<DOCUMENT>
<TYPE>40-17F2
<SEQUENCE>1
<FILENAME>b83693a1e40v17f2.txt
<DESCRIPTION>THE SELECT SECTOR SPDR(R) TRUST
<TEXT>
<PAGE>

                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                  FORM N-17f-2

 CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR INVESTMENTS IN THE CUSTODY
                       OF MANAGEMENT INVESTMENT COMPANIES

                    Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

1.   Investment Company Act File Number:             Date examination completed:
     811-08837                                                September 30, 2010

2.   State Identification Number:

AL   AK   AZ   AR            CA   CO
CT   DE   DC   FL            GA   HI
ID   IL   IN   IA            KS   KY
LA   ME   MD   MA            MI   MN
MS   MO   MT   NE            NV   NH
NJ   NM   NY   NC            ND   OH
OK   OR   PA   RI            SC   SD
TN   TX   UT   VT            VA   WA
WV   WI   WY   PUERTO RICO

Other (specify): [ ]

3.   Exact name of investment company as specified in registration statement:
     The Select Sector SPDR Trust

4.   Address of principal executive office: (number, street, city, state, zip
     code)
     1 Lincoln Street, Boston, MA 02111

INSTRUCTIONS

This Form must be completed by the investment companies that have custody of
securities or similar investments.

Investment Company

1. All items must be completed by the investment company.

2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.

Accountant

3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the original
and one copy with the Securities and Exchange Commission's principal office in
Washington, D.C., one copy with the regional office for the region in which the
investment company's principal business operations are conducted, and one copy
with the appropriate state administrator(s), if applicable.

THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

<PAGE>
Report of Independent Registered Public Accounting Firm

To the Board of Trustees of
The Select Sector SPDR Trust

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that each of the portfolios comprising The Select Sector SPDR Trust
(the "Trust") complied with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 ("the Act") as of September 30,
2010. Management is responsible for the Trust's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Trust's compliance based on our examination.

Our examination was conducted in accordance with the standards of the Public
Company Accounting Oversight Board (United States) and, accordingly, included
examining, on a test basis, evidence about the Trust's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of September 30, 2010, and with respect to agreement of security
purchases and sales, for the period from March 31, 2010 (the date of our last
examination), through September 30, 2010:

     -    Confirmation of all securities held by institutions in book entry form
          at the Depository Trust Company. For such securities, review of all
          reconciliations of the security positions recorded at State Street
          Bank and Trust Company, the Trust's custodian (the "Custodian"), to
          the positions held in omnibus form for the Custodian's account at the
          Depository Trust Company;

     -    Confirmation of all securities out for transfer with brokers, pledgees
          and/or transfer agents;

     -    Reconciliation of all such securities to the books and records of the
          Trust and the Custodian; and

     -    Agreement of security purchases and security sales during the period
          March 31, 2010 to September 30, 2010 from the books and records of the
          Trust to broker confirmations, or verification of subsequent security
          settlement through review of cash activity, where replies from brokers
          were not received.

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Trust's compliance
with specified requirements.

In our opinion, management's assertion that the Trust complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of September 30, 2010 with respect to securities reflected in the
investment account of the Trust is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the
Board of Trustees of the Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.


/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 3, 2010
<PAGE>

    MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
                         INVESTMENT COMPANY ACT OF 1940

We, as members of management of The Select Sector SPDR Trust (the "Trust"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Trust's compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of September
30, 2010, and from March 31, 2010 through September 30, 2010.

Based on this evaluation, we assert that the Trust was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of September 30, 2010, and from March 31, 2010 through September
30, 2010, with respect to securities reflected in the investment account of the
Trust.

THE SELECT SECTOR SPDR TRUST


/s/ Chad C. Hallett
Treasurer
December 3, 2010
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