Quarterly Report
June 30, 2025
The Select Sector SPDR® Trust
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.
TABLE OF CONTENTS (Unaudited)
| Schedules of Investments (Unaudited) | |
| 1 | |
| 3 | |
| 5 | |
| 7 | |
| 9 | |
| 11 | |
| 13 | |
| 16 | |
| 18 | |
| 20 | |
| 22 | |
| 24 |
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.
THE COMMUNICATION SERVICES SELECT SECTOR
SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes
to Schedule of Investments.
1
THE COMMUNICATION SERVICES SELECT SECTOR
SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $24,092,870,718 | $— | $— | $24,092,870,718 | ||||
Short-Term Investments | 339,105,230 | — | — | 339,105,230 | ||||
TOTAL INVESTMENTS | $24,431,975,948 | $— | $— | $24,431,975,948 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $684,395 | $— | $— | $684,395 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $684,395 | $— | $— | $684,395 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 33,446,835 | $33,446,835 | $570,388,650 | $559,907,276 | $— | $— | 43,928,209 | $43,928,209 | $898,630 | ||||||||
State Street Navigator Securities Lending Portfolio II | 66,957,166 | 66,957,166 | 2,748,263,984 | 2,520,044,129 | — | — | 295,177,021 | 295,177,021 | 321,624 | ||||||||
Total | $100,404,001 | $3,318,652,634 | $3,079,951,405 | $— | $— | $339,105,230 | $1,220,254 |
See accompanying notes to Schedule of
Investments.
2
THE CONSUMER DISCRETIONARY SELECT SECTOR
SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes to
Schedule of Investments.
3
THE CONSUMER DISCRETIONARY SELECT SECTOR
SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
At June 30, 2025,
open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Consumer Discretionary Select Sector Index (long) | 57 | 09/19/2025 | $12,431,269 | $12,639,750 | $208,481 |
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $22,490,176,647 | $— | $— | $22,490,176,647 | ||||
Short-Term Investments | 9,670,715 | — | — | 9,670,715 | ||||
TOTAL INVESTMENTS | $22,499,847,362 | $— | $— | $22,499,847,362 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $208,481 | $— | $— | $208,481 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $208,481 | $— | $— | $208,481 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 10,146,122 | $10,146,122 | $275,636,371 | $279,131,769 | $— | $— | 6,650,724 | $6,650,724 | $566,060 | ||||||||
State Street Navigator Securities Lending Portfolio II | 48,327,921 | 48,327,921 | 2,747,697,705 | 2,793,005,635 | — | — | 3,019,991 | 3,019,991 | 126,808 | ||||||||
Total | $58,474,043 | $3,023,334,076 | $3,072,137,404 | $— | $— | $9,670,715 | $692,868 |
See accompanying notes to Schedule of
Investments.
4
THE CONSUMER STAPLES SELECT SECTOR SPDR
FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes to Schedule of
Investments.
5
THE CONSUMER STAPLES SELECT SECTOR SPDR
FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $15,842,207,447 | $— | $— | $15,842,207,447 | ||||
Short-Term Investments | 69,253,171 | — | — | 69,253,171 | ||||
TOTAL INVESTMENTS | $15,911,460,618 | $— | $— | $15,911,460,618 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $338,732 | $— | $— | $338,732 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $338,732 | $— | $— | $338,732 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 27,385,481 | $27,385,481 | $607,365,427 | $610,127,517 | $— | $— | 24,623,391 | $24,623,391 | $954,362 | ||||||||
State Street Navigator Securities Lending Portfolio II | 68,582,092 | 68,582,092 | 2,468,524,025 | 2,492,476,337 | — | — | 44,629,780 | 44,629,780 | 144,878 | ||||||||
Total | $95,967,573 | $3,075,889,452 | $3,102,603,854 | $— | $— | $69,253,171 | $1,099,240 |
See accompanying notes to Schedule of
Investments.
6
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
At June
30, 2025, open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Energy Select Sector Index (long) | 591 | 09/19/2025 | $54,666,318 | $52,941,780 | $(1,724,538) |
The following
table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
See accompanying notes to Schedule of
Investments.
7
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 68,548,523 | $68,548,523 | $1,553,211,197 | $1,583,279,171 | $— | $— | 38,480,549 | $38,480,549 | $3,032,352 | ||||||||
State Street Navigator Securities Lending Portfolio II | 79,399,178 | 79,399,178 | 4,421,998,553 | 4,435,710,383 | — | — | 65,687,348 | 65,687,348 | 185,203 | ||||||||
Total | $147,947,701 | $5,975,209,750 | $6,018,989,554 | $— | $— | $104,167,897 | $3,217,555 |
See accompanying notes to Schedule of
Investments.
8
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See
accompanying notes to Schedule of Investments.
9
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
At June
30, 2025, open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Financial Select Sector Index (long) | 250 | 09/19/2025 | $38,764,575 | $40,710,000 | $1,945,425 |
The following
table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $50,061,568,287 | $— | $— | $50,061,568,287 | ||||
Short-Term Investments | 36,903,508 | — | — | 36,903,508 | ||||
TOTAL INVESTMENTS | $50,098,471,795 | $— | $— | $50,098,471,795 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $1,945,425 | $— | $— | $1,945,425 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $1,945,425 | $— | $— | $1,945,425 |
Affiliate
Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Corp. | 2,004,074 | $177,300,427 | $161,100,464 | $165,993,265 | $3,317,650 | $30,330,805 | 1,937,710 | $206,056,081 | $4,731,295 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 71,238,577 | 71,238,577 | 1,071,209,841 | 1,115,187,200 | — | — | 27,261,218 | 27,261,218 | 1,669,185 | ||||||||
State Street Navigator Securities Lending Portfolio II | 50,484,153 | 50,484,153 | 1,983,632,424 | 2,024,474,287 | — | — | 9,642,290 | 9,642,290 | 59,036 | ||||||||
Total | $299,023,157 | $3,215,942,729 | $3,305,654,752 | $3,317,650 | $30,330,805 | $242,959,589 | $6,459,516 |
See accompanying notes to Schedule of
Investments.
10
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes to
Schedule of Investments.
11
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $34,224,882,662 | $— | $— | $34,224,882,662 | ||||
Short-Term Investments | 109,450,429 | — | — | 109,450,429 | ||||
TOTAL INVESTMENTS | $34,334,333,091 | $— | $— | $34,334,333,091 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 19,187,855 | $19,187,855 | $740,054,181 | $729,136,811 | $— | $— | 30,105,225 | $30,105,225 | $1,512,773 | ||||||||
State Street Navigator Securities Lending Portfolio II | 22,924,533 | 22,924,533 | 1,801,747,306 | 1,745,326,635 | — | — | 79,345,204 | 79,345,204 | 89,723 | ||||||||
Total | $42,112,388 | $2,541,801,487 | $2,474,463,446 | $— | $— | $109,450,429 | $1,602,496 |
See accompanying notes to Schedule of
Investments.
12
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes to
Schedule of Investments.
13
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
At June
30, 2025, open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Industrial Select Sector Index (long) | 186 | 09/19/2025 | $26,917,734 | $27,914,880 | $997,146 |
The following
table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
See accompanying notes to Schedule of
Investments.
14
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 13,132,581 | $13,132,581 | $396,483,051 | $386,993,169 | $— | $— | 22,622,463 | $22,622,463 | $380,838 | ||||||||
State Street Navigator Securities Lending Portfolio II | 29,582,949 | 29,582,949 | 2,824,927,882 | 2,783,639,641 | — | — | 70,871,190 | 70,871,190 | 123,836 | ||||||||
Total | $42,715,530 | $3,221,410,933 | $3,170,632,810 | $— | $— | $93,493,653 | $504,674 |
See accompanying notes to Schedule of
Investments.
15
THE MATERIALS SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes
to Schedule of Investments.
16
THE MATERIALS SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $5,336,462,611 | $— | $— | $5,336,462,611 | ||||
Short-Term Investments | 14,901,727 | — | — | 14,901,727 | ||||
TOTAL INVESTMENTS | $5,351,364,338 | $— | $— | $5,351,364,338 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $81,270 | $— | $— | $81,270 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $81,270 | $— | $— | $81,270 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 6,830,419 | $6,830,419 | $378,371,261 | $379,100,099 | $— | $— | 6,101,581 | $6,101,581 | $312,608 | ||||||||
State Street Navigator Securities Lending Portfolio II | 8,230,922 | 8,230,922 | 1,033,161,306 | 1,032,592,082 | — | — | 8,800,146 | 8,800,146 | 70,898 | ||||||||
Total | $15,061,341 | $1,411,532,567 | $1,411,692,181 | $— | $— | $14,901,727 | $383,506 |
See accompanying notes to Schedule of
Investments.
17
THE REAL ESTATE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
At June
30, 2025, open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Real Estate Select Sector Index (long) | 650 | 09/19/2025 | $33,514,838 | $33,271,875 | $(242,963) |
See accompanying notes
to Schedule of Investments.
18
THE REAL ESTATE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $7,355,014,317 | $— | $— | $7,355,014,317 | ||||
Short-Term Investment | 12,475,560 | — | — | 12,475,560 | ||||
TOTAL INVESTMENTS | $7,367,489,877 | $— | $— | $7,367,489,877 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Depreciation | $(242,963) | $— | $— | $(242,963) | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $(242,963) | $— | $— | $(242,963) |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 19,989,198 | $19,989,198 | $303,150,976 | $310,664,614 | $— | $— | 12,475,560 | $12,475,560 | $314,990 | ||||||||
State Street Navigator Securities Lending Portfolio II | — | — | 29,305,770 | 29,305,770 | — | — | — | — | 1,826 | ||||||||
Total | $19,989,198 | $332,456,746 | $339,970,384 | $— | $— | $12,475,560 | $316,816 |
See accompanying notes to Schedule of
Investments.
19
THE TECHNOLOGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes to
Schedule of Investments.
20
THE TECHNOLOGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
At June
30, 2025, open futures contracts were as follows:
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Technology Select Sector Index (long) | 325 | 09/19/2025 | $79,012,375 | $83,772,000 | $4,759,625 |
The following
table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $79,842,374,366 | $— | $— | $79,842,374,366 | ||||
Short-Term Investments | 75,359,418 | — | — | 75,359,418 | ||||
TOTAL INVESTMENTS | $79,917,733,784 | $— | $— | $79,917,733,784 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $4,759,625 | $— | $— | $4,759,625 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $4,759,625 | $— | $— | $4,759,625 |
Affiliate
Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 60,641,795 | $60,641,795 | $843,861,913 | $837,233,883 | $— | $— | 67,269,825 | $67,269,825 | $1,970,482 | ||||||||
State Street Navigator Securities Lending Portfolio II | 100,144,368 | 100,144,368 | 3,829,685,014 | 3,921,739,789 | — | — | 8,089,593 | 8,089,593 | 205,744 | ||||||||
Total | $160,786,163 | $4,673,546,927 | $4,758,973,672 | $— | $— | $75,359,418 | $2,176,226 |
See accompanying notes to Schedule of
Investments.
21
THE UTILITIES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
June 30, 2025 (Unaudited)
See accompanying notes
to Schedule of Investments.
22
THE UTILITIES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2025 (Unaudited)
The following table
summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.
| Description | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks | $18,963,433,862 | $— | $— | $18,963,433,862 | ||||
Short-Term Investments | 91,782,361 | — | — | 91,782,361 | ||||
TOTAL INVESTMENTS | $19,055,216,223 | $— | $— | $19,055,216,223 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation | $323,121 | $— | $— | $323,121 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: | $323,121 | $— | $— | $323,121 |
Affiliate Table
| Number of Shares Held at 9/30/24 | Value at 9/30/24 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Number of Shares Held at 6/30/25 | Value at 6/30/25 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 43,608,727 | $43,608,727 | $636,803,266 | $661,619,257 | $— | $— | 18,792,736 | $18,792,736 | $1,330,239 | ||||||||
State Street Navigator Securities Lending Portfolio II | 81,267,566 | 81,267,566 | 1,820,483,099 | 1,828,761,040 | — | — | 72,989,625 | 72,989,625 | 81,567 | ||||||||
Total | $124,876,293 | $2,457,286,365 | $2,490,380,297 | $— | $— | $91,782,361 | $1,411,806 |
See accompanying notes to Schedule of
Investments.
23
THE SELECT SECTOR SPDR TRUST
NOTES TO SCHEDULES OF INVESTMENTS
June 30, 2025 (Unaudited)
Security Valuation
Each Fund's investments
are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is
not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature,
a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed
by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the
determination of the fair value of investments.
Valuation techniques used
to value each Fund’s investments by major category are as follows:
• 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 the Fund’s NAV and the prices used by the Fund’s respective Select Sector Index, which in turn could result in a difference between the
Fund’s performance and the performance of the Fund’s respective Select Sector Index. Various inputs are used in overseeing the determination of 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 June 30, 2025, is disclosed in each Fund’s respective Schedule of Investments.
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THE SELECT SECTOR SPDR TRUST
NOTES TO SCHEDULES OF
INVESTMENTS (continued)
June 30, 2025 (Unaudited)
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, the 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 Funds 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. The 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.
Other Transactions with
Affiliates
The Funds may invest in
affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting
securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2025, are disclosed in the Funds' respective Schedules of Investments.
Other information
regarding the Funds is available in the Funds' most recent Report to Shareholders. This information is also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
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