<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE DAN FOLEY
TITLE MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
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<NAME> BASIC INDUSTRIES
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
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<NAME> INDUSTRIAL
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 8
<NAME> TECHNOLOGY
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 2
<NAME> CONSUMER SERVICES
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 3
<NAME> CONSUMER STAPLES
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 4
<NAME> CYCLICAL/TRANSPORTATION
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<EQUALIZATION> 10,947
<DISTRIBUTIONS-OF-INCOME> (135,872)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,600,000
<NUMBER-OF-SHARES-REDEEMED> 250,423
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 32,140,389
<PER-SHARE-NAV-BEGIN> 24.51
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.17
<EXPENSE-RATIO> .58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 5
<NAME> ENERGY
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 150,432,519
<RECEIVABLES> 123,740
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,873
<TOTAL-ASSETS> 150,567,132
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 931,240
<TOTAL-LIABILITIES> 931,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140,940,014
<SHARES-COMMON-STOCK> 5,450,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (40,553)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (734,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,471,271
<NET-ASSETS> 149,635,892
<DIVIDEND-INCOME> 2,130,238
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 522,115
<NET-INVESTMENT-INCOME> 1,608,123
<REALIZED-GAINS-CURRENT> 8,728,547
<APPREC-INCREASE-CURRENT> 9,471,271
<NET-CHANGE-FROM-OPS> 19,807,941
<EQUALIZATION> 378,336
<DISTRIBUTIONS-OF-INCOME> (2,027,073)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,500,000
<NUMBER-OF-SHARES-REDEEMED> 3,050,471
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 125,021,273
<PER-SHARE-NAV-BEGIN> 23.59
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 3.88
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> (0.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.46
<EXPENSE-RATIO> .56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 6
<NAME> FINANCIAL
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 123,907,302
<RECEIVABLES> 187,251
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,714
<TOTAL-ASSETS> 124,105,267
<PAYABLE-FOR-SECURITIES> 146,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 549,728
<TOTAL-LIABILITIES> 696,303
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140,474,261
<SHARES-COMMON-STOCK> 5,600,087
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (275,029)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,797,889)
<NET-ASSETS> 123,408,964
<DIVIDEND-INCOME> 1,436,229
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 478,214
<NET-INVESTMENT-INCOME> 958,015
<REALIZED-GAINS-CURRENT> 4,854,084
<APPREC-INCREASE-CURRENT> (16,797,889)
<NET-CHANGE-FROM-OPS> (10,985,790)
<EQUALIZATION> 32,335
<DISTRIBUTIONS-OF-INCOME> (982,882)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,850,000
<NUMBER-OF-SHARES-REDEEMED> 2,250,504
<SHARES-REINVESTED> 87
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 113,497,563
<PER-SHARE-NAV-BEGIN> 22.02
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> (0.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.04
<EXPENSE-RATIO> .57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001064641
<NAME> SELECT SECTOR SPDR TRUST
<SERIES>
<NUMBER> 9
<NAME> UTILITIES
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 81,492,131
<RECEIVABLES> 6,294,537
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,151
<TOTAL-ASSETS> 87,787,819
<PAYABLE-FOR-SECURITIES> 5,910,189
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 709,635
<TOTAL-LIABILITIES> 6,619,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,812,551
<SHARES-COMMON-STOCK> 2,750,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20,865
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 476,708
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,142,129)
<NET-ASSETS> 81,167,995
<DIVIDEND-INCOME> 1,554,932
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 277,059
<NET-INVESTMENT-INCOME> 1,277,873
<REALIZED-GAINS-CURRENT> 457,587
<APPREC-INCREASE-CURRENT> (2,142,129)
<NET-CHANGE-FROM-OPS> (406,669)
<EQUALIZATION> 124,047
<DISTRIBUTIONS-OF-INCOME> (1,382,031)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,900,000
<NUMBER-OF-SHARES-REDEEMED> 150,382
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 23,752,897
<PER-SHARE-NAV-BEGIN> 29.06
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> (0.60)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.52
<EXPENSE-RATIO> .57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
November 22, 1999
To the Trustees and Shareholders of The Select Sector SPDR Trust
In planning and performing our audit of the financial statements
of each of the nine funds (each a "Fund") comprising The Select
Sector SPDR Trust (the "Trust") for the year ended September 30,
1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1999.
This report is intended solely for the information and use of
management, the Trustees and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 22, 1999
