24044 | $27973 | $24251 |
| **01/31/22** | $24055 | $26525 | $24264 |
| **02/28/22** | $23729 | $25731 | $23935 |
| **03/31/22** | $23684 | $26686 | $23891 |
| **04/30/22** | $21349 | $24359 | $21533 |
| **05/31/22** | $21931 | $24404 | $22121 |
| **06/30/22** | $19541 | $22389 | $19710 |
| **07/31/22** | $20946 | $24454 | $21131 |
| **08/31/22** | $20524 | $23457 | $20706 |
| **09/30/22** | $18937 | $21296 | $19098 |
| **10/31/22** | $21203 | $23020 | $21388 |
| **11/30/22** | $22691 | $24307 | $22894 |
| **12/31/22** | $21506 | $22907 | $21696 |
| **01/31/23** | $22978 | $24346 | $23186 |
| **02/28/23** | $22450 | $23752 | $22654 |
| **03/31/23** | $20313 | $24624 | $20489 |
| **04/30/23** | $20955 | $25008 | $21141 |
| **05/31/23** | $20051 | $25117 | $20228 |
| **06/30/23** | $21390 | $26776 | $21582 |
| **07/31/23** | $22423 | $27637 | $22629 |
| **08/31/23** | $21830 | $27197 | $22030 |
| **09/30/23** | $21147 | $25900 | $21339 |
| **10/31/23** | $20625 | $25355 | $20813 |
| **11/30/23** | $22869 | $27671 | $23086 |
| **12/31/23** | $24098 | $28928 | $24332 |
| **01/31/24** | $24828 | $29414 | $25073 |
| **02/29/24** | $25857 | $30985 | $26116 |
| **03/31/24** | $27085 | $31982 | $27363 |
| **04/30/24** | $25953 | $30675 | $26219 |
| **05/31/24** | $26769 | $32196 | $27046 |
| **06/30/24** | $26531 | $33352 | $26807 |
| **07/31/24** | $28247 | $33758 | $28538 |
| **08/31/24** | $29516 | $34577 | $29826 |
| **09/30/24** | $29355 | $35315 | $29664 |
| **10/31/24** | $30142 | $34995 | $30461 |
| **11/30/24** | $33235 | $37049 | $33592 |
| **12/31/24** | $31428 | $36166 | $31767 |
| **01/31/25** | $33484 | $37173 | $33851 |
| **02/28/25** | $33956 | $36688 | $34329 |
| **03/31/25** | $32528 | $34621 | $32886 |
| **04/30/25** | $31850 | $34386 | $32203 |
| **05/31/25** | $33256 | $36550 | $33628 |
| **06/30/25** | $34313 | $38409 | $34700 |
| **07/31/25** | $34295 | $39271 | $34684 |
| **08/31/25** | $35362 | $40067 | $35767 |
| **09/30/25** | $35411 | $41530 | $35818 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLF | 20.63% | 19.57% | 13.48% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Financial Select Sector Index | 20.75% | 19.70% | 13.61% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$54,144,460,494

* Number of Portfolio Holdings78

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$14,809,511

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Financial Services | 29.6% |
| Banks | 26.4% |
| Capital Markets | 25.7% |
| Insurance | 13.8% |
| Consumer Finance | 4.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Berkshire Hathaway, Inc., Class B | 11.9% |
| JPMorgan Chase & Co. | 11.2% |
| Visa, Inc., Class A | 7.5% |
| Mastercard, Inc., Class A | 6.1% |
| Bank of America Corp. | 4.5% |
| Wells Fargo & Co. | 3.5% |
| Goldman Sachs Group, Inc. | 3.1% |
| Morgan Stanley | 2.5% |
| Citigroup, Inc. | 2.4% |
| American Express Co. | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Financial Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLF to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLF.

TSR AR XLF

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

# (formerly The Health Care Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLV. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was shaped first by moderating inflation and speculation on the timing of rate cuts, and then by a tariff war introduced by the newly elected Trump administration. This injected some market volatility into the mix, but as the early economic data revealed the tariffs' impact to be less than feared, markets resumed their upward march. To a large degree, this continued to be driven by artificial intelligence ("A.I."), with news of significant A.I. related investments allowing investors to shrug off concerns of excessive valuations. When the U.S. Federal Reserve finally cut rates in September, the first in a year, markets had fully priced in the move. By the end of the reporting period, all major regional market indices ended the period higher, despite intermittent geopolitical and policy obstacles. Notably, the health care sector was not among the primary drivers of equity market outperformance for the year. Despite the broader market's positive trajectory, the Health Care Select Sector Index ended the year with a negative return of 7.95%. This underperformance highlights investors interest firmly centered on technology and A.I. driven themes during this period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g96e88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLV** | **S&P 500 Index** | **Health Care Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10769 | $10844 | $10771 |
| **11/30/15** | $10723 | $10876 | $10727 |
| **12/31/15** | $10912 | $10704 | $10919 |
| **01/31/16** | $10084 | $10173 | $10091 |
| **02/29/16** | $10034 | $10159 | $10043 |
| **03/31/16** | $10306 | $10849 | $10316 |
| **04/30/16** | $10606 | $10891 | $10618 |
| **05/31/16** | $10837 | $11086 | $10851 |
| **06/30/16** | $10949 | $11115 | $10963 |
| **07/31/16** | $11483 | $11525 | $11500 |
| **08/31/16** | $11103 | $11541 | $11119 |
| **09/30/16** | $11045 | $11543 | $11062 |
| **10/31/16** | $10323 | $11332 | $10340 |
| **11/30/16** | $10528 | $11752 | $10547 |
| **12/31/16** | $10603 | $11984 | $10623 |
| **01/31/17** | $10838 | $12212 | $10859 |
| **02/28/17** | $11532 | $12697 | $11558 |
| **03/31/17** | $11482 | $12711 | $11509 |
| **04/30/17** | $11660 | $12842 | $11689 |
| **05/31/17** | $11752 | $13023 | $11782 |
| **06/30/17** | $12290 | $13104 | $12326 |
| **07/31/17** | $12383 | $13373 | $12421 |
| **08/31/17** | $12606 | $13414 | $12647 |
| **09/30/17** | $12724 | $13691 | $12767 |
| **10/31/17** | $12625 | $14011 | $12669 |
| **11/30/17** | $12991 | $14440 | $13038 |
| **12/31/17** | $12904 | $14601 | $12952 |
| **01/31/18** | $13760 | $15437 | $13814 |
| **02/28/18** | $13145 | $14868 | $13196 |
| **03/31/18** | $12739 | $14490 | $12789 |
| **04/30/18** | $12892 | $14546 | $12944 |
| **05/31/18** | $12920 | $14896 | $12973 |
| **06/30/18** | $13128 | $14988 | $13184 |
| **07/31/18** | $13993 | $15545 | $14056 |
| **08/31/18** | $14602 | $16052 | $14671 |
| **09/30/18** | $15027 | $16143 | $15100 |
| **10/31/18** | $14022 | $15040 | $14090 |
| **11/30/18** | $15007 | $15346 | $15084 |
| **12/31/18** | $13716 | $13961 | $13784 |
| **01/31/19** | $14377 | $15079 | $14452 |
| **02/28/19** | $14544 | $15564 | $14622 |
| **03/31/19** | $14615 | $15866 | $14693 |
| **04/30/19** | $14232 | $16508 | $14306 |
| **05/31/19** | $13896 | $15459 | $13969 |
| **06/30/19** | $14815 | $16549 | $14897 |
| **07/31/19** | $14579 | $16787 | $14659 |
| **08/31/19** | $14505 | $16521 | $14587 |
| **09/30/19** | $14479 | $16830 | $14562 |
| **10/31/19** | $15215 | $17195 | $15307 |
| **11/30/19** | $15979 | $17819 | $16078 |
| **12/31/19** | $16550 | $18356 | $16655 |
| **01/31/20** | $16100 | $18349 | $16202 |
| **02/29/20** | $15030 | $16839 | $15122 |
| **03/31/20** | $14449 | $14759 | $14544 |
| **04/30/20** | $16270 | $16651 | $16384 |
| **05/31/20** | $16803 | $17444 | $16923 |
| **06/30/20** | $16403 | $17791 | $16521 |
| **07/31/20** | $17282 | $18794 | $17410 |
| **08/31/20** | $17740 | $20145 | $17875 |
| **09/30/20** | $17360 | $19380 | $17490 |
| **10/31/20** | $16721 | $18864 | $16846 |
| **11/30/20** | $18043 | $20929 | $18183 |
| **12/31/20** | $18745 | $21734 | $18894 |
| **01/31/21** | $19009 | $21514 | $19163 |
| **02/28/21** | $18608 | $22108 | $18759 |
| **03/31/21** | $19335 | $23076 | $19495 |
| **04/30/21** | $20097 | $24307 | $20267 |
| **05/31/21** | $20475 | $24477 | $20650 |
| **06/30/21** | $20950 | $25049 | $21133 |
| **07/31/21** | $21972 | $25644 | $22168 |
| **08/31/21** | $22492 | $26423 | $22695 |
| **09/30/21** | $21244 | $25194 | $21436 |
| **10/31/21** | $22336 | $26960 | $22543 |
| **11/30/21** | $21666 | $26773 | $21867 |
| **12/31/21** | $23604 | $27973 | $23831 |
| **01/31/22** | $22009 | $26525 | $22221 |
| **02/28/22** | $21784 | $25731 | $21994 |
| **03/31/22** | $22990 | $26686 | $23218 |
| **04/30/22** | $21909 | $24359 | $22124 |
| **05/31/22** | $22222 | $24404 | $22443 |
| **06/30/22** | $21625 | $22389 | $21845 |
| **07/31/22** | $22341 | $24454 | $22571 |
| **08/31/22** | $21051 | $23457 | $21266 |
| **09/30/22** | $20506 | $21296 | $20714 |
| **10/31/22** | $22491 | $23020 | $22726 |
| **11/30/22** | $23569 | $24307 | $23821 |
| **12/31/22** | $23119 | $22907 | $23366 |
| **01/31/23** | $22686 | $24346 | $22929 |
| **02/28/23** | $21643 | $23752 | $21873 |
| **03/31/23** | $22122 | $24624 | $22359 |
| **04/30/23** | $22800 | $25008 | $23047 |
| **05/31/23** | $21823 | $25117 | $22058 |
| **06/30/23** | $22770 | $26776 | $23019 |
| **07/31/23** | $22999 | $27637 | $23254 |
| **08/31/23** | $22842 | $27197 | $23093 |
| **09/30/23** | $22168 | $25900 | $22409 |
| **10/31/23** | $21455 | $25355 | $21689 |
| **11/30/23** | $22611 | $27671 | $22863 |
| **12/31/23** | $23580 | $28928 | $23846 |
| **01/31/24** | $24287 | $29414 | $24564 |
| **02/29/24** | $25064 | $30985 | $25354 |
| **03/31/24** | $25658 | $31982 | $25957 |
| **04/30/24** | $24354 | $30675 | $24638 |
| **05/31/24** | $24932 | $32196 | $25225 |
| **06/30/24** | $25405 | $33352 | $25708 |
| **07/31/24** | $26076 | $33758 | $26389 |
| **08/31/24** | $27401 | $34577 | $27736 |
| **09/30/24** | $26942 | $35315 | $27269 |
| **10/31/24** | $25696 | $34995 | $26008 |
| **11/30/24** | $25767 | $37049 | $26082 |
| **12/31/24** | $24169 | $36166 | $24461 |
| **01/31/25** | $25805 | $37173 | $26122 |
| **02/28/25** | $26187 | $36688 | $26511 |
| **03/31/25** | $25743 | $34621 | $26061 |
| **04/30/25** | $24789 | $34386 | $25096 |
| **05/31/25** | $23415 | $36550 | $23703 |
| **06/30/25** | $23893 | $38409 | $24190 |
| **07/31/25** | $23115 | $39271 | $23401 |
| **08/31/25** | $24355 | $40067 | $24660 |
| **09/30/25** | $24789 | $41530 | $25100 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLV | (7.99%) | 7.38% | 9.50% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Health Care Select Sector Index | (7.95%) | 7.49% | 9.64% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$34,404,707,044

* Number of Portfolio Holdings62

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid$10,764,801

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Pharmaceuticals | 31.1% |
| Health Care Equipment & Supplies | 23.0% |
| Health Care Providers & Services | 18.7% |
| Biotechnology | 17.8% |
| Life Sciences Tools & Services | 9.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Eli Lilly & Co. | 12.0% |
| Johnson & Johnson | 8.8% |
| AbbVie, Inc. | 8.1% |
| UnitedHealth Group, Inc. | 6.2% |
| Abbott Laboratories | 4.6% |
| Merck & Co., Inc. | 4.1% |
| Thermo Fisher Scientific, Inc. | 3.6% |
| Intuitive Surgical, Inc. | 3.2% |
| Amgen, Inc. | 3.0% |
| Pfizer, Inc. | 2.9% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Health Care Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLV to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLV.

TSR AR XLV

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

# (formerly The Industrial Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLI

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLI. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $9 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The industrial sector had a strong year but underperformed the broader S&P 500 Index, which was largely driven by the Artificial Intelligence boom benefiting the communication services and information technology sectors. Aerospace and defense was the top performing industry, led by GE Aerospace, which reached a record high as air travel rebounded post-pandemic and increased defense spending boosted financial results. In contrast, United Parcel Service, Inc. detracted from performance due to weaker delivery volumes, rising labor costs, and uncertainty surrounding trade tariffs.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g45d69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLI** | **S&P 500 Index** | **Industrial Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10872 | $10844 | $10875 |
| **11/30/15** | $10962 | $10876 | $10966 |
| **12/31/15** | $10689 | $10704 | $10693 |
| **01/31/16** | $10083 | $10173 | $10087 |
| **02/29/16** | $10503 | $10159 | $10509 |
| **03/31/16** | $11244 | $10849 | $11255 |
| **04/30/16** | $11381 | $10891 | $11395 |
| **05/31/16** | $11330 | $11086 | $11345 |
| **06/30/16** | $11414 | $11115 | $11428 |
| **07/31/16** | $11831 | $11525 | $11848 |
| **08/31/16** | $11945 | $11541 | $11958 |
| **09/30/16** | $11962 | $11543 | $11976 |
| **10/31/16** | $11720 | $11332 | $11735 |
| **11/30/16** | $12776 | $11752 | $12798 |
| **12/31/16** | $12821 | $11984 | $12845 |
| **01/31/17** | $13065 | $12212 | $13092 |
| **02/28/17** | $13571 | $12697 | $13602 |
| **03/31/17** | $13479 | $12711 | $13510 |
| **04/30/17** | $13733 | $12842 | $13766 |
| **05/31/17** | $13977 | $13023 | $14013 |
| **06/30/17** | $14175 | $13104 | $14214 |
| **07/31/17** | $14209 | $13373 | $14249 |
| **08/31/17** | $14245 | $13414 | $14288 |
| **09/30/17** | $14836 | $13691 | $14885 |
| **10/31/17** | $14948 | $14011 | $14999 |
| **11/30/17** | $15557 | $14440 | $15615 |
| **12/31/17** | $15878 | $14601 | $15941 |
| **01/31/18** | $16755 | $15437 | $16824 |
| **02/28/18** | $16107 | $14868 | $16175 |
| **03/31/18** | $15673 | $14490 | $15741 |
| **04/30/18** | $15235 | $14546 | $15301 |
| **05/31/18** | $15690 | $14896 | $15761 |
| **06/30/18** | $15172 | $14988 | $15240 |
| **07/31/18** | $16280 | $15545 | $16356 |
| **08/31/18** | $16326 | $16052 | $16405 |
| **09/30/18** | $16680 | $16143 | $16763 |
| **10/31/18** | $14879 | $15040 | $14951 |
| **11/30/18** | $15447 | $15346 | $15526 |
| **12/31/18** | $13798 | $13961 | $13865 |
| **01/31/19** | $15368 | $15079 | $15447 |
| **02/28/19** | $16347 | $15564 | $16437 |
| **03/31/19** | $16161 | $15866 | $16249 |
| **04/30/19** | $16822 | $16508 | $16917 |
| **05/31/19** | $15519 | $15459 | $15604 |
| **06/30/19** | $16731 | $16549 | $16829 |
| **07/31/19** | $16841 | $16787 | $16942 |
| **08/31/19** | $16397 | $16521 | $16497 |
| **09/30/19** | $16889 | $16830 | $16996 |
| **10/31/19** | $17070 | $17195 | $17180 |
| **11/30/19** | $17828 | $17819 | $17947 |
| **12/31/19** | $17816 | $18356 | $17936 |
| **01/31/20** | $17734 | $18349 | $17856 |
| **02/29/20** | $16084 | $16839 | $16191 |
| **03/31/20** | $12990 | $14759 | $13085 |
| **04/30/20** | $14121 | $16651 | $14227 |
| **05/31/20** | $14892 | $17444 | $15010 |
| **06/30/20** | $15189 | $17791 | $15311 |
| **07/31/20** | $15847 | $18794 | $15976 |
| **08/31/20** | $17208 | $20145 | $17353 |
| **09/30/20** | $17078 | $19380 | $17221 |
| **10/31/20** | $16832 | $18864 | $16974 |
| **11/30/20** | $19513 | $20929 | $19685 |
| **12/31/20** | $19745 | $21734 | $19921 |
| **01/31/21** | $18895 | $21514 | $19064 |
| **02/28/21** | $20193 | $22108 | $20378 |
| **03/31/21** | $21984 | $23076 | $22194 |
| **04/30/21** | $22771 | $24307 | $22992 |
| **05/31/21** | $23483 | $24477 | $23713 |
| **06/30/21** | $22963 | $25049 | $23188 |
| **07/31/21** | $23165 | $25644 | $23394 |
| **08/31/21** | $23428 | $26423 | $23663 |
| **09/30/21** | $21986 | $25194 | $22208 |
| **10/31/21** | $23496 | $26960 | $23736 |
| **11/30/21** | $22672 | $26773 | $22906 |
| **12/31/21** | $23877 | $27973 | $24128 |
| **01/31/22** | $22747 | $26525 | $22987 |
| **02/28/22** | $22546 | $25731 | $22787 |
| **03/31/22** | $23306 | $26686 | $23557 |
| **04/30/22** | $21551 | $24359 | $21784 |
| **05/31/22** | $21446 | $24404 | $21680 |
| **06/30/22** | $19856 | $22389 | $20076 |
| **07/31/22** | $21740 | $24454 | $21984 |
| **08/31/22** | $21130 | $23457 | $21367 |
| **09/30/22** | $18920 | $21296 | $19128 |
| **10/31/22** | $21554 | $23020 | $21791 |
| **11/30/22** | $23243 | $24307 | $23503 |
| **12/31/22** | $22554 | $22907 | $22806 |
| **01/31/23** | $23389 | $24346 | $23653 |
| **02/28/23** | $23180 | $23752 | $23443 |
| **03/31/23** | $23330 | $24624 | $23597 |
| **04/30/23** | $23052 | $25008 | $23317 |
| **05/31/23** | $22321 | $25117 | $22579 |
| **06/30/23** | $24840 | $26776 | $25128 |
| **07/31/23** | $25560 | $27637 | $25858 |
| **08/31/23** | $25049 | $27197 | $25342 |
| **09/30/23** | $23556 | $25900 | $23831 |
| **10/31/23** | $22867 | $25355 | $23135 |
| **11/30/23** | $24882 | $27671 | $25176 |
| **12/31/23** | $26624 | $28928 | $26941 |
| **01/31/24** | $26387 | $29414 | $26703 |
| **02/29/24** | $28293 | $30985 | $28635 |
| **03/31/24** | $29536 | $31982 | $29898 |
| **04/30/24** | $28479 | $30675 | $28828 |
| **05/31/24** | $28946 | $32196 | $29304 |
| **06/30/24** | $28674 | $33352 | $29030 |
| **07/31/24** | $30076 | $33758 | $30452 |
| **08/31/24** | $30934 | $34577 | $31323 |
| **09/30/24** | $31978 | $35315 | $32383 |
| **10/31/24** | $31578 | $34995 | $31979 |
| **11/30/24** | $33947 | $37049 | $34380 |
| **12/31/24** | $31245 | $36166 | $31648 |
| **01/31/25** | $32815 | $37173 | $33240 |
| **02/28/25** | $32343 | $36688 | $32763 |
| **03/31/25** | $31180 | $34621 | $31587 |
| **04/30/25** | $31238 | $34386 | $31648 |
| **05/31/25** | $33994 | $36550 | $34443 |
| **06/30/25** | $35206 | $38409 | $35674 |
| **07/31/25** | $36262 | $39271 | $36747 |
| **08/31/25** | $36261 | $40067 | $36750 |
| **09/30/25** | $36965 | $41530 | $37465 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLI | 15.60% | 16.70% | 13.97% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Industrial Select Sector Index | 15.69% | 16.82% | 14.12% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$23,918,968,698

* Number of Portfolio Holdings82

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid$6,275,374

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Aerospace & Defense | 26.8% |
| Machinery | 18.2% |
| Ground Transportation | 10.9% |
| Electrical Equipment | 10.6% |
| Professional Services | 6.7% |
| Building Products | 6.0% |
| Commercial Services & Supplies | 5.9% |
| Industrial Conglomerates | 4.6% |
| Trading Companies & Distributors | 3.4% |
| Air Freight & Logistics | 3.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| General Electric Co. | 6.7% |
| RTX Corp. | 4.7% |
| Caterpillar, Inc. | 4.7% |
| Uber Technologies, Inc. | 4.3% |
| GE Vernova, Inc. | 3.5% |
| Boeing Co. | 3.4% |
| Eaton Corp. PLC | 3.1% |
| Union Pacific Corp. | 3.0% |
| Honeywell International, Inc. | 2.8% |
| Automatic Data Processing, Inc. | 2.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Industrial Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLI to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLI.

TSR AR XLI

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

# (formerly The Materials Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLB

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLB. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The Materials Select Sector Index navigated a challenging yet transitional year, shaped by macroeconomic headwinds and shifting global dynamics. Early pressure from high interest rates and a slowdown in China weighed on sentiment, particularly in metals and construction inputs. However, the sector found support in late-cycle stimulus measures and easing monetary policy across major economies. Commodity-linked industries like copper and gold benefited from inflation hedging and geopolitical uncertainty. Despite volatility, investor interest returned to select cyclical names, while high-quality, rate-sensitive firms offered defensive appeal.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g58u25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLB** | **S&P 500 Index** | **Materials Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $11346 | $10844 | $11350 |
| **11/30/15** | $11438 | $10876 | $11444 |
| **12/31/15** | $10960 | $10704 | $10967 |
| **01/31/16** | $9781 | $10173 | $9786 |
| **02/29/16** | $10543 | $10159 | $10552 |
| **03/31/16** | $11338 | $10849 | $11351 |
| **04/30/16** | $11919 | $10891 | $11936 |
| **05/31/16** | $11882 | $11086 | $11900 |
| **06/30/16** | $11790 | $11115 | $11806 |
| **07/31/16** | $12393 | $11525 | $12413 |
| **08/31/16** | $12367 | $11541 | $12388 |
| **09/30/16** | $12211 | $11543 | $12233 |
| **10/31/16** | $11952 | $11332 | $11975 |
| **11/30/16** | $12769 | $11752 | $12796 |
| **12/31/16** | $12786 | $11984 | $12816 |
| **01/31/17** | $13374 | $12212 | $13408 |
| **02/28/17** | $13465 | $12697 | $13500 |
| **03/31/17** | $13529 | $12711 | $13566 |
| **04/30/17** | $13721 | $12842 | $13760 |
| **05/31/17** | $13707 | $13023 | $13747 |
| **06/30/17** | $13956 | $13104 | $14000 |
| **07/31/17** | $14169 | $13373 | $14216 |
| **08/31/17** | $14291 | $13414 | $14340 |
| **09/30/17** | $14815 | $13691 | $14838 |
| **10/31/17** | $15382 | $14011 | $15409 |
| **11/30/17** | $15537 | $14440 | $15567 |
| **12/31/17** | $15848 | $14601 | $15882 |
| **01/31/18** | $16494 | $15437 | $16532 |
| **02/28/18** | $15630 | $14868 | $15665 |
| **03/31/18** | $14977 | $14490 | $15009 |
| **04/30/18** | $14996 | $14546 | $15030 |
| **05/31/18** | $15309 | $14896 | $15344 |
| **06/30/18** | $15346 | $14988 | $15381 |
| **07/31/18** | $15780 | $15545 | $15818 |
| **08/31/18** | $15679 | $16052 | $15718 |
| **09/30/18** | $15384 | $16143 | $15423 |
| **10/31/18** | $13972 | $15040 | $14005 |
| **11/30/18** | $14516 | $15346 | $14554 |
| **12/31/18** | $13506 | $13961 | $13539 |
| **01/31/19** | $14247 | $15079 | $14285 |
| **02/28/19** | $14712 | $15564 | $14754 |
| **03/31/19** | $14892 | $15866 | $14936 |
| **04/30/19** | $15425 | $16508 | $15474 |
| **05/31/19** | $14164 | $15459 | $14206 |
| **06/30/19** | $15813 | $16549 | $15870 |
| **07/31/19** | $15756 | $16787 | $15815 |
| **08/31/19** | $15321 | $16521 | $15380 |
| **09/30/19** | $15790 | $16830 | $15853 |
| **10/31/19** | $15785 | $17195 | $15850 |
| **11/30/19** | $16284 | $17819 | $16354 |
| **12/31/19** | $16772 | $18356 | $16848 |
| **01/31/20** | $15729 | $18349 | $15801 |
| **02/29/20** | $14406 | $16839 | $14469 |
| **03/31/20** | $12370 | $14759 | $12420 |
| **04/30/20** | $14246 | $16651 | $14310 |
| **05/31/20** | $15235 | $17444 | $15306 |
| **06/30/20** | $15560 | $17791 | $15634 |
| **07/31/20** | $16664 | $18794 | $16746 |
| **08/31/20** | $17401 | $20145 | $17490 |
| **09/30/20** | $17647 | $19380 | $17736 |
| **10/31/20** | $17520 | $18864 | $17610 |
| **11/30/20** | $19712 | $20929 | $19817 |
| **12/31/20** | $20183 | $21734 | $20295 |
| **01/31/21** | $19707 | $21514 | $19816 |
| **02/28/21** | $20507 | $22108 | $20577 |
| **03/31/21** | $22057 | $23076 | $22141 |
| **04/30/21** | $23239 | $24307 | $23330 |
| **05/31/21** | $24424 | $24477 | $24523 |
| **06/30/21** | $23147 | $25049 | $23239 |
| **07/31/21** | $23618 | $25644 | $23715 |
| **08/31/21** | $24071 | $26423 | $24173 |
| **09/30/21** | $22341 | $25194 | $22433 |
| **10/31/21** | $24038 | $26960 | $24143 |
| **11/30/21** | $23917 | $26773 | $24024 |
| **12/31/21** | $25721 | $27973 | $25843 |
| **01/31/22** | $23962 | $26525 | $24076 |
| **02/28/22** | $23663 | $25731 | $23777 |
| **03/31/22** | $25100 | $26686 | $25230 |
| **04/30/22** | $24222 | $24359 | $24349 |
| **05/31/22** | $24496 | $24404 | $24627 |
| **06/30/22** | $21110 | $22389 | $21219 |
| **07/31/22** | $22402 | $24454 | $22522 |
| **08/31/22** | $21624 | $23457 | $21739 |
| **09/30/22** | $19608 | $21296 | $19707 |
| **10/31/22** | $21370 | $23020 | $21482 |
| **11/30/22** | $23881 | $24307 | $24008 |
| **12/31/22** | $22554 | $22907 | $22673 |
| **01/31/23** | $24577 | $24346 | $24709 |
| **02/28/23** | $23764 | $23752 | $23894 |
| **03/31/23** | $23515 | $24624 | $23645 |
| **04/30/23** | $23481 | $25008 | $23612 |
| **05/31/23** | $21872 | $25117 | $21996 |
| **06/30/23** | $24289 | $26776 | $24427 |
| **07/31/23** | $25116 | $27637 | $25261 |
| **08/31/23** | $24291 | $27197 | $24433 |
| **09/30/23** | $23132 | $25900 | $23264 |
| **10/31/23** | $22393 | $25355 | $22523 |
| **11/30/23** | $24263 | $27671 | $24406 |
| **12/31/23** | $25365 | $28928 | $25517 |
| **01/31/24** | $24385 | $29414 | $24533 |
| **02/29/24** | $25973 | $30985 | $26133 |
| **03/31/24** | $27651 | $31982 | $27825 |
| **04/30/24** | $26381 | $30675 | $26549 |
| **05/31/24** | $27228 | $32196 | $27404 |
| **06/30/24** | $26404 | $33352 | $26574 |
| **07/31/24** | $27547 | $33758 | $27726 |
| **08/31/24** | $28194 | $34577 | $28380 |
| **09/30/24** | $28957 | $35315 | $29152 |
| **10/31/24** | $28043 | $34995 | $28234 |
| **11/30/24** | $28464 | $37049 | $28660 |
| **12/31/24** | $25394 | $36166 | $25571 |
| **01/31/25** | $26811 | $37173 | $27000 |
| **02/28/25** | $26806 | $36688 | $26996 |
| **03/31/25** | $26074 | $34621 | $26265 |
| **04/30/25** | $25466 | $34386 | $25654 |
| **05/31/25** | $26190 | $36550 | $26385 |
| **06/30/25** | $26769 | $38409 | $26972 |
| **07/31/25** | $26747 | $39271 | $26950 |
| **08/31/25** | $28126 | $40067 | $28342 |
| **09/30/25** | $27461 | $41530 | $27672 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLB | (5.16%) | 9.25% | 10.63% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Materials Select Sector Index | (5.08%) | 9.30% | 10.71% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$5,511,330,451

* Number of Portfolio Holdings29

* Portfolio Turnover Rate29%

* Total Advisory Fees Paid$1,593,271

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Chemicals | 57.1% |
| Metals & Mining | 18.3% |
| Containers & Packaging | 15.1% |
| Construction Materials | 9.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Linde PLC | 17.2% |
| Newmont Corp. | 7.1% |
| Sherwin-Williams Co. | 6.2% |
| Ecolab, Inc. | 5.4% |
| Vulcan Materials Co. | 4.7% |
| Air Products & Chemicals, Inc. | 4.7% |
| Martin Marietta Materials, Inc. | 4.6% |
| DuPont de Nemours, Inc. | 4.4% |
| Freeport-McMoRan, Inc. | 4.3% |
| Corteva, Inc. | 4.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Materials Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLB to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLB.

TSR AR XLB

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

# (formerly The Real Estate Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLRE

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLRE. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The real estate sector performance was mixed over the reporting period. The Fund declined nearly 8% over the first quarter of the reporting period, largely driven by a less dovish stance by the U.S. Federal Reserve which scaled back expectations for rate cuts in 2025. As the macroeconomic conditions stabilized, the Fund recovered about 6% over the remainder of the reporting period. Welltower, Inc. was the top contributor and benefited from increased demand for outpatient services and limited supply. American Tower Corp. lagged after lowering guidance amid operational challenges and regional setbacks.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g67n81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLRE** | **S&P 500 Index** | **Real Estate Select Sector Index** |
| **10/07/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10315 | $10425 | $10316 |
| **11/30/15** | $10248 | $10456 | $10252 |
| **12/31/15** | $10458 | $10291 | $10468 |
| **01/31/16** | $9980 | $9781 | $9988 |
| **02/29/16** | $9872 | $9768 | $9879 |
| **03/31/16** | $10912 | $10430 | $10931 |
| **04/30/16** | $10672 | $10471 | $10691 |
| **05/31/16** | $10841 | $10659 | $10861 |
| **06/30/16** | $11531 | $10686 | $11554 |
| **07/31/16** | $11866 | $11080 | $11891 |
| **08/31/16** | $11443 | $11096 | $11466 |
| **09/30/16** | $11292 | $11098 | $11312 |
| **10/31/16** | $10672 | $10895 | $10691 |
| **11/30/16** | $10343 | $11299 | $10363 |
| **12/31/16** | $10792 | $11522 | $10814 |
| **01/31/17** | $10784 | $11741 | $10807 |
| **02/28/17** | $11287 | $12207 | $11313 |
| **03/31/17** | $11169 | $12221 | $11197 |
| **04/30/17** | $11179 | $12347 | $11208 |
| **05/31/17** | $11258 | $12521 | $11289 |
| **06/30/17** | $11472 | $12599 | $11506 |
| **07/31/17** | $11607 | $12858 | $11644 |
| **08/31/17** | $11738 | $12897 | $11776 |
| **09/30/17** | $11576 | $13163 | $11613 |
| **10/31/17** | $11662 | $13470 | $11700 |
| **11/30/17** | $12006 | $13883 | $12048 |
| **12/31/17** | $11947 | $14038 | $11987 |
| **01/31/18** | $11723 | $14842 | $11761 |
| **02/28/18** | $10935 | $14295 | $10971 |
| **03/31/18** | $11347 | $13931 | $11386 |
| **04/30/18** | $11276 | $13985 | $11315 |
| **05/31/18** | $11529 | $14322 | $11570 |
| **06/30/18** | $12036 | $14410 | $12084 |
| **07/31/18** | $12165 | $14946 | $12214 |
| **08/31/18** | $12467 | $15433 | $12519 |
| **09/30/18** | $12140 | $15521 | $12188 |
| **10/31/18** | $11938 | $14460 | $11984 |
| **11/30/18** | $12607 | $14755 | $12658 |
| **12/31/18** | $11676 | $13422 | $11721 |
| **01/31/19** | $12932 | $14498 | $12985 |
| **02/28/19** | $13075 | $14964 | $13130 |
| **03/31/19** | $13716 | $15254 | $13776 |
| **04/30/19** | $13650 | $15872 | $13711 |
| **05/31/19** | $13807 | $14863 | $13870 |
| **06/30/19** | $14055 | $15911 | $14115 |
| **07/31/19** | $14297 | $16139 | $14360 |
| **08/31/19** | $14991 | $15884 | $15060 |
| **09/30/19** | $15132 | $16181 | $15203 |
| **10/31/19** | $15114 | $16531 | $15186 |
| **11/30/19** | $14852 | $17132 | $14925 |
| **12/31/19** | $15043 | $17649 | $15121 |
| **01/31/20** | $15255 | $17642 | $15336 |
| **02/29/20** | $14286 | $16189 | $14363 |
| **03/31/20** | $12141 | $14190 | $12216 |
| **04/30/20** | $13286 | $16009 | $13374 |
| **05/31/20** | $13539 | $16771 | $13630 |
| **06/30/20** | $13740 | $17105 | $13831 |
| **07/31/20** | $14286 | $18069 | $14383 |
| **08/31/20** | $14292 | $19368 | $14390 |
| **09/30/20** | $14003 | $18632 | $14096 |
| **10/31/20** | $13538 | $18137 | $13630 |
| **11/30/20** | $14484 | $20122 | $14584 |
| **12/31/20** | $14701 | $20896 | $14806 |
| **01/31/21** | $14778 | $20685 | $14884 |
| **02/28/21** | $15005 | $21255 | $15113 |
| **03/31/21** | $16020 | $22186 | $16142 |
| **04/30/21** | $17343 | $23370 | $17479 |
| **05/31/21** | $17551 | $23533 | $17691 |
| **06/30/21** | $18109 | $24083 | $18255 |
| **07/31/21** | $18947 | $24655 | $19101 |
| **08/31/21** | $19477 | $25404 | $19638 |
| **09/30/21** | $18263 | $24223 | $18415 |
| **10/31/21** | $19640 | $25920 | $19805 |
| **11/30/21** | $19470 | $25740 | $19636 |
| **12/31/21** | $21460 | $26894 | $21645 |
| **01/31/22** | $19634 | $25502 | $19805 |
| **02/28/22** | $18667 | $24739 | $18832 |
| **03/31/22** | $20120 | $25657 | $20299 |
| **04/30/22** | $19402 | $23420 | $19577 |
| **05/31/22** | $18427 | $23463 | $18594 |
| **06/30/22** | $17144 | $21526 | $17311 |
| **07/31/22** | $18606 | $23511 | $18789 |
| **08/31/22** | $17561 | $22552 | $17734 |
| **09/30/22** | $15257 | $20475 | $15401 |
| **10/31/22** | $15567 | $22133 | $15716 |
| **11/30/22** | $16640 | $23370 | $16801 |
| **12/31/22** | $15837 | $22023 | $15990 |
| **01/31/23** | $17403 | $23407 | $17573 |
| **02/28/23** | $16371 | $22836 | $16532 |
| **03/31/23** | $16146 | $23674 | $16301 |
| **04/30/23** | $16301 | $24044 | $16459 |
| **05/31/23** | $15565 | $24148 | $15717 |
| **06/30/23** | $16440 | $25744 | $16596 |
| **07/31/23** | $16644 | $26571 | $16803 |
| **08/31/23** | $16145 | $26148 | $16300 |
| **09/30/23** | $14981 | $24901 | $15119 |
| **10/31/23** | $14561 | $24378 | $14696 |
| **11/30/23** | $16374 | $26604 | $16527 |
| **12/31/23** | $17797 | $27813 | $17965 |
| **01/31/24** | $16952 | $28280 | $17114 |
| **02/29/24** | $17388 | $29790 | $17556 |
| **03/31/24** | $17694 | $30748 | $17867 |
| **04/30/24** | $16190 | $29493 | $16348 |
| **05/31/24** | $17011 | $30955 | $17179 |
| **06/30/24** | $17355 | $32066 | $17525 |
| **07/31/24** | $18606 | $32456 | $18790 |
| **08/31/24** | $19681 | $33243 | $19878 |
| **09/30/24** | $20330 | $33953 | $20535 |
| **10/31/24** | $19662 | $33645 | $19863 |
| **11/30/24** | $20472 | $35620 | $20681 |
| **12/31/24** | $18710 | $34771 | $18906 |
| **01/31/25** | $19052 | $35740 | $19253 |
| **02/28/25** | $19855 | $35273 | $20066 |
| **03/31/25** | $19375 | $33286 | $19582 |
| **04/30/25** | $19141 | $33060 | $19348 |
| **05/31/25** | $19329 | $35141 | $19539 |
| **06/30/25** | $19359 | $36928 | $19570 |
| **07/31/25** | $19340 | $37757 | $19552 |
| **08/31/25** | $19759 | $38522 | $19977 |
| **09/30/25** | $19840 | $39928 | $20060 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 10/07/15** |
| XLRE | (2.41%) | 7.22% | 7.10% |
| S&P 500 Index | 17.60% | 16.47% | 14.88% |
| Real Estate Select Sector Index | (2.31%) | 7.31% | 7.22% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$7,893,227,970

* Number of Portfolio Holdings34

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$2,197,253

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Specialized REITs | 40.0% |
| Health Care REITs | 15.5% |
| Retail REITs | 13.0% |
| Residential REITs | 12.4% |
| Industrial REITs | 8.6% |
| Real Estate Management & Development | 7.9% |
| Office REITs | 1.1% |
| Hotel & Resort REITs | 1.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Welltower, Inc. REIT | 9.6% |
| Prologis, Inc. REIT | 8.6% |
| American Tower Corp. REIT | 7.3% |
| Equinix, Inc. REIT | 6.2% |
| Simon Property Group, Inc. REIT | 4.9% |
| Realty Income Corp. REIT | 4.5% |
| Digital Realty Trust, Inc. REIT | 4.5% |
| Public Storage REIT | 4.4% |
| CBRE Group, Inc., Class A | 4.3% |
| Crown Castle, Inc. REIT | 4.2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Real Estate Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLRE to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLRE.

TSR AR XLRE

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

# (formerly The Technology Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLK

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLK. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $9 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
Performance of the Fund for the reporting period was driven by Artificial Intelligence-based growth and strategic integration, demand for

innovation, positive earnings and other technology-centered tailwinds, despite hawkish U.S. Federal Reserve signals and valuation

concerns. During the reporting period, the Fund's use of their current investment strategies did not cause the Fund's performance to materially

deviate from the manager's expectations considering the uncertainty of the markets.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g92q33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLK** | **S&P 500 Index** | **Technology Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $11033 | $10844 | $11037 |
| **11/30/15** | $11102 | $10876 | $11107 |
| **12/31/15** | $10889 | $10704 | $10895 |
| **01/31/16** | $10496 | $10173 | $10503 |
| **02/29/16** | $10418 | $10159 | $10426 |
| **03/31/16** | $11327 | $10849 | $11339 |
| **04/30/16** | $10761 | $10891 | $10772 |
| **05/31/16** | $11292 | $11086 | $11307 |
| **06/30/16** | $11133 | $11115 | $11146 |
| **07/31/16** | $11916 | $11525 | $11935 |
| **08/31/16** | $12063 | $11541 | $12084 |
| **09/30/16** | $12313 | $11543 | $12335 |
| **10/31/16** | $12223 | $11332 | $12247 |
| **11/30/16** | $12235 | $11752 | $12260 |
| **12/31/16** | $12502 | $11984 | $12531 |
| **01/31/17** | $12966 | $12212 | $12999 |
| **02/28/17** | $13554 | $12697 | $13592 |
| **03/31/17** | $13852 | $12711 | $13892 |
| **04/30/17** | $14127 | $12842 | $14170 |
| **05/31/17** | $14678 | $13023 | $14727 |
| **06/30/17** | $14279 | $13104 | $14327 |
| **07/31/17** | $14914 | $13373 | $14968 |
| **08/31/17** | $15345 | $13414 | $15404 |
| **09/30/17** | $15480 | $13691 | $15540 |
| **10/31/17** | $16483 | $14011 | $16552 |
| **11/30/17** | $16720 | $14440 | $16793 |
| **12/31/17** | $16788 | $14601 | $16863 |
| **01/31/18** | $17977 | $15437 | $18062 |
| **02/28/18** | $17911 | $14868 | $17998 |
| **03/31/18** | $17252 | $14490 | $17336 |
| **04/30/18** | $17253 | $14546 | $17339 |
| **05/31/18** | $18403 | $14896 | $18499 |
| **06/30/18** | $18372 | $14988 | $18471 |
| **07/31/18** | $18756 | $15545 | $18860 |
| **08/31/18** | $20000 | $16052 | $20115 |
| **09/30/18** | $19990 | $16143 | $20108 |
| **10/31/18** | $18397 | $15040 | $18506 |
| **11/30/18** | $18051 | $15346 | $18158 |
| **12/31/18** | $16525 | $13961 | $16622 |
| **01/31/19** | $17672 | $15079 | $17779 |
| **02/28/19** | $18886 | $15564 | $19005 |
| **03/31/19** | $19793 | $15866 | $19922 |
| **04/30/19** | $21061 | $16508 | $21204 |
| **05/31/19** | $19234 | $15459 | $19362 |
| **06/30/19** | $20983 | $16549 | $21130 |
| **07/31/19** | $21681 | $16787 | $21834 |
| **08/31/19** | $21357 | $16521 | $21510 |
| **09/30/19** | $21677 | $16830 | $21836 |
| **10/31/19** | $22516 | $17195 | $22685 |
| **11/30/19** | $23722 | $17819 | $23906 |
| **12/31/19** | $24782 | $18356 | $24980 |
| **01/31/20** | $25760 | $18349 | $25971 |
| **02/29/20** | $23889 | $16839 | $24080 |
| **03/31/20** | $21814 | $14759 | $22000 |
| **04/30/20** | $24818 | $16651 | $25036 |
| **05/31/20** | $26563 | $17444 | $26802 |
| **06/30/20** | $28451 | $17791 | $28716 |
| **07/31/20** | $30044 | $18794 | $30329 |
| **08/31/20** | $33641 | $20145 | $33971 |
| **09/30/20** | $31838 | $19380 | $32148 |
| **10/31/20** | $30211 | $18864 | $30508 |
| **11/30/20** | $33656 | $20929 | $33994 |
| **12/31/20** | $35579 | $21734 | $35945 |
| **01/31/21** | $35247 | $21514 | $35612 |
| **02/28/21** | $35735 | $22108 | $36107 |
| **03/31/21** | $36336 | $23076 | $36720 |
| **04/30/21** | $38241 | $24307 | $38652 |
| **05/31/21** | $37889 | $24477 | $38301 |
| **06/30/21** | $40518 | $25049 | $40963 |
| **07/31/21** | $42079 | $25644 | $42546 |
| **08/31/21** | $43574 | $26423 | $44062 |
| **09/30/21** | $41050 | $25194 | $41513 |
| **10/31/21** | $44398 | $26960 | $44904 |
| **11/30/21** | $46324 | $26773 | $46857 |
| **12/31/21** | $47865 | $27973 | $48423 |
| **01/31/22** | $44643 | $26525 | $45167 |
| **02/28/22** | $42415 | $25731 | $42914 |
| **03/31/22** | $43778 | $26686 | $44300 |
| **04/30/22** | $39014 | $24359 | $39481 |
| **05/31/22** | $38747 | $24404 | $39214 |
| **06/30/22** | $35154 | $22389 | $35586 |
| **07/31/22** | $39866 | $24454 | $40362 |
| **08/31/22** | $37399 | $23457 | $37864 |
| **09/30/22** | $32915 | $21296 | $33323 |
| **10/31/22** | $35444 | $23020 | $35886 |
| **11/30/22** | $37710 | $24307 | $38187 |
| **12/31/22** | $34601 | $22907 | $35037 |
| **01/31/23** | $37811 | $24346 | $38291 |
| **02/28/23** | $37965 | $23752 | $38448 |
| **03/31/23** | $42080 | $24624 | $42624 |
| **04/30/23** | $42025 | $25008 | $42571 |
| **05/31/23** | $45737 | $25117 | $46337 |
| **06/30/23** | $48568 | $26776 | $49206 |
| **07/31/23** | $49792 | $27637 | $50450 |
| **08/31/23** | $49026 | $27197 | $49677 |
| **09/30/23** | $45864 | $25900 | $46473 |
| **10/31/23** | $45902 | $25355 | $46514 |
| **11/30/23** | $51808 | $27671 | $52505 |
| **12/31/23** | $53971 | $28928 | $54704 |
| **01/31/24** | $55444 | $29414 | $56201 |
| **02/29/24** | $58087 | $30985 | $58884 |
| **03/31/24** | $58546 | $31982 | $59357 |
| **04/30/24** | $55138 | $30675 | $55905 |
| **05/31/24** | $59027 | $32196 | $59853 |
| **06/30/24** | $63661 | $33352 | $64556 |
| **07/31/24** | $61556 | $33758 | $62426 |
| **08/31/24** | $62016 | $34577 | $62897 |
| **09/30/24** | $63655 | $35315 | $64567 |
| **10/31/24** | $62673 | $34995 | $63575 |
| **11/30/24** | $65866 | $37049 | $66817 |
| **12/31/24** | $65641 | $36166 | $66597 |
| **01/31/25** | $65183 | $37173 | $66136 |
| **02/28/25** | $63707 | $36688 | $64641 |
| **03/31/25** | $58402 | $34621 | $59264 |
| **04/30/25** | $59465 | $34386 | $60347 |
| **05/31/25** | $65367 | $36550 | $66341 |
| **06/30/25** | $71757 | $38409 | $72835 |
| **07/31/25** | $74359 | $39271 | $75481 |
| **08/31/25** | $74337 | $40067 | $75464 |
| **09/30/25** | $80002 | $41530 | $81220 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLK | 25.68% | 20.24% | 23.11% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Technology Select Sector Index | 25.79% | 20.37% | 23.30% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$90,179,468,119

* Number of Portfolio Holdings71

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$21,871,678

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Software | 36.2% |
| Semiconductors & Semiconductor Equipment | 35.9% |
| Technology Hardware, Storage & Peripherals | 14.5% |
| IT Services | 4.8% |
| Communications Equipment | 4.7% |
| Electronic Equipment, Instruments & Components | 3.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 14.9% |
| Microsoft Corp. | 12.6% |
| Apple, Inc. | 12.3% |
| Broadcom, Inc. | 5.1% |
| Palantir Technologies, Inc., Class A | 3.8% |
| Oracle Corp. | 3.7% |
| Cisco Systems, Inc. | 2.5% |
| International Business Machines Corp. | 2.4% |
| Advanced Micro Devices, Inc. | 2.4% |
| Salesforce, Inc. | 2.1% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Technology Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLK to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLK.

TSR AR XLK

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

# (formerly The Utilities Select Sector SPDR<sup>®</sup> Fund)
![Image](g81465g65x15.jpg)

# XLU

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### September 30, 2025
This 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, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.sectorspdrs.com/mainfund/XLU. You can also request this information about the Fund by contacting us at 1-866-SECTOR-ETF. **This report describes changes to the Fund that occurred after the reporting period.**

**What were the Fund costs for the last year? *(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 | $8 | 0.08% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was shaped first by moderating inflation and speculation on the timing of rate cuts, and then by a tariff war introduced by the newly elected Trump administration. This injected some market volatility into the mix, but as the early economic data revealed the tariffs' impact to be less than feared, markets resumed their upward march. Despite positive performance, the utilities sector lagged the broader market and the high-flying growth segments of the market due to it being considered more of a defensive sector. Utility companies benefited from a surge in electricity demand from data centers and artificial intelligence infrastructure, though concerns around regulatory pushback and inflation remain.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g81465g10h06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XLU** | **S&P 500 Index** | **Utilities Select Sector Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10109 | $10844 | $10111 |
| **11/30/15** | $9893 | $10876 | $9895 |
| **12/31/15** | $10101 | $10704 | $10108 |
| **01/31/16** | $10596 | $10173 | $10606 |
| **02/29/16** | $10802 | $10159 | $10813 |
| **03/31/16** | $11663 | $10849 | $11682 |
| **04/30/16** | $11381 | $10891 | $11400 |
| **05/31/16** | $11552 | $11086 | $11573 |
| **06/30/16** | $12445 | $11115 | $12476 |
| **07/31/16** | $12358 | $11525 | $12389 |
| **08/31/16** | $11665 | $11541 | $11693 |
| **09/30/16** | $11706 | $11543 | $11739 |
| **10/31/16** | $11806 | $11332 | $11841 |
| **11/30/16** | $11170 | $11752 | $11203 |
| **12/31/16** | $11717 | $11984 | $11757 |
| **01/31/17** | $11869 | $12212 | $11904 |
| **02/28/17** | $12489 | $12697 | $12532 |
| **03/31/17** | $12464 | $12711 | $12509 |
| **04/30/17** | $12560 | $12842 | $12607 |
| **05/31/17** | $13087 | $13023 | $13141 |
| **06/30/17** | $12732 | $13104 | $12786 |
| **07/31/17** | $13041 | $13373 | $13098 |
| **08/31/17** | $13464 | $13414 | $13524 |
| **09/30/17** | $13097 | $13691 | $13154 |
| **10/31/17** | $13603 | $14011 | $13665 |
| **11/30/17** | $13975 | $14440 | $14042 |
| **12/31/17** | $13125 | $14601 | $13179 |
| **01/31/18** | $12726 | $15437 | $12778 |
| **02/28/18** | $12235 | $14868 | $12283 |
| **03/31/18** | $12692 | $14490 | $12746 |
| **04/30/18** | $12956 | $14546 | $13014 |
| **05/31/18** | $12809 | $14896 | $12867 |
| **06/30/18** | $13161 | $14988 | $13223 |
| **07/31/18** | $13404 | $15545 | $13470 |
| **08/31/18** | $13552 | $16052 | $13620 |
| **09/30/18** | $13475 | $16143 | $13539 |
| **10/31/18** | $13736 | $15040 | $13804 |
| **11/30/18** | $14224 | $15346 | $14298 |
| **12/31/18** | $13655 | $13961 | $13723 |
| **01/31/19** | $14120 | $15079 | $14193 |
| **02/28/19** | $14705 | $15564 | $14783 |
| **03/31/19** | $15127 | $15866 | $15211 |
| **04/30/19** | $15265 | $16508 | $15351 |
| **05/31/19** | $15146 | $15459 | $15234 |
| **06/30/19** | $15647 | $16549 | $15739 |
| **07/31/19** | $15602 | $16787 | $15696 |
| **08/31/19** | $16402 | $16521 | $16505 |
| **09/30/19** | $17093 | $16830 | $17208 |
| **10/31/19** | $16961 | $17195 | $17077 |
| **11/30/19** | $16647 | $17819 | $16762 |
| **12/31/19** | $17215 | $18356 | $17338 |
| **01/31/20** | $18356 | $18349 | $18491 |
| **02/29/20** | $16551 | $16839 | $16665 |
| **03/31/20** | $14885 | $14759 | $15001 |
| **04/30/20** | $15361 | $16651 | $15484 |
| **05/31/20** | $16029 | $17444 | $16165 |
| **06/30/20** | $15285 | $17791 | $15411 |
| **07/31/20** | $16474 | $18794 | $16615 |
| **08/31/20** | $16038 | $20145 | $16175 |
| **09/30/20** | $16218 | $19380 | $16357 |
| **10/31/20** | $17032 | $18864 | $17182 |
| **11/30/20** | $17155 | $20929 | $17305 |
| **12/31/20** | $17275 | $21734 | $17427 |
| **01/31/21** | $17116 | $21514 | $17267 |
| **02/28/21** | $16072 | $22108 | $16210 |
| **03/31/21** | $17749 | $23076 | $17915 |
| **04/30/21** | $18504 | $24307 | $18681 |
| **05/31/21** | $18064 | $24477 | $18237 |
| **06/30/21** | $17673 | $25049 | $17842 |
| **07/31/21** | $18436 | $25644 | $18615 |
| **08/31/21** | $19166 | $26423 | $19355 |
| **09/30/21** | $17994 | $25194 | $18159 |
| **10/31/21** | $18842 | $26960 | $19018 |
| **11/30/21** | $18531 | $26773 | $18704 |
| **12/31/21** | $20312 | $27973 | $20506 |
| **01/31/22** | $19648 | $26525 | $19835 |
| **02/28/22** | $19282 | $25731 | $19468 |
| **03/31/22** | $21268 | $26686 | $21485 |
| **04/30/22** | $20364 | $24359 | $20572 |
| **05/31/22** | $21238 | $24404 | $21460 |
| **06/30/22** | $20183 | $22389 | $20392 |
| **07/31/22** | $21288 | $24454 | $21514 |
| **08/31/22** | $21396 | $23457 | $21624 |
| **09/30/22** | $18976 | $21296 | $19171 |
| **10/31/22** | $19363 | $23020 | $19565 |
| **11/30/22** | $20715 | $24307 | $20938 |
| **12/31/22** | $20604 | $22907 | $20827 |
| **01/31/23** | $20192 | $24346 | $20411 |
| **02/28/23** | $19005 | $23752 | $19207 |
| **03/31/23** | $19940 | $24624 | $20151 |
| **04/30/23** | $20310 | $25008 | $20528 |
| **05/31/23** | $19123 | $25117 | $19324 |
| **06/30/23** | $19438 | $26776 | $19642 |
| **07/31/23** | $19917 | $27637 | $20128 |
| **08/31/23** | $18692 | $27197 | $18889 |
| **09/30/23** | $17644 | $25900 | $17826 |
| **10/31/23** | $17869 | $25355 | $18055 |
| **11/30/23** | $18788 | $27671 | $18989 |
| **12/31/23** | $19147 | $28928 | $19352 |
| **01/31/24** | $18570 | $29414 | $18769 |
| **02/29/24** | $18775 | $30985 | $18979 |
| **03/31/24** | $20007 | $31982 | $20236 |
| **04/30/24** | $20336 | $30675 | $20569 |
| **05/31/24** | $22151 | $32196 | $22414 |
| **06/30/24** | $20935 | $33352 | $21179 |
| **07/31/24** | $22351 | $33758 | $22616 |
| **08/31/24** | $23432 | $34577 | $23716 |
| **09/30/24** | $24972 | $35315 | $25280 |
| **10/31/24** | $24716 | $34995 | $25022 |
| **11/30/24** | $25624 | $37049 | $25945 |
| **12/31/24** | $23593 | $36166 | $23886 |
| **01/31/25** | $24282 | $37173 | $24587 |
| **02/28/25** | $24691 | $36688 | $25002 |
| **03/31/25** | $24756 | $34621 | $25066 |
| **04/30/25** | $24777 | $34386 | $25090 |
| **05/31/25** | $25737 | $36550 | $26052 |
| **06/30/25** | $25818 | $38409 | $26134 |
| **07/31/25** | $27091 | $39271 | $27425 |
| **08/31/25** | $26662 | $40067 | $26991 |
| **09/30/25** | $27763 | $41530 | $28112 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XLU | 11.18% | 11.35% | 10.75% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Utilities Select Sector Index | 11.20% | 11.44% | 10.89% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-SECTOR-ETF or visiting our website at www.sectorspdrs.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$21,227,927,970

* Number of Portfolio Holdings34

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid$5,455,460

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Electric Utilities | 64.3% |
| Multi-Utilities | 26.1% |
| Independent Power and Renewable Electricity Producers | 5.4% |
| Gas Utilities | 2.0% |
| Water Utilities | 2.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NextEra Energy, Inc. | 11.6% |
| Southern Co. | 7.8% |
| Constellation Energy Corp. | 7.7% |
| Duke Energy Corp. | 7.2% |
| Vistra Corp. | 4.6% |
| American Electric Power Co., Inc. | 4.5% |
| Sempra | 4.4% |
| Dominion Energy, Inc. | 3.9% |
| Xcel Energy, Inc. | 3.6% |
| Exelon Corp. | 3.4% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred after the reporting period ended September 30, 2025.

Effective December 1, 2025 (the "Effective Date") the Fund's name is changing from The Utilities Select Sector SPDR<sup>®</sup> Fund to State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF. Also, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of the Fund.

Additionally, as of the Effective Date, the website will change from sectorspdrs.com to ssga.com. The website link to documents referenced in this report will change from www.sectorspdrs.com/mainfund/XLU to www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. These changes will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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.sectorspdrs.com/mainfund/XLU.

TSR AR XLU

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has one Board member serving on the Audit Committee that possesses the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Teresa S. Polley is the registrant's audit committee financial expert. The Board has determined that the foregoing person is "independent" in that, (i) other than in her capacity as a member of the Audit Committee and the Board of Trustees of the registrant, she has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from the registrant, and (ii) she is not an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees</u>.

For the fiscal years ending September 30, 2025 and September 30, 2024, the aggregate audit fees billed for professional services rendered by the principal accountant, were $216,315 and $216,315, respectively. Audit fees include the performance of the annual audits, security counts performed during the course of the period for each series of the registrant and routine regulatory filings (one for each SEC registrant).

The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant's registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant's Form N-CSR and (5) Rule 17f-2 securities counts.

(b) <u>Audit-Related Fees</u>.

For the fiscal years ending September 30, 2025 and September 30, 2024, there were no fees for assurance and related services that were reasonably related to the performance of the audit of the Trust's financial statements that were not reported under paragraph (a) of this Item.

------

(c) <u>Tax Fees</u>.

For the fiscal years ending September 30, 2025 and September 30, 2024 the aggregate tax fees billed for professional services rendered by Cohen & Company for the review of year-end distribution requirements were $26,125 and $26,125, respectively

(d) <u>All Other Fees</u>.

For the fiscal years ended September 30, 2025 and September 30, 2024, there were no fees billed for professional services rendered by Cohen & Company for products and services provided by Cohen & Company to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate fees for professional services rendered by Cohen & Company for products and services provided by Cohen & Company to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $0 and $0, respectively

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>.

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

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

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

(b) The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

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

(d) Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.

------

(e) Application of De Minimis Exception. The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the "total amount of revenues" calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) <u>Percentage of Services</u>.

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) <u>Total Fees Paid By Adviser and Certain Affiliates</u>

The aggregate non-audit fees billed for by Cohen & Company for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were as follows:

---

| | | |
|:---|:---|:---|
|  | FY 2025<br>(in millions) | FY 2024<br>(in millions) |
|  Non audit services billed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant: | See Item 4 (c) | See Item 4 (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser: |  |  |
|  Other entities in the Investment Company Complex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Related Fees | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $0 | $0 |

---

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

(i) Not applicable.

(j) Not applicable.

------

#### Item 5. Audit Committee of Listed Registrants.
The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "1934 Act"). The members of the registrant's audit committee are Ashley T. Rabun, Allison Grant Williams, Sheila Hartnett-Devlin, James Jessee, Teresa Polley and James Ross.

#### 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.

------

![](g81465img5c6c7c461.jpg)

The Select Sector SPDR Trust

![](g81465imgcd6c95ee2.jpg)

Annual Financial Statements and Other Information

------

September 30, 2025

------

![](g81465img61365ae03.gif)

Select Sector SPDR Funds

The Select Sector SPDR Trust consists of twenty-two separate investment portfolios, of which, eleven separate investment portfolios (each a "Select Sector SPDR Fund" or a "Fund" and collectively the "Select Sector SPDR Funds" or the "Funds") are included in this report.

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

Eleven Select Sector SPDR Funds

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Communication Services Select Sector SPDR ETF** | **XLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Consumer Discretionary Select Sector SPDR ETF** | **XLY** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Consumer Staples Select Sector SPDR ETF** | **XLP** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Energy Select Sector SPDR ETF** | **XLE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Financial Select Sector SPDR ETF** | **XLF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Health Care Select Sector SPDR ETF** | **XLV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Industrial Select Sector SPDR ETF** | **XLI** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Materials Select Sector SPDR ETF** | **XLB** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Real Estate Select Sector SPDR ETF** | **XLRE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Technology Select Sector SPDR ETF** | **XLK** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Utilities Select Sector SPDR ETF** | **XLU** |

---

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

Objective

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

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus from the Distributor, ALPS Portfolio Solutions Distributor, Inc., by calling 1-866-SECTOR-ETF (1-866-732-8673). Please read the prospectus carefully before you invest (Please see Note 13 in the accompanying Notes to Financial Statements for changes occurring effective December 1, 2025).

<sup>†</sup> S&P 500: the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged, index of common stock prices.

------

![](g81465img61365ae03.gif)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_627160c3-2017-487f-9bf7-4ce41b87b801_1)** |  |
| &nbsp;&nbsp;&nbsp;[State Street Communication Services Select Sector SPDR ETF (XLC) ((formerly The Communication Services Select Sector SPDR Fund)](#xx_627160c3-2017-487f-9bf7-4ce41b87b801_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[State Street Consumer Discretionary Select Sector SPDR ETF (XLY) ((formerly The Consumer Discretionary Select Sector SPDR Fund)](#xx_17349c64-dda2-4e1c-84e4-94541141df0c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;[State Street Consumer Staples Select Sector SPDR ETF (XLP) ((formerly The Consumer Staples Select Sector SPDR Fund)](#xx_8a72f81a-ec31-4d66-a0b7-5fb6b82d436f_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;[State Street Energy Select Sector SPDR ETF (XLE) ((formerly The Energy Select Sector SPDR Fund)](#xx_22a677ba-d812-4992-b519-2877b897eae8_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;[State Street Financial Select Sector SPDR ETF (XLF) ((formerly The Financial Select Sector SPDR Fund)](#xx_c3e711b7-ecf8-4ea5-b083-72a607d05392_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;[State Street Health Care Select Sector SPDR ETF (XLV) ((formerly The Health Care Select Sector SPDR Fund)](#xx_bd542e94-bc6f-4f64-a96c-169457579686_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;[State Street Industrial Select Sector SPDR ETF (XLI) ((formerly The Industrial Select Sector SPDR Fund)](#xx_aed9b20b-13be-409e-95cb-1f4e24680489_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;[State Street Materials Select Sector SPDR ETF (XLB) ((formerly The Materials Select Sector SPDR Fund)](#xx_d63389ed-abe8-45ed-8fbf-4d40648547ea_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;[State Street Real Estate Select Sector SPDR ETF (XLRE) ((formerly The Real Estate Select Sector SPDR Fund)](#xx_28b70228-6249-4d93-85c7-10478bdee726_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;[State Street Technology Select Sector SPDR ETF (XLK) ((formerly The Technology Select Sector SPDR Fund)](#xx_874b8db8-2789-4bcf-a750-e0bd32742167_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;[State Street Utilities Select Sector SPDR ETF (XLU) ((formerly The Utilities Select Sector SPDR Fund)](#xx_296c1afd-5a08-43c2-8c70-91d9a74bb56c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **[Financial Statements (N-CSR Item 7)](#xx_e2213eda-5efe-4353-8358-11c56e2399da_2)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| **[Financial Highlights (N-CSR Item 7)](#xx_250aa149-8cc4-4489-9e1e-514beefa9acb_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_02a27542-956e-4844-9cfd-34117442d557_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_e2abce0a-5467-4060-9daf-896251f256cb_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_37cd3b98-ff3d-4b50-8f53-43231ed97536_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_93055352-884d-460e-97ae-ab74af2f07ea_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;65 |

---

#### 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**

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 9.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 9.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 9.1%** |
| AT&T, Inc. | 44067378 | &nbsp;&nbsp;$1244462754 |
| Verizon Communications, Inc. | 28600472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256990744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501453498 |
| **ENTERTAINMENT — 30.8%** | **ENTERTAINMENT — 30.8%** | **ENTERTAINMENT — 30.8%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;6122081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234823738 |
| Live Nation Entertainment, Inc. (a) (b) | &nbsp;&nbsp;7276270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188942518 |
| Netflix, Inc. (a) | &nbsp;&nbsp;1322044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585024992 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;4758309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229356713 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;3182905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642819494 |
| Walt Disney Co. | 10776878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233952531 |
| Warner Bros Discovery, Inc. (a) | 68354286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334959206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8449879192 |
| **INTERACTIVE MEDIA & SERVICES — 31.4%** | **INTERACTIVE MEDIA & SERVICES — 31.4%** | **INTERACTIVE MEDIA & SERVICES — 31.4%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;9584840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330074604 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;7694618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874024214 |
| Match Group, Inc. | 11100453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392068000 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;5499819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038957077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635123895 |
| **MEDIA — 24.1%** | **MEDIA — 24.1%** | **MEDIA — 24.1%** |
| Charter Communications, Inc. Class A (a) (b) | &nbsp;&nbsp;4284904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178798515 |
| Comcast Corp. Class A | 39281357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234220237 |
| Fox Corp. Class A | &nbsp;&nbsp;9685722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610781629 |
| Fox Corp. Class B | &nbsp;&nbsp;6846790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392252599 |
| Interpublic Group of Cos., Inc. | 16896768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471588795 |
| News Corp. Class A | 17366229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533316893 |
| News Corp. Class B (b) | &nbsp;&nbsp;5740254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198325776 |
| Omnicom Group, Inc. (b) | &nbsp;&nbsp;8936911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728626354 |
| Paramount Skydance Corp. Class B (b) | 14243322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269483652 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Trade Desk, Inc. Class A (a) | &nbsp;&nbsp;20559686 | &nbsp;&nbsp;$1007630211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625024661 |
| **WIRELESS TELECOMMUNICATION SERVICES — 4.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 4.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 4.5%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;5198205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244346313 |
| **TOTAL COMMON STOCKS<br>(Cost $22,969,644,829)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;27455827559 |
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | &nbsp;&nbsp;&nbsp;8039952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039952 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 421406591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421406591 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $429,446,543)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $429,446,543)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429446543 |
| **TOTAL INVESTMENTS — 101.5%<br>(Cost $23,399,091,372)<br>** | **TOTAL INVESTMENTS — 101.5%<br>(Cost $23,399,091,372)<br>** | &nbsp;&nbsp;&nbsp;27885274102 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415942250) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $27469331852 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P Communication Services Select Sector Index (long) | 106 | 12/19/2025 | $16382650 | $16537325 | $154675 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $20,217,280.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $27455827559 | $— | $— | $27455827559 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429446543 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429446543 |
| **TOTAL INVESTMENTS<br>**  | $27885274102 | $— | $— | $27885274102 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $154675 | $— | $— | $154675 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $154675 | $— | $— | $154675 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 33446835 | $33446835 | $866087952 | $891494835 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;8039952 | $8039952 | $1394963 |
| State Street Navigator Securities Lending Portfolio II<br>| 66957166 | &nbsp;&nbsp;&nbsp;&nbsp;66957166 | &nbsp;&nbsp;4566881905 | &nbsp;&nbsp;4212432480 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 421406591 | &nbsp;&nbsp;421406591 | &nbsp;&nbsp;&nbsp;&nbsp;520522 |
| Total<br>|  | $100404001 | $5432969857 | $5103927315 | $— | $— |  | $429446543 | $1915485 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**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) | &nbsp;&nbsp;1254842 | &nbsp;&nbsp;$108192477 |
| **AUTOMOBILES — 23.1%** | **AUTOMOBILES — 23.1%** | **AUTOMOBILES — 23.1%** |
| Ford Motor Co. | 22527554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269429546 |
| General Motors Co. | &nbsp;&nbsp;5486783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334529160 |
| Tesla, Inc. (a) | 11425895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081324024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685282730 |
| **BROADLINE RETAIL — 22.2%** | **BROADLINE RETAIL — 22.2%** | **BROADLINE RETAIL — 22.2%** |
| Amazon.com, Inc. (a) | 23847145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236117627 |
| eBay, Inc. | &nbsp;&nbsp;2633687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239533833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475651460 |
| **DISTRIBUTORS — 0.9%** | **DISTRIBUTORS — 0.9%** | **DISTRIBUTORS — 0.9%** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;801510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111089286 |
| LKQ Corp. (b) | &nbsp;&nbsp;1482654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45280253 |
| Pool Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;189241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58677957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215047496 |
| **HOTELS, RESTAURANTS & LEISURE — 24.4%** | **HOTELS, RESTAURANTS & LEISURE — 24.4%** | **HOTELS, RESTAURANTS & LEISURE — 24.4%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;2472776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300244462 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008454054 |
| Carnival Corp. (a) | &nbsp;&nbsp;6256262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180868534 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;7727476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302839785 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;674399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128378594 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77701324 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;2133274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580229195 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;681092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145583415 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;1355413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351648349 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;1780013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95746899 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;1298451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338168579 |
| McDonald's Corp. | &nbsp;&nbsp;3512669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067464982 |
| MGM Resorts International (a) (b) | &nbsp;&nbsp;1176375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40773158 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;2604288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64143613 |
| Royal Caribbean Cruises Ltd. (b) | &nbsp;&nbsp;1455798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471067117 |
| Starbucks Corp. | &nbsp;&nbsp;6550705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554189643 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62404509 |
| Yum! Brands, Inc. | &nbsp;&nbsp;1599442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243115184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013021396 |
| **HOUSEHOLD DURABLES — 4.0%** | **HOUSEHOLD DURABLES — 4.0%** | **HOUSEHOLD DURABLES — 4.0%** |
| DR Horton, Inc. | &nbsp;&nbsp;1597819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270782386 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;942942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232171179 |
| Lennar Corp. Class A | &nbsp;&nbsp;1311689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165325282 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;300813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38780812 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132877207 |
| PulteGroup, Inc. | &nbsp;&nbsp;1136934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150223089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990159955 |
| **LEISURE PRODUCTS — 0.2%** | **LEISURE PRODUCTS — 0.2%** | **LEISURE PRODUCTS — 0.2%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;767699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58229969 |
| **SPECIALTY RETAIL — 21.1%** | **SPECIALTY RETAIL — 21.1%** | **SPECIALTY RETAIL — 21.1%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413617748 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Best Buy Co., Inc. | &nbsp;&nbsp;1132631 | &nbsp;&nbsp;$85649556 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;864784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38802858 |
| Home Depot, Inc. | &nbsp;&nbsp;4051105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641467235 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;3229742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811666462 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;4889816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527171063 |
| Ross Stores, Inc. | &nbsp;&nbsp;1884906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287240825 |
| TJX Cos., Inc. | &nbsp;&nbsp;6429173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929272666 |
| Tractor Supply Co. (b) | &nbsp;&nbsp;3053856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173672791 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;259004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141610437 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;708768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138528706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188700347 |
| **TEXTILES, APPAREL & LUXURY GOODS — 3.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 3.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 3.6%** |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;854820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86653103 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;628461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111822066 |
| NIKE, Inc. Class B | &nbsp;&nbsp;6846447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477402749 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69915728 |
| Tapestry, Inc. | &nbsp;&nbsp;1199314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135786331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881579977 |
| **TOTAL COMMON STOCKS<br>(Cost $22,002,845,208)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;24615865807 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | 17811377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17811377 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $18,337,060)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $18,337,060)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337060 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $22,021,182,268)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $22,021,182,268)<br>** | &nbsp;&nbsp;&nbsp;24634202867 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% <sup>\*</sup><br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% <sup>\*</sup><br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579013 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $24638781880 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2025.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Consumer Discretionary Select Sector Index (long) | 97 | 12/19/2025 | $23603330 | $23700980 | $97650 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $7,589,923.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $24615865807 | $— | $— | $24615865807 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337060 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337060 |
| **TOTAL INVESTMENTS<br>**  | $24634202867 | $— | $— | $24634202867 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $97650 | $— | $— | $97650 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $97650 | $— | $— | $97650 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 10146122 | $10146122 | $354091288 | $346426033 | $— | $— | 17811377 | $17811377 | $695348 |
| State Street Navigator Securities Lending Portfolio II<br>| 48327921 | &nbsp;&nbsp;48327921 | &nbsp;&nbsp;3049009430 | &nbsp;&nbsp;3096811668 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;134060 |
| Total<br>|  | $58474043 | $3403100718 | $3443237701 | $— | $— |  | $18337060 | $829408 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **BEVERAGES — 18.1%** | **BEVERAGES — 18.1%** | **BEVERAGES — 18.1%** |
| Brown-Forman Corp. Class B (a) | &nbsp;&nbsp;1885220 | &nbsp;&nbsp;$51051757 |
| Coca-Cola Co. | 14508374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962195364 |
| Constellation Brands, Inc. Class A (a) | &nbsp;&nbsp;1528536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205847943 |
| Keurig Dr. Pepper, Inc. | 14543366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371001267 |
| Molson Coors Beverage Co. Class B (a) | &nbsp;&nbsp;1813328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82053092 |
| Monster Beverage Corp. (b) | &nbsp;&nbsp;7631002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513642744 |
| PepsiCo, Inc. | &nbsp;&nbsp;5128206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720205251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905997418 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 30.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 30.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 30.9%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;1661214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537669515 |
| Dollar General Corp. | &nbsp;&nbsp;2356029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243495597 |
| Dollar Tree, Inc. (a) (b) | &nbsp;&nbsp;2077847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196086421 |
| Kroger Co. | &nbsp;&nbsp;6511950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438970550 |
| Sysco Corp. | &nbsp;&nbsp;5111998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420921915 |
| Target Corp. | &nbsp;&nbsp;4864485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436344305 |
| Walmart, Inc. | 16441106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694420384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967908687 |
| **FOOD PRODUCTS — 18.8%** | **FOOD PRODUCTS — 18.8%** | **FOOD PRODUCTS — 18.8%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;5143762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307288342 |
| Bunge Global SA | &nbsp;&nbsp;1499288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121817150 |
| Campbell's Co. (a) | &nbsp;&nbsp;2106525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66524059 |
| Conagra Brands, Inc. | &nbsp;&nbsp;5128645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93905490 |
| General Mills, Inc. | &nbsp;&nbsp;5724292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288618803 |
| Hershey Co. (a) | &nbsp;&nbsp;1585643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296594523 |
| Hormel Foods Corp. | &nbsp;&nbsp;3120130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77192016 |
| J.M. Smucker Co. | &nbsp;&nbsp;1142171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124039771 |
| Kellanova | &nbsp;&nbsp;2878443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236089895 |
| Kraft Heinz Co. | &nbsp;&nbsp;9123445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237574508 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;1491919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86650656 |
| McCormick & Co., Inc. | &nbsp;&nbsp;2709051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181262602 |
| Mondelez International, Inc. Class A | 11722159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732283273 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;3059278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166118795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015959883 |
| **HOUSEHOLD PRODUCTS — 17.9%** | **HOUSEHOLD PRODUCTS — 17.9%** | **HOUSEHOLD PRODUCTS — 17.9%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;2608096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228547453 |
| Clorox Co. | &nbsp;&nbsp;1309411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161450376 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;8652793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691704272 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;3552029 | &nbsp;&nbsp;$441659286 |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;8773907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348110811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871472198 |
| **PERSONAL CARE PRODUCTS — 3.5%** | **PERSONAL CARE PRODUCTS — 3.5%** | **PERSONAL CARE PRODUCTS — 3.5%** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;2507335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220946360 |
| Kenvue, Inc. | &nbsp;&nbsp;20545399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333451826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554398186 |
| **TOBACCO — 10.4%** | **TOBACCO — 10.4%** | **TOBACCO — 10.4%** |
| Altria Group, Inc. | &nbsp;&nbsp;11021293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728066616 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;5830567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945717967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673784583 |
| **TOTAL COMMON STOCKS<br>(Cost $18,493,129,193)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;15989520955 |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | &nbsp;&nbsp;33628189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33628189 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 112045716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112045716 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $145,673,905)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $145,673,905)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673905 |
| **TOTAL INVESTMENTS — 100.5%<br>(Cost $18,638,803,098)<br>** | **TOTAL INVESTMENTS — 100.5%<br>(Cost $18,638,803,098)<br>** | &nbsp;&nbsp;&nbsp;16135194860 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76093946) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $16059100914 |

---

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Consumer Staples Select Sector Index (long) | 827 | 12/19/2025 | $66962190 | $65928440 | $(1033750) |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $46,513,551.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $15989520955 | $— | $— | $15989520955 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673905 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673905 |
| **TOTAL INVESTMENTS<br>**  | $16135194860 | $— | $— | $16135194860 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation<br>| $(1033750) | $— | $— | $(1033750) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(1033750) | $— | $— | $(1033750) |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 27385481 | $27385481 | $813854514 | $807611806 | $— | $— | &nbsp;&nbsp;33628189 | $33628189 | $1252221 |
| State Street Navigator Securities Lending Portfolio II<br>| 68582092 | &nbsp;&nbsp;68582092 | &nbsp;&nbsp;3550711422 | &nbsp;&nbsp;3507247798 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 112045716 | &nbsp;&nbsp;112045716 | &nbsp;&nbsp;&nbsp;&nbsp;202680 |
| Total<br>|  | $95967573 | $4364565936 | $4314859604 | $— | $— |  | $145673905 | $1454901 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET ENERGY SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **ENERGY EQUIPMENT & SERVICES — 8.4%** | **ENERGY EQUIPMENT & SERVICES — 8.4%** | **ENERGY EQUIPMENT & SERVICES — 8.4%** |
| Baker Hughes Co. | 18579249 | &nbsp;&nbsp;$905181011 |
| Halliburton Co. | 16067647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395264116 |
| Schlumberger NV | 28116528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966365068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266810195 |
| **OIL, GAS & CONSUMABLE FUELS — 91.4%** | **OIL, GAS & CONSUMABLE FUELS — 91.4%** | **OIL, GAS & CONSUMABLE FUELS — 91.4%** |
| APA Corp. (a) | &nbsp;&nbsp;6742635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163711178 |
| Chevron Corp. | 31285063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858257433 |
| ConocoPhillips | 20302503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920413759 |
| Coterra Energy, Inc. (a) | 14381754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340128482 |
| Devon Energy Corp. | 11963083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419425690 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;3546111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507448484 |
| EOG Resources, Inc. | &nbsp;&nbsp;9930171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113370772 |
| EQT Corp. | 11760628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640130982 |
| Expand Energy Corp. | &nbsp;&nbsp;4487941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476798852 |
| Exxon Mobil Corp. | 54254842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117233435 |
| Kinder Morgan, Inc. | 36850918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043249489 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;5729374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104279545 |
| Occidental Petroleum Corp. (a) | 13543059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639909538 |
| ONEOK, Inc. | 11868004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866008252 |
| Phillips 66 Co. | &nbsp;&nbsp;7615919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035917302 |
| Targa Resources Corp. | &nbsp;&nbsp;4055418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679444732 |
| Texas Pacific Land Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;363925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339774937 |
| Valero Energy Corp. | &nbsp;&nbsp;5854279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996749543 |
| Williams Cos., Inc. | 20323261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287478584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24549730989 |
| **TOTAL COMMON STOCKS<br>(Cost $28,020,084,301)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;26816541184 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (b) (c) | 35465791 | &nbsp;&nbsp;$35465791 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (d) (e) | 98112218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98112218 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $133,578,009)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $133,578,009)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133578009 |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $28,153,662,310)<br>** | **TOTAL INVESTMENTS — 100.3%<br>(Cost $28,153,662,310)<br>** | &nbsp;&nbsp;&nbsp;26950119193 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86601149) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $26863518044 |

---

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Energy Select Sector Index (long) | 520 | 12/19/2025 | $48297080 | $49039484 | $742404 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $120,605,865.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET ENERGY SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $26816541184 | $— | $— | $26816541184 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133578009 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133578009 |
| **TOTAL INVESTMENTS<br>**  | $26950119193 | $— | $— | $26950119193 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $742404 | $— | $— | $742404 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $742404 | $— | $— | $742404 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 68548523 | $68548523 | $1897090179 | $1930172911 | $— | $— | 35465791 | $35465791 | $3622923 |
| State Street Navigator Securities Lending Portfolio II<br>| 79399178 | &nbsp;&nbsp;&nbsp;&nbsp;79399178 | &nbsp;&nbsp;5278815782 | &nbsp;&nbsp;5260102742 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 98112218 | &nbsp;&nbsp;&nbsp;&nbsp;98112218 | &nbsp;&nbsp;&nbsp;&nbsp;228228 |
| Total<br>|  | $147947701 | $7175905961 | $7190275653 | $— | $— |  | $133578009 | $3851151 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET FINANCIAL SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **BANKS — 26.4%** | **BANKS — 26.4%** | **BANKS — 26.4%** |
| Bank of America Corp. | 47700010 | &nbsp;&nbsp;$2460843516 |
| Citigroup, Inc. | 12886119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307941078 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;3019339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160508061 |
| Fifth Third Bancorp (a) | &nbsp;&nbsp;4633141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206406431 |
| Huntington Bancshares, Inc. | 10261022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177207850 |
| JPMorgan Chase & Co. | 19247963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071384969 |
| KeyCorp | &nbsp;&nbsp;6524198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121937261 |
| M&T Bank Corp. (a) | &nbsp;&nbsp;1093853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216167230 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;2756599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553883437 |
| Regions Financial Corp. | &nbsp;&nbsp;6246016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164707442 |
| Truist Financial Corp. | &nbsp;&nbsp;9025878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412663142 |
| U.S. Bancorp | 10893199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526468308 |
| Wells Fargo & Co. | 22423712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879555540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14259674265 |
| **CAPITAL MARKETS — 25.7%** | **CAPITAL MARKETS — 25.7%** | **CAPITAL MARKETS — 25.7%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;659919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324185209 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;4936590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537890846 |
| Blackrock, Inc. | &nbsp;&nbsp;1008027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175228439 |
| Blackstone, Inc. | &nbsp;&nbsp;5159524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881504675 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;731967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179514907 |
| Charles Schwab Corp. | 11943920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140286042 |
| CME Group, Inc. | &nbsp;&nbsp;2522649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681594533 |
| Coinbase Global, Inc. Class A (b) | &nbsp;&nbsp;1583075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534271982 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75828746 |
| Franklin Resources, Inc. (a) | &nbsp;&nbsp;2144730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49607605 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;2119006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687470428 |
| Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;3116682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214458888 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;4006966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675093632 |
| Invesco Ltd. | &nbsp;&nbsp;3122283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71625172 |
| KKR & Co., Inc. | &nbsp;&nbsp;4802113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624034584 |
| Moody's Corp. | &nbsp;&nbsp;1079986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514591729 |
| Morgan Stanley | &nbsp;&nbsp;8492391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349950473 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307284290 |
| Nasdaq, Inc. | &nbsp;&nbsp;3173021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280653708 |
| Northern Trust Corp. | &nbsp;&nbsp;1338625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180178925 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;1242156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214396126 |
| Robinhood Markets, Inc. Class A (b) | &nbsp;&nbsp;5417621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775694975 |
| S&P Global, Inc. | &nbsp;&nbsp;2187474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064665471 |
| State Street Corp. (c) | &nbsp;&nbsp;1985828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230375906 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;1538181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157878898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13928266189 |
| **CONSUMER FINANCE — 4.4%** | **CONSUMER FINANCE — 4.4%** | **CONSUMER FINANCE — 4.4%** |
| American Express Co. | &nbsp;&nbsp;3799464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262029962 |
| Capital One Financial Corp. | &nbsp;&nbsp;4476454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951604591 |
| Synchrony Financial | &nbsp;&nbsp;2604350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185039068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398673621 |
| **FINANCIAL SERVICES — 29.6%** | **FINANCIAL SERVICES — 29.6%** | **FINANCIAL SERVICES — 29.6%** |
| Apollo Global Management, Inc. (a) | &nbsp;&nbsp;3221016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429264802 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Berkshire Hathaway, Inc. Class B (b) | 12835880 | &nbsp;&nbsp;$6453110311 |
| Block, Inc. (b) | &nbsp;&nbsp;3846953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278019293 |
| Corpay, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;494200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142359252 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;3656631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241118248 |
| Fiserv, Inc. (b) | &nbsp;&nbsp;3805146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490597474 |
| Global Payments, Inc. | &nbsp;&nbsp;1698483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141109968 |
| Jack Henry & Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;509671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75905302 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;5778318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286765062 |
| PayPal Holdings, Inc. (b) | &nbsp;&nbsp;6687562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448467908 |
| Visa, Inc. Class A | 11890565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059201080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16045918700 |
| **INSURANCE — 13.8%** | **INSURANCE — 13.8%** | **INSURANCE — 13.8%** |
| Aflac, Inc. | &nbsp;&nbsp;3369386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376360416 |
| Allstate Corp. | &nbsp;&nbsp;1844533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395929008 |
| American International Group, Inc. | &nbsp;&nbsp;3877980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304576549 |
| Aon PLC Class A | &nbsp;&nbsp;1509353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538205093 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;2601864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236067121 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;1794499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555828120 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76482976 |
| Brown & Brown, Inc. | &nbsp;&nbsp;2051102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192372857 |
| Chubb Ltd. | &nbsp;&nbsp;2595434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732561247 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;1094725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173076023 |
| Erie Indemnity Co. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;177830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56578393 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;293491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102789353 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81062989 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;1968218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262540599 |
| Loews Corp. | &nbsp;&nbsp;1190583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119522627 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;3441249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693514911 |
| MetLife, Inc. | &nbsp;&nbsp;3910299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322091329 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;1419223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117667779 |
| Progressive Corp. | &nbsp;&nbsp;4103404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013335618 |
| Prudential Financial, Inc. | &nbsp;&nbsp;2463945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255609654 |
| Travelers Cos., Inc. | &nbsp;&nbsp;1575914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440026707 |
| W.R. Berkley Corp. | &nbsp;&nbsp;2097433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160705316 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;682861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235894332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442799017 |
| **TOTAL COMMON STOCKS<br>(Cost $51,562,335,504)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;54075331792 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (d) (e) | 53803360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53803360 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET FINANCIAL SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (f) | 57778429 | &nbsp;&nbsp;$57778429 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $111,581,789)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $111,581,789)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111581789 |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $51,673,917,293)<br>** | **TOTAL INVESTMENTS — 100.1%<br>(Cost $51,673,917,293)<br>** | &nbsp;&nbsp;&nbsp;54186913581 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42453087) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $54144460494 |

---

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

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) Non-income producing security.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2025.

(f) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Financial Select Sector Index (long) | 250 | 12/19/2025 | $41738325 | $41844375 | $106050 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $36,763,606.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $54075331792 | $— | $— | $54075331792 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111581789 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111581789 |
| **TOTAL INVESTMENTS<br>**  | $54186913581 | $— | $— | $54186913581 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $106050 | $— | $— | $106050 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $106050 | $— | $— | $106050 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;2004074 | $177300427 | $224933137 | $224309361 | $10849349 | $41602354 | &nbsp;&nbsp;1985828 | $230375906 | $6203954 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 71238577 | &nbsp;&nbsp;&nbsp;&nbsp;71238577 | &nbsp;&nbsp;1363590342 | &nbsp;&nbsp;1381025559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 53803360 | &nbsp;&nbsp;&nbsp;&nbsp;53803360 | 2217706 |
| State Street Navigator Securities Lending Portfolio II<br>| 50484153 | &nbsp;&nbsp;&nbsp;&nbsp;50484153 | &nbsp;&nbsp;3255648202 | &nbsp;&nbsp;3248353926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 57778429 | &nbsp;&nbsp;&nbsp;&nbsp;57778429 | &nbsp;&nbsp;&nbsp;&nbsp;96120 |
| Total<br>|  | $299023157 | $4844171681 | $4853688846 | $10849349 | $41602354 |  | $341957695 | $8517780 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **BIOTECHNOLOGY — 17.8%** | **BIOTECHNOLOGY — 17.8%** | **BIOTECHNOLOGY — 17.8%** |
| AbbVie, Inc. | 12007066 | &nbsp;&nbsp;$2780116062 |
| Amgen, Inc. | &nbsp;&nbsp;3659171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032618056 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;996520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139592522 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;8433651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936135261 |
| Incyte Corp. (a) | &nbsp;&nbsp;1114960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94559758 |
| Moderna, Inc. (a) (b) | &nbsp;&nbsp;2353622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60794056 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;692354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389289883 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;1742673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682500454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115606052 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 23.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 23.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 23.0%** |
| Abbott Laboratories | 11829665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584465330 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;458237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57380437 |
| Baxter International, Inc. (b) | &nbsp;&nbsp;3490963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79489227 |
| Becton Dickinson & Co. | &nbsp;&nbsp;1948165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364638043 |
| Boston Scientific Corp. (a) | 10071337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983264631 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;1356052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92970925 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;2665392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179354228 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;3990428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310335586 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;3103214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233051371 |
| Hologic, Inc. (a) | &nbsp;&nbsp;1511753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102028210 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;543722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347378549 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;478499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147726996 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;2436555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089700493 |
| Medtronic PLC | &nbsp;&nbsp;8708540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829401350 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;995230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272424308 |
| Solventum Corp. (a) | &nbsp;&nbsp;1001681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73122713 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;669439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165645986 |
| Stryker Corp. | &nbsp;&nbsp;2338697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864546120 |
| Zimmer Biomet Holdings, Inc. (b) | &nbsp;&nbsp;1346421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132622468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909546971 |
| **HEALTH CARE PROVIDERS & SERVICES — 18.7%** | **HEALTH CARE PROVIDERS & SERVICES — 18.7%** | **HEALTH CARE PROVIDERS & SERVICES — 18.7%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;1623034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254751417 |
| Cencora, Inc. | &nbsp;&nbsp;1317784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411847034 |
| Centene Corp. (a) | &nbsp;&nbsp;3171242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113149915 |
| Cigna Group | &nbsp;&nbsp;1814287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522968228 |
| CVS Health Corp. | &nbsp;&nbsp;8620669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649912236 |
| DaVita, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;242987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32285683 |
| Elevance Health, Inc. | &nbsp;&nbsp;1530501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494535483 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;1113295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474486329 |
| Henry Schein, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;700587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46497959 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;817467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212680389 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162140387 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;845356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653071324 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;368457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70507932 |
| Quest Diagnostics, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;760011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144842896 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;6155745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125578748 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;383317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78365327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447621287 |
| **LIFE SCIENCES TOOLS & SERVICES — 9.2%** | **LIFE SCIENCES TOOLS & SERVICES — 9.2%** | **LIFE SCIENCES TOOLS & SERVICES — 9.2%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;1930774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247814843 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Bio-Techne Corp. (b) | &nbsp;&nbsp;1065535 | &nbsp;&nbsp;$59275712 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;334566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52346197 |
| Danaher Corp. | &nbsp;&nbsp;4331605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858784007 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;1155484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219472631 |
| Mettler-Toledo International, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;139982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171843303 |
| Revvity, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;788898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69146910 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2566556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244830991 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;404610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121306124 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128213525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173034243 |
| **PHARMACEUTICALS — 31.1%** | **PHARMACEUTICALS — 31.1%** | **PHARMACEUTICALS — 31.1%** |
| Bristol-Myers Squibb Co. | 13834569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623939062 |
| Eli Lilly & Co. | &nbsp;&nbsp;5403662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122994106 |
| Johnson & Johnson | 16369233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035183183 |
| Merck & Co., Inc. | 16977111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424888926 |
| Pfizer, Inc. | 38643969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984648330 |
| Viatris, Inc. | &nbsp;&nbsp;7924307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78450639 |
| Zoetis, Inc. | &nbsp;&nbsp;3012191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440743787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10710848033 |
| **TOTAL COMMON STOCKS<br>(Cost $40,762,630,979)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;34356656586 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | 25290125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25290125 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 33104718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33104718 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $58,394,843)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $58,394,843)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394843 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $40,821,025,822)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $40,821,025,822)<br>** | &nbsp;&nbsp;&nbsp;34415051429 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10344385) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $34404707044 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $34356656586 | $— | $— | $34356656586 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394843 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394843 |
| **TOTAL INVESTMENTS<br>**  | $34415051429 | $— | $— | $34415051429 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 19187855 | $19187855 | $984590986 | $978488716 | $— | $— | 25290125 | $25290125 | $1892003 |
| State Street Navigator Securities Lending Portfolio II<br>| 22924533 | &nbsp;&nbsp;22924533 | &nbsp;&nbsp;2673760663 | &nbsp;&nbsp;2663580478 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 33104718 | 33104718 | &nbsp;&nbsp;&nbsp;&nbsp;134049 |
| Total<br>|  | $42112388 | $3658351649 | $3642069194 | $— | $— |  | $58394843 | $2026052 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 26.8%** | **AEROSPACE & DEFENSE — 26.8%** | **AEROSPACE & DEFENSE — 26.8%** |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;396727 | &nbsp;&nbsp;$284707164 |
| Boeing Co. (a) | 3821103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824708661 |
| General Dynamics Corp. | 1275850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435064850 |
| General Electric Co. | 5358707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612006240 |
| Howmet Aerospace, Inc. | 2037091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399738367 |
| Huntington Ingalls Industries, Inc. (b) | &nbsp;&nbsp;198308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57094856 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;945395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288733087 |
| Lockheed Martin Corp. | 1038149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518254362 |
| Northrop Grumman Corp. | &nbsp;&nbsp;680146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414426561 |
| RTX Corp. | 6764045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131827650 |
| Textron, Inc. | &nbsp;&nbsp;900553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76087723 |
| TransDigm Group, Inc. | &nbsp;&nbsp;284707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375249520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417899041 |
| **AIR FREIGHT & LOGISTICS — 3.1%** | **AIR FREIGHT & LOGISTICS — 3.1%** | **AIR FREIGHT & LOGISTICS — 3.1%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;596764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79011554 |
| Expeditors International of Washington, Inc. (b) | &nbsp;&nbsp;685866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84080313 |
| FedEx Corp. | 1096656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258602451 |
| United Parcel Service, Inc. Class B | 3719392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310680814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732375132 |
| **AIRLINES — 1.8%** | **AIRLINES — 1.8%** | **AIRLINES — 1.8%** |
| Delta Air Lines, Inc. | 3277640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186006070 |
| Southwest Airlines Co. (b) | 2653920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84686587 |
| United Airlines Holdings, Inc. (a) | 1635886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157862999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428555656 |
| **BUILDING PRODUCTS — 6.0%** | **BUILDING PRODUCTS — 6.0%** | **BUILDING PRODUCTS — 6.0%** |
| A.O. Smith Corp. | &nbsp;&nbsp;577379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42385392 |
| Allegion PLC | &nbsp;&nbsp;433798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76934075 |
| Builders FirstSource, Inc. (a) (b) | &nbsp;&nbsp;560794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67996273 |
| Carrier Global Corp. | 4042391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241330743 |
| Johnson Controls International PLC | 3306819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363584749 |
| Lennox International, Inc. (b) | &nbsp;&nbsp;161560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85523402 |
| Masco Corp. | 1057972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74470649 |
| Trane Technologies PLC | 1124463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474478407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426703690 |
| **COMMERCIAL SERVICES & SUPPLIES — 5.9%** | **COMMERCIAL SERVICES & SUPPLIES — 5.9%** | **COMMERCIAL SERVICES & SUPPLIES — 5.9%** |
| Cintas Corp. | 1730897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355283918 |
| Copart, Inc. (a) | 4495302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202153731 |
| Republic Services, Inc. | 1025533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235339313 |
| Rollins, Inc. | 1420443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83436822 |
| Veralto Corp. | 1254022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133691285 |
| Waste Management, Inc. | 1872807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413571970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423477039 |
| **CONSTRUCTION & ENGINEERING — 1.9%** | **CONSTRUCTION & ENGINEERING — 1.9%** | **CONSTRUCTION & ENGINEERING — 1.9%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;226249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146957775 |
| Quanta Services, Inc. | &nbsp;&nbsp;753504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312267128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459224903 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ELECTRICAL EQUIPMENT — 10.6%** | **ELECTRICAL EQUIPMENT — 10.6%** | **ELECTRICAL EQUIPMENT — 10.6%** |
| AMETEK, Inc. | &nbsp;&nbsp;1167038 | &nbsp;&nbsp;$219403143 |
| Eaton Corp. PLC | &nbsp;&nbsp;1967211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736228717 |
| Emerson Electric Co. | &nbsp;&nbsp;2843968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373071722 |
| GE Vernova, Inc. | &nbsp;&nbsp;1375599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845855825 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;296465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49628241 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115557599 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;568114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198572886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538318133 |
| **GROUND TRANSPORTATION — 10.9%** | **GROUND TRANSPORTATION — 10.9%** | **GROUND TRANSPORTATION — 10.9%** |
| CSX Corp. | &nbsp;&nbsp;9420740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334530478 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51849057 |
| Norfolk Southern Corp. | &nbsp;&nbsp;1133724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340582027 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;934579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131570032 |
| Uber Technologies, Inc. (a) | 10538159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032423437 |
| Union Pacific Corp. | &nbsp;&nbsp;2996825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708359525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599314556 |
| **INDUSTRIAL CONGLOMERATES — 4.6%** | **INDUSTRIAL CONGLOMERATES — 4.6%** | **INDUSTRIAL CONGLOMERATES — 4.6%** |
| 3M Co. | &nbsp;&nbsp;2691545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417673953 |
| Honeywell International, Inc. | &nbsp;&nbsp;3208318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675350939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093024892 |
| **MACHINERY — 18.2%** | **MACHINERY — 18.2%** | **MACHINERY — 18.2%** |
| Caterpillar, Inc. | &nbsp;&nbsp;2367338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129575327 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294080181 |
| Deere & Co. | &nbsp;&nbsp;1272791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581996413 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;693024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115617194 |
| Fortive Corp. | &nbsp;&nbsp;1709684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83757419 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61925460 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;1340483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349544347 |
| Ingersoll Rand, Inc. (b) | &nbsp;&nbsp;1827693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151003996 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61566088 |
| Otis Worldwide Corp. | &nbsp;&nbsp;1983251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181328639 |
| PACCAR, Inc. | &nbsp;&nbsp;2653490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260891137 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;645710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489545036 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;828403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91753916 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91359516 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;785081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58355071 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;863924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173190844 |
| Xylem, Inc. | &nbsp;&nbsp;1230038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181430605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356921189 |
| **PROFESSIONAL SERVICES — 6.7%** | **PROFESSIONAL SERVICES — 6.7%** | **PROFESSIONAL SERVICES — 6.7%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;2046806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600737561 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;591916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140976634 |
| Dayforce, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;807013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55595126 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160479524 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;604033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90520386 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;648269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122496910 |
| Paychex, Inc. | &nbsp;&nbsp;1638332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207674964 |
| Paycom Software, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;253059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52671700 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;705975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177559772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608712577 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **TRADING COMPANIES & DISTRIBUTORS — 3.4%** | **TRADING COMPANIES & DISTRIBUTORS — 3.4%** | **TRADING COMPANIES & DISTRIBUTORS — 3.4%** |
| Fastenal Co. | &nbsp;&nbsp;5799300 | &nbsp;&nbsp;$284397672 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310401971 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211509472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806309115 |
| **TOTAL COMMON STOCKS<br>(Cost $22,891,506,348)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;23890835923 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | 16080176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16080176 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 31150393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31150393 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $47,230,569)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $47,230,569)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47230569 |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $22,938,736,917)<br>** | **TOTAL INVESTMENTS — 100.1%<br>(Cost $22,938,736,917)<br>** | &nbsp;&nbsp;&nbsp;23938066492 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19097794) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $23918968698 |

---

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

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Industrial Select Sector Index (long) | 150 | 12/19/2025 | $23049750 | $23510505 | $460755 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $22,498,310.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $23890835923 | $— | $— | $23890835923 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47230569 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47230569 |
| **TOTAL INVESTMENTS<br>**  | $23938066492 | $— | $— | $23938066492 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $460755 | $— | $— | $460755 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $460755 | $— | $— | $460755 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 13132581 | $13132581 | $541694628 | $538747033 | $— | $— | 16080176 | $16080176 | $527819 |
| State Street Navigator Securities Lending Portfolio II<br>| 29582949 | &nbsp;&nbsp;29582949 | &nbsp;&nbsp;3580534660 | &nbsp;&nbsp;3578967216 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 31150393 | &nbsp;&nbsp;31150393 | &nbsp;&nbsp;153270 |
| Total<br>|  | $42715530 | $4122229288 | $4117714249 | $— | $— |  | $47230569 | $681089 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET MATERIALS SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **CHEMICALS — 57.1%** | **CHEMICALS — 57.1%** | **CHEMICALS — 57.1%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;944753 | &nbsp;&nbsp;$257653038 |
| Albemarle Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;878701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71245077 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;1209396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108482821 |
| Corteva, Inc. | &nbsp;&nbsp;3476269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235100072 |
| Dow, Inc. | &nbsp;&nbsp;5292750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121362758 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;3126385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243545392 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;857362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54056674 |
| Ecolab, Inc. | &nbsp;&nbsp;1083580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296749219 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;1913648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117765898 |
| Linde PLC | &nbsp;&nbsp;1990604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945536900 |
| LyondellBasell Industries NV Class A (a) | &nbsp;&nbsp;1921299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94220503 |
| Mosaic Co. | &nbsp;&nbsp;2369729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82182202 |
| PPG Industries, Inc. | &nbsp;&nbsp;1685277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177139465 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;984327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340833067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145873086 |
| **CONSTRUCTION MATERIALS — 9.3%** | **CONSTRUCTION MATERIALS — 9.3%** | **CONSTRUCTION MATERIALS — 9.3%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255006246 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;847527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260716255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515722501 |
| **CONTAINERS & PACKAGING — 15.1%** | **CONTAINERS & PACKAGING — 15.1%** | **CONTAINERS & PACKAGING — 15.1%** |
| Amcor PLC | 17213300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140804794 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;582229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94420077 |
| Ball Corp. | &nbsp;&nbsp;2032050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102455961 |
| International Paper Co. (a) | &nbsp;&nbsp;3942244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182920122 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;667327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145430573 |
| Smurfit WestRock PLC | &nbsp;&nbsp;3898567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165961997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831993524 |
| **METALS & MINING — 18.3%** | **METALS & MINING — 18.3%** | **METALS & MINING — 18.3%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;6095035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239047273 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Newmont Corp. | 4663092 | &nbsp;&nbsp;$393145287 |
| Nucor Corp. | 1713901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232113612 |
| Steel Dynamics, Inc. | 1033210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144060470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008366642 |
| **TOTAL COMMON STOCKS<br>(Cost $6,088,250,700)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501955753 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (b) (c) | 5981756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5981756 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (d) (e) | 4064245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $10,046,001)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $10,046,001)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046001 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $6,098,296,701)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $6,098,296,701)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;5512001754 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671303) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $5511330451 |

---

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

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

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Material Select Sector Index (long) | 96 | 12/19/2025 | $9383357 | $9198720 | $(184637) |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $11,691,356.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET MATERIALS SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $5501955753 | $— | $— | $5501955753 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046001 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046001 |
| **TOTAL INVESTMENTS<br>**  | $5512001754 | $— | $— | $5512001754 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation<br>| $(184637) | $— | $— | $(184637) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(184637) | $— | $— | $(184637) |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 6830419 | $6830419 | $420166160 | $421014823 | $— | $— | 5981756 | $5981756 | $387957 |
| State Street Navigator Securities Lending Portfolio II<br>| 8230922 | &nbsp;&nbsp;&nbsp;&nbsp;8230922 | &nbsp;&nbsp;1647893813 | &nbsp;&nbsp;1652060490 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 4064245 | &nbsp;&nbsp;&nbsp;&nbsp;4064245 | &nbsp;&nbsp;&nbsp;&nbsp;90305 |
| Total<br>|  | $15061341 | $2068059973 | $2073075313 | $— | $— |  | $10046001 | $478262 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **HEALTH CARE REITs — 15.5%** | **HEALTH CARE REITs — 15.5%** | **HEALTH CARE REITs — 15.5%** |
| Alexandria Real Estate Equities, Inc. REIT | 1240989 | &nbsp;&nbsp;$103424023 |
| Healthpeak Properties, Inc. REIT | 5540190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106094638 |
| Ventas, Inc. REIT | 3618515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253259865 |
| Welltower, Inc. REIT | 4253334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757688919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220467445 |
| **HOTEL & RESORT REITs — 1.1%** | **HOTEL & RESORT REITs — 1.1%** | **HOTEL & RESORT REITs — 1.1%** |
| Host Hotels & Resorts, Inc. REIT | 5082255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86499980 |
| **INDUSTRIAL REITs — 8.6%** | **INDUSTRIAL REITs — 8.6%** | **INDUSTRIAL REITs — 8.6%** |
| Prologis, Inc. REIT | 5902092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675907576 |
| **OFFICE REITs — 1.1%** | **OFFICE REITs — 1.1%** | **OFFICE REITs — 1.1%** |
| BXP, Inc. REIT (a) | 1174364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87302220 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.9%** |
| CBRE Group, Inc. Class A (b) | 2155672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339647680 |
| CoStar Group, Inc. (b) | 3372969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284577395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624225075 |
| **RESIDENTIAL REITs — 12.4%** | **RESIDENTIAL REITs — 12.4%** | **RESIDENTIAL REITs — 12.4%** |
| AvalonBay Communities, Inc. REIT | 1132335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218733152 |
| Camden Property Trust REIT | &nbsp;&nbsp;851985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90974958 |
| Equity Residential REIT | 2767415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179134773 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;513316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137394161 |
| Invitation Homes, Inc. REIT | 4495489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131852692 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;933162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130390726 |
| UDR, Inc. REIT | 2396626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89298285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977778747 |
| **RETAIL REITs — 13.0%** | **RETAIL REITs — 13.0%** | **RETAIL REITs — 13.0%** |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;623922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63209538 |
| Kimco Realty Corp. REIT | 5398453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117956198 |
| Realty Income Corp. REIT | 5896557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358451700 |
| Regency Centers Corp. REIT | 1302737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94969527 |
| Simon Property Group, Inc. REIT | 2076485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389693940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024280903 |
| **SPECIALIZED REITs — 40.0%** | **SPECIALIZED REITs — 40.0%** | **SPECIALIZED REITs — 40.0%** |
| American Tower Corp. REIT | 2977920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572713574 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;3469925 | &nbsp;&nbsp;$334813063 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;2039056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352512001 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;622376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487469778 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;1690028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238192546 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;2351588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239720881 |
| Public Storage REIT | &nbsp;&nbsp;1214237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350732358 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;855053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165324498 |
| VICI Properties, Inc. REIT | &nbsp;&nbsp;8490208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276865683 |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;5746098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142445770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160790152 |
| **TOTAL COMMON STOCKS<br>(Cost $8,424,147,581)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857252098 |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | 17493518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17493518 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 40613881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613881 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $58,107,399)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $58,107,399)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58107399 |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $8,482,254,980)<br>** | **TOTAL INVESTMENTS — 100.3%<br>(Cost $8,482,254,980)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;7915359497 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22131527) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $7893227970 |

---

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Real Estate Select Sector Index (long) | 700 | 12/19/2025 | $36283125 | $36388940 | $105815 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $18,609,197.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $7857252098 | $— | $— | $7857252098 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58107399 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58107399 |
| **TOTAL INVESTMENTS<br>**  | $7915359497 | $— | $— | $7915359497 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $105815 | $— | $— | $105815 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $105815 | $— | $— | $105815 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 19989198 | $19989198 | $404389458 | $406885138 | $— | $— | 17493518 | $17493518 | $405932 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;69919651 | &nbsp;&nbsp;&nbsp;&nbsp;29305770 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 40613881 | &nbsp;&nbsp;40613881 | &nbsp;&nbsp;&nbsp;&nbsp;2189 |
| Total<br>|  | $19989198 | $474309109 | $436190908 | $— | $— |  | $58107399 | $408121 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **COMMUNICATIONS EQUIPMENT — 4.7%** | **COMMUNICATIONS EQUIPMENT — 4.7%** | **COMMUNICATIONS EQUIPMENT — 4.7%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;8467057 | &nbsp;&nbsp;$1233734875 |
| Cisco Systems, Inc. | 32533125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225916413 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;471955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152531136 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;1368747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625914316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238096740 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%** |
| Amphenol Corp. Class A | 10030398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241261752 |
| CDW Corp. | &nbsp;&nbsp;1076702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171497095 |
| Corning, Inc. | &nbsp;&nbsp;6404180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525334885 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;881675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191473360 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;1413934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247325335 |
| TE Connectivity PLC | &nbsp;&nbsp;2427484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532905563 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;385174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225727371 |
| Trimble, Inc. (a) (b) | &nbsp;&nbsp;1954983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159624362 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;417755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124140076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419289799 |
| **IT SERVICES — 4.8%** | **IT SERVICES — 4.8%** | **IT SERVICES — 4.8%** |
| Accenture PLC Class A | &nbsp;&nbsp;5117064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261867982 |
| Akamai Technologies, Inc. (a) (b) | &nbsp;&nbsp;1178024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89247098 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;4012357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269108784 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;457524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68990044 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;622180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163552457 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;1137450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155637284 |
| International Business Machines Corp. | &nbsp;&nbsp;7652889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159339160 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193081386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360824195 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 35.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 35.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 35.9%** |
| Advanced Micro Devices, Inc. (a) | 13332356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157041877 |
| Analog Devices, Inc. | &nbsp;&nbsp;4076878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001688925 |
| Applied Materials, Inc. | &nbsp;&nbsp;6592922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349834850 |
| Broadcom, Inc. | 13844328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567382250 |
| First Solar, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;881067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194301705 |
| Intel Corp. (a) | 35959030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206425456 |
| KLA Corp. | &nbsp;&nbsp;1084080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169288688 |
| Lam Research Corp. | 10397682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392249620 |
| Microchip Technology, Inc. | &nbsp;&nbsp;4433716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284733242 |
| Micron Technology, Inc. | &nbsp;&nbsp;9194069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538351625 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362243300 |
| NVIDIA Corp. | 71819427 | &nbsp;&nbsp;&nbsp;&nbsp;13400068690 |
| NXP Semiconductors NV | &nbsp;&nbsp;2071264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471688951 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;3359885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165675929 |
| QUALCOMM, Inc. | &nbsp;&nbsp;8860571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474044592 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;1219382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93868026 |
| Teradyne, Inc. | &nbsp;&nbsp;1306815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179870017 |
| Texas Instruments, Inc. | &nbsp;&nbsp;7468968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372273491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32381031234 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SOFTWARE — 36.2%** | **SOFTWARE — 36.2%** | **SOFTWARE — 36.2%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;3485001 | &nbsp;&nbsp;$1229334104 |
| AppLovin Corp. Class A (a) | &nbsp;&nbsp;&nbsp;2224051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598069605 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;1758121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558502298 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;2238628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786340471 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;2047712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004157011 |
| Datadog, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;2655810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378187344 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295141157 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;5350973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449909810 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;4604268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130715168 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;2291701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565025530 |
| Microsoft Corp. | &nbsp;&nbsp;21878897 | &nbsp;&nbsp;&nbsp;&nbsp;11332174701 |
| Oracle Corp. | &nbsp;&nbsp;11788784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315477612 |
| Palantir Technologies, Inc. Class A (a) | &nbsp;&nbsp;18684076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408349144 |
| Palo Alto Networks, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;5487400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117344388 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199812081 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440889834 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;7853989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861395393 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;1708803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572577225 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;1520230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750066280 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185945712 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;1774505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427176589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32606591457 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.5%** |
| Apple, Inc. | &nbsp;&nbsp;43681487 | &nbsp;&nbsp;&nbsp;&nbsp;11122617035 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;2490915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353137020 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;10780422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264767164 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;7716552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210121711 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;1643886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194734736 |
| Seagate Technology Holdings PLC (b) | &nbsp;&nbsp;&nbsp;1747253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412456543 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;4118665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197448800 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;2850104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342183486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13097466495 |
| **TOTAL COMMON STOCKS<br>(Cost $66,946,895,564)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;90103299920 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (c) (d) | &nbsp;&nbsp;76163808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76163808 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 169137084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169137084 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $245,300,892)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $245,300,892)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245300892 |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $67,192,196,456)<br>** | **TOTAL INVESTMENTS — 100.2%<br>(Cost $67,192,196,456)<br>** | &nbsp;&nbsp;&nbsp;90348600812 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169132693) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $90179468119 |

---

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2025.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Technology Select Sector Index (long) | 295 | 12/19/2025 | $81318225 | $84578477 | $3260252 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $76,742,388.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $90103299920 | $— | $— | $90103299920 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245300892 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245300892 |
| **TOTAL INVESTMENTS<br>**  | $90348600812 | $— | $— | $90348600812 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $3260252 | $— | $— | $3260252 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $3260252 | $— | $— | $3260252 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;60641795 | $60641795 | $1290569230 | $1275047217 | $— | $— | &nbsp;&nbsp;76163808 | $76163808 | $2688485 |
| State Street Navigator Securities Lending Portfolio II<br>| 100144368 | &nbsp;&nbsp;100144368 | &nbsp;&nbsp;6065891880 | &nbsp;&nbsp;5996899164 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 169137084 | &nbsp;&nbsp;169137084 | &nbsp;&nbsp;&nbsp;&nbsp;288486 |
| Total<br>|  | $160786163 | $7356461110 | $7271946381 | $— | $— |  | $245300892 | $2976971 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET UTILITIES SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **ELECTRIC UTILITIES — 64.3%** | **ELECTRIC UTILITIES — 64.3%** | **ELECTRIC UTILITIES — 64.3%** |
| Alliant Energy Corp. (a) | &nbsp;&nbsp;4063979 | &nbsp;&nbsp;$273952824 |
| American Electric Power Co., Inc. (a) | &nbsp;&nbsp;8457861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951509362 |
| Constellation Energy Corp. (a) | &nbsp;&nbsp;4940756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625854577 |
| Duke Energy Corp. (a) | 12298215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521904106 |
| Edison International | &nbsp;&nbsp;6086178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336443920 |
| Entergy Corp. (a) | &nbsp;&nbsp;7060034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657924568 |
| Evergy, Inc. (a) | &nbsp;&nbsp;3639901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276705274 |
| Eversource Energy | &nbsp;&nbsp;5869226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417536738 |
| Exelon Corp. (a) | 15973109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718949636 |
| FirstEnergy Corp. | &nbsp;&nbsp;8218620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376577168 |
| NextEra Energy, Inc. | 32568083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458564586 |
| NRG Energy, Inc. | &nbsp;&nbsp;3059188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495435497 |
| PG&E Corp. | 34759188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524168555 |
| Pinnacle West Capital Corp. (a) | &nbsp;&nbsp;1888777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169347746 |
| PPL Corp. (a) | 11695585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434607939 |
| Southern Co. (a) | 17397403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648751882 |
| Xcel Energy, Inc. (a) | &nbsp;&nbsp;9353492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754359130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13642593508 |
| **GAS UTILITIES — 2.0%** | **GAS UTILITIES — 2.0%** | **GAS UTILITIES — 2.0%** |
| Atmos Energy Corp. | &nbsp;&nbsp;2538669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433477732 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 5.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 5.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 5.4%** |
| AES Corp. | 11261160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148196865 |
| Vistra Corp. (a) | &nbsp;&nbsp;5037016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986852175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135049040 |
| **MULTI-UTILITIES — 26.1%** | **MULTI-UTILITIES — 26.1%** | **MULTI-UTILITIES — 26.1%** |
| Ameren Corp. (a) | &nbsp;&nbsp;4276540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446385245 |
| CenterPoint Energy, Inc. | 10325199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400617721 |
| CMS Energy Corp. | &nbsp;&nbsp;4734079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346818628 |
| Consolidated Edison, Inc. (a) | &nbsp;&nbsp;5703734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573339342 |
| Dominion Energy, Inc. (a) | 13497241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825626232 |
| DTE Energy Co. | &nbsp;&nbsp;3283040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464320347 |
| NiSource, Inc. | &nbsp;&nbsp;7446705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322442326 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;7893062 | &nbsp;&nbsp;$658754955 |
| Sempra | &nbsp;&nbsp;10318944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928498581 |
| WEC Energy Group, Inc. (a) | &nbsp;&nbsp;&nbsp;5090363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583304696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550108073 |
| **WATER UTILITIES — 2.0%** | **WATER UTILITIES — 2.0%** | **WATER UTILITIES — 2.0%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;3085560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429479097 |
| **TOTAL COMMON STOCKS<br>(Cost $20,067,616,140)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;21190707450 |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.13% (b) (c) | &nbsp;&nbsp;24116046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24116046 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (d) (e) | 191357269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191357269 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $215,473,315)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $215,473,315)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215473315 |
| **TOTAL INVESTMENTS — 100.8%<br>(Cost $20,283,089,455)<br>** | **TOTAL INVESTMENTS — 100.8%<br>(Cost $20,283,089,455)<br>** | &nbsp;&nbsp;&nbsp;21406180765 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178252795) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $21227927970 |

---

(a) All or a portion of the shares of the security are on loan at September 30, 2025.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at September 30, 2025.

(d) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended September 30, 2025 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Utilities Select Sector Index (long) | 441 | 12/19/2025 | $38157657 | $39103470 | $945813 |

---

During the year ended September 30, 2025, the average notional value related to futures contracts was $41,920,817.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### STATE STREET UTILITIES SELECT SECTOR SPDR ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### September 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $21190707450 | $— | $— | $21190707450 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215473315 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215473315 |
| **TOTAL INVESTMENTS<br>**  | $21406180765 | $— | $— | $21406180765 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $945813 | $— | $— | $945813 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $945813 | $— | $— | $945813 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 9/30/24** | **Value at<br>9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 9/30/25** | **Value at<br>9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 43608727 | $43608727 | $858789677 | $878282358 | $— | $— | &nbsp;&nbsp;24116046 | $24116046 | $1694492 |
| State Street Navigator Securities Lending Portfolio II<br>| 81267566 | &nbsp;&nbsp;&nbsp;&nbsp;81267566 | &nbsp;&nbsp;2543036810 | &nbsp;&nbsp;2432947107 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 191357269 | &nbsp;&nbsp;191357269 | &nbsp;&nbsp;&nbsp;&nbsp;129730 |
| Total<br>|  | $124876293 | $3401826487 | $3311229465 | $— | $— |  | $215473315 | $1824222 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### September 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street Communication Services Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$27455827559 | $24615865807 | $15989520955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429446543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;27885274102 | &nbsp;&nbsp;&nbsp;24634202867 | &nbsp;&nbsp;&nbsp;16135194860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472691766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355132341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7054423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34678112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;30721485596 | &nbsp;&nbsp;&nbsp;24642381508 | &nbsp;&nbsp;&nbsp;16174468820 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421406591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112045716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797943916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29594362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to broker – accumulated variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitary fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355329 |
| &nbsp;&nbsp;&nbsp;&nbsp;License fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3252153744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115367906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $27469331852 | $24638781880 | $16059100914 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $25747113554 | $26592100567 | $20709553684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1722218298 | &nbsp;&nbsp;&nbsp;&nbsp;(1953318687) | &nbsp;&nbsp;&nbsp;&nbsp;(4650452770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $27469331852 | $24638781880 | $16059100914 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share(a)<br>| $118.38 | $119.83 | $78.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205606504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204871809 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22969644829 | $22002845208 | $18493129193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429446543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $23399091372 | $22021182268 | $18638803098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $421280080 | $370933488 | $139271991 |

---

(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.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State Street Energy Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Financial Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Health Care Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Industrial Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Materials Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Real Estate Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Technology Select Sector SPDR ETF** |
| &nbsp;&nbsp;&nbsp;$26816541184 | &nbsp;&nbsp;&nbsp;&nbsp;$53844955886 | &nbsp;&nbsp;$34356656586 | &nbsp;&nbsp;$23890835923 | &nbsp;&nbsp;$5501955753 | &nbsp;&nbsp;$7857252098 | &nbsp;&nbsp;$90103299920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133578009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341957695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47230569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58107399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245300892 |
| &nbsp;&nbsp;&nbsp;26950119193 | &nbsp;&nbsp;&nbsp;54186913581 | &nbsp;&nbsp;&nbsp;34415051429 | &nbsp;&nbsp;&nbsp;23938066492 | &nbsp;&nbsp;&nbsp;&nbsp;5512001754 | &nbsp;&nbsp;&nbsp;&nbsp;7915359497 | &nbsp;&nbsp;&nbsp;90348600812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11566458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19731324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27346680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13582249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4856230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23622629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17023805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132159 |
| &nbsp;&nbsp;&nbsp;26965630972 | &nbsp;&nbsp;&nbsp;54209281317 | &nbsp;&nbsp;&nbsp;34442697957 | &nbsp;&nbsp;&nbsp;23953121958 | &nbsp;&nbsp;&nbsp;&nbsp;5517865061 | &nbsp;&nbsp;&nbsp;&nbsp;7941696757 | &nbsp;&nbsp;&nbsp;90372343260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98112218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57778429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33104718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31150393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169137084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13003479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102112928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64820823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37990913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34153260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6534610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48468787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192875141 |
| $26863518044 | &nbsp;&nbsp;$54144460494 | &nbsp;&nbsp;$34404707044 | &nbsp;&nbsp;$23918968698 | &nbsp;&nbsp;$5511330451 | &nbsp;&nbsp;$7893227970 | &nbsp;&nbsp;$90179468119 |
| $37337804521 | &nbsp;&nbsp;$56366369609 | &nbsp;&nbsp;$42875190357 | &nbsp;&nbsp;$24440196604 | &nbsp;&nbsp;$7677034772 | &nbsp;&nbsp;$8913907669 | &nbsp;&nbsp;$70003901646 |
| &nbsp;&nbsp;(10474286477) | &nbsp;&nbsp;&nbsp;&nbsp;(2221909115) | &nbsp;&nbsp;&nbsp;&nbsp;(8470483313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521227906) | &nbsp;&nbsp;&nbsp;(2165704321) | &nbsp;&nbsp;&nbsp;(1020679699) | &nbsp;&nbsp;&nbsp;20175566473 |
| $26863518044 | &nbsp;&nbsp;$54144460494 | &nbsp;&nbsp;$34404707044 | &nbsp;&nbsp;$23918968698 | &nbsp;&nbsp;$5511330451 | &nbsp;&nbsp;$7893227970 | &nbsp;&nbsp;$90179468119 |
| $44.67 | &nbsp;&nbsp;$53.88 | &nbsp;&nbsp;$139.23 | &nbsp;&nbsp;$154.29 | &nbsp;&nbsp;$44.83 | &nbsp;&nbsp;$42.15 | &nbsp;&nbsp;$141.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601348400 | &nbsp;&nbsp;&nbsp;&nbsp;1004995427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247115324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122947450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639511794 |
| &nbsp;&nbsp;&nbsp;$28020084301 | &nbsp;&nbsp;&nbsp;&nbsp;$51360914787 | &nbsp;&nbsp;$40762630979 | &nbsp;&nbsp;$22891506348 | &nbsp;&nbsp;$6088250700 | &nbsp;&nbsp;$8424147581 | &nbsp;&nbsp;$66946895564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133578009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313002506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47230569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58107399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245300892 |
| $28153662310 | &nbsp;&nbsp;$51673917293 | &nbsp;&nbsp;$40821025822 | &nbsp;&nbsp;$22938736917 | &nbsp;&nbsp;$6098296701 | &nbsp;&nbsp;$8482254980 | &nbsp;&nbsp;$67192196456 |
| $— | &nbsp;&nbsp;$548 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| $236942104 | &nbsp;&nbsp;$215710853 | &nbsp;&nbsp;$195948916 | &nbsp;&nbsp;$249693506 | &nbsp;&nbsp;$68953409 | &nbsp;&nbsp;$39210856 | &nbsp;&nbsp;$403549579 |

---

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

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

#### September 30, 2025

------

---

| | |
|:---|:---|
|  | **State Street Utilities Select Sector SPDR ETF** |
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21190707450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215473315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;21406180765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13062221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;21422019816 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191357269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitary fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446193 |
| &nbsp;&nbsp;&nbsp;&nbsp;License fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194091846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $21227927970 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $21222404829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $21227927970 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share(a)<br>| $43.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486648320 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20067616140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215473315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $20283089455 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $398680524 |

---

(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.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended September 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street Communication Services Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56359 | $18751 | $62353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252218562 | &nbsp;&nbsp;&nbsp;&nbsp;206652587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434207720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33966353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;288156759 | &nbsp;&nbsp;&nbsp;&nbsp;207832409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435894752 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and Administration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275107 |
| &nbsp;&nbsp;&nbsp;&nbsp;License fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitary fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53379 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17112184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17338136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000819 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $271044575 | $190494273 | $422893933 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829827176) | &nbsp;&nbsp;&nbsp;&nbsp;(405265275) | &nbsp;&nbsp;&nbsp;&nbsp;(373606244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221741942 | &nbsp;&nbsp;&nbsp;2692205259 | &nbsp;&nbsp;&nbsp;&nbsp;1560914774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4641550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;3398601890 | &nbsp;&nbsp;&nbsp;2289227082 | &nbsp;&nbsp;&nbsp;&nbsp;1182666980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676196132 | &nbsp;&nbsp;&nbsp;1591933219 | &nbsp;&nbsp;&nbsp;(2188425504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;2676350807 | &nbsp;&nbsp;&nbsp;1592030869 | &nbsp;&nbsp;&nbsp;(2189459254) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;6074952697 | &nbsp;&nbsp;&nbsp;3881257951 | &nbsp;&nbsp;&nbsp;(1006792274) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $6345997272 | $4071752224 | $(583898341) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State Street Energy Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Financial Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Health Care Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Industrial Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Materials Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Real Estate Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Technology Select Sector SPDR ETF** |
| &nbsp;&nbsp;&nbsp;$386194 | &nbsp;&nbsp;&nbsp;&nbsp;$68867 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$37375 | &nbsp;&nbsp;$31842 | &nbsp;&nbsp;$38247 | &nbsp;&nbsp;$215786 |
| &nbsp;&nbsp;&nbsp;&nbsp;1006915745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758266317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656510521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342589542 | &nbsp;&nbsp;&nbsp;&nbsp;110432973 | &nbsp;&nbsp;&nbsp;&nbsp;211781676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541859093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1214886) |
| &nbsp;&nbsp;1011319189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767139889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658694874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343490917 | &nbsp;&nbsp;&nbsp;&nbsp;111053203 | &nbsp;&nbsp;&nbsp;&nbsp;212228091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544214459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15111195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10984015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22317376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10056148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14856596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5132384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8284812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39525824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29048461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16780884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58411980 |
| $986629887 | &nbsp;&nbsp;$727614065 | &nbsp;&nbsp;$629646413 | &nbsp;&nbsp;$326710033 | &nbsp;&nbsp;$106734568 | &nbsp;&nbsp;$206287310 | &nbsp;&nbsp;$485802479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373561451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307826088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338243068) | &nbsp;&nbsp;&nbsp;&nbsp;(109489883) | &nbsp;&nbsp;&nbsp;(468168666) | &nbsp;&nbsp;&nbsp;(124896577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340232905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593671517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177703165 | &nbsp;&nbsp;&nbsp;&nbsp;2613009074 | &nbsp;&nbsp;&nbsp;2149565566 | &nbsp;&nbsp;&nbsp;&nbsp;233212405 | &nbsp;&nbsp;&nbsp;&nbsp;353684531 | &nbsp;&nbsp;&nbsp;&nbsp;6424918021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11431087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5033436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1623826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2108435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12743867 |
| &nbsp;&nbsp;1215076630 | &nbsp;&nbsp;&nbsp;8885033013 | &nbsp;&nbsp;&nbsp;&nbsp;2274766006 | &nbsp;&nbsp;&nbsp;2041206974 | &nbsp;&nbsp;&nbsp;(236580087) | &nbsp;&nbsp;&nbsp;&nbsp;226679519 | &nbsp;&nbsp;&nbsp;&nbsp;6097428983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969295163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983735554) | &nbsp;&nbsp;&nbsp;(6417656237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570268749 | &nbsp;&nbsp;&nbsp;(299557844) | &nbsp;&nbsp;&nbsp;(650403455) | &nbsp;&nbsp;&nbsp;11572457189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41602354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1910473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535441 |
| &nbsp;&nbsp;&nbsp;(971205636) | &nbsp;&nbsp;&nbsp;&nbsp;(942027150) | &nbsp;&nbsp;&nbsp;(6417656237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570040523 | &nbsp;&nbsp;&nbsp;(300115542) | &nbsp;&nbsp;&nbsp;(650207149) | &nbsp;&nbsp;&nbsp;11573992630 |
| &nbsp;&nbsp;&nbsp;&nbsp;243870994 | &nbsp;&nbsp;&nbsp;7943005863 | &nbsp;&nbsp;&nbsp;(4142890231) | &nbsp;&nbsp;&nbsp;2611247497 | &nbsp;&nbsp;&nbsp;(536695629) | &nbsp;&nbsp;&nbsp;(423527630) | &nbsp;&nbsp;&nbsp;17671421613 |
| $1230500881 | &nbsp;&nbsp;$8670619928 | &nbsp;&nbsp;$(3513243818) | &nbsp;&nbsp;$2937957530 | &nbsp;&nbsp;$(429961061) | &nbsp;&nbsp;$(217240320) | &nbsp;&nbsp;$18157224092 |

---

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Year Ended September 30, 2025

------

---

| | |
|:---|:---|
|  | **State Street Utilities Select Sector SPDR ETF** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$105751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538014849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129730 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;540041515 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and Administration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704588 |
| &nbsp;&nbsp;&nbsp;&nbsp;License fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitary fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50289 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595721 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $525445794 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19301482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319384462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;1302295025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202422578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;201809510 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;1504104535 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $2029550329 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Street Communication Services Select Sector SPDR ETF** | **State Street Communication Services Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** | **State Street Consumer Discretionary Select Sector SPDR ETF** |
|  | **Year Ended<br> 9/30/25** | **Year Ended<br> 9/30/24** | **Year Ended(a)<br> 9/30/25** | **Year Ended(a)<br> 9/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$271044575 | $191393984 | $190494273 | $158727834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398601890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719772188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289227082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094843560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676350807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529222262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592030869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845214676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345997272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440388434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071752224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098786070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3546184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2763597) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263829871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189772693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188354344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156770004) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19134269225 | &nbsp;&nbsp;&nbsp;&nbsp;13092018247 | &nbsp;&nbsp;&nbsp;&nbsp;19362832849 | &nbsp;&nbsp;&nbsp;&nbsp;18466448520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16384930604) | &nbsp;&nbsp;&nbsp;(12815124985) | &nbsp;&nbsp;&nbsp;(18051362922) | &nbsp;&nbsp;&nbsp;(20396660729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748938555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280439446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312254093 | &nbsp;&nbsp;&nbsp;&nbsp;(1927448612) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831506022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527509003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194867807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011803857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;18637825830 | &nbsp;&nbsp;&nbsp;&nbsp;13110316827 | &nbsp;&nbsp;&nbsp;&nbsp;19443914073 | &nbsp;&nbsp;&nbsp;&nbsp;17432110216 |
| **NET ASSETS AT END OF PERIOD<br>**  | $27469331852 | $18637825830 | $24638781880 | $19443914073 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22600000) |

---

(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.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State Street Consumer Staples Select Sector SPDR ETF** | **State Street Consumer Staples Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Energy Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Energy Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Financial Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Financial Select Sector SPDR ETF** |
| **Year Ended<br> 9/30/25** | &nbsp;&nbsp;**Year Ended<br> 9/30/24** | &nbsp;&nbsp;**Year Ended(a)<br> 9/30/25** | &nbsp;&nbsp;**Year Ended(a)<br> 9/30/24** | &nbsp;&nbsp;**Year Ended<br> 9/30/25** | &nbsp;&nbsp;**Year Ended<br> 9/30/24** |
| &nbsp;&nbsp;&nbsp;$422893933 | &nbsp;&nbsp;&nbsp;&nbsp;$447522363 | &nbsp;&nbsp;$986629887 | &nbsp;&nbsp;$1209589990 | &nbsp;&nbsp;$727614065 | &nbsp;&nbsp;$613201457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182666980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836248356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215076630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804783564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885033013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554395436 |
| &nbsp;&nbsp;&nbsp;(2189459254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027187277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(971205636) | &nbsp;&nbsp;&nbsp;&nbsp;(3195122649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942027150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525260506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583898341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310957996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230500881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180749095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8670619928 | &nbsp;&nbsp;&nbsp;&nbsp;11692857399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4250799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6803164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14869406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27520778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12599298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425930521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440576935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990241768) | &nbsp;&nbsp;&nbsp;&nbsp;(1239881431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736692051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604853490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21532501669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23799803691 | &nbsp;&nbsp;&nbsp;&nbsp;18421842934 | &nbsp;&nbsp;&nbsp;&nbsp;23508638341 | &nbsp;&nbsp;&nbsp;&nbsp;68289870074 | &nbsp;&nbsp;&nbsp;&nbsp;40112633513 |
| &nbsp;&nbsp;&nbsp;&nbsp;(22362279721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24977710236) | &nbsp;&nbsp;&nbsp;(27258952143) | &nbsp;&nbsp;&nbsp;(25667289786) | &nbsp;&nbsp;&nbsp;(64373195874) | &nbsp;&nbsp;&nbsp;(39505088306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6803164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14869406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27520778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(965637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12599298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825527253) | &nbsp;&nbsp;&nbsp;&nbsp;(1171103381) | &nbsp;&nbsp;&nbsp;&nbsp;(8822239803) | &nbsp;&nbsp;&nbsp;&nbsp;(2131130667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915708563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620144505 |
| &nbsp;&nbsp;&nbsp;(1839606914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692474516 | &nbsp;&nbsp;&nbsp;&nbsp;(8596850096) | &nbsp;&nbsp;&nbsp;&nbsp;(3579281971) | &nbsp;&nbsp;&nbsp;&nbsp;11850602077 | &nbsp;&nbsp;&nbsp;&nbsp;11695549116 |
| &nbsp;&nbsp;&nbsp;17898707828 | &nbsp;&nbsp;&nbsp;&nbsp;16206233312 | &nbsp;&nbsp;&nbsp;&nbsp;35460368140 | &nbsp;&nbsp;&nbsp;&nbsp;39039650111 | &nbsp;&nbsp;&nbsp;&nbsp;42293858417 | &nbsp;&nbsp;&nbsp;&nbsp;30598309301 |
| $16059100914 | &nbsp;&nbsp;$17898707828 | &nbsp;&nbsp;$26863518044 | &nbsp;&nbsp;$35460368140 | &nbsp;&nbsp;$54144460494 | &nbsp;&nbsp;$42293858417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585000000) | &nbsp;&nbsp;&nbsp;&nbsp;(1288500000) | &nbsp;&nbsp;&nbsp;&nbsp;(1002300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050000 |

---

(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.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Street Health Care Select Sector SPDR ETF** | **State Street Health Care Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** | **State Street Industrial Select Sector SPDR ETF** |
|  | **Year Ended<br> 9/30/25** | **Year Ended<br> 9/30/24** | **Year Ended<br> 9/30/25** | **Year Ended<br> 9/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$629646413 | $631454319 | $326710033 | $265766747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274766006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826381027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041206974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086160838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;(6417656237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084667233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570040523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723227320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(3513243818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542502579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937957530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075154905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9950109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9752049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1491924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626291294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623780295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323904829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264119111) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27730414538 | &nbsp;&nbsp;&nbsp;&nbsp;29254652522 | &nbsp;&nbsp;&nbsp;&nbsp;27484940263 | &nbsp;&nbsp;&nbsp;&nbsp;31965874837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31016395015) | &nbsp;&nbsp;&nbsp;(32048634739) | &nbsp;&nbsp;&nbsp;(25717131403) | &nbsp;&nbsp;&nbsp;(31652665828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942830 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(3276030368) | &nbsp;&nbsp;&nbsp;&nbsp;(2784230168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769300784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314151839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;(7425515589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124740067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381861561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124244803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;41830222633 | &nbsp;&nbsp;&nbsp;&nbsp;37705482566 | &nbsp;&nbsp;&nbsp;&nbsp;19537107137 | &nbsp;&nbsp;&nbsp;&nbsp;14412862334 |
| **NET ASSETS AT END OF PERIOD<br>**  | $34404707044 | $41830222633 | $23918968698 | $19537107137 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186250000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267050000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State Street Materials Select Sector SPDR ETF** | **State Street Materials Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Real Estate Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Real Estate Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Technology Select Sector SPDR ETF** | &nbsp;&nbsp;**State Street Technology Select Sector SPDR ETF** |
| **Year Ended(a)<br> 9/30/25** | &nbsp;&nbsp;**Year Ended(a)<br> 9/30/24** | &nbsp;&nbsp;**Year Ended<br> 9/30/25** | &nbsp;&nbsp;**Year Ended<br> 9/30/24** | &nbsp;&nbsp;**Year Ended(a)<br> 9/30/25** | &nbsp;&nbsp;**Year Ended(a)<br> 9/30/24** |
| &nbsp;&nbsp;&nbsp;$106734568 | &nbsp;&nbsp;&nbsp;&nbsp;$97123290 | &nbsp;&nbsp;$206287310 | &nbsp;&nbsp;$180050211 | &nbsp;&nbsp;$485802479 | &nbsp;&nbsp;$466966136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236580087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221128391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226679519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73083989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097428983 | &nbsp;&nbsp;&nbsp;&nbsp;10931512203 |
| &nbsp;&nbsp;&nbsp;&nbsp;(300115542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835466321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650207149) | &nbsp;&nbsp;&nbsp;&nbsp;1545387222 | &nbsp;&nbsp;&nbsp;&nbsp;11573992630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734612947 |
| &nbsp;&nbsp;&nbsp;&nbsp;(429961061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153718002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217240320) | &nbsp;&nbsp;&nbsp;&nbsp;1798521422 | &nbsp;&nbsp;&nbsp;&nbsp;18157224092 | &nbsp;&nbsp;&nbsp;&nbsp;19133091286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2754287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912857 |
| &nbsp;&nbsp;&nbsp;&nbsp;(106852486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105340086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247443245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215940605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475467586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482451081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9838662519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424809229 | &nbsp;&nbsp;&nbsp;&nbsp;4173833413 | &nbsp;&nbsp;&nbsp;&nbsp;5669190128 | &nbsp;&nbsp;&nbsp;&nbsp;24083481337 | &nbsp;&nbsp;&nbsp;&nbsp;42539434873 |
| &nbsp;&nbsp;&nbsp;&nbsp;(9346420639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10859892589) | &nbsp;&nbsp;&nbsp;(4119473911) | &nbsp;&nbsp;&nbsp;(3041558278) | &nbsp;&nbsp;&nbsp;(21676510938) | &nbsp;&nbsp;&nbsp;(38686762670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2324403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7452132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3912857) |
| &nbsp;&nbsp;&nbsp;&nbsp;489917477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432329073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54939421 | &nbsp;&nbsp;&nbsp;&nbsp;2620179718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406641505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848759346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44571667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613294556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410324063) | &nbsp;&nbsp;&nbsp;&nbsp;4210212667 | &nbsp;&nbsp;&nbsp;&nbsp;20088726905 | &nbsp;&nbsp;&nbsp;&nbsp;22503312408 |
| &nbsp;&nbsp;&nbsp;5555902118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942607562 | &nbsp;&nbsp;&nbsp;&nbsp;8303552033 | &nbsp;&nbsp;&nbsp;&nbsp;4093339366 | &nbsp;&nbsp;&nbsp;&nbsp;70090741214 | &nbsp;&nbsp;&nbsp;&nbsp;47587428806 |
| $5511330451 | &nbsp;&nbsp;$5555902118 | &nbsp;&nbsp;$7893227970 | &nbsp;&nbsp;$8303552033 | &nbsp;&nbsp;$90179468119 | &nbsp;&nbsp;$70090741214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40100000 |

---

(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.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

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

------

---

| | | |
|:---|:---|:---|
|  | **State Street Utilities Select Sector SPDR ETF** | **State Street Utilities Select Sector SPDR ETF** |
|  | **Year Ended(a)<br> 9/30/25** | **Year Ended(a)<br> 9/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$525445794 | $437836123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302295025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162329649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201809510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427352106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029550329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027517878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2940455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528526204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467924016) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14935211811 | &nbsp;&nbsp;&nbsp;&nbsp;20766669480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13709458387) | &nbsp;&nbsp;&nbsp;(20011549398) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4536442) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228693879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750583640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726777549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314713944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;18501150421 | &nbsp;&nbsp;&nbsp;&nbsp;13186436477 |
| **NET ASSETS AT END OF PERIOD<br>**  | $21227927970 | $18501150421 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700000 |

---

(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.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS

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

------

---

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

---

(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.

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

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

(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.

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

(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.

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

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

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

(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.

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

(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.

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

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

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

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

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

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

(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.

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

(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.

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

(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.

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

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

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

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

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

(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.

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

(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.

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

(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.

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

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

---

(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.

(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.

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

(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.

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### September 30, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;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 September 30, 2025, 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"):

---

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

---

---

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

---

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

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. 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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

#### 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:

• 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.

• 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.

• 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 a 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;

• 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

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

The value of each Fund's investments according to the fair value hierarchy as of September 30, 2025 is disclosed in each Fund's respective Schedule of Investments.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

#### 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 September 30, 2025, 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.

4.&nbsp;&nbsp;&nbsp;&nbsp;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

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

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 September 30, 2025, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$155025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$155025 |
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97970 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97970 |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744120 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744120 |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106875 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106875 |
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461250 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461250 |
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108125 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108125 |
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3261225 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3261225 |
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947268 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947268 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1031021 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1031021 |
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184320 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184320 |

---

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

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6687124 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6687124 |
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2287098 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2287098 |
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4641550) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4641550) |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5033436) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5033436) |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4306587 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4306587 |
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1131291 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1131291 |
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1623826) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1623826) |
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2108435) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2108435) |
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12743867 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12743867 |
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2212045 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2212045 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **State Street Communication Services Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$154675 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$154675 |
| **State Street Consumer Discretionary Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97650 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97650 |
| **State Street Consumer Staples Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1033750) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1033750) |
| **State Street Energy Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1910473) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1910473) |
| **State Street Financial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106050 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106050 |
| **State Street Industrial Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228226) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228226) |
| **State Street Materials Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557698) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557698) |
| **State Street Real Estate Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196306 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196306 |
| **State Street Technology Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1535441 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1535441 |
| **State Street Utilities Select Sector SPDR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613068) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613068) |

---

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

5.&nbsp;&nbsp;&nbsp;&nbsp;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. Effective June 1, 2025, the unitary fee structure was amended and is 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. Prior to June 1, 2025, 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 - $400 billion of net assets of the Trust, 0.004% of average daily net assets; and (v) over $400 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.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

#### 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 year ended September 30, 2025, 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.&nbsp;&nbsp;&nbsp;&nbsp;Additional Expenses

#### Distributor
ALPS Portfolio Solutions Distributor, Inc. (the "Distributor") serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted 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. Effective February 1, 2022, the Board limited each Fund's 12b-1 fee to an annual rate of 0.02% of its average daily net assets. This limitation is in effect through at least January 31, 2026.

#### 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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street Communication Services Select Sector SPDR ETF<br>| $8741898997 | $8721520351 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;2300326394 | &nbsp;&nbsp;&nbsp;2322251890 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1281149457 | &nbsp;&nbsp;&nbsp;1284377804 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;3227210440 | &nbsp;&nbsp;&nbsp;3183366945 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;3078336113 | &nbsp;&nbsp;&nbsp;3103968347 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;572109110 | &nbsp;&nbsp;&nbsp;&nbsp;570062969 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;688070392 | &nbsp;&nbsp;&nbsp;&nbsp;687533844 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1584412811 | &nbsp;&nbsp;&nbsp;1587256450 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;610924758 | &nbsp;&nbsp;&nbsp;&nbsp;611372521 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;3650466186 | &nbsp;&nbsp;&nbsp;3459888962 |

---

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street Utilities Select Sector SPDR ETF<br>| $394595042 | $361324721 |

---

For the year ended September 30, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| State Street Communication Services Select Sector SPDR ETF<br>| $16099679820 | $13357479742 | $4221741942 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;14137592660 | &nbsp;&nbsp;&nbsp;12811954354 | &nbsp;&nbsp;&nbsp;2692205259 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;14422529531 | &nbsp;&nbsp;&nbsp;15251500056 | &nbsp;&nbsp;&nbsp;1560914774 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;11623618829 | &nbsp;&nbsp;&nbsp;20454116404 | &nbsp;&nbsp;&nbsp;1593671517 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;55023661050 | &nbsp;&nbsp;&nbsp;51107760467 | &nbsp;&nbsp;&nbsp;9189134252 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;20013738013 | &nbsp;&nbsp;&nbsp;23297219950 | &nbsp;&nbsp;&nbsp;2613009074 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;19037316491 | &nbsp;&nbsp;&nbsp;17270094210 | &nbsp;&nbsp;&nbsp;2149565566 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;6734405506 | &nbsp;&nbsp;&nbsp;&nbsp;6242192429 | &nbsp;&nbsp;&nbsp;&nbsp;233212405 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;3419199966 | &nbsp;&nbsp;&nbsp;&nbsp;3364279168 | &nbsp;&nbsp;&nbsp;&nbsp;353684531 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;17688363253 | &nbsp;&nbsp;&nbsp;15310249408 | &nbsp;&nbsp;&nbsp;6424918021 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;11388998285 | &nbsp;&nbsp;&nbsp;10162425767 | &nbsp;&nbsp;&nbsp;1319384462 |

---

9.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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. 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.

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for in-kind transactions, nontaxable dividend adjustments to income, future contracts, wash sale loss deferrals, real estate investment trusts, and distributions in excess of current earnings.

The tax character of distributions paid during the year ended September 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| State Street Communication Services Select Sector SPDR ETF<br>| $263829871 | $— | $263829871 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;188354344 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;188354344 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;425930521 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;425930521 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;990241768 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;990241768 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;736692051 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;736692051 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;626291294 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;626291294 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;323904829 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;323904829 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;106852486 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;106852486 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;247443245 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;247443245 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;475467586 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;475467586 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;528526204 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;528526204 |

---

The tax character of distributions paid during the year ended September 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| State Street Communication Services Select Sector SPDR ETF<br>| $189772693 | $— | $189772693 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;156770004 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;156770004 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;440576935 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;440576935 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1239881431 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1239881431 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;604853490 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;604853490 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;623780295 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;623780295 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;264119111 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;264119111 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;105340086 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;105340086 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;215940605 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;215940605 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;482451081 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;482451081 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;467924016 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;467924016 |

---

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| State Street Communication Services Select Sector SPDR ETF<br>| $13935633 | $(2647820759) | $— | $4356103424 | $1722218298 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;23215675 | &nbsp;&nbsp;(4577813592) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2601279230 | &nbsp;&nbsp;&nbsp;(1953318687) |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;4647276 | &nbsp;&nbsp;(2137754881) | &nbsp;&nbsp;— | &nbsp;&nbsp;(2517345165) | &nbsp;&nbsp;&nbsp;(4650452770) |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;10103334 | &nbsp;&nbsp;(9259684986) | &nbsp;&nbsp;— | &nbsp;&nbsp;(1224704825) | &nbsp;&nbsp;(10474286477) |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;59034943 | &nbsp;&nbsp;(4784591282) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2503647224 | &nbsp;&nbsp;&nbsp;(2221909115) |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;31292878 | &nbsp;&nbsp;(2076203351) | &nbsp;&nbsp;— | &nbsp;&nbsp;(6425572840) | &nbsp;&nbsp;&nbsp;(8470483313) |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1533934415) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1012706509 | &nbsp;&nbsp;&nbsp;&nbsp;(521227906) |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1577421886) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(588282435) | &nbsp;&nbsp;&nbsp;(2165704321) |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(444780979) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(575898720) | &nbsp;&nbsp;&nbsp;(1020679699) |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;10334893 | &nbsp;&nbsp;(2916969747) | &nbsp;&nbsp;— | &nbsp;&nbsp;23082201327 | &nbsp;&nbsp;&nbsp;20175566473 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1110808741) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1116331882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523141 |

---

------

[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

------

As of September 30, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| State Street Communication Services Select Sector SPDR ETF<br>| $304965302 | $2342855457 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1493421165 | &nbsp;&nbsp;&nbsp;3084392427 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;469819780 | &nbsp;&nbsp;&nbsp;1667935101 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1110907323 | &nbsp;&nbsp;&nbsp;8148777663 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;1282193392 | &nbsp;&nbsp;&nbsp;3502397890 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;281168175 | &nbsp;&nbsp;&nbsp;1795035176 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;304409549 | &nbsp;&nbsp;&nbsp;1229524866 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;431078307 | &nbsp;&nbsp;&nbsp;1146343579 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;127824567 | &nbsp;&nbsp;&nbsp;&nbsp;316956412 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;802267444 | &nbsp;&nbsp;&nbsp;2114702303 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;230567685 | &nbsp;&nbsp;&nbsp;&nbsp;880241056 |

---

As of September 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street Communication Services Select Sector SPDR ETF<br>| $23529325353 | $5085442479 | $729339055 | $4356103424 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;22033021287 | &nbsp;&nbsp;&nbsp;&nbsp;3633631072 | &nbsp;&nbsp;&nbsp;1032351842 | &nbsp;&nbsp;&nbsp;&nbsp;2601279230 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;18651506275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489251566 | &nbsp;&nbsp;&nbsp;3006596731 | &nbsp;&nbsp;&nbsp;(2517345165) |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;28175566422 | &nbsp;&nbsp;&nbsp;&nbsp;1435997008 | &nbsp;&nbsp;&nbsp;2660701833 | &nbsp;&nbsp;&nbsp;(1224704825) |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;51683372407 | &nbsp;&nbsp;&nbsp;&nbsp;3961026934 | &nbsp;&nbsp;&nbsp;1457379710 | &nbsp;&nbsp;&nbsp;&nbsp;2503647224 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;40840624269 | &nbsp;&nbsp;&nbsp;&nbsp;1453026384 | &nbsp;&nbsp;&nbsp;7878599224 | &nbsp;&nbsp;&nbsp;(6425572840) |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;22925820738 | &nbsp;&nbsp;&nbsp;&nbsp;2592940567 | &nbsp;&nbsp;&nbsp;1580234058 | &nbsp;&nbsp;&nbsp;&nbsp;1012706509 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;6100099552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231480081 | &nbsp;&nbsp;&nbsp;&nbsp;819762516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588282435) |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;8491364032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456745604 | &nbsp;&nbsp;&nbsp;1032644324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575898720) |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;67269659737 | &nbsp;&nbsp;&nbsp;25313081915 | &nbsp;&nbsp;&nbsp;2230880588 | &nbsp;&nbsp;&nbsp;23082201327 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;20290794696 | &nbsp;&nbsp;&nbsp;&nbsp;2083662213 | &nbsp;&nbsp;&nbsp;&nbsp;967330331 | &nbsp;&nbsp;&nbsp;&nbsp;1116331882 |

---

11.&nbsp;&nbsp;&nbsp;&nbsp;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 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.

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

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The market value of securities on loan as of September 30, 2025, 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash<br> Collateral<br> Received** | **Non-Cash<br> Collateral<br> Received\*** | **Total<br> Collateral<br> Received** |
| State Street Communication Services Select Sector SPDR ETF<br>| $421280080 | $421406591 | $8271966 | $429678557 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;370933488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;381628587 | &nbsp;&nbsp;&nbsp;382154270 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;139271991 | &nbsp;&nbsp;&nbsp;112045716 | &nbsp;&nbsp;&nbsp;&nbsp;29163435 | &nbsp;&nbsp;&nbsp;141209151 |
| State Street Energy Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;236942104 | &nbsp;&nbsp;&nbsp;&nbsp;98112218 | &nbsp;&nbsp;&nbsp;144047126 | &nbsp;&nbsp;&nbsp;242159344 |
| State Street Financial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;215710853 | &nbsp;&nbsp;&nbsp;&nbsp;57778429 | &nbsp;&nbsp;&nbsp;167271712 | &nbsp;&nbsp;&nbsp;225050141 |
| State Street Health Care Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;195948916 | &nbsp;&nbsp;&nbsp;&nbsp;33104718 | &nbsp;&nbsp;&nbsp;162353096 | &nbsp;&nbsp;&nbsp;195457814 |
| State Street Industrial Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;249693506 | &nbsp;&nbsp;&nbsp;&nbsp;31150393 | &nbsp;&nbsp;&nbsp;225319594 | &nbsp;&nbsp;&nbsp;256469987 |
| State Street Materials Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;68953409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 | &nbsp;&nbsp;&nbsp;&nbsp;66994036 | &nbsp;&nbsp;&nbsp;&nbsp;71058281 |
| State Street Real Estate Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;39210856 | &nbsp;&nbsp;&nbsp;&nbsp;40613881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40613881 |
| State Street Technology Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;403549579 | &nbsp;&nbsp;&nbsp;169137084 | &nbsp;&nbsp;&nbsp;238661091 | &nbsp;&nbsp;&nbsp;407798175 |
| State Street Utilities Select Sector SPDR ETF<br>| &nbsp;&nbsp;&nbsp;398680524 | &nbsp;&nbsp;&nbsp;191357269 | &nbsp;&nbsp;&nbsp;211752822 | &nbsp;&nbsp;&nbsp;403110091 |

---

\* 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 September 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of September 30, 2025** |
| **Fund** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| State Street Communication Services Select Sector SPDR ETF<br>| Common Stocks | $421406591 | $— | $— | $— | $421406591 | $421406591 |
| State Street Consumer Discretionary Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525683 |
| State Street Consumer Staples Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;112045716 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;112045716 | &nbsp;&nbsp;&nbsp;112045716 |
| State Street Energy Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;98112218 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;98112218 | &nbsp;&nbsp;&nbsp;&nbsp;98112218 |
| State Street Financial Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;57778429 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57778429 | &nbsp;&nbsp;&nbsp;&nbsp;57778429 |
| State Street Health Care Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;33104718 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33104718 | &nbsp;&nbsp;&nbsp;&nbsp;33104718 |
| State Street Industrial Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;31150393 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31150393 | &nbsp;&nbsp;&nbsp;&nbsp;31150393 |
| State Street Materials Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064245 |
| State Street Real Estate Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;40613881 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40613881 | &nbsp;&nbsp;&nbsp;&nbsp;40613881 |
| State Street Technology Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;169137084 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;169137084 | &nbsp;&nbsp;&nbsp;169137084 |
| State Street Utilities Select Sector SPDR ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;191357269 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;191357269 | &nbsp;&nbsp;&nbsp;191357269 |

---

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

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12.&nbsp;&nbsp;&nbsp;&nbsp;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.

13.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

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 will 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

Effective December 1, 2025 (the "Effective Date"), each Fund's name will change. The new Fund names are incorporated throughout these annual financial statements.

---

| | |
|:---|:---|
| **Current Fund Name** | **Fund Name as of the Effective Date** |
| The Communication Services Select Sector SPDR Fund | State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF |
| The Consumer Discretionary Select Sector SPDR Fund | State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF |
| The Consumer Staples Select Sector SPDR Fund | State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF |
| The Energy Select Sector SPDR Fund | State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF |
| The Financial Select Sector SPDR Fund | State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF |
| The Health Care Select Sector SPDR Fund | State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF |
| The Industrial Select Sector SPDR Fund | State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF |
| The Materials Select Sector SPDR Fund | State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF |
| The Real Estate Select Sector SPDR Fund | State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF |
| The Technology Select Sector SPDR Fund | State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF |
| The Utilities Select Sector SPDR Fund | State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF |

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### September 30, 2025

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Additionally, as of the Effective Date, State Street Global Advisors Funds Distributors, LLC will replace ALPS Portfolio Solutions Distributor, Inc. as the Funds' distributor.

---

| | | |
|:---|:---|:---|
|  | **Current Information** | **New Information** |
| **Fund Distributor** | ALPS Portfolio Solutions<br> Distributor, Inc. | State Street Global Advisors<br> Funds Distributors, LLC |
| **Fund Distributor Business Address** | 1290 Broadway, Suite 1000<br> Denver, CO 80203 | One Congress Street Boston,<br> Massachusetts 02114 |
| **Investor Information Telephone Number** | 1-866-732-8673 | 1-866-732-8673 |
| **Public Website Address** | www.sectorspdr.com | www.ssga.com/us/en/<br> intermediary/capabilities<br> /equities/sector-investing<br> /select-sector-etfs |

---

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Shareholders and Board of Trustees of

The Select Sector SPDR<sup>®</sup> Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Select Sector SPDR<sup>®</sup> Trust comprising State Street<sup>®</sup> Communication Services Select Sector SPDR<sup>®</sup> ETF (formerly, The Communication Services Select Sector SPDR Fund), State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF (formerly, The Consumer Discretionary Select Sector SPDR Fund), State Street<sup>®</sup> Consumer Staples Select Sector SPDR<sup>®</sup> ETF (formerly, The Consumer Staples Select Sector SPDR Fund), State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF (formerly,The Energy Select Sector SPDR Fund), State Street<sup>®</sup> Financial Select Sector SPDR<sup>®</sup> ETF (formerly, The Financial Select Sector SPDR Fund), State Street<sup>®</sup> Health Care Select Sector SPDR<sup>®</sup> ETF (formerly, The Health Care Select Sector SPDR Fund), State Street<sup>®</sup> Industrial Select Sector SPDR<sup>®</sup> ETF (formerly, The Industrial Select Sector SPDR Fund), State Street<sup>®</sup>Materials Select Sector SPDR<sup>®</sup> ETF (formerly, The Materials Select Sector SPDR Fund), State Street<sup>®</sup> Real Estate Select Sector SPDR<sup>®</sup> ETF (formerly, The Real Estate Select Sector SPDR Fund), State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF (formerly, The Technology Select Sector SPDR Fund), and State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF (formerly, The Utilities Select Sector SPDR Fund) (the "Funds") as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended September 30, 2025, 2024 and 2023, and the related notes (collectively referred to as the"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the years ended September 30, 2025, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended September 30, 2022 and 2021, prior to the reflection of the share splits as described in Note 13, were audited by other auditors whose report dated November 23, 2022, expressed an unqualified opinion on those financial highlights. We also have audited the adjustments to the financial highlights of State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF (formerly, The Consumer Discretionary Select Sector SPDR Fund), State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF (formerly, The Energy Select Sector SPDR Fund), State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF (formerly, The Materials Select Sector SPDR Fund), State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF (formerly, The Technology Select Sector SPDR Fund), and State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF (formerly, The Utilities Select Sector SPDR Fund),for the years ended September 30, 2022 and 2021, to reflect the share splits, as described in Note 13. In our opinion,such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the September 30, 2022 and 2021 financial highlights of State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF (formerly, The Consumer Discretionary Select Sector SPDR Fund), State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF (formerly, The Energy Select Sector SPDR Fund), State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF (formerly,The Materials Select Sector SPDR Fund), State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF (formerly, The Technology Select Sector SPDR Fund), and State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF (formerly, The Utilities Select Sector SPDR Fund), other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the September 30, 2022 and 2021 financial highlights taken as a whole.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

COHEN & COMPANY, LTD.

![](g81465img9ae1f9714.jpg)

Cleveland, Ohio

November 24, 2025, except for the effects of the share splits of State Street<sup>®</sup> Consumer Discretionary Select Sector SPDR<sup>®</sup> ETF (formerly, The Consumer Discretionary Select Sector SPDR Fund), State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF (formerly, The Energy Select Sector SPDR Fund), State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF (formerly, The Materials Select Sector SPDR Fund), State Street<sup>®</sup> Technology Select Sector SPDR<sup>®</sup> ETF (formerly, The Technology Select Sector SPDR Fund), and State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF (formerly, The Utilities Select Sector SPDR Fund)discussed in Note 13 to the financial statements, as to which the date is January 27, 2026.

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### OTHER INFORMATION

#### September 30, 2025 (Unaudited)

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#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2025.

#### Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2025 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

#### September 30, 2025 (Unaudited)

------

#### Advisory Contract Renewal
At a meeting held on May 1, 2025 (the "May Meeting"), the Board of Trustees of The Select Sector SPDR<sup>®</sup> Trust (the "Trust") considered the renewal of the Amended and Restated Investment Advisory Agreement dated December 1, 2003, as amended effective June 18, 2018 (the "Agreement"), between the Trust and SSGA Funds Management, Inc. (the "Adviser") with respect to each series of the Trust (each a "Fund" and collectively, the "Funds"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), also met separately with their independent legal counsel prior to a meeting held on April 10, 2025 (the "April Meeting") to consider the Agreement and the materials provided by the Adviser and State Street Bank and Trust Company ("State Street") in response to a request from independent legal counsel on their behalf. The April Meeting included a presentation by representatives of the Adviser and State Street during which the Independent Trustees and independent legal counsel were able to pose questions. Following the April Meeting, independent legal counsel on behalf of the Independent Trustees requested certain clarifications and supplements to the materials provided, and those materials were considered at the May Meeting, prior to which the Independent Trustees met separately with their independent legal counsel. In deciding whether to renew the Agreement, the Trustees considered various factors, including, among others, (i) the nature, extent and quality of the services provided by the Adviser under the Agreement, (ii) the investment performance of the Funds relative to their index, (iii) the costs to the Adviser of its services and the profits and other benefits realized by the Adviser and its affiliate, State Street, from their relationships with the Trust, (iv) the extent to which economies of scale would be realized if and as the Funds grow and whether the fee levels in the Agreement reflect a sharing of any such economies of scale and (v) the fees paid under the Agreement compared to the advisory fees paid by comparable funds.

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

#### Investment Performance of the Funds
The Trustees noted that, in view of the distinctive investment objective of each Fund, the investment performance of the Funds in absolute terms was not of the importance that normally attaches to the performance of actively managed funds. Of more importance to the Trustees was the extent to which each Fund achieved its objective to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in its applicable index. Drawing upon information provided at the April Meeting and at the May Meeting, and upon reports provided to the Trustees by the Adviser throughout the preceding year, the Trustees determined that the Funds had tracked their sector indexes within an acceptable range; they further concluded, on the basis of the data available (see discussion in "Comparison of Fees and Expense Ratios" below), that the expense ratio of each Fund was competitive with its peers. Accordingly, they concluded that the performance of each Fund was satisfactory.

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
(continued)

#### September 30, 2025 (Unaudited)

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#### Profitability to the Adviser and its Affiliates
The Trustees considered the profitability of the advisory arrangement with the Funds to the Adviser and of the Trust's relationship with the Adviser's affiliate, State Street, in its role as Sub-Administrator, Transfer Agent, Custodian, Fund Accountant and Securities Lending Agent. The Trustees received data on the Funds' profitability to the Adviser for calendar year 2024 as well as 2023 profitability data, along with data on the Trust's profitability to State Street for the same and prior periods. The Trustees reviewed with representatives from both the Adviser and State Street the methods by which expenses were allocated to the Trust and to each of the Funds. On the basis of this information and discussions at the April Meeting and the May Meeting, the Trustees concluded that, to the extent that the Adviser's and State Street's relationships with the Trust had been profitable to either or both of those entities, the profitability at current asset levels was not such as to render the advisory fee excessive.

#### Other Benefits to the Adviser or its Affiliates
In considering whether the Adviser benefits in other ways from its relationship with the Trust, the Trustees noted that the Adviser does not currently use the Funds' assets for, or participate in, third party soft dollar arrangements. It was further noted that the Trust's brokerage transactions are not effected through the Adviser or any of its affiliates. The Trustees noted that the Adviser serves as Administrator to the Trust, that State Street, an affiliate of the Adviser, serves the Trust as Sub-Administrator, Transfer Agent, Custodian, Fund Accountant and Securities Lending Agent and that an affiliated securities lending fund is utilized as part of the Funds' securities lending program which generates fees for State Street. The Trustees also noted that, based on their review of the arrangements for those services, any benefit the Adviser or the Adviser's affiliate receives or had received from providing those services appears to be appropriate. The Trustees concluded that, to the extent that the Adviser or its affiliates derive other benefits or will derive other benefits from their relationships with the Trust, those benefits are not such as to render the Adviser's fees excessive.

#### Economies of Scale
On the basis of their discussions with management and their analysis of information provided at and prior to the May Meeting, the Trustees determined that the nature of the Funds and their operations is such that the potential exists for the Adviser to realize economies of scale in the management of the Funds as the Funds grow in size. They were also of the view that these economies of scale were being shared with the Funds by virtue of an advisory fee, set at a relatively low level since the inception of the Trust, that subsumed economies of scale in the fee itself. Furthermore, the Trustees took into consideration the fact that, in order to ensure that if and as the Funds grow in size the economies of scale resulting from this growth would be shared with the Funds, the Adviser and State Street had each previously agreed to institute breakpoints in their respective fee schedules, including adding additional breakpoints to the advisory fee and sub-administration fee in 2024 and 2025, respectively.

#### Comparison of Fees and Expense Ratios
In order better to evaluate the Funds' advisory fee, the Independent Trustees requested information with respect to expense ratios and advisory fees of comparable funds, and the Adviser provided: (1) comparative data from Broadridge Financial Solutions, Inc. ("Broadridge") on advisory fees and expense ratios of peer index ETFs with a similar sector investment classification/objective and comparable asset size (with respect to each Fund, a "peer group"), and (2) expense ratios of peer index ETFs with a similar sector investment classification/objective. The Independent Trustees also requested, and the Adviser provided, information on the advisory fees charged to other Adviser clients with comparable investment objectives, and reviewed the differences in services provided to such clients, including the Adviser's institutional accounts. The Trustees found that, because of the distinctive nature of the Funds, the universe of comparable funds and accounts was limited. Moreover, they noted that because many ETFs pay a unitary advisory fee, encompassing all or virtually all of the ETFs' operating expenses, while each Fund's advisory fee covered only advisory services, as reflected in the materials, the Fund's advisory fee may appear to be low relative to its ETF peers. The Trustees then reviewed each Fund's expense ratios compared to those of its peer group and noted that the total expense ratio of each Fund was below the average of its peer group, but also noted that each Fund (other than The Real Estate Select Sector SPDR<sup>®</sup> Fund and The Technology Select Sector SPDR<sup>®</sup> Fund) was larger than all ETFs in its peer group. The Independent Trustees noted that this had prompted them in past years to request that new breakpoints be added to the fee schedules of both the Agreement and the unitary fee payable under the Sub-Administration

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[**Table of Contents**](#JOB_AR_SA_8a88fd32-ed89-4ebf-95ad-2b7f01ec68d0_TOC-LETTERSIZE-SS)

#### THE SELECT SECTOR SPDR TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
(continued)

#### September 30, 2025 (Unaudited)

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Agreement, Custodian Agreement and Transfer Agency Agreement. The Trustees noted that at current asset levels, shareholders are benefiting from breakpoints, and shareholders should continue to benefit in the future with additional growth in assets.

#### Conclusion
Based on their review, the Trustees, including a majority of the Independent Trustees, as required by the 1940 Act, concluded that the terms of the Agreement are fair and reasonable and that renewal of the Agreement is in the best interests of each Fund. In deciding to approve the renewal of the Agreement, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together, and the Board did not allot a particular weight to any one factor or group of factors. The Trustees concluded that the nature and extent of the services provided by the Adviser were appropriate, that the performance of the Funds had been satisfactory, and that the Adviser could be expected to provide services of high quality. As to the Adviser's fees for each Fund, the Trustees determined that the fees, considered in relation to the services provided and the peer group's fees, were fair and reasonable, that the Trust's relationship with the Adviser and State Street was not so profitable as to render the fees at current asset levels excessive, that any additional benefits to the Adviser and/or State Street were not of a magnitude to materially affect the outcome of the Trustees' conclusions, and that, especially in light of the breakpoints in the Adviser's and State Street's fee schedules, the fees paid reflected a sharing of economies of scale with the Funds.

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#### 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
The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### 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.

(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.](d81465dex99cert.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.](d81465dex99906cert.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.

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#### 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: | January 30, 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: | January 30, 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: | January 30, 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: | January 30, 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: | January 30, 2026 |
| By: | /s/ Chad C. Hallett |
|  | Chad C. Hallett |
|  | Treasurer and Principal Financial Officer |

---

Date: January 30, 2026