UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
SPDR® INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
(Address of principal executive offices) (zip code)
(Name and Address of Agent for Service) | Copy to: | |
Ryan M. Louvar, Esq. State Street Bank and Trust Company One Lincoln Street/CPH0326 Boston, MA 02111 | W. John McGuire, Esq. Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, N.W. Washington, DC 20004 |
Registrant’s telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: September 30, 2011
TABLE OF CONTENTS
Item 1. Reports to Shareholders.
SPDR® Index Shares Funds Annual Report September 30, 2011 Precise in a world that isn’t. SM ® |
TABLE OF CONTENTS
President’s Letter to Shareholders | 1 | |
Management’s Discussions of Fund Performance and Portfolio Summaries . | 2 | |
SPDR STOXX Europe 50® ETF (FEU) | 2 | |
SPDR EURO STOXX 50® ETF (FEZ) | 6 | |
SPDR S&P® Emerging Asia Pacific ETF (GMF) | 10 | |
SPDR S&P Russia ETF (RBL) | 14 | |
SPDR S&P China ETF (GXC) | 18 | |
SPDR S&P Emerging Markets ETF (GMM) | 22 | |
SPDR S&P Emerging Markets Dividend ETF (EDIV) | 26 | |
SPDR S&P BRIC 40 ETF (BIK) | 30 | |
SPDR S&P Emerging Europe ETF (GUR) | 34 | |
SPDR S&P Emerging Latin America ETF (GML) | 38 | |
SPDR S&P Emerging Middle East & Africa ETF (GAF) | 42 | |
SPDR S&P World ex-US ETF (GWL) | 46 | |
SPDR S&P International Small Cap ETF (GWX) | 50 | |
SPDR Dow Jones International Real Estate ETF (RWX) | 54 | |
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) | 59 | |
SPDR S&P Global Natural Resources ETF (GNR) | 63 | |
SPDR MSCI ACWI ex-US ETF (CWI) | 67 | |
SPDR Russell/Nomura PRIMETM Japan ETF (JPP) | 71 | |
SPDR Russell/Nomura Small CapTM Japan ETF (JSC) | 75 | |
SPDR S&P International Dividend ETF (DWX) | 79 | |
SPDR S&P International Mid Cap ETF (MDD) | 83 | |
SPDR S&P Emerging Markets Small Cap ETF (EWX) | 87 | |
SPDR Dow Jones Global Real Estate ETF (RWO) | 91 | |
SPDR S&P International Consumer Discretionary Sector ETF (IPD) | 96 | |
SPDR S&P International Consumer Staples Sector ETF (IPS) | 100 | |
SPDR S&P International Energy Sector ETF (IPW) | 104 | |
SPDR S&P International Financial Sector ETF (IPF) | 108 | |
SPDR S&P International Health Care Sector ETF (IRY) | 112 | |
SPDR S&P International Industrial Sector ETF (IPN) | 116 | |
SPDR S&P International Materials Sector ETF (IRV) | 120 | |
SPDR S&P International Technology Sector ETF (IPK) | 124 | |
SPDR S&P International Telecommunications Sector ETF (IST) | 128 | |
SPDR S&P International Utilities Sector ETF (IPU) | 132 | |
Schedules of Investments | ||
SPDR STOXX Europe 50 ETF (FEU) | 136 | |
SPDR EURO STOXX 50 ETF (FEZ) | 137 | |
SPDR S&P Emerging Asia Pacific ETF (GMF) | 138 | |
SPDR S&P Russia ETF (RBL) | 142 | |
SPDR S&P China ETF (GXC) | 143 | |
SPDR S&P Emerging Markets ETF (GMM) | 148 |
SPDR S&P Emerging Markets Dividend ETF (EDIV) | 155 | |
SPDR S&P BRIC 40 ETF (BIK) | 157 | |
SPDR S&P Emerging Europe ETF (GUR) | 158 | |
SPDR S&P Emerging Latin America ETF (GML) | 160 | |
SPDR S&P Emerging Middle East & Africa ETF (GAF) | 162 | |
SPDR S&P World ex-US ETF (GWL) | 164 | |
SPDR S&P International Small Cap ETF (GWX) | 171 | |
SPDR Dow Jones International Real Estate ETF (RWX) | 179 | |
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) | 181 | |
SPDR S&P Global Natural Resources ETF (GNR) | 183 | |
SPDR MSCI ACWI ex-US ETF (CWI) | 185 | |
SPDR Russell/Nomura PRIME Japan ETF (JPP) | 192 | |
SPDR Russell/Nomura Small Cap Japan ETF (JSC) | 197 | |
SPDR S&P International Dividend ETF (DWX) | 202 | |
SPDR S&P International Mid Cap ETF (MDD) | 204 | |
SPDR S&P Emerging Markets Small Cap ETF (EWX) | 209 | |
SPDR Dow Jones Global Real Estate ETF (RWO) | 219 | |
SPDR S&P International Consumer Discretionary Sector ETF (IPD) | 222 | |
SPDR S&P International Consumer Staples Sector ETF (IPS) | 224 | |
SPDR S&P International Energy Sector ETF (IPW) | 226 | |
SPDR S&P International Financial Sector ETF (IPF) | 228 | |
SPDR S&P International Health Care Sector ETF (IRY) | 230 | |
SPDR S&P International Industrial Sector ETF (IPN) | 232 | |
SPDR S&P International Materials Sector ETF (IRV) | 234 | |
SPDR S&P International Technology Sector ETF (IPK) | 236 | |
SPDR S&P International Telecommunications Sector ETF (IST) | 238 | |
SPDR S&P International Utilities Sector ETF (IPU) | 240 | |
Financial Statements | 242 | |
Financial Highlights | 268 | |
Notes to Financial Statements | 290 | |
Report of Independent Registered Public Accounting Firm | 312 | |
Other Information | 313 |
President’s Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with the Annual Report for the SPDR Index Shares Funds for the fiscal year ended September 30, 2011, along with Management’s Discussion and Analysis of each of the SPDR Index Shares Funds. My colleagues and I take great pride in State Street’s heritage as a pioneer of Exchange Traded Funds (ETFs). We hope that you will find the enclosed information helpful as you review your portfolio.
The SPDR Index Shares Funds continue to allow investors to precisely target these opportunities across a spectrum of global market benchmarks and industries. Furthermore, ETFs feature low costs, flexibility, transparency, tax efficiency and access to hard to reach asset classes that continue to resonate with investors in today’s fragile global markets.
We thank you for the confidence you have placed in the SPDR Index Shares Funds and we pledge to continue to support you with the exceptional products and services you need to help you achieve your investment goals.
Sincerely,
James Ross
President
1
SPDR STOXX Europe 50 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® STOXX Europe 50 ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of the STOXX Europe 50 Index (the “Index”). In seeking this objective, the Fund uses a replication strategy designed to track the price and yield performance of the STOXX Europe 50 Index.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −11.37%, and the total return for the Index was −11.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Worrisome military tensions on the Korean peninsula and lingering debt concerns in Europe loomed as recurring threats to investor sentiment. Turmoil in Libya and other Arab nations kept oil prices on the move. Concerns about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern Japan. Deepening credit woes in peripheral Europe and the tragic devastation in Japan left many developed markets with losses in March. The killing of notorious terrorist Osama bin Laden created excessive enthusiasm among investors who had to contend with less amicable economic indicators as well as with nervous sovereign bond markets that took little comfort from evolving approaches to stabilizing Greek finances. Hopes stayed high that expanded financial support for troubled eurozone sovereigns would mitigate the impact of fiscal austerity initiatives. A credit downgrade of U.S. debt highlighted the lack of budget flexibility available to even the largest western governments. Business confidence in Germany retreated steadily from early 2011 highs, echoed by similar declines in other European countries. Just as commodity prices were beginning to ease off, raising hopes that developing countries might be ready to loosen policy a bit, foreign exchange instability arrived as an unexpected threat to price behavior.
The financial sector weighed heavy on the Fund. All financial stocks in the Fund lost ground during the year with the largest declines in UniCredit SpA, Societe Generale, and Intesa Sanpaolo SpA. On the positive side consumer staples were a bright spot with British American Tobacco PLC and Diageo PLC leading the way.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
2
SPDR STOXX Europe 50 ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.29%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | STOXX EUROPE | NET ASSET | MARKET | STOXX EUROPE | |||||||||||||||||||
VALUE | VALUE | 50 INDEX | VALUE | VALUE | 50 INDEX | |||||||||||||||||||
ONE YEAR | −11.37% | −12.48% | −11.53% | −11.37% | −12.48% | −11.53% | ||||||||||||||||||
THREE YEARS | −13.01% | −15.65% | −13.15% | −4.54% | −5.51% | −4.59% | ||||||||||||||||||
FIVE YEARS | −23.56% | −25.10% | −23.73% | −5.23% | −5.62% | −5.27% | ||||||||||||||||||
SINCE INCEPTION (1) | 50.32% | 48.09% | 51.26% | 4.65% | 4.48% | 4.73% | ||||||||||||||||||
(1) | For the period October 15, 2002 to September 30, 2011. |
3
SPDR STOXX Europe 50 ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
4
SPDR STOXX Europe 50 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | NESTLE SA | NOVARTIS AG | HSBC HOLDINGS PLC | VODAFONE GROUP PLC | ROCHE HOLDING AG | |||||
MARKET VALUE | $1,768,090 | 1,494,861 | 1,339,677 | 1,279,322 | 1,105,153 | |||||
% OF NET ASSETS | 6.0 | 5.0 | 4.5 | 4.3 | 3.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Pharmaceuticals | 18.4 | % | ||||
Oil, Gas & Consumable Fuels | 14.2 | |||||
Commercial Banks | 11.6 | |||||
Food Products | 9.0 | |||||
Metals & Mining | 5.4 | |||||
Diversified Telecommunication Services | 4.7 | |||||
Wireless Telecommunication Services | 4.3 | |||||
Capital Markets | 3.5 | |||||
Insurance | 3.2 | |||||
Chemicals | 3.0 | |||||
Beverages | 2.9 | |||||
Tobacco | 2.8 | |||||
Industrial Conglomerates | 2.6 | |||||
Multi-Utilities | 2.5 | |||||
Software | 1.5 | |||||
Food & Staples Retailing | 1.5 | |||||
Electric Utilities | 1.4 | |||||
Electrical Equipment | 1.3 | |||||
Automobiles | 1.3 | |||||
Textiles, Apparel & Luxury Goods | 1.2 | |||||
Specialty Retail | 1.0 | |||||
Communications Equipment | 0.9 | |||||
Diversified Financial Services | 0.9 | |||||
Short Term Investments | 0.8 | |||||
Other Assets & Liabilities | 0.1 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
5
SPDR EURO STOXX 50 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® EURO STOXX 50 ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of the EURO STOXX 50 Index (the “Index”). In seeking this objective, the Fund uses a replication strategy designed to track the price and yield performance of the EURO STOXX 50 Index.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −18.88%, and the total return for the Index was −19.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to expenses, cash drag and compounding differences resulting from performance volatility.
Worrisome military tensions on the Korean peninsula and lingering debt concerns in Europe loomed as recurring threats to investor sentiment. Turmoil in Libya and other Arab nations kept oil prices on the move. Concerns about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern Japan. Deepening credit woes in peripheral Europe and the tragic devastation in Japan left many developed markets with losses in March. The killing of notorious terrorist Osama bin Laden created excessive enthusiasm among investors who had to contend with less amicable economic indicators as well as with nervous sovereign bond markets that took little comfort from evolving approaches to stabilizing Greek finances. Hopes stayed high that expanded financial support for troubled eurozone sovereigns would mitigate the impact of fiscal austerity initiatives. A credit downgrade of U.S. debt highlighted the lack of budget flexibility available to even the largest western governments. Business confidence in Germany retreated steadily from early 2011 highs, echoed by similar declines in other European countries. Just as commodity prices were beginning to ease off, raising hopes that developing countries might be ready to loosen policy a bit, foreign exchange instability arrived as an unexpected threat to price behavior.
The financial sector weighed heavily on the Fund. All financial stocks in the Fund lost ground during the year. On the positive side Unilever NV (the health and wellness business company) led the way followed by the energy company Repsol YPF SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
6
SPDR EURO STOXX 50 ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.29%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | EURO STOXX | NET ASSET | MARKET | EURO STOXX | |||||||||||||||||||
VALUE | VALUE | 50 INDEX | VALUE | VALUE | 50 INDEX | |||||||||||||||||||
ONE YEAR | −18.88% | −19.76% | −19.29% | −18.88% | −19.76% | −19.29% | ||||||||||||||||||
THREE YEARS | −23.18% | −25.67% | −24.01% | −8.42% | −9.42% | −8.75% | ||||||||||||||||||
FIVE YEARS | −29.23% | −30.48% | −30.42% | −6.68% | −7.01% | −7.00% | ||||||||||||||||||
SINCE INCEPTION (1) | 57.88% | 55.58% | 55.13% | 5.23% | 5.06% | 5.02% | ||||||||||||||||||
(1) | For the period October 15, 2002 to September 30, 2011. |
7
SPDR EURO STOXX 50 ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
8
SPDR EURO STOXX 50 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | TOTAL SA | SANOFI-AVENTIS SA | SIEMENS AG | TELEFONICA SA | BANCO SANTANDER SA | |||||
MARKET VALUE | $6,809,464 | 5,601,148 | 5,425,394 | 5,296,965 | 4,847,021 | |||||
% OF NET ASSETS | 5.9 | 4.8 | 4.7 | 4.6 | 4.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 12.5 | % | ||||
Diversified Telecommunication Services | 10.7 | |||||
Oil, Gas & Consumable Fuels | 9.8 | |||||
Pharmaceuticals | 7.5 | |||||
Insurance | 6.5 | |||||
Electric Utilities | 5.7 | |||||
Industrial Conglomerates | 5.7 | |||||
Chemicals | 5.3 | |||||
Food Products | 5.2 | |||||
Automobiles | 4.8 | |||||
Multi-Utilities | 3.3 | |||||
Software | 2.8 | |||||
Beverages | 2.3 | |||||
Diversified Financial Services | 2.2 | |||||
Textiles, Apparel & Luxury Goods | 2.1 | |||||
Capital Markets | 1.9 | |||||
Electrical Equipment | 1.8 | |||||
Personal Products | 1.4 | |||||
Construction & Engineering | 1.4 | |||||
Communications Equipment | 1.3 | |||||
Specialty Retail | 1.1 | |||||
Building Products | 1.0 | |||||
Real Estate Investment Trusts | 1.0 | |||||
Metals & Mining | 0.9 | |||||
Food & Staples Retailing | 0.8 | |||||
Construction Materials | 0.7 | |||||
Short Term Investments | 1.5 | |||||
Other Assets & Liabilities | (1.2 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. ( Note 2) |
9
SPDR S&P Emerging Asia Pacific ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Asia Pacific ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of the Asia Pacific Region. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Asia Pacific Emerging BMI Index (the “Index”). The Fund also employs futures to maintain market exposure for cash and receivables as well as for market access where direct access is more limited.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −15.55%, and the total return for the Index was −17.07%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, compounding differences resulting from performance volatility, cash drag, payment of taxes on dividends which are not reflected in the Index and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
The Asia Pacific region ended 2010 on a positive note with the Index returning 6% in the fourth quarter. The region continued to be resilient to growing uncertainty as to the path of the Chinese economy, the largest market in the region; in particular, investors were increasingly concerned about the ability of the Chinese authorities to restrain inflation while also avoiding the risk of a recession in 2011. In the quarter, inflation in China accelerated to a 5.1% annual rate.
Although the Index returned 0% in the first two quarters of 2011, the region experienced dramatic market volatility on a monthly basis. Since the onset of the continued global economic contraction sparked by the financial crisis in the U.S. beginning in late 2007, monetary policy in Asia has been highly accommodative and inflation throughout the first two quarters of 2011 was accelerating in several countries. The increase in inflation reflects not just increases in the price of food and oil, but also in some countries tighter labor markets and structural factors.
The S&P Emerging Market Asia Pacific finished on a down note as the Index returned −21% in the third quarter of 2011, most of that coming in September return of −13%. The region reflected in part concerns over “double dip” recession in the U.S. and its potential impact on Asian exporters. During this time, Asian policymakers have been preoccupied with controlling inflation which had arisen, in part, because of rising oil and food prices. In general, investors expect further tightening by Asian central banks but volatility in global capital markets may lead them to slow the pace of tightening. Nonetheless, in the quarter, China, India and Thailand all tightened policy.
The largest contributor in the Fund for the year ending September 30, 2011 was Taiwan Semiconductor Manufacturing Co., Ltd. Most of the stock’s appreciation came in December as upward revisions to forecasts for global consumer spending led to share increases in estimates for output in 2011. The largest detractor in the Fund for the year ending September 30, 2011 was China Construction Bank Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
10
SPDR S&P Emerging Asia Pacific ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P ASIA PACIFIC | NET ASSET | MARKET | S&P ASIA PACIFIC | |||||||||||||||||||
VALUE | VALUE | EMERGING BMI INDEX | VALUE | VALUE | EMERGING BMI INDEX | |||||||||||||||||||
ONE YEAR | −15.55% | −18.61% | −17.07% | −15.55% | −18.61% | −17.07% | ||||||||||||||||||
THREE YEARS | 31.81% | 26.27% | 35.35% | 9.64% | 8.08% | 10.62% | ||||||||||||||||||
SINCE INCEPTION (1) | 20.52% | 16.21% | 20.22% | 4.20% | 3.37% | 4.14% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011. |
11
SPDR S&P Emerging Asia Pacific ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
12
SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
TAIWAN | ||||||||||
SEMICONDUCTOR | CHINA | RELIANCE | ||||||||
MANUFACTURING | CONSTRUCTION | PETROCHINA | INDUSTRIES, | |||||||
DESCRIPTION | CO., LTD. ADR | CHINA MOBILE, LTD. | BANK CORP. | CO., LTD. | LTD. GDR | |||||
MARKET VALUE | $17,731,919 | 14,812,747 | 12,630,468 | 9,593,554 | 9,080,365 | |||||
% OF NET ASSETS | 3.4 | 2.9 | 2.4 | 1.8 | 1.7 | |||||
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 15.9 | % | ||||
Oil, Gas & Consumable Fuels | 12.2 | |||||
Semiconductors & Semiconductor Equipment | 7.1 | |||||
Wireless Telecommunication Services | 6.3 | |||||
Computers & Peripherals | 3.8 | |||||
Internet Software & Services | 3.6 | |||||
Electronic Equipment, Instruments & Components | 3.6 | |||||
Insurance | 2.9 | |||||
Metals & Mining | 2.9 | |||||
Automobiles | 2.9 | |||||
Chemicals | 2.8 | |||||
IT Services | 2.7 | |||||
Food Products | 2.7 | |||||
Diversified Telecommunication Services | 2.7 | |||||
Real Estate Management & Development | 2.2 | |||||
Construction Materials | 2.2 | |||||
Hotels, Restaurants & Leisure | 1.9 | |||||
Independent Power Producers & Energy Traders | 1.6 | |||||
Transportation Infrastructure | 1.6 | |||||
Industrial Conglomerates | 1.5 | |||||
Communications Equipment | 1.5 | |||||
Construction & Engineering | 1.4 | |||||
Diversified Financial Services | 1.2 | |||||
Capital Markets | 0.9 | |||||
Electrical Equipment | 0.9 | |||||
Household Products | 0.8 | |||||
Thrifts & Mortgage Finance | 0.8 | |||||
Electric Utilities | 0.7 | |||||
Food & Staples Retailing | 0.7 | |||||
Pharmaceuticals | 0.7 | |||||
Beverages | 0.7 | |||||
Marine | 0.6 | |||||
Tobacco | 0.5 | |||||
Health Care Providers & Services | 0.5 | |||||
Gas Utilities | 0.5 | |||||
Airlines | 0.5 | |||||
Media | 0.4 | |||||
Energy Equipment & Services | 0.4 | |||||
Building Products | 0.3 | |||||
Machinery | 0.2 | |||||
Textiles, Apparel & Luxury Goods | 0.2 | |||||
Household Durables | 0.1 | |||||
Health Care Equipment & Supplies | 0.1 | |||||
Paper & Forest Products | 0.0 | *** | ||||
Short Term Investments | 8.0 | |||||
Other Assets & Liabilities | (5.7 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for Polaris Securities Co., Ltd., which was Level 2 and part of the Capital Markets Industry, ProMOS Technologies, Inc., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, and Taiwan Mobile Co., Ltd., which was Level 2 and part of the Wireless Telecommunication Services Industry, representing 0.09%, 0.00%, and 0.26% of net assets, respectively. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
13
SPDR S&P Russia ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Russia ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an equity index based upon the Russian equity market. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Russia Capped BMI Index (the “Index”).
For the period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −13.58%, and the total return for the Index was −12.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
After posting positive returns in the first two quarters of this period that took the Index up about 30%, the Russian market fell 34% in the last two quarters, leaving investors with a bumpy ride and about a 13% loss for the entire period. Returns early in the period were helped by firm oil prices; Russia’s energy intensive economy was helped by higher oil prices caused by unrest in the Middle East. A stronger ruble also boosted returns when translated to dollars. In the second half of the period, a combination of global and local issues conspired to drag down sentiment and returns. Expectations for the global economy continued to weaken, led by a number of factors: ongoing challenges in Europe with the peripheral market debt problems; a weak recovery in the United States; turmoil in the Middle East; and concerns about the health of emerging markets. Specific to Russia, investor sentiment soured due to a number of issues: political dynamics surrounding Putin’s return as President-elect; softer energy prices and persistent inflation challenges; and ongoing concerns regarding corporate governance. Risk aversion and market weakness were not a surprise as these factors played out.
At the stock level, there was a wide dispersion of returns as company specific factors played a big role. Uralkali OJSC, a large potash producer, gained significantly as it posted strong earnings and also merged with fellow producer Silvinit. Gazprom OAO, one of the largest energy companies, and Novatek OAO, among other natural resource names, had positive returns that outperformed the market this period. Consumer name Wimm-Bill-Dann Foods OJSC also had strong returns as it was purchased by Pepsico. On the negative side, Sberbank of Russia and Lukoil OAO were among the biggest detractors from performance.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
14
SPDR S&P Russia ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (03/10/10, 03/11/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P RUSSIA CAPPED | NET ASSET | MARKET | S&P RUSSIA CAPPED | |||||||||||||||||||
VALUE | VALUE | BMI INDEX | VALUE | VALUE | BMI INDEX | |||||||||||||||||||
ONE YEAR | −13.58% | −15.81% | −12.92% | −13.58% | −15.81% | −12.92% | ||||||||||||||||||
SINCE INCEPTION (1) | −12.96% | −15.54% | −10.09% | −8.50% | −10.25% | −6.61% | ||||||||||||||||||
(1) | For the period March 10, 2010 to September 30, 2011. |
15
SPDR S&P Russia ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
16
SPDR S&P Russia ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
MMC NORILSK | NOVATEK | |||||||||
DESCRIPTION | GAZPROM OAO ADR | LUKOIL OAO ADR | SBERBANK OF RUSSIA ADR | NICKEL OJSC ADR | OAO GDR | |||||
MARKET VALUE | $8,825,384 | 4,697,523 | 3,380,084 | 2,704,472 | 1,933,336 | |||||
% OF NET ASSETS | 20.2 | 10.8 | 7.8 | 6.2 | 4.4 | |||||
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 49.1 | % | ||||
Metals & Mining | 13.4 | |||||
Commercial Banks | 10.3 | |||||
Wireless Telecommunication Services | 6.6 | |||||
Chemicals | 4.7 | |||||
Food & Staples Retailing | 3.6 | |||||
Diversified Telecommunication Services | 3.3 | |||||
Electric Utilities | 2.5 | |||||
Internet Software & Services | 1.3 | |||||
Pharmaceuticals | 1.2 | |||||
Energy Equipment & Services | 1.1 | |||||
Transportation Infrastructure | 0.7 | |||||
Road & Rail | 0.6 | |||||
Real Estate Management & Development | 0.5 | |||||
Household Durables | 0.5 | |||||
Media | 0.3 | |||||
Short Term Investments | 5.5 | |||||
Other Assets & Liabilities | (5.2 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
17
SPDR S&P China ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P China ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Chinese equity market. In seeking this objective, the Fund uses sampling strategy designed to track the total return performance of the S&P China BMI Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −22.95%, and the total return for the Index was −24.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology and payment of taxes on dividends which are not reflected in the Index.
China’s equity market muddled through the first three quarters of the fiscal year with the Index rising 2.75% over that period. The fourth quarter was a dramatic change for the worse. Slowing growth in China, the U.S. and Europe, Chinese inflation, tighter monetary policy and fears of a dramatic slowdown in China’s economy all weighed heavily on the China Index. The benchmark Index fell 26.4% in the final quarter of the Reporting Period, resulting in a loss for the year of 24.40%.
Industrial stocks in the Index were one of the hardest hit areas in the market. Signs of a slowdown in the U.S. economy led to reduced estimates of growth in China which in turn led to declines in the prices of industrial companies. Financial companies (about one third of the benchmark index) were also hard hit. Increased inflation, tightened monetary policy and fears of a real estate bubble in China weighed heavily on the sector. Bank of China, Ltd., China Construction Bank Corp. and Industrial & Commercial Bank all had a negative impact on the Index during the year.
The difficulty was widespread as nine of the ten Global Industry Classification Standard (GICS) sectors fell during the year. Telecommunication companies were the one sector that managed to rise during the period. China Unicom (Hong Kong), Ltd. was a top performer in the Telecom sector. Sina Corp., a large information technology company, also posted a strong gain. Each of these firms was able to buck the overall market trend and helped cushion the Fund and Index against falls in other securities.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
18
SPDR S&P China ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P CHINA | NET ASSET | MARKET | S&P CHINA | |||||||||||||||||||
VALUE | VALUE | BMI INDEX | VALUE | VALUE | BMI INDEX | |||||||||||||||||||
ONE YEAR | −22.95% | −25.63% | −24.40% | −22.95% | −25.63% | −24.40% | ||||||||||||||||||
THREE YEARS | 18.80% | 13.79% | 20.13% | 5.91% | 4.40% | 6.30% | ||||||||||||||||||
SINCE INCEPTION (1) | 17.46% | 13.59% | 16.52% | 3.61% | 2.85% | 3.49% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011. |
19
SPDR S&P China ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
20
SPDR S&P China ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
CHINA CONSTRUCTION | INDUSTRIAL & COMMERCIAL | |||||||||
Description | CHINA MOBILE, LTD. | BANK CORP. | BAIDU, INC. ADR | BANK OF CHINA | CNOOC, LTD. | |||||
MARKET VALUE | $52,782,265 | 43,494,488 | 30,016,586 | 27,920,405 | 27,250,946 | |||||
% OF NET ASSETs | 8.6 | 7.0 | 4.9 | 4.5 | 4.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 18.7 | % | ||||
Oil, Gas & Consumable Fuels | 15.9 | |||||
Internet Software & Services | 10.0 | |||||
Wireless Telecommunication Services | 8.5 | |||||
Insurance | 5.8 | |||||
Real Estate Management & Development | 3.9 | |||||
Food Products | 3.8 | |||||
Diversified Telecommunication Services | 3.7 | |||||
Transportation Infrastructure | 2.6 | |||||
Metals & Mining | 2.0 | |||||
Automobiles | 1.9 | |||||
Independent Power Producers & Energy Traders | 1.4 | |||||
Industrial Conglomerates | 1.4 | |||||
Machinery | 1.4 | |||||
Construction Materials | 1.3 | |||||
Construction & Engineering | 1.2 | |||||
Food & Staples Retailing | 1.2 | |||||
Hotels, Restaurants & Leisure | 1.2 | |||||
Chemicals | 1.1 | |||||
Airlines | 1.0 | |||||
Communications Equipment | 1.0 | |||||
Multiline Retail | 0.9 | |||||
Computers & Peripherals | 0.7 | |||||
Textiles, Apparel & Luxury Goods | 0.7 | |||||
Electrical Equipment | 0.7 | |||||
Health Care Equipment & Supplies | 0.7 | |||||
Marine | 0.7 | |||||
Electronic Equipment, Instruments & Components | 0.6 | |||||
Health Care Providers & Services | 0.5 | |||||
Diversified Consumer Services | 0.5 | |||||
Water Utilities | 0.5 | |||||
Beverages | 0.5 | |||||
Specialty Retail | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Software | 0.3 | |||||
Energy Equipment & Services | 0.3 | |||||
Pharmaceuticals | 0.3 | |||||
Media | 0.3 | |||||
Paper & Forest Products | 0.3 | |||||
Semiconductors & Semiconductor Equipment | 0.3 | |||||
Household Products | 0.2 | |||||
IT Services | 0.2 | |||||
Road & Rail | 0.2 | |||||
Biotechnology | 0.1 | |||||
Auto Components | 0.1 | |||||
Diversified Financial Services | 0.1 | |||||
Short Term Investments | 20.9 | |||||
Other Assets & Liabilities | (20.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs except for China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, representing less than 0.05% of net assets. (Note 2) |
21
SPDR S&P Emerging Markets ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Markets ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of the world. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the S&P Emerging BMI Index (the “Index”). The Fund also employs futures to maintain market exposure for cash and receivables as well as for market access where direct access is either more limited or where futures are a more cost effective way to gain market exposure.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −16.06%, and the total return for the Index was −17.52%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to expenses, the payment of taxes on dividends which are not reflected in the Index, sampling and the use of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). The Fund’s derivatives performed as expected and assisted the Fund in tracking its relevant benchmark.
The fiscal year started nicely for the Index. In the first quarter of the year, the Index rose 7.26%. Sovereign debt issues in Europe were temporarily addressed and economic growth in the developed world was expected to continue. The second and third quarter saw some fears creep into markets. The Index rose slightly in the second quarter and fell by a slight amount in the third quarter. Slowing economies in China, Japan (partially due to a massive earthquake and tsunami) and the U.S. weighed on the global economy and stoked fears of a global economic slump.
In the final quarter of the Reporting Period, anxiety took hold of equity markets, but the impact was more pronounced in the emerging markets. The Index fell nearly 22.5% in the quarter. The sovereign crisis of Europe was in full force again. In China, fears of significantly lower growth, tighter monetary policy, and high inflation led to a sharp decline in that market. In Brazil, taxes had been levied in order to slow the appreciation of the Real, but in September the currency fell significantly relative to the dollar in a single month. Globally investors appeared to be reducing portfolio risk and hence selling emerging markets.
The financial sector accounts for the largest portion of the Index, averaging about 24% during the year. This sector fell significantly during the year, accounting for a large portion of the fall in the overall index. Exchange rate woes, tighter monetary policy, European sovereign issues and Chinese real estate bubble concerns all weighed on these companies during the period. Industrials suffered the largest decline over the past year. Many of these companies export products to the developed world and the weakening economies in the developed markets led to lower expected sales and profits for exporters in the emerging world. All ten sectors were negative for the year, and only consumer staples and telecoms (both down slightly) managed to avoid double digit slumps.
Three large Chinese Banks combined to shave a small amount off the Index, which were Bank of China, Ltd., China Construction Bank Corp. and Industrial & Commercial Bank of China. Inflation, increased reserve requirements, fears of a recession and concerns about the local property market all impacted these firms. In Brazil, banking giant Itau Unibanco Holding SA dropped as well as materials giant Companhia Vale Do Rio Doce’s two share classes. The drop in the Brazilian currency explains much of the impact in these securities.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
22
SPDR S&P Emerging Markets ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P EMERGING BMI | NET ASSET | MARKET | S&P EMERGING BMI | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −16.06% | −18.11% | −17.52% | −16.06% | −18.11% | −17.52% | ||||||||||||||||||
THREE YEARS | 19.16% | 15.46% | 22.73% | 6.02% | 4.91% | 7.07% | ||||||||||||||||||
SINCE INCEPTION (1) | 13.14% | 10.53% | 13.38% | 2.76% | 2.23% | 2.80% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011. |
23
SPDR S&P Emerging Markets ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
24
SPDR S&P Emerging Markets ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
PETROLEO BRASILEIRO | AMERICA MOVIL | |||||||||
DESCRIPTION | GAZPROM OAO ADR | VALE SA ADR | SA ADR | CHINA MOBILE, LTD. | SAB DE CV | |||||
MARKET VALUE | $4,602,113 | 4,295,582 | 3,171,801 | 2,896,914 | 2,490,595 | |||||
% OF NET ASSETS | 3.0 | 2.8 | 2.1 | 1.9 | 1.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 16.3 | % | ||||
Commercial Banks | 14.1 | |||||
Metals & Mining | 9.2 | |||||
Wireless Telecommunication Services | 6.6 | |||||
Semiconductors & Semiconductor Equipment | 3.9 | |||||
Beverages | 2.9 | |||||
Internet Software & Services | 2.6 | |||||
Diversified Telecommunication Services | 2.4 | |||||
Food Products | 1.9 | |||||
Automobiles | 1.9 | |||||
Chemicals | 1.9 | |||||
Insurance | 1.8 | |||||
Real Estate Management & Development | 1.7 | |||||
Diversified Financial Services | 1.7 | |||||
IT Services | 1.6 | |||||
Industrial Conglomerates | 1.5 | |||||
Multiline Retail | 1.3 | |||||
Construction & Engineering | 1.3 | |||||
Food & Staples Retailing | 1.3 | |||||
Specialty Retail | 1.3 | |||||
Media | 1.2 | |||||
Computers & Peripherals | 1.2 | |||||
Electric Utilities | 1.2 | |||||
Hotels, Restaurants & Leisure | 1.1 | |||||
Construction Materials | 1.1 | |||||
Electronic Equipment, Instruments & Components | 1.0 | |||||
Communications Equipment | 1.0 | |||||
Pharmaceuticals | 0.9 | |||||
Transportation Infrastructure | 0.8 | |||||
Independent Power Producers & Energy Traders | 0.8 | |||||
Capital Markets | 0.6 | |||||
Thrifts & Mortgage Finance | 0.6 | |||||
Tobacco | 0.6 | |||||
Household Products | 0.5 | |||||
Machinery | 0.5 | |||||
Household Durables | 0.5 | |||||
Electrical Equipment | 0.5 | |||||
Leisure Equipment & Products | 0.4 | |||||
Airlines | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Personal Products | 0.3 | |||||
Marine | 0.2 | |||||
Water Utilities | 0.2 | |||||
Energy Equipment & Services | 0.2 | |||||
Health Care Providers & Services | 0.2 | |||||
Trading Companies & Distributors | 0.2 | |||||
Paper & Forest Products | 0.2 | |||||
Textiles, Apparel & Luxury Goods | 0.2 | |||||
Aerospace & Defense | 0.1 | |||||
Distributors | 0.1 | |||||
Road & Rail | 0.1 | |||||
Health Care Equipment & Supplies | 0.1 | |||||
Professional Services | 0.1 | |||||
Software | 0.0 | *** | ||||
Air Freight & Logistics | 0.0 | *** | ||||
Biotechnology | 0.0 | *** | ||||
Building Products | 0.0 | *** | ||||
Auto Components | 0.0 | *** | ||||
Short Term Investments | 9.9 | |||||
Other Assets & Liabilities | (4.5 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for Bajaj Holdings and Investment, Ltd., which was Level 2 and part of the Diversified Financial Services Industry, and ProMOS Technologies, Inc., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, each representing less than 0.05% of net assets. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
25
SPDR S&P Emerging Markets Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Markets Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P Emerging Markets Dividend Opportunities Index (the “Index”) that tracks dividend paying securities of publicly-traded companies in emerging markets. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the Index.
For the period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −8.73%, and the total return for the Index was −5.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to expenses, cash drag and compounding differences resulting from performance volatility.
Given the strong growth dynamic in Asia and the improved resiliency of many Asian countries to global shocks, it is not surprising that the region was the best-performing at the end of 2010. Though throughout the course of 2011, concerns about inflation, especially in China, India and Latin America have led to continued rate hikes across these economies and yet it is unclear if these moves are having the desired impact. In the Eurozone, Portugal finally relented and asked for help from its Eurozone partners while Ireland and Greece still seem to be under stress. On a sector level, shares in the utilities and telecommunications sectors seldom lead the way among plays on economic recovery, but they do tend to offer ample dividends and they may well have attracted income-oriented investors who seemed to be growing more concerned with the yields in the Treasury market.
The top three contributors to the performance of the Fund were Lottomatica SpA, Telstra Corp., Ltd. and Yellow Media Inc. The top three detractors were RWE AG, PagesJaunes Groupe and Orient Overseas International, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
26
SPDR S&P Emerging Markets Dividend ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/23/11, 2/24/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated February 23, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P EMERGING | S&P EMERGING | |||||||||||||||||||||||
NET ASSET | MARKET | MARKETS DIVIDEND | NET ASSET | MARKET | MARKETS DIVIDEND | |||||||||||||||||||
VALUE | VALUE | OPPORTUNITIES INDEX | VALUE | VALUE | OPPORTUNITIES INDEX | |||||||||||||||||||
SINCE INCEPTION (1) | −8.73% | −10.27% | −5.92% | N/A | N/A | N/A | ||||||||||||||||||
(1) | For the period February 23, 2011 to September 30, 2011. |
27
SPDR S&P Emerging Markets Dividend ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
28
SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
ELETROPAULO | ||||||||||
METROPOLITANA | ||||||||||
SA PREFERENCE | ||||||||||
DESCRIPTION | KOREA EXCHANGE BANK | SHARES | MEDIATEK, INC. | CHINA MOBILE, LTD. | LG UPLUS CORP. | |||||
MARKET VALUE | $1,352,395 | 1,346,271 | 874,898 | 825,368 | 799,185 | |||||
% OF NET ASSETS | 2.5 | 2.5 | 1.6 | 1.5 | 1.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Wireless Telecommunication Services | 10.3 | % | ||||
Diversified Telecommunication Services | 10.3 | |||||
Commercial Banks | 7.9 | |||||
Electric Utilities | 7.6 | |||||
Real Estate Management & Development | 6.7 | |||||
Computers & Peripherals | 5.5 | |||||
Automobiles | 4.6 | |||||
Transportation Infrastructure | 4.2 | |||||
Metals & Mining | 3.9 | |||||
Independent Power Producers & Energy Traders | 3.7 | |||||
Textiles, Apparel & Luxury Goods | 3.3 | |||||
Tobacco | 3.3 | |||||
Oil, Gas & Consumable Fuels | 3.1 | |||||
Water Utilities | 2.9 | |||||
Diversified Financial Services | 2.4 | |||||
Semiconductors & Semiconductor Equipment | 2.4 | |||||
Construction Materials | 2.2 | |||||
Specialty Retail | 1.9 | |||||
Chemicals | 1.7 | |||||
Capital Markets | 1.4 | |||||
Multiline Retail | 1.4 | |||||
IT Services | 1.4 | |||||
Auto Components | 1.3 | |||||
Hotels, Restaurants & Leisure | 1.2 | |||||
Household Products | 1.1 | |||||
Insurance | 1.0 | |||||
Personal Products | 1.0 | |||||
Food Products | 0.8 | |||||
Software | 0.5 | |||||
Electronic Equipment, Instruments & Components | 0.3 | |||||
Food & Staples Retailing | 0.3 | |||||
Industrial Conglomerates | 0.2 | |||||
Communications Equipment | 0.0 | *** | ||||
Short Term Investments | 4.3 | |||||
Other Assets & Liabilities | (4.1 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
29
SPDR S&P BRIC 40 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P BRIC 40 ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of Brazil, Russia, India and China. In seeking this objective, the Fund uses a replication strategy designed to track the total return performance of the S&P BRIC 40 Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −17.49%, and the total return for the Index was −17.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses.
It was a tale of two halves for the Index for the Reporting Period; during the first six months the Index gained 14.51%, while the second six months had the Index give it all back and then some, as it shed 27.6%. As the fourth quarter drew to a close in late 2010, global equities rallied in December, as fears of a “double dip” recession in the United States receded. Then in 2011, the Index was able to again generate positive returns, in spite of social unrest in Egypt, Syria, Yemen, Tunisia and Saudi Arabia; escalating political violence in Bahrain; a roughly $15 a barrel increase in the price of oil caused in part by oil supply disruption in Libya and the earthquake and subsequent tsunami that rocked Japan. In Brazil, investors continued to be drawn to the “carry trade” on account of the attractive yield on Brazilian bonds. Markets in China and India both were hampered by investors’ growing concerns over inflation. Russia was the top performer here as spot oil prices rose in the quarter and Russian banks continued to face strong consumer finance demand.
The second six months of the Reporting Period witnessed very high volatility in global capital markets. Global equity markets fell sharply on fears of a “double dip” recession in the U.S. and Europe; an intensifying crisis in Greece and Europe’s periphery; the downgrade by S&P of U.S. debt to AA+ with the outlook “negative” and a last minute debt ceiling increase; continuing turmoil in Egypt and the Middle East and the concerns about restraining inflation while also avoiding the risk of a recession in China. As a result, investors “derisked” their portfolios, outflows from emerging market funds accelerated, and emerging market equities fell. China fell hard on worries that its exports would be significantly impaired in the event of another recession. In India, inflation continued to be the top issue of concern. In Brazil, the real fell substantially as investors unwound the “carry trade”, as they sold off Brazilian debt and ironically turned toward the safe haven investment — recently downgraded U.S. debt. Finally, in the Russian market, the sharp slide in the price of oil, and uncertainty as to the Presidential election dynamics (with Putin deciding in fact to run next year) led to a big sell off.
The best performing country during the Reporting Period was Russia. While it did lose value, Russia fared significantly better than the overall Index return of −17.10%, as the country is loaded with oil and energy producing companies which would have been supported to some extent by the increase in oil prices over the same period. Conversely, Brazil was the worst performer during the period and significantly underperformed the overall Index return. As mentioned before, most of this retreat in Brazil happened in the last quarter under review, as investors unwound the “carry-trade”. Fittingly, the best performing stock for the period was a Russian energy stock (NovaTek OAO) and the worst performing stock was a Brazilian steel producer (Companhia Siderurgica Nacional SA).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
30
SPDR S&P BRIC 40 ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | NET ASSET | MARKET | |||||||||||||||||||||
VALUE | VALUE | S&P BRIC 40 INDEX | VALUE | VALUE | S&P BRIC 40 INDEX | |||||||||||||||||||
ONE YEAR | −17.49% | −19.41% | −17.10% | −17.49% | −19.41% | −17.10% | ||||||||||||||||||
THREE YEARS | 11.13% | 8.26% | 12.74% | 3.58% | 2.68% | 4.08% | ||||||||||||||||||
SINCE INCEPTION (1) | −5.95% | −8.10% | −4.05% | −1.42% | −1.95% | −0.96% | ||||||||||||||||||
(1) | For the period June 19, 2007 to September 30, 2011. |
31
SPDR S&P BRIC 40 ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
32
SPDR S&P BRIC 40 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
ITAU UNIBANCO | ||||||||||
CHINA | HOLDING SA | PETROLEO | ||||||||
GAZPROM | CHINA | CONSTRUCTION | PREFERENCE | BRASILEIRO | ||||||
DESCRIPTION | OAO ADR | MOBILE, LTD. | BANK CORP. | SHARES ADR | SA ADR | |||||
MARKET VALUE | $29,524,163 | 26,824,927 | 22,822,059 | 18,852,951 | 17,570,829 | |||||
% OF NET ASSETS | 7.9 | 7.2 | 6.1 | 5.0 | 4.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 34.5 | % | ||||
Commercial Banks | 26.8 | |||||
Wireless Telecommunication Services | 8.6 | |||||
Metals & Mining | 8.0 | |||||
Internet Software & Services | 6.6 | |||||
Insurance | 3.8 | |||||
IT Services | 3.5 | |||||
Beverages | 3.2 | |||||
Diversified Telecommunication Services | 2.9 | |||||
Electric Utilities | 0.8 | |||||
Real Estate Management & Development | 0.8 | |||||
Short Term Investments | 15.8 | |||||
Other Assets & Liabilities | (15.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
33
SPDR S&P Emerging Europe ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Europe ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon European emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P European Emerging Capped BMI Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −17.35%, and the total return for the Index was −17.88%. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to expenses, cash drag, compounding differences resulting from performance volatility, payment of taxes on dividends which are not reflected in the Index and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
In the fourth quarter of 2010, emerging Europe market equities rose significantly and outperformed their non-U.S. developed market counterparts by a good margin. The trend continued cautiously in the first quarter of 2011 where the general theme among most investors was to be risk averse but resilient. However, over time, the trend took a downward turn, largely due to the re-emergence of the sovereign debt crisis in Europe, the rally in the U.S. dollar and weaker commodity prices, as well as subpar economic activity. Equity markets had a lot to contend with as investors were particularly worried about potential write-offs by European banks of their holdings in various sovereigns. Along with weakening the equity markets, the sovereign debt fears manifested themselves with higher spreads on credit default swaps for debt of the Greek, Irish and Portuguese governments. The pace of the economic growth remained uneven in some Emerging Europe countries like Russia and Turkey. Russia was impacted by a substantial decline in oil prices and Turkey witnessed a sharp rise in inflation during the first half of this year. The ongoing political turmoil in several countries in the Middle East also continued to dominate the headlines.
The top three contributors to the performance of the Fund were Uralkali OJSC GDR, MMC Norilsk Nickel OJSC ADR and NovaTek OAO GDR. The top three detractors were Gazprom OAO ADR, Sberbank and Lukoil OAO ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
34
SPDR S&P Emerging Europe ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P EUROPEAN EMERGING | NET ASSET | MARKET | S&P EUROPEAN EMERGING | |||||||||||||||||||
VALUE | VALUE | CAPPED BMI INDEX | VALUE | VALUE | CAPPED BMI INDEX | |||||||||||||||||||
ONE YEAR | −17.35% | −19.77% | −17.88% | −17.35% | −19.77% | −17.88% | ||||||||||||||||||
THREE YEARS | −8.51% | −13.69% | −6.40% | −2.92% | −4.79% | −2.18% | ||||||||||||||||||
SINCE INCEPTION (1) | −27.70% | −30.06% | −26.04% | −6.90% | −7.58% | −6.44% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011. |
35
SPDR S&P Emerging Europe ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
36
SPDR S&P Emerging Europe ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | GAZPROM OAO ADR | LUKOIL OAO ADR | MMC NORILSK NICKEL OJSC ADR | SBERBANK | NOVATEK OAO GDR | |||||
MARKET VALUE | $19,371,089 | 8,334,874 | 7,145,259 | 6,800,561 | 6,619,798 | |||||
% OF NET ASSETS | 16.3 | 7.0 | 6.0 | 5.7 | 5.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 40.2 | % | ||||
Commercial Banks | 19.7 | |||||
Metals & Mining | 11.4 | |||||
Diversified Telecommunication Services | 5.3 | |||||
Wireless Telecommunication Services | 5.2 | |||||
Electric Utilities | 3.8 | |||||
Chemicals | 2.3 | |||||
Food & Staples Retailing | 1.7 | |||||
Industrial Conglomerates | 1.5 | |||||
Household Durables | 1.5 | |||||
Beverages | 1.0 | |||||
Pharmaceuticals | 1.0 | |||||
Media | 1.0 | |||||
Insurance | 0.7 | |||||
Diversified Financial Services | 0.7 | |||||
Airlines | 0.7 | |||||
Distributors | 0.6 | |||||
Real Estate Management & Development | 0.3 | |||||
Software | 0.2 | |||||
Energy Equipment & Services | 0.2 | |||||
Construction & Engineering | 0.2 | |||||
Building Products | 0.1 | |||||
Hotels, Restaurants & Leisure | 0.1 | |||||
Biotechnology | 0.0 | *** | ||||
Short Term Investments | 2.4 | |||||
Other Assets & Liabilities | (1.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
37
SPDR S&P Emerging Latin America ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Latin America ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Latin American emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Latin America BMI Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −22.78%, and the total return for the Index was −20.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, transaction costs, lending income, compounding differences resulting from performance volatility, cash and receivables drag, payment of taxes on dividends which are not reflected in the Index, dividend accruals and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
It was a tale of two halves for the Index for the period ending September 30, 2011; during the first six months the Index gained 7.70%, while the second six months had the Index give it all back and then some, as it shed 26.28%. As the 4th quarter drew to a close in late 2010, global equities rallied in December, as fears of a “double dip” recession in the United States receded. Then in 2011, the Index was able to again generate positive returns, in spite of social unrest in Egypt, Syria, Yemen, Tunisia and Saudi Arabia; escalating political violence in Bahrain; a roughly $15 a barrel increase in the price of oil caused in part by oil supply disruption in Libya; and the earthquake and subsequent tsunami that rocked Japan. In Brazil, investors continued to be drawn to the “carry trade” on account of the attractive yield on Brazilian bonds. The Mexican market rose on the back of indicators suggesting that Mexican inflation had peaked and would decline in 2011. The Mexican market is also highly correlated with the U.S. market and expectations for the U.S. economy. Both Chile and Peru benefitted from an increase in commodities prices, as they each have a number of materials companies.
The second six months of the period under review, witnessed very high volatility in global capital markets. Global equity markets fell sharply on renewed fears of a “double dip” recession in the U.S. and Europe; an intensifying crisis in Greece and Europe’s periphery; the downgrade by S&P of U.S. debt to AA+ with the outlook “negative” and a last minute debt ceiling increase; continuing turmoil in Egypt and the Middle East; and concerns about a hard landing in China. In Brazil, the real fell substantially as investors unwound the “carry trade”, as they sold off Brazilian debt and ironically turned toward the safe haven investment — recently downgraded U.S. debt. Inflation data in Brazil was still mixed, and a weakening of the currency complicates the situation. As in the rest of the world, energy, financials, and materials were among the worst performing in Brazil. As noted above, the Mexican business cycle is highly correlated with that of the U.S., and the market there fell in lock step with the U.S. market. Among the smaller markets, Chile & Peru both fell on the back of poor materials sector performance.
The best performing country in the Index during the Reporting Period was Mexico. While it did lose value, Mexico fared significantly better than the overall Index return of −20.06%, and was the only market to manage to keep the losses in the single digits. The U.S. market was relatively flat during the same Reporting Period, so the correlation with the U.S. market probably helped Mexico stem its losses somewhat. Conversely, Chile was the worst Index performer during the period, hurt by the global pullback in commodities prices that accompanied the fears of a double-dip recession that set in during the summer. The best stock (Vivo Participacoes SA Preference Shares — a wireless telecom company) and worst stock (Gol Linhas Aereas Inteligentes SA Preference Shares — a low cost airliner) in the Index for the period were both Brazilian names. GOL’s downfall echoed an industry-wide dilemma in the airline industry, while Vivo soared as a result of its takeover on behalf of Telefonica SA (merger was completed in June).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
38
SPDR S&P Emerging Latin America ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P LATIN AMERICA | NET ASSET | MARKET | S&P LATIN AMERICA | |||||||||||||||||||
VALUE | VALUE | BMI INDEX | VALUE | VALUE | BMI INDEX | |||||||||||||||||||
ONE YEAR | −22.78% | −23.47% | −20.60% | −22.78% | −23.47% | −20.60% | ||||||||||||||||||
THREE YEARS | 11.78% | 10.91% | 18.56% | 3.78% | 3.51% | 5.84% | ||||||||||||||||||
SINCE INCEPTION (1) | 21.72% | 20.66% | 28.99% | 4.43% | 4.23% | 5.78% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011 |
39
SPDR S&P Emerging Latin America ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
40
SPDR S&P Emerging Latin America ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
ITAU UNIBANCO | ||||||||||
PETROLEO | VALE SA ADR | HOLDING | ||||||||
BRASILEIRO | PREFERENCE | AMERICA MOVIL | SA PREFERENCE | BANCO | ||||||
DESCRIPTION | SA ADR | SHARES | SAB DE CV | SHARES ADR | BRADESCO SA ADR | |||||
MARKET VALUE | $11,950,160 | 11,871,798 | 8,328,064 | 5,522,854 | 4,481,784 | |||||
% OF NET ASSETS | 9.8 | 9.7 | 6.8 | 4.5 | 3.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Metals & Mining | 19.6 | % | ||||
Commercial Banks | 17.3 | |||||
Oil, Gas & Consumable Fuels | 12.8 | |||||
Wireless Telecommunication Services | 7.6 | |||||
Beverages | 6.4 | |||||
Food & Staples Retailing | 3.4 | |||||
Electric Utilities | 3.3 | |||||
Diversified Telecommunication Services | 3.2 | |||||
Food Products | 2.9 | |||||
Multiline Retail | 2.8 | |||||
Industrial Conglomerates | 2.6 | |||||
Independent Power Producers & Energy Traders | 1.9 | |||||
Paper & Forest Products | 1.4 | |||||
Transportation Infrastructure | 1.4 | |||||
Diversified Financial Services | 1.4 | |||||
Household Durables | 1.4 | |||||
Media | 1.2 | |||||
IT Services | 1.1 | |||||
Airlines | 0.9 | |||||
Household Products | 0.8 | |||||
Tobacco | 0.8 | |||||
Real Estate Management & Development | 0.8 | |||||
Chemicals | 0.7 | |||||
Water Utilities | 0.6 | |||||
Specialty Retail | 0.6 | |||||
Personal Products | 0.5 | |||||
Aerospace & Defense | 0.5 | |||||
Construction & Engineering | 0.5 | |||||
Construction Materials | 0.4 | |||||
Road & Rail | 0.4 | |||||
Internet & Catalog Retail | 0.3 | |||||
Health Care Providers & Services | 0.2 | |||||
Short Term Investments | 13.6 | |||||
Other Assets & Liabilities | (13.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
41
SPDR S&P Emerging Middle East & Africa ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Middle East & Africa ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Middle Eastern and African emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Mid-East & Africa BMI Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −11.32%, and the total return for the Index was −10.84%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
The Index lost ground in three out of four quarters during the Reporting Period. After soaring 12.63% in the last three months of 2010, the Index proceeded to give it all back and then some, as it shed 20.84% over the remaining nine months of the Reporting Period. As the fourth calendar quarter drew to a close in late 2010, global equities rallied in December, as fears of a “double dip” recession in the United States receded. For the region as a whole, the currency return was positive, reflecting strength in the South African rand. South African stocks rose due the price of gold’s continued rise, as investors fretted over the fiscal deficits in developed markets, and the possibility of unanticipated inflation.
As the calendar turned the page to 2011, the Index was subject to a series of shocks — some local and some global in nature. In the first quarter of 2011, the Index lost 4.11%, of which the following factors contributed: escalating political violence in Bahrain; social unrest in Egypt, Syria, Yemen, Tunisia and Saudi Arabia; rising credit default swap spreads in Japan, Greece Portugal and Ireland, and the prospect of policy tightening in the UK and Euro-zone and the Japanese earthquake and subsequent tsunami. The single biggest issue in regards to the Index was that the Egyptian market was closed for almost two whole months due to political unrest.
The last six months of the Reporting Period under review, witnessed very high volatility in global capital markets. Global equity markets fell sharply on renewed fears of a “double dip” recession in the U.S. and Europe; an intensifying crisis in Greece and Europe’s periphery;, the downgrade by S&P of U.S. debt to AA+ with the outlook “negative” and a last minute debt ceiling increase; continuing turmoil in Egypt and the Middle East and concerns about a hard landing in China. South Africa fell but was able to outperform the market due to the $120 an ounce increase in the price of gold in the last quarter.
The largest country in the Index by weight is South Africa (representing nearly 90% of the benchmark), and it managed to narrow the loses over the last year to single digits, mainly due to its large allocation to the Materials sector. As global investors “de-risked” and dumped equities, many turned around and put the proceeds into gold — of which South Africa has vast deposits. As the price of gold went up over the last several months, this helped mitigate the damage to the South African market overall. The worst performing country in the Index was Egypt. As previously mentioned, due to the uprising in Egypt in January, the market was closed for nearly two months straight and when it finally opened, it got walloped. From there, it trended downwards like the rest of the global markets did in the last 6 months of the Reporting Period. The best performing stock in the Index was Moroccan mining company Managem SA, which almost tripled in value, and undoubtedly was helped by the soaring prices of gold and other precious metals. The worst performing stock in the Index, was South African precious metals company Simmer & Jack Mines, Ltd, whose poor performance was atypical of the sector overall.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
42
SPDR S&P Emerging Middle East & Africa ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P MID-EAST AND | NET ASSET | MARKET | S&P MID-EAST AND | |||||||||||||||||||
VALUE | VALUE | AFRICA BMI INDEX | VALUE | VALUE | AFRICA BMI INDEX | |||||||||||||||||||
ONE YEAR | −11.32% | −13.20% | −10.84% | −11.32% | −13.20% | −10.84% | ||||||||||||||||||
THREE YEARS | 25.31% | 21.04% | 26.97% | 7.81% | 6.57% | 8.28% | ||||||||||||||||||
SINCE INCEPTION (1) | 17.04% | 13.94% | 22.68% | 3.53% | 2.92% | 4.61% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2011. |
43
SPDR S&P Emerging Middle East & Africa ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
44
SPDR S&P Emerging Middle East & Africa ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF September 30, 2011
DESCRIPTION | MTN GROUP, LTD. | SASOL, LTD. | NASPERS, LTD. | ANGLOGOLD ASHANTI, LTD. | GOLD FIELDS, LTD. | |||||
MARKET VALUE | $6,753,625 | 6,736,966 | 6,170,385 | 5,372,967 | 3,987,829 | |||||
% OF NET ASSETS | 6.4 | 6.4 | 5.9 | 5.1 | 3.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Metals & Mining | 20.3 | % | ||||
Commercial Banks | 12.6 | |||||
Wireless Telecommunication Services | 8.1 | |||||
Diversified Financial Services | 6.6 | |||||
Oil, Gas & Consumable Fuels | 6.4 | |||||
Media | 6.0 | |||||
Food & Staples Retailing | 4.0 | |||||
Insurance | 3.9 | |||||
Real Estate Management & Development | 3.8 | |||||
Specialty Retail | 3.2 | |||||
Food Products | 2.7 | |||||
Construction & Engineering | 2.7 | |||||
Industrial Conglomerates | 2.4 | |||||
Pharmaceuticals | 2.2 | |||||
Health Care Providers & Services | 1.8 | |||||
Multiline Retail | 1.7 | |||||
Construction Materials | 1.3 | |||||
Household Durables | 1.2 | |||||
Capital Markets | 1.0 | |||||
Paper & Forest Products | 0.8 | |||||
Trading Companies & Distributors | 0.7 | |||||
Distributors | 0.7 | |||||
Diversified Telecommunication Services | 0.7 | |||||
Containers & Packaging | 0.6 | |||||
Real Estate Investment Trusts | 0.5 | |||||
Hotels, Restaurants & Leisure | 0.5 | |||||
Tobacco | 0.5 | |||||
Electronic Equipment, Instruments & Components | 0.5 | |||||
Chemicals | 0.5 | |||||
Marine | 0.3 | |||||
Electrical Equipment | 0.1 | |||||
Energy Equipment & Services | 0.1 | |||||
Auto Components | 0.1 | |||||
IT Services | 0.1 | |||||
Professional Services | 0.1 | |||||
Commercial Services & Supplies | 0.1 | |||||
Textiles, Apparel & Luxury Goods | 0.0 | *** | ||||
Short Term Investments | 6.0 | |||||
Other Assets & Liabilities | (4.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
45
SPDR S&P World ex-US ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P World ex-US ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the developed world (ex-US) equity markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −9.32%, and the total return for the Index was −8.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses and payment of taxes on dividends which are not reflected in the Index. The optimized nature of the Fund also contributed to tracking error.
Stock markets outside the United States started the year strongly, rising over 12% (as measured by the Index in the first half of the fiscal year). Good economic numbers, improved corporate earnings and a temporary fix to European sovereign debt issues all helped to boost stock market returns. While the third quarter managed a small gain, markets fell sharply in the final quarter of the year as the Index fell over 19%. This left the benchmark with a loss of slightly more than 8% for the full 12 months.
Investors appeared concerned with a number of issues including slowing growth in the U.S., China, and Europe, an intensifying debt crisis in Europe, and the downgrade of U.S. Government debt. The debt issues in Europe and the U.S. also created concern about the ability of governments to intervene to boost lagging economies or resolve the debt issues in peripheral Europe. Currency markets were also impacted with the Swiss Franc suffering a double digit decline in September after announcing an effort to tie the currency to the Euro.
Financial stocks were the hardest hit sector during the period, falling significantly. Many well known European financial firms such as Banco Santander SA, Barclays PLC, BNP Paribas, Credit Suisse Group AG, Deutsche Bank AG, Societe Generale, UniCredit SpA, and UBS AG saw stock values fall 30% or more during the year. All of these firms were hit hard by concerns over the sovereign debt issues, while UBS AG also suffered from a trading loss that cost the firm over $2 Billion.
In Japan, much of the year was spent recovering from a large earthquake and subsequent tsunami. The combined natural disasters caused significant damage to a nuclear power plant north of Tokyo, leading to radiation leaks and near or partial meltdown of the reactor. Tokyo Electric Power Co., Inc., the owner of the plant saw its value fall significantly in reaction to losses and liability stemming from the disaster.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
46
SPDR S&P World ex-US ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.34%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P DEVELOPED EX-US | NET ASSET | MARKET | S&P DEVELOPED EX-US | |||||||||||||||||||
VALUE | VALUE | BMI INDEX | VALUE | VALUE | BMI INDEX | |||||||||||||||||||
ONE YEAR | −9.32% | −10.32% | −8.16% | −9.32% | −10.32% | −8.16% | ||||||||||||||||||
THREE YEARS | −0.34% | −4.03% | 2.57% | −0.11% | −1.36% | 0.85% | ||||||||||||||||||
SINCE INCEPTION (1) | −27.21% | −28.16% | −24.96% | −6.89% | −7.16% | −6.25% | ||||||||||||||||||
(1) | For the period April 20, 2007 to September 30, 2011. |
47
SPDR S&P World ex-US ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
48
SPDR S&P World ex-US ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
SAMSUNG | ||||||||||
ELECTRONICS | VODAFONE | |||||||||
DESCRIPTION | CO., LTD. GDR | NESTLE SA | NOVARTIS AG | HSBC HOLDINGS PLC | GROUP PLC | |||||
MARKET VALUE | $1,976,438 | 1,817,787 | 1,453,810 | 1,281,668 | 1,204,859 | |||||
% OF NET ASSETS | 1.7 | 1.5 | 1.2 | 1.1 | 1.0 | |||||
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 12.3 | % | ||||
Oil, Gas & Consumable Fuels | 8.6 | |||||
Pharmaceuticals | 6.9 | |||||
Metals & Mining | 6.6 | |||||
Insurance | 3.8 | |||||
Chemicals | 3.5 | |||||
Diversified Telecommunication Services | 3.0 | |||||
Food Products | 2.9 | |||||
Machinery | 2.6 | |||||
Real Estate Management & Development | 2.5 | |||||
Automobiles | 2.5 | |||||
Semiconductors & Semiconductor Equipment | 2.4 | |||||
Food & Staples Retailing | 2.3 | |||||
Wireless Telecommunication Services | 2.3 | |||||
Beverages | 1.9 | |||||
Electric Utilities | 1.7 | |||||
Trading Companies & Distributors | 1.7 | |||||
Capital Markets | 1.7 | |||||
Industrial Conglomerates | 1.6 | |||||
Construction & Engineering | 1.6 | |||||
Electrical Equipment | 1.4 | |||||
Road & Rail | 1.3 | |||||
Textiles, Apparel & Luxury Goods | 1.3 | |||||
Specialty Retail | 1.3 | |||||
Multi-Utilities | 1.2 | |||||
Electronic Equipment, Instruments & Components | 1.2 | |||||
Tobacco | 1.1 | |||||
Media | 1.1 | |||||
Health Care Equipment & Supplies | 1.0 | |||||
Diversified Financial Services | 1.0 | |||||
Hotels, Restaurants & Leisure | 1.0 | |||||
Real Estate Investment Trusts | 0.9 | |||||
Energy Equipment & Services | 0.8 | |||||
Auto Components | 0.8 | |||||
Building Products | 0.8 | |||||
Commercial Services & Supplies | 0.7 | |||||
Household Durables | 0.7 | |||||
Communications Equipment | 0.6 | |||||
Transportation Infrastructure | 0.6 | |||||
Health Care Providers & Services | 0.6 | |||||
Software | 0.6 | |||||
Professional Services | 0.6 | |||||
Aerospace & Defense | 0.6 | |||||
Computers & Peripherals | 0.5 | |||||
IT Services | 0.5 | |||||
Office Electronics | 0.5 | |||||
Marine | 0.5 | |||||
Gas Utilities | 0.5 | |||||
Multiline Retail | 0.5 | |||||
Household Products | 0.4 | |||||
Construction Materials | 0.3 | |||||
Air Freight & Logistics | 0.2 | |||||
Personal Products | 0.2 | |||||
Paper & Forest Products | 0.2 | |||||
Biotechnology | 0.2 | |||||
Distributors | 0.2 | |||||
Life Sciences Tools & Services | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Leisure Equipment & Products | 0.1 | |||||
Independent Power Producers & Energy Traders | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Short Term Investments | 11.5 | |||||
Other Assets & Liabilities | (10.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, and Anglo Irish Bank Corp. PLC., which was Level 2 and part of the Commercial Banks Industry, both representing 0.00% net assets. (Note 2) |
49
SPDR S&P International Small Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Small Cap ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the developed world (ex-US) small cap equity markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US Under USD2 Billion Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −5.72%, and the total return for the Index was −6.13%. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Worrisome military tensions on the Korean peninsula and lingering debt concerns in Europe loomed as recurring threats to investor sentiment during the final quarter of 2010, but global financial markets focused instead on a brightening economic outlook. Equities outside the U.S. had to navigate some choppy waters during the fourth quarter, especially as sovereign woes in Ireland reawakened worries about major European banks during November. When the theme of global economic resilience gained fresh ascendancy in December, though, almost all equity markets around the world participated in a vigorous year-end rally, converting what had been a disappointing 2010 into a relatively solid year for global equities. The Index posted most of the quarterly gains in December with a return of 10.88% and finishing the fourth quarter of 2010 with a return of 12.36%
Global equities began the first quarter of 2011 on edge, bandied about by turmoil in Libya and other Arab nations that kept oil prices on the move, concern about U.S. jobs, European bonds, and global trade reinforced sense of caution even before a record earthquake struck off northeastern Japan on March 11. The spirited rally from mid-March lows helped global equities turn what could have been a rough first quarter of 2011 into another solid performance for major averages. The Index finished the quarter with a respectable return of 3.23%.
The opening weeks of the second quarter seemed to justify the strength, as the European Central Bank deemed regional activity healthy enough to raise interest rates for the first time in almost three years, and the latest earnings reports continued to reflect strong corporate profitability. But the May 1st killing of notorious terrorist Osama bin Laden may have created excessive enthusiasm among investors, who for the remainder of the second quarter had to contend with less amicable economic indicators. Only during the final week of June, when Greece passed fresh austerity measures and France and Germany seemed to come to terms on a plan for voluntary reinvestment in maturing Greek obligations, did risk appetites pick up again. The Index could not continue the positive momentum from the April gains and headed to negative territory in the final two months of the quarter with a quarterly return of −0.73%.
From start to finish, the third quarter of 2011 reacted to a progressive downshift in expectations for global economic growth. The theme developed slowly in July, when hopes stayed high that expanded financial support for troubled eurozone sovereigns would mitigate the impact of fiscal austerity initiatives. August proved more difficult, as a credit downgrade of U.S. debt highlighted the lack of budget flexibility available to even the largest western governments. These concerns gathered momentum during September, when the International Monetary Fund pared its outlook for global growth, the latest policy twist from the U.S. Federal Reserve seemed a woefully inadequate sequel to the second quarter, and previously resilient activity in emerging markets suddenly appeared at risk of more serious deceleration. Amid a worrisome tightening in financial conditions that sparked a sharp rebound in the US dollar, the end result was a terrible quarter for equities. During the third quarter of 2011, the Index returned −18.48%.
The largest contributor in the Fund for the Reporting Period was Sumitomo Osaka Cement Co., Ltd. The company is one of the largest in the cement business and has done well in the wake of the earthquake in Japan. The largest detractor in the Fund for the Reporting Period was Temenos Group AG, which announced a downgrade to the revenue guidance figures provided earlier in the year.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
50
SPDR S&P International Small Cap ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
NET ASSET | MARKET | EX-US. UNDER USD2 | NET ASSET | MARKET | EX-US. UNDER USD2 | |||||||||||||||||||
VALUE | VALUE | BILLION INDEX | VALUE | VALUE | BILLION INDEX | |||||||||||||||||||
ONE YEAR | −5.72% | −8.30% | −6.13% | −5.72% | −8.30% | −6.13% | ||||||||||||||||||
THREE YEARS | 16.16% | 10.03% | 16.08% | 5.12% | 3.24% | 5.10% | ||||||||||||||||||
SINCE INCEPTION (1) | −20.72% | −22.81% | −23.05% | −5.08% | −5.65% | −5.71% | ||||||||||||||||||
(1) | For the period April 20, 2007 to September 30, 2011. |
51
SPDR S&P International Small Cap ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
52
SPDR S&P International Small Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF September 30, 2011
DESCRIPTION | SHOCHIKU CO., LTD. | BELIMO HOLDING AG | SAI GLOBAL, LTD. | PADDY POWER | RUBIS | |||||
MARKET VALUE | $5,436,170 | 5,186,568 | 4,709,821 | 4,259,161 | 4,074,131 | |||||
% OF NET ASSETS | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Metals & Mining | 8.0 | % | ||||
Machinery | 5.9 | |||||
Commercial Banks | 5.0 | |||||
Chemicals | 4.0 | |||||
Oil, Gas & Consumable Fuels | 3.9 | |||||
Hotels, Restaurants & Leisure | 3.8 | |||||
Real Estate Investment Trusts | 3.7 | |||||
Electronic Equipment, Instruments & Components | 3.6 | |||||
Real Estate Management & Development | 3.5 | |||||
Media | 3.4 | |||||
Commercial Services & Supplies | 3.3 | |||||
Capital Markets | 3.0 | |||||
Construction & Engineering | 2.8 | |||||
Specialty Retail | 2.8 | |||||
Food Products | 2.3 | |||||
Pharmaceuticals | 1.9 | |||||
Household Durables | 1.9 | |||||
Textiles, Apparel & Luxury Goods | 1.8 | |||||
Health Care Equipment & Supplies | 1.8 | |||||
Auto Components | 1.7 | |||||
Software | 1.7 | |||||
Professional Services | 1.6 | |||||
Building Products | 1.6 | |||||
Trading Companies & Distributors | 1.6 | |||||
Electrical Equipment | 1.5 | |||||
Energy Equipment & Services | 1.5 | |||||
Semiconductors & Semiconductor Equipment | 1.4 | |||||
Industrial Conglomerates | 1.4 | |||||
IT Services | 1.1 | |||||
Beverages | 1.1 | |||||
Health Care Providers & Services | 1.0 | |||||
Multiline Retail | 1.0 | |||||
Internet Software & Services | 1.0 | |||||
Road & Rail | 0.9 | |||||
Construction Materials | 0.9 | |||||
Communications Equipment | 0.9 | |||||
Marine | 0.8 | |||||
Containers & Packaging | 0.8 | |||||
Gas Utilities | 0.7 | |||||
Insurance | 0.6 | |||||
Consumer Finance | 0.6 | |||||
Diversified Consumer Services | 0.6 | |||||
Aerospace & Defense | 0.6 | |||||
Diversified Financial Services | 0.5 | |||||
Food & Staples Retailing | 0.5 | |||||
Transportation Infrastructure | 0.5 | |||||
Distributors | 0.5 | |||||
Paper & Forest Products | 0.5 | |||||
Automobiles | 0.5 | |||||
Diversified Telecommunication Services | 0.5 | |||||
Thrifts & Mortgage Finance | 0.4 | |||||
Leisure Equipment & Products | 0.4 | |||||
Airlines | 0.3 | |||||
Electric Utilities | 0.3 | |||||
Internet & Catalog Retail | 0.3 | |||||
Wireless Telecommunication Services | 0.3 | |||||
Biotechnology | 0.2 | |||||
Computers & Peripherals | 0.2 | |||||
Life Sciences Tools & Services | 0.2 | |||||
Multi-Utilities | 0.2 | |||||
Health Care Technology | 0.1 | |||||
Independent Power Producers & Energy Traders | 0.0 | *** | ||||
Air Freight & Logistics | 0.0 | *** | ||||
Household Products | 0.0 | *** | ||||
Short Term Investments | 12.5 | |||||
Other Assets & Liabilities | (11.9 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, AET&D Holdings No. 1 Property, Ltd., which was Level 2 and part of the Transportation Infrastructure Industry, Amagerbanken A/S, which was Level 2 and part of the Commercial Banks Industry, Draka Holding NV, which was Level 2 and part of the Electrical Equipment Industry, China Grand Forestry Green Resources Group, Ltd., which was Level 2 and part of the Paper and Forest Products Industry, and Goodman Fielder, Ltd., which was Level 2 and part of the Food Products Industry, each representing less than 0.05% of net assets. (Note 2) | |
*** | Amount shown represents less than 0.05% of the net assets. |
53
SPDR Dow Jones International Real Estate ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® Dow Jones International Real Estate ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of an equity index based upon the international real estate market. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −6.76%, and the total return for the Index was −6.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Several factors typically impact the performance of the global real estate securities market, namely capital availability, real estate operating fundamentals, valuations in the underlying private property markets and investor flows to the asset class. For the 12 months of the Reporting Period, publically traded real estate companies globally enjoyed access to cheap sources of capital in both debt and equity markets. Real estate operating fundamentals have been generally improving since 2009; occupancies, rental rates and residential transaction activity have recovered to prior peak levels in several markets, i.e. London and New York office, Hong Kong and China residential. With a few exceptions, such as Amsterdam and Singapore office markets, general balance between supply and demand in the majority of real estate markets has been providing stability to operating fundamentals despite a slow-growth macroeconomic backdrop. Private market valuations have been on the rise. As investors searched for yield in the low interest rate environment, strong demand for core commercial real estate from sovereign wealth funds, pension funds and private wealth investors drove cap rates down to historical lows in major markets such as Tokyo, Sydney, London and New York.
In addition to these traditional drivers, the performance of the publically traded real estate market over the Reporting Period was influenced by a number of global geo-political and macro-economic developments. Property market austerity programs in Asia, a major earthquake in Japan, unrest in the Middle East and a major flood in Australia pressured the global property markets and overshadowed otherwise positive trends in operating fundamentals and capital markets. Global real estate experienced heightened volatility and underperformed global equities at the onset of 2011. During the second quarter, European debt crisis concerns escalated, global economic indicators stalled, inflation became a prevailing fear in emerging markets and investor confidence began to wane. As a result, the defensive characteristics of listed real estate came into focus as investors rotated out of broader equities. After lagging earlier in the year, global real estate outperformed global equities. In late summer of 2011, broad investor capitulation became apparent. On the back of deteriorating credit markets, rising fears of a repeat global financial crisis, and increased concerns over a global economic recession, a major de-risking trade transpired and the publically traded real estate market was not immune to that.
Investor sentiment towards Asian and the Emerging Markets has been decidedly negative since 2010. These markets are largely made up of residential property developers who have been subjected to austerity, intended to suppress housing demand, reduce speculative buying, cap prices and limit financing availability for new projects. Over the last 12 months, investors have questioned developers’ ability to maintain sales and meet revenue targets and have become increasingly concerned about developers’ cost of capital amid tightening credit markets. As a result, Asian and Emerging Markets underperformed significantly during the Reporting Period.
Global property investors have been becoming increasingly risk averse over the Reporting Period, retreating from markets with capital liquidity constraints and becoming more selective regarding geographic exposure. Despite overall underperformance of the European publically traded property markets, countries outside of the Eurozone performed exceptionally well. Against the weakness of most Asian markets, Japan was the best performing listed property market globally as it has enjoyed continuous
54
SPDR Dow Jones International Real Estate ETF —
Management’s Discussion of Fund Performance (continued)
Management’s Discussion of Fund Performance (continued)
support from the Bank of Japan. North America once again has been a favored region due to improving fundamentals and resilient capital markets. Specifically, Canada showed broad strength in its public real estate as the country least impacted by the latest fallout in the financial markets and macroeconomic headwinds.
At the individual security level, investors favored companies with low leverage, limited near-term maturities and safe, defensive cash flows. The best performing stocks globally were those that were able to deliver positive results to investors by restructuring and addressing their refinancing needs amid the turmoil in global capital markets, namely Charter Hall Office (Australia) and Mori Hills Investment Corp. (Japan). The worst performing stocks in the last 12 months were highly leveraged real estate companies, such as IVG Immobilien AG (Germany), for which inevitable equity issuance has created an overhang, and Globe Trade Centre SA (Poland), which was affected by leverage combined with exposure to residential markets in a number of Eastern European countries.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
55
SPDR Dow Jones International Real Estate ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
DOW JONES | DOW JONES | |||||||||||||||||||||||
GLOBAL EX-U.S. | GLOBAL EX-U.S. | |||||||||||||||||||||||
NET ASSET | MARKET | SELECT REAL ESTATE | NET ASSET | MARKET | SELECT REAL ESTATE | |||||||||||||||||||
VALUE | VALUE | SECURITIES INDEX | VALUE | VALUE | SECURITIES INDEX | |||||||||||||||||||
ONE YEAR | −6.76% | −8.89% | −6.76% | −6.76% | −8.89% | −6.76% | ||||||||||||||||||
THREE YEARS | 2.98% | 0.20% | 4.22% | 0.98% | 0.07% | 1.39% | ||||||||||||||||||
SINCE INCEPTION (1) | −31.40% | −32.75% | −30.38% | −7.56% | −7.94% | −7.27% | ||||||||||||||||||
(1) | For the period December 15, 2006 to September 30, 2011. |
56
SPDR Dow Jones International Real Estate ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
57
SPDR Dow Jones International Real Estate ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
BROOKFIELD ASSET | ||||||||||
MANAGEMENT, INC. | MITSUI FUDOSAN CO., | LAND SECURITIES | ||||||||
DESCRIPTION | UNIBAIL-RODAMCO SE | WESTFIELD GROUP | (CLASS A) | LTD. | GROUP PLC | |||||
MARKET VALUE | $124,849,268 | 121,225,353 | 117,775,966 | 107,577,231 | 58,032,027 | |||||
% OF NET ASSETS | 6.3 | 6.1 | 5.9 | 5.4 | 2.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Real Estate Management & Development | 32.5 | % | ||||
Retail REITs | 31.4 | |||||
Diversified REITs | 15.9 | |||||
Office REITs | 13.6 | |||||
Industrial REITs | 4.2 | |||||
Residential REITs | 0.7 | |||||
Diversified Capital Markets | 0.7 | |||||
Specialized REITs | 0.6 | |||||
Short Term Investments | 7.3 | |||||
Other Assets & Liabilities | (6.9 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (Note 2) |
58
SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® FTSE/Macquarie Global Infrastructure 100 ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the global infrastructure industry market. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the Macquarie Global Infrastructure 100 Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −1.04%, and the total return for the Index was −0.21%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
The Index fared better than many of the other broad market indices over the last year, falling just 0.21%. This compares favorably to MSCI Emerging Markets Index (−16.15%) and MSCI World Index (−4.35%). The Index rose steadily in each of the first three quarters of the fiscal year, posting gains of 2.5% to 3.3% in each quarter, and a total gain of 9.31% for the first three quarters. In the fourth quarter, markets turned decidedly sour. Concerns over slowing economies in the United States, Europe and China, sovereign debt issues in Europe, related concerns over the health of European banks, and a credit rating down grade of the United States all weighed heavily on markets. The defensive nature of the Index, which is heavily invested in utilities stocks, helped the Fund during the turbulence. While the Index did fall 8.71% in the quarter, that was significantly better than MSCI World Index, which fell over 16% during the quarter.
The Fund’s investments in energy stocks helped boost returns for the year, as these names generally rose during the period. While these names represented less than 10% (on average) of the Index, they contributed almost enough positive return to offset the decline in utilities. Japanese utility companies fell after a massive earthquake and tsunami ravaged the country. Tokyo Electric Power Co., Inc. ran a nuclear power plant that suffered severe damage from the earthquake and tsunami, causing radiation leaks and evacuations. Other Japanese power companies faced significant costs after the disaster and suffered significant (but not as extreme as Tokyo Electric) losses as well.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
59
SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR FTSE/Macquarie Global Infrastructure 100 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
MACQUARIE GLOBAL | MACQUARIE GLOBAL | |||||||||||||||||||||||
NET ASSET | MARKET | INFRASTRUCTURE 100 | NET ASSET | MARKET | INFRASTRUCTURE 100 | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −1.04% | −1.26% | −0.21% | −1.04% | −1.26% | −0.21% | ||||||||||||||||||
THREE YEARS | −4.85% | −6.66% | −2.35% | −1.64% | −2.27% | −0.79% | ||||||||||||||||||
SINCE INCEPTION (1) | −9.56% | −10.16% | −6.12% | −2.12% | −2.26% | −1.34% | ||||||||||||||||||
(1) | For the period January 25, 2007 to September 30, 2011. |
60
SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
61
SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | GDF SUEZ | E. ON AG | SOUTHERN CO. | NATIONAL GRID PLC | ENEL SPA | |||||
MARKET VALUE | $1,650,266 | 1,355,955 | 1,179,877 | 1,150,239 | 1,013,382 | |||||
% OF NET ASSETS | 4.7 | 3.9 | 3.4 | 3.3 | 2.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Electric Utilities | 46.2 | % | ||||
Multi-Utilities | 29.9 | |||||
Oil, Gas & Consumable Fuels | 9.5 | |||||
Gas Utilities | 5.3 | |||||
Independent Power Producers & Energy Traders | 3.9 | |||||
Water Utilities | 2.2 | |||||
Transportation Infrastructure | 2.1 | |||||
Road & Rail | 0.4 | |||||
Short Term Investments | 16.3 | |||||
Other Assets & Liabilities | (15.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
62
SPDR S&P Global Natural Resources ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Global Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Global Natural Resources Index (the “Index”) that tracks publicly-traded companies in natural resources and/or commodities businesses. In seeking this objective, the Fund uses a replication strategy to track the total return performance of the Index.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −8.56%, and the total return for the Index was −8.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Sovereign debt woes in Greece and other European countries and a series of global events (high unemployment, the tsunami and earthquake in Japan, U.S. debt downgrades and social unrest in the Arab world) continued to worry investors over the past year. The continued slow pace of economic growth throughout the world has helped to dampen returns in the Natural Resources sector as many companies slow production and output in response to weak global demand.
The best performing stock in the Fund for the period was Exxon Mobil Corp. and the Irving, Texas-based oil giant, recorded higher net income on the back of higher prices for both oil and natural gas. Another company that performed well for the Fund is Monsanto Co. Continued global population growth and the need for more food contributed to the strong performance of Monsanto Co. which is a leader in the agricultural chemicals industry. Another strong performer for the Fund was Chevron Corp. Like Exxon Mobil Corp., Chevron Corp. benefited from higher oil and natural gas prices. The company also benefited from natural gas discoveries off the coast of Western Australia where it is working on several projects to supply Asian economies.
The worst performing stock over the period is ArcelorMittal, the steel manufacturer .The fixed cost nature of the steel business combined with falling steel prices made for challenging conditions for the world’s largest steelmaker which suspended production in several plants during the past year. Xstrata PLC, the Anglo-Swiss miner, was hurt by declining copper ores and supply interruptions, adversely affecting the company’s most profitable product. Gazprom OAO was another poor performing stock in the Fund and hurt by customers rebelling against its 1980s-era contract pricing mechanisms as well as increased competition in the shale market.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
63
SPDR S&P Global Natural Resources ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/13/10, 9/14/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | S&P GLOBAL NATURAL | NET ASSET | MARKET | S&P GLOBAL NATURAL | |||||||||||||||||||
VALUE | VALUE | RESOURCES INDEX | VALUE | VALUE | RESOURCES INDEX | |||||||||||||||||||
ONE YEAR | −8.56% | −9.48% | −8.13% | −8.56% | −9.48% | −8.13% | ||||||||||||||||||
SINCE INCEPTION (1) | −7.17% | −7.95% | −6.70% | −6.84% | −7.60% | −6.40% | ||||||||||||||||||
(1) | For the period September 13, 2010 to September 30, 2011 |
64
SPDR S&P Global Natural Resources ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
65
SPDR S&P Global Natural Resources ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
POTASH CORP. OF | ||||||||||
DESCRIPTION | EXXON MOBIL CORP. | BHP BILLITON, LTD. | CHEVRON CORP. | SASKATCHEWAN, INC. | MONSANTO CO. | |||||
MARKET VALUE | $9,085,868 | 7,810,945 | 6,318,283 | 5,933,328 | 5,151,552 | |||||
% OF NET ASSETS | 5.6 | 4.8 | 3.9 | 3.6 | 3.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 34.8 | % | ||||
Metals & Mining | 32.6 | |||||
Chemicals | 18.4 | |||||
Food Products | 7.5 | |||||
Paper & Forest Products | 4.6 | |||||
Real Estate Investment Trusts | 1.3 | |||||
Short Term Investments | 13.8 | |||||
Other Assets & Liabilities | (13.0 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, representing 0.00% net assets. (Note 2) |
66
SPDR MSCI ACWI ex-US ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® MSCI ACWI ex-US ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon broad based world ex-US equity markets. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the MSCI All Country World Index ex USA (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −10.99%, and the total return for the Index was −10.42%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
The year started well in Global Equity markets with the ACWI ex USA Index rising nearly 11% in the first half of the fiscal year. Good economic numbers, improved corporate earnings and what now looks like a temporary fix to European Sovereign Debt issues all helped boost equity markets. While the third quarter was relatively flat, markets turned harshly negative in the final quarter as the Index fell 19.78%. This correction not only wiped out the earlier gains but resulted in a double digit decline for the full year of 12.67%.
There were a number of issues raising concern in the markets including slowing growth in the U.S., Europe and China, an intensified debt crisis in Europe, and the downgrade of U.S. Government debt. The debt issues in the U.S. and Europe also created concern over the ability of governments to intervene and resolve the debt issues in peripheral Europe or to boost lagging economies. Currency markets were also significantly impacted with the Swiss Franc suffering a double digit decline relative to the Dollar in September. The Brazilian Real had steadily risen relative to the dollar causing the Brazilian government to charge significant taxes to weaken the currency, but the currency fell nearly 19% during September.
Financials were the hardest hit sector during the year. Many of the biggest detractors to the Index return were well known European financial firms including Banco Santander SA, Barclays PLC, BNP Paribas, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, Societe Generale, UniCredit SpA and UBS AG. Each of these stocks was impacted by concerns over the Sovereign debt issues. UBS AG was also hit with a trading loss that cost the firm over USD 2 Billion.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
67
SPDR MSCI ACWI ex-US ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.34%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | MSCI ALL COUNTRY | NET ASSET | MARKET | MSCI ALL COUNTRY | |||||||||||||||||||
VALUE | VALUE | WORLD INDEX EX USA | VALUE | VALUE | WORLD INDEX EX USA | |||||||||||||||||||
ONE YEAR | −10.99% | −12.33% | −10.42% | −10.99% | −12.33% | −10.42% | ||||||||||||||||||
THREE YEARS | 2.42% | −1.37% | 2.97% | 0.80% | −0.46% | 0.98% | ||||||||||||||||||
SINCE INCEPTION (1) | −13.72% | −15.44% | −12.67% | −3.08% | −3.49% | −2.83% | ||||||||||||||||||
(1) For the period January 10, 2007 to September 30, 2011. |
68
SPDR MSCI ACWI ex-US ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
69
SPDR MSCI ACWI ex-US ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
ROYAL DUTCH SHELL | ||||||||||
DESCRIPTION | NESTLE SA | VODAFONE GROUP PLC | HSBC HOLDINGS PLC | PLC (Class A) | BHP BILLITON, LTD. | |||||
MARKET VALUE | $6,155,025 | 4,109,958 | 3,946,236 | 3,596,898 | 3,549,439 | |||||
% OF NET ASSETS | 1.7 | 1.1 | 1.1 | 1.0 | 1.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 13.5 | % | ||||
Oil, Gas & Consumable Fuels | 11.0 | |||||
Metals & Mining | 6.7 | |||||
Pharmaceuticals | 6.2 | |||||
Diversified Telecommunication Services | 4.1 | |||||
Automobiles | 3.6 | |||||
Insurance | 3.4 | |||||
Wireless Telecommunication Services | 3.1 | |||||
Chemicals | 3.1 | |||||
Food Products | 2.9 | |||||
Semiconductors & Semiconductor Equipment | 2.4 | |||||
Machinery | 2.3 | |||||
Beverages | 2.2 | |||||
Food & Staples Retailing | 1.9 | |||||
Electric Utilities | 1.8 | |||||
Real Estate Management & Development | 1.7 | |||||
Media | 1.5 | |||||
Road & Rail | 1.4 | |||||
Capital Markets | 1.4 | |||||
Industrial Conglomerates | 1.4 | |||||
Trading Companies & Distributors | 1.3 | |||||
Electronic Equipment, Instruments & Components | 1.3 | |||||
Tobacco | 1.2 | |||||
Diversified Financial Services | 1.1 | |||||
Multi-Utilities | 1.1 | |||||
Electrical Equipment | 1.1 | |||||
Real Estate Investment Trusts | 1.0 | |||||
Textiles, Apparel & Luxury Goods | 1.0 | |||||
Auto Components | 0.9 | |||||
Construction & Engineering | 0.9 | |||||
Hotels, Restaurants & Leisure | 0.7 | |||||
Household Durables | 0.7 | |||||
Specialty Retail | 0.7 | |||||
Gas Utilities | 0.7 | |||||
Building Products | 0.6 | |||||
Transportation Infrastructure | 0.6 | |||||
Multiline Retail | 0.5 | |||||
IT Services | 0.5 | |||||
Communications Equipment | 0.5 | |||||
Health Care Equipment & Supplies | 0.5 | |||||
Independent Power Producers & Energy Traders | 0.5 | |||||
Aerospace & Defense | 0.5 | |||||
Office Electronics | 0.5 | |||||
Software | 0.5 | |||||
Construction Materials | 0.5 | |||||
Commercial Services & Supplies | 0.4 | |||||
Professional Services | 0.4 | |||||
Marine | 0.4 | |||||
Internet Software & Services | 0.3 | |||||
Personal Products | 0.3 | |||||
Energy Equipment & Services | 0.3 | |||||
Household Products | 0.3 | |||||
Air Freight & Logistics | 0.3 | |||||
Health Care Providers & Services | 0.2 | |||||
Water Utilities | 0.2 | |||||
Containers & Packaging | 0.2 | |||||
Computers & Peripherals | 0.2 | |||||
Biotechnology | 0.2 | |||||
Paper & Forest Products | 0.2 | |||||
Airlines | 0.2 | |||||
Distributors | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Leisure Equipment & Products | 0.1 | |||||
Short Term Investments | 12.7 | |||||
Other Assets & Liabilities | (12.1 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
70
SPDR Russell/Nomura PRIME Japan ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® Russell/Nomura PRIME Japan ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Japanese equity market. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the Russell/Nomura PRIME Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was 0.56%, and the total return for the Index was 1.72%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Concern about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern coast of Japan on March 11. Fragile sentiment persisted throughout the month, when worries about spreading radiation from the tsunami-damaged Fukushima Daiichi nuclear complex drove many equity averages to their lowest levels of 2011. Only then did investors start looking for values more aggressively, and when the Bank of Japan added tens of trillions of yen of fresh liquidity to keep financial conditions accommodative, share prices around the world began a steady rebound that carried through to the end of the first quarter. Commodity prices recovered, helped by anticipation of increased demand for energy and materials in support of Japanese reconstruction.
Sickly data on U.S. housing and an expected but still dispiriting contraction in first-quarter Japanese GDP kept equities on the defensive into the last week of May. Across the developed economies, ebbing purchasing manager surveys and sluggish retail sales figures offered an uninspiring backdrop for summer equity trading. September brought a fresh catalyst for concern, when budding strength in the U.S. dollar spurred a vicious rout in many emerging markets currencies. With the sole exception of MSCI Japan, every country constituent of the MSCI World Index shed more than 7% in September
On a security level, telecom names like NTT DoCoMo, Inc. and KDDI Corp. faired quite well through the year. Unfortunately, many of the large automobile companies, like Toyota Motor Corp., Honda Motor Co., Ltd. and Mitsubishi Motors Corp. suffered over the period, dampening some of the positive impact. Tokyo Electric Power Co., Inc. had the largest decline through the Reporting Period as a result of the damaged nuclear power plant north of Tokyo in May.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
71
SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | RUSSELL/NOMURA | NET ASSET | MARKET | RUSSELL/NOMURA | |||||||||||||||||||
VALUE | VALUE | PRIME INDEX | VALUE | VALUE | PRIME INDEX | |||||||||||||||||||
ONE YEAR | 0.56% | −2.01% | 1.72% | 0.56% | −2.01% | 1.72% | ||||||||||||||||||
THREE YEARS | 1.00% | −3.61% | 2.99% | 0.33% | −1.22% | 0.99% | ||||||||||||||||||
SINCE INCEPTION (1) | −21.15% | −23.21% | −18.94% | −4.74% | −5.25% | −4.20% | ||||||||||||||||||
(1) | For the period November 9, 2006 to September 30, 2011. |
72
SPDR Russell/nomura PRIME Japan ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
73
SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
NIPPON | ||||||||||
MITSUBISHI UFJ | TELEGRAPH & | |||||||||
TOYOTA | FINANCIAL | HONDA MOTOR | TELEPHONE | |||||||
DESCRIPTION | MOTOR CORP. | GROUP, INC. | CANON, INC. | CO., LTD. | CORP. | |||||
MARKET VALUE | $452,545 | 377,055 | 348,091 | 285,556 | 251,635 | |||||
% OF NET ASSETS | 3.0 | 2.5 | 2.3 | 1.9 | 1.7 | |||||
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 9.0 | % | ||||
Automobiles | 7.1 | |||||
Machinery | 5.5 | |||||
Pharmaceuticals | 5.3 | |||||
Electronic Equipment, Instruments & Components | 5.2 | |||||
Chemicals | 4.5 | |||||
Trading Companies & Distributors | 4.2 | |||||
Road & Rail | 4.0 | |||||
Real Estate Management & Development | 3.0 | |||||
Wireless Telecommunication Services | 2.9 | |||||
Office Electronics | 2.9 | |||||
Auto Components | 2.9 | |||||
Household Durables | 2.8 | |||||
Electric Utilities | 2.6 | |||||
Metals & Mining | 2.5 | |||||
Insurance | 2.3 | |||||
Food & Staples Retailing | 2.0 | |||||
Electrical Equipment | 1.8 | |||||
Diversified Telecommunication Services | 1.7 | |||||
Specialty Retail | 1.5 | |||||
Building Products | 1.4 | |||||
Construction & Engineering | 1.4 | |||||
Leisure Equipment & Products | 1.4 | |||||
Computers & Peripherals | 1.3 | |||||
Beverages | 1.2 | |||||
Food Products | 1.1 | |||||
Oil, Gas & Consumable Fuels | 1.1 | |||||
Commercial Services & Supplies | 1.1 | |||||
Personal Products | 1.1 | |||||
Software | 1.0 | |||||
Capital Markets | 1.0 | |||||
Semiconductors & Semiconductor Equipment | 1.0 | |||||
Gas Utilities | 1.0 | |||||
Tobacco | 1.0 | |||||
IT Services | 0.8 | |||||
Health Care Equipment & Supplies | 0.8 | |||||
Multiline Retail | 0.7 | |||||
Textiles, Apparel & Luxury Goods | 0.6 | |||||
Media | 0.6 | |||||
Industrial Conglomerates | 0.5 | |||||
Air Freight & Logistics | 0.5 | |||||
Internet Software & Services | 0.4 | |||||
Internet & Catalog Retail | 0.4 | |||||
Health Care Providers & Services | 0.4 | |||||
Paper & Forest Products | 0.4 | |||||
Consumer Finance | 0.4 | |||||
Marine | 0.3 | |||||
Hotels, Restaurants & Leisure | 0.3 | |||||
Diversified Financial Services | 0.3 | |||||
Transportation Infrastructure | 0.3 | |||||
Airlines | 0.2 | |||||
Household Products | 0.2 | |||||
Diversified Consumer Services | 0.2 | |||||
Independent Power Producers & Energy Traders | 0.2 | |||||
Construction Materials | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Professional Services | 0.1 | |||||
Distributors | 0.1 | |||||
Communications Equipment | 0.0 | *** | ||||
Short Term Investments | 29.6 | |||||
Other Assets & Liabilities | (28.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for the Taisho Pharmaceutical Co., Ltd., which was Level 2 and part of the Pharmaceuticals Industry and CSK Corp., which was Level 2 and part of the IT Services Industry, representing 0.17% and 0.02% of the net assets, respectively. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
74
SPDR Russell/Nomura Small Cap Japan ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® Russell/Nomura Small Cap Japan ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Japanese small cap equity market. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the float-adjusted Russell/Nomura Japan Small Cap Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was 12.17%, and the total return for the Index was 13.59%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Worrisome military tensions on the Korean peninsula and lingering debt concerns in Europe loomed as recurring threats to investor sentiment. Turmoil in Libya and other Arab nations kept oil prices on the move. Concerns about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern Japan. Deepening credit woes in peripheral Europe and the tragic devastation in Japan left many developed markets with losses in March. Sentiment was fragile when worries about spreading radiation from the tsunami-damaged Fukushima Daiichi nuclear complex drove many equity averages to their lowest levels of 2011. Only then did investors start looking for values more aggressively, and when the Bank of Japan added tens of trillions of yen of fresh liquidity to keep financial conditions accommodative, share prices around the world began a steady rebound that carried through to the end of the first quarter. Commodity prices recovered nicely and economically sensitive themes continued to perform well, helped by the anticipation of increased demand for energy and materials in support of Japanese reconstruction. The killing of notorious terrorist Osama bin Laden created excessive enthusiasm among investors who had to contend with less amicable economic indicators as well as with nervous sovereign bond markets that took little comfort from evolving approaches to stabilizing Greek finances. Hopes stayed high that expanded financial support for troubled eurozone sovereigns would mitigate the impact of fiscal austerity initiatives. A credit downgrade of U.S. debt highlighted the lack of budget flexibility available to even the largest western governments.
On an individual security basis, the largest positive contributors to the Fund’s performance in the Health Care sector were Ship Healthcare Holdings, Inc., M3, Inc., and Sosei Group Corp. Also contributing to the Fund’s positive performance were securities from the consumer discretionary sector such as Sanrio Co., Ltd., Start Today Co. Ltd., and Daido Metal Co., Ltd. Cosmo Oil Co., Ltd. (energy sector) and Japan Wind Development Co. Ltd. (utilities) detracted from performance of the Fund.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
75
SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.55%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | RUSSELL/NOMURA | NET ASSET | MARKET | RUSSELL/NOMURA | |||||||||||||||||||
VALUE | VALUE | JAPAN SMALL CAP INDEX | VALUE | VALUE | JAPAN SMALL CAP INDEX | |||||||||||||||||||
ONE YEAR | 12.17% | 10.19% | 13.59% | 12.17% | 10.19% | 13.59% | ||||||||||||||||||
THREE YEARS | 29.97% | 25.54% | 31.80% | 9.13% | 7.88% | 9.64% | ||||||||||||||||||
SINCE INCEPTION (1) | −2.89% | −4.57% | −0.72% | −0.60% | −0.95% | −0.15% | ||||||||||||||||||
(1) | For the period November 9, 2006 to September 30, 2011. |
76
SPDR Russell/Nomura Small Cap JAPAN ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
77
SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | KEWPIE CORP. | WACOAL HOLDINGS CORP. | GREE, INC. | KAKEN PHARMACEUTICAL CO., LTD. | THE AWA BANK, LTD. | |||||
MARKET VALUE | $615,918 | 592,605 | 574,071 | 566,978 | 563,259 | |||||
% OF NET ASSETS | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 9.3 | % | ||||
Machinery | 6.4 | |||||
Chemicals | 6.3 | |||||
Food Products | 5.7 | |||||
Auto Components | 5.1 | |||||
Electronic Equipment, Instruments & Components | 4.2 | |||||
Construction & Engineering | 4.1 | |||||
Specialty Retail | 3.9 | |||||
Metals & Mining | 3.3 | |||||
Media | 3.0 | |||||
Textiles, Apparel & Luxury Goods | 2.9 | |||||
Pharmaceuticals | 2.8 | |||||
Trading Companies & Distributors | 2.6 | |||||
Food & Staples Retailing | 2.4 | |||||
Building Products | 2.2 | |||||
IT Services | 2.2 | |||||
Commercial Services & Supplies | 2.0 | |||||
Hotels, Restaurants & Leisure | 1.9 | |||||
Household Durables | 1.9 | |||||
Electrical Equipment | 1.8 | |||||
Road & Rail | 1.7 | |||||
Real Estate Management & Development | 1.5 | |||||
Health Care Equipment & Supplies | 1.4 | |||||
Internet Software & Services | 1.4 | |||||
Diversified Financial Services | 1.3 | |||||
Personal Products | 1.3 | |||||
Multiline Retail | 1.3 | |||||
Software | 1.3 | |||||
Beverages | 1.2 | |||||
Semiconductors & Semiconductor Equipment | 1.2 | |||||
Leisure Equipment & Products | 0.9 | |||||
Containers & Packaging | 0.9 | |||||
Consumer Finance | 0.9 | |||||
Capital Markets | 0.9 | |||||
Construction Materials | 0.9 | |||||
Transportation Infrastructure | 0.8 | |||||
Household Products | 0.7 | |||||
Oil, Gas & Consumable Fuels | 0.7 | |||||
Distributors | 0.6 | |||||
Communications Equipment | 0.6 | |||||
Computers & Peripherals | 0.5 | |||||
Internet & Catalog Retail | 0.5 | |||||
Paper & Forest Products | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Air Freight & Logistics | 0.3 | |||||
Professional Services | 0.3 | |||||
Electric Utilities | 0.2 | |||||
Marine | 0.2 | |||||
Industrial Conglomerates | 0.2 | |||||
Energy Equipment & Services | 0.1 | |||||
Office Electronics | 0.1 | |||||
Short Term Investments | 25.6 | |||||
Other Assets & Liabilities | (24.2 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for Suruga Corp., which was Level 2 and part of the Real Estate Management & Development Industry, K.K. daVinci Holdings, which was Level 2 and part of the Real Estate Management & Development Industry, Paramount Bed Co., Ltd., which was Level 2 and part of the Health Care Equipment & Supplies Industry and CSK Corp., which was Level 2 and part of the IT Services Industry, representing 0.00%, 0.00%, 0.16% and 0.07% of net assets, respectively. (Note 2) |
78
SPDR S&P International Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Dividend ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the S&P International Dividend Opportunities Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −11.06%, and the total return for the Index was −10.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
The lingering effects from the Japanese tsunami in March and persistent unrest in the Arab world made it difficult for investors to find value in the international markets. The trend continued cautiously where the general theme among most investors was being risk aversive but resilient. This resilience was all the more remarkable given the backdrop of credit rating downgrades and attendant yield gains across southern Europe, where five-year yields in Greece breached 20% and those in Portugal doubled from a year ago.
The top three contributors to the performance of the Fund were Lottomatica SpA, Telstra Corp., Ltd. and Yellow Media Inc. The top three detractors were RWE AG, PagesJaunes Groupe and Orient Overseas International, Ltd. All three detractors lost a significant amount of their stock value during the one year period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
79
SPDR S&P International Dividend ETF —
Performance Summary
Performance Summary
The following Performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.46%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P INTERNATIONAL | S&P INTERNATIONAL | |||||||||||||||||||||||
NET ASSET | MARKET | DIVIDEND | NET ASSET | MARKET | DIVIDEND | |||||||||||||||||||
VALUE | VALUE | OPPORTUNITIES INDEX | VALUE | VALUE | OPPORTUNITIES INDEX | |||||||||||||||||||
ONE YEAR | −11.06% | −12.06% | −10.33% | −11.06% | −12.06% | −10.33% | ||||||||||||||||||
THREE YEARS | 8.69% | 5.40% | 12.48% | 2.82% | 1.77% | 4.00% | ||||||||||||||||||
SINCE INCEPTION (1) | −20.57% | −21.52% | −18.02% | −6.14% | −6.45% | −5.32% | ||||||||||||||||||
(1) For the period February 12, 2008 to September 30, 2011 |
80
SPDR S&P International Dividend ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
81
SPDR S&P International Dividend ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
TELECOMUNICACOES | ORIENT OVERSEAS | |||||||||
DESCRIPTION | RWE AG | TELE2 AB (CLASS B) | DE SAO PAULO SA ADR | ASX, LTD. | INTERNATIONAL, LTD. | |||||
MARKET VALUE | $18,339,340 | 16,853,108 | 16,280,610 | 15,940,972 | 11,234,010 | |||||
% OF NET ASSETS | 3.8 | 3.5 | 3.4 | 3.3 | 2.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Diversified Telecommunication Services | 21.1 | % | ||||
Electric Utilities | 8.3 | |||||
Media | 7.3 | |||||
Multi-Utilities | 7.0 | |||||
Wireless Telecommunication Services | 6.1 | |||||
Construction & Engineering | 4.8 | |||||
Diversified Financial Services | 4.4 | |||||
Insurance | 3.2 | |||||
Real Estate Investment Trusts | 3.0 | |||||
Metals & Mining | 2.8 | |||||
Energy Equipment & Services | 2.7 | |||||
Pharmaceuticals | 2.6 | |||||
Commercial Banks | 2.5 | |||||
Marine | 2.3 | |||||
Food Products | 2.3 | |||||
Water Utilities | 1.9 | |||||
Textiles, Apparel & Luxury Goods | 1.2 | |||||
Gas Utilities | 1.1 | |||||
Transportation Infrastructure | 1.1 | |||||
Consumer Finance | 1.1 | |||||
Independent Power Producers & Energy Traders | 1.0 | |||||
Software | 1.0 | |||||
Food & Staples Retailing | 0.9 | |||||
Automobiles | 0.9 | |||||
Real Estate Management & Development | 0.9 | |||||
Office Electronics | 0.9 | |||||
Oil, Gas & Consumable Fuels | 0.9 | |||||
Tobacco | 0.8 | |||||
Internet & Catalog Retail | 0.8 | |||||
Health Care Providers & Services | 0.7 | |||||
Specialty Retail | 0.7 | |||||
Airlines | 0.7 | |||||
Household Products | 0.7 | |||||
IT Services | 0.7 | |||||
Machinery | 0.6 | |||||
Construction Materials | 0.4 | |||||
Short Term Investments | 12.9 | |||||
Other Assets & Liabilities | (12.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
82
SPDR S&P International Mid Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Mid Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the mid capitalization segment of global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US between USD2 Billion and USD5 Billion Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −6.00%, and the total return for the Index was −5.00%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
After a solid finish to a prosperous 2010, global equity markets celebrated the first trading session of 2011 with a robust rally. The enthusiasm consolidated, though, as turmoil in Libya and other Arab nations kept oil prices on the move and northeastern Japan was struck off with a tragic devastation from the record earthquake. The festering challenge of dealing with Greek finances served to remind traders of the harrowing euro declines during and the currency remained on the defensive until renewed commitment to Greek support began to take shape near the end of May. With fiscal austerity gaining urgency, activity indicators looking languid, and liquidity conditions beginning to tighten, the first half of 2011 ended up being a brutal blow for mid-cap equities. While share prices have cheapened substantially in recent months, unfriendly liquidity trends and lack of resolution on Eurozone sovereign issues seem apt to keep buyer enthusiasm muted until conditions improve.
The top three contributors to the performance of the Fund were Valeant Pharmaceuticals International, Inc., Konami Corp. and Samsung Engineering Co. The top three detractors were Modern Times Group AB, Cochlear, Ltd. and The Governor & Co. of the Bank of Ireland. Since the financial crisis of 2008, Bank of Ireland has been battling with its troubled assets and trying to raise equity through multiple rights offerings to avoid a possible government take-over.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
83
SPDR S&P International Mid Cap ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.45%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED EX-U.S. | S&P DEVELOPED EX-U.S. | |||||||||||||||||||||||
NET ASSET | MARKET | BETWEEN USD2 BILLION | NET ASSET | MARKET | BETWEEN USD2 BILLION | |||||||||||||||||||
VALUE | VALUE | AND USD5 BILLION INDEX | VALUE | VALUE | AND USD5 BILLION INDEX | |||||||||||||||||||
ONE YEAR | −6.00% | −7.97% | −5.00% | −6.00% | −7.97% | −5.00% | ||||||||||||||||||
THREE YEARS | 11.62% | 6.70% | 15.71% | 3.73% | 2.19% | 4.99% | ||||||||||||||||||
SINCE INCEPTION (1) | −18.00% | −19.36% | −16.22% | −5.67% | −6.13% | −5.07% | ||||||||||||||||||
(1) | For the period May 7, 2008 to September 30, 2011. |
84
SPDR S&P International Mid Cap ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
85
SPDR S&P International Mid Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
JAPAN REAL ESTATE | ||||||||||
DESCRIPTION | THE HACHIJUNI BANK, LTD. | SHIMANO, INC. | INVESTMENT CORP. | ZODIAC AEROSPACE | SCOR SE | |||||
MARKET VALUE | $315,607 | 294,337 | 273,897 | 265,055 | 259,066 | |||||
% OF NET ASSETS | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 6.8 | % | ||||
Oil, Gas & Consumable Fuels | 5.3 | |||||
Chemicals | 5.0 | |||||
Metals & Mining | 4.7 | |||||
Real Estate Investment Trusts | 4.4 | |||||
Construction & Engineering | 4.4 | |||||
Machinery | 4.0 | |||||
Media | 3.3 | |||||
Real Estate Management & Development | 3.1 | |||||
Insurance | 3.1 | |||||
Road & Rail | 2.7 | |||||
Diversified Financial Services | 2.5 | |||||
Multiline Retail | 2.5 | |||||
Energy Equipment & Services | 2.5 | |||||
Food & Staples Retailing | 2.3 | |||||
Electronic Equipment, Instruments & Components | 2.2 | |||||
Aerospace & Defense | 2.0 | |||||
Food Products | 1.9 | |||||
Hotels, Restaurants & Leisure | 1.9 | |||||
Leisure Equipment & Products | 1.9 | |||||
Health Care Providers & Services | 1.8 | |||||
Capital Markets | 1.7 | |||||
Auto Components | 1.7 | |||||
Diversified Telecommunication Services | 1.6 | |||||
Commercial Services & Supplies | 1.5 | |||||
IT Services | 1.5 | |||||
Household Durables | 1.5 | |||||
Electrical Equipment | 1.3 | |||||
Trading Companies & Distributors | 1.2 | |||||
Industrial Conglomerates | 1.1 | |||||
Pharmaceuticals | 1.0 | |||||
Construction Materials | 1.0 | |||||
Health Care Equipment & Supplies | 1.0 | |||||
Electric Utilities | 0.9 | |||||
Software | 0.9 | |||||
Textiles, Apparel & Luxury Goods | 0.9 | |||||
Office Electronics | 0.9 | |||||
Transportation Infrastructure | 0.9 | |||||
Water Utilities | 0.8 | |||||
Independent Power Producers & Energy Traders | 0.8 | |||||
Computers & Peripherals | 0.8 | |||||
Consumer Finance | 0.7 | |||||
Automobiles | 0.7 | |||||
Air Freight & Logistics | 0.6 | |||||
Gas Utilities | 0.6 | |||||
Specialty Retail | 0.5 | |||||
Internet Software & Services | 0.5 | |||||
Containers & Packaging | 0.5 | |||||
Professional Services | 0.4 | |||||
Semiconductors & Semiconductor Equipment | 0.4 | |||||
Paper & Forest Products | 0.4 | |||||
Airlines | 0.3 | |||||
Multi-Utilities | 0.3 | |||||
Distributors | 0.3 | |||||
Personal Products | 0.3 | |||||
Health Care Technology | 0.3 | |||||
Marine | 0.2 | |||||
Biotechnology | 0.2 | |||||
Beverages | 0.2 | |||||
Building Products | 0.2 | |||||
Diversified Consumer Services | 0.1 | |||||
Communications Equipment | 0.1 | |||||
Wireless Telecommunication Services | 0.0 | *** | ||||
Short Term Investments | 16.2 | |||||
Other Assets & Liabilities | (15.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, representing less than 0.05% of net assets. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
86
SPDR S&P Emerging Markets Small Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P Emerging Markets Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Emerging Markets Under USD2 Billion Index (the “Index”). The Fund also employs futures to maintain market exposure for cash and receivables as well as for market access where direct access is more limited.
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −23.36%, and the total return for the Index was −20.68%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, transaction costs, payment of taxes on dividends which are not reflected in the Index and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
The Index ended the Reporting Period with a loss of 20.68%. The Index was off to a promising start with an 8.6% gain in the first quarter of this period but then declined for the remaining 3 quarters. Early on, investors were enthusiastic that the global economy was gradually improving and risk appetite was healthy. Emerging market small cap names are generally a beneficiary of positive liquidity and risk dynamics. As the year progressed however, a number of factors turned negative and led to increased investor skittishness. Expectations for the global economy continued to weaken, led by a number of factors: ongoing challenges in Europe with the peripheral market debt problems; a weak recovery in the United States; turmoil in the Middle East; and concerns about the health of emerging markets.
China, the largest economy in the Index, saw its market decline significantly during this period. The Chinese government has been tightening monetary policy this year in an effort to slow down high levels of growth and address inflation concerns. Taiwan, the largest country weight in the Index, declined as well this year. Information technology was the worst performing global sector and many of these names are in Taiwan. India, which makes up around 10% of the Index, declined this year as the market was troubled by persistent inflation problems as well as scandals in the telecom sector that highlighted corruption issues in the government. Most emerging market returns were negative this year, but there were a few positive returns. Smaller countries like the Czech Republic, Peru and the Philippines were able to the buck the trend and produce gains.
At the individual stock level, Catcher Technology Co., Ltd. in Taiwan was the largest positive contributor to returns. This company produces metal casings for electronics and, as a major supplier to Apple and others, has benefited from the global growth in the mobile electronics area. The Fund was also helped by positions in China Petrochemical Development Corp. and Hiwin Technologies Corp.. On the negative side, IVRCL Infrastructures & Projects, Ltd., an Indian construction company, was the largest detractor from returns. The Fund was also impacted by positions in Thanachart Capital PCL, a Thai financial services company and PBG SA, a Polish engineering company.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
87
SPDR S&P Emerging Markets Small Cap ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/12/08, 5/16/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.65%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P EMERGING | S&P EMERGING | |||||||||||||||||||||||
NET ASSET | MARKET | MARKETS UNDER USD2 | NET ASSET | MARKET | MARKETS UNDER USD2 | |||||||||||||||||||
VALUE | VALUE | BILLION INDEX | VALUE | VALUE | BILLION INDEX | |||||||||||||||||||
ONE YEAR | −23.36% | −26.82% | −20.68% | −23.36% | −26.82% | −20.68% | ||||||||||||||||||
THREE YEARS | 31.90% | 24.77% | 44.94% | 9.67% | 7.66% | 13.17% | ||||||||||||||||||
SINCE INCEPTION (1) | −17.54% | −21.00% | −7.65% | −5.53% | −6.72% | −2.32% | ||||||||||||||||||
(1) | For the period May 12, 2008 to September 30, 2011. |
88
SPDR S&P Emerging Markets Small Cap ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
89
SPDR S&P Emerging Markets Small Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
MARCOPOLO SA | ||||||||||
DESCRIPTION | KULIM MALAYSIA BHD | LEWIS GROUP, LTD. | PREFERENCE SHARES | DATATEC, LTD. | THANACHART CAPITAL PCL | |||||
MARKET VALUE | $6,015,584 | 5,612,574 | 5,354,482 | 5,153,299 | 4,958,618 | |||||
% OF NET ASSETS | 0.7 | 0.6 | 0.6 | 0.6 | 0.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Real Estate Management & Development | 7.4 | % | ||||
Semiconductors & Semiconductor Equipment | 5.8 | |||||
Food Products | 5.6 | |||||
Metals & Mining | 4.8 | |||||
Electronic Equipment, Instruments & Components | 4.7 | |||||
Chemicals | 4.7 | |||||
Construction & Engineering | 3.6 | |||||
Machinery | 3.3 | |||||
Commercial Banks | 3.1 | |||||
Computers & Peripherals | 2.8 | |||||
Capital Markets | 2.6 | |||||
Textiles, Apparel & Luxury Goods | 2.4 | |||||
Household Durables | 2.3 | |||||
Diversified Financial Services | 2.3 | |||||
Pharmaceuticals | 2.3 | |||||
Industrial Conglomerates | 2.1 | |||||
Transportation Infrastructure | 2.0 | |||||
Electrical Equipment | 1.9 | |||||
Media | 1.8 | |||||
Hotels, Restaurants & Leisure | 1.8 | |||||
Construction Materials | 1.7 | |||||
Auto Components | 1.7 | |||||
Communications Equipment | 1.7 | |||||
Oil, Gas & Consumable Fuels | 1.6 | |||||
Marine | 1.4 | |||||
Specialty Retail | 1.2 | |||||
Multiline Retail | 1.1 | |||||
Independent Power Producers & Energy Traders | 1.1 | |||||
Real Estate Investment Trusts | 1.0 | |||||
Software | 0.9 | |||||
Energy Equipment & Services | 0.9 | |||||
IT Services | 0.9 | |||||
Food & Staples Retailing | 0.9 | |||||
Automobiles | 0.9 | |||||
Health Care Equipment & Supplies | 0.8 | |||||
Leisure Equipment & Products | 0.8 | |||||
Paper & Forest Products | 0.8 | |||||
Beverages | 0.8 | |||||
Diversified Telecommunication Services | 0.8 | |||||
Electric Utilities | 0.7 | |||||
Commercial Services & Supplies | 0.6 | |||||
Tobacco | 0.6 | |||||
Trading Companies & Distributors | 0.6 | |||||
Health Care Providers & Services | 0.5 | |||||
Air Freight & Logistics | 0.5 | |||||
Biotechnology | 0.5 | |||||
Airlines | 0.5 | |||||
Building Products | 0.5 | |||||
Personal Products | 0.5 | |||||
Insurance | 0.5 | |||||
Internet Software & Services | 0.4 | |||||
Diversified Consumer Services | 0.4 | |||||
Consumer Finance | 0.4 | |||||
Wireless Telecommunication Services | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Household Products | 0.3 | |||||
Containers & Packaging | 0.3 | |||||
Water Utilities | 0.3 | |||||
Office Electronics | 0.1 | |||||
Internet & Catalog Retail | 0.1 | |||||
Distributors | 0.1 | |||||
Thrifts & Mortgage Finance | 0.1 | |||||
Road & Rail | 0.1 | |||||
Professional Services | 0.0 | *** | ||||
Short Term Investments | 6.7 | |||||
Other Assets & Liabilities | (4.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for China Hongxing Sports, Ltd., which was Level 3 and part of the Textiles, Apparel & Luxury Goods Industry, Real Gold Mining, Ltd., which was Level 3 and part of the Metals & Mining Industry, China Forestry Holdings, Ltd., which was Level 3 and part of the Paper & Forest Products Industry, Essar Shipping, Ltd., which was Level 2 and part of the Oil, Gas & Consumable Fuels Industry, Polaris Securities Co., Ltd., which was Level 2 and part of the Capital Markets Industry, and Ralink Technology Corp., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, each representing less than 0.05% of net assets, except for Polaris Securities Co. and Ralink Technology Corp., which represented 0.41% and 0.08% of net assets, respectively. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
90
SPDR Dow Jones Global Real Estate ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® Dow Jones Global Real Estate ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of an index based upon the global real estate market. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the Dow Jones Global Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −2.80%, and the total return for the Index was −3.14%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, transaction costs, the effects of cash and receivable balances and management fees; offset by the Fund’s positive bias against its benchmark with respect to payment of taxes on dividends and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
Several factors typically impact the performance of the global real estate securities market, namely capital availability, real estate operating fundamentals, valuations in the underlying private property markets and investor flows to the asset class. For the 12 months of the Reporting Period, publicly traded real estate companies globally enjoyed access to cheap sources of capital in both debt and equity markets. Real estate operating fundamentals have been generally improving since 2009; occupancies, rental rates and residential transaction activity have recovered to prior peak levels in several markets, i.e., London and New York office, Hong Kong and China residential. With a few exceptions, such as Amsterdam and Singapore office markets, general balance between supply and demand in the majority of real estate markets has been providing stability to operating fundamentals despite a slow-growth macroeconomic backdrop. Private market valuations have been on the rise. As investors searched for yield in the low interest rate environment, strong demand for core commercial real estate from sovereign wealth funds, pension funds and private wealth investors drove cap rates down to historical lows in major markets such as Tokyo, Sydney, London and New York.
In addition to these traditional drivers, the performance of the publicly traded real estate market over the Reporting Period was influenced by a number of global geo-political and macro-economic developments. Property market austerity programs in Asia, a major earthquake in Japan, unrest in the Middle East and a major flood in Australia pressured the global property markets and overshadowed otherwise positive trends in operating fundamentals and capital markets. Global real estate experienced heightened volatility and underperformed global equities at the onset of 2011. During the second quarter, European debt crisis concerns escalated, global economic indicators stalled, inflation became a prevailing fear in emerging markets and investor confidence began to wane. As a result, the defensive characteristics of listed real estate came into focus as investors rotated out of broader equities. After lagging earlier in the year, global real estate outperformed global equities. In late summer of 2011, broad investor capitulation became apparent. On the back of deteriorating credit markets, rising fears of a repeat global financial crisis, and increased concerns over a global economic recession, a major de-risking trade transpired and the publicly traded real estate market was not immune to that.
Investor sentiment towards Asian and the Emerging Markets has been decidedly negative since 2010. These markets are largely made up of residential property developers who have been subjected to austerity, intended to suppress housing demand, reduce speculative buying, cap prices and limit financing availability for new projects. Over the last 12 months, investors have questioned developers’ ability to maintain sales and meet revenue targets and have become increasingly concerned about developers’ cost of capital amid tightening credit markets. As a result, Asian and Emerging Markets underperformed significantly during the Reporting Period.
Global property investors became increasingly risk averse over the Reporting Period, retreating from markets with capital liquidity constraints and becoming more selective regarding geographic exposure. Despite overall underperformance of the European publicly traded property markets, countries outside of
91
SPDR Dow Jones Global Real Estate ETF —
Management’s Discussion of Fund Performance (continued)
Management’s Discussion of Fund Performance (continued)
the Eurozone performed exceptionally well. Against the weakness of most Asian markets, Japan was the best performing listed property market globally as it has enjoyed continuous support from the Bank of Japan. North America once again has been a favored region due to improving fundamentals and resilient capital markets. Specifically, Canada showed broad strength in its public real estate as the country least impacted by the latest fallout in the financial markets and macroeconomic headwinds.
At the individual security level, investors favored companies with low leverage, limited near-term maturities and safe, defensive cash flows. The best performing stocks globally were those that were able to deliver positive surprises to investors by restructuring and addressing their refinancing needs amid the turmoil in global capital markets, namely First Industrial Realty Trust, Inc. (U.S.), Charter Hall Office (Australia) and Mori Hills Investment Corp. (Japan). The worst performing stocks in the last 12 months were highly leveraged real estate companies, such as IVG Immobilien AG (Germany), for which inevitable equity issuance has created an overhang, and Globe Trade Centre SA (Poland), which was affected by leverage combined with exposure to residential markets in a number of Eastern European countries.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
92
SPDR Dow Jones Global Real Estate ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
DOW JONES GLOBAL | DOW JONES GLOBAL | |||||||||||||||||||||||
NET ASSET | MARKET | SELECT REAL ESTATE | NET ASSET | MARKET | SELECT REAL ESTATE | |||||||||||||||||||
VALUE | VALUE | SECURITIES INDEX | VALUE | VALUE | SECURITIES INDEX | |||||||||||||||||||
ONE YEAR | −2.80% | −3.55% | −3.14% | −2.80% | −3.55% | −3.14% | ||||||||||||||||||
THREE YEARS | −2.23% | −2.94% | −3.08% | −0.75% | −0.99% | −1.04% | ||||||||||||||||||
SINCE INCEPTION (1) | −21.67% | −22.11% | −22.91% | −6.93% | −7.08% | −7.37% | ||||||||||||||||||
(1) | For the period May 7, 2008 to September 30, 2011. |
93
SPDR Dow Jones Global Real Estate ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
94
SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
BROOKFIELD ASSET | ||||||||||
SIMON PROPERTY | MANAGEMENT, INC. | |||||||||
DESCRIPTION | GROUP, INC. | UNIBAIL-RODAMCO SE | WESTFIELD GROUP | PUBLIC STORAGE | (CLASS A) | |||||
MARKET VALUE | $15,700,855 | 8,028,703 | 7,795,660 | 7,650,524 | 7,574,903 | |||||
% OF NET ASSETS | 5.7 | 2.9 | 2.8 | 2.8 | 2.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Retail REITs | 27.6 | % | ||||
Real Estate Management & Development | 16.0 | |||||
Office REITs | 15.2 | |||||
Specialized REITs | 13.7 | |||||
Diversified REITs | 11.6 | |||||
Residential REITs | 10.5 | |||||
Industrial REITs | 4.7 | |||||
Diversified Capital Markets | 0.3 | |||||
Short Term Investments | 11.0 | |||||
Other Assets & Liabilities | (10.6 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (Note 2) |
95
SPDR S&P International Consumer Discretionary Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Consumer Discretionary Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer discretionary sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Consumer Discretionary Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −5.33%, and the total return for the Index was −4.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
After posting positive cumulative returns for the first 7 months of the Reporting period that took the Index up about 17%, the Index fell over 20% over the remainder of the period as consumer sentiment fell. Early on, investors were enthusiastic that the global economy was gradually improving and risk appetite was healthy. Performance among the sectors brought few surprises; defensive issues tended to lag the broader market while those sectors with greater exposure to global recovery enjoyed outperformance. The consumer discretionary sector was boosted by healthy gains for shares of auto makers on indications of strong demand.
Fragile sentiment persisted into the ides of March after the earthquake struck off northeastern Japan. Worries about spreading radiation from the tsunami-damaged Fukushima Daiichi nuclear complex drove many equity averages to their lowest levels of 2011. Only then did investors start looking for values more aggressively, and when the Bank of Japan added tens of trillions of yen of fresh liquidity to keep financial conditions accommodative, share prices around the world began a steady rebound that carried through to the end of the first quarter. Despite Japan being about one-third of the Index, the Index fell less than 3% in March followed by a 7% gain the following month.
The positive return in the Index had been erased by the end of the Reporting Period, as the Index fell almost 20% in the last 2 months. Employment gains in the U.S. slipped back dramatically from what had been a solid pace during the spring, sparking fresh declines in consumer sentiment. Business confidence in Germany retreated steadily from early 2011 highs, echoed by similar declines in other European countries. Across the developed economies, ebbing purchasing manager surveys and sluggish retail sales figures offered an uninspiring backdrop for summer equity trading. Sellers of consumer goods may be facing stiffer competition from basic costs for food and energy, while financials may also be finding it more difficult to extract arbitrarily onerous fees from increasingly careful customers. Despite losing just over 20% in the last quarter of the Reporting Period, the consumer discretionary sector was neither the worst nor best performing sector for the quarter and the year.
Korean automobile makers Hyundai Motor Co. and Kia Motors Corp. were the top contributors to performance as they benefited from strong demand due to the direct impact of the earthquake on Japanese automakers. Daimler AG, a top producer of premium vehicles, was the worst performer.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
96
SPDR S&P International Consumer Discretionary Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
CONSUMER | CONSUMER | |||||||||||||||||||||||
NET ASSET | MARKET | DISCRETIONARY | NET ASSET | MARKET | DISCRETIONARY | |||||||||||||||||||
VALUE | VALUE | SECTOR INDEX | VALUE | VALUE | SECTOR INDEX | |||||||||||||||||||
ONE YEAR | −5.33% | −7.58% | −4.78% | −5.33% | −7.58% | −4.78% | ||||||||||||||||||
THREE YEARS | 18.21% | 13.14% | 18.91% | 5.74% | 4.20% | 5.94% | ||||||||||||||||||
SINCE INCEPTION (1) | 3.69% | 1.41% | 3.75% | 1.13% | 0.44% | 1.02% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
97
SPDR S&P International Consumer Discretionary Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
98
SPDR S&P International Consumer Discretionary Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
TOYOTA MOTOR | LVMH MOET HENNESSY | |||||||||
DESCRIPTION | CORP. | HONDA MOTOR CO., LTD. | DAIMLER AG | HYUNDAI MOTOR CO. | LOUIS VUITTON SA | |||||
MARKET VALUE | $781,152 | 375,810 | 355,466 | 326,875 | 289,194 | |||||
% OF NET ASSETS | 6.9 | 3.3 | 3.2 | 2.9 | 2.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Automobiles | 27.2 | % | ||||
Media | 15.1 | |||||
Textiles, Apparel & Luxury Goods | 11.3 | |||||
Hotels, Restaurants & Leisure | 10.9 | |||||
Specialty Retail | 9.6 | |||||
Auto Components | 8.9 | |||||
Household Durables | 6.8 | |||||
Multiline Retail | 4.4 | |||||
Leisure Equipment & Products | 2.3 | |||||
Distributors | 1.6 | |||||
Internet & Catalog Retail | 0.9 | |||||
Diversified Consumer Services | 0.7 | |||||
Short Term Investments | 0.0 | *** | ||||
Other Assets & Liabilities | 0.3 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
99
SPDR S&P International Consumer Staples Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Consumer Staples Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer staples sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Consumer Staples Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was 2.08%, and the total return for the Index was 2.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Equities outside the U.S. had to navigate some choppy waters during the fourth quarter of 2010, especially as sovereign woes in Ireland reawakened worries about major European banks during November. When the theme of global economic resilience gained fresh ascendancy in December, though, almost all equity markets around the world participated in a vigorous year-end rally, converting what had been a disappointing 2010 into a relatively solid year for global equities. Performance among the sectors during the fourth quarter brought few surprises; defensive issues such as consumer staples tended to lag the broader market while those sectors with greater exposure to global recovery enjoyed outperformance. The Index rose about 4% in the fourth quarter of 2010.
Across the major sectors of the broader market, leadership stayed with the cyclical areas in early 2011 as investors found minimal appeal in defensively oriented groups like consumer staples and utilities. The Index barely stayed in the black in the first quarter of 2011, adding about 0.50%, and it was the worst performing sector for the quarter. Employment gains in the U.S. slipped back dramatically from what had been a solid pace during the spring, sparking fresh declines in consumer sentiment. Business confidence in Germany retreated steadily from early 2011 highs, echoed by similar declines in other European countries. Across the developed economies, ebbing purchasing manager surveys and sluggish retail sales figures offered an uninspiring backdrop for summer equity trading. Sellers of consumer goods may be facing stiffer competition from basic costs for food and energy, while financials may also be finding it more difficult to extract arbitrarily onerous fees from increasingly careful customers. Within consumer staples, food and staples retailing dragged down the overall sector over the Reporting period while tobacco had the highest return and posted positive numbers for each of the four quarters. The Index finished the Reporting period up almost 2.7% and was one of the worst performing sectors.
British American Tobacco PLC and Japan Tobacco, Inc., contributed to performance as tobacco firms are less sensitive to the current environment of rising commodity prices. Carrefour SA, the largest grocery retailer in Europe, was one of the largest detractors from performance as it lost over half of its value during the period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
100
SPDR S&P International Consumer Staples Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
NET ASSET | MARKET | CONSUMER STAPLES | NET ASSET | MARKET | CONSUMER STAPLES | |||||||||||||||||||
VALUE | VALUE | SECTOR INDEX | VALUE | VALUE | SECTOR INDEX | |||||||||||||||||||
ONE YEAR | 2.08% | 1.08% | 2.67% | 2.08% | 1.08% | 2.67% | ||||||||||||||||||
THREE YEARS | 23.58% | 19.18% | 28.76% | 7.31% | 6.02% | 8.79% | ||||||||||||||||||
SINCE INCEPTION (1) | 16.53% | 15.39% | 21.92% | 4.88% | 4.56% | 5.61% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
101
SPDR S&P International Consumer Staples Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
102
SPDR S&P International Consumer Staples Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
BRITISH | ||||||||||
AMERICAN | ||||||||||
TOBACCO | DIAGEO | |||||||||
DESCRIPTION | NESTLE SA | PLC | UNILEVER NV | PLC | TESCO PLC | |||||
MARKET VALUE | $3,094,143 | 1,288,653 | 887,415 | 791,348 | 730,873 | |||||
% OF NET ASSETS | 16.1 | 6.7 | 4.6 | 4.1 | 3.8 | |||||
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Food Products | 34.5 | % | ||||
Food & Staples Retailing | 22.6 | |||||
Beverages | 18.5 | |||||
Tobacco | 13.0 | |||||
Personal Products | 6.3 | |||||
Household Products | 4.5 | |||||
Short Term Investments | 0.0 | *** | ||||
Other Assets & Liabilities | 0.6 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
103
SPDR S&P International Energy Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Energy Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the energy sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Energy Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −6.14%, and the total return for the Index was −5.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
As unexpected resilience in economic data combined with fresh monetary accommodation, commodity benchmarks turned in generous double-digit gains for the fourth calendar quarter of 2010, with the bulk of the moves coming in December. Energy prices saw their best gains since the second calendar quarter of 2009, as crude oil notched new post-recession highs and wintry weather finally stirred natural gas out of a protracted slumber. The Index gained about 12% in December. The momentum carried into early 2011. Global equities began March on edge, bandied about by turmoil in Libya and other Arab nations that kept oil prices on the move. Concern about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern Japan on March 11. Fragile sentiment persisted into the ides of March, when worries about spreading radiation from the tsunami-damaged Fukushima Daiichi nuclear complex drove many equity averages to their lowest levels of 2011. Only then did investors start looking for values more aggressively, and when the Bank of Japan added tens of trillions of yen of fresh liquidity to keep financial conditions accommodative, share prices around the world began a steady rebound that carried through to the end of the first quarter. Commodity prices recovered nicely and economically sensitive themes continued to perform well, helped by anticipation of increased demand for energy and materials in support of Japanese reconstruction. The Index finished the month of March flat after recovering from an approximately 8% drop from the high of the month.
Instead of further monetary accommodation, though, downtrodden investors got unexpected relief on the oil front, when a consortium of developed countries agreed to daily releases of stored crude onto the global markets. This buffer against a spike in energy prices, when combined with redoubled austerity efforts in Greece that brought a mild retreat in Greek bond yields, allowed broad equity averages to salvage respectable quarterly performance from what had looked like a major setback in the middle of June. Late in June, with commodity benchmarks headed for their first negative quarter since the spring of 2010, the International Energy Agency announced a plan to release 2 million barrels of stored crude oil into world markets. The move initially sank energy prices to fresh three-month lows, but their relatively quick bounce suggested that oil pricing may reflect longer-term supply concerns as much as near-term worries about availability. The Index generated negative returns in each of the last five months of the Reporting period and lost about a third of its value since May.
Royal Dutch Shell PLC (Class A and B), two of the five largest positions in the Index, were the top contributors to performance. The company reported a rise in profits, as expected, and cited that the first year of their three year plan for profitable growth and a more competitive Shell is on target despite ambitious targets. Niko Resources, Ltd. in Canada was one of the worst performers. The stock fell over 50% during the Reporting period amidst bribery charges of a foreign minister.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
104
SPDR S&P International Energy Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
NET ASSET | MARKET | EX-U.S. BMI ENERGY | NET ASSET | MARKET | EX-U.S. BMI ENERGY | |||||||||||||||||||
VALUE | VALUE | SECTOR INDEX | VALUE | VALUE | SECTOR INDEX | |||||||||||||||||||
ONE YEAR | −6.14% | −7.64% | −5.13% | −6.14% | −7.64% | −5.13% | ||||||||||||||||||
THREE YEARS | −2.53% | −5.86% | 3.04% | −0.85% | −1.99% | 1.00% | ||||||||||||||||||
SINCE INCEPTION (1) | −22.30% | −23.51% | −19.32% | −7.56% | −8.01% | −5.75% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
105
SPDR S&P International Energy Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
106
SPDR S&P International Energy Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
ROYAL DUTCH | ||||||||||
DESCRIPTION | SHELL PLC | BP PLC | TOTAL SA | BG GROUP PLC | ENI SPA | |||||
MARKET VALUE | $2,105,821 | 1,223,671 | 1,093,025 | 725,988 | 537,297 | |||||
% OF NET ASSETS | 17.0 | 9.9 | 8.8 | 5.9 | 4.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 90.9 | % | ||||
Energy Equipment & Services | 8.6 | |||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 0.4 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) |
107
SPDR S&P International Financial Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Financial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the financial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Financials Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −17.99%, and the total return for the Index was −16.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Financials lagged in the first quarter of the reporting period, with a 1.5% return that represented last place of the EAFE sectors over the three month period, and left the group in the red for the full calendar year of 2010. The sector rebounded 8.5% during December in a burst of outperformance that signaled a temporary healing in the group. The gains continued into the first quarter, particularly for insurance stocks, which positioned the sector well against the downturn suffered in Japanese and European banks following the earthquake and tsunami in March. From March forward the financials sector continued to suffer losses, giving back 24.2% over the fourth quarter of the Reporting Period and making them the second weakest EAFE sector since the start of calendar year 2011. Shares of banks and major dealers were a drag on the financials, but relative resilience in Australian names and in-line performance from insurance stocks prevented devastation in many European lenders from taking a greater toll on the sector.
The Fund’s performance over the Reporting Period was most negatively impacted by its relative overweight to HSBC Holdings PLC, BNP Paribas, and Banco Santander SA, that all underperformed on deepening credit woes in peripheral Europe.
The only glimmer of positive performance came from insurance names including Swiss Re Ltd. and Lancashire Holdings, Ltd. Despite the positive returns in those names, their relative underweight offered little defense against the European lending concerns.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
108
SPDR S&P International Financial Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
NET ASSET | MARKET | FINANCIALS SECTOR | NET ASSET | MARKET | FINANCIALS SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −17.99% | −19.30% | −16.60% | −17.99% | −19.30% | −16.60% | ||||||||||||||||||
THREE YEARS | −20.76% | −23.95% | −20.62% | −7.46% | −8.72% | −7.41% | ||||||||||||||||||
SINCE INCEPTION (1) | −30.30% | −31.51% | −28.88% | −10.63% | −11.12% | −8.95% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
109
SPDR S&P International Financial Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
110
SPDR S&P International Financial Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
WESTPAC | ||||||||||
COMMONWEALTH | BANKING | TORONTO-DOMINION | ||||||||
DESCRIPTION | HSBC HOLDINGS PLC | BANK OF AUSTRALIA | CORP. | BANCO SANTANDER SA | BANK | |||||
MARKET VALUE | $402,819 | 223,033 | 213,222 | 204,025 | 198,205 | |||||
% OF NET ASSETS | 5.2 | 2.9 | 2.8 | 2.6 | 2.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Commercial Banks | 53.7 | % | ||||
Insurance | 19.4 | |||||
Real Estate Management & Development | 9.0 | |||||
Capital Markets | 8.4 | |||||
Real Estate Investment Trusts | 4.0 | |||||
Diversified Financial Services | 4.0 | |||||
Consumer Finance | 1.0 | |||||
Short Term Investments | 0.0 | *** | ||||
Other Assets & Liabilities | 0.5 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
111
SPDR S&P International Health Care Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Health Care Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the health care sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Health Care Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was 2.69%, and the total return for the Index was 3.42%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Despite sovereign debt woes in Europe and a series of global events that worried investors (stubbornly low economic growth, high unemployment, the tsunami and earthquake in Japan, U.S. debt downgrades and social unrest in the Arab world), the Healthcare sector proved to be a defensive haven for investors over other more economically sensitive sectors.
The best performing stock for the Fund over the Reporting Period was Roche Holding AG. The stock, was helped by its new experimental cholesterylester transfer protein inhibitor drug, dalcetrapib. The drug is designed to raise “good” HDL cholesterol. Another well performing company for the Fund is GlaxoSmithKline PLC. The British company’s performance was helped by its strong growth rate as well as its partnership with other drug makers in emerging markets and investing in consumer products. Shire PLC was another best performing company. The global specialty biopharmaceutical company had strong sales, boosted by its ADHD drugs as well as its gastrointestinal products.
On the negative side, the worst performer in the Fund was Teva Pharmaceutical Industries, Ltd.. Although the company is a leader in the generics industry and stands to do well as brand name drugs come off patent protection, it faces competition on its highly profitable drug, Copaxone from other generic drug manufacturers. The company also faces challenges over uncertainty with its Multiple Sclerosis drug, laquinimod. Another underperforming company, German drug maker, Bayer AG, was hurt when the Food and Drug Administration in the United States recommended that its blood thinner drug, Xarelto, not be approved to prevent stroke in people with the most common abnormal heart rhythm. Another company that underperformed in the Fund is AstraZeneca PLC. The company faces growth challenges beyond 2016 as patents on its Crestor and Seroquel XR drugs expire.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
112
SPDR S&P International Health Care Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
NET ASSET | MARKET | EX-U.S. BMI HEALTH | NET ASSET | MARKET | EX-U.S. BMI HEALTH | |||||||||||||||||||
VALUE | VALUE | CARE SECTOR INDEX | VALUE | VALUE | CARE SECTOR INDEX | |||||||||||||||||||
ONE YEAR | 2.69% | 2.42% | 3.42% | 2.69% | 2.42% | 3.42% | ||||||||||||||||||
THREE YEARS | 11.58% | 8.94% | 16.43% | 3.72% | 2.89% | 5.20% | ||||||||||||||||||
SINCE INCEPTION (1) | 1.57% | 1.16% | 5.75% | 0.49% | 0.36% | 1.55% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
113
SPDR S&P International Health Care Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
114
SPDR S&P International Health Care Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | NOVARTIS AG | ROCHE HOLDING AG | GLAXOSMITHKLINE PLC | SANOFI-AVENTIS SA | ASTRAZENECA PLC | |||||
MARKET VALUE | $2,432,170 | 1,877,518 | 1,681,339 | 1,202,492 | 996,715 | |||||
% OF NET ASSETS | 12.7 | 9.8 | 8.7 | 6.3 | 5.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Pharmaceuticals | 75.7 | % | ||||
Health Care Equipment & Supplies | 10.9 | |||||
Health Care Providers & Services | 6.7 | |||||
Biotechnology | 4.1 | |||||
Health Care Technology | 0.6 | |||||
Chemicals | 0.4 | |||||
Life Sciences Tools & Services | 0.3 | |||||
Short Term Investments | 0.6 | |||||
Other Assets & Liabilities | 0.7 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs except for Taisho Pharmaceutical Co., Ltd., which was Level 2 and part of the Pharmaceuticals Industry, representing 0.26% of net assets. (Note 2) |
115
SPDR S&P International Industrial Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Industrial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the industrial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Industrial Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −10.62%, and the total return for the Index was −8.81%. The Fund and Index returns reflect the reinvestment of dividends and other income. The difference in the Fund’s performance relative to the Index during the Reporting Period can be attributed primarily to Fund expenses, transaction costs, payment of taxes on dividends which are not reflected in the Index and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.
Sovereign debt concerns in Europe (especially in southern European countries like Italy, Greece, Spain and Portugal) as well as continuing global economic concerns helped to dampen the markets over the last year. The tsunami and earthquake in Japan, social unrest in the Arab world and weak employment data all combined to bring weakness and volatility to many industrials companies. Being an economically sensitive sector, industrials were especially hurt in the third quarter after the U.S. debt downgrade in August as well as the ongoing Greek debt issues and its potential negative effect on other Euro countries, especially Germany.
The Japanese company, Yamato Holdings Co., Ltd., was the best performer for the period based on its contribution to the Fund’s return. The company enjoyed double-digit growth in sales and net income over the past year. SGL Carbon AG was the second best performer in terms of contribution to return. The German company, a carbon fiber supplier to the automotive industry, was the subject of acquisition rumors by BMW.
The worst performer for the period was Koninklijke Philips Electronics NV. The giant European lighting maker planned to cut 4,500 jobs in an effort to reduce costs. The company has also been trying to sell its TV business, which posted a quarterly loss in the third quarter about $74 million. The Swiss company, ABB, Ltd., was another underperforming company. The company’s shares dropped as weak global industry outlook and declining government spending negatively affected the company’s performance in its power and industrial divisions. German industrial giant Siemens AG also performed poorly, as the company took an approximately $937 million charge related to its exit of a joint venture with Areva and was also hurt by the ongoing weak economic environment across the globe.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
116
SPDR S&P International Industrial Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
NET ASSET | MARKET | INDUSTRIAL SECTOR | NET ASSET | MARKET | INDUSTRIAL SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −10.62% | −12.42% | −8.81% | −10.62% | −12.42% | −8.81% | ||||||||||||||||||
THREE YEARS | 8.40% | 5.09% | 10.30% | 2.73% | 1.67% | 3.32% | ||||||||||||||||||
SINCE INCEPTION (1) | −12.73% | −14.32% | −11.44% | −4.15% | −4.70% | −3.30% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
117
SPDR S&P International Industrial Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
118
SPDR S&P International Industrial Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
CANADIAN NATIONAL | ||||||||||
DESCRIPTION | SIEMENS AG | ABB, LTD. | RAILWAY CO. | FANUC CORP. | MITSUBISHI CORP. | |||||
MARKET VALUE | $986,901 | 518,693 | 479,635 | 407,460 | 398,620 | |||||
% OF NET ASSETS | 4.9 | 2.6 | 2.4 | 2.0 | 2.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Machinery | 19.8 | % | ||||
Industrial Conglomerates | 13.0 | |||||
Trading Companies & Distributors | 10.7 | |||||
Electrical Equipment | 10.1 | |||||
Road & Rail | 6.7 | |||||
Construction & Engineering | 6.0 | |||||
Professional Services | 5.9 | |||||
Commercial Services & Supplies | 5.6 | |||||
Aerospace & Defense | 5.0 | |||||
Building Products | 4.2 | |||||
Transportation Infrastructure | 3.5 | |||||
Marine | 2.9 | |||||
Air Freight & Logistics | 2.8 | |||||
Airlines | 2.0 | |||||
Energy Equipment & Services | 0.0 | *** | ||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 1.7 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
119
SPDR S&P International Materials Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Materials Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the materials sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Materials Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −12.12%, and the total return for the Index was −10.84%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
The Materials sector ended the calendar year 2010 on a positive note, turning in a top performance for December and the quarter as a whole. Unfortunately, that momentum was not sustainable into 2011. Instead, the sector suffered a slow decline. With industrial metals prices in stark retreat, mining names endured a dismal September to cap off a horrible final quarter of the reporting period. The damage left the materials sector with a 17.1% September decline and a 27.9% loss for the final quarter. The materials group shed 25.9% since the start of calendar year 2011, making it the worst year-to-date performer among EAFE (Europe, Australasia, and Far East) sectors.
The Fund’s performance over the Reporting Period was most negatively impacted by its relative overweight to Rio Tinto, Ltd., BHP Billiton, Ltd. and POSCO. Mining companies BHP and Rio Tinto both suffered on severe rains in the first half of the year in both Australian and New Zealand mines, as well as softer metal pricing. Similarly, Korean steel-maker Posco also suffered on metal pricing declines.
The Fund’s relative overexposure to Iluka Resources, Ltd. marginally helped the Fund’s performance over the reporting period. The Australian mineral-sand producer not only increases sales over the period, despite weather-related delays, but also managed to secure multiple price increases for both zircon and high grade titanium dioxide products of rutile and synthetic rutile.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
120
SPDR S&P International Materials Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
NET ASSET | MARKET | MATERIALS SECTOR | NET ASSET | MARKET | MATERIALS SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −12.12% | −13.91% | −10.84% | −12.12% | −13.91% | −10.84% | ||||||||||||||||||
THREE YEARS | 10.53% | 6.42% | 19.38% | 3.39% | 2.10% | 6.08% | ||||||||||||||||||
SINCE INCEPTION (1) | −24.22% | −25.64% | −17.40% | −8.27% | −8.81% | −5.13% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
121
SPDR S&P International Materials Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
122
SPDR S&P International Materials Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | BHP BILLITON, LTD. | BHP BILLITON PLC | RIO TINTO PLC | BASF SE | GOLDCORP, INC. | |||||
MARKET VALUE | $1,606,599 | 851,116 | 850,669 | 735,928 | 685,680 | |||||
% OF NET ASSETS | 8.3 | 4.4 | 4.4 | 3.8 | 3.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Metals & Mining | 59.7 | % | ||||
Chemicals | 32.6 | |||||
Construction Materials | 4.4 | |||||
Paper & Forest Products | 2.2 | |||||
Containers & Packaging | 0.4 | |||||
Short Term Investments | 0.0 | *** | ||||
Other Assets & Liabilities | 0.7 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs except for Sino-Forest Corp., which was Level 3 and China Grand Forestry Green Resources Group, Ltd., which was Level 2, both securities were part of the Paper & Forest Products Industry, representing less than 0.05% of net assets. (Note 2) | |
*** | Amount represents less than 0.05% of net assets. |
123
SPDR S&P International Technology Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Technology Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the technology sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Information Technology Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −9.74%, and the total return for the Index was −8.56%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Information technology ended the calendar year 2010 with positive performance, however, the momentum of 2010 came to a halt with the new year. The information technology sector suffered a 1.1% decline in the first quarter that made it the weakest sector in EAFE (Europe, Australaisa, and Far East) to start the calendar year. A number of Japanese electronics names fell back sharply on production concerns following the earthquake and tsunami, while in Finland, shares of handset giant Nokia plunged close to 13-year lows on skepticism regarding a planned collaboration with Microsoft. The second quarter of calendar year 2011 only brought on more weakness, with the sector slipping another 1.1% on losses among semiconductor-related issues.
For the second consecutive fiscal year, Nokia Oyj and Research In Motion, Ltd. both contributed most significantly to the underperformance of the Fund over the Reporting Period. Nokia had reported a sizable loss in 2010 and its market share in the smart phone market continued to erode. Similarly, Research in Motion, which is known for its BlackBerry smartphones, continued to lose market share versus competitors Apple and Motorola in the smartphone market.
On the positive side, ARM Holdings PLC and Autonomy Corp. PLC, and Keyence Corp. all offered marginally positive contributions to the performance of the Fund over the Reporting Period. ARM Holdings experienced exceptionally strong growth from licensing revenues and Autonomy Corp. shares rose on the announcement that HP would acquire control of the company in early October.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
124
SPDR S&P International Technology Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.51%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
INFORMATION | INFORMATION | |||||||||||||||||||||||
NET ASSET | MARKET | TECHNOLOGY SECTOR | NET ASSET | MARKET | TECHNOLOGY SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −9.74% | −11.00% | −8.56% | −9.74% | −11.00% | −8.56% | ||||||||||||||||||
THREE YEARS | 2.80% | −0.40% | 4.48% | 0.92% | −0.14% | 1.47% | ||||||||||||||||||
SINCE INCEPTION (1) | −17.56% | −18.95% | −16.21% | −5.84% | −6.33% | −4.75% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
125
SPDR S&P International Technology Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
126
SPDR S&P International Technology Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
SAMSUNG ELECTRONICS | TELEFONAKTIEBOLAGET LM | |||||||||
DESCRIPTION | CO., LTD. GDR | CANON, INC. | SAP AG | ERICSSON (CLASS B) | NOKIA OYJ | |||||
MARKET VALUE | $3,112,473 | 1,338,987 | 1,188,021 | 772,508 | 555,551 | |||||
% OF NET ASSETS | 16.6 | 7.2 | 6.4 | 4.1 | 3.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Semiconductors & Semiconductor Equipment | 27.9 | % | ||||
Electronic Equipment, Instruments & Components | 21.3 | |||||
Software | 15.0 | |||||
Communications Equipment | 10.2 | |||||
Office Electronics | 9.4 | |||||
IT Services | 7.2 | |||||
Computers & Peripherals | 6.1 | |||||
Internet Software & Services | 2.4 | |||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 0.4 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs, except for CSK Corp., which was Level 2 and part of the IT Services Industry, representing 0.11% of net assets. (Note 2) |
127
SPDR S&P International Telecommunications Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Telecommunications Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the telecommunications sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Telecommunication Services Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −1.66%, and the total return for the Index was −0.94%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Equities outside the U.S. had to navigate some choppy waters during the fourth quarter of 2010, especially as sovereign woes in Ireland reawakened worries about major European banks during November. When the theme of global economic resilience gained fresh ascendancy in December, though, almost all equity markets around the world participated in a vigorous year-end rally, converting what had been a disappointing 2010 into a relatively solid year for global equities. Performance among the sectors during the fourth quarter brought few surprises; defensive issues such as telecommunication services tended to lag the broader market while those sectors with greater exposure to global recovery enjoyed outperformance. Telecommunications added about 2% but was the worst performing sector of the 4th quarter of 2010.
The momentum from the December rally carried into 2011. The Index added over 12% in the first four months of 2011, helped by a strong gain for stock in Deutsche Telekom AG in the wake of the company’s decision to sell its U.S. wireless unit T-Mobile to AT&T. Deutsche Telekom AG, one of the largest holdings in the Index, added over 11% on the day of the announcement only to later lose almost a third of its value from a 52 week high. The drop occurred when the U.S. Department of Justice lawsuit to halt the deal was announced over the summer. The Index fell over 12% during the last two months of the Reporting period. The telecommunication services sector ended up being one of the best performing sectors in the Reporting period.
Vodafone Group PLC, the world’s largest mobile telecommunications company and the largest holding in the Fund, was a top contributor to performance. Telefonica SA, the next largest holdings in the Fund, detracted from performance as reported earnings were weak because many of the countries that the firm operates within are suffering through a recession.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
128
SPDR S&P International Telecommunications Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
TELECOMMUNICATION | TELECOMMUNICATION | |||||||||||||||||||||||
NET ASSET | MARKET | SERVICES SECTOR | NET ASSET | MARKET | SERVICES SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −1.66% | −2.46% | −0.94% | −1.66% | −2.46% | −0.94% | ||||||||||||||||||
THREE YEARS | 15.53% | 12.23% | 18.31% | 4.93% | 3.92% | 5.76% | ||||||||||||||||||
SINCE INCEPTION (1) | −2.33% | −3.32% | 0.04% | −0.73% | −1.05% | 0.01% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
129
SPDR S&P International Telecommunications Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
130
SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | VODAFONE GROUP PLC | TELEFONICA SA | DEUTSCHE TELEKOM AG | FRANCE TELECOM SA | SOFTBANK CORP. | |||||
MARKET VALUE | $2,603,524 | 1,515,149 | 688,911 | 567,948 | 520,368 | |||||
% OF NET ASSETS | 20.9 | 12.2 | 5.5 | 4.6 | 4.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Diversified Telecommunication Services | 61.6 | % | ||||
Wireless Telecommunication Services | 38.0 | |||||
Short Term Investments | 0.0 | *** | ||||
Other Assets & Liabilities | 0.4 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (Notes 2) | |
*** | Amount represents less than 0.05% of net assets. |
131
SPDR S&P International Utilities Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR® S&P International Utilities Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the utilities sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Utilities Sector Index (the “Index”).
For the 12-month period ended September 30, 2011 (the “Reporting Period”), the total return for the Fund was −11.45%, and the total return for the Index was −11.27%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.
Global equities began March on edge, bandied about by turmoil in Libya and other Arab nations that kept oil prices on the move. Concern about U.S. jobs, European bonds, and global trade reinforced the sense of caution even before a record earthquake struck off northeastern Japan on March 11. Fragile sentiment persisted into the ides of March, when worries about spreading radiation from the tsunami-damaged Fukushima Daiichi nuclear complex drove many equity averages to their lowest levels of 2011. The Utilities sector was the worst performing sector through the first half of the reporting period. Only then did investors start looking for values more aggressively, and when the Bank of Japan added tens of trillions of yen of fresh liquidity to keep financial conditions accommodative, share prices around the world began a steady rebound that carried through to the end of the first quarter. Commodity prices recovered nicely and economically sensitive themes continued to perform well, helped by anticipation of increased demand for energy and materials in support of Japanese reconstruction. The optimism did not last long as the Index dipped almost 4% in July, dragged down by shares of Japanese power producers. Even though stock in the battered Tokyo Electric Power Co., Inc. managed an ample 30% bounce in July, other nuclear names faltered badly on longer-term concerns regarding use of atomic power in a country where vulnerability to earthquakes and tsunamis has become such a prominent issue. Utilities fell another 11% in the last two months of the Reporting Period.
Tokyo Electric Power Co., Inc., owner of the Fukushima reactors, was the worst performing stock in the Fund. At one time one of the largest holdings in the Index, Tokyo Electric Power Co., Inc. fell significantly since the earthquake struck in March. Other Japanese power producers such as Tohoku Electric Power Co., Inc., Kyushu Electric Power Co., Inc. and Kansai Electric Power Co., Inc. also detracted from performance.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole.
132
SPDR S&P International Utilities Sector ETF —
Performance Summary
Performance Summary
The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. 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. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 2011
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
NET ASSET | MARKET | UTILITIES SECTOR | NET ASSET | MARKET | UTILITIES SECTOR | |||||||||||||||||||
VALUE | VALUE | INDEX | VALUE | VALUE | INDEX | |||||||||||||||||||
ONE YEAR | −11.45% | −12.35% | −11.27% | −11.45% | −12.35% | −11.27% | ||||||||||||||||||
THREE YEARS | −21.49% | −24.19% | −19.97% | −7.75% | −8.82% | −7.16% | ||||||||||||||||||
SINCE INCEPTION (1) | −32.38% | −33.00% | −31.53% | −11.47% | −11.73% | −9.89% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2011. |
133
SPDR S&P International Utilities Sector ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
134
SPDR S&P International Utilities Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2011
DESCRIPTION | E.ON AG | GDF SUEZ | NATIONAL GRID PLC | ENEL SPA | IBERDROLA SA | |||||
MARKET VALUE | $760,320 | 755,674 | 657,875 | 532,565 | 500,988 | |||||
% OF NET ASSETS | 8.0 | 7.9 | 6.9 | 5.6 | 5.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2011*
PERCENT OF | ||||||
INDUSTRY** | NET ASSETS | |||||
Electric Utilities | 50.4 | % | ||||
Multi-Utilities | 28.4 | |||||
Gas Utilities | 11.7 | |||||
Independent Power Producers & Energy Traders | 5.3 | |||||
Water Utilities | 3.6 | |||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 0.5 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Each security is valued based on Level 1 inputs. (See Note 2) |
135
SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.1% | ||||||||
BELGIUM — 1.3% | ||||||||
Anheuser-Busch InBev NV | 7,225 | $ | 385,570 | |||||
FRANCE — 12.6% | ||||||||
Air Liquide SA | 2,761 | 325,916 | ||||||
AXA SA | 18,011 | 239,237 | ||||||
BNP Paribas | 9,697 | 390,965 | ||||||
France Telecom SA | 18,539 | 305,947 | ||||||
GDF Suez | 12,947 | 389,805 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 2,596 | 347,086 | ||||||
Sanofi-Aventis SA | 11,949 | 791,178 | ||||||
Total SA | 21,570 | 961,837 | ||||||
3,751,971 | ||||||||
GERMANY — 13.9% | ||||||||
Allianz SE | 4,394 | 417,750 | ||||||
BASF SE | 8,928 | 552,038 | ||||||
Bayer AG | 8,033 | 446,743 | ||||||
Daimler AG | 8,659 | 390,706 | ||||||
Deutsche Bank AG | 9,046 | 319,447 | ||||||
Deutsche Telekom AG | 28,939 | 342,885 | ||||||
E.ON AG | 19,437 | 426,516 | ||||||
SAP AG | 8,979 | 461,586 | ||||||
Siemens AG | 8,385 | 766,361 | ||||||
4,124,032 | ||||||||
ITALY — 1.5% | ||||||||
ENI SpA (a) | 24,927 | 442,137 | ||||||
NETHERLANDS — 2.5% | ||||||||
Ageas VVPR Strip (b) | 33,296 | 45 | ||||||
ING Groep NV (b) | 37,512 | 268,409 | ||||||
Unilever NV | 15,084 | 480,758 | ||||||
749,212 | ||||||||
SPAIN — 6.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 46,866 | 388,599 | ||||||
Banco Santander SA | 81,985 | 684,636 | ||||||
Telefonica SA | 38,658 | 748,188 | ||||||
1,821,423 | ||||||||
SWEDEN — 1.9% | ||||||||
Hennes & Mauritz AB (Class B) | 9,500 | 285,904 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 28,991 | 281,333 | ||||||
567,237 | ||||||||
SWITZERLAND — 19.4% | ||||||||
ABB, Ltd. (b) | 22,563 | 391,741 | ||||||
Credit Suisse Group AG (b) | 10,946 | 289,226 | ||||||
Nestle SA | 32,055 | 1,768,090 | ||||||
Novartis AG | 26,728 | 1,494,861 | ||||||
Roche Holding AG | 6,824 | 1,105,153 | ||||||
UBS AG (b) | 34,811 | 403,950 | ||||||
Zurich Financial Services AG (b) | 1,427 | 300,074 | ||||||
5,753,095 | ||||||||
UNITED KINGDOM — 39.9% | ||||||||
Anglo American PLC | 13,035 | 452,619 | ||||||
AstraZeneca PLC | 13,136 | 586,886 | ||||||
Barclays PLC | 102,519 | 257,683 | ||||||
BG Group PLC | 32,567 | 629,849 | ||||||
BHP Billiton PLC | 20,750 | 561,797 | ||||||
BP PLC | 182,306 | 1,103,325 | ||||||
British American Tobacco PLC | 19,665 | 835,852 | ||||||
Diageo PLC | 24,296 | 466,291 | ||||||
GlaxoSmithKline PLC | 49,771 | 1,033,518 | ||||||
HSBC Holdings PLC | 173,069 | 1,339,677 | ||||||
National Grid PLC | 35,896 | 357,041 | ||||||
Rio Tinto PLC | 13,346 | 600,531 | ||||||
Royal Dutch Shell PLC (Class A) | 34,921 | 1,085,830 | ||||||
Standard Chartered PLC | 18,874 | 378,403 | ||||||
Tesco PLC | 77,954 | 459,031 | ||||||
Unilever PLC | 12,722 | 400,528 | ||||||
Vodafone Group PLC | 493,977 | 1,279,322 | ||||||
11,828,183 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $45,442,556) | 29,422,860 | |||||||
RIGHTS — 0.0% (c) | ||||||||
SPAIN — 0.0% (c) | ||||||||
Banco Bilbao Vizcaya Argentaria SA (expiring 10/11/20) (a)(b) (Cost $6,397) | 46,866 | 6,917 | ||||||
SHORT TERM INVESTMENTS — 0.8% | ||||||||
UNITED STATES — 0.8% | ||||||||
MONEY MARKET FUNDS — 0.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 235,551 | 235,551 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 3,457 | 3,457 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $239,008) | 239,008 | |||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $45,687,961) | 29,668,785 | |||||||
OTHER ASSETS & LIABILITIES — 0.1% | 15,123 | |||||||
NET ASSETS — 100.0% | $ | 29,683,908 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
136
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
BELGIUM — 2.3% | ||||||||
Anheuser-Busch InBev NV | 51,149 | $ | 2,729,624 | |||||
FINLAND — 1.2% | ||||||||
Nokia Oyj | 257,537 | 1,467,843 | ||||||
FRANCE — 35.1% | ||||||||
Air Liquide SA | 19,546 | 2,307,264 | ||||||
AXA SA | 127,513 | 1,693,734 | ||||||
BNP Paribas | 68,654 | 2,767,998 | ||||||
Carrefour SA | 40,303 | 926,838 | ||||||
Compagnie de Saint-Gobain | 29,819 | 1,155,035 | ||||||
Danone | 42,135 | 2,611,803 | ||||||
France Telecom SA | 131,252 | 2,166,040 | ||||||
GDF Suez | 91,662 | 2,759,737 | ||||||
L’Oreal SA | 16,393 | 1,613,956 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 18,377 | 2,457,013 | ||||||
Sanofi-Aventis SA | 84,593 | 5,601,148 | ||||||
Schneider Electric SA | 37,739 | 2,054,239 | ||||||
Societe Generale (a) | 53,370 | 1,432,131 | ||||||
Total SA (a) | 152,708 | 6,809,464 | ||||||
Unibail-Rodamco SE | 6,264 | 1,130,813 | ||||||
Vinci SA | 36,525 | 1,588,762 | ||||||
Vivendi SA | 85,032 | 1,749,531 | ||||||
40,825,506 | ||||||||
GERMANY — 30.2% | ||||||||
Allianz SE | 31,108 | 2,957,527 | ||||||
BASF SE | 63,207 | 3,908,231 | ||||||
Bayer AG | 56,868 | 3,162,627 | ||||||
Bayerische Motoren Werke AG | 22,107 | 1,482,010 | ||||||
Daimler AG | 61,302 | 2,766,031 | ||||||
Deutsche Bank AG | 64,044 | 2,261,621 | ||||||
Deutsche Boerse AG (b) | 13,378 | 677,585 | ||||||
Deutsche Telekom AG | 204,878 | 2,427,508 | ||||||
E.ON AG | 137,607 | 3,019,580 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 11,053 | 1,387,329 | ||||||
RWE AG | 28,377 | 1,055,395 | ||||||
SAP AG | 63,567 | 3,267,804 | ||||||
Siemens AG | 59,361 | 5,425,394 | ||||||
Volkswagen AG Preference Shares | 9,893 | 1,328,008 | ||||||
35,126,650 | ||||||||
IRELAND — 0.7% | ||||||||
CRH PLC | 49,767 | 777,564 | ||||||
ITALY — 8.7% | ||||||||
Assicurazioni Generali SpA | 91,881 | 1,471,924 | ||||||
Enel SpA | 438,257 | 1,953,368 | ||||||
ENI SpA (a) | 176,478 | 3,130,239 | ||||||
Intesa Sanpaolo SpA | 960,687 | 1,533,855 | ||||||
Telecom Italia SpA | 711,833 | 782,677 | ||||||
UniCredit SpA | 1,133,177 | 1,220,108 | ||||||
10,092,171 | ||||||||
LUXEMBOURG — 0.9% | ||||||||
APERAM | 1 | 15 | ||||||
ArcelorMittal | 63,421 | 1,027,911 | ||||||
1,027,926 | ||||||||
NETHERLANDS — 5.6% | ||||||||
Ageas VVPR Strip (b) | 129,370 | 174 | ||||||
ING Groep NV (b) | 265,576 | 1,900,272 | ||||||
Koninklijke Philips Electronics NV | 65,756 | 1,195,447 | ||||||
Unilever NV | 106,789 | 3,403,588 | ||||||
6,499,481 | ||||||||
SPAIN — 14.9% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 331,796 | 2,751,155 | ||||||
Banco Santander SA | 580,430 | 4,847,021 | ||||||
Iberdrola SA | 251,701 | 1,712,514 | ||||||
Industria de Diseno Textil SA | 14,579 | 1,258,923 | ||||||
Repsol YPF SA | 56,277 | 1,508,627 | ||||||
Telefonica SA | 273,688 | 5,296,965 | ||||||
17,375,205 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $211,309,685) | 115,921,970 | |||||||
RIGHTS — 0.1% | ||||||||
SPAIN — 0.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (expiring 10/11/20) (a)(b) (Cost $45,285) | 331,796 | 48,968 | ||||||
SHORT TERM INVESTMENTS — 1.5% | ||||||||
UNITED STATES — 1.5% | ||||||||
MONEY MARKET FUNDS — 1.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 1,763,778 | 1,763,778 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) | 1,944 | 1,944 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $1,765,722) | 1,765,722 | |||||||
TOTAL INVESTMENTS — 101.2% | ||||||||
(Cost $213,120,692) | �� | 117,736,660 | ||||||
OTHER ASSETS & LIABILITIES — (1.2)% | (1,380,191 | ) | ||||||
NET ASSETS — 100.0% | $ | 116,356,469 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Investments of cash collateral for securities loaned. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
137
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.7% | ||||||||
CHINA — 26.2% | ||||||||
Agricultural Bank of China, Ltd. (a) | 5,098,000 | $ | 1,689,565 | |||||
Air China, Ltd. | 1,875,414 | 1,322,589 | ||||||
Aluminum Corp. of China, Ltd. (a) | 1,884,304 | 842,336 | ||||||
Angang Steel Co., Ltd. (a) | 741,244 | 392,296 | ||||||
Anhui Conch Cement Co., Ltd. (a) | 1,298,750 | 3,603,584 | ||||||
Baidu, Inc. ADR (b) | 83,966 | 8,976,805 | ||||||
Bank of China, Ltd. | 17,669,466 | 5,560,897 | ||||||
Bank of Communications Co., Ltd. (a) | 3,247,630 | 1,956,567 | ||||||
China Citic Bank Corp., Ltd. (b) | 2,818,341 | 1,169,368 | ||||||
China Coal Energy Co., Ltd | 1,204,000 | 1,093,456 | ||||||
China Communications Construction Co., Ltd. | 1,239,000 | 816,477 | ||||||
China Construction Bank Corp. | 20,527,148 | 12,630,468 | ||||||
China COSCO Holdings Co., Ltd. (a) | 1,756,230 | 730,940 | ||||||
China Life Insurance Co., Ltd. | 2,644,708 | 6,386,912 | ||||||
China Longyuan Power Group Corp. (a) | 859,000 | 716,132 | ||||||
China Mengniu Dairy Co., Ltd. | 575,390 | 1,773,899 | ||||||
China Merchants Bank Co., Ltd. (a) | 1,643,380 | 2,529,008 | ||||||
China Merchants Property Development Co., Ltd. | 594,000 | 759,978 | ||||||
China Minsheng Banking Corp., Ltd. (a) | 1,299,500 | 799,590 | ||||||
China National Building Material Co., Ltd. (a) | 758,000 | 655,299 | ||||||
China Oilfield Services, Ltd. | 490,557 | 635,192 | ||||||
China Pacific Insurance Group Co., Ltd. | 293,000 | 856,257 | ||||||
China Petroleum & Chemical Corp. | 6,983,174 | 6,889,210 | ||||||
China Railway Construction Corp. | 426,000 | 181,131 | ||||||
China Railway Group, Ltd. (a) | 1,219,000 | 247,409 | ||||||
China Shenhua Energy Co., Ltd. | 1,439,040 | 5,739,708 | ||||||
China Shipping Container Lines Co., Ltd. (a)(b) | 7,607,339 | 1,182,425 | ||||||
China Shipping Development Co., Ltd. (a) | 1,151,215 | 745,319 | ||||||
China Telecom Corp., Ltd. | 6,835,320 | 4,355,077 | ||||||
Ctrip.com International, Ltd. ADR (a)(b) | 92,353 | 2,970,072 | ||||||
Dongfeng Motor Group Co., Ltd. (a) | 830,468 | 1,143,597 | ||||||
Focus Media Holding, Ltd. ADR (a)(b) | 44,839 | 752,847 | ||||||
Guangzhou Automobile Group Co., Ltd. (a) | 1,540,032 | 1,517,331 | ||||||
Guangzhou R&F Properties Co., Ltd. (a) | 1,068,176 | 798,585 | ||||||
Huaneng Power International, Inc. | 2,322,472 | 999,426 | ||||||
Industrial & Commercial Bank of China (a) | 16,102,138 | 7,901,367 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. | 373,471 | 1,889,763 | ||||||
Jiangsu Expressway Co., Ltd. | 2,244,299 | 1,715,351 | ||||||
Jiangxi Copper Co., Ltd. (a) | 1,019,578 | 1,807,402 | ||||||
Lenovo Group, Ltd. (a) | 3,571,703 | 2,427,093 | ||||||
Maanshan Iron & Steel (a) | 1,846,971 | 405,706 | ||||||
Mindray Medical International, Ltd. ADR (a) | 20,742 | 489,719 | ||||||
Netease.com ADR (a)(b) | 64,881 | 2,475,859 | ||||||
PetroChina Co., Ltd. | 7,723,208 | 9,593,554 | ||||||
PICC Property & Casualty Co., Ltd. | 744,725 | 811,236 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 591,864 | 3,360,466 | ||||||
Samling Global, Ltd. | 3,976,707 | 201,779 | ||||||
Semiconductor Manufacturing International Corp. (a)(b) | 13,913,837 | 697,055 | ||||||
Shanghai Electric Group Co., Ltd. (a) | 3,162,418 | 1,230,884 | ||||||
Sina Corp. (a)(b) | 26,099 | 1,868,949 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (a) | 2,303,252 | 831,387 | ||||||
Sohu.com, Inc. (a)(b) | 7,153 | 344,775 | ||||||
Suntech Power Holdings Co., Ltd. ADR (a)(b) | 52,870 | 122,130 | ||||||
Tencent Holdings, Ltd. | 236,994 | 4,998,801 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 1,150,383 | 2,834,304 | ||||||
Want Want China Holdings, Ltd. (a) | 1,983,000 | 1,803,480 | ||||||
Yanzhou Coal Mining Co., Ltd. | 1,296,882 | 2,852,066 | ||||||
Zijin Mining Group Co., Ltd. (a) | 2,842,685 | 836,218 | ||||||
134,919,096 | ||||||||
HONG KONG — 7.8% | ||||||||
Agile Property Holdings, Ltd. (a) | 2,174,088 | 1,438,267 | ||||||
Beijing Enterprises Holdings, Ltd. (a) | 144,000 | 732,509 | ||||||
BYD Co., Ltd. (a)(b) | 161,800 | 273,936 | ||||||
China Merchants Holdings International Co., Ltd. (a) | 627,649 | 1,709,260 | ||||||
China Mobile, Ltd. | 1,495,636 | 14,812,747 | ||||||
China Overseas Land & Investment, Ltd. (a) | 1,739,084 | 2,528,846 | ||||||
China Resources Enterprise, Ltd. | 720,746 | 2,425,710 | ||||||
China Resources Land, Ltd. (a) | 586,421 | 639,547 | ||||||
China Resources Power Holdings Co., Ltd. | 534,000 | 813,544 | ||||||
China Unicom (Hong Kong), Ltd. (a) | 1,600,172 | 3,338,167 | ||||||
China Yurun Food Group, Ltd. (a) | 337,659 | 364,779 | ||||||
Citic Pacific, Ltd. (a) | 376,000 | 538,057 | ||||||
CNOOC, Ltd. | 4,601,249 | 7,683,771 | ||||||
COSCO Pacific, Ltd. (a) | 876,143 | 983,653 | ||||||
Kingboard Chemical Holdings, Ltd. (a) | 181,500 | 495,440 | ||||||
Kunlun Energy Co., Ltd. (a) | 698,000 | 975,528 | ||||||
Sino-Ocean Land Holdings, Ltd. (a) | 1,328,284 | 428,272 | ||||||
40,182,033 | ||||||||
INDIA — 17.9% | ||||||||
Anant Raj Industries, Ltd. | 118,019 | 138,803 | ||||||
Apollo Hospitals Enterprise, Ltd. | 248,168 | 2,635,724 | ||||||
Axis Bank, Ltd. | 45,116 | 938,615 | ||||||
Bharat Heavy Electricals, Ltd. | 80,835 | 2,706,301 | ||||||
Bharti Airtel, Ltd. | 719,606 | 5,554,080 | ||||||
Cipla, Ltd. | 328,271 | 1,885,841 | ||||||
DLF, Ltd. | 128,646 | 575,000 | ||||||
Dr Reddy’s Laboratories, Ltd. | 18,099 | 548,107 | ||||||
GAIL India, Ltd. | 96,232 | 806,698 | ||||||
Godrej Industries, Ltd. | 37,617 | 150,238 | ||||||
Gujarat Mineral Development Corp., Ltd. | 88,636 | 306,855 | ||||||
HDFC Bank, Ltd. | 544,561 | 5,199,877 | ||||||
Hero Motocorp, Ltd. | 25,259 | 1,001,463 |
See accompanying notes to financial statements.
138
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Hindalco Industries, Ltd. | 227,178 | $ | 609,751 | |||||
Hindustan Construction Co. | 73,822 | 43,336 | ||||||
Hindustan Unilever, Ltd. | 596,578 | 4,148,943 | ||||||
Hindustan Zinc, Ltd. | 695,923 | 1,688,120 | ||||||
Housing Development & Infrastructure, Ltd. (b) | 20,648 | 41,296 | ||||||
Housing Development Finance Corp., Ltd. | 313,150 | 4,097,965 | ||||||
ICICI Bank, Ltd. | 235 | 4,200 | ||||||
ICICI Bank, Ltd. ADR (a) | 101,464 | 3,522,830 | ||||||
Idea Cellular, Ltd. (b) | 913,782 | 1,837,826 | ||||||
IFCI, Ltd. | 17,265 | 10,823 | ||||||
India Infoline, Ltd. | 221,553 | 316,892 | ||||||
Indiabulls Financial Services, Ltd. | 177,956 | 572,293 | ||||||
Indiabulls Real Estate, Ltd. | 34,061 | 50,874 | ||||||
Indiabulls Securities, Ltd. | 200,176 | 34,538 | ||||||
Indian Hotels Co., Ltd. | 1,072,572 | 1,562,593 | ||||||
Indian Oil Corp., Ltd. | 150,952 | 959,959 | ||||||
Infosys Technologies, Ltd. ADR (a) | 161,368 | 8,241,064 | ||||||
Infrastructure Development Finance Co., Ltd. | 318,211 | 719,914 | ||||||
ITC, Ltd. GDR | 427,735 | 1,725,055 | ||||||
IVRCL Infrastructures & Projects, Ltd. | 83,844 | 60,176 | ||||||
Jai Corp., Ltd. | 37,497 | 60,677 | ||||||
Jaiprakash Associates, Ltd. | 42,218 | 62,713 | ||||||
Jindal Steel & Power, Ltd. | 109,372 | 1,130,010 | ||||||
JSW Steel, Ltd. | 29,157 | 352,444 | ||||||
KEC International, Ltd. | 32,556 | 40,084 | ||||||
Lanco Infratech, Ltd. (b) | 393,415 | 126,519 | ||||||
Larsen & Toubro, Ltd. GDR | 42,472 | 1,162,459 | ||||||
Mahindra & Mahindra, Ltd. | 201,640 | 3,313,319 | ||||||
Mercator Lines, Ltd. (b) | 453,404 | 224,503 | ||||||
NTPC, Ltd. | 291,402 | 997,520 | ||||||
Oil & Natural Gas Corp., Ltd. | 613,973 | 3,335,951 | ||||||
Patel Engineering, Ltd. (b) | 10,814 | 20,712 | ||||||
Reliance Capital, Ltd. | 66,883 | 430,386 | ||||||
Reliance Communications, Ltd. | 395,087 | 578,816 | ||||||
Reliance Industries, Ltd. GDR (c) | 278,881 | 9,080,365 | ||||||
Reliance Infrastructure, Ltd. | 134,070 | 1,022,327 | ||||||
Satyam Computer Services, Ltd. ADR (a)(b) | 116,343 | 317,616 | ||||||
Sesa Goa, Ltd. | 122,630 | 502,163 | ||||||
Siemens India, Ltd. | 138,306 | 2,365,816 | ||||||
State Bank of India | 37,054 | 1,445,882 | ||||||
Steel Authority of India, Ltd. | 422,504 | 911,435 | ||||||
Sterlite Industries India, Ltd. | 325,746 | 756,250 | ||||||
Sun Pharmaceutical Industries, Ltd. | 111,192 | 1,050,052 | ||||||
Suzlon Energy, Ltd. (b) | 267,574 | 199,144 | ||||||
Tata Consultancy Services, Ltd. | 167,836 | 3,554,799 | ||||||
Tata Motors, Ltd. | 653,539 | 2,082,384 | ||||||
Tata Steel, Ltd. | 68,632 | 582,058 | ||||||
Unitech, Ltd. (b) | 262,298 | 140,321 | ||||||
United Spirits, Ltd. | 21,585 | 350,715 | ||||||
Wipro, Ltd. ADR (a) | 214,390 | 1,983,108 | ||||||
Zee Entertainment Enterprises, Ltd. | 461,023 | 1,106,549 | ||||||
91,983,147 | ||||||||
INDONESIA — 5.0% | ||||||||
Adaro Energy Tbk PT | 5,309,000 | 1,038,848 | ||||||
Astra International Tbk PT | 585,720 | 4,241,306 | ||||||
Bakrieland Development Tbk PT (b) | 6,522,000 | 83,102 | ||||||
Bank Central Asia Tbk PT | 3,800,796 | 3,329,480 | ||||||
Bank Mandiri Tbk PT | 2,327,405 | 1,668,106 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 7,661,296 | 5,098,815 | ||||||
Bumi Resources Tbk PT | 6,649,964 | 1,475,248 | ||||||
Gudang Garam Tbk PT | 165,000 | 985,495 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 568,883 | 906,071 | ||||||
Indosat Tbk PT | 1,264,248 | 755,097 | ||||||
Perusahaan Gas Negara Tbk PT | 5,669,640 | 1,725,402 | ||||||
Semen Gresik Persero Tbk PT | 921,500 | 870,131 | ||||||
Telekomunikasi Indonesia Tbk PT | 2,968,594 | 2,566,702 | ||||||
United Tractors Tbk PT | 455,045 | 1,138,907 | ||||||
25,882,710 | ||||||||
MALAYSIA — 7.4% | ||||||||
Alliance Financial Group Bhd | 2,580,300 | 2,667,186 | ||||||
Axiata Group Bhd | 813,100 | 1,171,577 | ||||||
Bintulu Port Holdings Bhd | 896,006 | 1,852,354 | ||||||
Bursa Malaysia Bhd | 701,707 | 1,345,167 | ||||||
Carlsberg Brewery Malay Bhd | 1,510,203 | 3,051,154 | ||||||
CIMB Group Holdings Bhd | 646,500 | 1,411,466 | ||||||
ECM Libra Financial Group Bhd | 5,769,716 | 1,319,309 | ||||||
Genting Bhd | 1,224,800 | 3,491,207 | ||||||
Genting Malaysia Bhd | 958,500 | 1,053,825 | ||||||
IJM Corp. Bhd | 1,584,540 | 2,481,660 | ||||||
IJM Land Bhd | 27,580 | 16,932 | ||||||
IOI Corp. Bhd | 1,953,496 | 2,845,343 | ||||||
Landmarks Bhd (b) | 1,914,800 | 578,788 | ||||||
Lingkaran Trans Kota Holdings Bhd | 112,700 | 127,085 | ||||||
Malayan Banking Bhd | 669,167 | 1,676,848 | ||||||
Malaysian Airline System Bhd (b) | 2,817,666 | 1,173,844 | ||||||
Maxis Bhd | 667,100 | 1,111,659 | ||||||
Naim Holdings Bhd | 1,953,513 | 1,028,004 | ||||||
OSK Holdings Bhd | 2,547,325 | 1,244,738 | ||||||
OSK Ventures International Bhd (b) | 348,664 | 34,948 | ||||||
PPB Group Bhd | 184,600 | 961,019 | ||||||
Public Bank Bhd | 313,100 | 1,196,498 | ||||||
Sime Darby Bhd | 603,200 | 1,594,677 | ||||||
Star Publications Malaysia Bhd | 107,000 | 105,576 | ||||||
TAN Chong Motor Holdings Bhd | 777,500 | 1,093,493 | ||||||
Tenaga Nasional Bhd | 596,550 | 966,065 | ||||||
Uchi Technologies Bhd | 2,633,900 | 973,532 | ||||||
Wah Seong Corp Bhd | 1,910,406 | 1,178,857 | ||||||
Zelan Bhd (b) | 2,080,800 | 182,498 | ||||||
37,935,309 | ||||||||
PHILIPPINES — 1.8% | ||||||||
Ayala Land, Inc. | 8,174,075 | 2,725,626 | ||||||
First Gen Corp. (b) | 7,631,270 | 2,443,403 | ||||||
First Philippine Holdings Corp. | 1,479,554 | 1,827,237 | ||||||
Philippine Long Distance Telephone Co. | 42,029 | 2,112,744 | ||||||
9,109,010 | ||||||||
TAIWAN — 27.6% | ||||||||
Acer, Inc. | 1,241,456 | 1,535,780 | ||||||
Advanced Semiconductor Engineering, Inc. | 3,219,441 | 2,799,514 | ||||||
Asia Cement Corp. | 1,804,061 | 1,891,378 |
See accompanying notes to financial statements.
139
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Asustek Computer, Inc. | 285,138 | $ | 2,161,341 | |||||
AU Optronics Corp. ADR (a) | 320,754 | 1,270,186 | ||||||
Catcher Technology Co., Ltd. | 467,539 | 2,746,168 | ||||||
Cathay Financial Holding Co., Ltd. | 2,182,334 | 2,520,694 | ||||||
Chang Hwa Commercial Bank | 4,389,220 | 2,534,874 | ||||||
Chimei Innolux Corp. (b) | 305,643 | 124,363 | ||||||
China Development Financial Holding Corp. | 6,051,272 | 1,832,756 | ||||||
China Steel Chemical Corp. | 57,877 | 244,043 | ||||||
China Steel Corp. | 3,828,137 | 3,755,908 | ||||||
Chinatrust Financial Holding Co., Ltd. | 4,566,173 | 2,726,968 | ||||||
Chunghwa Picture Tubes, Ltd. (b) | 2,599,368 | 197,032 | ||||||
Chunghwa Telecom Co., Ltd. | 1,045,268 | 3,481,368 | ||||||
Compal Electronics, Inc. | 2,643,431 | 2,454,769 | ||||||
Delta Electronics, Inc. | 811,893 | 1,931,493 | ||||||
Epistar Corp. | 364,170 | 646,484 | ||||||
Everlight Electronics Co., Ltd. | 313,996 | 544,019 | ||||||
Far Eastern New Century Corp. | 2,580,128 | 2,666,908 | ||||||
First Financial Holding Co., Ltd | 3,472,327 | 2,256,016 | ||||||
Formosa Chemicals & Fibre Corp. | 1,364,390 | 3,563,755 | ||||||
Formosa Petrochemical Corp. | 491,000 | 1,351,760 | ||||||
Formosa Plastics Corp. | 2,007,940 | 5,383,058 | ||||||
Foxconn Technology Co., Ltd. | 587,889 | 1,909,795 | ||||||
Fubon Financial Holding Co., Ltd. | 2,916,790 | 3,072,320 | ||||||
Hon Hai Precision Industry Co., Ltd. | 2,865,305 | 6,506,287 | ||||||
HTC Corp. | 346,710 | 7,793,153 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 2,917,783 | 1,766,468 | ||||||
King Yuan Electronics Co., Ltd. | 3,668,898 | 1,330,314 | ||||||
Largan Precision Co., Ltd. | 75,710 | 1,781,266 | ||||||
Lite-On Technology Corp. | 1,127,105 | 1,039,267 | ||||||
Macronix International Co., Ltd. | 2,600,411 | 934,356 | ||||||
MediaTek, Inc. | 421,219 | 4,664,854 | ||||||
Mega Financial Holding Co., Ltd. | 3,413,740 | 2,391,578 | ||||||
Motech Industries, Inc. | 199,507 | 323,401 | ||||||
Nan Ya Plastics Corp. | 2,047,960 | 4,455,447 | ||||||
Novatek Microelectronics Corp. | 305,062 | 715,732 | ||||||
Pegatron Corp. | 628,630 | 589,953 | ||||||
Polaris Securities Co., Ltd. (d) | 736,150 | 483,993 | ||||||
Powerchip Technology Corp. (b) | 2,865,555 | 165,492 | ||||||
Powertech Technology, Inc. | 695,518 | 1,506,290 | ||||||
ProMOS Technologies, Inc. (b)(d) | 1,135,850 | 12,672 | ||||||
Quanta Computer, Inc. | 1,764,194 | 3,444,448 | ||||||
Realtek Semiconductor Corp. | 582,452 | 991,936 | ||||||
Shin Kong Financial Holding Co., Ltd. (b) | 4,044,642 | 1,209,079 | ||||||
Siliconware Precision Industries Co. | 1,383,745 | 1,384,880 | ||||||
SinoPac Financial Holdings Co., Ltd. | 4,472,219 | 1,452,829 | ||||||
Synnex Technology International Corp. | 400,000 | 875,472 | ||||||
Tainan Enterprises Co., Ltd. | 955,567 | 1,091,181 | ||||||
Taishin Financial Holdings Co., Ltd. | 4,383,044 | 1,711,509 | ||||||
Taiwan Cement Corp. | 2,262,216 | 2,442,228 | ||||||
Taiwan FU Hsing Industrial Co., Ltd. | 2,758,000 | 1,547,557 | ||||||
Taiwan Mobile Co., Ltd. (d) | 558,000 | 1,353,116 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,551,349 | 17,731,919 | ||||||
Tatung Co., Ltd. (b) | 1,383,107 | 517,389 | ||||||
Tripod Technology Corp. | 735,361 | 1,949,702 | ||||||
Uni-President Enterprises Corp. | 2,517,235 | 3,295,740 | ||||||
United Integrated Services Co., Ltd. | 2,046,000 | 1,953,687 | ||||||
United Microelectronics Corp. ADR (a) | 1,092,548 | 2,086,767 | ||||||
Via Technologies, Inc. (b) | 630,981 | 491,741 | ||||||
Walsin Lihwa Corp. | 903,000 | 278,530 | ||||||
Wistron Corp. | 1,223,711 | 1,403,403 | ||||||
Yageo Corp. | 5,933,000 | 1,676,231 | ||||||
Yuanta Financial Holding Co., Ltd. (b) | 2,547,781 | 1,295,836 | ||||||
142,248,453 | ||||||||
THAILAND — 4.0% | ||||||||
Advanced Info Service PCL | 823,823 | 3,392,290 | ||||||
Bangkok Expressway PCL | 3,127,942 | 1,660,320 | ||||||
CP ALL PCL | 698,200 | 1,078,128 | ||||||
Electricity Generating PCL (Foreign ownership limit) | 794,146 | 2,158,769 | ||||||
IRPC PCL | 5,643,239 | 635,398 | ||||||
Kasikornbank PCL | 346,054 | 1,302,503 | ||||||
PTT Exploration & Production PCL | 693,045 | 3,110,174 | ||||||
PTT PCL | 442,126 | 3,698,014 | ||||||
Siam Cement PCL | 94,800 | 799,022 | ||||||
Siam Commercial Bank PCL | 458,497 | 1,563,477 | ||||||
Thai Oil PCL | 830,105 | 1,355,246 | ||||||
20,753,341 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $549,144,652) | 503,013,099 | |||||||
PREFERRED STOCK — 0.0% (e) | ||||||||
MALAYSIA — 0.0% (e) | ||||||||
Malaysian Airline System Bhd (Cost $997) | 4,635 | 1,931 | ||||||
SHORT TERM INVESTMENTS — 8.0% | ||||||||
UNITED STATES — 8.0% | ||||||||
MONEY MARKET FUNDS — 8.0% | ||||||||
State Street Navigtor Securities Lending Prime Portfolio (f)(g) | 39,643,667 | 39,643,667 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 1,650,870 | 1,650,870 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $41,294,537) | 41,294,537 | |||||||
TOTAL INVESTMENTS — 105.7% | ||||||||
(Cost $590,440,186) | 544,309,567 | |||||||
OTHER ASSETS & LIABILITIES — (5.7)% | (29,554,435 | ) | ||||||
NET ASSETS — 100.0% | $ | 514,755,132 | ||||||
See accompanying notes to financial statements.
140
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.8% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(d) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
141
SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
RUSSIA — 99.7% | ||||||||
CHEMICALS — 4.7% | ||||||||
Phosagro OAO GDR (a) | 23,316 | $ | 279,792 | |||||
Uralkali OJSC GDR | 51,047 | 1,761,122 | ||||||
2,040,914 | ||||||||
COMMERCIAL BANKS — 10.3% | ||||||||
Sberbank of Russia ADR (a)(b) | 393,033 | 3,380,084 | ||||||
VTB Bank OJSC GDR | 265,950 | 1,100,501 | ||||||
4,480,585 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.3% | ||||||||
Rostelecom ADR (a) | 32,387 | 895,961 | ||||||
Rostelecom OJSC ADR (a) | 19,922 | 553,632 | ||||||
1,449,593 | ||||||||
ELECTRIC UTILITIES — 2.5% | ||||||||
Federal Hydrogenerating Co. JSC ADR | 321,830 | 1,107,095 | ||||||
ENERGY EQUIPMENT & SERVICES — 1.1% | ||||||||
Eurasia Drilling Co., Ltd. GDR | 12,824 | 234,038 | ||||||
Integra Group Holdings GDR (a) | 59,931 | 97,687 | ||||||
TMK OAO GDR | 17,348 | 159,255 | ||||||
490,980 | ||||||||
FOOD & STAPLES RETAILING — 3.6% | ||||||||
Magnit OJSC GDR | 52,856 | 1,010,607 | ||||||
X5 Retail Group NV GDR (a) | 20,339 | 563,390 | ||||||
1,573,997 | ||||||||
HOUSEHOLD DURABLES — 0.5% | ||||||||
PIK Group GDR (a) | 59,757 | 195,406 | ||||||
INTERNET SOFTWARE & SERVICES — 1.3% | ||||||||
Mail.ru Group Ltd. GDR (a) | 10,979 | 321,136 | ||||||
Yandex NV (a)(b) | 12,562 | 256,390 | ||||||
577,526 | ||||||||
MEDIA — 0.3% | ||||||||
CTC Media, Inc. | 15,152 | 134,853 | ||||||
METALS & MINING — 13.4% | ||||||||
Evraz Group SA GDR (a) | 25,734 | 405,053 | ||||||
Magnitogorsk Iron & Steel Works GDR | 36,230 | 173,288 | ||||||
Mechel OAO ADR (b) | 29,294 | 298,506 | ||||||
MMC Norilsk Nickel OJSC ADR | 124,458 | 2,704,472 | ||||||
Novolipetsk Steel OJSC GDR | 17,819 | 364,933 | ||||||
Polymetal JSC GDR (a) | 40,869 | 633,470 | ||||||
Polyus Gold International Ltd. GDR (a) | 109,437 | 360,048 | ||||||
Severstal GDR | 40,417 | 425,995 | ||||||
United Co. RUSAL PLC (a) | 538,000 | 470,636 | ||||||
5,836,401 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 49.1% | ||||||||
Gazprom Neft JSC ADR | 27,967 | 489,422 | ||||||
Gazprom OAO ADR (c) | 64,207 | 613,177 | ||||||
Gazprom OAO ADR (c) | 847,493 | 8,212,207 | ||||||
Lukoil OAO ADR | 92,380 | 4,697,523 | ||||||
NovaTek OAO GDR | 16,638 | 1,933,336 | ||||||
Rosneft Oil Co. GDR | 325,094 | 1,909,927 | ||||||
Surgutneftegas OJSC ADR | 179,031 | 1,450,151 | ||||||
Surgutneftegas OJSC ADR Preference Shares | 140,862 | 616,976 | ||||||
Tatneft ADR | 59,136 | 1,468,938 | ||||||
21,391,657 | ||||||||
PHARMACEUTICALS — 1.2% | ||||||||
Pharmstandard GDR (a) | 26,811 | 512,358 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5% | ||||||||
LSR Group GDR | 59,244 | 218,610 | ||||||
ROAD & RAIL — 0.6% | ||||||||
Globaltrans Investment PLC GDR | 20,549 | 282,549 | ||||||
TRANSPORTATION INFRASTRUCTURE — 0.7% | ||||||||
Novorossiysk Commercial Sea Trade Port PJSC GDR | 42,202 | 300,478 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 6.6% | ||||||||
Mobile TeleSystems ADR (b) | 105,781 | 1,301,106 | ||||||
Sistema JSFC GDR | 37,116 | 519,624 | ||||||
VimpelCom, Ltd. ADR | 110,088 | 1,049,138 | ||||||
2,869,868 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $57,596,194) | 43,462,870 | |||||||
SHORT TERM INVESTMENTS — 5.5% | ||||||||
UNITED STATES — 5.5% | ||||||||
MONEY MARKET FUNDS — 5.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 1,946,540 | 1,946,540 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 462,494 | 462,494 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,409,034) | 2,409,034 | |||||||
TOTAL INVESTMENTS — 105.2% | ||||||||
(Cost $60,005,228) | 45,871,904 | |||||||
OTHER ASSETS & LIABILITIES — (5.2)% | (2,260,787 | ) | ||||||
NET ASSETS — 100.0% | $ | 43,611,117 | ||||||
(a) | Non-income producing security. | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
142
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AIRLINES — 1.0% | ||||||||
Air China, Ltd. (a) | 2,794,000 | $ | 1,970,398 | |||||
China Eastern Airlines Corp., Ltd. (a)(b) | 2,808,000 | 894,549 | ||||||
China Southern Airlines Co., Ltd. (a)(b) | 6,608,000 | 3,123,728 | ||||||
5,988,675 | ||||||||
AUTO COMPONENTS — 0.1% | ||||||||
Minth Group, Ltd. (a) | 640,000 | 586,994 | ||||||
AUTOMOBILES — 1.9% | ||||||||
AviChina Industry & Technology Co. (a) | 1,676,000 | 531,773 | ||||||
Brilliance China Automotive Holdings, Ltd. (a)(b) | 3,218,000 | 2,538,106 | ||||||
BYD Co., Ltd. (a)(b) | 585,000 | 990,436 | ||||||
Dongfeng Motor Group Co., Ltd. (a) | 3,432,300 | 4,726,453 | ||||||
Great Wall Motor Co., Ltd. (a) | 683,000 | 791,376 | ||||||
Guangzhou Automobile Group Co., Ltd. (a) | 2,134,637 | 2,103,172 | ||||||
11,681,316 | ||||||||
BEVERAGES — 0.5% | ||||||||
Tsingtao Brewery Co., Ltd. (a) | 512,000 | 2,837,959 | ||||||
BIOTECHNOLOGY — 0.1% | ||||||||
Sino Biopharmaceutical | 2,624,000 | 751,664 | ||||||
CHEMICALS — 1.1% | ||||||||
China Bluechemical, Ltd. (a) | 3,416,000 | 2,641,616 | ||||||
China Lumena New Materials Corp. (a) | 3,588,000 | 566,908 | ||||||
Dongyue Group | 426,000 | 215,059 | ||||||
Fufeng Group, Ltd. (a) | 850,000 | 340,666 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (a) | 4,452,000 | 1,607,004 | ||||||
Yingde Gases | 1,378,000 | 1,262,101 | ||||||
6,633,354 | ||||||||
COMMERCIAL BANKS — 18.7% | ||||||||
Agricultural Bank of China, Ltd. (a) | 23,178,000 | 7,681,588 | ||||||
Bank of China, Ltd. | 62,926,700 | 19,804,157 | ||||||
Bank of Communications Co., Ltd. (a) | 6,616,824 | 3,986,371 | ||||||
China Citic Bank Corp., Ltd. (a)(b) | 7,139,471 | 2,962,265 | ||||||
China Construction Bank Corp. (a) | 70,687,623 | 43,494,488 | ||||||
China Merchants Bank Co., Ltd. (a) | 4,759,760 | 7,324,824 | ||||||
China Minsheng Banking Corp., Ltd. (a) | 3,578,500 | 2,201,871 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. (a)(b) | 1,063,000 | 330,449 | ||||||
Industrial & Commercial Bank of China (a) | 56,898,789 | 27,920,405 | ||||||
115,706,418 | ||||||||
COMMUNICATIONS EQUIPMENT — 1.0% | ||||||||
AAC Acoustic Technology Holdings, Inc. (a) | 1,075,100 | 2,344,995 | ||||||
China All Access Holdings, Ltd. (a) | 2,934,000 | 569,105 | ||||||
ZTE Corp. (a) | 1,054,598 | 3,034,522 | ||||||
5,948,622 | ||||||||
COMPUTERS & PERIPHERALS — 0.7% | ||||||||
Lenovo Group, Ltd. | 6,166,000 | 4,190,005 | ||||||
TPV Technology, Ltd. (a) | 1,500,000 | 443,174 | ||||||
4,633,179 | ||||||||
CONSTRUCTION & ENGINEERING — 1.2% | ||||||||
China Communications Construction Co., Ltd. | 5,863,394 | 3,863,864 | ||||||
China Railway Construction Corp. (a) | 3,268,500 | 1,389,734 | ||||||
China Railway Group, Ltd. (a) | 6,232,000 | 1,264,853 | ||||||
Metallurgical Corp. of China, Ltd. (a) | 5,662,000 | 1,098,252 | ||||||
7,616,703 | ||||||||
CONSTRUCTION MATERIALS — 1.3% | ||||||||
Anhui Conch Cement Co., Ltd. (a) | 1,503,000 | 4,170,307 | ||||||
BBMG Corp. (a) | 484,000 | 364,333 | ||||||
China National Building Material Co., Ltd. (a) | 3,000,000 | 2,593,532 | ||||||
China Shanshui Cement Group, Ltd. (a) | 1,608,000 | 1,113,346 | ||||||
8,241,518 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.5% | ||||||||
New Oriental Education & Technology Group, Inc. ADR (b) | 134,912 | 3,098,929 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
Far East Horizon, Ltd. (a)(b) | 899,000 | 579,721 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.7% | ||||||||
China Communications Services Corp., Ltd. | 1,734,000 | 801,875 | ||||||
China Telecom Corp., Ltd. | 17,002,000 | 10,832,708 | ||||||
China Unicom (Hong Kong), Ltd. (a) | 5,348,492 | 11,157,649 | ||||||
22,792,232 | ||||||||
ELECTRICAL EQUIPMENT — 0.7% | ||||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 1,182,000 | 546,607 | ||||||
Dongfang Electric Corp., Ltd. (a) | 194,200 | 506,408 | ||||||
Harbin Electric Co., Ltd. (a) | 442,000 | 365,080 | ||||||
Shanghai Electric Group Co., Ltd. (a) | 5,804,000 | 2,259,048 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (a) | 433,000 | 725,305 | ||||||
4,402,448 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6% | ||||||||
Catic Shenzhen Holdings, Ltd. (b) | 1,908,000 | 791,655 | ||||||
Digital China Holdings, Ltd. | 859,000 | 1,138,749 | ||||||
Kingboard Chemical Holdings, Ltd. | 593,500 | 1,620,075 | ||||||
3,550,479 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.3% | ||||||||
China Oilfield Services, Ltd. (a) | 1,509,900 | 1,955,078 | ||||||
See accompanying notes to financial statements.
143
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
FOOD & STAPLES RETAILING — 1.2% | ||||||||
China Resources Enterprise, Ltd. | 1,706,000 | $ | 5,741,636 | |||||
Lianhua Supermarket Holdings Co., Ltd. (a) | 555,000 | 791,355 | ||||||
Wumart Stores, Inc. (a) | 435,000 | 866,116 | ||||||
7,399,107 | ||||||||
FOOD PRODUCTS — 3.8% | ||||||||
Asian Citrus Holdings, Ltd. (a) | 1,242,000 | 577,544 | ||||||
Chaoda Modern Agriculture Holdings, Ltd. (a) | 3,068,254 | 433,550 | ||||||
China Agri-Industries Holdings, Ltd. (a) | 1,254,000 | 797,367 | ||||||
China Mengniu Dairy Co., Ltd. | 1,821,000 | 5,614,053 | ||||||
China Milk Products Group, Ltd. (b)(c) | 15,000 | 0 | ||||||
China Yurun Food Group, Ltd. (a) | 1,288,000 | 1,391,449 | ||||||
Global Bio-Chem Technology Group Co., Ltd. | 1,456,000 | 263,716 | ||||||
Hsu Fu Chi International, Ltd. | 219,000 | 704,175 | ||||||
Shenguan Holdings Group, Ltd. | 1,590,000 | 816,982 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 2,356,000 | 5,804,692 | ||||||
Want Want China Holdings, Ltd. (a) | 7,523,000 | 6,841,946 | ||||||
23,245,474 | ||||||||
GAS UTILITIES — 0.3% | ||||||||
China Resources Gas Group, Ltd. (a) | 1,484,000 | 2,013,043 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.7% | ||||||||
Mindray Medical International, Ltd. ADR (a) | 92,842 | 2,191,999 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (a) | 1,696,000 | 1,908,470 | ||||||
4,100,469 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.5% | ||||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (b) | 713,600 | 1,554,662 | ||||||
Sinopharm Group Co. (a) | 588,400 | 1,568,361 | ||||||
3,123,023 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.2% | ||||||||
China Travel International Investment Hong Kong, Ltd. | 4,454,000 | 589,309 | ||||||
Ctrip.com International, Ltd. ADR (a)(b) | 157,822 | 5,075,556 | ||||||
Home Inns & Hotels Management, Inc. ADR (a)(b) | 28,459 | 733,388 | ||||||
Shanghai Jin Jiang International Hotels Group Co., Ltd. (a) | 5,954,000 | 718,939 | ||||||
7,117,192 | ||||||||
HOUSEHOLD PRODUCTS — 0.2% | ||||||||
NVC Lighting Holdings, Ltd. (a) | 3,357,000 | 1,306,620 | ||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.4% | ||||||||
China Longyuan Power Group Corp. (a) | 1,823,000 | 1,519,801 | ||||||
China Resources Power Holdings Co., Ltd. | 2,144,000 | 3,266,366 | ||||||
Datang International Power Generation Co., Ltd. (a) | 5,952,000 | 1,529,143 | ||||||
Huaneng Power International, Inc. (a) | 5,954,000 | 2,562,176 | ||||||
8,877,486 | ||||||||
INDUSTRIAL CONGLOMERATES — 1.4% | ||||||||
Beijing Enterprises Holdings, Ltd. (a) | 661,000 | 3,362,420 | ||||||
Citic Pacific, Ltd. (a) | 1,919,000 | 2,746,095 | ||||||
Shanghai Industrial Holdings, Ltd. | 962,000 | 2,724,827 | ||||||
8,833,342 | ||||||||
INSURANCE — 5.8% | ||||||||
China Life Insurance Co., Ltd. (a) | 7,782,000 | 18,793,359 | ||||||
China Pacific Insurance Group Co., Ltd. (a) | 1,030,000 | 3,010,052 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a)(b) | 987,200 | 1,902,180 | ||||||
PICC Property & Casualty Co., Ltd. | 2,529,600 | 2,755,517 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 1,659,300 | 9,421,119 | ||||||
35,882,227 | ||||||||
INTERNET SOFTWARE & SERVICES — 10.0% | ||||||||
Alibaba.com, Ltd. (a) | 1,648,500 | 1,541,614 | ||||||
Baidu, Inc. ADR (b) | 280,765 | 30,016,586 | ||||||
Netease.com ADR (a)(b) | 92,877 | 3,544,186 | ||||||
Sina Corp. (a)(b) | 58,319 | 4,176,224 | ||||||
Sohu.com, Inc. (a)(b) | 41,833 | 2,016,351 | ||||||
Tencent Holdings, Ltd. | 981,300 | 20,698,090 | ||||||
61,993,051 | ||||||||
IT SERVICES — 0.2% | ||||||||
Travelsky Technology, Ltd. | 2,373,000 | 1,051,652 | ||||||
MACHINERY — 1.4% | ||||||||
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. (a) | 969,400 | 1,105,787 | ||||||
China National Materials Co., Ltd. (a) | 1,254,000 | 459,090 | ||||||
China Rongsheng Heavy Industries Group Holdings, Ltd. (a) | 2,213,000 | 611,189 | ||||||
CSR Corp., Ltd. (a) | 684,000 | 246,019 | ||||||
International Mining Machinery Holdings, Ltd. | 884,500 | 885,096 | ||||||
Lonking Holdings, Ltd. (a) | 2,682,000 | 888,861 | ||||||
Weichai Power Co., Ltd. (a) | 537,600 | 2,475,733 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. (a) | 2,695,000 | 1,840,649 | ||||||
8,512,424 | ||||||||
MARINE — 0.7% | ||||||||
China COSCO Holdings Co., Ltd. (a) | 3,659,675 | 1,523,151 | ||||||
China Shipping Container Lines Co., Ltd. (a)(b) | 7,261,500 | 1,128,670 | ||||||
China Shipping Development Co., Ltd. (a) | 2,149,800 | 1,391,823 | ||||||
4,043,644 | ||||||||
See accompanying notes to financial statements.
144
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
MEDIA — 0.3% | ||||||||
Focus Media Holding, Ltd. ADR (a)(b) | 114,864 | $ | 1,928,567 | |||||
METALS & MINING — 2.0% | ||||||||
Aluminum Corp. of China, Ltd. (a) | 5,788,000 | 2,587,397 | ||||||
Angang Steel Co., Ltd. (a) | 1,699,720 | 899,560 | ||||||
China Molybdenum Co., Ltd. (a) | 1,613,000 | 683,760 | ||||||
Hidili Industry International Development, Ltd. (a) | 732,000 | 215,329 | ||||||
Jiangxi Copper Co., Ltd. (a) | 1,850,000 | 3,279,489 | ||||||
Maanshan Iron & Steel (a) | 3,448,000 | 757,388 | ||||||
Zhaojin Mining Industry Co., Ltd. (a) | 1,078,000 | 1,800,186 | ||||||
Zijin Mining Group Co., Ltd. (a) | 8,120,750 | 2,388,839 | ||||||
12,611,948 | ||||||||
MULTILINE RETAIL — 0.9% | ||||||||
Golden Eagle Retail Group, Ltd. (a) | 1,183,000 | 2,431,420 | ||||||
Intime Department Store Group Co., Ltd. (a) | 772,000 | 863,756 | ||||||
Parkson Retail Group, Ltd. (a) | 1,725,000 | 2,102,861 | ||||||
5,398,037 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 15.9% | ||||||||
China Coal Energy Co., Ltd | 4,695,013 | 4,263,945 | ||||||
China Petroleum & Chemical Corp. | 17,530,500 | 17,294,613 | ||||||
China Shenhua Energy Co., Ltd. | 3,623,200 | 14,451,377 | ||||||
CNOOC, Ltd. | 16,318,600 | 27,250,946 | ||||||
Kunlun Energy Co., Ltd. (a) | 2,345,400 | 3,277,941 | ||||||
MIE Holdings Corp. | 1,324,000 | 307,838 | ||||||
PetroChina Co., Ltd. | 21,387,200 | 26,566,585 | ||||||
Yanzhou Coal Mining Co., Ltd. | 2,131,900 | 4,688,414 | ||||||
98,101,659 | ||||||||
PAPER & FOREST PRODUCTS — 0.3% | ||||||||
Lee & Man Paper Manufacturing, Ltd. (a) | 2,689,000 | 918,814 | ||||||
Nine Dragons Paper Holdings, Ltd. (a) | 1,934,000 | 983,801 | ||||||
1,902,615 | ||||||||
PHARMACEUTICALS — 0.3% | ||||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (a) | 2,003,000 | 743,591 | ||||||
The United Laboratories International Holdings, Ltd. (a) | 426,000 | 327,787 | ||||||
WuXi PharmaTech Cayman, Inc. ADR (b) | 74,109 | 862,629 | ||||||
1,934,007 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.9% | ||||||||
Agile Property Holdings, Ltd. (a) | 2,148,000 | 1,421,009 | ||||||
China Overseas Land & Investment, Ltd. (a) | 4,493,680 | 6,534,373 | ||||||
China Resources Land, Ltd. (a) | 2,128,000 | 2,320,784 | ||||||
China South City Holdings, Ltd. (a) | 7,460,000 | 939,118 | ||||||
Country Garden Holdings Co. (a) | 8,273,058 | 2,316,743 | ||||||
E-House China Holdings, Ltd. | 46,070 | 266,745 | ||||||
Evergrande Real Estate Group, Ltd. (a) | 4,044,000 | 1,267,524 | ||||||
Guangzhou R&F Properties Co., Ltd. (a) | 1,751,200 | 1,309,224 | ||||||
Longfor Properties Co., Ltd. (a) | 638,000 | 640,889 | ||||||
Poly Hong Kong Investments, Ltd. (a) | 1,387,000 | 425,824 | ||||||
Renhe Commercial Holdings Co., Ltd. (a) | 13,040,000 | 1,407,059 | ||||||
Shimao Property Holdings, Ltd. (a) | 2,030,000 | 1,548,951 | ||||||
Sino-Ocean Land Holdings, Ltd. (a) | 4,687,966 | 1,511,519 | ||||||
Yanlord Land Group, Ltd. (a) | 1,710,000 | 931,701 | ||||||
Yuexiu Property Co., Ltd. (a)(b) | 6,842,000 | 896,476 | ||||||
Yuzhou Properties Co. (a) | 2,106,000 | 446,373 | ||||||
24,184,312 | ||||||||
ROAD & RAIL — 0.2% | ||||||||
Guangshen Railway Co., Ltd. (a) | 3,170,000 | 961,007 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3% | ||||||||
Semiconductor Manufacturing International Corp. (a)(b) | 25,186,000 | 1,261,767 | ||||||
Suntech Power Holdings Co., Ltd. ADR (a)(b) | 169,521 | 391,593 | ||||||
1,653,360 | ||||||||
SOFTWARE — 0.3% | ||||||||
AsiaInfo-Linkage, Inc. (a)(b) | 85,100 | 628,038 | ||||||
Shanda Interactive Entertainment, Ltd. ADR (a)(b) | 46,299 | 1,367,672 | ||||||
1,995,710 | ||||||||
SPECIALTY RETAIL — 0.4% | ||||||||
Hengdeli Holdings, Ltd. (a) | 3,979,360 | 1,385,281 | ||||||
Zhongsheng Group Holdings, Ltd. (a) | 627,000 | 997,111 | ||||||
2,382,392 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.7% | ||||||||
Anta Sports Products, Ltd. (a) | 626,000 | 732,568 | ||||||
Bosideng International Holdings, Ltd. (a) | 3,706,000 | 775,976 | ||||||
China Dongxiang Group Co. (a) | 5,235,000 | 907,833 | ||||||
Li Ning Co., Ltd. (a) | 1,083,000 | 1,115,727 | ||||||
Ports Design, Ltd. (a) | 589,500 | 911,729 | ||||||
4,443,833 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 2.6% | ||||||||
Anhui Expressway Co., Ltd. | 2,118,000 | 1,074,678 | ||||||
Beijing Capital International Airport Co., Ltd. (a) | 3,236,000 | 1,313,563 | ||||||
China Merchants Holdings International Co., Ltd. (a) | 1,518,525 | 4,135,359 | ||||||
COSCO Pacific, Ltd. | 1,924,083 | 2,160,183 | ||||||
Jiangsu Expressway Co., Ltd. | 5,152,000 | 3,937,750 | ||||||
Shenzhen Expressway Co., Ltd. (a) | 2,992,000 | 1,079,999 | ||||||
Zhejiang Expressway Co., Ltd. (a) | 3,420,000 | 2,086,772 | ||||||
15,788,304 | ||||||||
WATER UTILITIES — 0.5% | ||||||||
Guangdong Investment, Ltd. (a) | 4,884,000 | 3,055,343 | ||||||
See accompanying notes to financial statements.
145
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 8.5% | ||||||||
China Mobile, Ltd. | 5,329,400 | $ | 52,782,265 | |||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $742,974,186) | 613,627,402 | |||||||
SHORT TERM INVESTMENTS — 20.9% | ||||||||
UNITED STATES — 20.9% | ||||||||
MONEY MARKET FUNDS — 20.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 127,819,868 | 127,819,868 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 887,638 | 887,638 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $128,707,506) | 128,707,506 | |||||||
TOTAL INVESTMENTS — 120.3% | ||||||||
(Cost $871,681,692) | 742,334,908 | |||||||
OTHER ASSETS & LIABILITIES — (20.3)% | (125,201,589 | ) | ||||||
NET ASSETS — 100.0% | $ | 617,133,319 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
See accompanying notes to financial statements.
146
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
GEOGRAPHICAL BREAKDOWN AS OF
SEPTEMBER 30, 2011*
SEPTEMBER 30, 2011*
PERCENT OF | ||||
COUNTRY | NET ASSETS | |||
China | 73.8 | % | ||
Hong Kong | 25.6 | |||
United States Short Term Investments | 20.9 | |||
Other Assets And Liabilities | (20.3 | ) | ||
Total | 100.0 | % | ||
See accompanying notes to financial statements.
147
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 94.6% | ||||||||
BRAZIL — 14.7% | ||||||||
All America Latina Logistica SA | 9,397 | $ | 43,182 | |||||
Banco Bradesco SA ADR (a) | 111,537 | 1,649,632 | ||||||
Banco do Brasil SA | 30,545 | 408,748 | ||||||
Banco Santander Brasil SA | 11,958 | 88,385 | ||||||
BM&FBOVESPA SA | 71,859 | 340,278 | ||||||
BR Malls Participacoes SA | 26,458 | 273,809 | ||||||
Bradespar SA Preference Shares | 18,701 | 333,369 | ||||||
Brasil Brokers Participacoes SA | 7,257 | 23,144 | ||||||
Brasil Telecom SA ADR | 4,578 | 29,299 | ||||||
Brasil Telecom SA Preference Shares ADR (a) | 8,073 | 140,955 | ||||||
Braskem SA Preference Shares ADR | 7,725 | 120,665 | ||||||
BRF — Brasil Foods SA ADR (a) | 21,110 | 370,058 | ||||||
Centrais Eletricas Brasileiras SA ADR | 24,734 | 215,460 | ||||||
Cia Hering | 1,827 | 30,915 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (a) | 9,779 | 300,998 | ||||||
Companhia de Bebidas das Americas Preference Shares ADR (a) | 63,953 | 1,960,159 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 9,813 | 231,019 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 29,921 | 444,028 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 63,261 | 502,292 | ||||||
Cosan SA Industria e Comercio | 7,395 | 95,493 | ||||||
Cyrela Brazil Realty SA | 20,840 | 131,467 | ||||||
Cyrela Commercial Properties SA Empreendimentos e Participacoes | 1,956 | 16,754 | ||||||
Diagnosticos da America SA | 8,528 | 73,461 | ||||||
Duratex SA | 12,651 | 58,680 | ||||||
Empresa Brasileira de Aeronautica SA | 31,824 | 201,445 | ||||||
Fibria Celulose SA ADR | 12,169 | 92,119 | ||||||
Gafisa SA | 5,051 | 14,612 | ||||||
Gerdau SA ADR (a) | 47,110 | 335,894 | ||||||
Hypermarcas SA | 1,930 | 9,191 | ||||||
Investimentos Itau SA | 34,657 | 259,519 | ||||||
Investimentos Itau SA Preference Shares | 181,660 | 932,644 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 135,031 | 2,095,681 | ||||||
LLX Logistica SA (b) | 3,583 | 7,007 | ||||||
Lojas Americanas SA Preference Shares | 18,667 | 142,799 | ||||||
Lojas Renner SA | 13,481 | 367,845 | ||||||
Metalurgica Gerdau SA Preference Shares | 23,224 | 209,689 | ||||||
MMX Mineracao e Metalicos SA (b) | 8,696 | 33,027 | ||||||
MRV Engenharia e Participacoes SA | 4,043 | 20,975 | ||||||
Natura Cosmeticos SA | 11,387 | 196,301 | ||||||
OGX Petroleo e Gas Participacoes SA (b) | 40,806 | 252,805 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 26,823 | 88,579 | ||||||
Petroleo Brasileiro SA ADR (c) | 85,636 | 1,774,378 | ||||||
Petroleo Brasileiro SA ADR (c) | 62,246 | 1,397,423 | ||||||
Redecard SA | 3,491 | 48,145 | ||||||
Souza Cruz SA | 37,590 | 383,140 | ||||||
TAM SA ADR | 5,883 | 91,657 | ||||||
Telecomunicacoes de Sao Paulo SA ADR | 8,875 | 234,744 | ||||||
Telecomunicacoes de Sao Paulo SA Preference Shares | 20,976 | 562,750 | ||||||
Tim Participacoes SA ADR (a) | 9,797 | 230,817 | ||||||
Tractebel Energia SA ADR | 9,925 | 140,935 | ||||||
Usinas Siderurgicas de Minas Gerais SA ADR | 37,017 | 210,386 | ||||||
Vale SA ADR | 78,616 | 1,792,445 | ||||||
Vale SA ADR Preference Shares (a) | 119,197 | 2,503,137 | ||||||
Weg SA | 18,483 | 186,199 | ||||||
22,698,538 | ||||||||
CHILE — 2.0% | ||||||||
Antarchile SA | 13,245 | 184,890 | ||||||
Cementos Bio-Bio SA | 62,181 | 71,271 | ||||||
Compania General de Electricidad SA | 31,814 | 138,749 | ||||||
Cuprum AFP | 4,385 | 189,314 | ||||||
Empresa Nacional de Electricidad SA ADR (a) | 7,283 | 315,645 | ||||||
Empresas COPEC SA | 30,496 | 361,192 | ||||||
Enersis SA ADR | 17,797 | 300,947 | ||||||
Lan Airlines SA ADR (a) | 11,726 | 242,142 | ||||||
Parque Arauco SA | 170,537 | 277,270 | ||||||
SACI Falabella | 92,435 | 732,452 | ||||||
Vina Concha y Toro SA ADR (a) | 4,778 | 174,397 | ||||||
Vina San Pedro SA | 21,338,080 | 138,592 | ||||||
3,126,861 | ||||||||
CHINA — 13.4% | ||||||||
AAC Acoustic Technology Holdings, Inc. (a) | 108,000 | 235,568 | ||||||
Agricultural Bank of China, Ltd. (a) | 397,000 | 131,573 | ||||||
Air China, Ltd. | 162,000 | 114,246 | ||||||
Aluminum Corp. of China, Ltd. (a) | 270,000 | 120,697 | ||||||
Angang Steel Co., Ltd. (a) | 56,640 | 29,976 | ||||||
Anhui Conch Cement Co., Ltd. (a) | 162,000 | 449,494 | ||||||
Baidu, Inc. ADR (b) | 16,860 | 1,802,503 | ||||||
Bank of China, Ltd. | 2,151,900 | 677,241 | ||||||
Bank of Communications Co., Ltd. (a) | 431,864 | 260,181 | ||||||
Brilliance China Automotive Holdings, Ltd. (a)(b) | 122,000 | 96,224 | ||||||
China Citic Bank Corp., Ltd. (b) | 303,000 | 125,719 | ||||||
China Coal Energy Co., Ltd | 270,000 | 245,210 | ||||||
China Communications Construction Co., Ltd. | 248,000 | 163,427 | ||||||
China Construction Bank Corp. | 2,730,280 | 1,679,956 | ||||||
China COSCO Holdings Co., Ltd. (a) | 194,925 | 81,127 | ||||||
China Life Insurance Co., Ltd. (a) | 463,000 | 1,118,135 | ||||||
China Mengniu Dairy Co., Ltd. | 81,000 | 249,719 | ||||||
China Merchants Bank Co., Ltd. (a) | 232,645 | 358,019 | ||||||
China National Building Material Co., Ltd. (a) | 46,000 | 39,767 | ||||||
China Oilfield Services, Ltd. | 216,000 | 279,685 | ||||||
China Petroleum & Chemical Corp. | 1,056,000 | 1,041,791 | ||||||
China Railway Construction Corp. | 135,000 | 57,401 | ||||||
China Railway Group, Ltd. (a) | 243,000 | 49,319 |
See accompanying notes to financial statements.
148
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
China Shenhua Energy Co., Ltd. | 216,000 | $ | 861,531 | |||||
China Shipping Container Lines Co., Ltd. (a)(b) | 436,350 | 67,823 | ||||||
China Shipping Development Co., Ltd. | 108,000 | 69,921 | ||||||
China Telecom Corp., Ltd. | 974,000 | 620,577 | ||||||
China Wireless Technologies, Ltd. | 60,000 | 8,324 | ||||||
Chongqing Machinery & Electric Co., Ltd. | 36,000 | 5,318 | ||||||
Ctrip.com International, Ltd. ADR (a)(b) | 10,993 | 353,535 | ||||||
Datang International Power Generation Co., Ltd. (a) | 324,000 | 83,240 | ||||||
Dongfang Electric Corp., Ltd. (a) | 10,800 | 28,163 | ||||||
Dongfeng Motor Group Co., Ltd. (a) | 270,000 | 371,804 | ||||||
First Tractor Co., Ltd. | 16,000 | 9,578 | ||||||
Focus Media Holding, Ltd. ADR (a)(b) | 6,128 | 102,889 | ||||||
Great Wall Motor Co., Ltd. (a) | 43,750 | 50,692 | ||||||
Guangshen Railway Co., Ltd. (a) | 216,000 | 65,482 | ||||||
Guangzhou Automobile Group Co., Ltd. (a) | 134,636 | 132,651 | ||||||
Guangzhou R&F Properties Co., Ltd. (a) | 97,200 | 72,668 | ||||||
Harbin Electric Co., Ltd. (a) | 54,000 | 44,603 | ||||||
Huadian Power International Co. (a)(b) | 324,000 | 46,198 | ||||||
Huaneng Power International, Inc. | 270,000 | 116,189 | ||||||
Industrial & Commercial Bank of China (a) | 2,576,590 | 1,264,340 | ||||||
Jiangsu Expressway Co., Ltd. | 164,000 | 125,348 | ||||||
Jiangxi Copper Co., Ltd. (a) | 56,000 | 99,271 | ||||||
Lenovo Group, Ltd. | 378,000 | 256,864 | ||||||
Maanshan Iron & Steel (a) | 162,000 | 35,585 | ||||||
Netease.com ADR (b) | 6,483 | 247,391 | ||||||
Nine Dragons Paper Holdings, Ltd. (a) | 81,000 | 41,204 | ||||||
Parkson Retail Group, Ltd. (a) | 67,134 | 81,840 | ||||||
PetroChina Co., Ltd. | 1,188,000 | 1,475,701 | ||||||
PICC Property & Casualty Co., Ltd. | 216,000 | 235,291 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 75,000 | 425,833 | ||||||
Semiconductor Manufacturing International Corp. (a)(b) | 917,000 | 45,940 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 68,000 | 76,519 | ||||||
Shanghai Electric Group Co., Ltd. | 270,000 | 105,090 | ||||||
Shenzhen Expressway Co., Ltd. | 216,000 | 77,968 | ||||||
Sina Corp. (b) | 3,117 | 223,208 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (a) | 216,000 | 77,968 | ||||||
Suntech Power Holdings Co., Ltd. ADR (a)(b) | 5,278 | 12,192 | ||||||
Tencent Holdings, Ltd. | 81,000 | 1,708,494 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 162,000 | 399,134 | ||||||
Travelsky Technology, Ltd. | 201,000 | 89,078 | ||||||
Want Want China Holdings, Ltd. (a) | 299,000 | 271,932 | ||||||
Weiqiao Textile Co. (a) | 68,000 | 32,931 | ||||||
Yanzhou Coal Mining Co., Ltd. | 162,000 | 356,266 | ||||||
Zhejiang Expressway Co., Ltd. (a) | 216,000 | 131,796 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (a) | 17,000 | 28,476 | ||||||
Zijin Mining Group Co., Ltd. (a) | 327,000 | 96,192 | ||||||
ZTE Corp. (a) | 71,073 | 204,507 | ||||||
20,744,523 | ||||||||
CZECH REPUBLIC — 0.6% | ||||||||
CEZ AS (a) | 11,336 | 436,931 | ||||||
Komercni Banka AS | 1,194 | 222,717 | ||||||
Telefonica O2 Czech Republic AS | 7,969 | 169,584 | ||||||
Unipetrol (b) | 8,077 | 76,514 | ||||||
905,746 | ||||||||
EGYPT — 0.5% | ||||||||
Commercial International Bank Egypt SAE | 69,451 | 266,848 | ||||||
Egyptian Co. for Mobile Services | 5,719 | 88,873 | ||||||
Egyptian Financial Group-Hermes Holding (b) | 21,678 | 60,834 | ||||||
Egyptian Kuwait Holding Co. | 31,610 | 31,926 | ||||||
Orascom Construction Industries | 8,733 | 311,711 | ||||||
Orascom Telecom Holding SAE (b) | 39,953 | 22,236 | ||||||
Orascom Telecom Holding SAE GDR (b) | 23,174 | 63,729 | ||||||
Orascom Telecom Holding SAE GDR (b)(d) | 980 | 2,695 | ||||||
848,852 | ||||||||
HONG KONG — 5.0% | ||||||||
Agile Property Holdings, Ltd. (a) | 162,000 | 107,171 | ||||||
Beijing Capital International Airport Co., Ltd. | 162,000 | 65,759 | ||||||
BYD Co., Ltd. (a)(b) | 6,000 | 10,158 | ||||||
Chaoda Modern Agriculture Holdings, Ltd. (a) | 160,550 | 22,686 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 40,000 | 18,498 | ||||||
China Lilang, Ltd. (a) | 21,000 | 20,502 | ||||||
China Merchants Holdings International Co., Ltd. | 58,262 | 158,663 | ||||||
China Mobile, Ltd. | 292,500 | 2,896,914 | ||||||
China National Materials Co., Ltd. | 47,000 | 17,207 | ||||||
China Overseas Land & Investment, Ltd. (a) | 219,200 | 318,744 | ||||||
China Power International Development, Ltd. (a) | 270,000 | 49,250 | ||||||
China Resources Enterprise, Ltd. | 54,000 | 181,740 | ||||||
China Resources Land, Ltd. (a) | 108,000 | 117,784 | ||||||
China Resources Power Holdings Co., Ltd. | 113,600 | 173,069 | ||||||
China Travel International Investment Hong Kong, Ltd. | 270,000 | 35,724 | ||||||
China Unicom (Hong Kong), Ltd. (a) | 221,668 | 462,428 | ||||||
China Yurun Food Group, Ltd. (a) | 12,000 | 12,964 | ||||||
Citic Pacific, Ltd. (a) | 54,000 | 77,274 | ||||||
CNOOC, Ltd. | 886,000 | 1,479,559 | ||||||
Comba Telecom Systems Holdings, Ltd. (a) | 29,780 | 22,034 | ||||||
COSCO Pacific, Ltd. | 108,691 | 122,028 | ||||||
Digital China Holdings, Ltd. | 29,000 | 38,444 |
See accompanying notes to financial statements.
149
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Guangdong Investment, Ltd. (a) | 218,000 | $ | 136,377 | |||||
GZI Transportation, Ltd. | 25,258 | 8,987 | ||||||
Hengdeli Holdings, Ltd. | 648,000 | 225,580 | ||||||
Ju Teng International Holdings, Ltd. (a) | 30,000 | 5,626 | ||||||
Kingboard Chemical Holdings, Ltd. | 43,950 | 119,970 | ||||||
Kingboard Laminates Holdings, Ltd. | 34,000 | 14,194 | ||||||
Kunlun Energy Co., Ltd. (a) | 270,000 | 377,353 | ||||||
KWG Property Holding, Ltd. (a) | 48,000 | 18,066 | ||||||
Li Ning Co., Ltd. (a) | 54,000 | 55,632 | ||||||
Ruinian International, Ltd. (a) | 17,000 | 6,551 | ||||||
Shimao Property Holdings, Ltd. (a) | 81,000 | 61,805 | ||||||
Sino Biopharmaceutical (a) | 96,000 | 27,500 | ||||||
Sino-Ocean Land Holdings, Ltd. (a) | 183,452 | 59,150 | ||||||
Sinotrans, Ltd. | 270,000 | 52,719 | ||||||
Tianneng Power International, Ltd. | 28,000 | 11,690 | ||||||
TPV Technology, Ltd. | 58,000 | 17,136 | ||||||
VODone, Ltd. (a) | 82,000 | 6,215 | ||||||
Wasion Group Holdings, Ltd. (a) | 18,000 | 5,272 | ||||||
Yuexiu Property Co., Ltd. (a)(b) | 378,000 | 49,528 | ||||||
7,667,951 | ||||||||
HUNGARY — 0.5% | ||||||||
FHB Mortgage Bank NyRt (b) | 18,457 | 41,779 | ||||||
MOL Hungarian Oil and Gas NyRt (a)(b) | 3,787 | 258,034 | ||||||
OTP Bank NyRt (a) | 15,318 | 227,517 | ||||||
Richter Gedeon NyRt | 1,306 | 178,869 | ||||||
Tiszai Vegyi Kominat NyRt | 1,905 | 19,993 | ||||||
726,192 | ||||||||
INDIA — 8.6% | ||||||||
Adani Enterprises, Ltd. | 734 | 7,896 | ||||||
Ambuja Cements, Ltd. | 13,957 | 42,433 | ||||||
Ambuja Cements, Ltd. GDR | 17,217 | 52,150 | ||||||
Amtek Auto, Ltd. | 5,970 | 15,664 | ||||||
Anant Raj Industries, Ltd. | 41,066 | 48,298 | ||||||
Apollo Hospitals Enterprise, Ltd. | 3,674 | 39,021 | ||||||
Ashok Leyland, Ltd. | 22,050 | 11,751 | ||||||
Aurobindo Pharma, Ltd. | 5,974 | 15,132 | ||||||
Axis Bank, Ltd. | 4,557 | 94,806 | ||||||
Bajaj Holdings and Investment, Ltd. (e) | 2,292 | 34,380 | ||||||
BF Investment, Ltd. (b) | 7,339 | 7,867 | ||||||
BF Utilities, Ltd. (b) | 9,434 | 88,503 | ||||||
Bharat Heavy Electricals, Ltd. | 9,534 | 319,192 | ||||||
Bharti Airtel, Ltd. | 93,245 | 719,686 | ||||||
Biocon, Ltd. | 1,654 | 11,400 | ||||||
Cipla, Ltd. | 32,534 | 186,900 | ||||||
Core Projects & Technologies, Ltd. | 6,982 | 40,908 | ||||||
Coromandel International, Ltd. | 2,390 | 14,882 | ||||||
Dish TV India, Ltd. (b) | 8,544 | 13,477 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 10,086 | 300,563 | ||||||
Era Infra Engineering, Ltd. | 2,481 | 7,796 | ||||||
Fortis Healthcare, Ltd. (b) | 3,214 | 8,259 | ||||||
GAIL India, Ltd. | 35,800 | 300,106 | ||||||
Gammon India, Ltd. | 2,205 | 3,251 | ||||||
Godrej Industries, Ltd. | 17,485 | 69,833 | ||||||
Grasim Industries, Ltd. GDR (c) | 291 | 13,915 | ||||||
Grasim Industries, Ltd. GDR (c) | 731 | 34,920 | ||||||
GTL, Ltd. (b) | 1,560 | 1,854 | ||||||
Gujarat NRE Coke, Ltd. | 10,195 | 5,027 | ||||||
Havells India, Ltd. | 1,102 | 8,223 | ||||||
HCL Technologies, Ltd. | 9,150 | 76,441 | ||||||
HDFC Bank, Ltd. | 68,385 | 652,991 | ||||||
Hero Motocorp, Ltd. | 10,415 | 412,932 | ||||||
Hindalco Industries, Ltd. | 33,161 | 89,005 | ||||||
Hindustan Construction Co. | 11,207 | 6,579 | ||||||
Hindustan Unilever, Ltd. | 82,665 | 574,899 | ||||||
Housing Development & Infrastructure, Ltd. (b) | 9,466 | 18,932 | ||||||
Housing Development Finance Corp., Ltd. | 70,739 | 925,710 | ||||||
ICICI Bank, Ltd. ADR (a) | 15,658 | 543,646 | ||||||
India Infoline, Ltd. | 128,108 | 183,236 | ||||||
Indiabulls Real Estate, Ltd. | 13,596 | 20,307 | ||||||
Indian Hotels Co., Ltd. | 44,751 | 65,196 | ||||||
Infosys Technologies, Ltd. ADR (a) | 27,261 | 1,392,219 | ||||||
Infrastructure Development Finance Co., Ltd. | 4,043 | 9,147 | ||||||
IRB Infrastructure Developers, Ltd. | 2,939 | 9,779 | ||||||
ITC, Ltd. | 5,093 | 20,590 | ||||||
ITC, Ltd. GDR (d) | 44,342 | 179,270 | ||||||
ITC, Ltd. GDR | 5,074 | 20,467 | ||||||
IVRCL Infrastructures & Projects, Ltd. | 11,485 | 8,243 | ||||||
Jai Corp., Ltd. | 40,873 | 66,140 | ||||||
Jain Irrigation Systems, Ltd. | 7,811 | 24,402 | ||||||
Jaiprakash Associates, Ltd. | 41,982 | 62,362 | ||||||
Jet Airways India, Ltd. (b) | 734 | 3,523 | ||||||
Jindal Steel & Power, Ltd. | 3,859 | 39,870 | ||||||
JSW Steel, Ltd. | 825 | 9,972 | ||||||
Lanco Infratech, Ltd. (b) | 23,425 | 7,533 | ||||||
Larsen & Toubro, Ltd. GDR | 11,158 | 305,394 | ||||||
Mahindra & Mahindra, Ltd. GDR | 19,126 | 316,918 | ||||||
Maruti Suzuki India, Ltd. | 7,853 | 173,656 | ||||||
Mercator Lines, Ltd. (b) | 108,458 | 53,703 | ||||||
Monnet Ispat, Ltd. | 4,125 | 41,444 | ||||||
MRF, Ltd. | 94 | 12,702 | ||||||
Nagarjuna Construction Co., Ltd. | 7,716 | 9,508 | ||||||
Oil & Natural Gas Corp., Ltd. | 93,160 | 506,174 | ||||||
OnMobile Global, Ltd. (b) | 2,390 | 2,930 | ||||||
Opto Circuits India, Ltd. | 2,848 | 12,852 | ||||||
Patni Computer Systems, Ltd. (b) | 2,939 | 17,334 | ||||||
Punj Lloyd, Ltd. | 8,358 | 9,233 | ||||||
Rajesh Exports, Ltd. | 5,051 | 12,536 | ||||||
REI Agro, Ltd. | 28,387 | 14,404 | ||||||
Reliance Capital, Ltd. | 4,119 | 26,505 | ||||||
Reliance Communications, Ltd. | 50,682 | 74,251 | ||||||
Reliance Industries, Ltd. GDR (d) | 43,220 | 1,407,243 | ||||||
Reliance Infrastructure, Ltd. | 12,110 | 92,343 | ||||||
Reliance MediaWorks, Ltd. (b) | 37,528 | 69,922 | ||||||
Rolta India, Ltd. | 3,859 | 6,524 | ||||||
Satyam Computer Services, Ltd. (b) | 29,488 | 42,388 | ||||||
Sesa Goa, Ltd. | 16,994 | 69,590 | ||||||
Siemens India, Ltd. | 11,037 | 188,795 | ||||||
Sintex Industries, Ltd. | 8,452 | 21,952 | ||||||
State Bank of India GDR | 2,532 | 213,954 | ||||||
Sun TV Network, Ltd. | 3,674 | 17,415 |
See accompanying notes to financial statements.
150
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Suzlon Energy, Ltd. (b) | 225,437 | $ | 167,783 | |||||
Tata Consultancy Services, Ltd. | 22,452 | 475,538 | ||||||
Tata Motors, Ltd. ADR (a) | 13,068 | 200,986 | ||||||
Tata Power Co., Ltd. | 103,790 | 211,607 | ||||||
Tata Steel, Ltd. | 17,557 | 148,898 | ||||||
Ultratech Cement, Ltd. GDR | 565 | 13,170 | ||||||
Unitech, Ltd. (b) | 76,822 | 41,097 | ||||||
United Breweries Holdings, Ltd. | 6,621 | 14,452 | ||||||
United Breweries, Ltd. (b) | 2,571 | 19,660 | ||||||
United Spirits, Ltd. | 1,654 | 26,874 | ||||||
Wipro, Ltd. ADR (a) | 27,368 | 253,154 | ||||||
Zee Entertainment Enterprises, Ltd. | 20,212 | 48,513 | ||||||
13,282,886 | ||||||||
INDONESIA — 3.3% | ||||||||
Astra International Tbk PT | 163,000 | 1,180,313 | ||||||
Bank Central Asia Tbk PT | 965,000 | 845,336 | ||||||
Bank Danamon Indonesia Tbk PT | 231,718 | 121,263 | ||||||
Bank Mandiri Tbk PT | 579,449 | 415,305 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 880,000 | 585,665 | ||||||
Barito Pacific Tbk PT (b) | 458,500 | 43,816 | ||||||
Bumi Resources Tbk PT | 830,500 | 184,241 | ||||||
Indofood Sukses Makmur Tbk PT | 607,000 | 348,731 | ||||||
Indosat Tbk PT | 121,500 | 72,568 | ||||||
Kalbe Farma Tbk PT | 670,000 | 247,725 | ||||||
Medco Energi Internasional Tbk PT | 318,000 | 77,782 | ||||||
Perusahaan Gas Negara Tbk PT | 697,000 | 212,113 | ||||||
Telekomunikasi Indonesia Tbk PT | 351,000 | 303,481 | ||||||
United Tractors Tbk PT | 200,818 | 502,616 | ||||||
5,140,955 | ||||||||
JORDAN — 0.1% | ||||||||
Arab Bank PLC | 11,220 | 126,681 | ||||||
MALAYSIA — 3.2% | ||||||||
Aeon Co. M Bhd | 193,800 | 418,863 | ||||||
Alliance Financial Group Bhd | 209,500 | 216,554 | ||||||
Berjaya Sports Toto Bhd | 102,000 | 135,787 | ||||||
Bintulu Port Holdings Bhd | 88,994 | 183,981 | ||||||
Bursa Malaysia Bhd | 42,893 | 82,226 | ||||||
Carlsberg Brewery Malay Bhd | 311,697 | 629,740 | ||||||
Dialog Group Bhd | 448,608 | 316,169 | ||||||
Digi.Com Bhd | 27,000 | 257,272 | ||||||
Genting Bhd | 163,700 | 466,615 | ||||||
Genting Malaysia Bhd | 21,600 | 23,748 | ||||||
IGB Corp. Bhd | 222,553 | 133,148 | ||||||
IOI Corp. Bhd | 258,760 | 376,894 | ||||||
KFC Holdings Bhd | 446,732 | 461,775 | ||||||
KNM Group Bhd | 131,512 | 49,433 | ||||||
Malaysian Airline System Bhd (b) | 242,100 | 100,859 | ||||||
Malaysian Resources Corp. Bhd | 294,800 | 155,134 | ||||||
Multi-Purpose Holdings BHD | 156,060 | 116,342 | ||||||
Naim Holdings Bhd | 132,287 | 69,614 | ||||||
OSK Holdings Bhd | 251,850 | 123,065 | ||||||
OSK Ventures International Bhd (b) | 30,100 | 3,017 | ||||||
SP Setia Bhd | 198,450 | 241,808 | ||||||
TA Enterprise Bhd | 266,200 | 45,027 | ||||||
TA Global Bhd | 107,540 | 9,769 | ||||||
TA Global Bhd Preference Shares | 107,426 | 8,749 | ||||||
Tebrau Teguh Bhd (b) | 18,900 | 3,818 | ||||||
UEM Land Holdings Bhd (b) | 421,188 | 230,878 | ||||||
Unisem M Bhd | 16,600 | 5,304 | ||||||
WCT Bhd | 245,000 | 153,485 | ||||||
5,019,074 | ||||||||
MEXICO — 5.6% | ||||||||
Alfa SAB de CV | 28,895 | 301,888 | ||||||
America Movil SAB de CV (a) | 2,249,791 | 2,490,595 | ||||||
Axtel SAB de CV (b) | 88,497 | 32,379 | ||||||
Cemex SAB de CV (a)(b) | 508,722 | 163,324 | ||||||
Coca-Cola Femsa SAB de CV | 35,358 | 314,239 | ||||||
Consorcio ARA SAB de CV | 87,932 | 25,115 | ||||||
Corporacion GEO SAB de CV (b) | 37,336 | 48,513 | ||||||
Desarrolladora Homex SAB de CV (b) | 16,415 | 36,985 | ||||||
Empresas ICA SAB de CV (b) | 36,050 | 40,352 | ||||||
Fomento Economico Mexicano SAB de CV | 121,121 | 789,622 | ||||||
Grupo Aeroportuario del Sureste SAB de CV | 34,838 | 174,244 | ||||||
Grupo Bimbo SAB de CV (a) | 172,719 | 329,583 | ||||||
Grupo Elektra SA de CV (a) | 5,132 | 392,625 | ||||||
Grupo Financiero Banorte SAB de CV | 84,670 | 251,994 | ||||||
Grupo Financiero Inbursa SA | 67,864 | 114,483 | ||||||
Grupo Mexico SAB de CV (c) | 252,230 | 599,490 | ||||||
Grupo Modelo SAB de CV (c) | 44,970 | 258,151 | ||||||
Grupo Televisa SA de CV (Series CPO) | 102,722 | 379,699 | ||||||
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b) | 91,541 | 118,615 | ||||||
Industrias CH SAB, Series B (b) | 23,522 | 66,757 | ||||||
Industrias Penoles SA de CV | 8,159 | 301,770 | ||||||
Kimberly-Clark de Mexico SAB de CV | 47,409 | 244,420 | ||||||
Sare Holding SAB de CV (Class B) (a)(b) | 104,555 | 12,550 | ||||||
Telefonos de Mexico SA de CV (a) | 355,070 | 266,757 | ||||||
TV Azteca SAB de CV | 202,288 | 105,900 | ||||||
Urbi Desarrollos Urbanos SA de CV (b) | 39,397 | 53,812 | ||||||
Wal-Mart de Mexico SAB de CV (a) | 311,262 | 719,314 | ||||||
8,633,176 | ||||||||
MOROCCO — 0.5% | ||||||||
Banque Marocaine du Commerce Exterieur | 14,315 | 389,549 | ||||||
Banque Marocaine pour le Commerce et l’Industrie SA | 1,260 | 135,944 | ||||||
Douja Promotion Groupe Addoha SA | 8,696 | 84,336 | ||||||
Holcim Maroc SA | 766 | 176,677 | ||||||
786,506 | ||||||||
PERU — 1.0% | ||||||||
Compania de Minas Buenaventura SA | 14,581 | 549,383 | ||||||
Credicorp, Ltd. | 5,268 | 485,710 | ||||||
Southern Copper Corp. (a) | 13,700 | 342,363 | ||||||
Volcan Compania Minera SAA (Class B) | 185,248 | 170,320 | ||||||
1,547,776 | ||||||||
PHILIPPINES — 0.6% | ||||||||
Ayala Land, Inc. | 704,280 | 234,840 | ||||||
Banco de Oro Universal Bank, Inc. | 121,480 | 141,692 | ||||||
Bank of the Philippine Islands | 224,928 | 287,044 |
See accompanying notes to financial statements.
151
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Filinvest Land, Inc. | 3,236,000 | $ | 81,409 | |||||
Philippine Long Distance Telephone Co. | 5,420 | 272,456 | ||||||
1,017,441 | ||||||||
POLAND — 1.2% | ||||||||
Asseco Poland SA | 4,261 | 52,402 | ||||||
Bank BPH SA (b) | 905 | 12,926 | ||||||
Bank Pekao SA | 7,769 | 316,827 | ||||||
Bioton SA (b) | 178,660 | 4,343 | ||||||
BRE Bank SA (b) | 1,256 | 92,366 | ||||||
Cersanit SA (b) | 14,175 | 20,461 | ||||||
Getin Holding SA (b) | 15,633 | 34,537 | ||||||
Globe Trade Centre SA (b) | 9,540 | 34,180 | ||||||
Grupa Lotos SA (b) | 5,809 | 44,555 | ||||||
KGHM Polska Miedz SA | 8,328 | 331,526 | ||||||
Orbis SA (b) | 3,980 | 44,750 | ||||||
PBG SA | 1,070 | 18,225 | ||||||
Polimex- Mostostal SA | 37,262 | 15,060 | ||||||
Polski Koncern Naftowy Orlen SA GDR (b) | 11,638 | 258,099 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 24,848 | 248,423 | ||||||
Telekomunikacja Polska SA | 50,981 | 269,564 | ||||||
1,798,244 | ||||||||
RUSSIA — 9.0% | ||||||||
Evraz Group SA GDR (b) | 3,829 | 60,269 | ||||||
Gazprom OAO ADR (c) | 370,860 | 3,593,633 | ||||||
Gazprom OAO ADR (c) | 105,600 | 1,008,480 | ||||||
Integra Group Holdings GDR (b) | 6,090 | 9,927 | ||||||
LSR Group GDR | 6,178 | 22,797 | ||||||
Lukoil OAO ADR | 46,512 | 2,365,135 | ||||||
Mechel OAO ADR | 14,491 | 147,663 | ||||||
MMC Norilsk Nickel OJSC ADR (a) | 50,891 | 1,105,861 | ||||||
Mobile TeleSystems ADR | 44,511 | 547,485 | ||||||
Mobile Telesystems OJSC | 28,255 | 155,535 | ||||||
NovaTek OAO GDR | 11,399 | 1,324,564 | ||||||
Novolipetsk Steel OJSC GDR | 1,566 | 32,072 | ||||||
Novorossiysk Commercial Sea Port PJSC GDR | 2,861 | 20,370 | ||||||
Pharmstandard GDR (b) | 3,219 | 61,515 | ||||||
Polymetal JSC GDR (b)(c) | 5,449 | 84,174 | ||||||
Polymetal JSC GDR (b)(c) | 207 | 3,209 | ||||||
Rosneft Oil Co. GDR | 152,552 | 896,243 | ||||||
Rostelecom ADR (b) | 5,029 | 139,123 | ||||||
Severstal GDR | 25,855 | 272,512 | ||||||
Sistema JSFC GDR | 6,874 | 96,236 | ||||||
Surgutneftegas OJSC ADR | 135,192 | 1,095,055 | ||||||
Tatneft ADR | 15,748 | 391,180 | ||||||
TMK OAO GDR | 2,349 | 21,564 | ||||||
VimpelCom, Ltd. ADR | 27,312 | 260,283 | ||||||
VTB Bank OJSC GDR (d) | 38,508 | 159,346 | ||||||
X5 Retail Group NV GDR (b) | 1,914 | 53,018 | ||||||
13,927,249 | ||||||||
SOUTH AFRICA — 9.5% | ||||||||
ABSA Group, Ltd. | 18,410 | 307,646 | ||||||
Adcock Ingram Holdings, Ltd. | 5,745 | 42,978 | ||||||
Adcorp Holdings, Ltd. | 25,943 | 80,678 | ||||||
Afgri, Ltd. | 136,646 | 97,737 | ||||||
African Bank Investments, Ltd. | 73,704 | 302,550 | ||||||
African Rainbow Minerals, Ltd. | 9,042 | 195,145 | ||||||
Allied Electronics Corp., Ltd. Preference Shares | 31,653 | 92,529 | ||||||
Anglo Platinum, Ltd. (a) | 3,315 | 228,447 | ||||||
AngloGold Ashanti, Ltd. | 13,670 | 576,279 | ||||||
Aquarius Platinum, Ltd. | 22,700 | 62,697 | ||||||
ArcelorMittal South Africa, Ltd. | 10,618 | 78,442 | ||||||
Aspen Pharmacare Holdings, Ltd. (b) | 29,551 | 335,427 | ||||||
Aveng, Ltd. | 30,628 | 131,479 | ||||||
Avusa, Ltd. | 5,308 | 14,691 | ||||||
Barloworld, Ltd. | 13,109 | 98,443 | ||||||
Bidvest Group, Ltd. | 19,214 | 357,793 | ||||||
Business Connexion Group, Ltd. | 112,775 | 74,070 | ||||||
Cadiz Holdings | 73,796 | 22,123 | ||||||
Coronation Fund Managers, Ltd. | 105,411 | 262,246 | ||||||
Discovery Holdings, Ltd. | 17,263 | 85,015 | ||||||
Eqstra Holdings, Ltd. | 16,890 | 15,127 | ||||||
FirstRand, Ltd. | 244,102 | 595,141 | ||||||
Gold Fields, Ltd. | 40,932 | 635,739 | ||||||
Grindrod, Ltd. | 51,557 | 96,263 | ||||||
Group Five, Ltd. | 14,634 | 47,056 | ||||||
Harmony Gold Mining Co., Ltd. | 12,331 | 146,255 | ||||||
Impala Platinum Holdings, Ltd. | 29,868 | 610,245 | ||||||
Imperial Holdings, Ltd. | 10,113 | 132,402 | ||||||
Investec, Ltd. | 11,173 | 61,431 | ||||||
Invicta Holdings, Ltd. | 31,269 | 178,533 | ||||||
JD Group, Ltd. | 11,007 | 52,303 | ||||||
Kagiso Media, Ltd. | 57,374 | 118,472 | ||||||
Kumba Iron Ore, Ltd. (a) | 3,197 | 169,762 | ||||||
Lewis Group, Ltd. | 13,244 | 115,321 | ||||||
Massmart Holdings, Ltd. | 8,624 | 148,791 | ||||||
Metorex, Ltd. (b) | 38,188 | 37,907 | ||||||
MMI Holdings, Ltd. | 48,887 | 103,258 | ||||||
MTN Group, Ltd. | 79,447 | 1,309,441 | ||||||
Murray & Roberts Holdings, Ltd. | 27,101 | 87,650 | ||||||
Naspers, Ltd. | 22,958 | 1,002,297 | ||||||
Nedbank Group, Ltd. | 21,137 | 359,527 | ||||||
Netcare, Ltd. (a) | 115,299 | 187,167 | ||||||
Northam Platinum, Ltd. | 14,662 | 60,168 | ||||||
Pretoria Portland Cement Co., Ltd. | 11,224 | 32,461 | ||||||
PSG Group, Ltd. | 22,846 | 132,147 | ||||||
Reinet Investments SCA ADR (b) | 9,220 | 14,703 | ||||||
Remgro, Ltd. | 23,657 | 325,879 | ||||||
RMB Holdings, Ltd. | 49,570 | 156,558 | ||||||
RMI Holdings | 60,652 | 94,383 | ||||||
Sanlam, Ltd. | 111,836 | 376,306 | ||||||
Sappi, Ltd. (a)(b) | 15,569 | 46,189 | ||||||
Sasol, Ltd. | 25,134 | 1,046,805 | ||||||
Shoprite Holdings, Ltd. | 39,420 | 556,551 | ||||||
Standard Bank Group, Ltd. | 48,057 | 554,690 | ||||||
Steinhoff International Holdings, Ltd. (a)(b) | 92,632 | 259,260 | ||||||
Sun International, Ltd. | 9,114 | 91,717 | ||||||
Super Group, Ltd. (b) | 71,972 | 7,520 | ||||||
Telkom SA, Ltd. | 14,746 | 58,752 | ||||||
The Foschini Group, Ltd. | 17,272 | 182,451 | ||||||
Tiger Brands, Ltd. | 10,765 | 281,207 |
See accompanying notes to financial statements.
152
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Trans Hex Group, Ltd. (b) | 1,385 | $ | 558 | |||||
Truworths International, Ltd. | 34,215 | 300,053 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 12,686 | 164,116 | ||||||
Woolworths Holdings, Ltd. | 70,306 | 306,093 | ||||||
14,705,070 | ||||||||
TAIWAN — 11.3% | ||||||||
Acer, Inc. | 138,758 | 171,655 | ||||||
Advanced Semiconductor Engineering, Inc. | 335,716 | 291,927 | ||||||
Asustek Computer, Inc. | 30,340 | 229,977 | ||||||
AU Optronics Corp. ADR (a) | 60,678 | 240,285 | ||||||
Cathay Financial Holding Co., Ltd. | 228,789 | 264,262 | ||||||
Chang Hwa Commercial Bank | 326,990 | 188,844 | ||||||
Chimei Innolux Corp. (b) | 116,874 | 47,555 | ||||||
China Development Financial Holding Corp. | 659,945 | 199,878 | ||||||
China Steel Chemical Corp. | 209,345 | 882,718 | ||||||
China Steel Corp. | 411,701 | 403,933 | ||||||
Chinatrust Financial Holding Co., Ltd. | 465,803 | 278,183 | ||||||
Chipbond Technology Corp. | 15,000 | 13,782 | ||||||
Chunghwa Telecom Co., Ltd. | 134,457 | 447,822 | ||||||
CMC Magnetics Corp. (b) | 165,000 | 31,890 | ||||||
Compal Electronics, Inc. | 282,774 | 262,592 | ||||||
Delta Electronics, Inc. | 107,340 | 255,362 | ||||||
Elite Semiconductor Memory Technology, Inc. | 86,750 | 92,799 | ||||||
Epistar Corp. | 30,850 | 54,766 | ||||||
Etron Technology, Inc. | 15,445 | 5,347 | ||||||
Far Eastern New Century Corp. | 280,700 | 290,141 | ||||||
Formosa Chemicals & Fibre Corp. | 139,460 | 364,266 | ||||||
Formosa Epitaxy, Inc. | 14,000 | 9,464 | ||||||
Formosa Plastics Corp. | 219,610 | 588,749 | ||||||
Foxconn Technology Co., Ltd. | 65,097 | �� | 211,472 | |||||
Fubon Financial Holding Co., Ltd. | 331,314 | 348,980 | ||||||
Giant Manufacturing Co., Ltd. | 158,802 | 591,437 | ||||||
Grape King, Inc. | 140,000 | 214,766 | ||||||
Hon Hai Precision Industry Co., Ltd. | 319,398 | 725,261 | ||||||
Hotai Motor Co., Ltd. | 81,000 | 342,871 | ||||||
HTC Corp. | 47,198 | 1,060,890 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 307,612 | 186,233 | ||||||
Lite-On Technology Corp. | 140,734 | 129,766 | ||||||
MediaTek, Inc. | 36,329 | 402,331 | ||||||
Mega Financial Holding Co., Ltd. | 178,640 | 125,151 | ||||||
Mosel Vitelic, Inc. (b) | 6,827 | 1,109 | ||||||
Nan Ya Plastics Corp. | 215,690 | 469,245 | ||||||
National Petroleum Co., Ltd. | 301,000 | 305,198 | ||||||
Neo Solar Power Corp. | 12,768 | 12,150 | ||||||
Novatek Microelectronics Corp. | 27,225 | 63,875 | ||||||
Pan Jit International, Inc. | 13,000 | 7,103 | ||||||
Pegatron Corp. | 47,686 | 44,752 | ||||||
Pou Chen Corp. | 200,531 | 145,422 | ||||||
Powerchip Technology Corp. (b) | 225,189 | 13,005 | ||||||
Powertech Technology, Inc. | 59,285 | 128,394 | ||||||
Precision Silicon Corp. | 26,909 | 15,143 | ||||||
ProMOS Technologies, Inc. (b)(e) | 130,950 | 1,461 | ||||||
Quanta Computer, Inc. | 188,664 | 368,351 | ||||||
Raydium Semiconductor Corp. | 10,440 | 27,064 | ||||||
Shin Kong Financial Holding Co., Ltd. (b) | 209,252 | 62,552 | ||||||
Siliconware Precision Industries Co. | 137,578 | 137,691 | ||||||
SinoPac Financial Holdings Co., Ltd. | 453,393 | 147,288 | ||||||
Solar Applied Materials Technology Corp. | 133,416 | 170,737 | ||||||
Solartech Energy Corp. | 8,993 | 8,705 | ||||||
Taishin Financial Holdings Co., Ltd. | 416,100 | 162,480 | ||||||
Taiwan Cement Corp. | 240,533 | 259,673 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 938,000 | 2,154,553 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 165,472 | 1,891,345 | ||||||
Taiwan Tea Corp. | 86,913 | 44,205 | ||||||
Tatung Co., Ltd. (b) | 140,885 | 52,702 | ||||||
Tripod Technology Corp. | 59,320 | 157,278 | ||||||
United Microelectronics Corp. ADR | 205,647 | 392,786 | ||||||
Unity Opto Technology Co., Ltd. | 14,759 | 11,139 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 120,690 | 147,521 | ||||||
Wistron Corp. | 118,053 | 135,388 | ||||||
17,493,670 | ||||||||
THAILAND — 2.0% | ||||||||
Advanced Info Service PCL | 98,815 | 406,895 | ||||||
Bangkok Expressway PCL | 283,559 | 150,514 | ||||||
Banpu PCL | 11,208 | 190,375 | ||||||
Electricity Generating PCL (Foreign ownership limit) | 64,074 | 174,176 | ||||||
IRPC PCL | 723,758 | 81,491 | ||||||
Kasikornbank PCL | 46,300 | 174,267 | ||||||
PTT Exploration & Production PCL | 88,098 | 395,357 | ||||||
PTT PCL | 59,424 | 497,032 | ||||||
Siam Cement PCL (c) | 32,100 | 270,555 | ||||||
Siam Cement PCL (c) | 300 | 3,011 | ||||||
Siam Commercial Bank PCL | 93,502 | 318,842 | ||||||
Thai Oil PCL | 89,195 | 145,622 | ||||||
Tisco Financial Group PCL | 124,953 | 144,710 | ||||||
TMB Bank PCL | 3,622,817 | 166,660 | ||||||
3,119,507 | ||||||||
TURKEY — 1.8% | ||||||||
Akbank TAS | 82,017 | 323,754 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 17,634 | 203,894 | ||||||
Dogan Sirketler Grubu Holdings AS (b) | 118,679 | 40,848 | ||||||
Dogan Yayin Holding AS (b) | 98,143 | 34,308 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 74,499 | 130,212 | ||||||
Haci Omer Sabanci Holding AS | 43,751 | 152,939 | ||||||
KOC Holding AS | 62,527 | 232,696 | ||||||
Migros Ticaret AS (b) | 689 | 5,595 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS | 9,940 | 205,808 | ||||||
Turkcell Iletisim Hizmetleri AS (b) | 37,699 | 173,548 | ||||||
Turkiye Garanti Bankasi AS | 176,043 | 685,445 | ||||||
Turkiye Is Bankasi | 102,443 | 264,998 | ||||||
Ulker Biskuvi Sanayi AS | 41,647 | 123,634 | ||||||
Yapi ve Kredi Bankasi AS (b) | 65,903 | 146,376 | ||||||
2,724,055 | ||||||||
See accompanying notes to financial statements.
153
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
UNITED KINGDOM — 0.2% | ||||||||
British American Tobacco PLC | 5,880 | $ | 250,433 | |||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $169,833,943) | 146,291,386 | |||||||
RIGHTS — 0.0% (f) | ||||||||
BRAZIL — 0.0% (f) | ||||||||
Lojas Americanas SA (expiring 10/28/11) (b) (Cost $0) | 3 | 113 | ||||||
SHORT TERM INVESTMENTS — 9.9% | ||||||||
UNITED STATES — 9.9% | ||||||||
MONEY MARKET FUNDS — 9.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (g)(h) | 13,503,128 | 13,503,128 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)(j) | 1,723,265 | 1,723,265 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $15,226,393) | 15,226,393 | |||||||
TOTAL INVESTMENTS — 104.5% (k) | ||||||||
(Cost $185,060,336) | 161,517,892 | |||||||
OTHER ASSETS & LIABILITIES — (4.5)% | (6,917,442 | ) | ||||||
NET ASSETS — 100.0% | $ | 154,600,450 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of September 30, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(f) | Amount shown represents less than 0.05% of net assets. | |||||
(g) | Investments of cash collateral for securities loaned. | |||||
(h) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(i) | Security, or a portion thereof, is designated on the Fund’s books of pledged as collateral for futures contracts. | |||||
(j) | The rate shown is the annualized seven-day yield at period end. | |||||
(k) | Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2) |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
PLC = Public Limited Company
At September 30, 2011, open futures contracts purchased were as follows:
Expiration | Aggregate | Unrealized | ||||||||||||||||||
Futures | Date | Contracts | Face Value | Value | Appreciation | |||||||||||||||
MSCI Taiwan Index Futures | 10/28/2011 | 232 | $ | 5,806,569 | $ | 5,939,200 | $ | 132,631 |
See accompanying notes to financial statements.
154
SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.8% | ||||||||
BRAZIL — 18.8% | ||||||||
AES Tiete SA | 24,217 | $ | 279,058 | |||||
AES Tiete SA Preference Shares | 50,998 | 645,631 | ||||||
Banco do Brasil SA | 17,638 | 236,029 | ||||||
Banco do Brasil SA ADR (a) | 28,274 | 366,714 | ||||||
CCR SA | 27,240 | 718,329 | ||||||
Cia Energetica de Minas Gerais | 14,020 | 168,429 | ||||||
Cia Energetica do Ceara Preference Shares | 11,930 | 209,582 | ||||||
Companhia de Saneamento de Minas Gerais-Copasa MG | 35,646 | 571,296 | ||||||
Companhia de Transmissao de Energia Electrica Paulista Preference Shares | 23,949 | 619,029 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 39,425 | 585,067 | ||||||
EDP — Energias do Brasil SA | 32,306 | 661,349 | ||||||
Eletropaulo Metropolitana SA Preference Shares | 87,808 | 1,346,271 | ||||||
Natura Cosmeticos SA | 32,847 | 566,251 | ||||||
Redecard SA | 54,229 | 747,886 | ||||||
Souza Cruz SA | 61,894 | 630,860 | ||||||
Sul America SA | 66,536 | 573,509 | ||||||
Telecomunicacoes de Sao Paulo SA ADR (a) | 28,196 | 745,784 | ||||||
Tractebel Energia SA | 20,445 | 287,469 | ||||||
Tractebel Energia SA ADR | 24,828 | 352,558 | ||||||
10,311,101 | ||||||||
CHILE — 5.4% | ||||||||
AES Gener SA | 524,601 | 255,549 | ||||||
Aguas Andinas SA Class A | 1,420,587 | 746,285 | ||||||
Banco de Chile ADR (a) | 8,919 | 622,992 | ||||||
Corpbanca SA ADR (a) | 12,370 | 240,473 | ||||||
ENTEL Chile SA | 37,500 | 716,223 | ||||||
Inversiones Aguas Metropolitanas SA | 186,578 | 253,416 | ||||||
Quinenco SA | 45,531 | 104,374 | ||||||
2,939,312 | ||||||||
CHINA — 4.4% | ||||||||
Bank of China, Ltd. | 536 | 169 | ||||||
Guangzhou R&F Properties Co., Ltd. (a) | 552,311 | 412,916 | ||||||
Jiangsu Expressway Co., Ltd. | 806,000 | 616,038 | ||||||
Shenzhou International Group Holdings, Ltd. | 208,000 | 226,309 | ||||||
Soho China Ltd. (a) | 842,500 | 538,957 | ||||||
Zhejiang Expressway Co., Ltd. | 1,044,000 | 637,015 | ||||||
2,431,404 | ||||||||
CZECH REPUBLIC — 3.8% | ||||||||
CEZ AS (a) | 15,561 | 599,779 | ||||||
Komercni Banka AS | 3,333 | 621,704 | ||||||
Philip Morris CR AS | 321 | 194,301 | ||||||
Telefonica O2 Czech Republic AS | 31,171 | 663,333 | ||||||
2,079,117 | ||||||||
EGYPT — 1.2% | ||||||||
Egyptian Kuwait Holding Co. | 157,958 | 159,538 | ||||||
Telecom Egypt | 191,297 | 474,935 | ||||||
634,473 | ||||||||
HONG KONG — 3.7% | ||||||||
Bosideng International Holdings, Ltd. (a) | 2,661,600 | 557,296 | ||||||
China Dongxiang Group Co. (a) | 2,972,000 | 515,392 | ||||||
China Mobile, Ltd. | 83,337 | 825,368 | ||||||
Shenzhen Investment, Ltd. | 866,000 | 160,190 | ||||||
2,058,246 | ||||||||
HUNGARY — 1.1% | ||||||||
Magyar Telekom Telecommunications PLC | 261,312 | 584,337 | ||||||
INDIA — 2.2% | ||||||||
Hero Motocorp, Ltd. | 12,565 | 498,174 | ||||||
Indiabulls Financial Services, Ltd. | 52,286 | 168,148 | ||||||
Oil & Natural Gas Corp., Ltd. | 102,654 | 557,759 | ||||||
1,224,081 | ||||||||
INDONESIA — 2.1% | ||||||||
Astra Agro Lestari Tbk PT | 193,000 | 423,766 | ||||||
Astra International Tbk PT | 98,500 | 713,256 | ||||||
1,137,022 | ||||||||
MALAYSIA — 4.9% | ||||||||
Alliance Financial Group Bhd | 220,100 | 227,511 | ||||||
British American Tobacco Malaysia Bhd | 14,900 | 208,530 | ||||||
Digi.Com Bhd | 79,000 | 752,758 | ||||||
Lafarge Malayan Cement Bhd | 64,400 | 132,330 | ||||||
Public Bank Bhd | 177,400 | 677,927 | ||||||
UMW Holdings Bhd | 320,800 | 688,326 | ||||||
2,687,382 | ||||||||
MEXICO — 3.1% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV | 107,361 | 360,050 | ||||||
Industrias Penoles SA de CV (a) | 20,270 | 749,710 | ||||||
Kimberly-Clark de Mexico SAB de CV | 118,750 | 612,222 | ||||||
1,721,982 | ||||||||
MOROCCO — 0.7% | ||||||||
Maroc Telecom | 21,320 | 365,484 | ||||||
PERU — 0.5% | ||||||||
Sociedad Minera Cerro Verde SAA | 7,444 | 252,947 | ||||||
PHILIPPINES — 1.3% | ||||||||
Philippine Long Distance Telephone Co. ADR | 14,464 | 716,402 | ||||||
POLAND — 0.6% | ||||||||
Asseco Poland SA | 24,734 | 304,181 | ||||||
RUSSIA — 2.1% | ||||||||
Surgutneftegas OJSC ADR Preference Shares | 155,777 | 682,303 | ||||||
Tatneft ADR | 18,808 | 467,191 | ||||||
1,149,494 | ||||||||
SOUTH AFRICA — 7.3% | ||||||||
African Bank Investments, Ltd. | 153,491 | 630,071 | ||||||
Growthpoint Properties, Ltd. | 284,081 | 626,886 | ||||||
Kumba Iron Ore, Ltd. (a) | 10,624 | 564,139 | ||||||
Lewis Group, Ltd. | 42,239 | 367,794 | ||||||
Pick’n Pay Holdings, Ltd. | 73,797 | 140,542 | ||||||
Resilient Property Income Fund, Ltd. | 69,474 | 281,729 | ||||||
The Foschini Group, Ltd. | 62,039 | 655,341 |
See accompanying notes to financial statements.
155
SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Woolworths Holdings, Ltd. | 176,339 | $ | 767,731 | |||||
4,034,233 | ||||||||
SOUTH KOREA — 7.6% | ||||||||
Kangwon Land, Inc. | 28,010 | 649,101 | ||||||
Korea Exchange Bank | 226,950 | 1,352,395 | ||||||
KT Corp. ADR | 42,429 | 627,101 | ||||||
KT&G Corp. | 12,197 | 760,986 | ||||||
LG Uplus Corp. | 146,420 | 799,185 | ||||||
4,188,768 | ||||||||
TAIWAN — 18.9% | ||||||||
Asia Cement Corp. | 511,740 | 536,508 | ||||||
Chicony Electronics Co., Ltd. | 423,180 | 697,084 | ||||||
Chunghwa Telecom Co. Ltd ADR | 10,323 | 340,659 | ||||||
Chunghwa Telecom Co., Ltd. | 114,000 | 379,688 | ||||||
Compal Electronics, Inc. | 644,000 | 598,038 | ||||||
Eternal Chemical Co., Ltd. | 384,850 | 296,767 | ||||||
Farglory Land Development Co., Ltd. | 222,000 | 364,233 | ||||||
Fubon Financial Holding Co., Ltd. | 519,731 | 547,444 | ||||||
Highwealth Construction Corp. | 327,000 | 549,381 | ||||||
HTC Corp. | 105 | 2,360 | ||||||
Lite-On Technology Corp. | 604,915 | 557,772 | ||||||
Macronix International Co., Ltd. | 1,286,000 | 462,074 | ||||||
MediaTek, Inc. | 79,000 | 874,898 | ||||||
Pou Chen Corp. | 734,000 | 532,286 | ||||||
Quanta Computer, Inc. | 326,000 | 636,489 | ||||||
Taiwan Cement Corp. | 494,000 | 533,309 | ||||||
Taiwan Mobile Co., Ltd. | 298,000 | 722,632 | ||||||
TSRC Corp. | 275,000 | 612,715 | ||||||
Wistron Corp. | 466,781 | 535,324 | ||||||
Yuanta Financial Holding Co., Ltd. (b) | 1,210,703 | 615,780 | ||||||
10,395,441 | ||||||||
THAILAND — 5.5% | ||||||||
Advanced Info Service PCL | 217,830 | 896,968 | ||||||
Delta Electronics Thai PCL | 268,100 | 168,182 | ||||||
Electricity Generating PCL | 71,500 | 194,362 | ||||||
Land and Houses PCL | 1,748,100 | 365,535 | ||||||
Land and Houses PCL, NVDR | 1,776,945 | 371,567 | ||||||
Total Access Communication PCL | 214,010 | 509,466 | ||||||
Total Access Communication PCL, NVDR | 209,600 | 498,967 | ||||||
3,005,047 | ||||||||
TURKEY — 4.6% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 314,338 | 549,409 | ||||||
Ford Otomotiv Sanayi AS | 98,129 | 688,689 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 176,755 | 631,183 | ||||||
Turk Telekomunikasyon AS | 152,664 | 655,172 | ||||||
2,524,453 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $62,967,436) | 54,744,907 | |||||||
SHORT TERM INVESTMENTS — 4.3% | ||||||||
UNITED STATES — 4.3% | ||||||||
MONEY MARKET FUNDS — 4.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 2,355,737 | 2,355,737 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) | 100 | 100 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,355,837) | 2,355,837 | |||||||
TOTAL INVESTMENTS — 104.1% | ||||||||
(Cost $65,323,273) | 57,100,744 | |||||||
OTHER ASSETS & LIABILITIES — (4.1)% | (2,238,302 | ) | ||||||
NET ASSETS — 100.0% | $ | 54,862,442 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Investments of cash collateral for securities loaned. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
NVDR = Non Voting Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
156
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
BRAZIL — 24.3% | ||||||||
Banco Bradesco SA ADR (a) | 1,002,752 | $ | 14,830,702 | |||||
Banco Santander Brazil SA ADS (a) | 268,678 | 1,966,723 | ||||||
Companhia de Bebidas das Americas Preference Shares ADR (a) | 384,247 | 11,777,171 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 210,490 | 3,123,672 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 417,891 | 3,318,054 | ||||||
Gerdau SA ADR (a) | 329,475 | 2,349,157 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 1,214,752 | 18,852,951 | ||||||
Petroleo Brasileiro SA ADR | 782,665 | 17,570,829 | ||||||
Tele Norte Leste Participacoes SA ADR (a) | 133,929 | 1,276,343 | ||||||
Vale SA ADR | 693,560 | 15,813,168 | ||||||
90,878,770 | ||||||||
CHINA — 33.9% | ||||||||
Agricultural Bank of China, Ltd. (a) | 9,260,000 | 3,068,923 | ||||||
Baidu, Inc. ADR (b) | 151,994 | 16,249,679 | ||||||
Bank of China, Ltd. | 31,692,254 | 9,974,119 | ||||||
China Construction Bank Corp. (a) | 37,090,610 | 22,822,059 | ||||||
China Life Insurance Co., Ltd. (a) | 3,893,000 | 9,401,509 | ||||||
China Merchants Bank Co., Ltd. (a) | 2,062,436 | 3,173,896 | ||||||
China Petroleum & Chemical Corp. | 8,768,288 | 8,650,304 | ||||||
China Shenhua Energy Co., Ltd. | 1,822,500 | 7,269,164 | ||||||
China Telecom Corp., Ltd. | 7,286,610 | 4,642,613 | ||||||
Industrial & Commercial Bank of China (a) | 29,281,960 | 14,368,745 | ||||||
PetroChina Co., Ltd. | 11,074,171 | 13,756,027 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 856,500 | 4,863,008 | ||||||
Tencent Holdings, Ltd. | 413,400 | 8,719,648 | ||||||
126,959,694 | ||||||||
HONG KONG — 13.0% | ||||||||
China Mobile, Ltd. | 2,708,500 | 26,824,927 | ||||||
China Overseas Land & Investment, Ltd. (a) | 2,028,560 | 2,949,780 | ||||||
China Unicom (Hong Kong), Ltd. (a) | 2,340,000 | 4,881,544 | ||||||
CNOOC, Ltd. (a) | 8,271,221 | 13,812,373 | ||||||
48,468,624 | ||||||||
INDIA — 7.9% | ||||||||
HDFC Bank, Ltd. ADR (a) | 211,434 | 6,163,301 | ||||||
ICICI Bank, Ltd. ADR (a) | 147,680 | 5,127,450 | ||||||
Infosys Technologies, Ltd. ADR (a) | 253,623 | 12,952,527 | ||||||
Reliance Industries, Ltd. GDR (c) | 168,910 | 5,499,709 | ||||||
29,742,987 | ||||||||
RUSSIA — 20.4% | ||||||||
Gazprom OAO ADR (d) | 2,999,954 | 29,069,554 | ||||||
Gazprom OAO ADR (d) | 47,603 | 454,609 | ||||||
Lukoil OAO ADR | 224,063 | 11,393,603 | ||||||
MMC Norilsk Nickel OJSC ADR (a) | 403,930 | 8,777,399 | ||||||
Mobile TeleSystems ADR | 254,532 | 3,130,744 | ||||||
NovaTek OAO GDR | 78,948 | 9,173,758 | ||||||
Rosneft Oil Co. GDR (a) | 830,699 | 4,880,357 | ||||||
Surgutneftegas OJSC ADR (a) | 507,191 | 4,108,247 | ||||||
Tatneft ADR | 125,642 | 3,120,947 | ||||||
VimpelCom, Ltd. ADR | 251,614 | 2,397,881 | ||||||
76,507,099 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $440,223,420) | 372,557,174 | |||||||
SHORT TERM INVESTMENTS — 15.8% | ||||||||
UNITED STATES — 15.8% | ||||||||
MONEY MARKET FUNDS — 15.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 58,945,702 | 58,945,702 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (f)(g) | 365,852 | 365,852 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $59,311,554) | 59,311,554 | |||||||
TOTAL INVESTMENTS — 115.3% | ||||||||
(Cost $499,534,974) | 431,868,728 | |||||||
OTHER ASSETS & LIABILITIES — (15.3)% | (57,416,210 | ) | ||||||
NET ASSETS — 100.0% | $ | 374,452,518 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.5% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(d) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(e) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(g) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
ADS = American Depositary Shares
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
157
SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
CZECH REPUBLIC — 4.4% | ||||||||
CEZ AS | 79,925 | $ | 3,080,605 | |||||
Komercni Banka AS | 5,437 | 1,014,163 | ||||||
Telefonica O2 Czech Republic AS | 32,719 | 696,276 | ||||||
Unipetrol (a) | 53,598 | 507,737 | ||||||
5,298,781 | ||||||||
HUNGARY — 3.5% | ||||||||
Magyar Telekom Telecommunications PLC | 317,192 | 709,294 | ||||||
MOL Hungarian Oil and Gas NyRt (a)(b) | 16,501 | 1,124,325 | ||||||
OTP Bank NyRt (b) | 92,249 | 1,370,165 | ||||||
Richter Gedeon NyRt | 7,063 | 967,345 | ||||||
4,171,129 | ||||||||
POLAND — 11.4% | ||||||||
Agora SA | 50,344 | 198,882 | ||||||
Asseco Poland SA | 24,395 | 300,012 | ||||||
Bank Pekao SA | 35,304 | 1,439,732 | ||||||
Bioton SA (a) | 1,189,911 | 28,927 | ||||||
BRE Bank SA (a) | 5,710 | 419,910 | ||||||
Cersanit SA (a) | 71,921 | 103,814 | ||||||
Echo Investment SA (a) | 149,172 | 164,097 | ||||||
Getin Holding SA (a) | 92,344 | 204,009 | ||||||
Globe Trade Centre SA (a) | 60,062 | 215,188 | ||||||
ING Bank Slaski SA | 2,741 | 616,376 | ||||||
KGHM Polska Miedz SA | 39,428 | 1,569,572 | ||||||
Lubelski Wegiel Bogdanka SA | 11,104 | 347,554 | ||||||
Netia SA (a) | 618,631 | 930,555 | ||||||
Orbis SA (a) | 7,432 | 83,563 | ||||||
PBG SA | 4,893 | 83,341 | ||||||
Polimex- Mostostal SA | 169,527 | 68,517 | ||||||
Polska Grupa Energetyczna SA | 113,622 | 671,218 | ||||||
Polski Koncern Naftowy Orlen SA (a) | 69,046 | 765,627 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 168,763 | 1,687,245 | ||||||
Powszechny Zaklad Ubezpieczen SA | 6,739 | 645,076 | ||||||
Tauron Polska Energia SA | 438,650 | 679,819 | ||||||
Telekomunikacja Polska SA | 344,158 | 1,819,752 | ||||||
TVN SA | 88,682 | 386,447 | ||||||
Zaklad Przetworstwa Hutniczego Stalprodukt SA | 1,597 | 137,825 | ||||||
13,567,058 | ||||||||
RUSSIA — 63.5% | ||||||||
Evraz Group SA GDR (a) | 50,900 | 801,166 | ||||||
Gazprom Neft JSC ADR (b) | 63,980 | 1,119,650 | ||||||
Gazprom OAO ADR (c) | 1,937,169 | 18,771,168 | ||||||
Gazprom OAO ADR (c) | 62,819 | 599,921 | ||||||
Integra Group Holdings GDR (a) | 177,197 | 288,831 | ||||||
Lukoil OAO ADR | 163,911 | 8,334,874 | ||||||
Magnit OJSC GDR | 50,713 | 969,633 | ||||||
Mechel OAO ADR | 40,169 | 409,322 | ||||||
MMC Norilsk Nickel OJSC ADR | 328,820 | 7,145,259 | ||||||
Mobile TeleSystems ADR (b) | 173,177 | 2,130,077 | ||||||
Mobile Telesystems OJSC | 135,721 | 747,101 | ||||||
NovaTek OAO GDR | 56,969 | 6,619,798 | ||||||
Novolipetsk Steel OJSC GDR | 12,804 | 262,226 | ||||||
Pharmstandard GDR (a) | 12,299 | 235,034 | ||||||
PIK Group GDR (a) | 99,587 | 325,649 | ||||||
Polymetal JSC GDR (a)(c) | 2,369 | 36,595 | ||||||
Polymetal JSC GDR (a)(c) | 63,766 | 988,373 | ||||||
Polyus Gold International Ltd. GDR (a) | 137,082 | 451,000 | ||||||
Rosneft Oil Co. GDR | 715,433 | 4,203,169 | ||||||
Rostelecom ADR (a) | 65,690 | 1,817,261 | ||||||
Sberbank | 3,105,279 | 6,800,561 | ||||||
Severstal GDR | 99,470 | 1,048,414 | ||||||
Sistema JSFC GDR | 41,744 | 584,416 | ||||||
Surgutneftegas OJSC ADR | 469,643 | 3,804,108 | ||||||
Tatneft ADR (b) | 51,890 | 1,288,948 | ||||||
Uralkali OJSC GDR | 65,215 | 2,249,917 | ||||||
VimpelCom, Ltd. ADR | 148,600 | 1,416,158 | ||||||
VTB Bank OJSC GDR (b) | 421,540 | 1,744,333 | ||||||
X5 Retail Group NV GDR (a) | 11,998 | 332,345 | ||||||
75,525,307 | ||||||||
TURKEY — 16.6% | ||||||||
Akbank TAS | 462,919 | 1,827,328 | ||||||
Anadolu Anonim Turk Sigorta | 501,864 | 240,210 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 105,958 | 1,225,146 | ||||||
Arcelik AS | 276,232 | 1,087,428 | ||||||
Asya Katilim Bankasi AS (a) | 151,017 | 157,559 | ||||||
BIM Birlesik Magazalar AS | 26,406 | 731,350 | ||||||
Dogan Sirketler Grubu Holdings AS (a) | 516,966 | 177,933 | ||||||
Dogan Yayin Holding AS (a) | 1,193,860 | 417,333 | ||||||
Dogus Otomotiv Servis ve Ticaret AS (a) | 289,191 | 659,426 | ||||||
Enka Insaat ve Sanayi AS | 194,124 | 469,794 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 411,504 | 719,239 | ||||||
Haci Omer Sabanci Holding AS | 242,581 | 847,980 | ||||||
Hurriyet Gazetecilik ve Matbaacilik AS (a) | 385,212 | 196,806 | ||||||
KOC Holding AS | 315,019 | 1,172,353 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS | 45,584 | 943,819 | ||||||
Turk Hava Yollari Anonim Ortakligi (a) | 565,322 | 826,952 | ||||||
Turk Telekomunikasyon AS | 80,433 | 345,186 | ||||||
Turkcell Iletisim Hizmetleri AS (a) | 279,513 | 1,286,741 | ||||||
Turkiye Garanti Bankasi AS | 934,860 | 3,639,994 | ||||||
Turkiye Halk Bankasi AS | 61,521 | 443,347 | ||||||
Turkiye Is Bankasi | 393,545 | 1,018,017 | ||||||
Vestel Elektronik Sanayi (a) | 261,561 | 302,431 | ||||||
Yapi ve Kredi Bankasi AS (a) | 436,164 | 968,758 | ||||||
19,705,130 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $165,861,517) | 118,267,405 | |||||||
SHORT TERM INVESTMENTS — 2.4% | ||||||||
UNITED STATES — 2.4% | ||||||||
MONEY MARKET FUNDS — 2.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 2,806,395 | 2,806,395 |
See accompanying notes to financial statements.
158
SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 100 | $ | 100 | |||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,806,495) | 2,806,495 | |||||||
TOTAL INVESTMENTS — 101.8% | ||||||||
(Cost $168,668,012) | 121,073,900 | |||||||
OTHER ASSETS & LIABILITIES — (1.8)% | (2,156,932 | ) | ||||||
NET ASSETS — 100.0% | $ | 118,916,968 | ||||||
(a) | Non-income producing security | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
159
SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
BRAZIL — 61.0% | ||||||||
AES Tiete SA Preference Shares | 40,072 | $ | 507,309 | |||||
All America Latina Logistica SA | 96,926 | 445,403 | ||||||
B2W Companhia Global do Varejo | 38,171 | 302,283 | ||||||
Banco Bradesco SA ADR (a) | 303,028 | 4,481,784 | ||||||
Banco do Brasil SA | 94,825 | 1,268,931 | ||||||
Banco do Brasil SA ADR (a) | 36,267 | 470,383 | ||||||
Banco Santander Brazil SA ADS (a) | 101,008 | 739,379 | ||||||
BM&FBOVESPA SA | 323,388 | 1,531,357 | ||||||
BR Malls Participacoes SA | 51,826 | 536,338 | ||||||
Bradespar SA Preference Shares | 55,749 | 993,796 | ||||||
Brasil Telecom SA ADR | 13,291 | 85,062 | ||||||
Brasil Telecom SA Preference Shares ADR (a) | 23,079 | 402,959 | ||||||
Braskem SA Preference Shares ADR | 25,367 | 396,233 | ||||||
BRF — Brasil Foods SA | 33,423 | 579,422 | ||||||
BRF — Brasil Foods SA ADR (a) | 62,787 | 1,100,656 | ||||||
CCR SA | 34,808 | 917,900 | ||||||
Centrais Eletricas Brasileiras SA | 7,644 | 66,711 | ||||||
Centrais Eletricas Brasileiras SA ADR | 55,625 | 484,555 | ||||||
Cielo SA | 30,113 | 679,722 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (a) | 25,060 | 771,347 | ||||||
Companhia de Bebidas das Americas Preference Shares ADR (a) | 143,078 | 4,385,341 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 32,626 | 768,084 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 82,770 | 1,228,307 | ||||||
Companhia Energetica de Sao Paulo Preference Shares | 49,218 | 737,110 | ||||||
Companhia Paranaense de Energia Preference Shares | 26,930 | 491,813 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 149,883 | 1,190,071 | ||||||
Cosan SA Industria e Comercio | 31,903 | 411,968 | ||||||
CPFL Energia SA ADR (a) | 14,433 | 319,691 | ||||||
Cyrela Brazil Realty SA | 66,850 | 421,718 | ||||||
Cyrela Commercial Properties SA Empreendimentos e Participacoes | 52,101 | 446,279 | ||||||
Diagnosticos da America SA | 31,146 | 268,296 | ||||||
Duratex SA | 108,392 | 502,764 | ||||||
Empresa Brasileira de Aeronautica SA | 95,281 | 603,126 | ||||||
Fertilizantes Heringer SA (b) | 4,717 | 23,379 | ||||||
Fibria Celulose SA ADR | 54,605 | 413,360 | ||||||
Gafisa SA | 47,049 | 136,109 | ||||||
Gerdau SA ADR (a) | 92,082 | 656,545 | ||||||
Gerdau SA Preference Shares | 17,920 | 128,879 | ||||||
Gol Linhas Aereas Inteligentes SA Preference Shares | 30,543 | 168,490 | ||||||
Investimentos Itau SA | 80,226 | 600,750 | ||||||
Investimentos Itau SA Preference Shares | 412,877 | 2,119,713 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 355,854 | 5,522,854 | ||||||
JBS SA (b) | 148,263 | 289,937 | ||||||
LLX Logistica SA (b) | 87,092 | 170,313 | ||||||
Lojas Americanas SA Preference Shares | 133,808 | 1,023,609 | ||||||
Lojas Renner SA | 29,934 | 816,785 | ||||||
Metalurgica Gerdau SA Preference Shares | 80,021 | 722,506 | ||||||
MMX Mineracao e Metalicos SA (b) | 17,583 | 66,780 | ||||||
MRV Engenharia e Participacoes SA | 2,828 | 14,671 | ||||||
Natura Cosmeticos SA | 38,135 | 657,411 | ||||||
OGX Petroleo e Gas Participacoes SA (b) | 120,738 | 748,006 | ||||||
OGX Petroleo e Gas Participacoes SA ADR (a)(b) | 94,953 | 602,002 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 175,022 | 577,985 | ||||||
Petroleo Brasileiro SA ADR (c) | 322,448 | 6,681,123 | ||||||
Petroleo Brasileiro SA ADR (c) | 234,701 | 5,269,037 | ||||||
Redecard SA | 43,621 | 601,588 | ||||||
Souza Cruz SA | 96,945 | 988,121 | ||||||
TAM SA ADR (a) | 16,289 | 253,783 | ||||||
Tele Norte Leste Participacoes SA ADR (a) | 41,730 | 397,687 | ||||||
Tele Norte Leste Participacoes SA Preference Shares | 2,862 | 27,444 | ||||||
Telecomunicacoes de Sao Paulo SA Preference Shares | 56,199 | 1,507,723 | ||||||
Tim Participacoes SA | 34,010 | 159,400 | ||||||
Tim Participacoes SA ADR | 32,572 | 767,396 | ||||||
Tractebel Energia SA ADR | 5,036 | 71,511 | ||||||
Ultrapar Participacoes SA ADR (a) | 65,656 | 1,039,334 | ||||||
Usinas Siderurgicas de Minas Gerais SA ADR (a) | 96,820 | 550,276 | ||||||
Usinas Siderurgicas de Minas Gerais SA Preference Shares | 27,634 | 156,611 | ||||||
Vale SA ADR | 215,795 | 4,920,126 | ||||||
Vale SA ADR Preference Shares (a) | 331,032 | 6,951,672 | ||||||
74,339,014 | ||||||||
CHILE — 9.7% | ||||||||
Almendral SA | 3,181,159 | 422,048 | ||||||
Antarchile SA | 49,206 | 686,877 | ||||||
Banco de Chile ADR | 7,986 | 557,822 | ||||||
Banco de Credito e Inversiones | 18,892 | 882,391 | ||||||
Banco Santander Chile ADR (a) | 3,812 | 280,106 | ||||||
CAP SA | 24,677 | 754,252 | ||||||
Cencosud SA ADR (a)(d) | 13,130 | 1,063,957 | ||||||
Compania General de Electricidad SA | 140,689 | 613,578 | ||||||
Empresa Nacional de Electricidad SA ADR (a) | 24,024 | 1,041,200 | ||||||
Empresas CMPC SA | 250,260 | 843,801 | ||||||
Empresas COPEC SA | 93,135 | 1,103,084 | ||||||
Enersis SA ADR | 49,815 | 842,372 | ||||||
Lan Airlines SA ADR (a) | 33,690 | 695,698 | ||||||
SACI Falabella | 203,175 | 1,609,953 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 9,261 | 442,768 | ||||||
11,839,907 | ||||||||
COLOMBIA — 1.9% | ||||||||
BanColombia SA ADR (a) | 20,000 | 1,114,000 |
See accompanying notes to financial statements.
160
SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Ecopetrol SA, ADR | 30,000 | $ | 1,208,700 | |||||
2,322,700 | ||||||||
MEXICO — 23.0% | ||||||||
Alfa SAB de CV | 93,755 | 979,530 | ||||||
America Movil SAB de CV | 7,522,864 | 8,328,064 | ||||||
Cemex SAB de CV (a)(b) | 1,592,039 | 511,120 | ||||||
Corporacion GEO SAB de CV (b) | 124,650 | 161,967 | ||||||
Desarrolladora Homex SAB de CV (a)(b) | 61,432 | 138,413 | ||||||
Empresas ICA SAB de CV (b) | 111,731 | 125,064 | ||||||
Fomento Economico Mexicano SAB de CV | 380,420 | 2,480,064 | ||||||
Grupo Aeroportuario del Sureste SAB de CV | 131,435 | 657,377 | ||||||
Grupo Bimbo SAB de CV (a) | 586,079 | 1,118,359 | ||||||
Grupo Carso SA de CV (a) | 144,802 | 337,563 | ||||||
Grupo Elektra SA de CV (a) | 9,995 | 764,671 | ||||||
Grupo Financiero Banorte SAB de CV (a) | 318,932 | 949,203 | ||||||
Grupo Financiero Inbursa SA | 470,725 | 794,086 | ||||||
Grupo Mexico SAB de CV | 700,301 | 1,664,448 | ||||||
Grupo Modelo SAB de CV | 164,868 | 946,429 | ||||||
Grupo Televisa SA de CV (Series CPO) | 286,488 | 1,058,968 | ||||||
Grupo Televisa SA de CV ADR (a) | 2,295 | 42,205 | ||||||
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b) | 362,619 | 469,866 | ||||||
Industrias Penoles SA de CV | 17,610 | 651,327 | ||||||
Inmuebles Carso SAB de CV (a)(b) | 196,200 | 146,692 | ||||||
Kimberly-Clark de Mexico SAB de CV | 199,738 | 1,029,760 | ||||||
Minera Frisco SAB de CV (a)(b) | 196,200 | 686,074 | ||||||
Telefonos de Mexico SA de CV (a) | 1,376,276 | 1,033,967 | ||||||
TV Azteca SAB de CV | 651,116 | 340,865 | ||||||
Urbi Desarrollos Urbanos SA de CV (b) | 150,759 | 205,921 | ||||||
Wal-Mart de Mexico SAB de CV (a) | 1,001,960 | 2,315,490 | ||||||
27,937,493 | ||||||||
PERU — 4.1% | ||||||||
Compania de Minas Buenaventura SA ADR, Series B | 43,626 | 1,646,445 | ||||||
Compania Minera Milpo SA | 187,495 | 338,011 | ||||||
Credicorp, Ltd. | 13,728 | 1,265,722 | ||||||
Minsur SA | 441,237 | 445,453 | ||||||
Southern Copper Corp. (a) | 36,809 | 919,857 | ||||||
Volcan Compania Minera SAA (Class B) | 441,232 | 405,676 | ||||||
5,021,164 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $156,125,945) | 121,460,278 | |||||||
RIGHTS — 0.0% (e) | ||||||||
BRAZIL — 0.0% (e) | ||||||||
Lojas Americanas SA (expiring 10/28/11) (b) (Cost $0) | 27 | 1,018 | ||||||
SHORT TERM INVESTMENTS — 13.6% | ||||||||
UNITED STATES — 13.6% | ||||||||
MONEY MARKET FUNDS — 13.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 16,548,616 | 16,548,616 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 8,374 | 8,374 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $16,556,990) | 16,556,990 | |||||||
TOTAL INVESTMENTS — 113.3% | ||||||||
(Cost $172,682,935) | 138,018,286 | |||||||
OTHER ASSETS & LIABILITIES — (13.3)% | (16,186,754 | ) | ||||||
NET ASSETS — 100.0% | $ | 121,831,532 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.9% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
ADS = American Depositary Shares
See accompanying notes to financial statements.
161
SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.8% | ||||||||
EGYPT — 5.5% | ||||||||
Arab Cotton Ginning | 56,283 | $ | 27,456 | |||||
Commercial International Bank Egypt SAE | 303,208 | 1,165,002 | ||||||
Eastern Tobacco | 33,223 | 495,679 | ||||||
Egyptian Co. for Mobile Services | 12,444 | 193,380 | ||||||
Egyptian Financial Group-Hermes Holding (a) | 102,038 | 286,344 | ||||||
Egyptian International Pharmaceutical Industrial Co. | 15,310 | 82,129 | ||||||
Egyptian Kuwait Holding Co. | 211,079 | 213,190 | ||||||
ElSwedy Electric Co. | 32,367 | 119,804 | ||||||
Ezz Steel (a) | 86,934 | 85,983 | ||||||
Juhayna Food Industries (a) | 124,727 | 96,390 | ||||||
Maridive & Oil Services SAE | 50,279 | 94,524 | ||||||
Orascom Construction Industries | 36,502 | 1,302,880 | ||||||
Orascom Telecom Holding SAE GDR (a)(b) | 146,533 | 402,966 | ||||||
Orascom Telecom Holding SAE GDR (a) | 2,277 | 6,262 | ||||||
Palm Hills Developments SAE (a) | 151,294 | 31,703 | ||||||
Sidi Kerir Petrochemicals Co. | 95,167 | 192,400 | ||||||
Six of October Development & Investment Co. | 40,508 | 88,211 | ||||||
Suez Cement Co. | 49,909 | 232,676 | ||||||
Talaat Moustafa Group (a) | 446,054 | 275,921 | ||||||
Telecom Egypt | 155,200 | 385,317 | ||||||
5,778,217 | ||||||||
MOROCCO — 5.5% | ||||||||
Attijariwafa Bank | 48,207 | 2,178,119 | ||||||
Banque Centrale Populaire | 14,475 | 690,633 | ||||||
Banque Marocaine du Commerce Exterieur | 60,240 | 1,639,292 | ||||||
Banque Marocaine pour le Commerce et l’Industrie SA | 3,936 | 424,662 | ||||||
Ciments du Maroc | 4,856 | 640,349 | ||||||
Douja Promotion Groupe Addoha SA | 25,031 | 242,757 | ||||||
5,815,812 | ||||||||
SOUTH AFRICA — 87.8% | ||||||||
ABSA Group, Ltd. | 83,343 | 1,392,730 | ||||||
Acucap Properties, Ltd. | 37,587 | 182,345 | ||||||
Adcock Ingram Holdings, Ltd. | 59,859 | 447,801 | ||||||
Adcorp Holdings, Ltd. | 19,685 | 61,216 | ||||||
Afgri, Ltd. | 137,108 | 98,067 | ||||||
African Bank Investments, Ltd. (b) | 254,659 | 1,045,359 | ||||||
African Oxygen, Ltd. | 37,152 | 78,102 | ||||||
African Rainbow Minerals, Ltd. | 33,851 | 730,573 | ||||||
Allied Electronics Corp., Ltd. Preference Shares | 75,341 | 220,238 | ||||||
Allied Technologies, Ltd. | 18,025 | 132,064 | ||||||
Anglo Platinum, Ltd. (b) | 17,365 | 1,196,678 | ||||||
AngloGold Ashanti, Ltd. (b) | 127,453 | 5,372,967 | ||||||
Aquarius Platinum, Ltd. | 130,270 | 359,803 | ||||||
ArcelorMittal South Africa, Ltd. (b) | 46,876 | 346,303 | ||||||
Aspen Pharmacare Holdings, Ltd. (a) | 146,029 | 1,657,542 | ||||||
Assore, Ltd. | 18,223 | 446,559 | ||||||
Astral Foods, Ltd. | 14,860 | 216,271 | ||||||
Aveng, Ltd. | 137,223 | 589,067 | ||||||
AVI, Ltd. | 91,379 | 367,489 | ||||||
Avusa, Ltd. | 64,843 | 179,468 | ||||||
Barloworld, Ltd. | 78,875 | 592,316 | ||||||
Basil Read Holdings, Ltd. | 50,539 | 84,870 | ||||||
Bidvest Group, Ltd. | 99,493 | 1,852,708 | ||||||
Blue Label Telecoms, Ltd. | 90,052 | 57,017 | ||||||
Business Connexion Group, Ltd. | 104,949 | 68,930 | ||||||
Capital Property Fund | 147,464 | 156,836 | ||||||
Cipla Medpro South Africa, Ltd. | 137,874 | 115,422 | ||||||
City Lodge Hotels, Ltd. | 9,242 | 71,967 | ||||||
Clicks Group, Ltd. | 108,345 | 507,284 | ||||||
Coronation Fund Managers, Ltd. | 69,226 | 172,223 | ||||||
DataTec, Ltd. (b) | 101,401 | 479,564 | ||||||
Discovery Holdings, Ltd. | 126,015 | 620,584 | ||||||
Distribution and Warehousing Network, Ltd. (a) | 52,651 | 30,520 | ||||||
DRDGOLD, Ltd. (b) | 167,223 | 87,365 | ||||||
Emira Property Fund | 78,552 | 114,030 | ||||||
Eqstra Holdings, Ltd. | 136,047 | 121,847 | ||||||
Esorfranki, Ltd. (a) | 150,119 | 30,811 | ||||||
Evraz Highveld Steel and Vanadium, Ltd. (a)(b) | 8,014 | 39,775 | ||||||
Exxaro Resources, Ltd. (b) | 63,189 | 1,340,166 | ||||||
FirstRand, Ltd. (b) | 1,302,067 | 3,174,549 | ||||||
Fountainhead Property Trust | 610,013 | 508,401 | ||||||
Gold Fields, Ltd. | 256,756 | 3,987,829 | ||||||
Grindrod, Ltd. (b) | 173,158 | 323,308 | ||||||
Group Five, Ltd. | 37,778 | 121,477 | ||||||
Growthpoint Properties, Ltd. | 436,705 | 963,683 | ||||||
Harmony Gold Mining Co., Ltd. | 130,940 | 1,553,051 | ||||||
Hudaco Industries, Ltd. | 8,571 | 82,841 | ||||||
Hyprop Investments, Ltd. | 82,603 | 554,858 | ||||||
Illovo Sugar, Ltd. | 69,418 | 217,603 | ||||||
Impala Platinum Holdings, Ltd. | 169,900 | 3,471,293 | ||||||
Imperial Holdings, Ltd. | 54,910 | 718,896 | ||||||
Investec, Ltd. | 60,607 | 333,225 | ||||||
JD Group, Ltd. | 50,560 | 240,250 | ||||||
JSE, Ltd. | 26,945 | 215,316 | ||||||
Kumba Iron Ore, Ltd. (b) | 27,982 | 1,485,857 | ||||||
Lewis Group, Ltd. | 30,586 | 266,326 | ||||||
Liberty Holdings, Ltd. | 37,872 | 376,878 | ||||||
Life Healthcare Group Holdings, Ltd. | 288,607 | 692,878 | ||||||
Massmart Holdings, Ltd. (b) | 32,457 | 559,986 | ||||||
Medi-Clinic Corp., Ltd. | 97,416 | 407,278 | ||||||
Merafe Resources, Ltd. | 576,906 | 70,327 | ||||||
Metorex, Ltd. (a) | 246,629 | 244,816 | ||||||
MMI Holdings, Ltd. | 430,418 | 909,119 | ||||||
Mondi, Ltd. | 45,147 | 329,655 | ||||||
Mpact, Ltd. (a) | 62,292 | 102,359 | ||||||
Mr. Price Group, Ltd. (b) | 94,924 | 794,546 | ||||||
MTN Group, Ltd. | 409,759 | 6,753,625 | ||||||
Murray & Roberts Holdings, Ltd. (b) | 100,130 | 323,840 | ||||||
Nampak, Ltd. (b) | 205,283 | 532,927 | ||||||
Naspers, Ltd. | 141,335 | 6,170,385 | ||||||
Nedbank Group, Ltd. | 120,473 | 2,049,169 | ||||||
Netcare, Ltd. (b) | 446,199 | 724,322 | ||||||
Northam Platinum, Ltd. | 123,763 | 507,885 | ||||||
Omnia Holdings, Ltd. (a) | 17,164 | 162,265 |
See accompanying notes to financial statements.
162
SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Petmin, Ltd. (a) | 197,732 | $ | 65,180 | |||||
Pick n Pay Stores, Ltd. (b) | 115,421 | 524,047 | ||||||
Pick’n Pay Holdings, Ltd. | 82,649 | 157,400 | ||||||
Pioneer Foods, Ltd. | 31,447 | 230,794 | ||||||
Pretoria Portland Cement Co., Ltd. (b) | 195,974 | 566,779 | ||||||
Raubex Group, Ltd. | 47,415 | 77,382 | ||||||
Redefine Properties, Ltd. | 908,005 | 903,589 | ||||||
Remgro, Ltd. | 130,145 | 1,792,770 | ||||||
Resilient Property Income Fund, Ltd. | 80,156 | 325,047 | ||||||
Reunert, Ltd. | 60,949 | 446,175 | ||||||
RMB Holdings, Ltd. | 224,998 | 710,614 | ||||||
RMI Holdings | 275,647 | 428,947 | ||||||
SA Corporate Real Estate Fund | 664,660 | 268,705 | ||||||
Sanlam, Ltd. | 511,768 | 1,721,999 | ||||||
Sappi, Ltd. (a)(b) | 191,674 | 568,649 | ||||||
Sasol, Ltd. | 161,756 | 6,736,966 | ||||||
Shoprite Holdings, Ltd. | 161,122 | 2,274,800 | ||||||
Simmer & Jack Mines, Ltd. (a) | 325,367 | 1,214 | ||||||
Standard Bank Group, Ltd. | 332,729 | 3,840,470 | ||||||
Steinhoff International Holdings, Ltd. (a)(b) | 446,951 | 1,250,936 | ||||||
Sun International, Ltd. | 28,550 | 287,308 | ||||||
Super Group, Ltd. (a) | 989,283 | 103,370 | ||||||
Telkom SA, Ltd. (b) | 75,028 | 298,932 | ||||||
The Foschini Group, Ltd. | 66,636 | 703,901 | ||||||
The Spar Group, Ltd. | 61,170 | 732,677 | ||||||
Tiger Brands, Ltd. | 54,034 | 1,411,494 | ||||||
Tongaat Hulett, Ltd. | 30,203 | 345,645 | ||||||
Truworths International, Ltd. | 152,814 | 1,340,124 | ||||||
Tsogo Sun Holdings Ltd. | 71,433 | 151,501 | ||||||
Village Main Reef, Ltd. (a) | 172,369 | 36,021 | ||||||
Vodacom Group, Ltd. (b) | 92,525 | 1,039,987 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 28,058 | 362,980 | ||||||
Woolworths Holdings, Ltd. | 284,610 | 1,239,113 | ||||||
92,541,416 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $123,228,156) | 104,135,445 | |||||||
SHORT TERM INVESTMENTS — 6.0% | ||||||||
UNITED STATES — 6.0% | ||||||||
MONEY MARKET FUNDS — 6.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 6,142,225 | 6,142,225 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) | 153,489 | 153,489 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $6,295,714) | 6,295,714 | |||||||
TOTAL INVESTMENTS — 104.8% | ||||||||
(Cost $129,523,870) | 110,431,159 | |||||||
OTHER ASSETS & LIABILITIES — (4.8)% | (5,021,503 | ) | ||||||
NET ASSETS — 100.0% | $ | 105,409,656 | ||||||
(a) | Non-income producing security. | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Investments of cash collateral for securities loaned. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
163
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.8% | ||||||||
AUSTRALIA — 7.5% | ||||||||
Abacus Property Group | 79,279 | $ | 142,545 | |||||
Alumina, Ltd. | 67,428 | 96,989 | ||||||
Amcor, Ltd. | 14,382 | 96,867 | ||||||
AMP, Ltd. | 26,781 | 102,812 | ||||||
Ansell, Ltd. | 17,043 | 216,327 | ||||||
APA Group | 15,778 | 62,105 | ||||||
Aristocrat Leisure, Ltd. (a) | 24,746 | 50,506 | ||||||
Australia & New Zealand Banking Group, Ltd. | 21,322 | 404,510 | ||||||
BHP Billiton, Ltd. | 34,649 | 1,179,312 | ||||||
Billabong International, Ltd. (a) | 14,259 | 46,010 | ||||||
BlueScope Steel, Ltd. (a) | 32,967 | 23,390 | ||||||
Brambles, Ltd. | 22,920 | 144,125 | ||||||
Bunnings Warehouse Property Trust | 30,200 | 49,897 | ||||||
Commonwealth Bank of Australia | 14,050 | 621,994 | ||||||
Computershare, Ltd. | 13,878 | 100,756 | ||||||
ConnectEast Group | 264,536 | 140,121 | ||||||
CSL, Ltd. | 8,086 | 233,249 | ||||||
CSR, Ltd. | 23,253 | 52,657 | ||||||
DUET Group | 121,542 | 191,365 | ||||||
Envestra, Ltd. | 335,769 | 217,012 | ||||||
Foster’s Group, Ltd. | 27,628 | 141,777 | ||||||
GWA International, Ltd. (a) | 56,089 | 109,026 | ||||||
Harvey Norman Holdings, Ltd. (a) | 41,850 | 87,856 | ||||||
Hills Industries, Ltd. | 48,080 | 47,196 | ||||||
Insurance Australia Group, Ltd. | 31,597 | 92,742 | ||||||
Lend Lease Group | 18,396 | 125,869 | ||||||
Macquarie Group, Ltd. | 4,584 | 101,890 | ||||||
MAp Group | 45,426 | 142,603 | ||||||
National Australia Bank, Ltd. | 16,724 | 363,603 | ||||||
Newcrest Mining, Ltd. | 11,596 | 384,087 | ||||||
Origin Energy, Ltd. | 15,789 | 205,627 | ||||||
OZ Minerals, Ltd. | 8,491 | 77,738 | ||||||
Perpetual, Ltd. (a) | 3,637 | 73,665 | ||||||
QBE Insurance Group, Ltd. | 10,943 | 136,985 | ||||||
Rio Tinto, Ltd. | 5,068 | 304,402 | ||||||
Santos, Ltd. | 12,743 | 140,817 | ||||||
Sonic Healthcare, Ltd. (a) | 12,802 | 141,842 | ||||||
Suncorp Group, Ltd. | 19,514 | 151,346 | ||||||
Tatts Group, Ltd. | 58,970 | 127,808 | ||||||
Toll Holdings, Ltd. (a) | 14,016 | 60,074 | ||||||
Treasury Wine Estates, Ltd. (a) | 9,208 | 34,634 | ||||||
Wesfarmers, Ltd. | 13,378 | 410,736 | ||||||
Westfield Group | 16,884 | 127,174 | ||||||
Westfield Retail Trust | 14,371 | 33,801 | ||||||
Westpac Banking Corp. (a) | 22,757 | 449,871 | ||||||
Woodside Petroleum, Ltd. | 7,647 | 241,395 | ||||||
Woolworths, Ltd. | 15,679 | 378,827 | ||||||
WorleyParsons, Ltd. | 4,141 | 105,848 | ||||||
8,971,788 | ||||||||
AUSTRIA — 0.2% | ||||||||
Erste Group Bank AG | 2,748 | 71,380 | ||||||
OMV AG | 2,926 | 88,409 | ||||||
Voestalpine AG | 3,103 | 91,364 | ||||||
251,153 | ||||||||
BELGIUM — 0.9% | ||||||||
Ageas | 38,682 | 68,196 | ||||||
Ageas VVPR Strip (b) | 592 | 1 | ||||||
Anheuser-Busch InBev NV | 7,409 | 395,390 | ||||||
Bekaert NV (a) | 822 | 34,046 | ||||||
Delhaize Group | 2,100 | 123,719 | ||||||
Dexia SA (a)(b) | 15,090 | 29,296 | ||||||
Gimv NV | 2,318 | 114,264 | ||||||
KBC Groep NV | 2,245 | 52,712 | ||||||
UCB SA (a) | 2,823 | 121,507 | ||||||
Umicore | 4,118 | 151,747 | ||||||
1,090,878 | ||||||||
CANADA — 10.0% | ||||||||
AGF Management, Ltd. | 5,547 | 80,699 | ||||||
Agnico-Eagle Mines, Ltd. | 2,346 | 141,046 | ||||||
Agrium, Inc. | 3,138 | 210,043 | ||||||
ARC Resources, Ltd. (a) | 3,112 | 67,374 | ||||||
Bank of Montreal | 5,022 | 282,751 | ||||||
Bank of Nova Scotia (a) | 9,976 | 504,712 | ||||||
Barrick Gold Corp. | 10,034 | 472,885 | ||||||
BCE, Inc. | 2,282 | 86,042 | ||||||
Bombardier, Inc. (Class B) | 24,681 | 86,924 | ||||||
Brookfield Asset Management, Inc. (Class A) | 6,047 | 168,171 | ||||||
Cameco Corp. (a) | 6,607 | 121,989 | ||||||
Canadian Imperial Bank of Commerce (a) | 3,702 | 260,691 | ||||||
Canadian National Railway Co. | 5,768 | 387,633 | ||||||
Canadian Natural Resources, Ltd. (a) | 12,629 | 372,913 | ||||||
Canadian Oil Sands, Ltd. | 5,769 | 112,883 | ||||||
Canadian Pacific Railway, Ltd. (a) | 2,961 | 143,553 | ||||||
Canadian Western Bank | 7,016 | 172,900 | ||||||
Cenovus Energy, Inc. | 6,404 | 198,318 | ||||||
CGI Group, Inc. (Class A) (b) | 12,349 | 233,577 | ||||||
Crescent Point Energy Corp. (a) | 5,924 | 224,271 | ||||||
Eldorado Gold Corp. | 5,498 | 95,234 | ||||||
Enbridge, Inc. | 7,366 | 236,450 | ||||||
EnCana Corp. (a) | 7,853 | 152,003 | ||||||
Fairfax Financial Holdings, Ltd. | 359 | 138,422 | ||||||
First Quantum Minerals, Ltd. | 7,283 | 97,498 | ||||||
Fortis, Inc. | 2,075 | 65,572 | ||||||
Gildan Activewear, Inc. | 4,174 | 108,951 | ||||||
Goldcorp, Inc. | 8,357 | 385,510 | ||||||
Husky Energy, Inc. | 5,757 | 125,355 | ||||||
IAMGOLD Corp. | 7,036 | 140,646 | ||||||
Imperial Oil, Ltd. (a) | 5,012 | 181,039 | ||||||
Ivanhoe Mines, Ltd. (b) | 3,216 | 44,596 | ||||||
Kinross Gold Corp. | 9,133 | 136,463 | ||||||
Magna International, Inc. (Class A) | 4,709 | 156,583 | ||||||
Manulife Financial Corp. (a) | 17,300 | 198,227 | ||||||
National Bank of Canada (a) | 1,556 | 104,360 | ||||||
New Gold, Inc. (b) | 4,980 | 51,709 | ||||||
Nexen, Inc. | 8,226 | 128,673 | ||||||
Nordion, Inc. | 9,185 | 81,621 | ||||||
Pacific Rubiales Energy Corp. | 2,905 | 61,889 | ||||||
Penn West Petroleum, Ltd. (a) | 4,253 | 63,465 | ||||||
Potash Corp. of Saskatchewan, Inc. | 10,478 | 457,511 | ||||||
Power Corp. of Canada (a) | 3,112 | 68,598 | ||||||
Power Financial Corp. | 2,594 | 63,876 |
See accompanying notes to financial statements.
164
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Research In Motion, Ltd. (b) | 5,382 | $ | 110,321 | |||||
Richelieu Hardware, Ltd. | 7,905 | 188,361 | ||||||
Rogers Communications, Inc. (Class B) (a) | 6,268 | 215,760 | ||||||
Royal Bank of Canada | 13,237 | 610,499 | ||||||
Russel Metals, Inc. (a) | 7,762 | 155,158 | ||||||
Shaw Communications, Inc. (a) | 6,787 | 138,469 | ||||||
Sherritt International Corp. (a) | 13,555 | 56,715 | ||||||
Shoppers Drug Mart Corp. (a) | 2,282 | 89,458 | ||||||
Silver Wheaton Corp. (a) | 3,320 | 98,576 | ||||||
Sino-Forest Corp. (a)(b)(c) | 4,520 | 0 | ||||||
SNC-Lavalin Group, Inc. | 1,660 | 70,140 | ||||||
Sun Life Financial, Inc. | 6,434 | 154,544 | ||||||
Suncor Energy, Inc. | 18,118 | 465,273 | ||||||
Talisman Energy, Inc. | 14,330 | 177,122 | ||||||
Teck Resources, Ltd. (Class B) | 6,682 | 198,270 | ||||||
TELUS Corp. (a) | 3,098 | 145,230 | ||||||
Thomson Reuters Corp. (a) | 3,527 | 96,125 | ||||||
Tim Hortons, Inc. | 1,764 | 82,457 | ||||||
TMX Group, Inc. | 3,302 | 129,729 | ||||||
Toronto-Dominion Bank | 7,441 | 532,627 | ||||||
TransCanada Corp. (a) | 7,379 | 301,236 | ||||||
Valeant Pharmaceuticals International, Inc. | 2,801 | 104,992 | ||||||
Yamana Gold, Inc. (a) | 11,187 | 154,378 | ||||||
11,949,066 | ||||||||
CHINA — 0.5% | ||||||||
Chong Hing Bank, Ltd. | 60,000 | 107,441 | ||||||
Dah Sing Banking Group, Ltd. | 106,117 | 95,965 | ||||||
Dah Sing Financial Holdings, Ltd. | 15,468 | 43,316 | ||||||
Hongkong Land Holdings, Ltd. | 31,000 | 138,880 | ||||||
Sino Land Co., Ltd. (a) | 68,043 | 91,076 | ||||||
Transport International Holdings, Ltd. | 52,800 | 108,520 | ||||||
585,198 | ||||||||
DENMARK — 1.0% | ||||||||
A P Moller — Maersk A/S | 28 | 166,200 | ||||||
Danske Bank A/S (b) | 8,338 | 118,092 | ||||||
DSV A/S | 7,606 | 138,238 | ||||||
FLSmidth & Co. A/S | 1,957 | 99,013 | ||||||
GN Store Nord A/S | 17,920 | 110,859 | ||||||
Novo Nordisk A/S (Class B) | 4,631 | 464,261 | ||||||
SimCorp A/S | 558 | 80,388 | ||||||
Vestas Wind Systems A/S (a)(b) | 2,664 | 43,615 | ||||||
1,220,666 | ||||||||
FINLAND — 1.2% | ||||||||
Amer Sports Oyj (Class A) | 1,122 | 14,286 | ||||||
Elisa Oyj | 4,617 | 95,211 | ||||||
Fortum Oyj | 3,743 | 88,889 | ||||||
Kemira Oyj (a) | 6,118 | 67,926 | ||||||
Kesko Oyj (Class B) | 618 | 19,187 | ||||||
Kone Oyj (Class B) | 1,917 | 92,079 | ||||||
Konecranes OYJ | 573 | 11,678 | ||||||
Lassila & Tikanoja Oyj | 6,157 | 87,152 | ||||||
Metso Oyj | 3,057 | 90,604 | ||||||
Neste Oil Oyj | 4,849 | 42,516 | ||||||
Nokia Oyj | 36,044 | 205,434 | ||||||
Pohjola Bank PLC | 7,585 | 80,753 | ||||||
Sampo Oyj (Class A) | 5,067 | 128,694 | ||||||
Sanoma Oyj (a) | 5,101 | 60,570 | ||||||
Stockmann Oyj Abp (Class B) | 3,273 | 55,331 | ||||||
Stora Enso Oyj | 9,949 | 59,027 | ||||||
Tikkurila Oy | 1,528 | 26,221 | ||||||
UPM-Kymmene Oyj | 7,246 | 82,880 | ||||||
Wartsila Oyj | 4,378 | 105,203 | ||||||
YIT Oyj | 4,498 | 68,376 | ||||||
1,482,017 | ||||||||
FRANCE — 7.3% | ||||||||
Accor SA | 2,826 | 76,402 | ||||||
Air Liquide SA | 2,253 | 265,950 | ||||||
Alcatel-Lucent (b) | 33,056 | 97,395 | ||||||
Alstom SA | 2,556 | 85,306 | ||||||
AXA SA | 18,415 | 244,603 | ||||||
BNP Paribas | 8,166 | 329,238 | ||||||
Bourbon SA (a) | 2,488 | 57,450 | ||||||
Bouygues SA (a) | 3,134 | 104,849 | ||||||
Cap Gemini SA | 2,369 | 79,796 | ||||||
Carrefour SA | 6,416 | 147,547 | ||||||
Casino Guichard-Perrachon SA | 1,320 | 104,031 | ||||||
Compagnie de Saint-Gobain | 5,098 | 197,470 | ||||||
Compagnie Generale de Geophysique-Veritas (b) | 3,669 | 66,432 | ||||||
Compagnie Generale des Etablissements Michelin | 2,245 | 136,178 | ||||||
Credit Agricole SA | 10,042 | 70,466 | ||||||
Danone | 6,673 | 413,636 | ||||||
Edenred | 2,826 | 68,022 | ||||||
EDF SA | 2,532 | 74,093 | ||||||
Essilor International SA | 3,493 | 253,027 | ||||||
France Telecom SA | 17,302 | 285,533 | ||||||
GDF Suez | 12,506 | 376,528 | ||||||
Guyenne et Gascogne SA | 1,352 | 144,937 | ||||||
Hermes International | 1,237 | 374,839 | ||||||
L’Oreal SA | 2,427 | 238,948 | ||||||
Lafarge SA | 1,940 | 67,675 | ||||||
Lagardere SCA | 2,574 | 63,942 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 2,069 | 276,626 | ||||||
Nexans SA | 1,410 | 82,861 | ||||||
Pernod — Ricard SA | 2,613 | 206,250 | ||||||
Peugeot SA | 2,499 | 54,200 | ||||||
PPR | 1,129 | 147,570 | ||||||
Publicis Groupe SA | 3,319 | 139,872 | ||||||
Renault SA | 2,268 | 76,287 | ||||||
Sanofi-Aventis SA | 10,202 | 675,504 | ||||||
Schneider Electric SA | 5,600 | 304,824 | ||||||
Societe Generale | 6,561 | 176,058 | ||||||
Sodexo | 1,920 | 127,734 | ||||||
Technip SA | 2,024 | 164,375 | ||||||
Total SA (a) | 21,569 | 961,792 | ||||||
Unibail-Rodamco SE | 806 | 145,504 | ||||||
Valeo SA | 2,416 | 103,243 | ||||||
Vallourec SA | 1,707 | 99,627 | ||||||
Veolia Environnement | 5,922 | 87,957 | ||||||
Vinci SA | 5,394 | 234,628 |
See accompanying notes to financial statements.
165
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Vivendi SA | 10,122 | $ | 208,260 | |||||
8,697,465 | ||||||||
GERMANY — 6.4% | ||||||||
Adidas AG | 3,210 | 197,146 | ||||||
Allianz SE | 4,340 | 412,616 | ||||||
BASF SE | 8,431 | 521,308 | ||||||
Bayer AG | 7,752 | 431,116 | ||||||
Bayerische Motoren Werke AG | 3,643 | 244,220 | ||||||
Bilfinger Berger AG | 1,737 | 132,281 | ||||||
Commerzbank AG (b) | 22,121 | 56,362 | ||||||
Daimler AG | 9,949 | 448,913 | ||||||
Deutsche Bank AG | 8,529 | 301,189 | ||||||
Deutsche Boerse AG (b) | 2,339 | 118,468 | ||||||
Deutsche Post AG | 9,871 | 127,473 | ||||||
Deutsche Telekom AG | 27,985 | 331,582 | ||||||
E.ON AG | 16,840 | 369,529 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,887 | 197,625 | ||||||
Fresenius SE | 1,950 | 174,377 | ||||||
GEA Group AG | 5,598 | 132,679 | ||||||
Henkel AG & Co. KGaA Preference Shares | 1,645 | 88,284 | ||||||
Hochtief AG | 1,439 | 90,956 | ||||||
Infineon Technologies AG | 21,567 | 161,697 | ||||||
K+S AG | 2,210 | 117,361 | ||||||
Lanxess AG | 769 | 37,391 | ||||||
Linde AG | 1,504 | 203,305 | ||||||
MAN SE | 1,695 | 132,789 | ||||||
Merck KGaA | 1,336 | 110,239 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 2,161 | 271,240 | ||||||
Porsche Automobil Holding SE Preference Shares | 2,172 | 105,537 | ||||||
Puma AG Rudolf Dassler Sport (a) | 332 | 97,909 | ||||||
Rheinmetall AG | 365 | 17,341 | ||||||
RWE AG | 4,369 | 162,492 | ||||||
Salzgitter AG | 860 | 41,833 | ||||||
SAP AG | 9,166 | 471,199 | ||||||
Siemens AG | 8,519 | 778,608 | ||||||
ThyssenKrupp AG | 4,313 | 107,315 | ||||||
Volkswagen AG | 941 | 117,656 | ||||||
Volkswagen AG Preference Shares | 1,501 | 201,490 | ||||||
Wincor Nixdorf AG | 1,858 | 84,259 | ||||||
7,595,785 | ||||||||
GREECE — 0.1% | ||||||||
Hellenic Telecommunications Organization SA ADR (a) | 19,160 | 41,960 | ||||||
National Bank of Greece SA ADR (a)(b) | 53,222 | 41,508 | ||||||
83,468 | ||||||||
HONG KONG — 2.2% | ||||||||
Bank of East Asia, Ltd. (a) | 42,659 | 132,338 | ||||||
CLP Holdings, Ltd. | 24,500 | 222,033 | ||||||
Esprit Holdings, Ltd. (a) | 25,669 | 31,490 | ||||||
Giordano International, Ltd. | 388,000 | 257,180 | ||||||
Hang Lung Group, Ltd. | 32,000 | 163,807 | ||||||
Hang Lung Properties, Ltd. | 50,000 | 150,294 | ||||||
Hong Kong Exchanges and Clearing, Ltd. (a) | 15,993 | 235,640 | ||||||
Hopewell Holdings | 32,500 | 93,725 | ||||||
Hysan Development Co., Ltd. | 58,527 | 179,308 | ||||||
Li & Fung, Ltd. (a) | 112,000 | 190,198 | ||||||
New World Development Co., Ltd. | 84,161 | 81,731 | ||||||
Pacific Basin Shipping, Ltd. | 142,000 | 55,634 | ||||||
Sun Hung Kai Properties, Ltd. | 17,000 | 197,521 | ||||||
Swire Pacific, Ltd. | 18,000 | 186,133 | ||||||
The Link REIT | 69,572 | 220,743 | ||||||
Wheelock & Co., Ltd. | 55,000 | 164,263 | ||||||
Wing Hang Bank, Ltd. | 12,144 | 98,902 | ||||||
2,660,940 | ||||||||
IRELAND — 0.6% | ||||||||
Anglo Irish Bank Corp. PLC (b)(d) | 5,635 | 0 | ||||||
C&C Group PLC | 83 | 315 | ||||||
CRH PLC | 8,529 | 133,258 | ||||||
DCC PLC | 5,985 | 150,805 | ||||||
Grafton Group PLC | 20,088 | 71,827 | ||||||
Kingspan Group PLC | 12,386 | 103,864 | ||||||
United Drug PLC | 36,323 | 112,090 | ||||||
Willis Group Holdings PLC (a) | 3,962 | 136,174 | ||||||
708,333 | ||||||||
ISRAEL — 0.6% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 17,848 | 664,303 | ||||||
ITALY — 2.0% | ||||||||
Assicurazioni Generali SpA | 11,861 | 190,012 | ||||||
Atlantia SpA | 6,366 | 92,416 | ||||||
Banca Piccolo Credito Valtellinese Scarl | 12,550 | 37,718 | ||||||
Banca Popolare dell’Etruria e del Lazio Scrl (b) | 19,622 | 39,754 | ||||||
Banca Popolare di Milano Scarl (a) | 13,282 | 33,324 | ||||||
Banco Popolare Societa Cooperativa (a) | 29,028 | 48,684 | ||||||
Davide Campari-Milano SpA | 31,167 | 229,365 | ||||||
Enel SpA | 36,616 | 163,202 | ||||||
ENI SpA | 23,561 | 417,908 | ||||||
Fiat Industrial SpA (b) | 9,400 | 71,447 | ||||||
Fiat SpA (a) | 11,044 | 60,664 | ||||||
Finmeccanica SpA | 6,432 | 45,091 | ||||||
Intesa Sanpaolo SpA | 129,504 | 206,769 | ||||||
Pirelli & C. SpA | 16,039 | 115,560 | ||||||
Prelios SpA (b) | 13,051 | 3,660 | ||||||
Saipem SpA | 5,076 | 180,886 | ||||||
Societa Cattolica di Assicurazioni Scrl | 3,607 | 78,206 | ||||||
Telecom Italia SpA | 147,988 | 162,716 | ||||||
UBI Banca ScPA | 9,561 | 35,944 | ||||||
UniCredit SpA | 171,615 | 184,780 | ||||||
2,398,106 | ||||||||
JAPAN — 19.9% | ||||||||
Advantest Corp. (a) | 5,100 | 56,108 | ||||||
Aeon Co., Ltd. (a) | 11,020 | 149,974 | ||||||
Aoyama Trading Co., Ltd. (a) | 8,600 | 150,511 | ||||||
Asahi Breweries, Ltd. (a) | 10,336 | 221,122 | ||||||
Asahi Kasei Corp. (a) | 27,550 | 167,630 |
See accompanying notes to financial statements.
166
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Astellas Pharma, Inc. (a) | 5,510 | $ | 210,235 | |||||
Bridgestone Corp. | 8,265 | 190,005 | ||||||
Canon, Inc. | 10,816 | 498,142 | ||||||
Casio Computer Co., Ltd. (a) | 14,000 | 89,907 | ||||||
Central Japan Railway Co. (a) | 28 | 245,926 | ||||||
Chubu Electric Power Co., Inc. (a) | 8,265 | 156,765 | ||||||
Chugai Pharmaceutical Co., Ltd. (a) | 5,780 | 98,908 | ||||||
Chuo Mitsui Trust Holdings, Inc. (a) | 67,550 | 226,978 | ||||||
Credit Saison Co., Ltd. (a) | 8,600 | 168,363 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 8,265 | 173,707 | ||||||
Daikin Industries, Ltd. (a) | 5,510 | 159,839 | ||||||
Daito Trust Construction Co., Ltd. (a) | 2,755 | 255,198 | ||||||
Daiwa Securities Group, Inc. (a) | 27,550 | 104,367 | ||||||
Denso Corp. (a) | 5,510 | 179,497 | ||||||
East Japan Railway Co. | 2,900 | 177,206 | ||||||
Eisai Co., Ltd. (a) | 2,851 | 115,586 | ||||||
FANUC Corp. (a) | 2,755 | 387,087 | ||||||
Fast Retailing Co., Ltd. | 1,000 | 181,500 | ||||||
FUJIFILM Holdings Corp. (a) | 5,510 | 129,744 | ||||||
Fujitsu, Ltd. (a) | 31,513 | 150,860 | ||||||
Fukuoka Financial Group, Inc. (a) | 27,550 | 116,877 | ||||||
Furukawa Electric Co., Ltd. (a) | 26,550 | 73,367 | ||||||
Hankyu Hanshin Holdings, Inc. | 28,513 | 122,812 | ||||||
Hitachi, Ltd. (a) | 50,475 | 254,732 | ||||||
Honda Motor Co., Ltd. (a) | 13,375 | 398,925 | ||||||
Hoya Corp. (a) | 7,606 | 177,914 | ||||||
Ibiden Co., Ltd. (a) | 3,200 | 68,832 | ||||||
Isuzu Motors, Ltd. (a) | 34,000 | 148,210 | ||||||
ITOCHU Corp. (a) | 27,550 | 267,351 | ||||||
Japan Digital Laboratory Co., Ltd. | 16,720 | 194,575 | ||||||
Japan Tobacco, Inc. (a) | 52 | 245,226 | ||||||
JFE Holdings, Inc. (a) | 5,510 | 112,731 | ||||||
JSR Corp. (a) | 5,600 | 97,789 | ||||||
JX Holdings, Inc. | 55,700 | 317,955 | ||||||
Kajima Corp. (a) | 48,475 | 161,625 | ||||||
KDDI Corp. (a) | 28 | 194,707 | ||||||
Kintetsu Corp. (a) | 49,101 | 186,008 | ||||||
Kirin Holdings Co., Ltd. | 7,000 | 92,359 | ||||||
Kiyo Holdings, Inc. | 82,651 | 128,673 | ||||||
Komatsu, Ltd. (a) | 10,720 | 236,291 | ||||||
Konica Minolta Holdings, Inc. (a) | 13,775 | 95,610 | ||||||
Kubota Corp. (a) | 23,550 | 192,176 | ||||||
Kurita Water Industries, Ltd. (a) | 3,510 | 99,408 | ||||||
Kyocera Corp. (a) | 2,755 | 233,753 | ||||||
Marubeni Corp. (a) | 29,550 | 168,299 | ||||||
Medipal Holdings Corp. | 8,799 | 89,839 | ||||||
MISUMI Group, Inc. (a) | 8,457 | 190,359 | ||||||
Mitsubishi Corp. | 15,938 | 329,181 | ||||||
Mitsubishi Electric Corp. | 27,550 | 248,407 | ||||||
Mitsubishi Estate Co., Ltd. | 7,925 | 130,370 | ||||||
Mitsubishi Heavy Industries, Ltd. (a) | 55,101 | 235,187 | ||||||
Mitsubishi Motors Corp. (a)(b) | 81,613 | 109,057 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 105,824 | 486,011 | ||||||
Mitsui & Co., Ltd. (a) | 23,926 | 351,999 | ||||||
Mitsui Chemicals, Inc. (a) | 27,550 | 93,287 | ||||||
Mitsui OSK Lines, Ltd. (a) | 24,550 | 95,550 | ||||||
Mizuho Financial Group, Inc. (a) | 134,600 | 199,071 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 5,799 | 127,596 | ||||||
Murata Manufacturing Co., Ltd. (a) | 2,800 | 153,477 | ||||||
NGK Insulators, Ltd. (a) | 3,000 | 45,965 | ||||||
Nidec Corp. (a) | 2,800 | 229,216 | ||||||
Nikon Corp. (a) | 5,200 | 124,333 | ||||||
Nintendo Co., Ltd. (a) | 300 | 44,214 | ||||||
Nippon Steel Corp. (a) | 55,101 | 160,127 | ||||||
Nippon Telegraph & Telephone Corp. | 3,100 | 150,013 | ||||||
Nippon Yusen KK (a) | 27,550 | 75,416 | ||||||
Nissan Motor Co., Ltd. (a) | 21,941 | 197,264 | ||||||
Nitto Denko Corp. (a) | 4,800 | 192,423 | ||||||
NKSJ Holdings, Inc. (a) | 6,250 | 140,033 | ||||||
Nomura Holdings, Inc. (a) | 35,085 | 130,180 | ||||||
NTT Data Corp. (a) | 29 | 90,823 | ||||||
NTT DoCoMo, Inc. (a) | 187 | 343,771 | ||||||
Obayashi Corp. | 27,550 | 138,322 | ||||||
Olympus Corp. (a) | 3,600 | 112,885 | ||||||
ORIX Corp. (a) | 1,091 | 86,906 | ||||||
Panasonic Corp. (a) | 22,250 | 217,650 | ||||||
Resona Holdings, Inc. | 8,300 | 40,057 | ||||||
Rohm Co., Ltd. (a) | 2,800 | 147,483 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 7,701 | 100,908 | ||||||
Secom Co., Ltd. (a) | 2,948 | 143,422 | ||||||
Seven & I Holdings Co., Ltd. (a) | 10,528 | 298,985 | ||||||
Sharp Corp. (a) | 8,000 | 68,085 | ||||||
Shimizu Corp. (a) | 28,513 | 127,251 | ||||||
Shin-Etsu Chemical Co., Ltd. (a) | 5,317 | 264,194 | ||||||
Softbank Corp. (a) | 10,336 | 307,344 | ||||||
Sony Corp. (a) | 10,720 | 209,588 | ||||||
Stanley Electric Co., Ltd. (a) | 5,073 | 77,859 | ||||||
Sumitomo Chemical Co., Ltd. (a) | 27,550 | 107,584 | ||||||
Sumitomo Corp. (a) | 16,375 | 205,431 | ||||||
Sumitomo Electric Industries, Ltd. (a) | 10,720 | 127,533 | ||||||
Sumitomo Metal Industries, Ltd. (a) | 54,101 | 113,705 | ||||||
Sumitomo Metal Mining Co., Ltd. (a) | 5,000 | 67,268 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 8,300 | 237,543 | ||||||
Sumitomo Realty & Development Co., Ltd. (a) | 4,000 | 78,204 | ||||||
T&D Holdings, Inc. (a) | 8,510 | 81,368 | ||||||
Taisei Corp. (a) | 56,438 | 157,423 | ||||||
Taiyo Yuden Co., Ltd. (a) | 6,200 | 46,009 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 8,265 | 394,593 | ||||||
Takeuchi Manufacturing Co., Ltd. (b) | 10,700 | 81,347 | ||||||
TDK Corp. (a) | 2,755 | 97,683 | ||||||
Teijin, Ltd. (a) | 31,550 | 115,018 | ||||||
Terumo Corp. (a) | 2,948 | 155,470 | ||||||
The Akita Bank, Ltd. (a) | 27,550 | 90,785 | ||||||
The Aomori Bank, Ltd. | 55,101 | 192,296 | ||||||
The Awa Bank, Ltd. (a) | 27,550 | 191,578 | ||||||
The Bank of Iwate, Ltd. (a) | 2,755 | 138,858 | ||||||
The Bank of Okinawa, Ltd. (a) | 2,755 | 128,314 | ||||||
The Bank of Yokohama, Ltd. (a) | 27,550 | 139,752 | ||||||
The Chiba Bank, Ltd. (a) | 23,550 | 164,679 | ||||||
The Daisan Bank, Ltd. | 82,651 | 203,732 | ||||||
The Daishi Bank, Ltd. | 50,176 | 173,155 | ||||||
The Eighteenth Bank, Ltd. | 51,251 | 156,253 | ||||||
The Higo Bank, Ltd. | 27,550 | 167,273 |
See accompanying notes to financial statements.
167
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
The Hokkoku Bank, Ltd. | 27,550 | $ | 103,652 | |||||
The Hyakugo Bank, Ltd. | 27,550 | 118,306 | ||||||
The Musashino Bank, Ltd. | 2,755 | 99,720 | ||||||
The Nanto Bank, Ltd. (a) | 25,550 | 154,798 | ||||||
The Ogaki Kyoritsu Bank, Ltd. | 27,550 | 96,146 | ||||||
The San-In Godo Bank, Ltd. | 22,550 | 175,239 | ||||||
The Shiga Bank, Ltd. (a) | 27,550 | 191,578 | ||||||
The Shikoku Bank, Ltd. (a) | 50,101 | 207,996 | ||||||
The Toho Bank, Ltd. | 55,101 | 154,409 | ||||||
The Tokyo Electric Power Co., Inc. (a)(b) | 11,375 | 35,418 | ||||||
The Yamagata Bank, Ltd. (a) | 35,176 | 193,952 | ||||||
The Yamanashi Chuo Bank, Ltd. | 27,550 | 127,957 | ||||||
Tokio Marine Holdings, Inc. | 8,265 | 212,737 | ||||||
Tokyo Electron, Ltd. (a) | 2,755 | 127,242 | ||||||
Tokyo Gas Co., Ltd. (a) | 29,475 | 138,045 | ||||||
Tokyu Corp. (a) | 27,550 | 139,394 | ||||||
Toray Industries, Inc. (a) | 27,550 | 195,509 | ||||||
Toshiba Corp. (a) | 48,513 | 201,403 | ||||||
Toyota Motor Corp. | 22,588 | 787,708 | ||||||
USS Co., Ltd. (a) | 2,431 | 208,155 | ||||||
Yamada Denki Co., Ltd. (a) | 1,918 | 135,614 | ||||||
23,753,310 | ||||||||
LUXEMBOURG — 0.4% | ||||||||
APERAM | 372 | 5,480 | ||||||
ArcelorMittal | 8,399 | 136,129 | ||||||
Millicom International Cellular SA (a) | 1,562 | 154,794 | ||||||
Tenaris SA (a) | 6,409 | 81,862 | ||||||
Ternium SA ADR | 2,410 | 50,201 | ||||||
428,466 | ||||||||
NETHERLANDS — 3.2% | ||||||||
Aegon NV (b) | 20,352 | 83,666 | ||||||
Akzo Nobel NV | 3,493 | 156,180 | ||||||
ASML Holding NV | 6,648 | 232,624 | ||||||
European Aeronautic Defence and Space Co. NV | 5,663 | 161,117 | ||||||
Fugro NV | 2,230 | 113,845 | ||||||
Heineken NV | 3,493 | 157,187 | ||||||
ING Groep NV (b) | 37,594 | 268,996 | ||||||
Koninklijke (Royal) KPN NV | 14,983 | 199,037 | ||||||
Koninklijke Ahold NV | 15,761 | 186,428 | ||||||
Koninklijke DSM NV | 3,785 | 166,950 | ||||||
Koninklijke Philips Electronics NV | 12,026 | 218,633 | ||||||
Royal Dutch Shell PLC (Class A) | 37,001 | 1,152,803 | ||||||
SBM Offshore NV | 4,879 | 86,213 | ||||||
TNT Express NV | 5,621 | 39,360 | ||||||
TNT NV | 5,915 | 26,269 | ||||||
Unilever NV (a) | 16,572 | 528,184 | ||||||
Wolters Kluwer NV | 5,377 | 88,195 | ||||||
3,865,687 | ||||||||
NEW ZEALAND — 0.4% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 104,952 | 202,970 | ||||||
Port of Tauranga, Ltd. | 42,365 | 317,685 | ||||||
520,655 | ||||||||
NORWAY — 0.8% | ||||||||
DnB NOR ASA | 13,834 | 139,966 | ||||||
Norsk Hydro ASA | 16,765 | 77,300 | ||||||
Orkla ASA | 16,067 | 123,287 | ||||||
StatoilHydro ASA | 11,330 | 245,088 | ||||||
Storebrand ASA | 11,737 | 59,894 | ||||||
Telenor ASA | 9,328 | 145,060 | ||||||
Yara International ASA | 4,147 | 160,766 | ||||||
951,361 | ||||||||
PORTUGAL — 0.1% | ||||||||
Banco Comercial Portugues SA (a)(b) | 63,177 | 16,529 | ||||||
Mota — Engil SGPS SA | 23,840 | 33,074 | ||||||
Portugal Telecom SGPS SA | 14,046 | 103,650 | ||||||
153,253 | ||||||||
SINGAPORE — 1.3% | ||||||||
Ascendas REIT | 104,000 | 162,014 | ||||||
CapitaLand, Ltd. | 52,000 | 98,565 | ||||||
City Developments, Ltd. (a) | 28,000 | 206,062 | ||||||
Cosco Corp. Singapore, Ltd. (a) | 115,000 | 82,074 | ||||||
Flextronics International, Ltd. (a)(b) | 19,826 | 111,620 | ||||||
Genting Singapore PLC (a)(b) | 112,400 | 132,834 | ||||||
K-Green Trust | 4,995 | 3,431 | ||||||
Keppel Corp., Ltd. (a) | 33,975 | 202,061 | ||||||
SembCorp Industries, Ltd. | 62,000 | 162,720 | ||||||
Singapore Exchange, Ltd. (a) | 26,000 | 132,285 | ||||||
UOL Group, Ltd. | 65,000 | 207,505 | ||||||
Wilmar International, Ltd. (a) | 25,000 | 101,105 | ||||||
1,602,276 | ||||||||
SOUTH KOREA — 3.1% | ||||||||
Hyundai Securities Co., Ltd. | 5,720 | 46,127 | ||||||
KIWOOM Securities Co., Ltd. | 2,319 | 112,205 | ||||||
Korea Electric Power Corp. ADR (b) | 19,803 | 168,326 | ||||||
KT Corp. ADR | 20,791 | 307,291 | ||||||
LG Display Co., Ltd. ADR (a) | 17,820 | 145,233 | ||||||
LG Electronics, Inc. | 695 | 40,648 | ||||||
POSCO ADR (a) | 6,606 | 502,122 | ||||||
Samsung Electronics Co., Ltd. GDR | 5,569 | 1,976,438 | ||||||
SK Innovation Co., Ltd. | 906 | 109,208 | ||||||
SK Telecom Co., Ltd. ADR (a) | 24,664 | 347,022 | ||||||
3,754,620 | ||||||||
SPAIN — 3.0% | ||||||||
Abertis Infraestructuras SA (a) | 3,268 | 50,862 | ||||||
Acciona SA | 876 | 74,810 | ||||||
Acerinox SA (a) | 5,313 | 60,399 | ||||||
ACS, Actividades de Construccion y Servicios SA (a) | 3,534 | 126,078 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 33,136 | 274,754 | ||||||
Banco de Sabadell SA (a) | 20,184 | 72,712 | ||||||
Banco de Valencia SA (a)(b) | 14,389 | 14,962 | ||||||
Banco Popular Espanol SA (a) | 17,383 | 81,163 | ||||||
Banco Santander SA | 64,430 | 538,038 | ||||||
Distribuidora Internacional de Alimentacion SA (b) | 6,416 | 25,584 | ||||||
Ebro Puleva SA | 861 | 14,839 | ||||||
Enagas | 8,036 | 148,898 | ||||||
Faes Farma SA | 21,187 | 38,234 | ||||||
Ferrovial SA | 8,383 | 96,627 | ||||||
Gamesa Corp. Tecnologica SA (a) | 6,209 | 28,183 | ||||||
Gestevision Telecinco SA (a) | 9,790 | 56,350 | ||||||
Iberdrola SA | 44,462 | 302,509 |
See accompanying notes to financial statements.
168
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Indra Sistemas SA (a) | 7,569 | $ | 110,084 | |||||
Industria de Diseno Textil SA | 2,005 | 173,135 | ||||||
NH Hoteles SA (a)(b) | 17,887 | 75,237 | ||||||
Red Electrica Corporacion SA (a) | 3,501 | 160,741 | ||||||
Repsol YPF SA | 11,498 | 308,229 | ||||||
Sacyr Vallehermoso SA (a) | 6,916 | 39,242 | ||||||
Telefonica SA | 38,543 | 745,962 | ||||||
3,617,632 | ||||||||
SWEDEN — 2.3% | ||||||||
Alfa Laval AB | 9,346 | 148,595 | ||||||
Assa Abloy AB (Class B) | 8,029 | 166,818 | ||||||
Atlas Copco AB (Class B) | 17,669 | 279,897 | ||||||
Boliden AB | 6,295 | 65,854 | ||||||
Electrolux AB | 6,046 | 89,525 | ||||||
Hennes & Mauritz AB (Class B) | 8,526 | 256,592 | ||||||
Investor AB | 3,109 | 55,180 | ||||||
Kinnevik Investment AB (Class B) | 7,145 | 133,367 | ||||||
Nordea Bank AB | 20,981 | 171,680 | ||||||
Sandvik AB | 12,868 | 149,885 | ||||||
Scania AB (Class B) | 7,788 | 112,542 | ||||||
Securitas AB (Class B) | 11,471 | 84,343 | ||||||
Skandinaviska Enskilda Banken AB (Class C) | 18,605 | 100,743 | ||||||
Skanska AB (Class B) | 9,728 | 135,831 | ||||||
Tele2 AB (Class B) | 7,751 | 142,421 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 34,625 | 336,006 | ||||||
TeliaSonera AB | 21,192 | 140,823 | ||||||
Volvo AB (Class A) | 18,815 | 188,336 | ||||||
2,758,438 | ||||||||
SWITZERLAND — 7.1% | ||||||||
ABB, Ltd. (b) | 22,749 | 394,971 | ||||||
Adecco SA (b) | 2,510 | 99,952 | ||||||
Bachem Holding AG (Class B) | 2,351 | 99,522 | ||||||
Clariant AG (b) | 8,635 | 78,906 | ||||||
Compagnie Financiere Richemont SA | 3,234 | 145,802 | ||||||
Credit Suisse Group AG (b) | 10,025 | 264,890 | ||||||
Geberit AG (b) | 831 | 154,343 | ||||||
Holcim, Ltd. (b) | 2,961 | 158,759 | ||||||
Julius Baer Group, Ltd. (b) | 2,504 | 84,634 | ||||||
Kuehne & Nagel International AG | 1,540 | 174,295 | ||||||
Lonza Group AG (b) | 1,394 | 84,410 | ||||||
Nestle SA | 32,956 | 1,817,787 | ||||||
Nobel Biocare Holding AG (b) | 3,528 | 35,463 | ||||||
Novartis AG | 25,994 | 1,453,810 | ||||||
PSP Swiss Property AG (b) | 2,676 | 240,702 | ||||||
Roche Holding AG | 7,179 | 1,162,646 | ||||||
SGS SA | 106 | 162,215 | ||||||
STMicroelectronics NV (a) | 18,084 | 119,133 | ||||||
Sulzer AG | 1,027 | 106,623 | ||||||
Swiss Life Holding AG (b) | 710 | 78,872 | ||||||
Syngenta AG (b) | 1,164 | 305,641 | ||||||
The Swatch Group AG | 641 | 213,337 | ||||||
UBS AG (b) | 34,364 | 398,763 | ||||||
Wolseley PLC | 5,095 | 127,547 | ||||||
Xstrata PLC | 19,931 | 254,846 | ||||||
Zurich Financial Services AG (b) | 1,414 | 297,340 | ||||||
8,515,209 | ||||||||
UNITED KINGDOM — 16.7% | ||||||||
3i Group PLC | 17,310 | 50,614 | ||||||
AMEC PLC | 9,102 | 115,631 | ||||||
Anglo American PLC | 13,472 | 467,793 | ||||||
AstraZeneca PLC | 12,477 | 557,444 | ||||||
Aviva PLC | 28,271 | 134,500 | ||||||
BAE Systems PLC | 36,489 | 151,940 | ||||||
Balfour Beatty PLC | 25,306 | 100,762 | ||||||
Barclays PLC | 111,684 | 280,719 | ||||||
Barratt Developments PLC (b) | 15,519 | 18,966 | ||||||
BG Group PLC | 36,758 | 710,903 | ||||||
BHP Billiton PLC | 22,642 | 613,022 | ||||||
BP PLC | 189,747 | 1,148,359 | ||||||
British American Tobacco PLC | 16,234 | 690,019 | ||||||
British Land Co. PLC | 14,089 | 104,472 | ||||||
British Sky Broadcasting Group PLC | 16,796 | 173,734 | ||||||
BT Group PLC | 78,699 | 212,951 | ||||||
Burberry Group PLC | 4,574 | 83,652 | ||||||
Cable & Wireless Communications PLC | 37,703 | 21,878 | ||||||
Cable & Wireless Worldwide PLC | 37,703 | 18,207 | ||||||
Cairn Energy PLC (b) | 21,672 | 94,766 | ||||||
Capita Group PLC | 16,252 | 178,867 | ||||||
Carnival PLC | 3,680 | 115,514 | ||||||
Centrica PLC | 50,461 | 234,016 | ||||||
Compass Group PLC | 28,910 | 234,638 | ||||||
Diageo PLC | 22,503 | 431,880 | ||||||
Experian PLC | 18,018 | 203,496 | ||||||
FirstGroup PLC | 12,770 | 63,817 | ||||||
G4S PLC | 29,890 | 124,322 | ||||||
GlaxoSmithKline PLC | 52,156 | 1,083,044 | ||||||
Hays PLC | 57,390 | 61,911 | ||||||
HSBC Holdings PLC | 165,575 | 1,281,668 | ||||||
ICAP PLC | 13,312 | 85,521 | ||||||
Imperial Tobacco Group PLC | 10,813 | 366,199 | ||||||
Informa PLC | 18,665 | 95,254 | ||||||
Intercontinental Hotels Group PLC | 9,992 | 163,594 | ||||||
International Power PLC (a) | 23,401 | 111,841 | ||||||
Invensys PLC | 18,364 | 64,510 | ||||||
J Sainsbury PLC | 20,226 | 86,584 | ||||||
Kingfisher PLC | 38,334 | 148,396 | ||||||
Land Securities Group PLC | 10,562 | 105,631 | ||||||
Legal & General Group PLC | 80,295 | 120,893 | ||||||
Lloyds Banking Group PLC (b) | 332,370 | 180,519 | ||||||
Lonmin PLC | 2,802 | 45,876 | ||||||
Man Group PLC | 22,797 | 59,840 | ||||||
Marks & Spencer Group PLC | 23,974 | 117,493 | ||||||
Mondi PLC | 12,465 | 91,983 | ||||||
National Grid PLC | 41,471 | 412,493 | ||||||
Next PLC | 3,850 | 151,857 | ||||||
Old Mutual PLC | 70,295 | 114,981 | ||||||
Pearson PLC | 11,911 | 211,341 | ||||||
Persimmon PLC | 10,675 | 75,747 | ||||||
Prudential PLC | 27,548 | 239,247 | ||||||
Randgold Resources, Ltd. | 1,721 | 168,633 | ||||||
Reckitt Benckiser Group PLC | 7,220 | 368,125 | ||||||
Rentokil Initial PLC (b) | 57,461 | 64,136 |
See accompanying notes to financial statements.
169
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Resolution, Ltd. | 17,856 | $ | 68,817 | |||||
Rio Tinto PLC | 13,682 | 615,650 | ||||||
Rolls-Royce Holdings PLC (b) | 23,471 | 217,551 | ||||||
Royal Bank of Scotland Group PLC (b) | 195,456 | 71,523 | ||||||
Royal Dutch Shell PLC (Class B) | 26,342 | 825,636 | ||||||
RSA Insurance Group PLC | 50,928 | 88,221 | ||||||
SABMiller PLC | 9,882 | 324,432 | ||||||
Scottish & Southern Energy PLC | 10,355 | 208,897 | ||||||
Serco Group PLC | 17,111 | 136,076 | ||||||
Shire PLC | 8,883 | 278,143 | ||||||
Smith & Nephew PLC | 17,323 | 157,057 | ||||||
Smiths Group PLC | 8,140 | 126,742 | ||||||
Standard Chartered PLC | 17,181 | 344,460 | ||||||
Standard Life PLC | 35,877 | 111,778 | ||||||
Tate & Lyle PLC | 14,796 | 144,288 | ||||||
Tesco PLC | 78,526 | 462,399 | ||||||
The Sage Group PLC | 29,811 | 119,071 | ||||||
Tullow Oil PLC | 12,443 | 253,733 | ||||||
Unilever PLC | 14,760 | 464,691 | ||||||
Vodafone Group PLC | 465,225 | 1,204,859 | ||||||
William Hill PLC | 9,771 | 34,430 | ||||||
William Morrison Supermarkets PLC | 36,021 | 163,010 | ||||||
WPP PLC | 16,243 | 152,073 | ||||||
19,987,736 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $126,703,214) | 118,267,809 | |||||||
WARRANT — 0.0% (e) | ||||||||
SPAIN — 0.0% (e) | ||||||||
Banco Bilbao Vizcaya Argentaria SA (expiring 10/11/20) (a)(b) (Cost $4,523) | 33,136 | 4,890 | ||||||
SHORT TERM INVESTMENTS — 11.5% | ||||||||
UNITED STATES — 11.5% | ||||||||
MONEY MARKET FUNDS — 11.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 13,616,714 | 13,616,714 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 149,788 | 149,788 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $13,766,502) | 13,766,502 | |||||||
TOTAL INVESTMENTS — 110.3% | ||||||||
(Cost $140,474,239) | 132,039,201 | |||||||
OTHER ASSETS & LIABILITIES — (10.3)% | (12,360,085 | ) | ||||||
NET ASSETS — 100.0% | $ | 119,679,116 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2) | |||||
(d) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
CLP = Chilean Peso
GDR = Global Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
170
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 9.1% | ||||||||
Adelaide Brighton, Ltd. (a) | 762,952 | $ | 1,957,595 | |||||
AET&D Holdings No 1 Pty, Ltd. (b) | 110,316 | 0 | ||||||
Ansell, Ltd. | 64,966 | 824,615 | ||||||
Aristocrat Leisure, Ltd. (a) | 325,374 | 664,085 | ||||||
Aurora Oil & Gas, Ltd. (c) | 294,099 | 640,270 | ||||||
Ausenco, Ltd. (a) | 160,804 | 348,517 | ||||||
Austar United Communications, Ltd. (a)(c) | 1,150,016 | 1,296,533 | ||||||
AWE, Ltd. (c) | 1,271,259 | 1,278,781 | ||||||
Bank of Queensland, Ltd. (a) | 128,858 | 900,455 | ||||||
Bathurst Resources, Ltd. (a)(c) | 540,397 | 333,510 | ||||||
Beach Energy, Ltd. | 1,983,291 | 2,101,042 | ||||||
Billabong International, Ltd. (a) | 120,776 | 389,709 | ||||||
BlueScope Steel, Ltd. (a) | 1,091,680 | 774,533 | ||||||
Boart Longyear Group (a) | 281,920 | 717,875 | ||||||
Bradken, Ltd. | 91,553 | 587,271 | ||||||
carsales.com, Ltd. | 178,337 | 823,298 | ||||||
Centamin Egypt, Ltd. (c) | 525,363 | 770,943 | ||||||
Charter Hall Office REIT | 260,691 | 853,842 | ||||||
Charter Hall Retail REIT | 229,101 | 696,936 | ||||||
Coal of Africa, Ltd. (c) | 332,145 | 267,934 | ||||||
Coalspur Mines, Ltd. (c) | 310,555 | 416,523 | ||||||
Consolidated Media Holdings, Ltd. (a) | 164,751 | 384,292 | ||||||
CSR, Ltd. | 331,906 | 751,610 | ||||||
Dart Energy, Ltd. (c) | 734,304 | 374,677 | ||||||
David Jones, Ltd. (a) | 295,238 | 866,565 | ||||||
Downer EDI, Ltd. (c) | 254,263 | 709,230 | ||||||
DUET Group | 439,616 | 692,166 | ||||||
Eastern Star Gas, Ltd. (c) | 613,252 | 461,915 | ||||||
Energy World Corp., Ltd. (c) | 643,711 | 322,196 | ||||||
FKP Property Group (a) | 787,003 | 344,200 | ||||||
Fleetwood Corp., Ltd. | 267,336 | 2,943,806 | ||||||
Gloucester Coal, Ltd. (c) | 55,765 | 365,837 | ||||||
Goodman Fielder, Ltd. (c)(d) | 269,703 | 122,284 | ||||||
Goodman Fielder, Ltd. (a)(b)(d) | 1,326,249 | 618,711 | ||||||
GrainCorp, Ltd. | 122,972 | 860,519 | ||||||
Gryphon Minerals, Ltd. (c) | 236,985 | 299,424 | ||||||
Independence Group NL | 135,047 | 567,010 | ||||||
Infigen Energy (a) | 912,549 | 203,989 | ||||||
ING Office Fund | 1,713,438 | 1,015,828 | ||||||
Intrepid Mines, Ltd. (c) | 397,228 | 359,041 | ||||||
Invocare, Ltd. | 600,901 | 4,029,710 | ||||||
IOOF Holdings, Ltd. (a) | 473,593 | 2,503,952 | ||||||
JB Hi-Fi, Ltd. (a) | 191,448 | 2,828,240 | ||||||
Karoon Gas Australia, Ltd. (c) | 148,102 | 410,230 | ||||||
Kingsgate Consolidated, Ltd. | 79,867 | 557,331 | ||||||
Linc Energy, Ltd. (c) | 235,121 | 438,747 | ||||||
Medusa Mining, Ltd. | 115,044 | 761,435 | ||||||
Mirabela Nickel, Ltd. (a)(c) | 348,634 | 455,736 | ||||||
Monadelphous Group, Ltd. (a) | 165,554 | 2,799,695 | ||||||
Mount Gibson Iron, Ltd. | 578,984 | 754,038 | ||||||
Myer Holdings, Ltd. (a) | 347,789 | 689,553 | ||||||
Nufarm, Ltd. (a)(c) | 137,288 | 571,081 | ||||||
Oakton, Ltd. | 268,694 | 459,613 | ||||||
Pacific Brands, Ltd. | 1,431,741 | 932,311 | ||||||
Paladin Energy, Ltd. (a)(c) | 434,266 | 512,807 | ||||||
PaperlinX, Ltd. (a)(c) | 769,835 | 54,619 | ||||||
Perpetual, Ltd. (a) | 24,795 | 502,208 | ||||||
Perseus Mining, Ltd. (c) | 247,045 | 732,315 | ||||||
Platinum Australia, Ltd. (a)(c) | 707,608 | 110,036 | ||||||
Primary Health Care, Ltd. (a) | 253,771 | 742,387 | ||||||
Programmed Maintenance Services, Ltd. | 264,365 | 521,581 | ||||||
Regis Resources, Ltd. (c) | 274,209 | 695,575 | ||||||
Resolute Mining, Ltd. (a)(c) | 363,359 | 535,020 | ||||||
Roc Oil Co., Ltd. (c) | 1,186,372 | 357,441 | ||||||
SAI Global, Ltd. | 1,022,361 | 4,709,821 | ||||||
Seek, Ltd. (a) | 184,492 | 953,918 | ||||||
Sigma Pharmaceuticals, Ltd. (c) | 1,911,743 | 1,207,715 | ||||||
Silex Systems, Ltd. (c) | 29,788 | 74,983 | ||||||
Southern Cross Media Group Ltd. (a) | 453,331 | 422,969 | ||||||
Spark Infrastructure Group (e) | 1,900,790 | 2,299,986 | ||||||
Spotless Group, Ltd. | 482,050 | 840,966 | ||||||
St Barbara, Ltd. (c) | 232,287 | 462,808 | ||||||
STW Communications Group, Ltd. | 924,978 | 809,088 | ||||||
Sundance Resources, Ltd. (c) | 1,469,164 | 613,989 | ||||||
Transfield Services, Ltd. (a) | 313,188 | 576,814 | ||||||
Western Areas NL (a) | 112,757 | 473,423 | ||||||
White Energy Co., Ltd. (a)(c) | 185,338 | 266,592 | ||||||
WHK Group, Ltd. | 1,027,299 | 818,714 | ||||||
66,395,014 | ||||||||
AUSTRIA — 0.6% | ||||||||
Atrium European Real Estate, Ltd. | 121,033 | 584,604 | ||||||
BWT AG | 40,802 | 835,120 | ||||||
Intercell AG (a)(c) | 80,033 | 220,237 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG (a) | 30,278 | 2,102,698 | ||||||
Wienerberger AG | 74,591 | 883,195 | ||||||
4,625,854 | ||||||||
BELGIUM — 1.0% | ||||||||
AGFA-Gevaert NV (c)(d) | 185,368 | 487,468 | ||||||
AGFA-Gevaert NV (a)(c)(d) | 42,353 | 114 | ||||||
Barco NV | 45,963 | 2,124,482 | ||||||
EVS Broadcast Equipment SA | 23,335 | 1,222,600 | ||||||
KBC Ancora (c) | 28,706 | 241,488 | ||||||
Nyrstar (c) | 84,643 | 752,712 | ||||||
RHJ International (c) | 215,694 | 1,119,965 | ||||||
Tessenderlo Chemie NV (d) | 48,501 | 1,337,917 | ||||||
Tessenderlo Chemie NV (c)(d) | 1,969 | 476 | ||||||
7,287,222 | ||||||||
BERMUDA — 0.5% | ||||||||
Archer, Ltd. (c) | 106,745 | 395,089 | ||||||
BW Offshore, Ltd. | 129,455 | 228,217 | ||||||
Golden Ocean Group, Ltd. | 425,966 | 293,264 | ||||||
Johnson Electric Holdings, Ltd. (a) | 1,134,000 | 573,937 | ||||||
Lancashire Holdings, Ltd. | 65,799 | 709,312 | ||||||
Ship Finance International, Ltd. (a) | 40,485 | 526,305 | ||||||
SmarTone Telecommunications Holding, Ltd. (a) | 271,500 | 412,930 | ||||||
Trinity, Ltd. | 704,000 | 562,495 | ||||||
3,701,549 | ||||||||
CANADA — 9.9% | ||||||||
Advantage Oil & Gas, Ltd. (c) | 157,333 | 596,387 | ||||||
Angle Energy, Inc. (c) | 79,787 | 496,922 |
See accompanying notes to financial statements.
171
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Anvil Mining, Ltd. (c) | 184,197 | $ | 1,354,013 | |||||
Argonaut Gold, Inc. (c) | 79,464 | 398,826 | ||||||
AuRico Gold, Inc. (c) | 132,714 | 1,259,576 | ||||||
Aurizon Mines, Ltd. (c) | 105,264 | 540,437 | ||||||
Avion Gold Corp. (c) | 287,710 | 554,961 | ||||||
B2Gold Corp. (c) | 184,472 | 690,409 | ||||||
Bankers Petroleum, Ltd. (a)(c) | 148,301 | 498,108 | ||||||
Banro Corp. (c) | 120,235 | 475,379 | ||||||
Birchcliff Energy, Ltd. (a)(c) | 74,590 | 728,685 | ||||||
BlackPearl Resources, Inc. (c) | 185,074 | 662,469 | ||||||
Calfrac Well Services, Ltd. | 20,660 | 485,546 | ||||||
Capstone Mining Corp. (c) | 196,927 | 457,332 | ||||||
Celestica, Inc. (c) | 129,206 | 943,580 | ||||||
China Gold International Resources Corp., Ltd. (c) | 97,298 | 267,977 | ||||||
Cineplex, Inc. | 35,870 | 905,313 | ||||||
Colossus Minerals, Inc. (c) | 89,640 | 480,867 | ||||||
Copper Mountain Mining Corp. (c) | 82,119 | 326,254 | ||||||
Corus Entertainment, Inc. (Class B) | 180,294 | 3,417,117 | ||||||
Cott Corp. (c) | 89,131 | 614,991 | ||||||
Crew Energy, Inc. (c) | 79,368 | 706,813 | ||||||
Daylight Energy, Ltd. (a) | 142,462 | 724,580 | ||||||
Denison Mines Corp.��(c) | 268,290 | 288,359 | ||||||
Dundee Capital Markets, Inc. (a)(c) | 105,899 | 79,268 | ||||||
Dundee Corp. (Class A) (c) | 110,700 | 2,411,487 | ||||||
Eastern Platinum, Ltd. (c) | 612,532 | 411,470 | ||||||
Endeavour Silver Corp. (c) | 55,356 | 501,474 | ||||||
Exeter Resource Corp. (c) | 78,432 | 289,025 | ||||||
Extorre Gold Mines, Ltd. (c) | 59,006 | 347,111 | ||||||
FirstService Corp. (c) | 80,301 | 2,089,113 | ||||||
Fortuna Silver Mines, Inc. (c) | 86,806 | 433,176 | ||||||
Freehold Royalties, Ltd. (a) | 103,107 | 1,618,762 | ||||||
GMP Capital, Inc. | 120,597 | 841,361 | ||||||
Golden Star Resources, Ltd. (c) | 433,648 | 819,813 | ||||||
Gran Tierra Energy, Inc. (c) | 179,887 | 857,961 | ||||||
Grande Cache Coal Corp. (c) | 64,765 | 258,550 | ||||||
Great Basin Gold, Ltd. (c) | 313,727 | 532,889 | ||||||
Great Canadian Gaming Corp. (a)(c) | 144,596 | 1,062,910 | ||||||
Guardian Capital Group, Ltd. | 347,998 | 3,262,742 | ||||||
Guyana Goldfields, Inc. (c) | 57,243 | 431,774 | ||||||
Harry Winston Diamond Corp. (c) | 54,232 | 554,784 | ||||||
Home Capital Group, Inc. | 66,936 | 2,800,643 | ||||||
Ivanhoe Energy, Inc. (a)(c) | 101,167 | 109,706 | ||||||
Jaguar Mining, Inc. (a)(c) | 61,366 | 288,559 | ||||||
Just Energy Group, Inc. | 45,356 | 436,128 | ||||||
Keegan Resources, Inc. (c) | 60,596 | 307,036 | ||||||
Kirkland Lake Gold, Inc. (c) | 50,068 | 816,329 | ||||||
Lake Shore Gold Corp. (c) | 256,854 | 391,918 | ||||||
Legacy Oil + Gas, Inc. (c) | 85,767 | 666,679 | ||||||
Linamar Corp. | 92,021 | 1,206,283 | ||||||
Lions Gate Entertainment Corp. (a)(c) | 80,591 | 556,078 | ||||||
MAG Silver Corp. (c) | 61,632 | 484,989 | ||||||
Major Drilling Group International, Inc. | 118,144 | 1,172,313 | ||||||
Martinrea International, Inc. (c) | 121,051 | 774,829 | ||||||
Mercator Minerals, Ltd. (c) | 209,651 | 281,667 | ||||||
Minefinders Corp. (c) | 49,600 | 688,750 | ||||||
Minera Andes, Inc. (c) | 151,850 | 271,044 | ||||||
Mullen Group, Ltd. (a) | 50,589 | 912,694 | ||||||
NAL Energy Corp. | 100,277 | 740,975 | ||||||
Neo Material Technologies, Inc. (c) | 73,414 | 449,481 | ||||||
Nevsun Resources, Ltd. | 123,453 | 625,528 | ||||||
North American Palladium, Ltd. (c) | 121,232 | 311,791 | ||||||
Northern Dynasty Minerals, Ltd. (c) | 67,583 | 363,841 | ||||||
Northgate Minerals Corp. (c) | 175,056 | 591,332 | ||||||
NuVista Energy, Ltd. | 172,292 | 945,742 | ||||||
OceanaGold Corp. (c) | 189,351 | 432,470 | ||||||
Oilsands Quest, Inc. (a)(c) | 932,132 | 195,748 | ||||||
Open Range Energy Corp. (c) | 45,923 | 387,815 | ||||||
Pace Oil and Gas, Ltd. (c) | 62,088 | 269,313 | ||||||
Pason Systems, Inc. | 48,543 | 620,501 | ||||||
Polymet Mining Corp. (a)(c) | 241,537 | 299,009 | ||||||
Premier Gold Mines, Ltd. (c) | 84,474 | 447,480 | ||||||
Pretium Resources, Inc. (c) | 49,980 | 478,672 | ||||||
Queenston Mining, Inc. (c) | 75,188 | 346,339 | ||||||
Questerre Energy Corp. (c) | 163,126 | 112,711 | ||||||
Rubicon Minerals Corp. (c) | 151,171 | 529,508 | ||||||
Russel Metals, Inc. (a) | 102,424 | 2,047,399 | ||||||
Sabina Gold & Silver Corp. (c) | 90,233 | 254,580 | ||||||
Savanna Energy Services Corp. (c) | 130,733 | 920,858 | ||||||
Seabridge Gold, Inc. (c) | 25,396 | 581,009 | ||||||
ShawCor, Ltd. (Class A) | 35,320 | 824,659 | ||||||
Sherritt International Corp. (a) | 188,762 | 789,792 | ||||||
Silvercorp Metals, Inc. (a) | 105,531 | 839,549 | ||||||
Stantec, Inc. (c) | 87,741 | 1,966,079 | ||||||
Tanzanian Royalty Exploration Corp. (a)(c) | 85,339 | 315,297 | ||||||
Tesco Corp. (a)(c) | 33,738 | 391,361 | ||||||
Thompson Creek Metals Co., Inc. (a)(c) | 112,931 | 688,174 | ||||||
TMX Group, Inc. | 23,782 | 934,346 | ||||||
Torex Gold Resources, Inc. (c) | 269,125 | 335,744 | ||||||
Transcontinental, Inc. (Class A) (a) | 48,046 | 503,491 | ||||||
TransGlobe Energy Corp. (c) | 61,159 | 495,352 | ||||||
Uni-Select, Inc. | 109,992 | 2,765,501 | ||||||
WestJet Airlines, Ltd. | 114,370 | 1,408,154 | ||||||
Westport Innovations, Inc. (a)(c) | 28,337 | 826,411 | ||||||
Wi-Lan, Inc. | 83,258 | 489,776 | ||||||
72,370,004 | ||||||||
CHINA — 2.0% | ||||||||
Allied Properties HK, Ltd. | 5,144,791 | 693,925 | ||||||
Cafe de Coral Holdings, Ltd. (a) | 1,563,867 | 3,728,491 | ||||||
China Gas Holdings, Ltd. (a) | 2,962,000 | 768,585 | ||||||
Chow Sang Sang Holding International, Ltd. | 939 | 2,053 | ||||||
Daphne International Holdings, Ltd. (a) | 658,000 | 590,824 | ||||||
Far East Consortium International, Ltd. | 4,337,265 | 696,436 | ||||||
G-Resources Group, Ltd. (c) | 11,358,000 | 554,422 | ||||||
Hi Sun Technology China, Ltd. (a)(c) | 1,458,000 | 310,900 | ||||||
HKR International, Ltd. | 3,259,979 | 1,122,290 | ||||||
K Wah International Holdings, Ltd. (a) | 3,158,814 | 633,000 | ||||||
Midland Holdings, Ltd. (a) | 955,790 | 399,026 | ||||||
Road King Infrastructure, Ltd. (a) | 1,440,544 | 764,244 | ||||||
Shun Tak Holdings, Ltd. (a) | 968,000 | 353,142 | ||||||
Techtronic Industries Co., Ltd. (a) | 1,781,500 | 1,210,589 | ||||||
Texwinca Holdings, Ltd. | 2,476,050 | 2,560,417 |
See accompanying notes to financial statements.
172
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Xinyi Glass Holdings Co., Ltd. (a) | 1,618 | $ | 684 | |||||
14,389,028 | ||||||||
CYPRUS — 0.0% (f) | ||||||||
Ocean Rig UDW, Inc. (c) | 1,920 | 29,088 | ||||||
DENMARK — 1.1% | ||||||||
Amagerbanken A/S (b)(c) | 308,573 | 0 | ||||||
Bang & Olufsen A/S (c) | 40,178 | 441,907 | ||||||
D/S Norden A/S | 17,917 | 497,183 | ||||||
East Asiatic Co., Ltd. A/S (a) | 43,602 | 892,308 | ||||||
Genmab A/S (c) | 48,999 | 286,338 | ||||||
GN Store Nord A/S | 244,956 | 1,515,378 | ||||||
IC Companys A/S (a) | 32,226 | 790,238 | ||||||
Jyske Bank A/S (c) | 34,134 | 1,019,816 | ||||||
NeuroSearch A/S (a)(c) | 40,402 | 161,722 | ||||||
NKT Holding A/S | 13,603 | 494,467 | ||||||
SimCorp A/S | 10,435 | 1,503,320 | ||||||
Sydbank A/S | 35,747 | 637,775 | ||||||
8,240,452 | ||||||||
FINLAND — 1.9% | ||||||||
Amer Sports Oyj (Class A) | 203,312 | 2,588,718 | ||||||
Atria PLC | 73,838 | 530,016 | ||||||
Citycon Oyj | 316,682 | 1,087,724 | ||||||
Cramo Oyj | 90,141 | 770,402 | ||||||
HKScan Oyj | 154,152 | 955,535 | ||||||
Lassila & Tikanoja Oyj | 99,589 | 1,409,676 | ||||||
Outokumpu Oyj (a) | 50,484 | 335,963 | ||||||
Outotec Oyj | 20,890 | 756,759 | ||||||
Poyry Oyj | 105,184 | 831,228 | ||||||
Talvivaara Mining Co. PLC (a)(c) | 101,786 | 405,875 | ||||||
Tieto Oyj | 86,520 | 1,099,895 | ||||||
Vacon Oyj | 51,309 | 2,401,184 | ||||||
Vaisala Oyj (Class A) | 43,622 | 1,009,017 | ||||||
14,181,992 | ||||||||
FRANCE — 2.4% | ||||||||
Canal + | 47,434 | 281,108 | ||||||
Carbone Lorraine SA | 43,316 | 1,731,599 | ||||||
Club Mediterranee SA (c) | 42,100 | 732,900 | ||||||
GL Events SA | 39,400 | 1,067,832 | ||||||
Groupe Steria SCA | 41,645 | 706,261 | ||||||
IMS International Metal Service (c) | 48,430 | 609,954 | ||||||
IPSOS (a) | 95,244 | 3,095,686 | ||||||
Rubis | 79,867 | 4,074,131 | ||||||
Saft Groupe SA | 56,677 | 1,536,080 | ||||||
Sequana (a) | 100,191 | 618,226 | ||||||
Societe de la Tour Eiffel | 17,025 | 975,601 | ||||||
SOITEC (a)(c) | 164,365 | 896,669 | ||||||
Teleperformance | 26,248 | 562,943 | ||||||
UbiSoft Entertainment SA (c) | 75,950 | 415,964 | ||||||
17,304,954 | ||||||||
GERMANY — 2.6% | ||||||||
Aareal Bank AG (c) | 28,991 | 456,459 | ||||||
Demag Cranes AG (a) | 1,059 | 82,893 | ||||||
Deutsche Wohnen AG | 179,454 | 2,407,735 | ||||||
Dialog Semiconductor PLC (c) | 44,450 | 768,145 | ||||||
DIC Asset AG | 67,039 | 517,191 | ||||||
Freenet AG (a) | 63,764 | 753,116 | ||||||
Gerresheimer AG | 29,628 | 1,252,185 | ||||||
Gildemeister AG (a)(c) | 92,258 | 1,188,065 | ||||||
Indus Holding AG | 84,081 | 2,132,137 | ||||||
Jenoptik AG (c) | 186,919 | 1,170,684 | ||||||
Kloeckner & Co. SE | 56,090 | 701,385 | ||||||
Kontron AG | 105,703 | 772,645 | ||||||
KUKA AG (c) | 63,373 | 1,146,597 | ||||||
Leoni AG | 53,642 | 1,745,668 | ||||||
MLP AG | 77,804 | 499,817 | ||||||
Nordex SE (a)(c) | 48,977 | 244,582 | ||||||
Patrizia Immobilien AG (c) | 116,913 | 553,723 | ||||||
Solar Millennium AG (a)(c) | 26,856 | 107,630 | ||||||
Solarworld AG (a) | 63,309 | 265,867 | ||||||
TUI AG (c) | 113,548 | 590,651 | ||||||
Wincor Nixdorf AG | 20,188 | 915,515 | ||||||
Wirecard AG | 61,121 | 944,710 | ||||||
19,217,400 | ||||||||
GIBRALTAR — 0.1% | ||||||||
PartyGaming PLC | 414,177 | 797,473 | ||||||
GREECE — 0.5% | ||||||||
Alpha Bank AE (c) | 317,392 | 566,374 | ||||||
Diana Containerships, Inc. | 1,081 | 4,951 | ||||||
Diana Shipping, Inc. (a)(c) | 107,765 | 799,616 | ||||||
DryShips, Inc. (a)(c) | 245,650 | 574,821 | ||||||
EFG Eurobank Ergasias (c) | 208,861 | 260,613 | ||||||
Ellaktor SA | 151,558 | 296,884 | ||||||
Fourlis Holdings SA (c) | 64,881 | 253,318 | ||||||
Hellenic Exchanges SA | 104,783 | 411,921 | ||||||
Marfin Investment Group SA (c) | 518,140 | 166,845 | ||||||
Titan Cement Co. SA | 33,267 | 450,360 | ||||||
TT Hellenic Postbank SA (c) | 148,289 | 153,199 | ||||||
3,938,902 | ||||||||
HONG KONG — 1.1% | ||||||||
Ajisen China Holdings, Ltd. (a) | 405,000 | 468,223 | ||||||
Champion REIT | 189 | 73 | ||||||
China Grand Forestry Green Resources Group, Ltd. (a)(b)(c) | 15,892,946 | 291,941 | ||||||
China Mining Resources Group, Ltd. (c) | 21,388,000 | 324,196 | ||||||
China Oil and Gas Group, Ltd. (a)(c) | 4,600,000 | 245,223 | ||||||
China Precious Metal Resources Holdings Co., Ltd. (c) | 2,664,000 | 520,155 | ||||||
Emperor Watch & Jewellery, Ltd. (a) | 2,290,000 | 279,457 | ||||||
Giordano International, Ltd. (a) | 3,586,000 | 2,376,924 | ||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. (a) | 1,454,000 | 513,632 | ||||||
Kingdee International Software Group Co., Ltd. (a) | 1,456,000 | 549,875 | ||||||
Mongolia Energy Co., Ltd. (c) | 3,674,467 | 240,724 | ||||||
Pacific Basin Shipping, Ltd. (a) | 1,855,000 | 726,774 | ||||||
Peace Mark (Holdings), Ltd. (b) | 504,228 | 0 | ||||||
Sino Union Energy Investment Group, Ltd. (c) | 5,280,000 | 420,515 | ||||||
Skyworth Digital Holdings, Ltd. (a) | 1,511,764 | 534,038 | ||||||
Xingda International Holdings, Ltd. (a) | 801,000 | 393,053 | ||||||
7,884,803 | ||||||||
IRELAND — 1.1% | ||||||||
C&C Group PLC | 333,335 | 1,265,677 |
See accompanying notes to financial statements.
173
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Glanbia PLC | 55,599 | $ | 331,957 | |||||
Kenmare Resources PLC (c) | 1,314,101 | 696,016 | ||||||
Kingspan Group PLC | 149,379 | 1,252,636 | ||||||
Paddy Power PLC (d) | 69,199 | 3,574,506 | ||||||
Paddy Power PLC (d) | 13,145 | 684,655 | ||||||
Smurfit Kappa Group PLC (c) | 77,258 | 466,457 | ||||||
8,271,904 | ||||||||
ISRAEL — 0.8% | ||||||||
Clal Insurance Enterprise Holdings, Ltd. | 23,722 | 347,569 | ||||||
Israel Discount Bank, Ltd. (Class A) (c) | 501,265 | 757,004 | ||||||
Migdal Insurance & Financial Holding, Ltd. | 297,358 | 384,676 | ||||||
NICE Systems, Ltd. (c) | 45,993 | 1,440,612 | ||||||
Oil Refineries, Ltd. (c) | 1,029,794 | 507,423 | ||||||
Osem Investments, Ltd. | 35,079 | 503,972 | ||||||
Partner Communications Co., Ltd. | 72,992 | 703,772 | ||||||
Paz Oil Co., Ltd. | 5,657 | 718,557 | ||||||
Shufersal, Ltd. | 66,334 | 269,258 | ||||||
Strauss Group, Ltd. | 34,964 | 452,497 | ||||||
6,085,340 | ||||||||
ITALY — 1.6% | ||||||||
Amplifon SpA | 352,002 | 1,740,828 | ||||||
Astaldi SpA | 271,411 | 1,522,156 | ||||||
Banca Popolare dell’Etruria e del Lazio Scrl (c) | 267,099 | 541,134 | ||||||
Banca Popolare di Milano Scarl (a) | 263,274 | 660,549 | ||||||
Digital Multimedia Technologies SpA (c) | 36,193 | 766,279 | ||||||
Esprinet SpA | 118,822 | 498,677 | ||||||
IMMSI SpA | 892,464 | 700,490 | ||||||
Interpump Group SpA (a) | 374,551 | 2,140,800 | ||||||
Saras SpA (a)(c) | 309,349 | 422,109 | ||||||
Sorin SpA (c) | 1,166,769 | 2,570,476 | ||||||
11,563,498 | ||||||||
JAPAN — 33.2% | ||||||||
Alps Electric Co., Ltd. (a) | 222,436 | 1,734,354 | ||||||
Anritsu Corp. (a) | 64,000 | 716,554 | ||||||
Asahi Holdings, Inc. (a) | 57,310 | 1,224,566 | ||||||
Bank of the Ryukyus, Ltd. (a) | 171,100 | 2,348,518 | ||||||
Best Denki Co., Ltd. (c) | 287,269 | 827,371 | ||||||
Calbee, Inc. | 17,500 | 874,092 | ||||||
Capcom Co., Ltd. (a) | 26,300 | 664,665 | ||||||
Casio Computer Co., Ltd. (a) | 122,900 | 789,251 | ||||||
Central Glass Co., Ltd. (a) | 633,145 | 3,121,369 | ||||||
COMSYS Holdings Corp. | 256,350 | 2,564,165 | ||||||
Daifuku Co., Ltd. (a) | 148,500 | 807,233 | ||||||
Daihen Corp. | 297,000 | 1,144,382 | ||||||
DAIICHI CHUO KISEN KAISHA (a)(c) | 382,834 | 491,704 | ||||||
Dainippon Screen Manufacturing Co., Ltd. (a) | 300,000 | 1,875,973 | ||||||
Daiwa Office Investment Corp. | 356 | 928,334 | ||||||
DCM Japan Holdings Co., Ltd. | 210,133 | 1,853,794 | ||||||
DIC Corp. | 330,000 | 607,940 | ||||||
Doutor Nichires Holdings Co., Ltd. | 205,132 | 2,608,061 | ||||||
DTS Corp. | 110,882 | 1,392,498 | ||||||
eAccess, Ltd. (a) | 1,554 | 399,387 | ||||||
Ebara Corp. (a) | 159,000 | 639,465 | ||||||
EDION Corp. (a) | 123,100 | 1,041,271 | ||||||
Elpida Memory, Inc. (a)(c) | 150,100 | 965,874 | ||||||
FCC Co., Ltd. (a) | 122,848 | 2,578,724 | ||||||
Frontier Real Estate Investment Corp. | 86 | 762,039 | ||||||
Fukuoka REIT Corp. | 356 | 2,318,526 | ||||||
Furukawa Co., Ltd. (a)(c) | 881,387 | 869,038 | ||||||
Glory, Ltd. | 89,600 | 2,121,432 | ||||||
H2O Retailing Corp. (a) | 297,000 | 2,388,947 | ||||||
Hanwa Co., Ltd. (a) | 507,000 | 2,315,309 | ||||||
Haseko Corp. (c) | 835,500 | 531,130 | ||||||
Heiwa Real Estate Co., Ltd. | 409,000 | 886,131 | ||||||
Hitachi Kokusai Electric, Inc. (a) | 220,372 | 1,432,361 | ||||||
Hitachi Zosen Corp. (a) | 1,004,000 | 1,510,950 | ||||||
Horiba, Ltd. (a) | 62,313 | 1,913,530 | ||||||
Hosiden Corp. (a) | 141,200 | 1,011,188 | ||||||
Iino Kaiun Kaisha, Ltd. (a) | 173,800 | 928,978 | ||||||
IT Holdings Corp. | 116,408 | 1,135,688 | ||||||
Izumiya Co., Ltd. | 306,000 | 1,429,165 | ||||||
Japan Airport Terminal Co., Ltd. (a) | 117,800 | 1,780,449 | ||||||
Japan Aviation Electronics Industry, Ltd. (a) | 209,000 | 1,418,098 | ||||||
Japan Excellent, Inc. | 303 | 1,358,154 | ||||||
Japan Logistics Fund, Inc. (a) | 303 | 2,649,481 | ||||||
Japan Prime Realty Investment Corp. | 347 | 894,061 | ||||||
Juki Corp. (a) | 200,332 | 387,253 | ||||||
Kanematsu Corp. (a)(c) | 930,698 | 808,988 | ||||||
Katakura Industries Co., Ltd. | 118,774 | 1,231,194 | ||||||
Kawasaki Kisen Kaisha, Ltd. (a) | 386,000 | 816,269 | ||||||
Kayaba Industry Co., Ltd. (a) | 361,832 | 2,060,771 | ||||||
Kitz Corp. (a) | 214,300 | 1,092,630 | ||||||
Kiyo Holdings, Inc. | 1,435,000 | 2,234,043 | ||||||
Komori Corp. (a) | 137,436 | 916,478 | ||||||
Kurabo Industries, Ltd. | 875,000 | 1,759,536 | ||||||
Kyowa Exeo Corp. (a) | 167,800 | 1,619,657 | ||||||
Makino Milling Machine Co., Ltd. (a) | 219,000 | 1,309,795 | ||||||
Marudai Food Co., Ltd. | 651,656 | 2,409,470 | ||||||
Maruha Nichiro Holdings, Inc. (a) | 936,485 | 1,858,877 | ||||||
Marusan Securities Co., Ltd. (a) | 204,298 | 848,149 | ||||||
Meidensha Corp. (a) | 77,000 | 291,697 | ||||||
Mirait Holdings Corp. | 114,200 | 914,133 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 835,000 | 2,188,246 | ||||||
Mitsui-Soko Co., Ltd. | 354,000 | 1,382,382 | ||||||
Mitsumi Electric Co., Ltd. (a) | 54,200 | 368,459 | ||||||
Nakanishi, Inc. | 8,483 | 773,683 | ||||||
NET One Systems Co., Ltd. (a) | 1,164 | 3,094,235 | ||||||
Neturen Co., Ltd. | 262,403 | 2,253,643 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (a) | 21,700 | 582,758 | ||||||
Nihon Dempa Kogyo Co., Ltd. (a) | 30,500 | 343,461 | ||||||
Nihon Kohden Corp. | 85,600 | 2,326,570 | ||||||
Nikkiso Co., Ltd. (a) | 284,000 | 2,538,609 | ||||||
Nippon Accommodations Fund, Inc. | 307 | 2,170,667 | ||||||
Nippon Carbon Co., Ltd. | 285,712 | 911,847 | ||||||
Nippon Konpo Unyu Soko Co., Ltd. | 280,900 | 3,534,938 | ||||||
Nippon Light Metal Co., Ltd. (a) | 1,782,000 | 2,982,330 | ||||||
Nippon Seiki Co., Ltd. | 81,000 | 893,228 | ||||||
Nippon Shinyaku Co., Ltd. | 273,000 | 3,538,233 |
See accompanying notes to financial statements.
174
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Nippon Soda Co., Ltd. | 310,000 | $ | 1,423,716 | |||||
Nippon Suisan Kaisha, Ltd. (a) | 500,899 | 1,910,538 | ||||||
Nippon Thompson Co., Ltd. (a) | 278,000 | 1,687,909 | ||||||
Nishimatsu Construction Co., Ltd. | 843,000 | 1,334,276 | ||||||
Nishimatsuya Chain Co., Ltd. (a) | 145,293 | 1,176,217 | ||||||
Nissan Chemical Industries, Ltd. (a) | 88,600 | 840,252 | ||||||
Nissha Printing Co., Ltd. (a) | 25,800 | 301,915 | ||||||
Nisshin Steel Co., Ltd. (a) | 399,000 | 724,702 | ||||||
Nitto Boseki Co., Ltd. (a) | 639,153 | 1,981,805 | ||||||
NOF Corp. (a) | 556,000 | 2,935,807 | ||||||
Nomura Real Estate Office Fund, Inc. | 132 | 808,303 | ||||||
NSD Co., Ltd. (a) | 115,908 | 956,376 | ||||||
Okasan Securities Group, Inc. | 312,682 | 1,066,883 | ||||||
Oki Electric Industry Co., Ltd. (c) | 1,735,000 | 1,598,145 | ||||||
Orix JREIT, Inc. | 510 | 2,348,858 | ||||||
Osaka Securities Exchange Co., Ltd. (a) | 348 | 1,611,780 | ||||||
OSG Corp. (a) | 180,600 | 2,207,125 | ||||||
Park24 Co., Ltd. (a) | 232,213 | 2,895,131 | ||||||
Pioneer Corp. (a)(c) | 142,100 | 606,524 | ||||||
Point, Inc. | 29,860 | 1,522,442 | ||||||
Premier Investment Corp. (a) | 585 | 2,295,829 | ||||||
Rengo Co., Ltd. (a) | 257,000 | 1,980,514 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 234,000 | 3,066,165 | ||||||
Ryohin Keikaku Co., Ltd. (a) | 36,403 | 2,026,062 | ||||||
Sakai Chemical Industry Co., Ltd. | 374,565 | 1,695,942 | ||||||
Sanden Corp. (a) | 507,000 | 1,795,680 | ||||||
Sankyu, Inc. | 323,000 | 1,537,896 | ||||||
Sanyo Shokai, Ltd. (a) | 253,000 | 600,662 | ||||||
Sanyo Special Steel Co., Ltd. (a) | 269,937 | 1,533,892 | ||||||
Sapporo Holdings, Ltd. (a) | 215,000 | 808,900 | ||||||
Sato Corp. (a) | 147,400 | 1,944,808 | ||||||
Sawai Pharmaceutical Co., Ltd. (a) | 7,700 | 835,132 | ||||||
SBI Holdings, Inc. (a) | 10,748 | 949,583 | ||||||
Seiren Co., Ltd. | 242,300 | 1,716,344 | ||||||
Senshu Ikeda Holdings, Inc. (a) | 614,700 | 1,020,778 | ||||||
Shima Seiki Manufacturing, Ltd. (a) | 86,425 | 1,610,097 | ||||||
Shimachu Co., Ltd. | 117,000 | 2,835,444 | ||||||
Shochiku Co., Ltd. (a) | 574,000 | 5,436,170 | ||||||
Shoei Co., Ltd. (a) | 138,100 | 1,100,070 | ||||||
Sinfonia Technology Co., Ltd. (a) | 565,000 | 1,509,990 | ||||||
SMK Corp. | 295,343 | 1,111,176 | ||||||
Star Micronics Co., Ltd. (a) | 81,800 | 815,029 | ||||||
Sumitomo Osaka Cement Co., Ltd. (a) | 1,157,793 | 3,950,435 | ||||||
Tadano, Ltd. (a) | 213,526 | 1,504,211 | ||||||
Taiyo Yuden Co., Ltd. (a) | 61,100 | 453,415 | ||||||
Takara Holdings, Inc. (a) | 355,000 | 2,169,240 | ||||||
Takasago International Corp. | 370,694 | 1,822,691 | ||||||
Takuma Co., Ltd. (a)(c) | 311,000 | 1,303,230 | ||||||
The 77 Bank, Ltd. (a) | 146,000 | 668,630 | ||||||
The Bank of Nagoya, Ltd. | 299,000 | 1,051,232 | ||||||
The Bank of Okinawa, Ltd. (a) | 60,300 | 2,808,472 | ||||||
The Ehime Bank, Ltd. (a) | 851,000 | 2,638,674 | ||||||
The Eighteenth Bank, Ltd. | 820,730 | 2,502,226 | ||||||
The Hokuetsu Bank, Ltd. (a) | 1,144,000 | 2,493,409 | ||||||
The Michinoku Bank, Ltd. | 804,000 | 1,762,792 | ||||||
The Minato Bank, Ltd. | 926,000 | 1,777,997 | ||||||
The Miyazaki Bank, Ltd. | 781,000 | 1,864,349 | ||||||
The Musashino Bank, Ltd. | 52,100 | 1,885,820 | ||||||
The Oita Bank, Ltd. | 519,000 | 1,750,649 | ||||||
The Tochigi Bank, Ltd. | 307,000 | 1,198,845 | ||||||
The Tokyo Tomin Bank, Ltd. | 55,900 | 737,549 | ||||||
Toagosei Co., Ltd. | 666,818 | 3,304,677 | ||||||
TOC Co., Ltd. (a) | 242,600 | 1,180,267 | ||||||
Toei Co., Ltd. | 359,000 | 1,779,164 | ||||||
Toho Holdings Co., Ltd. (a) | 90,719 | 1,118,099 | ||||||
Toho Zinc Co., Ltd. (a) | 289,000 | 1,094,811 | ||||||
Tokai Carbon Co., Ltd. (a) | 80,000 | 403,736 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 299,000 | 919,344 | ||||||
Tokuyama Corp. (a) | 198,000 | 696,134 | ||||||
Tokyo Dome Corp. (c) | 295,000 | 681,240 | ||||||
Tokyo Tatemono Co., Ltd. (a) | 271,000 | 836,767 | ||||||
TOMONY Holdings, Inc. (a) | 328,200 | 1,503,044 | ||||||
Topy Industries, Ltd. (a) | 896,381 | 2,186,295 | ||||||
Toyo Corp/Chuo-ku (a) | 207,848 | 2,370,244 | ||||||
Toyo Tire & Rubber Co., Ltd. | 508,000 | 1,285,158 | ||||||
Toyobo Co., Ltd. | 1,211,788 | 1,792,214 | ||||||
Ulvac, Inc. (a)(c) | 57,800 | 782,115 | ||||||
Unitika, Ltd. (c) | 1,225,000 | 731,059 | ||||||
UNY Co., Ltd. | 87,500 | 824,144 | ||||||
Yamato Kogyo Co., Ltd. (a) | 30,800 | 815,553 | ||||||
Yodogawa Steel Works, Ltd. | 524,000 | 2,440,529 | ||||||
Zenrin Co., Ltd. | 65,377 | 652,243 | ||||||
242,201,999 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
AZ Electronic Materials SA | 162,207 | 558,436 | ||||||
NETHERLANDS — 1.9% | ||||||||
Aalberts Industries NV | 111,613 | 1,686,947 | ||||||
AerCap Holdings NV (a)(c) | 83,498 | 828,300 | ||||||
ASM International NV (a) | 86,098 | 2,171,733 | ||||||
BinckBank NV | 47,084 | 524,649 | ||||||
CSM | 37,134 | 742,358 | ||||||
Draka Holding NV (b) | 316 | 6,420 | ||||||
Eurocommercial Properties NV | 18,611 | 717,399 | ||||||
Exact Holding NV | 59,661 | 1,404,828 | ||||||
KAS Bank NV | 29,796 | 339,287 | ||||||
Koninklijke BAM Groep NV | 133,895 | 545,408 | ||||||
Mediq NV | 201,810 | 3,081,346 | ||||||
Ordina NV (a)(c) | 117,310 | 226,806 | ||||||
VistaPrint NV (a)(c) | 30,310 | 819,279 | ||||||
Wereldhave NV | 9,373 | 666,515 | ||||||
13,761,275 | ||||||||
NEW ZEALAND — 0.5% | ||||||||
Fisher & Paykel Appliances Holdings, Ltd. (c) | 1,218,591 | 419,171 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 930,333 | 1,799,200 | ||||||
Nuplex Industries, Ltd. (a) | 156,398 | 339,524 | ||||||
Sky City Entertainment Group Ltd. | 310,485 | 795,071 | ||||||
3,352,966 | ||||||||
NORWAY — 1.4% | ||||||||
Algeta ASA (c) | 26,260 | 778,273 | ||||||
Deep Sea Supply PLC (c) | 213,798 | 266,565 | ||||||
DNO International ASA (c) | 1,182,546 | 1,099,762 | ||||||
Ekornes ASA | 107,046 | 1,878,000 | ||||||
Norske Skogindustrier ASA (a)(c) | 317,761 | 227,861 | ||||||
Norwegian Property ASA | 502,742 | 674,776 |
See accompanying notes to financial statements.
175
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
ProSafe SE | 149,321 | $ | 976,398 | |||||
Renewable Energy Corp. ASA (a)(c) | 304,753 | 271,739 | ||||||
Songa Offshore SE (c) | 156,224 | 489,614 | ||||||
Tomra Systems ASA | 236,214 | 1,536,940 | ||||||
Veidekke ASA | 315,121 | 1,926,902 | ||||||
10,126,830 | ||||||||
PORTUGAL — 0.3% | ||||||||
Altri SGPS SA | 434,342 | 663,177 | ||||||
Semapa-Sociedade de Investimento e Gestao, SGPS, SA | 175,684 | 1,235,148 | ||||||
1,898,325 | ||||||||
SINGAPORE — 2.2% | ||||||||
Bukit Sembawang Estates, Ltd. | 315,080 | 894,633 | ||||||
Cape PLC | 69,018 | 487,801 | ||||||
CapitaCommercial Trust (a) | 818 | 634 | ||||||
China Yuchai International, Ltd. (a) | 26,117 | 380,786 | ||||||
Cosco Corp. Singapore, Ltd. (a) | 650,000 | 463,894 | ||||||
Ezra Holdings, Ltd. (a) | 583,599 | 380,676 | ||||||
Haw Par Corp., Ltd. | 936,352 | 3,815,539 | ||||||
Hong Leong Finance, Ltd. | 2,065,656 | 3,550,817 | ||||||
Mapletree Industrial Trust | 845,000 | 703,572 | ||||||
Mapletree Logistics Trust | 5,104,201 | 3,329,423 | ||||||
Miclyn Express Offshore, Ltd. (a) | 445,929 | 658,766 | ||||||
Wing Tai Holdings, Ltd. | 1,511,000 | 1,414,642 | ||||||
16,081,183 | ||||||||
SOUTH KOREA — 6.8% | ||||||||
Asiana Airlines (c) | 186,698 | 1,228,224 | ||||||
Capro Corp. | 16,670 | 352,348 | ||||||
Cheil Communications, Inc. | 241,887 | 3,829,373 | ||||||
CJ E&M Corp. (c) | 11,453 | 392,283 | ||||||
Daum Communications Corp. | 20,276 | 2,468,128 | ||||||
DGB Financial Group, Inc. (c) | 77,560 | 918,435 | ||||||
Dong-A Pharmaceutical Co., Ltd. (a) | 15,177 | 1,160,772 | ||||||
Dongkuk Steel Mill Co., Ltd. | 23,440 | 450,674 | ||||||
Eugene Investment & Securities Co., Ltd. (c) | 88,409 | 243,152 | ||||||
Fila Korea, Ltd. | 6,453 | 394,394 | ||||||
GemVax & Kael Co., Ltd. (c) | 12,214 | 425,087 | ||||||
Grand Korea Leisure Co., Ltd. | 21,990 | 389,195 | ||||||
Green Cross Corp. | 3,435 | 495,692 | ||||||
Hana Tour Service, Inc. (a) | 29,170 | 933,499 | ||||||
Hanjin Heavy Industries & Construction Co., Ltd. (a)(c) | 18,800 | 272,892 | ||||||
Hanjin Shipping Co., Ltd. | 35,100 | 309,868 | ||||||
Hanmi Pharm Co., Ltd. (c) | 10,911 | 634,441 | ||||||
Hansol Paper Co. (a) | 88,699 | 567,710 | ||||||
Hanwha Securities Co. | 133,652 | 568,394 | ||||||
Hite Jinro Co. Ltd. | 31,684 | 679,106 | ||||||
Hotel Shilla Co., Ltd. (a) | 71,792 | 2,163,419 | ||||||
Humax Co., Ltd. (a) | 52,459 | 353,571 | ||||||
Hyundai Development Co. | 32,710 | 466,473 | ||||||
Hyundai Elevator Co., Ltd. | 3,358 | 394,791 | ||||||
Hyundai Greenfood Co., Ltd. | 40,020 | 484,092 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 7 | 174 | ||||||
Hyundai Securities Co., Ltd. | 85,180 | 686,906 | ||||||
Jeonbuk Bank | 278,140 | 1,179,330 | ||||||
Korea Express Co., Ltd. (c) | 7,956 | 450,461 | ||||||
Korea Investment Holdings Co., Ltd. | 26,660 | 780,756 | ||||||
Korean Reinsurance Co. | 141,040 | 1,640,209 | ||||||
KP Chemical Corp. | 28,330 | 369,140 | ||||||
KT Skylife Co., Ltd. (c) | 15,280 | 412,465 | ||||||
Kumho Tire Co, Inc. (c) | 62,640 | 579,581 | ||||||
LG Fashion Corp. | 12,680 | 435,386 | ||||||
LG International Corp. (a) | 77,275 | 2,886,210 | ||||||
LG Life Sciences, Ltd. (a)(c) | 27,930 | 893,817 | ||||||
LIG Insurance Co., Ltd. | 66,610 | 1,111,062 | ||||||
Lotte Chilsung Beverage Co., Ltd. | 450 | 453,801 | ||||||
LS Industrial Systems Co., Ltd. | 11,116 | 481,233 | ||||||
MegaStudy Co., Ltd. | 6,440 | 657,093 | ||||||
Melfas, Inc. | 14,946 | 215,046 | ||||||
Meritz Finance Holdings Co. Ltd. (c) | 99,518 | 184,582 | ||||||
Meritz Fire & Marine Insurance Co., Ltd. | 133,008 | 1,208,086 | ||||||
Meritz Securities Co., Ltd. | 877,017 | 550,160 | ||||||
Mirae Asset Securities Co., Ltd. | 15,987 | 384,730 | ||||||
Neowiz Games Corp. (c) | 10,224 | 572,797 | ||||||
NongShim Co., Ltd. | 2,768 | 501,649 | ||||||
Poongsan Corp. | 64,413 | 1,397,014 | ||||||
S1 Corp/Korea | 14,269 | 654,069 | ||||||
Samsung Fine Chemicals Co., Ltd. (a) | 32,635 | 1,151,041 | ||||||
Samyang Corp. | 5,297 | 363,310 | ||||||
Seoul Semiconductor Co., Ltd. (a) | 23,965 | 433,305 | ||||||
SFA Engineering Corp. (a) | 49,288 | 2,472,663 | ||||||
SK Broadband Co., Ltd. (c) | 169,993 | 518,038 | ||||||
SK Chemicals Co., Ltd. | 35,119 | 1,928,780 | ||||||
STX Offshore & Shipbuilding Co., Ltd. | 30,313 | 420,710 | ||||||
STX Pan Ocean Co., Ltd. (a) | 68,569 | 445,272 | ||||||
Taekwang Industrial Co., Ltd. (a) | 533 | 548,360 | ||||||
Tong Yang Securities, Inc. | 78,750 | 305,160 | ||||||
Woori Investment & Securities Co., Ltd. | 52,070 | 492,832 | ||||||
Yuhan Corp. | 12,361 | 1,133,218 | ||||||
49,474,459 | ||||||||
SPAIN — 1.5% | ||||||||
Amper SA (a)(c) | 159,723 | 469,318 | ||||||
Campofrio Food Group SA (a) | 220,111 | 1,875,301 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 6,343 | 3,249,698 | ||||||
Ercros SA (c) | 490,527 | 533,094 | ||||||
Faes Farma SA (a) | 247,224 | 446,137 | ||||||
Gamesa Corp. Tecnologica SA (a) | 86,800 | 393,983 | ||||||
Tubacex SA (a)(c) | 292,897 | 705,399 | ||||||
Tubos Reunidos SA (a)(c) | 349,951 | 716,032 | ||||||
Vidrala SA (a) | 81,010 | 2,032,524 | ||||||
Zeltia SA (a)(c) | 170,127 | 351,519 | ||||||
10,773,005 | ||||||||
SWEDEN — 1.7% | ||||||||
Axfood AB | 14,879 | 509,528 | ||||||
Axis Communications AB | 32,453 | 537,481 | ||||||
Betsson AB (c) | 26,984 | 508,784 | ||||||
Carnegie Investment Bank AB (a)(b) | 59,625 | 0 | ||||||
Fabege AB | 91,075 | 693,518 | ||||||
Great Portland Estates PLC | 139,808 | 740,496 |
See accompanying notes to financial statements.
176
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Haldex AB | 202,197 | $ | 768,373 | |||||
Intrum Justitia AB | 128,493 | 1,585,537 | ||||||
JM AB | 63,384 | 821,347 | ||||||
Kungsleden AB | 196,395 | 1,343,957 | ||||||
New Wave Group AB (Class B) | 248,252 | 878,327 | ||||||
Nobia AB (a)(c) | 115,092 | 398,822 | ||||||
PA Resources AB (c) | 783,046 | 223,460 | ||||||
SAS AB (a)(c) | 178,633 | 286,096 | ||||||
TradeDoubler AB (c) | 110,581 | 370,310 | ||||||
Wihlborgs Fastigheter AB | 228,385 | 2,901,283 | ||||||
12,567,319 | ||||||||
SWITZERLAND — 2.4% | ||||||||
Basilea Pharmaceutica AG (c) | 11,052 | 473,327 | ||||||
Belimo Holding AG | 2,908 | 5,186,568 | ||||||
Daetwyler Holding AG | 37,679 | 2,065,853 | ||||||
Georg Fischer AG (c) | 3,714 | 1,304,377 | ||||||
Kudelski SA | 77,466 | 694,234 | ||||||
Kuoni Reisen Holding (Class B) (c) | 5,552 | 1,671,774 | ||||||
Meyer Burger Technology AG (a)(c) | 21,097 | 543,510 | ||||||
Mobimo Holding AG (c) | 3,718 | 895,218 | ||||||
Nobel Biocare Holding AG (c) | 57,455 | 577,523 | ||||||
Petroplus Holdings AG (c) | 61,681 | 347,690 | ||||||
Temenos Group AG (c) | 86,749 | 1,184,287 | ||||||
Valora Holding AG | 10,156 | 2,213,903 | ||||||
17,158,264 | ||||||||
UNITED KINGDOM — 11.0% | ||||||||
Afren PLC (c) | 628,222 | 795,148 | ||||||
Allied Gold Mining PLC (c) | 140,240 | 403,616 | ||||||
Ashtead Group PLC | 310,306 | 642,915 | ||||||
Aveva Group PLC | 41,162 | 902,199 | ||||||
Barratt Developments PLC (c) | 540,458 | 660,490 | ||||||
Bellway PLC | 109,559 | 1,061,574 | ||||||
Bodycote PLC | 250,773 | 966,088 | ||||||
Booker Group PLC | 918,073 | 1,040,452 | ||||||
Bovis Homes Group PLC | 214,100 | 1,351,110 | ||||||
Britvic PLC | 271,560 | 1,332,564 | ||||||
BTG PLC (c) | 189,216 | 734,249 | ||||||
Cable & Wireless Communications PLC | 1,554,800 | 902,220 | ||||||
Cable & Wireless Worldwide PLC | 1,657,057 | 800,223 | ||||||
Capital & Counties Properties PLC | 332,123 | 869,200 | ||||||
Chemring Group PLC | 252,086 | 2,075,417 | �� | |||||
CSR PLC | 178,812 | 584,962 | ||||||
Dairy Crest Group PLC | 205,513 | 1,123,720 | ||||||
Debenhams PLC | 642,944 | 564,389 | ||||||
Domino’s Pizza UK & IRL PLC | 66,049 | 458,380 | ||||||
DS Smith PLC | 388,569 | 1,059,903 | ||||||
DSG International PLC (a)(c) | 2,480,596 | 444,778 | ||||||
Elementis PLC | 1,059,517 | 2,038,387 | ||||||
EnQuest PLC (c) | 355,054 | 493,368 | ||||||
Enterprise Inns PLC (c) | 515,191 | 266,853 | ||||||
Fenner PLC | 421,416 | 2,048,223 | ||||||
Filtrona PLC | 94,265 | 511,024 | ||||||
Galiform PLC (c) | 372,170 | 594,261 | ||||||
Galliford Try PLC (a) | 149,008 | 1,021,348 | ||||||
Game Group PLC (a) | 531,112 | 196,499 | ||||||
Gem Diamonds, Ltd. (c) | 106,636 | 347,020 | ||||||
Hays PLC | 670,095 | 722,883 | ||||||
Heritage Oil PLC (c) | 144,555 | 524,913 | ||||||
Hikma Pharmaceuticals PLC | 70,919 | 629,722 | ||||||
Home Retail Group PLC | 398,120 | 697,095 | ||||||
Hunting PLC | 75,694 | 705,138 | ||||||
Imagination Technologies Group PLC (c) | 126,836 | 828,277 | ||||||
Intermediate Capital Group PLC | 202,775 | 678,200 | ||||||
International Personal Finance | 341,054 | 1,186,379 | ||||||
Interserve PLC | 217,008 | 1,017,546 | ||||||
ITE Group PLC | 602,628 | 1,484,201 | ||||||
J.D. Wetherspoon PLC | 187,026 | 1,135,387 | ||||||
Jazztel PLC (c) | 96,500 | 482,938 | ||||||
JKX Oil & Gas PLC | 80,706 | 205,558 | ||||||
Jupiter Fund Management PLC | 223,936 | 688,974 | ||||||
Keller Group PLC | 116,645 | 607,818 | ||||||
Kesa Electricals PLC (a) | 300,340 | 392,075 | ||||||
Kier Group PLC | 68,744 | 1,354,681 | ||||||
Ladbrokes PLC | 331,640 | 615,305 | ||||||
Laird PLC | 238,345 | 513,128 | ||||||
Lamprell PLC | 103,035 | 414,110 | ||||||
Mcbride PLC | 174,306 | 324,483 | ||||||
Melrose PLC (a) | 526,251 | 2,385,600 | ||||||
Michael Page International PLC | 313,220 | 1,799,501 | ||||||
Micro Focus International PLC | 118,134 | 596,070 | ||||||
Misys PLC (c) | 163,237 | 546,725 | ||||||
Mitchells & Butlers PLC (c) | 265,821 | 975,196 | ||||||
Mitie Group PLC | 589,070 | 2,146,391 | ||||||
Morgan Crucible Co. PLC | 368,660 | 1,406,457 | ||||||
Morgan Sindall PLC | 78,057 | 666,353 | ||||||
N Brown Group PLC | 296,646 | 1,243,090 | ||||||
National Express Group PLC | 242,936 | 881,778 | ||||||
Ophir Energy PLC (c) | 131,063 | 554,321 | ||||||
Pace PLC | 215,079 | 318,800 | ||||||
PayPoint PLC | 124,088 | 908,530 | ||||||
Premier Farnell PLC | 545,694 | 1,313,377 | ||||||
Premier Foods PLC (c) | 1,705,630 | 274,471 | ||||||
Punch Taverns PLC (c) | 1,389,814 | 243,568 | ||||||
PV Crystalox Solar PLC | 459,711 | 93,098 | ||||||
Redrow PLC (c) | 356,975 | 622,827 | ||||||
Regus PLC | 367,333 | 421,734 | ||||||
Renishaw PLC | 22,623 | 359,469 | ||||||
Restaurant Group PLC | 395,005 | 1,694,027 | ||||||
RPS Group PLC | 359,514 | 917,923 | ||||||
Salamander Energy PLC (c) | 104,288 | 323,133 | ||||||
Senior PLC | 782,933 | 1,762,398 | ||||||
Shaftesbury PLC | 380,390 | 2,760,790 | ||||||
Shanks Group PLC | 491,591 | 846,209 | ||||||
SIG PLC (c) | 372,444 | 538,709 | ||||||
SOCO International PLC (c) | 123,451 | 630,399 | ||||||
Spirent Communications PLC | 396,474 | 756,593 | ||||||
Spirit Pub Co. PLC (c) | 269,569 | 149,077 | ||||||
Taylor Wimpey PLC (c) | 1,666,543 | 908,649 | ||||||
Telecity Group PLC (c) | 128,546 | 1,118,390 | ||||||
Tullett Prebon PLC | 299,681 | 1,583,065 | ||||||
Ultra Electronics Holdings PLC | 60,626 | 1,421,370 | ||||||
Unite Group PLC (c) | 339,348 | 877,536 | ||||||
Victrex PLC | 181,839 | 3,096,128 | ||||||
WH Smith PLC | 198,503 | 1,526,658 | ||||||
Wincanton PLC | 272,567 | 339,684 |
See accompanying notes to financial statements.
177
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Yell Group PLC (a)(c) | 2,187,305 | $ | 139,021 | |||||
80,646,506 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $866,607,591) | 724,885,044 | |||||||
RIGHTS — 0.0% (f) | ||||||||
SOUTH KOREA — 0.0% (f) | ||||||||
Jeonbuk Bank ( expiring 9/23/11) (c) (Cost $0) | 42,709 | 0 | ||||||
WARRANTS — 0.0% (f) | ||||||||
CANADA — 0.0% (f) | ||||||||
Kinross Gold Corp. (expiring 9/17/14) (c) | 463 | 1,084 | ||||||
ITALY — 0.0% (f) | ||||||||
Interpump Group SpA (expiring 10/31/12) (c) | 8 | 6 | ||||||
TOTAL WARRANTS — | ||||||||
(Cost $2,207) | 1,090 | |||||||
SHORT TERM INVESTMENTS — 12.5% | ||||||||
UNITED STATES — 12.5% | ||||||||
MONEY MARKET FUNDS — 12.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (g)(h) | 90,541,104 | 90,541,104 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (h)(i) | 887,157 | 887,157 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $91,428,261) | 91,428,261 | |||||||
TOTAL INVESTMENTS — 111.8% | ||||||||
(Cost $958,038,059) | 816,314,395 | |||||||
OTHER ASSETS & LIABILITIES — (11.8)% | (86,407,806 | ) | ||||||
NET ASSETS — 100.0% | $ | 729,906,589 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(c) | Non-income producing security. | |||||
(d) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(e) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.3% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(f) | Amount shown represents less than 0.05% of net assets. | |||||
(g) | Investments of cash collateral for securities loaned. | |||||
(h) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(i) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
REIT = Real Estate Investment Trust
TRY = Turkish Lira
See accompanying notes to financial statements.
178
SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
AUSTRALIA — 17.5% | ||||||||
Abacus Property Group (a) | 1,922,259 | $ | 3,456,252 | |||||
Astro Japan Property Group (a) | 450,527 | 906,386 | ||||||
Bunnings Warehouse Property Trust | 3,046,624 | 5,033,726 | ||||||
CFS Retail Property Trust (a) | 12,699,814 | 21,600,170 | ||||||
Charter Hall Office REIT (a) | 3,141,208 | 10,288,412 | ||||||
Charter Hall Retail REIT (a) | 1,924,071 | 5,853,117 | ||||||
Commonwealth Property Office Fund (a) | 18,568,827 | 16,152,110 | ||||||
Dexus Property Group (a) | 36,543,531 | 29,123,672 | ||||||
Goodman Group | 56,040,975 | 31,318,092 | ||||||
GPT Group (a) | 14,065,474 | 42,924,554 | ||||||
ING Office Fund | 18,371,435 | 10,891,675 | ||||||
Westfield Group | 16,094,222 | 121,225,353 | ||||||
Westfield Retail Trust (a) | 21,832,012 | 51,348,871 | ||||||
350,122,390 | ||||||||
AUSTRIA — 1.8% | ||||||||
Atrium European Real Estate, Ltd. | 1,421,710 | 6,867,031 | ||||||
CA Immobilien Anlagen AG (a)(b) | 549,002 | 6,739,854 | ||||||
IMMOFINANZ AG (a)(b) | 7,518,984 | 21,619,060 | ||||||
35,225,945 | ||||||||
BELGIUM — 1.0% | ||||||||
Befimmo Sicafi S.C.A. | 107,254 | 8,077,259 | ||||||
Cofinimmo | 106,061 | 12,570,964 | ||||||
20,648,223 | ||||||||
CANADA — 10.5% | ||||||||
Artis REIT | 308,591 | 3,663,232 | ||||||
Boardwalk REIT | 179,721 | 8,309,542 | ||||||
Brookfield Asset Management, Inc. (Class A) | 4,234,936 | 117,775,966 | ||||||
Calloway REIT | 381,738 | 9,425,765 | ||||||
Canadian Apartment Properties REIT | 282,162 | 5,713,371 | ||||||
Canadian REIT | 249,833 | 8,551,934 | ||||||
Chartwell Seniors Housing REIT | 532,284 | 3,856,575 | ||||||
Extendicare REIT | 295,101 | 1,990,845 | ||||||
First Capital Realty, Inc. (a) | 464,807 | 7,582,860 | ||||||
H&R REIT | 581,353 | 11,699,028 | ||||||
Primaris Retail REIT | 296,128 | 5,825,655 | ||||||
RioCan REIT | 991,641 | 24,742,254 | ||||||
209,137,027 | ||||||||
CHINA — 2.9% | ||||||||
Hongkong Land Holdings, Ltd. (a) | 9,379,000 | 42,017,920 | ||||||
Kerry Properties, Ltd. | 4,677,170 | 15,050,337 | ||||||
57,068,257 | ||||||||
FRANCE — 9.0% | ||||||||
Fonciere Des Regions | 199,844 | 14,087,588 | ||||||
Gecina SA (a) | 158,574 | 14,018,675 | ||||||
Klepierre | 711,615 | 20,203,017 | ||||||
SILIC | 71,116 | 6,913,869 | ||||||
Unibail-Rodamco SE | 691,587 | 124,849,268 | ||||||
180,072,417 | ||||||||
GERMANY — 0.1% | ||||||||
IVG Immobilien AG (a)(b) | 691,250 | 2,441,049 | ||||||
HONG KONG — 8.9% | ||||||||
Champion REIT (a) | 11,619,174 | 4,477,668 | ||||||
GZI REIT | 5,483,000 | 2,373,578 | ||||||
Hang Lung Group, Ltd. (a) | 6,433,808 | 32,934,551 | ||||||
Hang Lung Properties, Ltd. (a) | 16,879,755 | 50,738,465 | ||||||
Hysan Development Co., Ltd. (a) | 4,619,847 | 14,153,743 | ||||||
Prosperity REIT | 8,317,000 | 1,485,035 | ||||||
The Link REIT (a) | 16,923,250 | 53,695,273 | ||||||
Wheelock & Co., Ltd. (a) | 6,266,545 | 18,715,716 | ||||||
178,574,029 | ||||||||
ITALY — 0.2% | ||||||||
Beni Stabili SpA | 6,242,976 | 3,307,762 | ||||||
JAPAN — 19.4% | ||||||||
Aeon Mall Co., Ltd. (a) | 604,140 | 14,006,204 | ||||||
Daibiru Corp. (a) | 434,100 | 3,074,969 | ||||||
Daiwa Office Investment Corp. (a) | 1,945 | 5,071,938 | ||||||
Frontier Real Estate Investment Corp. | 1,334 | 11,820,472 | ||||||
Fukuoka REIT Corp. | 808 | 5,262,273 | ||||||
Global One Real Estate Investment Co., Ltd. (a) | 732 | 5,603,010 | ||||||
Hankyu REIT, Inc. (a) | 655 | 3,046,413 | ||||||
Heiwa Real Estate Co., Ltd. (a) | 1,355,500 | 2,936,799 | ||||||
Ichigo Real Estate Investment Corp. (a) | 1,131 | 1,346,987 | ||||||
Japan Excellent, Inc. | 1,296 | 5,809,133 | ||||||
Japan Hotel and Resort, Inc. | 596 | 1,284,323 | ||||||
Japan Prime Realty Investment Corp. (a) | 5,421 | 13,967,444 | ||||||
Japan Real Estate Investment Corp. | 3,707 | 36,262,039 | ||||||
Japan Retail Fund Investment Corp. (a) | 14,163 | 22,857,774 | ||||||
Kenedix Realty Investment Corp. | 2,177 | 7,108,860 | ||||||
Mitsui Fudosan Co., Ltd. | 6,671,000 | 107,577,231 | ||||||
Mori Hills REIT Investment Corp. (a) | 1,383 | 4,682,966 | ||||||
Mori Trust Sogo REIT, Inc. (a) | 1,302 | 12,043,669 | ||||||
Nippon Building Fund, Inc. (a) | 4,383 | 45,433,537 | ||||||
Nomura Real Estate Office Fund, Inc. | 2,201 | 13,477,841 | ||||||
NTT Urban Development Corp. (a) | 8,238 | 6,059,868 | ||||||
Orix JREIT, Inc. | 2,140 | 9,855,994 | ||||||
Premier Investment Corp. (a) | 1,065 | 4,179,586 | ||||||
Shoei Co., Ltd. (a) | 277,090 | 2,207,230 | ||||||
Tokyu Land Corp. | 3,469,000 | 12,646,458 | ||||||
Tokyu REIT, Inc. | 1,283 | 6,916,016 | ||||||
Top REIT, Inc. | 1,176 | 6,385,003 | ||||||
United Urban Investment Corp. | 15,853 | 16,762,059 | ||||||
387,686,096 | ||||||||
NETHERLANDS — 1.9% | ||||||||
Corio NV | 442,339 | 20,620,682 | ||||||
Eurocommercial Properties NV | 270,309 | 10,419,613 | ||||||
VastNed Retail NV | 140,196 | 6,747,183 | ||||||
37,787,478 | ||||||||
NEW ZEALAND — 0.8% | ||||||||
AMP NZ Office Trust | 5,845,496 | 3,842,734 | ||||||
Argosy Property Trust | 4,145,305 | 2,598,310 |
See accompanying notes to financial statements.
179
SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Goodman Property Trust (a) | 5,958,798 | $ | 4,463,806 | |||||
Kiwi Income Property Trust (a) | 7,372,511 | 6,030,034 | ||||||
16,934,884 | ||||||||
SINGAPORE — 7.6% | ||||||||
Ascendas REIT (a) | 12,738,831 | 19,844,852 | ||||||
Cambridge Industrial Trust | 8,223,367 | 2,902,885 | ||||||
CapitaCommercial Trust (a) | 14,586,676 | 11,305,765 | ||||||
CapitaLand, Ltd. (a) | 19,187,999 | 36,370,469 | ||||||
CapitaMall Trust (a) | 15,242,168 | 21,405,239 | ||||||
Frasers Commercial Trust | 3,695,304 | 2,268,624 | ||||||
Global Logistic Properties, Ltd. (a)(b) | 17,042,000 | 21,644,164 | ||||||
Guocoland, Ltd. | 2,466,666 | 3,587,086 | ||||||
Mapletree Logistics Trust (a) | 9,722,080 | 6,341,622 | ||||||
Singapore Land, Ltd. | 800,000 | 3,591,436 | ||||||
Starhill Global REIT (a) | 8,785,482 | 3,910,352 | ||||||
Suntec REIT (a) | 15,743,351 | 13,893,679 | ||||||
United Industrial Corp., Ltd. (a) | 1,818,000 | 3,711,058 | ||||||
150,777,231 | ||||||||
SOUTH AFRICA — 0.9% | ||||||||
Capital Property Fund | 5,435,845 | 5,781,303 | ||||||
Fountainhead Property Trust (a) | 8,813,748 | 7,345,613 | ||||||
SA Corporate Real Estate Fund | 6,042,663 | 2,442,892 | ||||||
Sycom Property Fund | 793,965 | 2,087,848 | ||||||
17,657,656 | ||||||||
SPAIN — 0.0% (c) | ||||||||
Martinsa-Fadesa SA (b)(d)(e) | 35,998 | 0 | ||||||
SWEDEN — 2.2% | ||||||||
Castellum AB | 1,303,870 | 16,013,138 | ||||||
Fabege AB | 1,085,729 | 8,267,614 | ||||||
Great Portland Estates PLC | 2,370,196 | 12,553,789 | ||||||
Kungsleden AB | 1,034,736 | 7,080,835 | ||||||
43,915,376 | ||||||||
SWITZERLAND — 2.9% | ||||||||
PSP Swiss Property AG (b) | 263,187 | 23,673,211 | ||||||
Swiss Prime Site AG (b) | 412,056 | 33,207,640 | ||||||
56,880,851 | ||||||||
UNITED KINGDOM — 12.0% | ||||||||
Big Yellow Group PLC | 920,697 | 3,426,451 | ||||||
British Land Co. PLC | 6,707,650 | 49,738,078 | ||||||
Capital & Counties Properties PLC | 5,189,942 | 13,582,617 | ||||||
Capital Shopping Centres Group PLC | 5,215,863 | 26,602,136 | ||||||
Derwent London PLC (a) | 764,153 | 17,141,723 | ||||||
Grainger PLC | 2,543,450 | 3,431,253 | ||||||
Hammerson PLC | 5,363,671 | 31,600,598 | ||||||
Land Securities Group PLC | 5,802,579 | 58,032,027 | ||||||
Segro PLC | 5,621,925 | 19,284,750 | ||||||
Shaftesbury PLC | 1,894,835 | 13,752,313 | ||||||
Workspace Group PLC | 805,641 | 2,695,171 | ||||||
239,287,117 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $2,252,891,484) | 1,987,523,788 | |||||||
SHORT TERM INVESTMENTS — 7.3% | ||||||||
UNITED STATES — 7.3% | ||||||||
MONEY MARKET FUNDS — 7.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 143,622,533 | 143,622,533 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 1,906,808 | 1,906,808 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $145,529,341) | 145,529,341 | |||||||
TOTAL INVESTMENTS — 106.9% | ||||||||
(Cost $2,398,420,825) | 2,133,053,129 | |||||||
OTHER ASSETS & LIABILITIES — (6.9)% | (136,978,729 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,996,074,400 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Company has filed for insolvency. | |||||
(e) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
180
SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 1.7% | ||||||||
AGL Energy, Ltd. | 15,069 | $ | 209,431 | |||||
Asciano Group | 94,571 | 133,275 | ||||||
Macquarie Atlas Roads Group (a) | 779 | 996 | ||||||
Transurban Group | 46,700 | 246,001 | ||||||
589,703 | ||||||||
BRAZIL — 1.0% | ||||||||
Centrais Eletricas Brasileiras SA ADR | 17,669 | 153,916 | ||||||
Companhia Energetica de Minas Gerais ADR (b) | 12,276 | 182,176 | ||||||
336,092 | ||||||||
CANADA — 6.8% | ||||||||
Canadian Utilities, Ltd. (Class A) | 2,856 | 170,228 | ||||||
Emera, Inc. | 3,949 | 122,443 | ||||||
Enbridge, Inc. | 25,200 | 808,925 | ||||||
Fortis, Inc. (b) | 5,985 | 189,133 | ||||||
TransAlta Corp. (b) | 7,263 | 158,984 | ||||||
TransCanada Corp. (b) | 22,632 | 923,915 | ||||||
2,373,628 | ||||||||
CZECH REPUBLIC — 0.8% | ||||||||
CEZ AS (b) | 6,937 | 267,378 | ||||||
FINLAND — 1.0% | ||||||||
Fortum Oyj | 14,408 | 342,163 | ||||||
FRANCE — 6.6% | ||||||||
EDF SA | 8,505 | 248,878 | ||||||
GDF Suez | 54,812 | 1,650,266 | ||||||
Suez Environnement Co. | 11,938 | 167,380 | ||||||
Veolia Environnement | 16,249 | 241,340 | ||||||
2,307,864 | ||||||||
GERMANY — 5.2% | ||||||||
E.ON AG | 61,793 | 1,355,955 | ||||||
RWE AG | 12,671 | 471,259 | ||||||
1,827,214 | ||||||||
HONG KONG — 3.9% | ||||||||
CLP Holdings, Ltd. | 59,227 | 536,750 | ||||||
Hong Kong & China Gas Co., Ltd. | 192,872 | 436,546 | ||||||
Hongkong Electric Holdings, Ltd. | 52,000 | 399,782 | ||||||
1,373,078 | ||||||||
ITALY — 4.9% | ||||||||
A2A SpA | 48,831 | 61,356 | ||||||
Atlantia SpA | 15,013 | 217,947 | ||||||
Enel SpA | 227,362 | 1,013,382 | ||||||
Snam Rete Gas SpA | 54,648 | 253,691 | ||||||
Terna Rete Elettrica Nationale SpA | 48,942 | 182,550 | ||||||
1,728,926 | ||||||||
JAPAN — 6.6% | ||||||||
Chubu Electric Power Co., Inc. (b) | 18,498 | 350,857 | ||||||
Electric Power Development Co., Ltd. (b) | 5,341 | 158,816 | ||||||
Hokuriku Electric Power Co. (b) | 5,100 | 95,344 | ||||||
Kyushu Electric Power Co., Inc. (b) | 11,518 | 187,235 | ||||||
Osaka Gas Co., Ltd. (b) | 51,000 | 213,051 | ||||||
Shikoku Electric Power Co., Inc. (b) | 5,535 | 153,527 | ||||||
The Chugoku Electric Power Co., Inc. (b) | 9,075 | 161,414 | ||||||
The Kansai Electric Power Co., Inc. (b) | 22,937 | 401,130 | ||||||
The Tokyo Electric Power Co., Inc. (a)(b) | 39,067 | 121,641 | ||||||
Tohoku Electric Power Co., Inc. (b) | 12,308 | 172,453 | ||||||
Tokyo Gas Co., Ltd. (b) | 63,000 | 295,057 | ||||||
2,310,525 | ||||||||
PORTUGAL — 0.9% | ||||||||
Brisa Auto-Estradas de Portugal SA | 15,157 | 54,053 | ||||||
EDP — Energias de Portugal SA | 88,805 | 275,832 | ||||||
329,885 | ||||||||
SOUTH KOREA — 0.4% | ||||||||
Korea Electric Power Corp. ADR (a) | 16,590 | 141,015 | ||||||
SPAIN — 4.4% | ||||||||
Abertis Infraestructuras SA | 12,684 | 197,410 | ||||||
Enagas | 5,862 | 108,616 | ||||||
Endesa SA | 2,657 | 62,136 | ||||||
Gas Natural SDG SA | 11,981 | 205,438 | ||||||
Iberdrola SA | 144,899 | 985,858 | ||||||
1,559,458 | ||||||||
UNITED KINGDOM — 9.5% | ||||||||
Centrica PLC | 167,168 | 775,253 | ||||||
International Power PLC (b) | 49,327 | 235,750 | ||||||
National Grid PLC | 115,642 | 1,150,239 | ||||||
Pennon Group PLC | 11,728 | 123,413 | ||||||
Scottish & Southern Energy PLC | 31,644 | 638,371 | ||||||
Severn Trent PLC | 7,616 | 182,827 | ||||||
United Utilities Group PLC | 21,824 | 212,144 | ||||||
3,317,997 | ||||||||
UNITED STATES — 45.8% | ||||||||
Alliant Energy Corp. | 3,572 | 138,165 | ||||||
Ameren Corp. | 7,818 | 232,742 | ||||||
American Electric Power Co., Inc. | 15,576 | 592,200 | ||||||
American Water Works Co., Inc. | 5,630 | 169,913 | ||||||
Aqua America, Inc. (b) | 4,411 | 95,145 | ||||||
Calpine Corp. (a)(b) | 11,140 | 156,851 | ||||||
CenterPoint Energy, Inc. | 13,664 | 268,088 | ||||||
CMS Energy Corp. (b) | 8,230 | 162,872 | ||||||
Consolidated Edison, Inc. (b) | 9,484 | 540,778 | ||||||
Constellation Energy Group, Inc. | 6,443 | 245,221 | ||||||
Dominion Resources, Inc. (b) | 18,491 | 938,788 | ||||||
DTE Energy Co. | 5,472 | 268,237 | ||||||
Duke Energy Corp. | 43,148 | 862,529 | ||||||
Edison International (b) | 10,602 | 405,526 | ||||||
El Paso Corp. (b) | 24,884 | 434,972 | ||||||
Entergy Corp. | 5,761 | 381,897 | ||||||
Exelon Corp. (b) | 21,431 | 913,175 | ||||||
FirstEnergy Corp. (b) | 13,520 | 607,183 | ||||||
Integrys Energy Group, Inc. (b) | 2,548 | 123,884 | ||||||
ITC Holdings Corp. (b) | 1,649 | 127,682 | ||||||
Kinder Morgan Management, LLC (a) | 3,133 | 183,876 | ||||||
National Fuel Gas Co. (b) | 2,669 | 129,927 | ||||||
NextEra Energy, Inc. (b) | 13,648 | 737,265 | ||||||
NiSource, Inc. (b) | 9,189 | 196,461 | ||||||
Northeast Utilities | 5,743 | 193,252 | ||||||
NRG Energy, Inc. (a)(b) | 7,839 | 166,265 |
See accompanying notes to financial statements.
181
SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
NSTAR | 3,373 | $ | 151,144 | |||||
NV Energy, Inc. | 7,473 | 109,928 | ||||||
OGE Energy Corp. | 3,129 | 149,535 | ||||||
ONEOK, Inc. (b) | 3,404 | 224,800 | ||||||
Pepco Holdings, Inc. (b) | 7,337 | 138,816 | ||||||
PG&E Corp. | 13,075 | 553,203 | ||||||
Pinnacle West Capital Corp. | 3,500 | 150,290 | ||||||
PPL Corp. | 18,695 | 533,555 | ||||||
Progress Energy, Inc. (b) | 9,545 | 493,667 | ||||||
Public Service Enterprise Group, Inc. (b) | 16,535 | 551,773 | ||||||
SCANA Corp. (b) | 4,162 | 168,353 | ||||||
Sempra Energy | 7,747 | 398,970 | ||||||
Southern Co. | 27,847 | 1,179,877 | ||||||
Spectra Energy Corp. (b) | 21,052 | 516,406 | ||||||
TECO Energy, Inc. (b) | 7,032 | 120,458 | ||||||
The AES Corp. (a) | 25,306 | 246,987 | ||||||
The Williams Cos., Inc. | 19,026 | 463,093 | ||||||
Wisconsin Energy Corp. (b) | 7,614 | 238,242 | ||||||
Xcel Energy, Inc. (b) | 15,740 | 388,620 | ||||||
16,050,611 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $52,474,007) | 34,855,537 | |||||||
SHORT TERM INVESTMENTS — 16.3% | ||||||||
UNITED STATES — 16.3% | ||||||||
MONEY MARKET FUNDS — 16.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 5,703,625 | 5,703,625 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) | 24,077 | 24,077 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $5,727,702) | 5,727,702 | |||||||
TOTAL INVESTMENTS — 115.8% | ||||||||
(Cost $58,201,709) | 40,583,239 | |||||||
OTHER ASSETS & LIABILITIES — (15.8)% | (5,538,735 | ) | ||||||
NET ASSETS — 100.0% | $ | 35,044,504 | ||||||
(a) | Non-income producing security. | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Investments of cash collateral for securities loaned. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
CLP = Chilean Peso
PLC = Public Limited Company
See accompanying notes to financial statements.
182
SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.2% | ||||||||
AUSTRALIA — 8.3% | ||||||||
BHP Billiton, Ltd. | 229,491 | $ | 7,810,945 | |||||
Incitec Pivot, Ltd. | 278,503 | 885,114 | ||||||
Newcrest Mining, Ltd. | 59,116 | 1,958,062 | ||||||
Rio Tinto, Ltd. | 33,959 | 2,039,695 | ||||||
Woodside Petroleum, Ltd. | 28,228 | 891,082 | ||||||
13,584,898 | ||||||||
BRAZIL — 3.6% | ||||||||
Companhia Siderurgica Nacional SA ADR (a) | 64,999 | 516,092 | ||||||
Gerdau SA ADR (a) | 50,542 | 360,365 | ||||||
Petroleo Brasileiro SA ADR | 72,459 | 1,626,705 | ||||||
Vale SA ADR (a) | 145,108 | 3,308,462 | ||||||
5,811,624 | ||||||||
CANADA — 13.7% | ||||||||
Agnico-Eagle Mines, Ltd. | 13,273 | 797,998 | ||||||
Agrium, Inc. | 26,254 | 1,757,321 | ||||||
Barrick Gold Corp. | 82,380 | 3,843,027 | ||||||
Canadian Natural Resources, Ltd. (a) | 36,944 | 1,090,895 | ||||||
Goldcorp, Inc. | 68,229 | 3,147,419 | ||||||
Imperial Oil, Ltd. (a) | 29,496 | 1,065,428 | ||||||
Kinross Gold Corp. | 94,000 | 1,404,520 | ||||||
Potash Corp. of Saskatchewan, Inc. | 137,282 | 5,933,328 | ||||||
Sino-Forest Corp. (a)(b)(c) | 48,511 | 0 | ||||||
Suncor Energy, Inc. (a) | 53,758 | 1,380,513 | ||||||
Teck Resources, Ltd. (Class B) | 42,856 | 1,271,635 | ||||||
Viterra, Inc. | 61,094 | 604,462 | ||||||
22,296,546 | ||||||||
CHILE — 0.9% | ||||||||
Sociedad Quimica y Minera de Chile SA ADR | 29,121 | 1,392,275 | ||||||
CHINA — 1.0% | ||||||||
China Agri-Industries Holdings, Ltd. | 467,000 | 296,946 | ||||||
China Coal Energy Co., Ltd | 80,000 | 72,655 | ||||||
China Petroleum & Chemical Corp. | 318,000 | 313,721 | ||||||
China Shenhua Energy Co., Ltd. | 67,000 | 267,234 | ||||||
PetroChina Co., Ltd. | 424,000 | 526,681 | ||||||
Yanzhou Coal Mining Co., Ltd. | 48,000 | 105,560 | ||||||
1,582,797 | ||||||||
FINLAND — 1.0% | ||||||||
Stora Enso Oyj | 105,772 | 627,545 | ||||||
UPM-Kymmene Oyj | 89,555 | 1,024,330 | ||||||
1,651,875 | ||||||||
FRANCE — 2.2% | ||||||||
Total SA | 82,110 | 3,661,400 | ||||||
GERMANY — 2.2% | ||||||||
K+S AG | 32,225 | 1,711,292 | ||||||
Suedzucker AG | 31,974 | 917,621 | ||||||
ThyssenKrupp AG | 38,710 | 963,176 | ||||||
3,592,089 | ||||||||
HONG KONG — 1.0% | ||||||||
Chaoda Modern Agriculture Holdings, Ltd. | 372,000 | 52,564 | ||||||
CNOOC, Ltd. | 893,000 | 1,491,249 | ||||||
1,543,813 | ||||||||
INDIA — 0.7% | ||||||||
Reliance Industries, Ltd. GDR (d) | 32,474 | 1,057,353 | ||||||
ITALY — 1.5% | ||||||||
ENI SpA (a) | 141,282 | 2,505,958 | ||||||
JAPAN — 2.2% | ||||||||
JFE Holdings, Inc. (a) | 50,600 | 1,035,239 | ||||||
Nippon Steel Corp. | 541,000 | 1,572,185 | ||||||
OJI Paper Co., Ltd. (a) | 181,000 | 1,002,685 | ||||||
3,610,109 | ||||||||
LUXEMBOURG — 1.2% | ||||||||
ArcelorMittal | 118,386 | 1,918,769 | ||||||
NETHERLANDS — 2.6% | ||||||||
Nutreco Holding NV | 5,859 | 369,625 | ||||||
Royal Dutch Shell PLC (Class A) | 125,855 | 3,921,138 | ||||||
4,290,763 | ||||||||
NORWAY — 2.6% | ||||||||
StatoilHydro ASA | 110,069 | 2,380,985 | ||||||
Yara International ASA | 47,506 | 1,841,657 | ||||||
4,222,642 | ||||||||
PERU — 0.9% | ||||||||
Compania de Minas Buenaventura SA ADR, Series B | 12,845 | 484,770 | ||||||
Southern Copper Corp. (a) | 37,056 | 926,030 | ||||||
1,410,800 | ||||||||
RUSSIA — 5.9% | ||||||||
Gazprom OAO ADR | 230,994 | 2,238,332 | ||||||
Lukoil OAO ADR | 16,540 | 841,059 | ||||||
MMC Norilsk Nickel OJSC ADR | 88,336 | 1,919,541 | ||||||
Novolipetsk Steel OJSC GDR | 27,476 | 562,708 | ||||||
Rosneft Oil Co. GDR | 211,809 | 1,244,378 | ||||||
Surgutneftegas OJSC ADR | 70,886 | 574,177 | ||||||
Uralkali OJSC GDR | 66,121 | 2,281,175 | ||||||
9,661,370 | ||||||||
SINGAPORE — 3.4% | ||||||||
Golden Agri-Resources, Ltd. | 2,172,000 | 1,025,079 | ||||||
Wilmar International, Ltd. (a) | 1,130,000 | 4,569,948 | ||||||
5,595,027 | ||||||||
SOUTH AFRICA — 0.8% | ||||||||
AngloGold Ashanti, Ltd. ADR (a) | 18,870 | 780,463 | ||||||
Gold Fields, Ltd. ADR (a) | 35,934 | 550,509 | ||||||
1,330,972 | ||||||||
SOUTH KOREA — 1.2% | ||||||||
POSCO ADR | 26,646 | 2,025,362 | ||||||
SPAIN — 0.7% | ||||||||
Repsol YPF SA | 42,907 | 1,150,215 | ||||||
SWEDEN — 0.8% | ||||||||
Svenska Cellulosa AB (Class B) | 101,848 | 1,250,820 | ||||||
SWITZERLAND — 4.2% | ||||||||
Syngenta AG (c) | 15,708 | 4,124,582 |
See accompanying notes to financial statements.
183
SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Xstrata PLC | 218,219 | $ | 2,790,240 | |||||
6,914,822 | ||||||||
UNITED KINGDOM — 6.9% | ||||||||
Anglo American PLC | 101,891 | 3,537,998 | ||||||
Antofagasta PLC | 77,267 | 1,115,196 | ||||||
BG Group PLC | 117,863 | 2,279,480 | ||||||
BP PLC | 662,026 | 4,006,616 | ||||||
Lonmin PLC | 15,307 | 250,613 | ||||||
11,189,903 | ||||||||
UNITED STATES — 29.7% | ||||||||
Alcoa, Inc. (a) | 78,731 | 753,456 | ||||||
Apache Corp. | 13,160 | 1,055,958 | ||||||
Archer-Daniels-Midland Co. (a) | 113,569 | 2,817,647 | ||||||
Bunge, Ltd. | 24,762 | 1,443,377 | ||||||
CF Industries Holdings, Inc. (a) | 12,166 | 1,501,163 | ||||||
Chevron Corp. (a) | 68,291 | 6,318,283 | ||||||
ConocoPhillips | 48,135 | 3,047,908 | ||||||
CONSOL Energy, Inc. (a) | 7,725 | 262,109 | ||||||
Exxon Mobil Corp. (a) | 125,098 | 9,085,868 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 70,332 | 2,141,610 | ||||||
International Paper Co. (a) | 69,967 | 1,626,733 | ||||||
MeadWestvaco Corp. (a) | 28,209 | 692,813 | ||||||
Monsanto Co. (a) | 85,802 | 5,151,552 | ||||||
Newmont Mining Corp. (a) | 39,979 | 2,514,679 | ||||||
Nucor Corp. (a) | 22,916 | 725,062 | ||||||
Occidental Petroleum Corp. | 27,980 | 2,000,570 | ||||||
Peabody Energy Corp. | 9,010 | 305,259 | ||||||
Plum Creek Timber Co., Inc. (a) | 27,329 | 948,590 | ||||||
Rayonier, Inc. (a) | 30,786 | 1,132,617 | ||||||
The Mosaic Co. | 72,165 | 3,533,920 | ||||||
Weyerhaeuser Co. (a) | 89,357 | 1,389,501 | ||||||
48,448,675 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $204,766,784) | 161,700,877 | |||||||
SHORT TERM INVESTMENTS — 13.8% | ||||||||
UNITED STATES — 13.8% | ||||||||
MONEY MARKET FUNDS — 13.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 22,020,663 | 22,020,663 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (f)(g) | 543,009 | 543,009 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $22,563,672) | 22,563,672 | |||||||
TOTAL INVESTMENTS — 113.0% | ||||||||
(Cost $227,330,456) | 184,264,549 | |||||||
OTHER ASSETS & LIABILITIES — (13.0)% | (21,188,272 | ) | ||||||
NET ASSETS — 100.0% | $ | 163,076,277 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2) | |||||
(c) | Non-income producing security. | |||||
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.6% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(g) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
184
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 5.9% | ||||||||
Alumina, Ltd. | 232,914 | $ | 335,027 | |||||
Amcor, Ltd. | 106,302 | 715,973 | ||||||
AMP, Ltd. | 71,584 | 274,812 | ||||||
Australia & New Zealand Banking Group, Ltd. | 44,687 | 847,779 | ||||||
BHP Billiton, Ltd. | 104,285 | 3,549,439 | ||||||
BlueScope Steel, Ltd. (a) | 148,262 | 105,190 | ||||||
Boral, Ltd. (a) | 148,699 | 505,822 | ||||||
Brambles, Ltd. | 54,547 | 343,002 | ||||||
CFS Retail Property Trust | 174,140 | 296,182 | ||||||
Coca-Cola Amatil, Ltd. | 74,313 | 861,642 | ||||||
Commonwealth Bank of Australia | 38,069 | 1,685,317 | ||||||
CSL, Ltd. | 21,318 | 614,939 | ||||||
Fortescue Metals Group, Ltd. (a) | 63,828 | 274,192 | ||||||
Foster’s Group, Ltd. | 87,564 | 449,347 | ||||||
Insurance Australia Group, Ltd. | 80,000 | 234,811 | ||||||
Lend Lease Group | 67,849 | 464,235 | ||||||
Macquarie Group, Ltd. | 20,001 | 444,570 | ||||||
National Australia Bank, Ltd. | 44,184 | 960,623 | ||||||
Newcrest Mining, Ltd. | 18,300 | 606,139 | ||||||
Origin Energy, Ltd. | 59,572 | 775,834 | ||||||
OZ Minerals, Ltd. | 32,654 | 298,957 | ||||||
Qantas Airways, Ltd. (b) | 186,301 | 255,303 | ||||||
QBE Insurance Group, Ltd. | 27,036 | 338,439 | ||||||
Rio Tinto, Ltd. | 9,613 | 577,390 | ||||||
Santos, Ltd. | 53,530 | 591,534 | ||||||
Sonic Healthcare, Ltd. (a) | 27,359 | 303,129 | ||||||
Suncorp Group, Ltd. | 71,164 | 551,931 | ||||||
Toll Holdings, Ltd. (a) | 76,943 | 329,784 | ||||||
Transurban Group | 66,037 | 347,863 | ||||||
Wesfarmers, Ltd. (c) | 286 | 8,781 | ||||||
Wesfarmers, Ltd. (c) | 13,622 | 438,383 | ||||||
Westfield Group | 44,643 | 336,261 | ||||||
Westpac Banking Corp. (a) | 53,854 | 1,064,610 | ||||||
Woodside Petroleum, Ltd. | 19,862 | 626,990 | ||||||
Woolworths, Ltd. | 36,374 | 878,848 | ||||||
21,293,078 | ||||||||
AUSTRIA — 0.3% | ||||||||
Erste Group Bank AG | 14,799 | 384,409 | ||||||
OMV AG | 7,499 | 226,583 | ||||||
Raiffeisen International Bank-Holding AG (a) | 10,001 | 297,283 | ||||||
Telekom Austria AG | 15,326 | 155,846 | ||||||
1,064,121 | ||||||||
BELGIUM — 0.6% | ||||||||
Ageas | 118,508 | 208,929 | ||||||
Ageas VVPR Strip (b) | 5,332 | 7 | ||||||
Anheuser-Busch InBev NV | 16,170 | 862,930 | ||||||
Anheuser-Busch InBev NV — VVPR Strip (b) | 8,694 | 23 | ||||||
Delhaize Group | 3,379 | 199,071 | ||||||
Dexia SA (a)(b) | 51,673 | 100,320 | ||||||
KBC Groep NV | 9,702 | 227,801 | ||||||
Solvay SA | 2,994 | 285,211 | ||||||
UCB SA (a) | 5,037 | 216,801 | ||||||
2,101,093 | ||||||||
BRAZIL — 3.3% | ||||||||
Banco Bradesco SA ADR (a) | 67,527 | 998,724 | ||||||
Companhia de Bebidas das Americas Preference Shares ADR (a) | 48,310 | 1,480,701 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 50,699 | 752,373 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 47,387 | 376,253 | ||||||
Gerdau SA ADR (a) | 94,647 | 674,833 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 95,667 | 1,484,752 | ||||||
OGX Petroleo e Gas Participacoes SA ADR (a)(b) | 34,032 | 215,763 | ||||||
Petroleo Brasileiro SA ADR | 131,619 | 2,727,146 | ||||||
Tele Norte Leste Participacoes SA ADR (a) | 46,634 | 444,422 | ||||||
Vale SA ADR (a) | 15,761 | 359,351 | ||||||
Vale SA ADR Preference Shares (a) | 112,897 | 2,370,837 | ||||||
11,885,155 | ||||||||
CANADA — 7.8% | ||||||||
Agnico-Eagle Mines, Ltd. | 3,394 | 204,054 | ||||||
Agrium, Inc. | 5,558 | 372,027 | ||||||
Bank of Montreal | 18,304 | 1,030,561 | ||||||
Bank of Nova Scotia | 27,324 | 1,382,392 | ||||||
Barrick Gold Corp. (a) | 29,857 | 1,407,108 | ||||||
Brookfield Asset Management, Inc. (Class A) | 18,722 | 520,669 | ||||||
Brookfield Properties Corp. | 31,333 | 435,694 | ||||||
Cameco Corp. (a) | 12,540 | 231,534 | ||||||
Canadian Imperial Bank of Commerce (a) | 11,360 | 799,958 | ||||||
Canadian National Railway Co. | 16,285 | 1,094,418 | ||||||
Canadian Natural Resources, Ltd. (a) | 33,904 | 1,001,129 | ||||||
Canadian Pacific Railway, Ltd. (a) | 7,472 | 362,253 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 5,571 | 304,733 | ||||||
Cenovus Energy, Inc. | 23,503 | 727,836 | ||||||
Enbridge, Inc. | 30,578 | 981,559 | ||||||
EnCana Corp. (a) | 24,444 | 473,140 | ||||||
Enerplus Corp. (a) | 9,844 | 244,388 | ||||||
Gildan Activewear, Inc. | 13,109 | 342,176 | ||||||
Goldcorp, Inc. | 22,350 | 1,031,010 | ||||||
Husky Energy, Inc. | 12,675 | 275,990 | ||||||
IGM Financial, Inc. (a) | 10,585 | 452,431 | ||||||
Imperial Oil, Ltd. (a) | 14,216 | 513,498 | ||||||
Kinross Gold Corp. | 15,274 | 228,220 | ||||||
Loblaw Cos., Ltd. (a) | 10,111 | 382,686 | ||||||
Manulife Financial Corp. (a) | 44,539 | 510,336 | ||||||
National Bank of Canada (a) | 9,643 | 646,753 | ||||||
Nexen, Inc. (a) | 12,290 | 192,243 | ||||||
Onex Corp. (a) | 17,049 | 534,351 | ||||||
Penn West Petroleum, Ltd. (a) | 13,477 | 201,111 | ||||||
Potash Corp. of Saskatchewan, Inc. | 29,842 | 1,303,019 | ||||||
Research In Motion, Ltd. (b) | 15,476 | 317,228 | ||||||
Rogers Communications, Inc. (Class B) (a) | 15,097 | 519,677 | ||||||
Royal Bank of Canada (a) | 35,454 | 1,635,161 |
See accompanying notes to financial statements.
185
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Shaw Communications, Inc. (a) | 16,178 | $ | 330,065 | |||||
Shoppers Drug Mart Corp. (a) | 10,157 | 398,170 | ||||||
SNC-Lavalin Group, Inc. | 13,323 | 562,940 | ||||||
Sun Life Financial, Inc. | 17,982 | 431,927 | ||||||
Suncor Energy, Inc. (a) | 35,986 | 924,126 | ||||||
Talisman Energy, Inc. | 39,601 | 489,478 | ||||||
Teck Resources, Ltd. (Class B) | 21,851 | 648,369 | ||||||
TELUS Corp. | 8,198 | 384,312 | ||||||
Thomson Reuters Corp. (a) | 17,772 | 484,358 | ||||||
TMX Group, Inc. | 7,758 | 304,796 | ||||||
Toronto-Dominion Bank (a) | 22,182 | 1,587,789 | ||||||
TransAlta Corp. (a) | 19,341 | 423,366 | ||||||
TransCanada Corp. (a) | 18,383 | 750,456 | ||||||
28,379,495 | ||||||||
CHILE — 0.3% | ||||||||
Empresa Nacional de Electricidad SA ADR (a) | 16,214 | 702,715 | ||||||
Enersis SA ADR | 32,014 | 541,356 | ||||||
1,244,071 | ||||||||
CHINA — 2.3% | ||||||||
Agricultural Bank of China, Ltd. (a) | 680,000 | 225,364 | ||||||
Bank of China, Ltd. | 2,127,436 | 669,542 | ||||||
Bank of Communications Co., Ltd. (a) | 474,710 | 285,994 | ||||||
China Construction Bank Corp. | 1,602,720 | 986,163 | ||||||
China COSCO Holdings Co., Ltd. (a) | 319,259 | 132,875 | ||||||
China Life Insurance Co., Ltd. (a) | 260,000 | 627,894 | ||||||
China Merchants Bank Co., Ltd. (a) | 160,000 | 246,225 | ||||||
China Petroleum & Chemical Corp. | 670,000 | 660,985 | ||||||
China Shenhua Energy Co., Ltd. | 63,500 | 253,274 | ||||||
China Telecom Corp., Ltd. | 806,000 | 513,537 | ||||||
Hengan International Group Co., Ltd. (a) | 30,500 | 246,633 | ||||||
Huaneng Power International, Inc. (a) | 528,000 | 227,213 | ||||||
Industrial & Commercial Bank of China (a) | 1,784,045 | 875,436 | ||||||
PetroChina Co., Ltd. | 650,000 | 807,412 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 65,000 | 369,055 | ||||||
Tencent Holdings, Ltd. | 26,700 | 563,170 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 124,000 | 305,510 | ||||||
Yanzhou Coal Mining Co., Ltd. | 124,000 | 272,697 | ||||||
Zijin Mining Group Co., Ltd. (a) | 592,000 | 174,146 | ||||||
8,443,125 | ||||||||
DENMARK — 0.8% | ||||||||
A P Moller — Maersk A/S | 65 | 385,821 | ||||||
Danske Bank A/S (b) | 34,966 | 495,227 | ||||||
DSV A/S | 16,853 | 306,302 | ||||||
Novo Nordisk A/S (Class B) | 15,592 | 1,563,108 | ||||||
Vestas Wind Systems A/S (a)(b) | 7,002 | 114,636 | ||||||
2,865,094 | ||||||||
FINLAND — 1.0% | ||||||||
Elisa Oyj | 10,778 | 222,263 | ||||||
Fortum Oyj | 16,058 | 381,347 | ||||||
Kesko Oyj (Class B) | 6,470 | 200,874 | ||||||
Kone Oyj (Class B) | 11,872 | 570,246 | ||||||
Metso Oyj | 14,568 | 431,769 | ||||||
Neste Oil Oyj | 10,300 | 90,310 | ||||||
Nokia Oyj | 37,412 | 213,231 | ||||||
Outokumpu Oyj (a) | 18,732 | 124,658 | ||||||
Sampo Oyj (Class A) | 17,156 | 435,735 | ||||||
Stora Enso Oyj | 43,720 | 259,391 | ||||||
UPM-Kymmene Oyj | 27,585 | 315,517 | ||||||
Wartsila Oyj | 20,621 | 495,520 | ||||||
YIT Oyj | 1 | 15 | ||||||
3,740,876 | ||||||||
FRANCE — 6.0% | ||||||||
Accor SA (a) | 7,737 | 209,172 | ||||||
Air France-KLM (a)(b) | 19,824 | 147,459 | ||||||
Air Liquide SA | 8,644 | 1,020,362 | ||||||
Alcatel-Lucent (b) | 155,090 | 456,953 | ||||||
Alstom SA | 6,896 | 230,153 | ||||||
AXA SA | 43,853 | 582,492 | ||||||
BNP Paribas | 26,847 | 1,082,420 | ||||||
Bouygues SA (a) | 7,360 | 246,231 | ||||||
Cap Gemini SA | 5,078 | 171,044 | ||||||
Carrefour SA | 18,317 | 421,231 | ||||||
Credit Agricole SA | 24,649 | 172,964 | ||||||
Danone | 16,859 | 1,045,031 | ||||||
Essilor International SA | 10,699 | 775,018 | ||||||
France Telecom SA | 55,804 | 920,929 | ||||||
GDF Suez | 31,759 | 956,192 | ||||||
L’Oreal SA | 8,598 | 846,507 | ||||||
Lagardere SCA | 5,866 | 145,721 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 7,021 | 938,711 | ||||||
Neopost SA (a) | 2,938 | 216,963 | ||||||
Pernod — Ricard SA (a) | 6,013 | 474,619 | ||||||
Peugeot SA | 13,496 | 292,709 | ||||||
PPR | 4,286 | 560,216 | ||||||
Publicis Groupe SA | 7,709 | 324,879 | ||||||
Renault SA | 13,726 | 461,694 | ||||||
Sanofi-Aventis SA | 29,887 | 1,978,905 | ||||||
Schneider Electric SA | 15,264 | 830,862 | ||||||
Societe Generale | 18,427 | 494,470 | ||||||
Sodexo | 4,573 | 304,233 | ||||||
Technip SA | 4,759 | 386,493 | ||||||
Total SA | 61,970 | 2,763,329 | ||||||
Unibail-Rodamco SE | 2,101 | 379,285 | ||||||
Vallourec SA | 3,162 | 184,547 | ||||||
Veolia Environnement (a) | 11,450 | 170,062 | ||||||
Vinci SA | 15,367 | 668,433 | ||||||
Vivendi SA | 37,364 | 768,763 | ||||||
21,629,052 | ||||||||
GERMANY — 5.1% | ||||||||
Adidas AG | 10,115 | 621,226 | ||||||
Allianz SE | 13,284 | 1,262,948 | ||||||
BASF SE | 27,209 | 1,682,394 | ||||||
Bayer AG | 21,711 | 1,207,424 | ||||||
Commerzbank AG (b) | 105,034 | 267,615 | ||||||
Daimler AG | 27,019 | 1,219,135 | ||||||
Deutsche Bank AG | 23,821 | 841,204 | ||||||
Deutsche Boerse AG (b) | 7,934 | 401,851 | ||||||
Deutsche Lufthansa AG | 12,042 | 157,625 | ||||||
Deutsche Post AG | 32,163 | 415,349 |
See accompanying notes to financial statements.
186
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Deutsche Telekom AG | 89,145 | $ | 1,056,239 | |||||
E.ON AG | 53,420 | 1,172,222 | ||||||
Fresenius Medical Care AG & Co. KGaA | 9,043 | 619,025 | ||||||
Linde AG | 4,249 | 574,364 | ||||||
MAN SE | 4,697 | 367,972 | ||||||
Merck KGaA | 3,322 | 274,113 | ||||||
Metro AG | 5,931 | 254,087 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 6,723 | 843,844 | ||||||
RWE AG | 14,938 | 555,573 | ||||||
Salzgitter AG | 1,970 | 95,827 | ||||||
SAP AG | 27,445 | 1,410,872 | ||||||
Siemens AG | 24,427 | 2,232,545 | ||||||
ThyssenKrupp AG | 11,793 | 293,432 | ||||||
TUI AG (b) | 32,646 | 169,817 | ||||||
Volkswagen AG | 3,858 | 482,378 | ||||||
18,479,081 | ||||||||
GREECE — 0.1% | ||||||||
Hellenic Telecommunications Organization SA ADR (a) | 38,923 | 85,241 | ||||||
National Bank of Greece SA ADR (a)(b) | 187,569 | 146,285 | ||||||
231,526 | ||||||||
HONG KONG — 3.5% | ||||||||
Bank of East Asia, Ltd. (a) | 216,464 | 671,519 | ||||||
Belle International Holdings, Ltd. (a) | 202,000 | 352,895 | ||||||
Cheung Kong Holdings, Ltd. | 65,000 | 714,731 | ||||||
China Merchants Holdings International Co., Ltd. (a) | 127,906 | 348,323 | ||||||
China Mobile, Ltd. | 199,500 | 1,975,844 | ||||||
China Overseas Land & Investment, Ltd. (a) | 132,000 | 191,945 | ||||||
China Resources Enterprise, Ltd. | 134,000 | 450,984 | ||||||
China Unicom (Hong Kong), Ltd. (a) | 268,000 | 559,083 | ||||||
Citic Pacific, Ltd. (a) | 132,000 | 188,892 | ||||||
CNOOC, Ltd. | 600,217 | 1,002,321 | ||||||
COSCO Pacific, Ltd. | 248,594 | 279,098 | ||||||
Esprit Holdings, Ltd. (a) | 53,704 | 65,882 | ||||||
Hang Lung Properties, Ltd. | 132,000 | 396,776 | ||||||
Henderson Land Development Co., Ltd. | 65,210 | 296,952 | ||||||
Hong Kong & China Gas Co., Ltd. | 393,118 | 889,783 | ||||||
Hong Kong Exchanges and Clearing, Ltd. (a) | 53,088 | 782,195 | ||||||
Hutchison Whampoa, Ltd. | 65,000 | 488,037 | ||||||
Li & Fung, Ltd. (a) | 264,000 | 448,323 | ||||||
New World Development Co., Ltd. | 376,541 | 365,670 | ||||||
Shangri-La Asia, Ltd. | 122,333 | 236,031 | ||||||
Sun Hung Kai Properties, Ltd. | 66,440 | 771,958 | ||||||
Swire Pacific, Ltd. | 65,000 | 672,147 | ||||||
The Link REIT (a) | 160,110 | 508,008 | ||||||
12,657,397 | ||||||||
HUNGARY — 0.2% | ||||||||
MOL Hungarian Oil and Gas NyRt (a)(b) | 4,046 | 275,681 | ||||||
Richter Gedeon NyRt | 3,913 | 535,923 | ||||||
811,604 | ||||||||
INDIA — 1.8% | ||||||||
Dr. Reddy’s Laboratories, Ltd. ADR (a) | 25,251 | 752,480 | ||||||
HDFC Bank, Ltd. ADR (a) | 45,145 | 1,315,977 | ||||||
ICICI Bank, Ltd. ADR (a) | 29,382 | 1,020,143 | ||||||
Infosys Technologies, Ltd. ADR (a) | 22,089 | 1,128,085 | ||||||
Reliance Industries, Ltd. GDR (d) | 38,240 | 1,245,094 | ||||||
Tata Motors, Ltd. ADR (a) | 65,147 | 1,001,961 | ||||||
6,463,740 | ||||||||
INDONESIA — 0.9% | ||||||||
Astra International Tbk PT | 255,500 | 1,850,122 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 1,750,600 | 1,165,075 | ||||||
Telekomunikasi Indonesia Tbk PT | 361,500 | 312,560 | ||||||
3,327,757 | ||||||||
IRELAND — 0.1% | ||||||||
CRH PLC | 7,327 | 114,478 | ||||||
Elan Corp. PLC (b) | 34,305 | 366,835 | ||||||
481,313 | ||||||||
ISRAEL — 0.5% | ||||||||
Bank Hapoalim BM | 127,650 | 455,589 | ||||||
Bank Leumi Le-Israel BM | 116,549 | 370,026 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 29,535 | 1,099,293 | ||||||
1,924,908 | ||||||||
ITALY — 1.7% | ||||||||
Assicurazioni Generali SpA | 30,511 | 488,783 | ||||||
Atlantia SpA | 20,999 | 304,847 | ||||||
Banca Monte dei Paschi di Siena SpA | 192,941 | 108,492 | ||||||
Enel SpA | 174,302 | 776,886 | ||||||
ENI SpA (a) | 71,341 | 1,265,395 | ||||||
Fiat Industrial SpA (b) | 46,542 | 353,753 | ||||||
Fiat SpA (a) | 47,281 | 259,711 | ||||||
Finmeccanica SpA | 14,481 | 101,517 | ||||||
Intesa Sanpaolo SpA | 314,418 | 502,007 | ||||||
Mediaset SpA | 36,966 | 117,546 | ||||||
Mediobanca SpA | 20,881 | 165,715 | ||||||
Pirelli & C. SpA | 78,091 | 562,640 | ||||||
Saipem SpA | 13,171 | 469,356 | ||||||
Telecom Italia SpA | 430,065 | 472,867 | ||||||
UBI Banca ScPA | 30,731 | 115,532 | ||||||
UniCredit SpA | 158,177 | 170,311 | ||||||
6,235,358 | ||||||||
JAPAN — 15.8% | ||||||||
Aeon Co., Ltd. (a) | 19,300 | 262,658 | ||||||
Aisin Seiki Co., Ltd. | 12,900 | 436,137 | ||||||
Asahi Breweries, Ltd. (a) | 19,700 | 421,449 | ||||||
Asahi Glass Co., Ltd. (a) | 67,000 | 662,351 | ||||||
Asahi Kasei Corp. (a) | 66,000 | 401,583 | ||||||
Astellas Pharma, Inc. (a) | 19,400 | 740,210 | ||||||
Bridgestone Corp. | 19,700 | 452,885 | ||||||
Canon, Inc. | 26,700 | 1,229,696 | ||||||
Central Japan Railway Co. (a) | 66 | 579,684 | ||||||
Chubu Electric Power Co., Inc. (a) | 26,200 | 496,943 | ||||||
Chuo Mitsui Trust Holdings, Inc. | 60,000 | 201,609 |
See accompanying notes to financial statements.
187
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Credit Saison Co., Ltd. (a) | 19,000 | $ | 371,964 | |||||
Daiichi Sankyo Co., Ltd. (a) | 26,300 | 552,750 | ||||||
Daikin Industries, Ltd. (a) | 19,400 | 562,771 | ||||||
Daiwa Securities Group, Inc. (a) | 64,000 | 242,449 | ||||||
Denso Corp. | 13,200 | 430,010 | ||||||
East Japan Railway Co. | 13,300 | 812,701 | ||||||
Eisai Co., Ltd. (a) | 6,600 | 267,579 | ||||||
Electric Power Development Co., Ltd. (a) | 6,600 | 196,253 | ||||||
Elpida Memory, Inc. (a)(b) | 26,000 | 167,307 | ||||||
FANUC Corp. (a) | 6,500 | 913,272 | ||||||
FUJIFILM Holdings Corp. (a) | 19,400 | 456,811 | ||||||
Fujitsu, Ltd. (a) | 66,000 | 315,958 | ||||||
Furukawa Electric Co., Ltd. (a) | 66,000 | 182,382 | ||||||
Hitachi, Ltd. (a) | 133,000 | 671,212 | ||||||
Hokuhoku Financial Group, Inc. | 132,000 | 291,126 | ||||||
Honda Motor Co., Ltd. (a) | 46,600 | 1,389,899 | ||||||
Hoya Corp. (a) | 13,200 | 308,765 | ||||||
Inpex Corp. | 67 | 420,706 | ||||||
ITOCHU Corp. (a) | 64,700 | 627,862 | ||||||
Japan Real Estate Investment Corp. | 67 | 655,397 | ||||||
Japan Retail Fund Investment Corp. (a) | 264 | 426,072 | ||||||
Japan Tobacco, Inc. (a) | 129 | 608,349 | ||||||
JFE Holdings, Inc. (a) | 19,400 | 396,910 | ||||||
JS Group Corp. | 12,900 | 365,344 | ||||||
JSR Corp. (a) | 13,200 | 230,503 | ||||||
JX Holdings, Inc. (a) | 116,708 | 666,211 | ||||||
Kajima Corp. (a) | 66,000 | 220,057 | ||||||
Kamigumi Co., Ltd. | 67,000 | 603,243 | ||||||
KDDI Corp. (a) | 66 | 458,952 | ||||||
Keikyu Corp. (a) | 65,423 | 607,718 | ||||||
Kintetsu Corp. (a) | 131,000 | 496,264 | ||||||
Kobe Steel, Ltd. (a) | 132,000 | 224,338 | ||||||
Komatsu, Ltd. (a) | 33,200 | 731,796 | ||||||
Konica Minolta Holdings, Inc. (a) | 33,000 | 229,048 | ||||||
Kubota Corp. (a) | 65,000 | 530,423 | ||||||
Kyocera Corp. (a) | 6,700 | 568,474 | ||||||
Makita Corp. | 6,400 | 231,738 | ||||||
Marubeni Corp. (a) | 64,000 | 364,504 | ||||||
Marui Group Co., Ltd. (a) | 39,500 | 301,836 | ||||||
Mitsubishi Chemical Holdings Corp. (a) | 66,000 | 452,958 | ||||||
Mitsubishi Corp. | 46,400 | 958,339 | ||||||
Mitsubishi Electric Corp. | 67,000 | 604,113 | ||||||
Mitsubishi Estate Co., Ltd. | 66,618 | 1,095,896 | ||||||
Mitsubishi Heavy Industries, Ltd. (a) | 131,000 | 559,146 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 267,000 | 1,226,233 | ||||||
Mitsui & Co., Ltd. (a) | 65,100 | 957,750 | ||||||
Mitsui Chemicals, Inc. (a) | 66,000 | 223,482 | ||||||
Mizuho Financial Group, Inc. (a) | 358,800 | 530,659 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 18,700 | 411,458 | ||||||
Murata Manufacturing Co., Ltd. (a) | 6,600 | 361,767 | ||||||
NEC Corp. (a)(b) | 61,000 | 125,830 | ||||||
Nidec Corp. (a) | 6,300 | 515,737 | ||||||
Nippon Steel Corp. (a) | 194,000 | 563,778 | ||||||
Nippon Telegraph & Telephone Corp. | 13,100 | 633,926 | ||||||
Nippon Yusen KK (a) | 66,000 | 180,669 | ||||||
Nissan Motor Co., Ltd. (a) | 66,800 | 600,576 | ||||||
Nitto Denko Corp. (a) | 13,100 | 525,156 | ||||||
NKSJ Holdings, Inc. (a) | 15,484 | 346,924 | ||||||
Nomura Holdings, Inc. (a) | 71,800 | 266,409 | ||||||
NTT Data Corp. (a) | 66 | 206,700 | ||||||
NTT DoCoMo, Inc. | 520 | 955,942 | ||||||
Obayashi Corp. | 66,000 | 331,370 | ||||||
ORIX Corp. (a) | 7,120 | 567,161 | ||||||
Osaka Gas Co., Ltd. (a) | 131,000 | 547,250 | ||||||
Panasonic Corp. (a) | 66,700 | 652,462 | ||||||
Resona Holdings, Inc. | 19,700 | 95,075 | ||||||
Rohm Co., Ltd. (a) | 6,400 | 337,104 | ||||||
Secom Co., Ltd. (a) | 6,600 | 321,095 | ||||||
Seven & I Holdings Co., Ltd. | 26,700 | 758,255 | ||||||
Sharp Corp. (a) | 63,000 | 536,170 | ||||||
Shin-Etsu Chemical Co., Ltd. (a) | 13,100 | 650,921 | ||||||
Softbank Corp. (a) | 26,600 | 790,960 | ||||||
Sony Corp. (a) | 32,600 | 637,366 | ||||||
Sumitomo Chemical Co., Ltd. (a) | 66,000 | 257,732 | ||||||
Sumitomo Corp. (a) | 32,900 | 412,744 | ||||||
Sumitomo Electric Industries, Ltd. | 26,300 | 312,884 | ||||||
Sumitomo Metal Industries, Ltd. (a) | 132,000 | 277,426 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 19,700 | 563,806 | ||||||
T&D Holdings, Inc. (a) | 12,900 | 123,343 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 26,700 | 1,274,728 | ||||||
TDK Corp. (a) | 6,600 | 234,014 | ||||||
Teijin, Ltd. (a) | 131,000 | 477,569 | ||||||
Terumo Corp. (a) | 13,100 | 690,860 | ||||||
The Bank of Yokohama, Ltd. (a) | 66,000 | 334,795 | ||||||
The Chiba Bank, Ltd. (a) | 62,000 | 433,550 | ||||||
The Joyo Bank, Ltd. (a) | 66,000 | 309,964 | ||||||
The Kansai Electric Power Co., Inc. (a) | 32,400 | 566,622 | ||||||
The Shizuoka Bank, Ltd. (a) | 67,000 | 708,420 | ||||||
The Tokyo Electric Power Co., Inc. (a)(b) | 45,900 | 142,916 | ||||||
Tokio Marine Holdings, Inc. | 19,700 | 507,068 | ||||||
Tokyo Electron, Ltd. (a) | 6,600 | 304,826 | ||||||
Tokyo Gas Co., Ltd. | 131,000 | 613,531 | ||||||
Tokyu Corp. (a) | 66,000 | 333,939 | ||||||
Toppan Printing Co., Ltd. (a) | 66,000 | 487,208 | ||||||
Toray Industries, Inc. (a) | 66,000 | 468,371 | ||||||
Toshiba Corp. (a) | 66,000 | 274,001 | ||||||
Toyota Motor Corp. | 79,500 | 2,772,392 | ||||||
Toyota Tsusho Corp. (a) | 19,100 | 332,292 | ||||||
West Japan Railway Co. (a) | 13,100 | 564,245 | ||||||
Yahoo! Japan Corp. (a) | 855 | 268,990 | ||||||
Yamada Denki Co., Ltd. (a) | 3,870 | 273,631 | ||||||
Yamaha Corp. | 25,400 | 279,110 | ||||||
Yamaha Motor Co., Ltd. (a)(b) | 26,300 | 353,487 | ||||||
57,467,260 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
ArcelorMittal | 21,538 | 349,082 | ||||||
MEXICO — 1.0% | ||||||||
America Movil SAB de CV (a) | 1,158,359 | 1,282,342 | ||||||
Cemex SAB de CV (a)(b) | 439,260 | 141,023 |
See accompanying notes to financial statements.
188
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Fomento Economico Mexicano SAB de CV (a) | 61,383 | $ | 400,173 | |||||
Grupo Financiero Banorte SAB de CV (a) | 136,826 | 407,221 | ||||||
Grupo Modelo SAB de CV | 78,047 | 448,031 | ||||||
Grupo Televisa SA de CV (Series CPO) | 119,985 | 443,510 | ||||||
Telefonos de Mexico SA de CV (a) | 458,984 | 344,825 | ||||||
3,467,125 | ||||||||
NETHERLANDS — 3.2% | ||||||||
Aegon NV (b) | 18,340 | 75,395 | ||||||
Akzo Nobel NV | 9,984 | 446,406 | ||||||
ASML Holding NV | 15,752 | 551,187 | ||||||
European Aeronautic Defence and Space Co. NV | 15,442 | 439,337 | ||||||
Heineken NV | 8,337 | 375,170 | ||||||
ING Groep NV (b) | 80,621 | 576,866 | ||||||
James Hardie Industries SE (b) | 80,964 | 452,461 | ||||||
Koninklijke (Royal) KPN NV | 62,818 | 834,485 | ||||||
Koninklijke Ahold NV | 42,783 | 506,056 | ||||||
Koninklijke DSM NV | 8,742 | 385,596 | ||||||
Koninklijke Philips Electronics NV | 38,358 | 697,350 | ||||||
Reed Elsevier NV | 32,572 | 359,623 | ||||||
Royal Dutch Shell PLC (Class A) | 115,448 | 3,596,898 | ||||||
SBM Offshore NV | 12,395 | 219,022 | ||||||
TNT Express NV | 17,181 | 120,307 | ||||||
TNT NV | 18,093 | 80,351 | ||||||
Unilever NV | 53,713 | 1,711,945 | ||||||
Wolters Kluwer NV | 15,877 | 260,419 | ||||||
11,688,874 | ||||||||
NORWAY — 0.7% | ||||||||
DnB NOR ASA | 83,855 | 848,406 | ||||||
Norsk Hydro ASA | 79,766 | 367,785 | ||||||
StatoilHydro ASA | 30,650 | 663,013 | ||||||
Telenor ASA | 25,446 | 395,711 | ||||||
Yara International ASA | 6,522 | 252,837 | ||||||
2,527,752 | ||||||||
POLAND — 0.1% | ||||||||
Telekomunikacja Polska SA GDR | 86,537 | 457,564 | ||||||
PORTUGAL — 0.1% | ||||||||
Banco Comercial Portugues SA (a)(b) | 278,036 | 72,743 | ||||||
Portugal Telecom SGPS SA | 49,217 | 363,189 | ||||||
435,932 | ||||||||
RUSSIA — 1.0% | ||||||||
Gazprom OAO ADR | 152,953 | 1,482,115 | ||||||
Lukoil OAO ADR | 18,977 | 952,456 | ||||||
Mechel OAO ADR | 31,471 | 320,689 | ||||||
Mobile TeleSystems ADR | 30,699 | 377,598 | ||||||
Tatneft ADR | 25,428 | 631,631 | ||||||
3,764,489 | ||||||||
SINGAPORE — 1.3% | ||||||||
CapitaLand, Ltd. (a) | 131,000 | 248,308 | ||||||
DBS Group Holdings, Ltd. | 64,852 | 589,247 | ||||||
Fraser and Neave, Ltd. (a) | 134,000 | 595,396 | ||||||
Singapore Exchange, Ltd. (a) | 133,000 | 676,686 | ||||||
Singapore Press Holdings, Ltd. (a) | 197,000 | 568,429 | ||||||
Singapore Telecommunications, Ltd. (a) | 534,000 | 1,303,139 | ||||||
United Overseas Bank, Ltd. | 67,014 | 874,252 | ||||||
4,855,457 | ||||||||
SOUTH AFRICA — 1.5% | ||||||||
Anglo Platinum, Ltd. (a) | 5,183 | 357,177 | ||||||
AngloGold Ashanti, Ltd. | 13,663 | 575,984 | ||||||
Discovery Holdings, Ltd. | 1 | 5 | ||||||
FirstRand, Ltd. | 128,427 | 313,116 | ||||||
Gold Fields, Ltd. | 31,098 | 483,001 | ||||||
Harmony Gold Mining Co., Ltd. | 27,143 | 321,937 | ||||||
Impala Platinum Holdings, Ltd. | 19,727 | 403,050 | ||||||
MTN Group, Ltd. | 46,671 | 769,229 | ||||||
Naspers, Ltd. | 13,503 | 589,512 | ||||||
Sanlam, Ltd. | 126,302 | 424,982 | ||||||
Sasol, Ltd. | 19,219 | 800,451 | ||||||
Standard Bank Group, Ltd. | 41,228 | 475,867 | ||||||
Telkom SA, Ltd. | 21,446 | 85,447 | ||||||
5,599,758 | ||||||||
SOUTH KOREA — 3.7% | ||||||||
Hana Financial Group, Inc. | 21,500 | 638,767 | ||||||
Hyundai Development Co. | 10,010 | 142,751 | ||||||
Hyundai Heavy Industries | 2,039 | 486,362 | ||||||
Hyundai Mobis | 5,333 | 1,545,961 | ||||||
Hyundai Motor Co. | 4,488 | 803,844 | ||||||
KB Financial Group, Inc. | 15,332 | 525,144 | ||||||
Kia Motors Corp. | 26,345 | 1,607,916 | ||||||
Korea Electric Power Corp. ADR (b) | 18,518 | 157,403 | ||||||
KT Corp. ADR | 13,316 | 196,811 | ||||||
KT&G Corp. | 4,978 | 310,584 | ||||||
LG Electronics, Inc. | 5,339 | 312,259 | ||||||
NHN Corp. (b) | 1,750 | 337,210 | ||||||
POSCO ADR | 9,632 | 732,128 | ||||||
Samsung C&T Corp. | 9,542 | 566,988 | ||||||
Samsung Electronics Co., Ltd. GDR | 6,528 | 2,316,787 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 2,028 | 372,702 | ||||||
Samsung Heavy Industries Co., Ltd. | 15,120 | 356,165 | ||||||
Samsung Securities Co., Ltd. | 6,250 | 275,880 | ||||||
Shinhan Financial Group Co., Ltd. | 12,040 | 429,252 | ||||||
Shinsegae Co., Ltd. | 250 | 58,359 | ||||||
SK Holdings Co., Ltd. | 4,170 | 476,096 | ||||||
SK Innovation Co., Ltd. | 4,693 | 565,686 | ||||||
SK Telecom Co., Ltd. ADR | 15,326 | 215,637 | ||||||
13,430,692 | ||||||||
SPAIN — 2.8% | ||||||||
Abertis Infraestructuras SA (a) | 23,968 | 373,031 | ||||||
Acciona SA | 2,552 | 217,939 | ||||||
Acerinox SA (a) | 22,780 | 258,968 | ||||||
ACS, Actividades de Construccion y Servicios SA (a) | 11,156 | 397,999 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 77,355 | 641,405 | ||||||
Banco Popular Espanol SA (a) | 63,155 | 294,878 | ||||||
Banco Santander SA | 196,554 | 1,641,372 | ||||||
Ferrovial SA | 35,117 | 404,778 | ||||||
Gas Natural SDG SA | 21,283 | 364,938 | ||||||
Iberdrola SA | 118,184 | 804,096 |
See accompanying notes to financial statements.
189
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Indra Sistemas SA (a) | 27,881 | $ | 405,502 | |||||
Industria de Diseno Textil SA | 10,190 | 879,925 | ||||||
Mapfre SA (a) | 74,902 | 234,960 | ||||||
Repsol YPF SA | 29,080 | 779,552 | ||||||
Telefonica SA | 131,236 | 2,539,945 | ||||||
10,239,288 | ||||||||
SWEDEN — 2.1% | ||||||||
Assa Abloy AB (Class B) | 17,177 | 356,885 | ||||||
Atlas Copco AB (Class B) | 39,512 | 625,914 | ||||||
Hennes & Mauritz AB (Class B) | 28,584 | 860,242 | ||||||
Husqvarna AB (Class B) | 79,670 | 324,911 | ||||||
Nordea Bank AB | 98,892 | 809,198 | ||||||
Sandvik AB | 35,391 | 412,230 | ||||||
Securitas AB (Class B) | 21,346 | 156,951 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 102,283 | 556,673 | ||||||
Skanska AB (Class B) | 21,278 | 297,103 | ||||||
SKF AB (Class B) | 20,684 | 394,213 | ||||||
Svenska Handelsbanken AB (Class A) | 18,180 | 466,134 | ||||||
Tele2 AB (Class B) | 26,507 | 487,054 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 91,391 | 886,871 | ||||||
TeliaSonera AB | 62,821 | 417,453 | ||||||
Volvo AB (Class A) | 57,454 | 575,109 | ||||||
7,626,941 | ||||||||
SWITZERLAND — 6.2% | ||||||||
ABB, Ltd. (b) | 63,367 | 1,100,184 | ||||||
Adecco SA (b) | 5,298 | 210,975 | ||||||
Credit Suisse Group AG (b) | 27,317 | 721,797 | ||||||
Geberit AG (b) | 1,967 | 365,334 | ||||||
Givaudan SA (b) | 519 | 406,263 | ||||||
Holcim, Ltd. (b) | 8,284 | 444,160 | ||||||
Kuehne & Nagel International AG | 6,458 | 730,907 | ||||||
Nestle SA | 111,589 | 6,155,025 | ||||||
Novartis AG | 61,340 | 3,430,664 | ||||||
Roche Holding AG | 20,996 | 3,400,321 | ||||||
SGS SA | 268 | 410,129 | ||||||
Swiss Re Ltd. (b) | 8,944 | 418,693 | ||||||
Syngenta AG (b) | 3,497 | 918,237 | ||||||
The Swatch Group AG | 2,210 | 735,531 | ||||||
UBS AG (b) | 89,522 | 1,038,822 | ||||||
Wolseley PLC | 16,404 | 410,655 | ||||||
Xstrata PLC | 45,257 | 578,675 | ||||||
Zurich Financial Services AG (b) | 4,128 | 868,048 | ||||||
22,344,420 | ||||||||
TAIWAN — 2.1% | ||||||||
Advanced Semiconductor Engineering Inc, ADR (a) | 170,950 | 721,409 | ||||||
AU Optronics Corp. ADR (a) | 87,277 | 345,617 | ||||||
Chunghwa Telecom Co. Ltd ADR | 24,627 | 812,691 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 362,980 | 1,644,299 | ||||||
Siliconware Precision Industries Co. ADR (a) | 126,088 | 602,701 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 235,508 | 2,691,856 | ||||||
United Microelectronics Corp. ADR (a) | 459,589 | 877,815 | ||||||
7,696,388 | ||||||||
THAILAND — 0.5% | ||||||||
Bangkok Bank PCL | 301,476 | 1,435,369 | ||||||
PTT PCL | 53,377 | 446,454 | ||||||
1,881,823 | ||||||||
TURKEY — 0.2% | ||||||||
Akbank TAS | 147,048 | 580,458 | ||||||
Turkiye Is Bankasi | 108,336 | 280,242 | ||||||
860,700 | ||||||||
UNITED KINGDOM — 14.8% | ||||||||
3i Group PLC | 77,174 | 225,656 | ||||||
Anglo American PLC | 42,090 | 1,461,506 | ||||||
AstraZeneca PLC | 42,817 | 1,912,965 | ||||||
BAE Systems PLC | 100,866 | 420,006 | ||||||
Barclays PLC | 301,601 | 758,077 | ||||||
BG Group PLC | 103,599 | 2,003,614 | ||||||
BHP Billiton PLC | 50,156 | 1,357,952 | ||||||
BP PLC | 583,982 | 3,534,290 | ||||||
British American Tobacco PLC | 57,606 | 2,448,518 | ||||||
British Land Co. PLC | 71,898 | 533,133 | ||||||
British Sky Broadcasting Group PLC | 42,385 | 438,422 | ||||||
BT Group PLC | 102,159 | 276,432 | ||||||
Burberry Group PLC | 51,267 | 937,600 | ||||||
Capita Group PLC | 27,559 | 303,310 | ||||||
Centrica PLC | 192,689 | 893,609 | ||||||
Cobham PLC | 91,545 | 249,280 | ||||||
Compass Group PLC | 80,149 | 650,500 | ||||||
Diageo PLC | 79,581 | 1,527,326 | ||||||
Experian PLC | 47,021 | 531,058 | ||||||
G4S PLC | 68,718 | 285,821 | ||||||
GlaxoSmithKline PLC | 148,955 | 3,093,121 | ||||||
Hammerson PLC | 59,849 | 352,606 | ||||||
HSBC Holdings PLC | 509,803 | 3,946,236 | ||||||
ICAP PLC | 71,636 | 460,216 | ||||||
Imperial Tobacco Group PLC | 30,390 | 1,029,205 | ||||||
Inchcape PLC | 43 | 187 | ||||||
Intercontinental Hotels Group PLC | 32,032 | 524,443 | ||||||
International Power PLC (a) | 53,804 | 257,147 | ||||||
J Sainsbury PLC | 64,712 | 277,021 | ||||||
Land Securities Group PLC | 33,808 | 338,116 | ||||||
Lloyds Banking Group PLC (b) | 310,110 | 168,429 | ||||||
Marks & Spencer Group PLC | 55,091 | 269,992 | ||||||
National Grid PLC | 135,490 | 1,347,658 | ||||||
Next PLC | 11,027 | 434,943 | ||||||
Old Mutual PLC | 393,650 | 643,889 | ||||||
Pearson PLC | 29,614 | 525,451 | ||||||
Prudential PLC | 40,546 | 352,131 | ||||||
Reckitt Benckiser Group PLC | 20,721 | 1,056,497 | ||||||
Reed Elsevier PLC | 43,118 | 332,085 | ||||||
Rio Tinto PLC | 39,159 | 1,762,039 | ||||||
Rolls-Royce Holdings PLC (b) | 60,748 | 563,068 | ||||||
Royal Bank of Scotland Group PLC (b) | 724,479 | 265,107 | ||||||
Royal Dutch Shell PLC (Class B) | 80,709 | 2,529,657 | ||||||
RSA Insurance Group PLC | 101,438 | 175,718 |
See accompanying notes to financial statements.
190
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
SABMiller PLC | 26,808 | $ | 880,124 | |||||
Scottish & Southern Energy PLC | 35,111 | 708,312 | ||||||
Severn Trent PLC | 19,102 | 458,557 | ||||||
Smith & Nephew PLC | 41,075 | 372,402 | ||||||
Smiths Group PLC | 16,640 | 259,088 | ||||||
Standard Chartered PLC | 39,061 | 783,129 | ||||||
Standard Life PLC | 96,914 | 301,945 | ||||||
Tesco PLC | 231,758 | 1,364,703 | ||||||
The Sage Group PLC | 62,655 | 250,257 | ||||||
Tullow Oil PLC | 6,488 | 132,301 | ||||||
Unilever PLC | 41,320 | 1,300,883 | ||||||
United Utilities Group PLC | 28,865 | 280,587 | ||||||
Vodafone Group PLC | 1,586,953 | 4,109,958 | ||||||
Whitbread PLC | 24,288 | 599,320 | ||||||
WPP PLC | 42,012 | 393,332 | ||||||
53,648,935 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $452,329,493) | 361,600,324 | |||||||
WARRANT — 0.0% (e) | ||||||||
SPAIN — 0.0% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (expiring 10/11/20) (a)(b) (Cost $10,558) | 77,355 | 11,417 | ||||||
SHORT TERM INVESTMENTS — 12.7% | ||||||||
UNITED STATES — 12.7% | ||||||||
MONEY MARKET FUNDS — 12.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 46,062,418 | 46,062,418 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 210,664 | 210,664 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $46,273,082) | 46,273,082 | |||||||
TOTAL INVESTMENTS — 112.1% | ||||||||
(Cost $498,613,133) | 407,884,823 | |||||||
OTHER ASSETS & LIABILITIES — (12.1)% | (44,171,791 | ) | ||||||
NET ASSETS — 100.0% | $ | 363,713,032 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.3% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
191
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.7% | ||||||||
AIR FREIGHT & LOGISTICS — 0.5% | ||||||||
Yamato Holdings Co., Ltd. (a) | 3,780 | $ | 69,588 | |||||
AIRLINES — 0.2% | ||||||||
All Nippon Airways Co., Ltd. (a) | 10,000 | 31,526 | ||||||
AUTO COMPONENTS — 2.9% | ||||||||
Aisin Seiki Co., Ltd. (a) | 1,168 | 39,489 | ||||||
Bridgestone Corp. | 3,803 | 87,428 | ||||||
Denso Corp. (a) | 2,647 | 86,230 | ||||||
FCC Co., Ltd. (a) | 984 | 20,655 | ||||||
Futaba Industrial Co., Ltd. (a) | 408 | 3,181 | ||||||
Keihin Corp. (a) | 556 | 9,673 | ||||||
NGK Spark Plug Co., Ltd. (a) | 2,160 | 29,620 | ||||||
NHK Spring Co., Ltd. | 340 | 3,057 | ||||||
Nifco, Inc. (a) | 1,028 | 26,714 | ||||||
Nissin Kogyo Co., Ltd. | 616 | 9,286 | ||||||
NOK Corp. (a) | 1,016 | 18,559 | ||||||
Showa Corp. (b) | 2,012 | 12,086 | ||||||
Stanley Electric Co., Ltd. | 644 | 9,884 | ||||||
Sumitomo Rubber Industries, Inc. (a) | 1,808 | 23,409 | ||||||
Tokai Rika Co., Ltd. | 20 | 365 | ||||||
Toyo Tire & Rubber Co., Ltd. | 3,851 | 9,742 | ||||||
Toyota Industries Corp. | 1,172 | 34,667 | ||||||
424,045 | ||||||||
AUTOMOBILES — 7.1% | ||||||||
Daihatsu Motor Co., Ltd. | 464 | 8,482 | ||||||
Fuji Heavy Industries, Ltd. (a) | 4,347 | 25,829 | ||||||
Honda Motor Co., Ltd. (a) | 9,574 | 285,556 | ||||||
Isuzu Motors, Ltd. | 9,651 | 42,070 | ||||||
Mazda Motor Corp. (a)(b) | 6,123 | 12,551 | ||||||
Mitsubishi Motors Corp. (a)(b) | 26,173 | 34,974 | ||||||
Nissan Motor Co., Ltd. (a) | 13,562 | 121,931 | ||||||
Suzuki Motor Corp. | 2,192 | 48,970 | ||||||
Toyota Motor Corp. | 12,977 | 452,545 | ||||||
Yamaha Motor Co., Ltd. (a)(b) | 1,216 | 16,344 | ||||||
1,049,252 | ||||||||
BEVERAGES — 1.2% | ||||||||
Asahi Breweries, Ltd. (a) | 2,584 | 55,280 | ||||||
Ito En, Ltd. | 1,556 | 28,706 | ||||||
Kirin Holdings Co., Ltd. | 6,207 | 81,896 | ||||||
Takara Holdings, Inc. (a) | 2,479 | 15,148 | ||||||
181,030 | ||||||||
BUILDING PRODUCTS — 1.4% | ||||||||
Aica Kogyo Co., Ltd. (a) | 284 | 4,115 | ||||||
Asahi Glass Co., Ltd. (a) | 6,299 | 62,271 | ||||||
Daikin Industries, Ltd. (a) | 1,432 | 41,541 | ||||||
JS Group Corp. | 1,772 | 50,185 | ||||||
Nippon Sheet Glass Co., Ltd. (a) | 6,000 | 13,622 | ||||||
TOTO, Ltd. (a) | 4,444 | 39,897 | ||||||
211,631 | ||||||||
CAPITAL MARKETS — 1.0% | ||||||||
Daiwa Securities Group, Inc. (a) | 8,482 | 32,132 | ||||||
Jafco Co., Ltd. | 212 | 4,007 | ||||||
Nomura Holdings, Inc. (a) | 21,176 | 78,572 | ||||||
Okasan Securities Group, Inc. | 2,107 | 7,189 | ||||||
SBI Holdings, Inc. (a) | 158 | 13,959 | ||||||
Tokai Tokyo Financial Holdings, Inc. (a) | 3,967 | 12,198 | ||||||
148,057 | ||||||||
CHEMICALS — 4.5% | ||||||||
Asahi Kasei Corp. | 5,859 | 35,650 | ||||||
Daicel Chemical Industries, Ltd. (a) | 2,055 | 11,864 | ||||||
DIC Corp. (a) | 6,391 | 11,774 | ||||||
Hitachi Chemical Co., Ltd. (a) | 976 | 16,296 | ||||||
JSR Corp. (a) | 1,360 | 23,749 | ||||||
Kaneka Corp. (a) | 2,224 | 12,695 | ||||||
Kansai Paint Co., Ltd. (a) | 2,092 | 20,247 | ||||||
Kuraray Co., Ltd. (a) | 2,971 | 41,050 | ||||||
Mitsubishi Chemical Holdings Corp. (a) | 6,123 | 42,022 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,268 | 14,153 | ||||||
Mitsui Chemicals, Inc. (a) | 5,843 | 19,785 | ||||||
Nissan Chemical Industries, Ltd. (a) | 2,816 | 26,706 | ||||||
Nitto Denko Corp. (a) | 784 | 31,429 | ||||||
Shin-Etsu Chemical Co., Ltd. (a) | 2,420 | 120,246 | ||||||
Showa Denko K.K. (a) | 7,723 | 15,430 | ||||||
Sumitomo Chemical Co., Ltd. (a) | 9,674 | 37,777 | ||||||
Taiyo Nippon Sanso Corp. (a) | 4,180 | 29,392 | ||||||
Teijin, Ltd. (a) | 6,367 | 23,211 | ||||||
Tokai Carbon Co., Ltd. | 1,828 | 9,225 | ||||||
Toray Industries, Inc. (a) | 7,758 | 55,055 | ||||||
Tosoh Corp. (a) | 5,599 | 17,797 | ||||||
Ube Industries, Ltd. (a) | 9,543 | 32,190 | ||||||
Zeon Corp. (a) | 2,132 | 19,832 | ||||||
667,575 | ||||||||
COMMERCIAL BANKS — 9.1% | ||||||||
Chuo Mitsui Trust Holdings, Inc. (a) | 19,981 | 67,139 | ||||||
Fukuoka Financial Group, Inc. (a) | 6,000 | 25,454 | ||||||
Hokuhoku Financial Group, Inc. | 9,658 | 21,301 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 82,100 | 377,055 | ||||||
Mizuho Financial Group, Inc. (a) | 138,100 | 204,248 | ||||||
Resona Holdings, Inc. | 3,200 | 15,444 | ||||||
Shinsei Bank, Ltd. (a) | 9,726 | 11,104 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 8,000 | 228,957 | ||||||
Suruga Bank, Ltd. | 496 | 4,878 | ||||||
The 77 Bank, Ltd. (a) | 3,803 | 17,416 | ||||||
The Awa Bank, Ltd. (a) | 3,731 | 25,945 | ||||||
The Bank of Kyoto, Ltd. | 1,916 | 17,226 | ||||||
The Bank of Yokohama, Ltd. (a) | 7,947 | 40,312 | ||||||
The Chiba Bank, Ltd. (a) | 6,063 | 42,397 | ||||||
The Chugoku Bank, Ltd. | 1,504 | 22,361 | ||||||
The Hachijuni Bank, Ltd. (a) | 5,719 | 35,391 | ||||||
The Hiroshima Bank, Ltd. (a) | 5,811 | 29,025 | ||||||
The Hyakugo Bank, Ltd. | 4,147 | 17,808 | ||||||
The Iyo Bank, Ltd. | 1,180 | 12,155 | ||||||
The Joyo Bank, Ltd. (a) | 4,155 | 19,514 | ||||||
The Juroku Bank, Ltd. | 5,883 | 19,539 | ||||||
The Musashino Bank, Ltd. | 420 | 15,202 | ||||||
The Nanto Bank, Ltd. (a) | 2,391 | 14,486 | ||||||
The Nishi-Nippon City Bank, Ltd. | 7,799 | 24,283 | ||||||
The Shizuoka Bank, Ltd. (a) | 2,363 | 24,985 | ||||||
Yamaguchi Financial Group, Inc. (a) | 2,076 | 21,196 | ||||||
1,354,821 | ||||||||
See accompanying notes to financial statements.
192
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
COMMERCIAL SERVICES & SUPPLIES — 1.1% | ||||||||
Aeon Delight Co., Ltd. | 200 | $ | 4,325 | |||||
Dai Nippon Printing Co., Ltd. (a) | 3,739 | 39,194 | ||||||
Daiseki Co., Ltd. | 400 | 8,002 | ||||||
Nissha Printing Co., Ltd. (a) | 236 | 2,762 | ||||||
Park24 Co., Ltd. (a) | 1,000 | 12,468 | ||||||
Secom Co., Ltd. (a) | 1,368 | 66,554 | ||||||
Toppan Printing Co., Ltd. (a) | 4,299 | 31,735 | ||||||
165,040 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.0% (c) | ||||||||
Aiphone Co., Ltd. | 200 | 3,892 | ||||||
COMPUTERS & PERIPHERALS — 1.3% | ||||||||
Fujitsu, Ltd. (a) | 10,498 | 50,257 | ||||||
NEC Corp. (b) | 11,918 | 24,584 | ||||||
Seiko Epson Corp. (a) | 1,376 | 17,673 | ||||||
Toshiba Corp. (a) | 23,633 | 98,113 | ||||||
190,627 | ||||||||
CONSTRUCTION & ENGINEERING — 1.4% | ||||||||
Chiyoda Corp. | 1,688 | 16,753 | ||||||
COMSYS Holdings Corp. | 2,000 | 20,005 | ||||||
JGC Corp. | 1,760 | 43,932 | ||||||
Kajima Corp. (a) | 7,595 | 25,323 | ||||||
Maeda Corp. | 5,855 | 22,105 | ||||||
Obayashi Corp. | 5,679 | 28,513 | ||||||
Shimizu Corp. (a) | 5,559 | 24,809 | ||||||
Taisei Corp. (a) | 9,995 | 27,879 | ||||||
209,319 | ||||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
Taiheiyo Cement Corp. (a) | 9,607 | 17,823 | ||||||
CONSUMER FINANCE — 0.4% | ||||||||
Acom Co., Ltd. (a)(b) | 22 | 428 | ||||||
Aeon Credit Service Co., Ltd. (a) | 1,040 | 16,164 | ||||||
Credit Saison Co., Ltd. | 1,364 | 26,703 | ||||||
Orient Corp. (b) | 4,001 | 3,945 | ||||||
Promise Co., Ltd. (a)(b) | 714 | 6,105 | ||||||
53,345 | ||||||||
CONTAINERS & PACKAGING — 0.1% | ||||||||
Toyo Seikan Kaisha, Ltd. (a) | 1,048 | 16,166 | ||||||
DISTRIBUTORS — 0.1% | ||||||||
Canon Marketing Japan, Inc. | 992 | 12,201 | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.2% | ||||||||
Benesse Holdings, Inc. | 628 | 27,905 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.3% | ||||||||
ORIX Corp. (a) | 616 | 49,069 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7% | ||||||||
Nippon Telegraph & Telephone Corp. | 5,200 | 251,635 | ||||||
ELECTRIC UTILITIES — 2.6% | ||||||||
Chubu Electric Power Co., Inc. (a) | 3,963 | 75,167 | ||||||
Hokkaido Electric Power Co., Inc. (a) | 1,228 | 18,258 | ||||||
Hokuriku Electric Power Co. | 1,412 | 26,397 | ||||||
Kyushu Electric Power Co., Inc. (a) | 2,376 | 38,624 | ||||||
Shikoku Electric Power Co., Inc. (a) | 1,572 | 43,603 | ||||||
The Chugoku Electric Power Co., Inc. (a) | 1,648 | 29,313 | ||||||
The Kansai Electric Power Co., Inc. (a) | 4,811 | 84,136 | ||||||
The Okinawa Electric Power Co., Inc. | 36 | 1,621 | ||||||
The Tokyo Electric Power Co., Inc. (a)(b) | 8,567 | 26,675 | ||||||
Tohoku Electric Power Co., Inc. (a) | 2,843 | 39,834 | ||||||
383,628 | ||||||||
ELECTRICAL EQUIPMENT — 1.8% | ||||||||
Fuji Electric Holdings Co., Ltd. (a) | 6,099 | 16,062 | ||||||
Fujikura, Ltd. | 4,107 | 13,694 | ||||||
Furukawa Electric Co., Ltd. (a) | 3,899 | 10,774 | ||||||
Mitsubishi Electric Corp. | 11,974 | 107,965 | ||||||
Nidec Corp. (a) | 764 | 62,543 | ||||||
Sumitomo Electric Industries, Ltd. | 3,787 | 45,053 | ||||||
Ushio, Inc. (a) | 1,036 | 15,941 | ||||||
272,032 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.2% | ||||||||
Alps Electric Co., Ltd. (a) | 1,768 | 13,785 | ||||||
Citizen Holdings Co., Ltd. | 3,003 | 15,233 | ||||||
FUJIFILM Holdings Corp. (a) | 2,827 | 66,567 | ||||||
Hamamatsu Photonics K.K. (a) | 768 | 31,336 | ||||||
Hirose Electric Co., Ltd. (a) | 408 | 38,323 | ||||||
Hitachi, Ltd. (a) | 25,933 | 130,876 | ||||||
Horiba, Ltd. (a) | 404 | 12,406 | ||||||
Hoya Corp. | 2,632 | 61,566 | ||||||
Ibiden Co., Ltd. (a) | 996 | 21,424 | ||||||
Keyence Corp. (a) | 240 | 66,632 | ||||||
Kyocera Corp. (a) | 992 | 84,168 | ||||||
Murata Manufacturing Co., Ltd. (a) | 1,228 | 67,311 | ||||||
Nippon Electric Glass Co., Ltd. (a) | 3,548 | 32,774 | ||||||
Oki Electric Industry Co., Ltd. (b) | 12,166 | 11,206 | ||||||
Omron Corp. | 1,380 | 27,500 | ||||||
Shimadzu Corp. (a) | 2,312 | 19,767 | ||||||
TDK Corp. (a) | 996 | 35,315 | ||||||
Yaskawa Electric Corp. | 1,604 | 12,319 | ||||||
Yokogawa Electric Corp. (a)(b) | 1,964 | 18,855 | ||||||
767,363 | ||||||||
FOOD & STAPLES RETAILING — 2.0% | ||||||||
Aeon Co., Ltd. (a) | 4,403 | 59,921 | ||||||
Cawachi, Ltd. | 448 | 8,910 | ||||||
FamilyMart Co., Ltd. (a) | 952 | 36,657 | ||||||
Izumiya Co., Ltd. | 3,740 | 17,468 | ||||||
Lawson, Inc. (a) | 400 | 22,730 | ||||||
Seven & I Holdings Co., Ltd. | 4,439 | 126,063 | ||||||
UNY Co., Ltd. | 2,000 | 18,838 | ||||||
290,587 | ||||||||
FOOD PRODUCTS — 1.1% | ||||||||
Ajinomoto Co., Inc. (a) | 4,003 | 47,778 | ||||||
Hokuto Corp. | 400 | 9,331 | ||||||
Kikkoman Corp. (a) | 2,256 | 26,049 | ||||||
MEIJI Holdings Co., Ltd. (a) | 400 | 19,123 | ||||||
Nissin Foods Holding Co., Ltd. (a) | 640 | 25,906 | ||||||
Sakata Seed Corp. | 1,584 | 24,557 | ||||||
Yakult Honsha Co., Ltd. (a) | 564 | 17,685 | ||||||
170,429 | ||||||||
GAS UTILITIES — 1.0% | ||||||||
Osaka Gas Co., Ltd. (a) | 12,150 | 50,756 |
See accompanying notes to financial statements.
193
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Saibu Gas Co., Ltd. | 10,273 | $ | 27,988 | |||||
Tokyo Gas Co., Ltd. (a) | 13,873 | 64,974 | ||||||
143,718 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.8% | ||||||||
Nakanishi, Inc. | 200 | 18,241 | ||||||
Olympus Corp. (a) | 1,042 | 32,674 | ||||||
Sysmex Corp. (a) | 400 | 14,504 | ||||||
Terumo Corp. (a) | 956 | 50,417 | ||||||
115,836 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.4% | ||||||||
Medipal Holdings Corp. | 1,192 | 12,171 | ||||||
Miraca Holdings, Inc. (a) | 636 | 28,219 | ||||||
Suzuken Co., Ltd. (a) | 632 | 17,120 | ||||||
57,510 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.3% | ||||||||
Oriental Land Co., Ltd. (a) | 404 | 43,346 | ||||||
Round One Corp. | 800 | 5,864 | ||||||
49,210 | ||||||||
HOUSEHOLD DURABLES — 2.8% | ||||||||
Casio Computer Co., Ltd. (a) | 2,248 | 14,436 | ||||||
Funai Electric Co., Ltd. (a) | 395 | 7,784 | ||||||
Haseko Corp. (a)(b) | 9,139 | 5,810 | ||||||
Panasonic Corp. | 13,381 | 130,894 | ||||||
Pioneer Corp. (a)(b) | 2,360 | 10,073 | ||||||
Sangetsu Co., Ltd. | 176 | 4,726 | ||||||
Sekisui Chemical Co., Ltd. | 2,079 | 17,667 | ||||||
Sekisui House, Ltd. (a) | 3,679 | 35,081 | ||||||
Sharp Corp. (a) | 5,519 | 46,970 | ||||||
Sony Corp. (a) | 6,811 | 133,163 | ||||||
Sumitomo Forestry Co., Ltd. (a) | 1,368 | 12,051 | ||||||
418,655 | ||||||||
HOUSEHOLD PRODUCTS — 0.2% | ||||||||
Unicharm Corp. (a) | 632 | 30,542 | ||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2% | ||||||||
Electric Power Development Co., Ltd. (a) | 840 | 24,978 | ||||||
INDUSTRIAL CONGLOMERATES — 0.5% | ||||||||
Hankyu Hanshin Holdings, Inc. | 8,486 | 36,551 | ||||||
Keihan Electric Railway Co., Ltd. (a) | 5,747 | 27,736 | ||||||
Nisshinbo Holdings, Inc. | 1,584 | 13,995 | ||||||
78,282 | ||||||||
INSURANCE — 2.3% | ||||||||
MS&AD Insurance Group Holdings, Inc. (a) | 3,636 | 80,003 | ||||||
NKSJ Holdings, Inc. | 2,000 | 44,811 | ||||||
Sony Financial Holdings, Inc. | 1,600 | 24,785 | ||||||
T&D Holdings, Inc. | 4,220 | 40,349 | ||||||
The Dai-ichi Life Insurance Co., Ltd. | 42 | 44,245 | ||||||
Tokio Marine Holdings, Inc. | 4,447 | 114,463 | ||||||
348,656 | ||||||||
INTERNET & CATALOG RETAIL — 0.4% | ||||||||
Rakuten, Inc. (a) | 50 | 58,575 | ||||||
INTERNET SOFTWARE & SERVICES — 0.4% | ||||||||
DeNA Co., Ltd. (a) | 800 | 33,939 | ||||||
Yahoo! Japan Corp. (a) | 104 | 32,719 | ||||||
66,658 | ||||||||
IT SERVICES — 0.8% | ||||||||
CSK Corp. (a)(b)(d) | 756 | 2,928 | ||||||
IT Holdings Corp. | 832 | 8,117 | ||||||
Itochu Techno-Solutions Corp. (a) | 608 | 27,608 | ||||||
NET One Systems Co., Ltd. (a) | 14 | 37,216 | ||||||
Nomura Research Institute, Ltd. (a) | 300 | 6,908 | ||||||
NTT Data Corp. (a) | 8 | 25,055 | ||||||
Otsuka Corp. | 12 | 834 | ||||||
TKC Corp. | 400 | 8,428 | ||||||
117,094 | ||||||||
LEISURE EQUIPMENT & PRODUCTS — 1.4% | ||||||||
Namco Bandai Holdings, Inc. (a) | 2,232 | 30,434 | ||||||
Nikon Corp. (a) | 1,840 | 43,995 | ||||||
Roland Corp. | 200 | 1,521 | ||||||
Sankyo Co., Ltd. (a) | 640 | 34,914 | ||||||
Sega Sammy Holdings, Inc. | 2,031 | 48,087 | ||||||
Shimano, Inc. (a) | 592 | 31,681 | ||||||
Yamaha Corp. (a) | 1,192 | 13,099 | ||||||
203,731 | ||||||||
MACHINERY — 5.5% | ||||||||
Amada Co., Ltd. | 1,527 | 10,163 | ||||||
Amano Corp. | 1,236 | 11,209 | ||||||
FANUC Corp. (a) | 1,180 | 165,794 | ||||||
Glory, Ltd. | 1,044 | 24,718 | ||||||
IHI Corp. (a) | 10,311 | 23,142 | ||||||
JTEKT Corp. | 1,408 | 17,116 | ||||||
Kawasaki Heavy Industries, Ltd. (a) | 7,978 | 20,701 | ||||||
Komatsu, Ltd. (a) | 5,439 | 119,887 | ||||||
Komori Corp. (a) | 788 | 5,255 | ||||||
Kubota Corp. (a) | 3,663 | 29,891 | ||||||
Kurita Water Industries, Ltd. (a) | 976 | 27,642 | ||||||
Makita Corp. | 976 | 35,340 | ||||||
Minebea Co., Ltd. | 2,255 | 7,694 | ||||||
Mitsubishi Heavy Industries, Ltd. (a) | 19,676 | 83,983 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd. (a) | 7,567 | 12,860 | ||||||
Mori Seiki Co., Ltd. (a) | 968 | 8,816 | ||||||
NGK Insulators, Ltd. (a) | 2,320 | 35,546 | ||||||
NSK, Ltd. | 2,463 | 18,405 | ||||||
NTN Corp. (a) | 2,495 | 11,912 | ||||||
OKUMA Corp. | 1,648 | 10,198 | ||||||
OSG Corp. | 1,012 | 12,368 | ||||||
SMC Corp. (a) | 420 | 62,281 | ||||||
Sumitomo Heavy Industries, Ltd. (a) | 3,795 | 19,842 | ||||||
The Japan Steel Works, Ltd. | 1,708 | 10,370 | ||||||
THK Co., Ltd. (a) | 1,000 | 17,008 | ||||||
Toshiba Machine Co., Ltd. | 1,944 | 8,247 | ||||||
810,388 | ||||||||
MARINE — 0.3% | ||||||||
Kawasaki Kisen Kaisha, Ltd. (a) | 5,759 | 12,178 | ||||||
Mitsui OSK Lines, Ltd. (a) | 4,491 | 17,479 | ||||||
Nippon Yusen KK (a) | 7,995 | 21,886 | ||||||
51,543 | ||||||||
See accompanying notes to financial statements.
194
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
MEDIA — 0.6% | ||||||||
Dentsu, Inc. (a) | 1,600 | $ | 51,355 | |||||
Jupiter Telecommunications Co. | 8 | 8,666 | ||||||
Toho Co., Ltd. (a) | 1,352 | 23,837 | ||||||
83,858 | ||||||||
METALS & MINING — 2.5% | ||||||||
Daido Steel Co., Ltd. (a) | 2,199 | 13,294 | ||||||
Dowa Holdings Co., Ltd. | 1,767 | 9,972 | ||||||
JFE Holdings, Inc. | 3,047 | 62,339 | ||||||
Kobe Steel, Ltd. (a) | 17,645 | 29,988 | ||||||
Mitsubishi Materials Corp. (a) | 8,027 | 19,890 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 5,839 | 15,302 | ||||||
Nippon Steel Corp. (a) | 27,755 | 80,658 | ||||||
Nisshin Steel Co., Ltd. (a) | 5,951 | 10,809 | ||||||
Sumitomo Metal Industries, Ltd. (a) | 24,340 | 51,156 | ||||||
Sumitomo Metal Mining Co., Ltd. (a) | 3,575 | 48,097 | ||||||
Tokyo Steel Manufacturing Co., Ltd. (a) | 1,044 | 10,050 | ||||||
Yodogawa Steel Works, Ltd. | 3,963 | 18,458 | ||||||
370,013 | ||||||||
MULTILINE RETAIL — 0.7% | ||||||||
Isetan Mitsukoshi Holdings, Ltd. (a) | 2,441 | 24,986 | ||||||
J Front Retailing Co., Ltd. | 3,778 | 18,184 | ||||||
Marui Group Co., Ltd. (a) | 2,616 | 19,990 | ||||||
Ryohin Keikaku Co., Ltd. (a) | 236 | 13,135 | ||||||
Takashimaya Co., Ltd. | 2,332 | 17,185 | ||||||
The Daiei, Inc. (b) | 1,402 | 5,184 | ||||||
98,664 | ||||||||
OFFICE ELECTRONICS — 2.9% | ||||||||
Brother Industries, Ltd. (a) | 1,832 | 21,795 | ||||||
Canon, Inc. | 7,558 | 348,091 | ||||||
Konica Minolta Holdings, Inc. (a) | 4,075 | 28,284 | ||||||
Ricoh Co., Ltd. (a) | 3,555 | 30,163 | ||||||
428,333 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.1% | ||||||||
Cosmo Oil Co., Ltd. | 5,927 | 14,917 | ||||||
Inpex Corp. (a) | 8 | 50,234 | ||||||
JX Holdings, Inc. (a) | 14,500 | 82,771 | ||||||
TonenGeneral Sekiyu K.K. | 1,547 | 17,923 | ||||||
165,845 | ||||||||
PAPER & FOREST PRODUCTS — 0.4% | ||||||||
Nippon Paper Group, Inc. (a) | 800 | 21,464 | ||||||
OJI Paper Co., Ltd. (a) | 5,839 | 32,346 | ||||||
53,810 | ||||||||
PERSONAL PRODUCTS — 1.1% | ||||||||
Kao Corp. | 3,239 | 90,934 | ||||||
Mandom Corp. | 1,016 | 30,461 | ||||||
Shiseido Co., Ltd. (a) | 1,832 | 35,818 | ||||||
157,213 | ||||||||
PHARMACEUTICALS — 5.3% | ||||||||
Astellas Pharma, Inc. (a) | 2,771 | 105,728 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,616 | 27,653 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 4,051 | 85,140 | ||||||
Dainippon Sumitomo Pharma Co., Ltd. (a) | 960 | 10,674 | ||||||
Eisai Co., Ltd. (a) | 1,540 | 62,435 | ||||||
Hisamitsu Pharmaceutical Co., Inc. (a) | 404 | 19,498 | ||||||
Kissei Pharmaceutical Co., Ltd. | 1,000 | 21,990 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 1,833 | 20,641 | ||||||
Mitsubishi Tanabe Pharma Corp. | 2,000 | 37,390 | ||||||
Mochida Pharmaceutical Co., Ltd. | 2,000 | 23,041 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (a) | 200 | 5,371 | ||||||
Ono Pharmaceutical Co., Ltd. (a) | 432 | 25,921 | ||||||
Santen Pharmaceutical Co., Ltd. (a) | 956 | 40,185 | ||||||
Seikagaku Corp. (a) | 800 | 9,424 | ||||||
Shionogi & Co., Ltd. (a) | 1,996 | 29,857 | ||||||
Taisho Pharmaceutical Co., Ltd. (d) | 1,000 | 24,572 | ||||||
Takeda Pharmaceutical Co., Ltd. | 4,955 | 236,565 | ||||||
Torii Pharmaceutical Co., Ltd. | 200 | 4,146 | ||||||
Tsumura & Co. | 100 | 3,207 | ||||||
793,438 | ||||||||
PROFESSIONAL SERVICES — 0.1% | ||||||||
Meitic Corp. (a) | 812 | 15,675 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.0% | ||||||||
Daikyo, Inc. (b) | 4,256 | 6,957 | ||||||
Daito Trust Construction Co., Ltd. (a) | 764 | 70,770 | ||||||
Daiwa House Industry Co., Ltd. (a) | 4,363 | 56,830 | ||||||
Heiwa Real Estate Co., Ltd. (a) | 4,856 | 10,521 | ||||||
Leopalace21 Corp. (a)(b) | 1,044 | 2,316 | ||||||
Mitsubishi Estate Co., Ltd. (a) | 8,111 | 133,430 | ||||||
Mitsui Fudosan Co., Ltd. | 5,923 | 95,515 | ||||||
Sumitomo Realty & Development Co., Ltd. | 1,843 | 36,033 | ||||||
Tokyo Tatemono Co., Ltd. (a) | 3,540 | 10,930 | ||||||
Tokyu Land Corp. | 5,664 | 20,648 | ||||||
443,950 | ||||||||
ROAD & RAIL — 4.0% | ||||||||
Central Japan Railway Co. (a) | 10 | 87,831 | ||||||
East Japan Railway Co. | 2,400 | 146,653 | ||||||
Keikyu Corp. (a) | 4,355 | 40,454 | ||||||
Keisei Electric Railway Co., Ltd. | 2,147 | 14,707 | ||||||
Kintetsu Corp. (a) | 12,038 | 45,603 | ||||||
Nagoya Railroad Co., Ltd. | 8,362 | 24,518 | ||||||
Nankai Electric Railway Co., Ltd. | 6,111 | 27,035 | ||||||
Nippon Express Co., Ltd. (a) | 7,555 | 32,541 | ||||||
Odakyu Electric Railway Co., Ltd. (a) | 2,483 | 23,773 | ||||||
Sotetsu Holdings, Inc. (a) | 8,254 | 27,735 | ||||||
Tobu Railway Co., Ltd. (a) | 6,007 | 28,523 | ||||||
Tokyu Corp. (a) | 6,391 | 32,336 | ||||||
West Japan Railway Co. (a) | 1,400 | 60,301 | ||||||
592,010 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0% | ||||||||
Advantest Corp. (a) | 1,216 | 13,378 | ||||||
Dainippon Screen Manufacturing Co., Ltd. | 364 | 2,276 | ||||||
Disco Corp. (a) | 384 | 18,533 | ||||||
Elpida Memory, Inc. (a)(b) | 1,576 | 10,141 | ||||||
Rohm Co., Ltd. (a) | 576 | 30,339 | ||||||
Sanken Electric Co., Ltd. (a) | 2,404 | 9,325 | ||||||
Shinko Electric Industries Co., Ltd. (a) | 592 | 4,286 | ||||||
Sumco Corp. (a)(b) | 1,046 | 9,961 |
See accompanying notes to financial statements.
195
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Tokyo Electron, Ltd. (a) | 1,040 | $ | 48,033 | |||||
146,272 | ||||||||
SOFTWARE — 1.0% | ||||||||
Konami Corp. | 792 | 26,910 | ||||||
Nintendo Co., Ltd. (a) | 648 | 95,502 | ||||||
NSD Co., Ltd. (a) | 832 | 6,865 | ||||||
Square Enix Holdings Co., Ltd. (a) | 796 | 14,489 | ||||||
Trend Micro, Inc. (a) | 368 | 11,649 | ||||||
155,415 | ||||||||
SPECIALTY RETAIL — 1.5% | ||||||||
Aoyama Trading Co., Ltd. (a) | 984 | 17,221 | ||||||
Autobacs Seven Co., Ltd. | 180 | 8,092 | ||||||
Fast Retailing Co., Ltd. | 176 | 31,944 | ||||||
Hikari Tsushin, Inc. | 184 | 4,402 | ||||||
Nitori Holding Co., Ltd. | 210 | 21,251 | ||||||
Sanrio Co., Ltd. (a) | 448 | 21,214 | ||||||
Shimachu Co., Ltd. | 984 | 23,847 | ||||||
Shimamura Co., Ltd. (a) | 232 | 24,560 | ||||||
USS Co., Ltd. | 400 | 34,250 | ||||||
Yamada Denki Co., Ltd. (a) | 600 | 42,424 | ||||||
229,205 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.6% | ||||||||
Asics Corp. (a) | 2,064 | 28,411 | ||||||
Gunze, Ltd. (a) | 4,223 | 13,971 | ||||||
Onward Holdings Co., Ltd. | 1,580 | 12,647 | ||||||
The Japan Wool Textile Co., Ltd. (a) | 2,031 | 18,286 | ||||||
Toyobo Co., Ltd. | 8,302 | 12,279 | ||||||
85,594 | ||||||||
TOBACCO — 0.9% | ||||||||
Japan Tobacco, Inc. (a) | 30 | 141,476 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 4.2% | ||||||||
Hanwa Co., Ltd. (a) | 2,207 | 10,079 | ||||||
Inaba Denki Sangyo Co., Ltd. | 956 | 29,593 | ||||||
ITOCHU Corp. (a) | 8,566 | 83,126 | ||||||
Iwatani Corp. | 6,451 | 22,262 | ||||||
Marubeni Corp. (a) | 10,402 | 59,243 | ||||||
Mitsubishi Corp. | 7,607 | 157,114 | ||||||
Mitsui & Co., Ltd. (a) | 10,002 | 147,149 | ||||||
Sojitz Corp. (a) | 8,428 | 15,636 | ||||||
Sumitomo Corp. (a) | 6,375 | 79,977 | ||||||
Toyota Tsusho Corp. | 1,039 | 18,076 | ||||||
622,255 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.3% | ||||||||
Kamigumi Co., Ltd. | 2,395 | 21,564 | ||||||
Mitsubishi Logistics Corp. (a) | 2,216 | 24,235 | ||||||
45,799 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 2.9% | ||||||||
KDDI Corp. (a) | 18 | 125,169 | ||||||
NTT DoCoMo, Inc. (a) | 98 | 180,158 | ||||||
Softbank Corp. (a) | 4,415 | 131,281 | ||||||
436,608 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $17,749,494) | 14,659,395 | |||||||
SHORT TERM INVESTMENTS — 29.6% | ||||||||
UNITED STATES — 29.6% | ||||||||
MONEY MARKET FUNDS — 29.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 4,380,135 | 4,380,135 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (f)(g) | 6,856 | 6,856 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $4,386,991) | 4,386,991 | |||||||
TOTAL INVESTMENTS — 128.3% | ||||||||
(Cost $22,136,485) | 19,046,386 | |||||||
OTHER ASSETS & LIABILITIES — (28.3)% | (4,199,906 | ) | ||||||
NET ASSETS — 100.0% | $ | 14,846,480 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(e) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(g) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
196
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.6% | ||||||||
JAPAN — 98.6% | ||||||||
AIR FREIGHT & LOGISTICS — 0.3% | ||||||||
Kintetsu World Express, Inc. (a) | 9,500 | $ | 274,475 | |||||
AUTO COMPONENTS — 5.1% | ||||||||
Ahresty Corp. | 10,100 | 67,220 | ||||||
FCC Co., Ltd. (a) | 13,613 | 285,753 | ||||||
Futaba Industrial Co., Ltd. (a) | 18,794 | 146,539 | ||||||
Kayaba Industry Co., Ltd. (a) | 40,902 | 232,952 | ||||||
Keihin Corp. | 13,841 | 240,799 | ||||||
Musashi Seimitsu Industry Co., Ltd. | 8,152 | 198,512 | ||||||
NHK Spring Co., Ltd. | 38,000 | 341,645 | ||||||
Nifco, Inc. (a) | 17,479 | 454,209 | ||||||
Nissan Shatai Co., Ltd. | 47,000 | 387,805 | ||||||
Nissin Kogyo Co., Ltd. | 17,034 | 256,792 | ||||||
Press Kogyo Co., Ltd. (a) | 39,569 | 179,672 | ||||||
Showa Corp. (a)(b) | 22,139 | 132,983 | ||||||
Takata Corp. | 9,700 | 223,372 | ||||||
The Yokohama Rubber Co., Ltd. (a) | 46,986 | 276,747 | ||||||
Tokai Rika Co., Ltd. (a) | 14,000 | 255,371 | ||||||
Topre Corp. | 24,234 | 242,717 | ||||||
Toyo Tire & Rubber Co., Ltd. | 56,372 | 142,612 | ||||||
Toyoda Gosei Co., Ltd. (a) | 12,200 | 234,567 | ||||||
Toyota Boshoku Corp. (a) | 13,300 | 193,254 | ||||||
TS Tech Co., Ltd. (a) | 12,300 | 182,553 | ||||||
Unipres Corp. (a) | 12,400 | 339,279 | ||||||
5,015,353 | ||||||||
BEVERAGES — 1.2% | ||||||||
Coca-Cola West Co. Ltd. | 13,800 | 266,046 | ||||||
Ito En, Ltd. | 17,700 | 326,536 | ||||||
Mikuni Coca-Cola Bottling Co., Ltd. | 39,845 | 363,919 | ||||||
Sapporo Holdings, Ltd. (a) | 56,000 | 210,690 | ||||||
1,167,191 | ||||||||
BUILDING PRODUCTS — 2.2% | ||||||||
Aica Kogyo Co., Ltd. (a) | 23,519 | 340,824 | ||||||
Bunka Shutter Co., Ltd. | 76,577 | 238,434 | ||||||
Central Glass Co., Ltd. (a) | 77,309 | 381,129 | ||||||
Nichias Corp. (a) | 41,000 | 241,489 | ||||||
Nitto Boseki Co., Ltd. (a) | 84,020 | 260,519 | ||||||
Noritz Corp. | 9,965 | 230,121 | ||||||
Sankyo-Tateyama Holdings, Inc. (b) | 174,467 | 230,872 | ||||||
Sanwa Holdings Corp. (a) | 88,910 | 295,290 | ||||||
2,218,678 | ||||||||
CAPITAL MARKETS — 0.9% | ||||||||
Jafco Co., Ltd. (a) | 8,100 | 153,110 | ||||||
Matsui Securities Co., Ltd (a) | 23,800 | 108,996 | ||||||
Monex Group, Inc. (a) | 398 | 62,633 | ||||||
Okasan Securities Group, Inc. | 47,447 | 161,891 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 85,721 | 263,569 | ||||||
Toyo Securities Co., Ltd. | 75,457 | 112,578 | ||||||
862,777 | ||||||||
CHEMICALS — 6.3% | ||||||||
ADEKA Corp. | 35,013 | 379,292 | ||||||
Asahi Organic Chemicals Industry Co., Ltd. | 55,540 | 155,639 | ||||||
C. Uyemura & Co., Ltd. | 3,576 | 129,669 | ||||||
DIC Corp. (a) | 144,000 | 265,283 | ||||||
Fujikura Kasei Co., Ltd. | 30,538 | 154,116 | ||||||
Fujimi, Inc. | 9,473 | 113,312 | ||||||
Ishihara Sangyo Kaisha, Ltd. (a)(b) | 167,811 | 206,825 | ||||||
Kureha Corp. | 44,000 | 191,801 | ||||||
Lintec Corp. | 17,708 | 356,320 | ||||||
Nippon Paint Co., Ltd. (a) | 50,000 | 406,720 | ||||||
Nippon Shokubai Co., Ltd. (a) | 33,000 | 415,283 | ||||||
Nippon Soda Co., Ltd. | 46,065 | 211,560 | ||||||
Nippon Valqua Industries, Ltd. | 52,025 | 141,064 | ||||||
NOF Corp. (a) | 58,731 | 310,113 | ||||||
Okamoto Industries, Inc. (a) | 89,841 | 382,302 | ||||||
Sumitomo Bakelite Co., Ltd. (a) | 53,000 | 286,041 | ||||||
Taiyo Holdings Co., Ltd. (a) | 11,900 | 333,317 | ||||||
Toagosei Co., Ltd. | 80,000 | 396,471 | ||||||
Tokai Carbon Co., Ltd. (a) | 53,542 | 270,211 | ||||||
Tokyo Ohka Kogyo Co., Ltd. (a) | 12,500 | 255,903 | ||||||
Tosoh Corp. (a) | 61,000 | 193,889 | ||||||
Toyo Ink Manufacturing Co., Ltd. | 57,000 | 227,763 | ||||||
Zeon Corp. (a) | 43,000 | 399,987 | ||||||
6,182,881 | ||||||||
COMMERCIAL BANKS — 9.3% | ||||||||
Aozora Bank, Ltd. (a) | 194,290 | 451,192 | ||||||
Bank of the Ryukyus, Ltd. (a) | 17,681 | 242,689 | ||||||
Kansai Urban Banking Corp. | 144,000 | 265,283 | ||||||
Kiyo Holdings, Inc. | 265,754 | 413,732 | ||||||
Sapporo Hokuyo Holdings, Inc. | 84,800 | 303,643 | ||||||
Senshu Ikeda Holdings, Inc. (a) | 127,300 | 211,396 | ||||||
Shinsei Bank, Ltd. (a) | 226,000 | 258,018 | ||||||
The 77 Bank, Ltd. (a) | 50,000 | 228,983 | ||||||
The Aichi Bank, Ltd. | 3,749 | 238,082 | ||||||
The Awa Bank, Ltd. (a) | 81,000 | 563,259 | ||||||
The Bank of Iwate, Ltd. (a) | 4,756 | 239,713 | ||||||
The Bank of Nagoya, Ltd. (a) | 50,000 | 175,791 | ||||||
The Bank of Okinawa, Ltd. (a) | 7,900 | 367,942 | ||||||
The Daishi Bank, Ltd. | 87,000 | 300,234 | ||||||
The Fukushima Bank, Ltd. (b) | 366,478 | 185,426 | ||||||
The Higo Bank, Ltd. | 53,000 | 321,796 | ||||||
The Hokkoku Bank, Ltd. | 52,000 | 195,641 | ||||||
The Hyakugo Bank, Ltd. | 85,000 | 365,010 | ||||||
The Hyakujushi Bank, Ltd. (a) | 76,000 | 351,012 | ||||||
The Juroku Bank, Ltd. | 89,000 | 295,589 | ||||||
The Kagoshima Bank, Ltd. (a) | 46,000 | 337,182 | ||||||
The Keiyo Bank, Ltd. | 60,000 | 327,712 | ||||||
The Musashino Bank, Ltd. | 10,100 | 365,581 | ||||||
The Nagano Bank, Ltd. | 130,534 | 303,134 | ||||||
The Nanto Bank, Ltd. (a) | 58,000 | 351,401 | ||||||
The Shikoku Bank, Ltd. (a) | 92,000 | 381,941 | ||||||
The Taiko Bank, Ltd. (a) | 90,000 | 284,899 | ||||||
The Tochigi Bank, Ltd. | 46,846 | 182,935 | ||||||
The Tokyo Tomin Bank, Ltd. | 13,105 | 172,908 | ||||||
Tomato Bank, Ltd. | 143,872 | 266,914 | ||||||
TOMONY Holdings, Inc. (a) | 46,605 | 213,435 | ||||||
9,162,473 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 2.0% | ||||||||
Aeon Delight Co., Ltd. | 7,900 | 170,852 | ||||||
Asahi Holdings, Inc. (a) | 8,500 | 181,623 | ||||||
Daiseki Co., Ltd. | 11,293 | 225,919 | ||||||
Duskin Co., Ltd. | 21,600 | 443,882 |
See accompanying notes to financial statements.
197
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Moshi Moshi Hotline, Inc. (a) | 17,744 | $ | 174,724 | |||||
Nissha Printing Co., Ltd. (a) | 5,400 | 63,191 | ||||||
Okamura Corp. (a) | 38,884 | 295,111 | ||||||
Oyo Corp. | 60 | 632 | ||||||
Park24 Co., Ltd. (a) | 30,585 | 381,320 | ||||||
1,937,254 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.6% | ||||||||
Aiphone Co., Ltd. | 10,006 | 194,720 | ||||||
Denki Kogyo Co., Ltd. | 45,303 | 183,375 | ||||||
Hitachi Kokusai Electric, Inc. (a) | 30,634 | 199,113 | ||||||
577,208 | ||||||||
COMPUTERS & PERIPHERALS — 0.5% | ||||||||
Eizo Nanao Corp. | 11,900 | 263,690 | ||||||
Melco Holdings, Inc. | 4,200 | 132,462 | ||||||
Wacom Co., Ltd. | 82 | 96,596 | ||||||
492,748 | ||||||||
CONSTRUCTION & ENGINEERING — 4.1% | ||||||||
Chiyoda Corp. (a) | 36,000 | 357,291 | ||||||
Chugai Ro Co., Ltd. (a) | 75,522 | 252,785 | ||||||
Kandenko Co., Ltd. (a) | 41,000 | 193,617 | ||||||
Kinden Corp. (a) | 43,924 | 382,369 | ||||||
Kyowa Exeo Corp. (a) | 36,776 | 354,973 | ||||||
Kyudenko Corp. (a) | 50,657 | 349,631 | ||||||
Maeda Corp. | 59,158 | 223,339 | ||||||
Maeda Road Construction Co., Ltd. (a) | 35,000 | 388,233 | ||||||
Mirait Holdings Corp. (a) | 30,600 | 244,943 | ||||||
Penta-Ocean Construction Co., Ltd. (a) | 149,500 | 440,276 | ||||||
Sanki Engineering Co., Ltd. | 33,196 | 186,480 | ||||||
Toda Corp. | 74,000 | 293,773 | ||||||
Tokyu Construction Co., Ltd. | 71,652 | 219,381 | ||||||
Toyo Engineering Corp. | 42,000 | 141,671 | ||||||
4,028,762 | ||||||||
CONSTRUCTION MATERIALS — 0.9% | ||||||||
Sumitomo Osaka Cement Co., Ltd. (a) | 127,000 | 433,329 | ||||||
Taiheiyo Cement Corp. (a) | 227,000 | 421,134 | ||||||
854,463 | ||||||||
CONSUMER FINANCE — 0.9% | ||||||||
Acom Co., Ltd. (a)(b) | 9,470 | 184,289 | ||||||
Aeon Credit Service Co., Ltd. (a) | 23,500 | 365,244 | ||||||
Aiful Corp. (a)(b) | 29,050 | 42,587 | ||||||
Orient Corp. (b) | 93,500 | 92,190 | ||||||
Promise Co., Ltd. (a)(b) | 23,000 | 196,640 | ||||||
880,950 | ||||||||
CONTAINERS & PACKAGING — 0.9% | ||||||||
FP Corp. (a) | 4,800 | 343,747 | ||||||
Fuji Seal International, Inc. | 12,470 | 246,391 | ||||||
Rengo Co., Ltd. (a) | 39,000 | 300,545 | ||||||
890,683 | ||||||||
DISTRIBUTORS — 0.6% | ||||||||
Canon Marketing Japan, Inc. | 14,800 | 182,024 | ||||||
Yokohama Reito Co., Ltd. (a) | 54,280 | 414,071 | ||||||
596,095 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.3% | ||||||||
Century Tokyo Leasing Corp. | 19,300 | 386,350 | ||||||
Fuyo General Lease Co., Ltd. | 5,600 | 209,310 | ||||||
Japan Securities Finance Co., Ltd. (a) | 30,419 | 156,673 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 8,930 | 362,043 | ||||||
Ricoh Leasing Co., Ltd. | 9,567 | 214,848 | ||||||
1,329,224 | ||||||||
ELECTRIC UTILITIES — 0.2% | ||||||||
The Okinawa Electric Power Co., Inc. | 5,600 | 252,102 | ||||||
ELECTRICAL EQUIPMENT — 1.8% | ||||||||
Daihen Corp. | 46,971 | 180,986 | ||||||
Fuji Electric Holdings Co., Ltd. (a) | 144,000 | 379,242 | ||||||
Hitachi Cable, Ltd. (a)(b) | 60,000 | 158,018 | ||||||
Mabuchi Motor Co., Ltd. (a) | 4,500 | 210,755 | ||||||
Nippon Carbon Co., Ltd. | 49,000 | 156,383 | ||||||
Nippon Signal Co., Ltd. (a) | 23,500 | 185,671 | ||||||
Sinfonia Technology Co., Ltd. (a) | 85,826 | 229,374 | ||||||
SWCC Showa Holdings Co., Ltd. (a)(b) | 148,075 | 147,921 | ||||||
Toyo Tanso Co., Ltd. (a) | 3,100 | 130,708 | ||||||
1,779,058 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2% | ||||||||
Anritsu Corp. (a) | 34,000 | 380,669 | ||||||
Daiwabo Holdings Co., Ltd. | 44,635 | 100,759 | ||||||
ESPEC Corp. | 17,531 | 120,543 | ||||||
Hakuto Co., Ltd. | 26,211 | 252,997 | ||||||
Hitachi High-Technologies Corp. (a) | 14,500 | 294,778 | ||||||
Horiba, Ltd. (a) | 10,365 | 318,292 | ||||||
Hosiden Corp. (a) | 17,895 | 128,153 | ||||||
Japan Cash Machine Co., Ltd. (a) | 26,624 | 246,966 | ||||||
Koa Corp. (a) | 21,591 | 236,134 | ||||||
Meiko Electronics Co., Ltd. (b) | 4,100 | 41,489 | ||||||
Nichicon Corp. (a) | 17,100 | 209,202 | ||||||
Nidec Sankyo Corp. | 30,917 | 184,106 | ||||||
Nihon Dempa Kogyo Co., Ltd. (a) | 7,795 | 87,780 | ||||||
Nippon Ceramic Co., Ltd. | 9,023 | 179,102 | ||||||
Nippon Chemi-Con Corp. (a) | 38,432 | 140,106 | ||||||
Oki Electric Industry Co., Ltd. (b) | 215,000 | 198,041 | ||||||
Ryosan Co., Ltd. (a) | 12,896 | 287,266 | ||||||
Ryoyo Electro Corp. | 27,004 | 257,498 | ||||||
Star Micronics Co., Ltd. (a) | 15,469 | 154,128 | ||||||
Taiyo Yuden Co., Ltd. (a) | 28,900 | 214,463 | ||||||
Topcon Corp. (a) | 19,019 | 95,490 | ||||||
4,127,962 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.1% | ||||||||
Shinko Plantech Co., Ltd. | 14,886 | 141,174 | ||||||
FOOD & STAPLES RETAILING — 2.4% | ||||||||
Cawachi, Ltd. | 9,935 | 197,591 | ||||||
Circle K Sunkus Co., Ltd. | 23,798 | 403,837 | ||||||
Izumiya Co., Ltd. | 45,933 | 214,529 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. (a) | 13,600 | 279,128 | ||||||
Ministop Co., Ltd. (a) | 13,394 | 253,527 | ||||||
Sugi Pharmacy Co., Ltd. (a) | 12,400 | 350,379 | ||||||
Sundrug Co., Ltd. (a) | 10,100 | 319,327 |
See accompanying notes to financial statements.
198
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Tsuruha Holdings, Inc. | 5,700 | $ | 318,351 | |||||
2,336,669 | ||||||||
FOOD PRODUCTS — 5.7% | ||||||||
Ariake Japan Co., Ltd. (a) | 13,464 | 275,463 | ||||||
Ezaki Glico Co., Ltd. (a) | 31,000 | 400,571 | ||||||
Fuji Oil Co., Ltd. (a) | 19,300 | 320,999 | ||||||
Fujicco Co., Ltd. | 24,657 | 330,445 | ||||||
Hokuto Corp. | 14,421 | 336,390 | ||||||
Kewpie Corp. | 42,200 | 615,918 | ||||||
Marudai Food Co., Ltd. | 124,417 | 460,026 | ||||||
Maruha Nichiro Holdings, Inc. (a) | 136,000 | 269,953 | ||||||
Megmilk Snow Brand Co., Ltd. (a) | 21,500 | 445,174 | ||||||
Mitsui Sugar Co., Ltd. | 50,497 | 215,536 | ||||||
Morinaga Milk Industry Co., Ltd. (a) | 57,000 | 254,385 | ||||||
Nakamuraya Co., Ltd. (a) | 67,952 | 372,907 | ||||||
Nichirei Corp. (a) | 74,000 | 344,655 | ||||||
Nippon Suisan Kaisha, Ltd. (a) | 76,275 | 290,930 | ||||||
Riken Vitamin Co., Ltd. | 10,980 | 327,634 | ||||||
Yamazaki Baking Co., Ltd. (a) | 25,000 | 382,071 | ||||||
5,643,057 | ||||||||
GAS UTILITIES — 0.3% | ||||||||
Shizuoka Gas Co., Ltd. | 44,319 | 301,286 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.4% | ||||||||
Asahi Intecc Co., Ltd. | 5,300 | 142,539 | ||||||
Fukuda Denshi Co., Ltd. | 9,286 | 283,110 | ||||||
Nakanishi, Inc. | 3,147 | 287,019 | ||||||
Nihon Kohden Corp. | 10,100 | 274,513 | ||||||
Nipro Corp. (a) | 24,600 | 233,936 | ||||||
Paramount Bed Co., Ltd. (c) | 5,710 | 156,232 | ||||||
1,377,349 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.9% | ||||||||
Doutor Nichires Holdings Co., Ltd. | 17,175 | 218,364 | ||||||
Joban Kosan Co., Ltd. (a)(b) | 261,000 | 287,818 | ||||||
MOS Food Services, Inc. (a) | 21,314 | 436,898 | ||||||
Ohsho Food Service Corp. | 10,500 | 254,735 | ||||||
Round One Corp. (a) | 14,400 | 105,553 | ||||||
Tokyo Dome Corp. (b) | 75,085 | 173,393 | ||||||
Zensho Co., Ltd. (a) | 31,046 | 440,235 | ||||||
1,916,996 | ||||||||
HOUSEHOLD DURABLES — 1.9% | ||||||||
Arnest One Corp. (a) | 21,600 | 225,584 | ||||||
Clarion Co., Ltd. (a)(b) | 49,000 | 82,006 | ||||||
Foster Electric Co. Ltd. (a) | 5,300 | 63,809 | ||||||
France Bed Holdings Co., Ltd. (a) | 174,734 | 290,165 | ||||||
Funai Electric Co., Ltd. (a) | 5,900 | 116,270 | ||||||
Haseko Corp. (a)(b) | 318,000 | 202,154 | ||||||
JVC Kenwood Holdings, Inc. (a)(b) | 18,900 | 76,502 | ||||||
Misawa Homes Holdings, Inc. (a)(b) | 21,566 | 144,930 | ||||||
Pioneer Corp. (a)(b) | 50,200 | 214,268 | ||||||
Sumitomo Forestry Co., Ltd. (a) | 48,600 | 428,119 | ||||||
1,843,807 | ||||||||
HOUSEHOLD PRODUCTS — 0.7% | ||||||||
Lion Corp. (a) | 79,000 | 478,633 | ||||||
Pigeon Corp. (a) | 5,800 | 239,660 | ||||||
718,293 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||
Katakura Industries Co., Ltd. | 18,180 | 188,451 | ||||||
INTERNET & CATALOG RETAIL — 0.5% | ||||||||
Senshukai Co., Ltd. | 35,824 | 271,887 | ||||||
Start Today Co. Ltd. (a) | 8,300 | 184,133 | ||||||
456,020 | ||||||||
INTERNET SOFTWARE & SERVICES — 1.4% | ||||||||
Access Co., Ltd. (a)(b) | 79 | 56,575 | ||||||
eAccess, Ltd. (a) | 396 | 101,774 | ||||||
GMO Internet, Inc. (a) | 32,400 | 130,306 | ||||||
Gree, Inc. (a) | 18,600 | 574,071 | ||||||
Kakaku.com, Inc. (a) | 9,600 | 400,415 | ||||||
Mixi, Inc. (a) | 23 | 84,117 | ||||||
1,347,258 | ||||||||
IT SERVICES — 2.2% | ||||||||
CSK Corp. (a)(b)(c) | 18,400 | 71,270 | ||||||
Ines Corp. | 40,660 | 275,885 | ||||||
IT Holdings Corp. | 21,637 | 211,093 | ||||||
Itochu Techno-Solutions Corp. (a) | 9,800 | 444,992 | ||||||
NET One Systems Co., Ltd. (a) | 101 | 268,486 | ||||||
Obic Co., Ltd. (a) | 2,201 | 430,320 | ||||||
Otsuka Corp. | 4,100 | 285,106 | ||||||
Transcosmos, Inc. | 12,967 | 157,798 | ||||||
2,144,950 | ||||||||
LEISURE EQUIPMENT & PRODUCTS — 0.9% | ||||||||
Heiwa Corp. | 19,800 | 354,489 | ||||||
Roland Corp. | 17,076 | 129,820 | ||||||
Tomy Co., Ltd. | 23,000 | 180,825 | ||||||
Universal Entertainment Corp. (a) | 7,800 | 236,692 | ||||||
901,826 | ||||||||
MACHINERY — 6.4% | ||||||||
Amano Corp. | 25,932 | 235,164 | ||||||
Asahi Diamond Industrial Co., Ltd. (a) | 7,042 | 99,856 | ||||||
CKD Corp. | 18,805 | 112,713 | ||||||
Daifuku Co., Ltd. (a) | 37,681 | 204,831 | ||||||
Fuji Machine Manufacturing Co., Ltd. | 10,171 | 182,756 | ||||||
Furukawa Co., Ltd. (a)(b) | 133,280 | 131,413 | ||||||
Glory, Ltd. | 10,200 | 241,502 | ||||||
Hino Motors, Ltd. (a) | 58,998 | 356,682 | ||||||
Hitachi Zosen Corp. (a) | 266,226 | 400,651 | ||||||
Iseki & Co., Ltd. (a)(b) | 43,000 | 106,552 | ||||||
Juki Corp. (a) | 48,450 | 93,657 | ||||||
Kitz Corp. (a) | 28,302 | 144,301 | ||||||
Komori Corp. (a) | 17,840 | 118,964 | ||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 44,140 | 259,411 | ||||||
Makino Milling Machine Co., Ltd. (a) | 34,739 | 207,767 | ||||||
Meidensha Corp. (a) | 46,000 | 174,260 | ||||||
Miura Co., Ltd. (a) | 9,500 | 281,500 | ||||||
Mori Seiki Co., Ltd. (a) | 22,600 | 205,828 | ||||||
Nachi-Fujikoshi Corp. (a) | 83,418 | 413,410 | ||||||
Namura Shipbuilding Co., Ltd. | 23,000 | 74,598 | ||||||
Nippon Sharyo, Ltd. | 37,970 | 164,037 | ||||||
Nippon Thompson Co., Ltd. (a) | 31,511 | 191,323 | ||||||
OKUMA Corp. (a) | 34,192 | 211,593 | ||||||
OSG Corp. (a) | 23,100 | 282,307 | ||||||
Ryobi, Ltd. | 40,723 | 187,554 | ||||||
Shima Seiki Manufacturing, Ltd. (a) | 8,700 | 162,081 |
See accompanying notes to financial statements.
199
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Sintokogio, Ltd. | 22,019 | $ | 217,105 | |||||
Tadano, Ltd. (a) | 41,913 | 295,261 | ||||||
Toshiba Machine Co., Ltd. (a) | 45,009 | 190,944 | ||||||
Tsubakimoto Chain Co. | 46,124 | 243,545 | ||||||
Union Tool Co. (a) | 5,832 | 102,673 | ||||||
6,294,239 | ||||||||
MARINE — 0.2% | ||||||||
Iino Kaiun Kaisha, Ltd. (a) | 39,806 | 212,767 | ||||||
MEDIA — 3.0% | ||||||||
Asatsu-DK, Inc. (a) | 7,900 | 220,048 | ||||||
Avex Group Holdings, Inc. (a) | 13,392 | 164,533 | ||||||
CyberAgent, Inc. (a) | 124 | 335,418 | ||||||
Daiichikosho Co., Ltd. | 18,981 | 376,271 | ||||||
Hakuhodo DY Holdings, Inc. (a) | 5,370 | 315,944 | ||||||
Kadokawa Group Holdings, Inc. (a) | 8,987 | 314,801 | ||||||
Shochiku Co., Ltd. (a) | 43,243 | 409,541 | ||||||
SKY Perfect JSAT Holdings, Inc. (a) | 863 | 453,444 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 18,700 | 232,416 | ||||||
Zenrin Co., Ltd. | 14,224 | 141,908 | ||||||
2,964,324 | ||||||||
METALS & MINING — 3.3% | ||||||||
Aichi Steel Corp. (a) | 41,000 | 246,808 | ||||||
Daido Steel Co., Ltd. (a) | 57,000 | 344,603 | ||||||
Godo Steel, Ltd. (a) | 41,440 | 95,697 | ||||||
Maruichi Steel Tube, Ltd. | 14,300 | 340,803 | ||||||
Nakayama Steel Works, Ltd. (b) | 79,212 | 90,434 | ||||||
Nippon Denko Co., Ltd. (a) | 49,000 | 262,545 | ||||||
Nippon Yakin Kogyo Co., Ltd. (b) | 38,000 | 65,075 | ||||||
Nisshin Steel Co., Ltd. (a) | 148,000 | 268,812 | ||||||
OSAKA Titanium Technologies Co. (a) | 5,800 | 245,304 | ||||||
Sanyo Special Steel Co., Ltd. (a) | 44,750 | 254,288 | ||||||
Sumitomo Light Metal Industries, Ltd. (b) | 177,135 | 158,567 | ||||||
Toho Titanium Co., Ltd. (a) | 9,100 | 153,949 | ||||||
Toho Zinc Co., Ltd. (a) | 39,796 | 150,758 | ||||||
Tokyo Rope Manufacturing Co., Ltd. (a) | 56,654 | 124,215 | ||||||
Tokyo Steel Manufacturing Co., Ltd. (a) | 22,100 | 212,743 | ||||||
Yamato Kogyo Co., Ltd. (a) | 9,300 | 246,255 | ||||||
3,260,856 | ||||||||
MULTILINE RETAIL — 1.3% | ||||||||
Don Quijote Co., Ltd. | 10,100 | 364,664 | ||||||
H2O Retailing Corp. (a) | 46,107 | 370,866 | ||||||
Matsuya Co., Ltd. (b) | 13,008 | 84,717 | ||||||
Parco Co., Ltd. | 26,525 | 208,539 | ||||||
Ryohin Keikaku Co., Ltd. (a) | 5,100 | 283,848 | ||||||
1,312,634 | ||||||||
OFFICE ELECTRONICS — 0.1% | ||||||||
Riso Kagaku Corp. | 7,547 | 137,272 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.7% | ||||||||
Cosmo Oil Co., Ltd. (a) | 93,000 | 234,068 | ||||||
Itochu Enex Co., Ltd. (a) | 44,104 | 259,200 | ||||||
Japan Petroleum Exploration Co. | 5,700 | 210,385 | ||||||
703,653 | ||||||||
PAPER & FOREST PRODUCTS — 0.4% | ||||||||
Daio Paper Corp. (a) | 37,940 | 356,364 | ||||||
PERSONAL PRODUCTS — 1.3% | ||||||||
Fancl Corp. (a) | 14,700 | 212,452 | ||||||
Kobayashi Pharmaceutical Co., Ltd. (a) | 4,700 | 254,268 | ||||||
Mandom Corp. | 13,345 | 400,108 | ||||||
Milbon Co., Ltd. (a) | 9,600 | 301,401 | ||||||
Unihair Co., Ltd. (b) | 16,704 | 156,465 | ||||||
1,324,694 | ||||||||
PHARMACEUTICALS — 2.8% | ||||||||
Dainippon Sumitomo Pharma Co., Ltd. (a) | 27,500 | 305,754 | ||||||
Kaken Pharmaceutical Co., Ltd. (a) | 40,428 | 566,978 | ||||||
Mochida Pharmaceutical Co., Ltd. | 38,483 | 443,343 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (a) | 8,065 | 216,587 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 34,493 | 451,971 | ||||||
Sawai Pharmaceutical Co., Ltd. (a) | 4,400 | 477,219 | ||||||
Torii Pharmaceutical Co., Ltd. (a) | 12,900 | 267,439 | ||||||
2,729,291 | ||||||||
PROFESSIONAL SERVICES — 0.3% | ||||||||
Meitic Corp. (a) | 13,244 | 255,670 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.5% | ||||||||
Daibiru Corp. (a) | 26,126 | 185,065 | ||||||
Daikyo, Inc. (b) | 60,352 | 98,655 | ||||||
Goldcrest Co., Ltd. | 6,709 | 125,685 | ||||||
Heiwa Real Estate Co., Ltd. (a) | 64,255 | 139,214 | ||||||
K.K. daVinci Holdings (b)(c) | 262 | 0 | ||||||
Kenedix, Inc. (a)(b) | 551 | 68,053 | ||||||
Leopalace21 Corp. (a)(b) | 39,700 | 88,073 | ||||||
Nomura Real Estate Holdings, Inc. | 17,700 | 271,195 | ||||||
NTT Urban Development Corp. (a) | 254 | 186,842 | ||||||
Shoei Co., Ltd. (a) | 14,398 | 114,691 | ||||||
Suruga Corp. (b)(c)(d) | 10,689 | 0 | ||||||
TOC Co., Ltd. (a) | 46,200 | 224,766 | ||||||
1,502,239 | ||||||||
ROAD & RAIL — 1.7% | ||||||||
Hitachi Transport System, Ltd. (a) | 18,800 | 351,219 | ||||||
Kobe Electric Railway Co., Ltd. (b) | 56,500 | 164,926 | ||||||
Nishi-Nippon Railroad Co., Ltd. (a) | 47,000 | 223,171 | ||||||
Sankyu, Inc. | 84,830 | 403,900 | ||||||
Seino Holdings Co., Ltd. (a) | 40,000 | 329,009 | ||||||
Sotetsu Holdings, Inc. (a) | 74,000 | 248,651 | ||||||
1,720,876 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2% | ||||||||
Dainippon Screen Manufacturing Co., Ltd. (a) | 55,000 | 343,929 | ||||||
Disco Corp. (a) | 4,600 | 222,003 | ||||||
Micronics Japan Co., Ltd. (a) | 5,700 | 35,791 | ||||||
Renesas Electronics Corp. (a)(b) | 8,400 | 56,777 | ||||||
Shinko Electric Industries Co., Ltd. (a) | 14,400 | 104,245 | ||||||
Tokyo Seimitsu Co., Ltd. (a) | 15,300 | 270,152 |
See accompanying notes to financial statements.
200
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Ulvac, Inc. (b) | 8,602 | $ | 116,397 | |||||
1,149,294 | ||||||||
SOFTWARE — 1.3% | ||||||||
Capcom Co., Ltd. (a) | 17,700 | 447,322 | ||||||
DTS Corp. | 17,732 | 222,685 | ||||||
Fuji Soft, Inc. (a) | 13,874 | 229,673 | ||||||
NSD Co., Ltd. (a) | 19,278 | 159,066 | ||||||
Square Enix Holdings Co., Ltd. (a) | 13,100 | 238,445 | ||||||
1,297,191 | ||||||||
SPECIALTY RETAIL — 3.9% | ||||||||
ABC-Mart, Inc. | 7,900 | 306,653 | ||||||
Aoyama Trading Co., Ltd. (a) | 21,700 | 379,778 | ||||||
Autobacs Seven Co., Ltd. | 9,788 | 440,003 | ||||||
Chiyoda Co., Ltd. | 17,513 | 296,276 | ||||||
DCM Japan Holdings Co., Ltd. (a) | 30,600 | 269,953 | ||||||
EDION Corp. (a) | 21,850 | 184,823 | ||||||
K’s Holdings Corp. (a) | 10,200 | 404,268 | ||||||
Komeri Co., Ltd. (a) | 9,630 | 317,835 | ||||||
Nishimatsuya Chain Co., Ltd. (a) | 17,666 | 143,015 | ||||||
Point, Inc. | 4,020 | 204,964 | ||||||
Sanrio Co., Ltd. (a) | 10,305 | 487,977 | ||||||
United Arrows, Ltd. (a) | 7,829 | 151,237 | ||||||
Xebio Co., Ltd. | 10,161 | 260,880 | ||||||
3,847,662 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 2.9% | ||||||||
Atsugi Co., Ltd. | 237,470 | 286,517 | ||||||
Daidoh, Ltd. (a) | 27,911 | 315,031 | ||||||
Gunze, Ltd. (a) | 77,348 | 255,887 | ||||||
Onward Holdings Co., Ltd. | 40,000 | 320,187 | ||||||
Sanyo Shokai, Ltd. (a) | 79,516 | 188,783 | ||||||
Seiko Holdings Corp. (a) | 35,649 | 92,961 | ||||||
The Japan Wool Textile Co., Ltd. (a) | 42,170 | 379,683 | ||||||
Toyobo Co., Ltd. | 188,000 | 278,049 | ||||||
Unitika, Ltd. (b) | 214,084 | 127,761 | ||||||
Wacoal Holdings Corp. (a) | 46,000 | 592,605 | ||||||
2,837,464 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 2.6% | ||||||||
Hanwa Co., Ltd. (a) | 87,032 | 397,448 | ||||||
Inaba Denki Sangyo Co., Ltd. | 13,263 | 410,554 | ||||||
Inabata & Co., Ltd. | 40,175 | 231,939 | ||||||
Iwatani Corp. | 130,422 | 450,081 | ||||||
Kuroda Electric Co., Ltd. | 9,500 | 114,005 | ||||||
MISUMI Group, Inc. (a) | 13,800 | 310,625 | ||||||
Nagase & Co., Ltd. | 33,800 | 422,281 | ||||||
Okaya & Co., Ltd. | 17,905 | 207,436 | ||||||
2,544,369 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.8% | ||||||||
Japan Airport Terminal Co., Ltd. (a) | 17,048 | 257,666 | ||||||
Mitsui-Soko Co., Ltd. | 55,686 | 217,456 | ||||||
The Sumitomo Warehouse Co., Ltd. | 63,563 | 296,045 | ||||||
771,167 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $110,177,335) | 97,169,499 | |||||||
SHORT TERM INVESTMENTS — 25.6% | ||||||||
UNITED STATES — 25.6% | ||||||||
MONEY MARKET FUNDS — 25.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 25,131,842 | 25,131,842 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (f)(g) | 78,887 | 78,887 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $25,210,729) | 25,210,729 | |||||||
TOTAL INVESTMENTS — 124.2% | ||||||||
(Cost $135,388,064) | 122,380,228 | |||||||
OTHER ASSETS & LIABILITIES — (24.2)% | (23,843,726 | ) | ||||||
NET ASSETS — 100.0% | $ | 98,536,502 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(d) | Company has filed for insolvency. | |||||
(e) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(g) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
201
SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 15.9% | ||||||||
Adelaide Brighton, Ltd. (a) | 659,372 | $ | 1,691,828 | |||||
ASX, Ltd. | 540,780 | 15,940,972 | ||||||
Commonwealth Bank of Australia | 85,063 | 3,765,744 | ||||||
DUET Group | 5,098,906 | 8,028,119 | ||||||
Leighton Holdings, Ltd. (a) | 94,600 | 1,717,472 | ||||||
Metcash, Ltd. (a) | 1,111,510 | 4,439,938 | ||||||
Monadelphous Group, Ltd. (a) | 210,424 | 3,558,494 | ||||||
Seven West Media, Ltd. | 4,112,346 | 10,511,560 | ||||||
Sonic Healthcare, Ltd. (a) | 326,755 | 3,620,336 | ||||||
Spark Infrastructure Group (b) | 8,883,384 | 10,749,037 | ||||||
Telstra Corp., Ltd. | 1,607,111 | 4,842,051 | ||||||
Ten Network Holdings, Ltd. (a) | 2,428,525 | 2,088,852 | ||||||
UGL, Ltd. (a) | 285,143 | 3,170,374 | ||||||
Westpac Banking Corp. (a) | 120,267 | 2,377,493 | ||||||
76,502,270 | ||||||||
BELGIUM — 1.8% | ||||||||
Belgacom SA | 162,518 | 4,941,023 | ||||||
Groupe Bruxelles Lambert SA | 49,781 | 3,537,261 | ||||||
8,478,284 | ||||||||
BERMUDA — 1.4% | ||||||||
Catlin Group, Ltd. | 766,852 | 4,455,865 | ||||||
Seadrill, Ltd. (a) | 83,592 | 2,340,747 | ||||||
6,796,612 | ||||||||
BRAZIL — 4.1% | ||||||||
Companhia Energetica de Minas Gerais ADR (a) | 251,818 | 3,736,979 | ||||||
Telecomunicacoes de Sao Paulo SA ADR (a) | 615,524 | 16,280,610 | ||||||
20,017,589 | ||||||||
CANADA — 4.1% | ||||||||
Just Energy Group, Inc. (a) | 314,388 | 3,023,049 | ||||||
Labrador Iron Ore Royalty Corp. | 128,439 | 4,074,846 | ||||||
Pembina Pipeline Corp. (a) | 167,734 | 4,128,763 | ||||||
Shaw Communications, Inc. (a) | 190,936 | 3,895,494 | ||||||
TransAlta Corp. (a) | 215,794 | 4,723,632 | ||||||
19,845,784 | ||||||||
CZECH REPUBLIC — 2.2% | ||||||||
CEZ AS | 96,234 | 3,709,214 | ||||||
Komercni Banka AS | 12,248 | 2,284,617 | ||||||
Telefonica O2 Czech Republic AS | 206,766 | 4,400,077 | ||||||
10,393,908 | ||||||||
FINLAND — 2.7% | ||||||||
Orion OYJ (Class B) (a) | 206,417 | 4,193,019 | ||||||
Sanoma Oyj (a) | 730,127 | 8,669,562 | ||||||
12,862,581 | ||||||||
FRANCE — 4.0% | ||||||||
France Telecom SA | 124,387 | 2,052,748 | ||||||
ICADE | 34,505 | 2,724,019 | ||||||
Neopost SA (a) | 56,196 | 4,149,916 | ||||||
PagesJaunes Groupe (a) | 1,631,298 | 6,489,534 | ||||||
Sanofi-Aventis SA | 56,693 | 3,753,808 | ||||||
19,170,025 | ||||||||
GERMANY — 7.1% | ||||||||
Deutsche Telekom AG | 305,216 | 3,616,368 | ||||||
E.ON AG | 435,891 | 9,564,977 | ||||||
Hannover Rueckversicherung AG | 54,862 | 2,505,629 | ||||||
RWE AG (c) | 342,285 | 12,730,239 | ||||||
RWE AG (c) | 160,792 | 5,609,101 | ||||||
34,026,314 | ||||||||
HONG KONG — 4.9% | ||||||||
Cathay Pacific Airways, Ltd. (a) | 2,137,000 | 3,513,742 | ||||||
China Dongxiang Group Co. (a) | 32,334,000 | 5,607,232 | ||||||
Hang Seng Bank, Ltd. (a) | 272,900 | 3,219,868 | ||||||
Orient Overseas International, Ltd. (a) | 2,758,800 | 11,234,010 | ||||||
23,574,852 | ||||||||
HUNGARY — 0.8% | ||||||||
Magyar Telekom Telecommunications PLC | 1,836,789 | 4,107,366 | ||||||
ISRAEL — 4.4% | ||||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 5,690,252 | 10,912,189 | ||||||
Cellcom Israel, Ltd. | 202,971 | 4,240,064 | ||||||
Partner Communications Co., Ltd. | 654,782 | 6,313,253 | ||||||
21,465,506 | ||||||||
ITALY — 3.3% | ||||||||
Atlantia SpA | 238,325 | 3,459,811 | ||||||
Snam Rete Gas SpA | 856,056 | 3,974,054 | ||||||
Telecom Italia SpA (c) | 3,373,575 | 3,709,324 | ||||||
Telecom Italia SpA (c) | 4,734,286 | 4,656,010 | ||||||
15,799,199 | ||||||||
JAPAN — 1.8% | ||||||||
Oracle Corp. Japan | 130,100 | 4,619,664 | ||||||
Orix JREIT, Inc. | 894 | 4,117,411 | ||||||
8,737,075 | ||||||||
LUXEMBOURG — 0.8% | ||||||||
SES | 160,439 | 3,932,819 | ||||||
MEXICO — 1.5% | ||||||||
Industrias Penoles SA de CV (a) | 106,789 | 3,949,720 | ||||||
Kimberly-Clark de Mexico SAB de CV | 648,839 | 3,345,124 | ||||||
7,294,844 | ||||||||
NETHERLANDS — 1.0% | ||||||||
Koninklijke (Royal) KPN NV | 359,710 | 4,778,450 | ||||||
NORWAY — 4.5% | ||||||||
Fred Olsen Energy ASA | 362,969 | 10,454,447 | ||||||
Marine Harvest (a) | 25,182,148 | 11,057,669 | ||||||
21,512,116 | ||||||||
PHILIPPINES — 0.8% | ||||||||
Philippine Long Distance Telephone Co. ADR (a) | 76,932 | 3,810,442 | ||||||
PORTUGAL — 1.4% | ||||||||
Brisa Auto-Estradas de Portugal SA | 580,648 | 2,070,730 | ||||||
EDP — Energias de Portugal SA | 1,525,072 | 4,736,928 | ||||||
6,807,658 | ||||||||
SINGAPORE — 2.9% | ||||||||
Ascendas REIT (a) | 2,778,000 | 4,327,634 |
See accompanying notes to financial statements.
202
SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
SembCorp Marine, Ltd. (a) | 1,217,000 | $ | 3,035,262 | |||||
Singapore Telecommunications, Ltd. (a) | 1,391,523 | 3,395,782 | ||||||
Suntec REIT (a) | 3,911,000 | 3,451,500 | ||||||
14,210,178 | ||||||||
SOUTH AFRICA — 2.0% | ||||||||
African Bank Investments, Ltd. | 426,362 | 1,750,189 | ||||||
Growthpoint Properties, Ltd. | 1,890,901 | 4,172,679 | ||||||
Kumba Iron Ore, Ltd. (a) | 73,431 | 3,899,221 | ||||||
9,822,089 | ||||||||
SPAIN — 5.0% | ||||||||
ACS, Actividades de Construccion y Servicios SA (a) | 115,713 | 4,128,155 | ||||||
Enagas | 85,894 | 1,591,520 | ||||||
Ferrovial SA | 260,326 | 3,000,660 | ||||||
Iberdrola SA | 546,730 | 3,719,820 | ||||||
Indra Sistemas SA (a) | 227,457 | 3,308,141 | ||||||
Mapfre SA (a) | 1,282,113 | 4,021,854 | ||||||
Telefonica SA | 224,471 | 4,344,417 | ||||||
24,114,567 | ||||||||
SWEDEN — 5.1% | ||||||||
Skanska AB (Class B) | 270,129 | 3,771,784 | ||||||
Tele2 AB (Class B) | 917,199 | 16,853,108 | ||||||
TeliaSonera AB | 585,865 | 3,893,142 | ||||||
24,518,034 | ||||||||
SWITZERLAND — 0.7% | ||||||||
Swisscom AG | 8,744 | 3,569,608 | ||||||
TAIWAN — 0.7% | ||||||||
Chunghwa Telecom Co. Ltd ADR (a) | 99,285 | 3,276,405 | ||||||
THAILAND — 2.3% | ||||||||
Advanced Info Service PCL | 1,283,834 | 5,286,497 | ||||||
Electricity Generating PCL (Foreign ownership limit) | 25 | 68 | ||||||
Total Access Communication PCL | 2,428,807 | 5,781,943 | ||||||
11,068,508 | ||||||||
TURKEY — 1.8% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,188,338 | 2,077,011 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,190,519 | 4,251,282 | ||||||
Turk Telekomunikasyon AS | 578,730 | 2,483,673 | ||||||
8,811,966 | ||||||||
UNITED KINGDOM — 10.4% | ||||||||
Amlin PLC | 708,661 | 3,133,016 | ||||||
AstraZeneca PLC | 93,128 | 4,160,745 | ||||||
Aviva PLC | 358,395 | 1,705,072 | ||||||
British American Tobacco PLC | 94,569 | 4,019,614 | ||||||
Carillion PLC | 685,464 | 3,572,911 | ||||||
Halfords Group PLC | 786,305 | 3,579,175 | ||||||
Home Retail Group PLC | 2,125,706 | 3,722,041 | ||||||
National Grid PLC | 447,052 | 4,446,626 | ||||||
Provident Financial PLC (a) | 323,729 | 5,063,222 | ||||||
Scottish & Southern Energy PLC | 203,146 | 4,098,167 | ||||||
Severn Trent PLC | 181,474 | 4,356,410 | ||||||
United Utilities Group PLC | 471,471 | 4,583,014 | ||||||
Vodafone Group PLC | 1,409,750 | 3,651,030 | ||||||
50,091,043 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $584,950,246) | 479,396,092 | |||||||
SHORT TERM INVESTMENTS — 12.9% | ||||||||
UNITED STATES — 12.9% | ||||||||
MONEY MARKET FUNDS — 12.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 62,234,614 | 62,234,614 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 100 | 100 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $62,234,714) | 62,234,714 | |||||||
TOTAL INVESTMENTS — 112.3% | ||||||||
(Cost $647,184,960) | 541,630,806 | |||||||
OTHER ASSETS & LIABILITIES — (12.3)% | (59,365,020 | ) | ||||||
NET ASSETS — 100.0% | $ | 482,265,786 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 2.2% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(c) | Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
203
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.1% | ||||||||
AUSTRALIA — 7.1% | ||||||||
Alumina, Ltd. | 39,103 | $ | 56,246 | |||||
Asciano Group | 77,114 | 108,673 | ||||||
Atlas Iron, Ltd. (a) | 34,704 | 96,127 | ||||||
Bendigo and Adelaide Bank, Ltd. | 8,259 | 68,149 | ||||||
Boral, Ltd. (a) | 48,301 | 164,303 | ||||||
Caltex Australia, Ltd. | 5,113 | 53,818 | ||||||
Campbell Brothers, Ltd. | 3,848 | 155,841 | ||||||
Cochlear, Ltd. | 3,253 | 146,666 | ||||||
Commonwealth Property Office Fund | 105,330 | 91,621 | ||||||
Computershare, Ltd. | 9,560 | 69,407 | ||||||
ConnectEast Group | 181,129 | 95,941 | ||||||
Dexus Property Group | 239,766 | 191,084 | ||||||
Echo Entertainment Group, Ltd. (b) | 15,709 | 55,727 | ||||||
Fairfax Media, Ltd. (a) | 28,416 | 22,785 | ||||||
Harvey Norman Holdings, Ltd. (a) | 41,432 | 86,978 | ||||||
Lend Lease Group | 13,949 | 95,442 | ||||||
Lynas Corp., Ltd. (b) | 61,304 | 64,944 | ||||||
Metcash, Ltd. (a) | 64,108 | 256,080 | ||||||
Mirvac Group | 93,802 | 104,841 | ||||||
OneSteel, Ltd. | 27,590 | 33,250 | ||||||
OZ Minerals, Ltd. | 8,000 | 73,242 | ||||||
Sims Metal Management, Ltd. (a) | 2,775 | 33,443 | ||||||
Sonic Healthcare, Ltd. (a) | 21,550 | 238,767 | ||||||
TABCORP Holdings, Ltd. | 16,272 | 40,802 | ||||||
Tatts Group, Ltd. | 38,114 | 82,606 | ||||||
Toll Holdings, Ltd. (a) | 20,044 | 85,910 | ||||||
2,572,693 | ||||||||
AUSTRIA — 0.9% | ||||||||
Andritz AG | 968 | 80,004 | ||||||
IMMOFINANZ AG (a)(b) | 28,566 | 82,135 | ||||||
Telekom Austria AG | 15,264 | 155,216 | ||||||
317,355 | ||||||||
BELGIUM — 0.9% | ||||||||
Ackermans & van haaren NV | 2,242 | 159,609 | ||||||
Ageas | 78,636 | 138,635 | ||||||
Bekaert NV (a) | 968 | 40,093 | ||||||
338,337 | ||||||||
BERMUDA — 0.6% | ||||||||
Catlin Group, Ltd. | 21,172 | 123,022 | ||||||
Hiscox, Ltd. | 17,865 | 102,665 | ||||||
225,687 | ||||||||
CANADA — 10.7% | ||||||||
Alacer Gold Corp. (b) | 8,500 | 83,446 | ||||||
Alamos Gold, Inc. | 5,300 | 80,107 | ||||||
ATCO, Ltd. (Class I) | 1,700 | 101,000 | ||||||
Bonavista Energy Corp. (a) | 3,765 | 85,124 | ||||||
CAE, Inc. (a) | 5,931 | 55,949 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 1,633 | 89,325 | ||||||
Canadian Western Bank | 3,600 | 88,717 | ||||||
Detour Gold Corp. (b) | 3,300 | 86,455 | ||||||
Emera, Inc. | 3,026 | 93,825 | ||||||
Empire Co., Ltd. | 1,800 | 99,323 | ||||||
Finning International, Inc. | 8,731 | 160,452 | ||||||
First Majestic Silver Corp. (b) | 4,400 | 67,517 | ||||||
Gildan Activewear, Inc. | 4,481 | 116,965 | ||||||
Groupe Aeroplan, Inc. | 8,300 | 95,023 | ||||||
HudBay Minerals, Inc. (a) | 4,300 | 40,316 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. (a) | 900 | 26,740 | ||||||
Inmet Mining Corp. | 2,214 | 94,335 | ||||||
Keyera Corp. | 2,800 | 121,990 | ||||||
Lundin Mining Corp. (b) | 15,387 | 53,896 | ||||||
Methanex Corp. | 5,800 | 121,505 | ||||||
Metro, Inc. (Class A) | 5,844 | 256,967 | ||||||
Niko Resources, Ltd. | 1,900 | 78,713 | ||||||
Onex Corp. | 8,099 | 253,839 | ||||||
Open Text Corp. (b) | 552 | 29,018 | ||||||
Pan American Silver Corp. (a) | 2,850 | 77,209 | ||||||
Pembina Pipeline Corp. (a) | 4,361 | 107,346 | ||||||
Pengrowth Energy Corp. (a) | 3,500 | 31,808 | ||||||
Petrominerales, Ltd. (a) | 1,678 | 33,172 | ||||||
Peyto Exploration & Development Corp. (a) | 7,600 | 145,356 | ||||||
Precision Drilling Corp. (b) | 11,600 | 97,181 | ||||||
Progressive Waste Solutions, Ltd. | 4,700 | 97,288 | ||||||
Provident Energy, Ltd. | 14,800 | 121,860 | ||||||
Quadra FNX Mining, Ltd. (b) | 8,500 | 74,310 | ||||||
SEMAFO, Inc. (b) | 6,227 | 51,690 | ||||||
Silver Standard Resources, Inc. (b) | 3,400 | 62,874 | ||||||
Sino-Forest Corp. (a)(b)(c) | 6,631 | 0 | ||||||
TMX Group, Inc. | 3,000 | 117,864 | ||||||
Tourmaline Oil Corp. (b) | 2,746 | 81,217 | ||||||
TransAlta Corp. (a) | 2,716 | 59,452 | ||||||
Trican Well Service, Ltd. | 3,700 | 52,763 | ||||||
Veresen, Inc. | 7,772 | 109,936 | ||||||
Vermilion Energy, Inc. (a) | 2,356 | 99,571 | ||||||
Viterra, Inc. | 8,845 | 87,512 | ||||||
3,888,956 | ||||||||
CHINA — 0.1% | ||||||||
ENN Energy Holdings, Ltd. | 16,000 | 52,410 | ||||||
Shui On Land, Ltd. (a) | 218 | 53 | ||||||
52,463 | ||||||||
DENMARK — 1.1% | ||||||||
DSV A/S | 12,521 | 227,569 | ||||||
FLSmidth & Co. A/S | 954 | 48,267 | ||||||
Rockwool International A/S | 135 | 12,000 | ||||||
Vestas Wind Systems A/S (a)(b) | 6,164 | 100,916 | ||||||
William Demant Holding (a)(b) | 270 | 20,403 | ||||||
409,155 | ||||||||
FINLAND — 1.5% | ||||||||
Elisa Oyj | 8,099 | 167,017 | ||||||
Kesko Oyj (Class B) | 1,002 | 31,109 | ||||||
Neste Oil Oyj | 907 | 7,953 | ||||||
Nokian Renkaat Oyj | 2,716 | 82,283 | ||||||
Orion OYJ (Class B) | 8,979 | 182,393 | ||||||
Pohjola Bank PLC | 4,978 | 52,998 | ||||||
YIT Oyj | 1,337 | 20,324 | ||||||
544,077 | ||||||||
FRANCE — 5.0% | ||||||||
Air France-KLM (a)(b) | 3,894 | 28,965 | ||||||
Arkema | 2,461 | 145,285 | ||||||
Atos Origin SA | 3,315 | 144,930 |
See accompanying notes to financial statements.
204
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Bourbon SA (a) | 4,259 | $ | 98,343 | |||||
Compagnie Generale de Geophysique-Veritas (b) | 3,344 | 60,547 | ||||||
Eiffage SA | 469 | 14,652 | ||||||
Euler Hermes SA | 284 | 17,238 | ||||||
Eurazeo | 612 | 26,099 | ||||||
Fonciere Des Regions | 653 | 46,032 | ||||||
Groupe Eurotunnel SA | 11,583 | 99,462 | ||||||
Imerys SA | 469 | 23,764 | ||||||
Lagardere SCA | 2,678 | 66,526 | ||||||
Metropole Television SA | 533 | 8,732 | ||||||
Neopost SA (a) | 2,704 | 199,683 | ||||||
Remy Cointreau SA | 199 | 13,844 | ||||||
SCOR SE | 11,886 | 259,066 | ||||||
Societe Television Francaise 1 | 2,477 | 31,173 | ||||||
Valeo SA | 5,216 | 222,896 | ||||||
Wendel | 996 | 63,529 | ||||||
Zodiac Aerospace | 3,409 | 265,055 | ||||||
1,835,821 | ||||||||
GERMANY — 2.9% | ||||||||
Aixtron AG (a) | 2,226 | 32,763 | ||||||
Bilfinger Berger AG | 2,744 | 208,969 | ||||||
Celesio AG | 533 | 7,079 | ||||||
Hamburger Hafen und Logistik AG (a) | 668 | 18,768 | ||||||
Kabel Deutschland Holding AG (b) | 1,674 | 90,694 | ||||||
MTU Aero Engines Holding AG | 1,115 | 70,536 | ||||||
ProSiebenSat.1 Media AG Preference Shares | 4,166 | 74,397 | ||||||
Rational AG | 64 | 14,555 | ||||||
Rheinmetall AG | 533 | 25,323 | ||||||
Rhoen-Klinikum AG | 6,639 | 135,528 | ||||||
Salzgitter AG | 938 | 45,627 | ||||||
SGL Carbon AG (a)(b) | 2,018 | 107,625 | ||||||
SMA Solar Technology AG (a) | 207 | 10,934 | ||||||
Software AG | 1,407 | 44,816 | ||||||
Symrise AG | 1,875 | 43,899 | ||||||
United Internet AG (a) | 8,258 | 141,045 | ||||||
1,072,558 | ||||||||
GREECE — 0.6% | ||||||||
Hellenic Telecommunications Organization SA | 9,104 | 39,088 | ||||||
National Bank of Greece SA (b) | 28,366 | 104,661 | ||||||
OPAP SA | 6,563 | 66,922 | ||||||
Public Power Corp. SA | 2,678 | 21,559 | ||||||
232,230 | ||||||||
HONG KONG — 2.3% | ||||||||
ASM Pacific Technology, Ltd. (a) | 3,200 | 31,652 | ||||||
Brightoil Petroleum Holdings, Ltd. (a) | 130,000 | 28,389 | ||||||
Chinese Estates Holdings, Ltd. (a) | 55,623 | 92,744 | ||||||
Esprit Holdings, Ltd. (a) | 48,000 | 58,884 | ||||||
Fosun International | 67,000 | 34,082 | ||||||
Fushan International Energy Group, Ltd. | 72,000 | 24,417 | ||||||
Geely Automobile Holdings, Ltd. (a) | 50,000 | 11,240 | ||||||
Hopewell Holdings | 58,000 | 167,263 | ||||||
Huabao International Holdings, Ltd. (a) | 36,000 | 29,643 | ||||||
Hysan Development Co., Ltd. | 33,042 | 101,230 | ||||||
NWS Holdings, Ltd. | 84,682 | 112,913 | ||||||
Orient Overseas International, Ltd. | 1,000 | 4,072 | ||||||
VTech Holdings, Ltd. (a) | 2,700 | 25,301 | ||||||
Wing Hang Bank, Ltd. | 2,025 | 16,492 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 44,000 | 114,454 | ||||||
852,776 | ||||||||
IRELAND — 0.6% | ||||||||
DCC PLC | 1,337 | 33,688 | ||||||
Dragon Oil PLC | 9,490 | 71,813 | ||||||
Paddy Power PLC | 2,089 | 107,908 | ||||||
The Governor & Co. of the Bank of Ireland (b) | 96,406 | 9,960 | ||||||
223,369 | ||||||||
ISRAEL — 0.3% | ||||||||
Cellcom Israel, Ltd. | 533 | 11,070 | ||||||
Makhteshim-Agan Industries, Ltd. (b) | 18,479 | 100,996 | ||||||
112,066 | ||||||||
ITALY — 2.2% | ||||||||
Banca Carige SpA (a) | 5,086 | 9,922 | ||||||
Banca Popolare dell’Emilia Romagna Scrl (a) | 3,290 | 32,356 | ||||||
Banca Popolare di Sondrio Scrl (a) | 15,397 | 113,000 | ||||||
Banco Popolare Societa Cooperativa (a) | 70,097 | 117,562 | ||||||
Davide Campari-Milano SpA | 7,744 | 56,990 | ||||||
Finmeccanica SpA | 15,542 | 108,955 | ||||||
Mediaset SpA | 41,245 | 131,152 | ||||||
Mediolanum SpA | 3,076 | 11,349 | ||||||
Pirelli & C. SpA | 6,877 | 49,548 | ||||||
Prysmian SpA | 3,622 | 48,208 | ||||||
UBI Banca ScPA | 31,842 | 119,708 | ||||||
798,750 | ||||||||
JAPAN — 28.7% | ||||||||
Advance Residence Investment Corp. | 49 | 89,443 | ||||||
Advantest Corp. (a) | 5,100 | 56,108 | ||||||
Aeon Mall Co., Ltd. (a) | 1,000 | 23,184 | ||||||
Amada Co., Ltd. | 28,000 | 186,352 | ||||||
Aozora Bank, Ltd. (a) | 28,000 | 65,023 | ||||||
Asics Corp. | 6,700 | 92,225 | ||||||
Benesse Holdings, Inc. | 1,000 | 44,434 | ||||||
Brother Industries, Ltd. (a) | 3,200 | 38,070 | ||||||
Cosmo Oil Co., Ltd. (a) | 56,000 | 140,945 | ||||||
Credit Saison Co., Ltd. (a) | 8,700 | 170,320 | ||||||
Daido Steel Co., Ltd. (a) | 5,000 | 30,228 | ||||||
Electric Power Development Co., Ltd. (a) | 3,400 | 101,100 | ||||||
Fuji Heavy Industries, Ltd. (a) | 34,000 | 202,024 | ||||||
Fukuoka Financial Group, Inc. (a) | 51,000 | 216,360 | ||||||
Furukawa Electric Co., Ltd. (a) | 32,000 | 88,428 | ||||||
GS Yuasa Corp. (a) | 6,000 | 28,334 | ||||||
Hamamatsu Photonics K.K. (a) | 1,000 | 40,802 | ||||||
Hino Motors, Ltd. (a) | 2,000 | 12,091 | ||||||
Hirose Electric Co., Ltd. (a) | 2,400 | 225,428 | ||||||
Hisamitsu Pharmaceutical Co., Inc. (a) | 1,000 | 48,262 | ||||||
Hitachi Construction Machinery Co., Ltd. (a) | 2,700 | 45,957 | ||||||
Hitachi Metals, Ltd. (a) | 3,000 | 35,029 | ||||||
Hokkaido Electric Power Co., Inc. (a) | 5,500 | 81,772 | ||||||
Hokuhoku Financial Group, Inc. | 79,000 | 174,235 | ||||||
Hokuriku Electric Power Co. (a) | 5,300 | 99,083 |
See accompanying notes to financial statements.
205
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Ibiden Co., Ltd. (a) | 2,700 | $ | 58,077 | |||||
Idemitsu Kosan Co., Ltd. (a) | 2,400 | 218,578 | ||||||
IHI Corp. (a) | 24,000 | 53,866 | ||||||
Isetan Mitsukoshi Holdings, Ltd. (a) | 16,900 | 172,990 | ||||||
J Front Retailing Co., Ltd. (a) | 32,000 | 154,022 | ||||||
Japan Real Estate Investment Corp. (a) | 28 | 273,897 | ||||||
Japan Retail Fund Investment Corp. | 67 | 108,132 | ||||||
JSR Corp. (a) | 3,200 | 55,880 | ||||||
JTEKT Corp. (a) | 2,700 | 32,822 | ||||||
Kajima Corp. (a) | 59,000 | 196,718 | ||||||
Kawasaki Heavy Industries, Ltd. (a) | 29,000 | 75,247 | ||||||
Keikyu Corp. (a) | 23,000 | 213,648 | ||||||
Keio Corp. (a) | 4,000 | 28,853 | ||||||
Kikkoman Corp. | 1,000 | 11,546 | ||||||
Konami Corp. | 5,900 | 200,468 | ||||||
Konica Minolta Holdings, Inc. (a) | 12,000 | 83,290 | ||||||
Kurita Water Industries, Ltd. (a) | 5,100 | 144,438 | ||||||
Marui Group Co., Ltd. (a) | 25,500 | 194,856 | ||||||
Mazda Motor Corp. (a)(b) | 22,000 | 45,096 | ||||||
Medipal Holdings Corp. | 11,100 | 113,333 | ||||||
MEIJI Holdings Co., Ltd. (a) | 1,000 | 47,807 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 28,000 | 174,728 | ||||||
Mitsubishi Materials Corp. (a) | 18,000 | 44,603 | ||||||
Mitsui Chemicals, Inc. (a) | 24,000 | 81,266 | ||||||
Namco Bandai Holdings, Inc. (a) | 14,000 | 190,893 | ||||||
Nankai Electric Railway Co., Ltd. | 3,000 | 13,272 | ||||||
NGK Spark Plug Co., Ltd. (a) | 4,000 | 54,852 | ||||||
Nippon Electric Glass Co., Ltd. (a) | 10,000 | 92,372 | ||||||
Nippon Express Co., Ltd. (a) | 18,000 | 77,530 | ||||||
Nippon Meat Packers, Inc. | 1,000 | 13,142 | ||||||
Nippon Paper Group, Inc. (a) | 2,200 | 59,024 | ||||||
Nisshin Seifun Group, Inc. (a) | 1,000 | 13,194 | ||||||
Nomura Real Estate Holdings, Inc. | 1,000 | 15,322 | ||||||
Nomura Research Institute, Ltd. (a) | 1,000 | 23,028 | ||||||
NSK, Ltd. | 6,000 | 44,837 | ||||||
NTN Corp. (a) | 32,000 | 152,776 | ||||||
Obayashi Corp. | 50,000 | 251,038 | ||||||
Rinnai Corp. | 1,300 | 109,795 | ||||||
Sankyo Co., Ltd. (a) | 1,700 | 92,741 | ||||||
Sanrio Co., Ltd. (a) | 2,200 | 104,178 | ||||||
Santen Pharmaceutical Co., Ltd. (a) | 2,400 | 100,882 | ||||||
Seiko Epson Corp. (a) | 2,200 | 28,256 | ||||||
Sekisui Chemical Co., Ltd. | 13,000 | 110,470 | ||||||
Shimadzu Corp. | 1,000 | 8,550 | ||||||
Shimano, Inc. (a) | 5,500 | 294,337 | ||||||
Shimizu Corp. (a) | 32,000 | 142,813 | ||||||
Shinsei Bank, Ltd. (a) | 90,000 | 102,750 | ||||||
Showa Denko K.K. (a) | 79,000 | 157,836 | ||||||
Showa Shell Sekiyu K.K. | 27,800 | 200,890 | ||||||
Sojitz Corp. (a) | 33,400 | 61,964 | ||||||
Stanley Electric Co., Ltd. (a) | 8,500 | 130,455 | ||||||
Sumco Corp. (a)(b) | 1,000 | 9,523 | ||||||
Sumitomo Heavy Industries, Ltd. (a) | 9,000 | 47,055 | ||||||
Suzuken Co., Ltd. (a) | 2,700 | 73,140 | ||||||
Sysmex Corp. (a) | 2,100 | 76,148 | ||||||
Taisei Corp. (a) | 79,000 | 220,356 | ||||||
Taiyo Nippon Sanso Corp. (a) | 2,000 | 14,063 | ||||||
Takashimaya Co., Ltd. (a) | 24,000 | 176,855 | ||||||
Teijin, Ltd. (a) | 6,000 | 21,873 | ||||||
The Bank of Kyoto, Ltd. (a) | 24,000 | 215,776 | ||||||
The Chugoku Bank, Ltd. | 1,000 | 14,868 | ||||||
The Gunma Bank, Ltd. (a) | 32,000 | 180,176 | ||||||
The Hachijuni Bank, Ltd. (a) | 51,000 | 315,607 | ||||||
The Japan Steel Works, Ltd. (a) | 5,000 | 30,358 | ||||||
The Joyo Bank, Ltd. (a) | 51,000 | 239,517 | ||||||
THK Co., Ltd. (a) | 10,700 | 181,989 | ||||||
Tobu Railway Co., Ltd. (a) | 7,000 | 33,238 | ||||||
Toho Co., Ltd. (a) | 1,000 | 17,631 | ||||||
Toho Gas Co., Ltd. (a) | 16,000 | 105,864 | ||||||
Tokyu Land Corp. | 4,000 | 14,582 | ||||||
TOTO, Ltd. (a) | 2,000 | 17,955 | ||||||
Toyo Seikan Kaisha, Ltd. (a) | 2,700 | 41,649 | ||||||
Trend Micro, Inc. (a) | 2,700 | 85,470 | ||||||
Ube Industries, Ltd. (a) | 59,000 | 199,014 | ||||||
United Urban Investment Corp. | 87 | 91,989 | ||||||
Ushio, Inc. (a) | 1,000 | 15,387 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 106,614 | ||||||
Yamaguchi Financial Group, Inc. (a) | 2,000 | 20,420 | ||||||
Yamaha Corp. (a) | 11,100 | 121,973 | ||||||
10,455,685 | ||||||||
LUXEMBOURG — 0.3% | ||||||||
Oriflame Cosmetics SA SDR | 2,576 | 93,916 | ||||||
NETHERLANDS — 2.0% | ||||||||
Fugro NV | 1,344 | 68,613 | ||||||
Gemalto NV (a) | 4,665 | 223,979 | ||||||
James Hardie Industries SE (b) | 6,221 | 34,766 | ||||||
Koninklijke Boskalis Westminster NV | 3,705 | 115,501 | ||||||
QIAGEN NV (b) | 6,006 | 84,048 | ||||||
SBM Offshore NV | 5,585 | 98,688 | ||||||
TNT Express NV | 13,758 | 96,338 | ||||||
721,933 | ||||||||
NEW ZEALAND — 0.9% | ||||||||
Contact Energy, Ltd. (b) | 11,153 | 46,463 | ||||||
DNZ Property Fund Ltd. | 118,133 | 113,779 | ||||||
Fletcher Building, Ltd. | 25,758 | 152,593 | ||||||
312,835 | ||||||||
NORWAY — 1.1% | ||||||||
Aker Solutions ASA | 3,892 | 37,687 | ||||||
Marine Harvest | 68,495 | 30,077 | ||||||
Petroleum Geo-Services ASA (b) | 12,455 | 127,074 | ||||||
Schibsted ASA | 533 | 11,530 | ||||||
Storebrand ASA | 18,155 | 92,646 | ||||||
TGS Nopec Geophysical Co. ASA | 5,093 | 95,683 | ||||||
394,697 | ||||||||
PORTUGAL — 0.1% | ||||||||
Banco Comercial Portugues SA (a)(b) | 53,950 | 14,115 | ||||||
Brisa Auto-Estradas de Portugal SA | 1,741 | 6,209 | ||||||
20,324 | ||||||||
SINGAPORE — 2.6% | ||||||||
Ascendas REIT | 23,000 | 35,830 | ||||||
CapitaCommercial Trust (a) | 26,000 | 20,152 | ||||||
CapitaMall Trust | 111,000 | 155,882 | ||||||
ComfortDelGro Corp. Ltd. | 91,000 | 91,482 | ||||||
Flextronics International, Ltd. (a)(b) | 21,482 | 120,944 | ||||||
Keppel Land, Ltd. (a) | 10,440 | 20,750 |
See accompanying notes to financial statements.
206
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Neptune Orient Lines, Ltd. (a) | 37,000 | $ | 31,091 | |||||
Olam International, Ltd. (a) | 37,736 | 65,736 | ||||||
Singapore Press Holdings, Ltd. (a) | 45,000 | 129,844 | ||||||
Suntec REIT | 139,000 | 122,669 | ||||||
UOL Group, Ltd. | 45,000 | 143,658 | ||||||
938,038 | ||||||||
SOUTH KOREA — 4.5% | ||||||||
BS Financial Group, Inc. (b) | 4,790 | 53,468 | ||||||
Cheil Industries, Inc. | 1,879 | 133,502 | ||||||
CJ CheilJedang Corp. | 124 | 30,946 | ||||||
CJ Corp. | 533 | 35,607 | ||||||
Daelim Industrial Co. Ltd. | 907 | 74,297 | ||||||
Daewoo Engineering & Construction Co., Ltd. (b) | 5,662 | 43,833 | ||||||
Daewoo International Corp. | 1,359 | 34,089 | ||||||
Daewoo Securities Co., Ltd. | 2,970 | 26,346 | ||||||
Daewoo Securities Co., Ltd. Preference Shares | 2,818 | 10,597 | ||||||
Dongbu Insurance Co., Ltd. | 2,130 | 93,116 | ||||||
Doosan Corp. | 533 | 61,532 | ||||||
Doosan Infracore Co., Ltd. (b) | 2,690 | 41,787 | ||||||
GS Engineering & Construction Corp. | 994 | 82,689 | ||||||
Hanwha Chemical Corp. | 1,990 | 43,836 | ||||||
Hanwha Corp. | 3,028 | 86,878 | ||||||
Hyosung Corp. | 552 | 26,006 | ||||||
Hyundai Department Store Co., Ltd. | 270 | 38,504 | ||||||
Hyundai Merchant Marine Co., Ltd. | 2,266 | 49,531 | ||||||
Hyundai Mipo Dockyard Co., Ltd. | 301 | 26,573 | ||||||
Hyundai Securities Co., Ltd. | 2 | 16 | ||||||
KCC Corp. | 161 | 30,750 | ||||||
Korea Kumho Petrochemical Co., Ltd. | 616 | 96,998 | ||||||
Korean Air Lines Co., Ltd. | 795 | 29,828 | ||||||
LG Uplus Corp. | 5,060 | 27,618 | ||||||
LS Uplus Corp. | 630 | 39,574 | ||||||
ORION Corp. | 199 | 86,995 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 2,855 | 178,854 | ||||||
Samsung Securities Co., Ltd. | 1,557 | 68,727 | ||||||
Samsung Techwin Co., Ltd. | 1,203 | 56,165 | ||||||
SK Networks Co., Ltd. | 1,720 | 15,914 | ||||||
Woongjin Coway Co., Ltd. | 910 | 29,663 | ||||||
1,654,239 | ||||||||
SPAIN — 2.0% | ||||||||
Abengoa SA (a) | 803 | 17,249 | ||||||
Acerinox SA (a) | 3,347 | 38,049 | ||||||
Bankinter SA (a) | 7,231 | 39,719 | ||||||
Bolsas y Mercados Espanoles (a) | 3,822 | 103,021 | ||||||
Distribuidora Internacional de Alimentacion SA (b) | 24,674 | 98,388 | ||||||
Ebro Puleva SA | 2,528 | 43,568 | ||||||
Enagas | 2,486 | 46,063 | ||||||
Gestevision Telecinco SA | 3,482 | 20,042 | ||||||
Grupo Catalana Occidente SA | 907 | 15,066 | ||||||
Indra Sistemas SA (a) | 13,725 | 199,617 | ||||||
International Consolidated Airlines Group SA (b) | 12,421 | 29,624 | ||||||
Obrascon Huarte Lain SA | 1,073 | 26,763 | ||||||
Prosegur Cia de Seguridad SA | 533 | 22,898 | ||||||
Tecnicas Reunidas SA (a) | 630 | 20,363 | ||||||
720,430 | ||||||||
SWEDEN — 2.7% | ||||||||
Boliden AB | 6,331 | 66,230 | ||||||
Castellum AB | 7,995 | 98,189 | ||||||
Electrolux AB | 9,676 | 143,276 | ||||||
Elekta AB (Class B) | 2,275 | 86,155 | ||||||
Hakon Invest AB | 1,073 | 15,029 | ||||||
Holmen AB | 404 | 10,123 | ||||||
Husqvarna AB | 1,741 | 7,105 | ||||||
Husqvarna AB (Class B) | 8,687 | 35,428 | ||||||
Industrivarden AB | 4,628 | 51,615 | ||||||
Lundbergforetagen AB | 808 | 22,823 | ||||||
Lundin Petroleum AB (b) | 8,370 | 143,314 | ||||||
Meda AB (Class A) | 5,195 | 47,841 | ||||||
Modern Times Group AB (Class B) | 2,935 | 118,585 | ||||||
Ratos AB (Class B) | 3,750 | 43,516 | ||||||
Securitas AB (Class B) | 7,567 | 55,638 | ||||||
SSAB AB | 803 | 5,390 | ||||||
SSAB AB (Series A) | 6,601 | 49,496 | ||||||
999,753 | ||||||||
SWITZERLAND — 4.0% | ||||||||
Aryzta AG | 2,539 | 110,695 | ||||||
Baloise Holding AG | 1,801 | 132,849 | ||||||
Banque Cantonale Vaudoise | 111 | 57,406 | ||||||
Basellandschaftliche Kantonalbank | 18 | 25,366 | ||||||
Clariant AG (b) | 8,136 | 74,346 | ||||||
Dufry Group (b) | 135 | 11,868 | ||||||
Flughafen Zuerich AG | 243 | 91,898 | ||||||
Galenica AG (a) | 194 | 99,905 | ||||||
GAM Holding AG (b) | 5,502 | 69,358 | ||||||
Logitech International SA (a)(b) | 2,438 | 19,057 | ||||||
Lonza Group AG (b) | 668 | 40,449 | ||||||
Panalpina Welttransport Holding AG (b) | 515 | 44,254 | ||||||
Partners Group Holding AG | 353 | 58,296 | ||||||
PSP Swiss Property AG (b) | 939 | 84,461 | ||||||
Sika AG | 26 | 46,258 | ||||||
Straumann Holding AG | 226 | 35,531 | ||||||
Sulzer AG | 1,349 | 140,054 | ||||||
Swiss Life Holding AG (b) | 552 | 61,320 | ||||||
Swiss Prime Site AG (b) | 2,397 | 193,175 | ||||||
Valiant Holding AG | 420 | 56,829 | ||||||
1,453,375 | ||||||||
UNITED KINGDOM — 12.9% | ||||||||
3i Group PLC | 24,434 | 71,445 | ||||||
Aberdeen Asset Management PLC | 10,643 | 28,699 | ||||||
African Barrick Gold, Ltd. | 1,205 | 9,433 | ||||||
AMEC PLC | 8,213 | 104,337 | ||||||
Amlin PLC | 13,043 | 57,663 | ||||||
Ashmore Group PLC | 5,424 | 27,419 | ||||||
Babcock International Group PLC | 8,792 | 90,258 | ||||||
Balfour Beatty PLC | 36,022 | 143,430 | ||||||
Berkeley Group Holdings PLC (b) | 5,166 | 95,766 | ||||||
Bunzl PLC | 11,415 | 136,746 | ||||||
Capital Shopping Centres Group PLC | 5,247 | 26,761 | ||||||
Cobham PLC | 70,644 | 192,366 | ||||||
Croda International PLC | 5,428 | 139,520 |
See accompanying notes to financial statements.
207
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Daily Mail & General Trust PLC | 2,143 | $ | 12,122 | |||||
Derwent London PLC (a) | 674 | 15,119 | ||||||
Drax Group PLC | 17,836 | 133,340 | ||||||
easyJet PLC (b) | 5,422 | 29,047 | ||||||
FirstGroup PLC | 17,323 | 86,570 | ||||||
GKN PLC | 27,560 | 75,519 | ||||||
Hammerson PLC | 12,596 | 74,210 | ||||||
Hargreaves Lansdown PLC | 1,741 | 12,205 | ||||||
Homeserve PLC | 1,741 | 12,454 | ||||||
ICAP PLC | 10,764 | 69,152 | ||||||
IG Group Holdings PLC | 7,787 | 54,236 | ||||||
IMI PLC | 4,418 | 48,865 | ||||||
Inchcape PLC | 23,013 | 100,164 | ||||||
Informa PLC | 37,069 | 189,176 | ||||||
Inmarsat PLC | 26,292 | 201,348 | ||||||
Intercontinental Hotels Group PLC | 5,795 | 94,878 | ||||||
Invensys PLC | 22,396 | 78,673 | ||||||
Investec PLC | 24,701 | 134,523 | ||||||
ITV PLC (b) | 98,258 | 90,768 | ||||||
John Wood Group PLC | 4,685 | 38,681 | ||||||
Logica PLC | 84,513 | 104,073 | ||||||
London Stock Exchange Group PLC | 5,811 | 73,777 | ||||||
Lonmin PLC | 4,290 | 70,238 | ||||||
Meggitt PLC | 7,899 | 41,210 | ||||||
Mondi PLC | 7,600 | 56,083 | ||||||
Northumbrian Water Group PLC | 9,117 | 65,828 | ||||||
Pennon Group PLC | 22,582 | 237,629 | ||||||
Petropavlovsk PLC | 4,638 | 43,025 | ||||||
Premier Oil PLC (b) | 11,456 | 61,980 | ||||||
Provident Financial PLC | 5,886 | 92,059 | ||||||
Rentokil Initial PLC (b) | 40,767 | 45,503 | ||||||
Rexam PLC | 26,446 | 128,042 | ||||||
Rightmove PLC | 5,157 | 96,081 | ||||||
Rotork PLC | 803 | 19,427 | ||||||
Segro PLC | 16,906 | 57,992 | ||||||
Serco Group PLC | 29,475 | 234,402 | ||||||
Spectris PLC | 4,907 | 89,283 | ||||||
Stagecoach Group PLC (b) | 25,998 | 99,427 | ||||||
Tate & Lyle PLC | 12,938 | 126,169 | ||||||
Travis Perkins PLC | 3,255 | 38,537 | ||||||
Tui Travel PLC | 35,246 | 81,975 | ||||||
Whitbread PLC | 2,881 | 71,090 | ||||||
William Hill PLC | 27,887 | 98,267 | ||||||
4,706,990 | ||||||||
UNITED STATES — 0.5% | ||||||||
Royal Gold, Inc. | 1,369 | 87,851 | ||||||
SXC Health Solutions Corp. (b) | 1,600 | 89,761 | ||||||
177,612 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $39,055,908) | 36,126,120 | |||||||
RIGHTS — 0.0% | ||||||||
SOUTH KOREA — 0.0% | ||||||||
Daewoo Securities Co., Ltd. (b) (Cost $0) | 3,249 | 6,123 | ||||||
SHORT TERM INVESTMENTS — 16.2% | ||||||||
UNITED STATES — 16.2% | ||||||||
MONEY MARKET FUNDS — 16.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 5,911,913 | 5,911,913 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 3,271 | 3,271 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $5,915,184) | 5,915,184 | |||||||
TOTAL INVESTMENTS — 115.3% | ||||||||
(Cost $44,971,092) | 42,047,427 | |||||||
OTHER ASSETS & LIABILITIES — (15.3)% | (5,586,828 | ) | ||||||
NET ASSETS — 100.0% | $ | 36,460,599 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2) | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
PLC = Public Limited Company
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
208
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.6% | ||||||||
BRAZIL — 7.0% | ||||||||
Aliansce Shopping Centers SA | 151,469 | $ | 1,026,521 | |||||
American Banknote SA | 137,111 | 1,414,506 | ||||||
Anhanguera Educacional Participacoes SA | 100,059 | 1,304,473 | ||||||
Arezzo Industria e Comercio SA | 59,774 | 611,828 | ||||||
B2W Companhia Global do Varejo | 158,360 | 1,254,083 | ||||||
Banco ABC Brasil SA Preference Shares | 77,912 | 397,482 | ||||||
BR Properties SA | 307,946 | 2,833,518 | ||||||
Brasil Brokers Participacoes SA | 392,196 | 1,250,802 | ||||||
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA (a) | 1,329,657 | 408,299 | ||||||
Brasil Insurance Participacoes e Administracao SA | 93,800 | 889,363 | ||||||
Brazil Pharma SA (a) | 90,000 | 678,788 | ||||||
Brookfield Incorporacoes SA | 383,000 | 1,138,941 | ||||||
Centrais Eletricas de Santa Catarina SA Preference Shares | 75,203 | 1,494,944 | ||||||
Cia Energetica do Ceara Preference Shares | 47,562 | 835,554 | ||||||
Companiha de Tecidos Norte de Minas-Coteminas Preference Shares | 220,555 | 398,039 | ||||||
Confab Industrial SA Preference Shares | 1,197,327 | 3,276,727 | ||||||
Contax Participacoes SA Preference Shares | 109,557 | 1,044,665 | ||||||
Cremer SA | 114,141 | 882,998 | ||||||
Drogasil SA | 215,750 | 1,307,576 | ||||||
Estacio Participacoes SA | 63,265 | 562,356 | ||||||
Eternit SA | 242,902 | 1,058,627 | ||||||
Even Construtora e Incorporadora SA | 465,351 | 1,341,214 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 193,994 | 1,295,906 | ||||||
Ferbasa-Ferro Ligas DA Bahia Preference Shares | 135,818 | 724,363 | ||||||
Fleury SA | 98,973 | 1,196,474 | ||||||
Gafisa SA | 746,200 | 2,158,704 | ||||||
Gol Linhas Aereas Inteligentes SA Preference Shares | 136,000 | 750,244 | ||||||
Guararapes Confeccoes SA | 8,900 | 383,569 | ||||||
Iguatemi Empresa de Shopping Centers SA | 68,282 | 1,158,725 | ||||||
Iochpe-Maxion SA | 164,328 | 1,683,781 | ||||||
JHSF Participacoes SA | 60,716 | 132,471 | ||||||
Kroton Educacional SA (a) | 65,713 | 635,447 | ||||||
LLX Logistica SA (a) | 551,600 | 1,078,684 | ||||||
Log-in Logistica Intermodal SA (a) | 89,682 | 312,105 | ||||||
LPS Brasil Consultoria de I moveis SA | 63,056 | 1,024,182 | ||||||
Lupatech SA (a) | 237,415 | 1,061,573 | ||||||
Magazine Luiza SA (a) | 72,886 | 460,973 | ||||||
Magnesita Refratarios SA (a) | 449,680 | 1,465,624 | ||||||
Marcopolo SA Preference Shares | 1,440,472 | 5,354,482 | ||||||
Marfrig Alimentos SA | 175,600 | 579,894 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 172,410 | 1,792,600 | ||||||
Odontoprev SA | 90,096 | 1,348,831 | ||||||
Paranapanema SA | 259,751 | 537,343 | ||||||
Raia SA (a) | 52,104 | 721,386 | ||||||
Randon SA Implementos e Participacoes Preference Shares | 758,204 | 4,154,039 | ||||||
Restoque Comercio e Confeccoes de Roupas SA (a) | 45,824 | 514,710 | ||||||
Rossi Residencial SA | 297,300 | 1,406,219 | ||||||
Sao Martinho SA | 161,545 | 1,744,904 | ||||||
Sao Paulo Alpargatas SA Preference Shares | 151,267 | 850,762 | ||||||
Saraiva SA Livreiros Editores Preference Shares | 62,930 | 855,000 | ||||||
SLC Agricola SA | 119,817 | 1,010,174 | ||||||
Tecnisa SA | 165,862 | 823,837 | ||||||
Tempo Participacoes SA (a) | 497,989 | 938,969 | ||||||
63,567,279 | ||||||||
CHILE — 2.0% | ||||||||
Administradora de Fondos de Pensiones Provida SA | 221,038 | 840,280 | ||||||
Almendral SA | 14,866,299 | 1,972,328 | ||||||
Australis Seafoods SA (a) | 717,894 | 194,739 | ||||||
Besalco SA | 514,385 | 625,939 | ||||||
CFR Pharmaceuticals SA (a) | 2,889,615 | 618,192 | ||||||
Cia Pesquera Camanchaca SA (a) | 1,705,371 | 159,632 | ||||||
Companhia Sudamericana de Vapores SA | 2,579,706 | 588,654 | ||||||
Empresas La Polar SA | 753,370 | 613,087 | ||||||
Inversiones Aguas Metropolitanas SA | 892,147 | 1,211,742 | ||||||
Masisa SA | 15,026,260 | 1,291,717 | ||||||
Molibdenos y Metales SA | 25,000 | 361,412 | ||||||
Norte Grande SA | 16,966,071 | 213,228 | ||||||
Parque Arauco SA | 1,088,021 | 1,768,976 | ||||||
Ripley Corp. SA | 974,366 | 781,764 | ||||||
Salfacorp SA | 485,452 | 1,262,143 | ||||||
Sigdo Koppers SA | 366,441 | 507,512 | ||||||
Sonda SA | 751,550 | 1,607,977 | ||||||
Vina Concha y Toro SA | 1,936,064 | 3,439,553 | ||||||
18,058,875 | ||||||||
CHINA — 6.7% | ||||||||
51job Inc, ADR (a) | 10,987 | 438,381 | ||||||
Anhui Expressway Co., Ltd. | 4,824,000 | 2,447,709 | ||||||
AsiaInfo-Linkage, Inc. (a)(b) | 79,948 | 590,016 | ||||||
BYD Electronic International Co., Ltd. (a) | 1,468,000 | 371,490 | ||||||
Camelot Information Systems Inc. ADR (a)(b) | 58,817 | 157,630 | ||||||
China Automation Group, Ltd. (b) | 1,361,000 | 347,910 | ||||||
China Green Holdings, Ltd. (b) | 3,360,000 | 638,787 | ||||||
China Hongxing Sports, Ltd. (a)(c) | 4,758,000 | 209,949 | ||||||
China Huiyuan Juice Group, Ltd. (b) | 4,289,400 | 1,157,101 | ||||||
China Liansu Group Holdings (b) | 1,751,810 | 708,848 | ||||||
China Medical System Holdings, Ltd. (a) | 239,200 | 159,165 | ||||||
China Medical Technologies, Inc. ADR (a)(b) | 59,662 | 298,310 | ||||||
China Minzhong Food Corp., Ltd. (a)(b) | 1,739,000 | 1,174,369 |
See accompanying notes to financial statements.
209
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
China SCE Property Holdings, Ltd. | 3,144,000 | $ | 710,805 | |||||
China Shanshui Cement Group, Ltd. (b) | 2,014,000 | 1,394,452 | ||||||
China Suntien Green Energy Corp. Ltd. | 2,317,000 | 431,568 | ||||||
China Vanadium Titano — Magnetite Mining Co., Ltd. (b) | 1,789,000 | 284,962 | ||||||
China Wireless Technologies, Ltd. | 2,728,000 | 378,463 | ||||||
Chongqing Machinery & Electric Co., Ltd. | 3,990,000 | 589,422 | ||||||
Danhua Chemical Technology Co., Ltd. (a) | 312,700 | 288,935 | ||||||
Dongyue Group (b) | 1,827,000 | 922,330 | ||||||
Double Coin Holdings, Ltd. | 821,900 | 498,893 | ||||||
E-House China Holdings, Ltd. (b) | 103,045 | 596,631 | ||||||
First Tractor Co., Ltd. (b) | 1,392,500 | 833,559 | ||||||
Giant Interactive Group, Inc. ADR (b) | 274,609 | 914,448 | ||||||
Great Wall Technology Co., Ltd. | 1,860,000 | 375,118 | ||||||
Haitian International Holdings, Ltd. (b) | 1,370,000 | 1,073,509 | ||||||
Hangzhou Steam Turbine Co. | 732,400 | 778,053 | ||||||
Harbin Electric Co., Ltd. (b) | 3,582,000 | 2,958,638 | ||||||
Hidili Industry International Development, Ltd. (b) | 1,771,000 | 520,966 | ||||||
Home Inns & Hotels Management, Inc. ADR (a)(b) | 143,442 | 3,696,500 | ||||||
Huangshan Tourism Development Co., Ltd. (a) | 458,800 | 591,852 | ||||||
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b) | 2,812,000 | 668,255 | ||||||
Jiangsu Xincheng Real Estate Co., Ltd. | 1,024,500 | 479,466 | ||||||
Kingsoft Corp., Ltd. | 1,735,000 | 664,157 | ||||||
LDK Solar Co., Ltd, ADR (a)(b) | 102,982 | 321,304 | ||||||
Livzon Pharmaceutical, Inc. | 197,200 | 335,643 | ||||||
Lonking Holdings, Ltd. (b) | 5,776,000 | 1,914,266 | ||||||
MIE Holdings Corp. | 4,456,754 | 1,036,221 | ||||||
Minth Group, Ltd. (b) | 1,208,000 | 1,107,951 | ||||||
NVC Lighting Holdings, Ltd. (b) | 4,868,000 | 1,894,735 | ||||||
O-Net Communications Group, Ltd. (a) | 1,300,000 | 308,937 | ||||||
Pacific Online, Ltd. | 2,278,100 | 1,068,122 | ||||||
Peak Sport Products Co., Ltd. (b) | 1,694,000 | 470,027 | ||||||
Ports Design, Ltd. (b) | 2,124,000 | 3,285,007 | ||||||
Real Gold Mining, Ltd. (b)(c) | 251,500 | 143,119 | ||||||
Renren Inc, ADR (a)(b) | 129,624 | 661,082 | ||||||
Semiconductor Manufacturing International Corp. (a)(b) | 49,291,000 | 2,469,378 | ||||||
Shanda Interactive Entertainment, Ltd. ADR (a)(b) | 45,694 | 1,349,801 | ||||||
Shandong Airlines Co. Ltd. | 207,900 | 271,601 | ||||||
Shanghai Chlor-Alkali Chemical Co., Ltd. (a) | 354,100 | 200,067 | ||||||
Shanghai Dajiang Group (a) | 1,379,900 | 532,641 | ||||||
Shanghai Diesel Engine Co., Ltd. | 246,600 | 214,789 | ||||||
Shanghai Haixin Group Co. (a) | 692,600 | 333,833 | ||||||
Shanghai Highly Group Co., Ltd. (a) | 350,600 | 202,296 | ||||||
Shenguan Holdings Group, Ltd. | 3,066,010 | 1,575,393 | ||||||
Shenzhen Accord Pharmaceutical Co., Ltd. | 144,600 | 247,788 | ||||||
Shenzhen International Holdings, Ltd. | 53,760,000 | 2,693,266 | ||||||
Shenzhou International Group Holdings, Ltd. | 917,000 | 997,719 | ||||||
Sound Global, Ltd. (b) | 1,747,000 | 563,073 | ||||||
Suntech Power Holdings Co., Ltd. ADR (a)(b) | 247,933 | 572,725 | ||||||
SYP Glass Group Co., Ltd. | 960,100 | 613,504 | ||||||
TCL Communication Technology Holdings, Ltd. | 1,374,000 | 575,386 | ||||||
Tianjin Tianlian Public Utilities Co., Ltd. (a) | 6,000 | 856 | ||||||
Tong Ren Tang Technologies Co., Ltd. | 1,554,000 | 1,457,234 | ||||||
Travelsky Technology, Ltd. | 1,963,500 | 870,172 | ||||||
WuXi PharmaTech Cayman, Inc. ADR (a)(b) | 111,073 | 1,292,890 | ||||||
Xinjiang Xinxin Mining Industry Co., Ltd. (b) | 5,590,000 | 1,579,755 | ||||||
Zhejiang Southeast Electric Power Co. | 2,381,300 | 1,107,305 | ||||||
60,618,533 | ||||||||
CZECH REPUBLIC — 0.5% | ||||||||
Philip Morris CR AS | 7,246 | 4,385,996 | ||||||
EGYPT — 1.4% | ||||||||
Amer Group Holding (a) | 3,854,228 | 678,419 | ||||||
Arab Cotton Ginning | 450,186 | 219,612 | ||||||
Citadel Capital Corp/Cairo (a) | 589,404 | 354,715 | ||||||
Eastern Tobacco | 60,228 | 898,586 | ||||||
Egyptian Co. for Mobile Services | 86,428 | 1,343,091 | ||||||
Egyptian Financial Group-Hermes Holding (a) | 540,736 | 1,517,442 | ||||||
Egyptian for Tourism Resorts (a) | 5,838,463 | 949,383 | ||||||
Egyptian Kuwait Holding Co. | 1,026,940 | 1,037,209 | ||||||
ElSwedy Electric Co. | 200,676 | 742,790 | ||||||
Ezz Steel (a) | 846,925 | 837,661 | ||||||
Juhayna Food Industries (a) | 725,616 | 560,763 | ||||||
Maridive & Oil Services SAE | 303,034 | 569,704 | ||||||
Medinet Nasr Housing (a) | 49,801 | 95,257 | ||||||
Misr Beni Suef Cement Co. | 49,604 | 499,013 | ||||||
Sidi Kerir Petrochemicals Co. | 177,717 | 359,292 | ||||||
Six of October Development & Investment Co. | 243,839 | 530,987 | ||||||
Suez Cement Co. | 52,961 | 246,904 | ||||||
Talaat Moustafa Group (a) | 2,023,837 | 1,251,910 | ||||||
12,692,738 | ||||||||
HONG KONG — 7.1% | ||||||||
361 Degrees International, Ltd. (b) | 1,132,000 | 540,935 | ||||||
Anxin-China Holdings, Ltd. (a) | 2,000,000 | 308,295 | ||||||
Asian Citrus Holdings, Ltd. (b) | 1,159,877 | 539,356 | ||||||
BaWang International Group Holding, Ltd. (a)(b) | 1,764,000 | 163,150 | ||||||
Beijing Capital International Airport Co., Ltd. | 3,164,000 | 1,284,337 | ||||||
Beijing Capital Land, Ltd. | 2,632,400 | 473,408 | ||||||
Boshiwa International Holding, Ltd. (b) | 2,050,000 | 379,203 |
See accompanying notes to financial statements.
210
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
BYD Co., Ltd. (a)(b) | 1,354,500 | $ | 2,293,241 | |||||
Chaoda Modern Agriculture Holdings, Ltd. (b) | 4,546,000 | 642,358 | ||||||
China Dongxiang Group Co. (b) | 4,982,000 | 863,958 | ||||||
China Everbright International, Ltd. (b) | 9,245,000 | 2,185,144 | ||||||
China Forestry Holdings, Ltd. (a)(c) | 1,642,000 | 311,115 | ||||||
China High Precision Automation Group, Ltd. (b) | 1,370,000 | 527,955 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (b) | 1,997,000 | 923,498 | ||||||
China Lilang, Ltd. (b) | 1,110,000 | 1,083,657 | ||||||
China Lumena New Materials Corp. (b) | 5,282,000 | 834,562 | ||||||
China Metal Recycling Holdings, Ltd. (b) | 943,800 | 823,199 | ||||||
China Modern Dairy Holdings, Ltd. (a) | 2,000,000 | 423,906 | ||||||
China National Materials Co., Ltd. (b) | 1,988,000 | 727,808 | ||||||
China Overseas Grand Oceans Group, Ltd. | 794,000 | 497,732 | ||||||
China Pharmaceutical Group, Ltd. (b) | 1,770,000 | 431,998 | ||||||
China Power International Development, Ltd. (b) | 14,841,000 | 2,707,116 | ||||||
China Shineway Pharmaceutical Group, Ltd. (b) | 671,000 | 830,912 | ||||||
China Travel International Investment Hong Kong, Ltd. | 15,376,000 | 2,034,398 | ||||||
China ZhengTong Auto Services Holdings, Ltd. (a)(b) | 386,000 | 347,089 | ||||||
CIMC Enric Holdings, Ltd. (a) | 1,391,000 | 350,218 | ||||||
Citic 21CN Co., Ltd. (a) | 4,555,500 | 315,999 | ||||||
Citic Resources Holdings, Ltd. (a)(b) | 6,195,000 | 588,882 | ||||||
Comba Telecom Systems Holdings, Ltd. (b) | 1,535,984 | 1,136,487 | ||||||
Cosco International Holdings, Ltd. (b) | 500,000 | 176,627 | ||||||
Dawnrays Pharmaceutical Holdings, Ltd. | 1,796,000 | 486,793 | ||||||
Digital China Holdings, Ltd. | 1,324,000 | 1,755,185 | ||||||
Franshion Properties China, Ltd. (b) | 5,780,000 | 913,247 | ||||||
Fufeng Group, Ltd. (b) | 1,358,000 | 544,264 | ||||||
Global Bio-Chem Technology Group Co., Ltd. | 4,540,000 | 822,300 | ||||||
Glorious Property Holdings, Ltd. (a)(b) | 3,140,000 | 423,520 | ||||||
Greatview Aseptic Packaging Co., Ltd. (a) | 1,291,048 | 386,415 | ||||||
Greentown China Holdings, Ltd. | 1,244,500 | 591,496 | ||||||
GZI Transportation, Ltd. | 2,146,549 | 763,793 | ||||||
Haier Electronics Group Co., Ltd. (a)(b) | 550,000 | 370,211 | ||||||
Hengdeli Holdings, Ltd. (b) | 1,540,000 | 536,099 | ||||||
Hua Han Bio-Pharmaceutical Holdings, Ltd. | 2,432,800 | 459,387 | ||||||
International Mining Machinery Holdings, Ltd. (b) | 1,317,000 | 1,317,888 | ||||||
Ju Teng International Holdings, Ltd. (b) | 1,812,000 | 339,834 | ||||||
Kaisa Group Holdings, Ltd. (a)(b) | 5,119,000 | 1,249,379 | ||||||
Kingboard Laminates Holdings, Ltd. | 1,595,500 | 666,094 | ||||||
Kingway Brewery Holdings, Ltd. | 2,730,000 | 736,440 | ||||||
KWG Property Holding, Ltd. (b) | 2,175,500 | 818,808 | ||||||
Li Ning Co., Ltd. (b) | 1,275,000 | 1,313,530 | ||||||
Lianhua Supermarket Holdings Co., Ltd. (b) | 636,000 | 906,850 | ||||||
Lijun International Pharmaceutical Holdings, Ltd. (b) | 2,120,000 | 201,522 | ||||||
Minmetals Resources, Ltd. (a)(b) | 1,002,877 | 383,901 | ||||||
PCD Stores, Ltd. (b) | 6,263,000 | 788,431 | ||||||
Ruinian International, Ltd. (b) | 1,290,000 | 497,126 | ||||||
Shenzhen Investment, Ltd. (b) | 4,278,000 | 791,332 | ||||||
Shougang Concord International Enterprises Co., Ltd. (b) | 19,962,000 | 1,051,340 | ||||||
Sichuan Expressway Co., Ltd. (b) | 1,534,000 | 628,596 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (b) | 3,291,572 | 1,221,959 | ||||||
Silver base Group Holdings, Ltd. (b) | 692,000 | 619,575 | ||||||
Sino Biopharmaceutical (b) | 5,284,000 | 1,513,641 | ||||||
Sinotrans Shipping, Ltd. (b) | 5,018,000 | 1,121,593 | ||||||
Sinotrans, Ltd. | 1,724,000 | 336,617 | ||||||
Sinotruk Hong Kong Ltd. (b) | 600,000 | 339,125 | ||||||
Springland International Holdings, Ltd. | 1,929,000 | 1,283,563 | ||||||
Sunac China Holdings, Ltd. (a) | 2,496,000 | 452,084 | ||||||
The United Laboratories International Holdings, Ltd. (b) | 416,000 | 320,093 | ||||||
Tianjin Port Development Holdings, Ltd. (b) | 9,736,000 | 1,088,066 | ||||||
Tianneng Power International, Ltd. | 1,868,000 | 779,858 | ||||||
TPV Technology, Ltd. (b) | 2,688,000 | 794,168 | ||||||
United Energy Group, Ltd. (a)(b) | 8,936,000 | 1,090,491 | ||||||
Vinda International Holdings, Ltd. | 910,000 | 917,627 | ||||||
Vital Group Holdings, Ltd. (a) | 3,665,000 | 334,263 | ||||||
VODone, Ltd. (b) | 4,390,000 | 332,715 | ||||||
Wasion Group Holdings, Ltd. (b) | 1,229,000 | 359,950 | ||||||
West China Cement, Ltd. (b) | 4,312,000 | 703,457 | ||||||
Winsway Coking Coal Holding, Ltd. | 3,343,018 | 790,154 | ||||||
Yashili International Holdings, Ltd. | 2,489,000 | 367,687 | ||||||
Yingde Gases (b) | 2,559,000 | 2,343,771 | ||||||
Yip’s Chemical Holdings, Ltd. | 874,000 | 654,539 | ||||||
Yuexiu Property Co., Ltd. (a)(b) | 19,474,000 | 2,551,589 | ||||||
64,806,909 | ||||||||
HUNGARY — 0.1% | ||||||||
Egis Gyogyszergyar Nyrt | 11,150 | 752,077 | ||||||
INDIA — 9.9% | ||||||||
Amtek Auto, Ltd. | 657,472 | 1,725,067 | ||||||
Anant Raj Industries, Ltd. | 743,123 | 873,995 | ||||||
Arvind, Ltd. (a) | 214,617 | 431,863 | ||||||
Aurobindo Pharma, Ltd. | 372,226 | 942,821 | ||||||
Bajaj Finserv, Ltd. | 82,081 | 878,883 | ||||||
Bajaj Holdings and Investment, Ltd. | 74,383 | 1,092,621 | ||||||
Balrampur Chini Mills, Ltd. | 524,514 | 493,723 | ||||||
BF Utilities, Ltd. (a) | 15,053 | 141,217 | ||||||
Bharat Forge, Ltd. | 666,177 | 3,647,481 | ||||||
Bhushan Steel, Ltd. | 141,005 | 961,195 | ||||||
Biocon, Ltd. | 190,557 | 1,313,374 |
See accompanying notes to financial statements.
211
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Bombay Rayon Fashions, Ltd. | 125,459 | $ | 708,437 | |||||
CESC, Ltd. | 415,005 | 2,352,331 | ||||||
Core Projects & Technologies, Ltd. | 188,776 | 1,106,060 | ||||||
Coromandel International, Ltd. | 229,019 | 1,426,020 | ||||||
Corp Bank | 50,731 | 436,872 | ||||||
Crompton Greaves, Ltd. | 254,945 | 793,856 | ||||||
Dewan Housing Finance, Corp., Ltd. | 180,819 | 869,482 | ||||||
Dish TV India, Ltd. (a) | 441,338 | 696,138 | ||||||
Edelweiss Capital, Ltd. | 705,305 | 401,077 | ||||||
Educomp Solutions, Ltd. | 228,069 | 1,110,192 | ||||||
Emami, Ltd. | 128,830 | 1,117,710 | ||||||
Era Infra Engineering, Ltd. | 463,382 | 1,456,141 | ||||||
Escorts, Ltd. | 339,167 | 489,966 | ||||||
Essar Ports, Ltd. (a) | 242,776 | 289,249 | ||||||
Essar Shipping, Ltd. (a)(d) | 62,161 | 73,870 | ||||||
Federal Bank, Ltd. | 221,712 | 1,666,858 | ||||||
Financial Technologies India, Ltd. | 44,721 | 742,108 | ||||||
Fortis Healthcare, Ltd. (a) | 331,022 | 850,620 | ||||||
Gateway Distriparks, Ltd. | 382,242 | 1,096,970 | ||||||
Glenmark Pharmaceuticals, Ltd. | 707,837 | 4,667,605 | ||||||
Godrej Industries, Ltd. | 212,842 | 850,064 | ||||||
GTL, Ltd. (a) | 183,077 | 217,562 | ||||||
Gujarat Gas Co., Ltd. | 164,216 | 1,445,335 | ||||||
Gujarat NRE Coke, Ltd. | 851,184 | 419,726 | ||||||
GVK Power & Infrastructure, Ltd. (a) | 1,986,029 | 640,720 | ||||||
HCL Infosystems, Ltd. | 415,626 | 526,163 | ||||||
Hindustan Construction Co. | 895,980 | 525,971 | ||||||
Housing Development & Infrastructure, Ltd. (a) | 577,364 | 1,154,728 | ||||||
IFCI, Ltd. | 1,309,161 | 820,648 | ||||||
India Cements, Ltd. | 1,054,268 | 1,561,759 | ||||||
India Infoline, Ltd. | 531,473 | 760,177 | ||||||
Indiabulls Financial Services, Ltd. | 686,393 | 2,207,389 | ||||||
Indiabulls Real Estate, Ltd. | 618,286 | 923,484 | ||||||
Indian Hotels Co., Ltd. | 946,749 | 1,379,286 | ||||||
IVRCL Infrastructures & Projects, Ltd. | 2,022,833 | 1,451,814 | ||||||
Jain Irrigation Systems, Ltd. | 310,216 | 969,128 | ||||||
Jammu & Kashmir Bank, Ltd. | 79,189 | 1,297,261 | ||||||
JSW Energy, Ltd. | 626,020 | 696,643 | ||||||
Jubilant Foodworks, Ltd. (a) | 39,822 | 644,917 | ||||||
Mahindra & Mahindra Financial Services | 108,256 | 1,456,786 | ||||||
Manappuram Finance, Ltd. | 508,181 | 544,758 | ||||||
Marico, Ltd. | 477,586 | 1,402,772 | ||||||
MAX India, Ltd. (a) | 814,408 | 3,141,229 | ||||||
McLeod Russel India, Ltd. | 98,992 | 481,266 | ||||||
Moser Baer India, Ltd. (a) | 1,668,318 | 735,797 | ||||||
Motherson Sumi Systems, Ltd. | 306,112 | 1,104,441 | ||||||
Mphasis, Ltd. | 79,895 | 560,774 | ||||||
Nagarjuna Construction Co., Ltd. | 1,206,704 | 1,486,975 | ||||||
Opto Circuits India, Ltd. | 219,077 | 988,586 | ||||||
Parsvnath Developers, Ltd. (a) | 184,829 | 244,740 | ||||||
Patni Computer Systems, Ltd. (a) | 83,127 | 490,275 | ||||||
Pipavav Defence & Offshore Engineering Co., Ltd. (a) | 151,071 | 242,300 | ||||||
Piramal Healthcare, Ltd. | 87,542 | 639,204 | ||||||
PTC India, Ltd. | 321,317 | 447,121 | ||||||
Punj Lloyd, Ltd. | 1,082,448 | 1,195,721 | ||||||
Rajesh Exports, Ltd. | 463,731 | 1,150,924 | ||||||
REI Agro, Ltd. | 2,199,535 | 1,116,048 | ||||||
Rolta India, Ltd. | 314,195 | 531,196 | ||||||
Satyam Computer Services, Ltd. (a) | 1,149,040 | 1,651,708 | ||||||
Shree Renuka Sugars, Ltd. | 836,054 | 940,614 | ||||||
Sintex Industries, Ltd. | 1,170,917 | 3,041,157 | ||||||
Sterling International Enterprises, Ltd. (a) | 126,000 | 550,438 | ||||||
Strides Arcolab, Ltd. | 113,263 | 817,991 | ||||||
Suzlon Energy, Ltd. (a) | 1,775,963 | 1,321,773 | ||||||
Tata Chemicals, Ltd. | 195,314 | 1,260,817 | ||||||
Tata Global Beverages, Ltd. | 613,697 | 1,075,144 | ||||||
Thermax, Ltd. | 83,448 | 753,716 | ||||||
Unitech, Ltd. (a) | 2,176,934 | 1,164,587 | ||||||
United Phosphorus, Ltd. | 1,199,547 | 3,372,693 | ||||||
Videocon Industries, Ltd. | 155,000 | 531,383 | ||||||
Voltas, Ltd. | 293,871 | 666,948 | ||||||
Welspun-Gujarat Stahl, Ltd. | 643,210 | 1,468,975 | ||||||
89,925,434 | ||||||||
INDONESIA — 3.5% | ||||||||
Alam Sutera Realty Tbk PT | 40,114,000 | 1,756,984 | ||||||
Bakrie and Brothers Tbk PT (a) | 205,573,500 | 1,192,747 | ||||||
Bakrie Sumatera Plantations Tbk PT | 19,865,500 | 644,103 | ||||||
Bakrie Telecom Tbk PT (a) | 49,505,000 | 1,858,549 | ||||||
Bakrieland Development Tbk PT (a) | 82,971,500 | 1,057,202 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 10,692,000 | 1,094,744 | ||||||
Bank Permata Tbk PT (a) | 858,500 | 150,408 | ||||||
Bank Tabungan Negara Tbk PT | 6,240,000 | 858,976 | ||||||
Barito Pacific Tbk PT (a) | 6,545,000 | 625,461 | ||||||
Bhakti Investama Tbk PT (a) | 25,385,000 | 528,493 | ||||||
Bisi International PT | 3,691,500 | 419,966 | ||||||
Bumi Resources Minerals Tbk PT (a) | 13,603,000 | 944,008 | ||||||
Ciputra Development Tbk PT | 14,644,500 | 849,681 | ||||||
Darma Henwa PT Tbk (a) | 210,343,042 | 1,794,736 | ||||||
Delta Dunia Makmur Tbk PT (a) | 8,916,000 | 699,891 | ||||||
Energi Mega Persada Tbk PT (a) | 73,491,500 | 1,103,627 | ||||||
Gajah Tunggal Tbk PT | 4,347,000 | 1,223,985 | ||||||
Garuda Indonesia Tbk PT (a) | 15,950,500 | 789,359 | ||||||
Global Mediacom Tbk PT | 7,182,500 | 670,040 | ||||||
Holcim Indonesia Tbk PT | 4,219,000 | 854,360 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT (a) | 5,536,000 | 566,826 | ||||||
Indika Energy Tbk PT | 3,272,500 | 837,671 | ||||||
Intiland Development Tbk PT (a) | 12,330,000 | 322,628 | ||||||
Japfa Comfeed Indonesia Tbk PT | 2,437,000 | 1,199,093 | ||||||
Kawasan Industri Jababeka Tbk PT (a) | 57,209,500 | 904,678 | ||||||
Lippo Karawaci Tbk PT | 12,025,750 | 930,320 | ||||||
Medco Energi Internasional Tbk PT | 2,977,500 | 728,285 | ||||||
Media Nusantara Citra Tbk PT | 5,104,000 | 592,273 | ||||||
Mitra Adiperkasa Tbk PT | 1,164,500 | 569,664 | ||||||
Pakuwon Jati Tbk PT (a) | 8,650,500 | 767,621 | ||||||
Pembangunan Perumahan Persero PT Tbk | 11,121,500 | 417,531 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 6,755,000 | 1,575,398 | ||||||
Sentul City Tbk PT (a) | 28,559,500 | 812,272 | ||||||
Summarecon Agung Tbk PT | 12,673,000 | 1,441,752 |
See accompanying notes to financial statements.
212
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Timah Tbk PT | 3,689,500 | $ | 742,937 | |||||
Trada Maritime Tbk PT | 5,726,500 | 488,609 | ||||||
32,014,878 | ||||||||
LUXEMBOURG (e) — 0.0% | ||||||||
O’Key Group SA GDR | 69,346 | 443,814 | ||||||
MALAYSIA — 5.4% | ||||||||
Aeon Co. M Bhd | 218,900 | 473,112 | ||||||
Alliance Financial Group Bhd | 4,115,000 | 4,253,563 | ||||||
Bandar Raya Developments BHD | 850,900 | 522,401 | ||||||
Berjaya Corp. Bhd | 6,367,800 | 2,014,558 | ||||||
Berjaya Sports Toto Bhd | 1,256,900 | 1,673,242 | ||||||
Boustead Holdings Bhd | 454,200 | 717,046 | ||||||
Bursa Malaysia Bhd | 1,860,200 | 3,565,990 | ||||||
Dialog Group Bhd | 2,179,500 | 1,536,061 | ||||||
DRB-Hicom Bhd | 925,300 | 504,314 | ||||||
Fraser & Neave Holdings Bhd | 288,900 | 1,493,140 | ||||||
Genting Plantations Bhd | 1,072,300 | 2,351,167 | ||||||
IGB Corp. Bhd | 5,632,967 | 3,370,076 | ||||||
Kencana Petroleum Bhd | 3,181,600 | 2,471,533 | ||||||
KNM Group Bhd | 5,512,337 | 2,071,983 | ||||||
Kulim Malaysia Bhd | 5,715,700 | 6,015,584 | ||||||
Lafarge Malayan Cement Bhd | 984,700 | 2,023,377 | ||||||
Malaysian Bulk Carriers Bhd | 1,080,700 | 605,937 | ||||||
Malaysian Resources Corp. Bhd | 1,368,400 | 720,098 | ||||||
Media Prima Bhd | 2,598,200 | 1,790,459 | ||||||
Multi-Purpose Holdings BHD | 1,689,700 | 1,259,667 | ||||||
SapuraCrest Petroleum BHD | 447,900 | 516,295 | ||||||
Sunway Real Estate Investment Trust | 6,959,200 | 2,419,644 | ||||||
TAN Chong Motor Holdings Bhd | 1,387,000 | 1,950,706 | ||||||
Top Glove Corp. Bhd | 1,340,200 | 1,725,363 | ||||||
Tradewinds Malaysia Bhd | 165,700 | 403,285 | ||||||
UEM Land Holdings Bhd (a) | 1,318,100 | 722,529 | ||||||
UOA Development BHD (a) | 2,039,000 | 779,195 | ||||||
Wah Seong Corp Bhd | 1,722,800 | 1,063,090 | ||||||
49,013,415 | ||||||||
MEXICO — 3.0% | ||||||||
Axtel SAB de CV (a)(b) | 3,779,311 | 1,382,766 | ||||||
Bolsa Mexicana de Valores SAB de CV (b) | 1,022,201 | 1,416,177 | ||||||
Consorcio ARA SAB de CV (b) | 4,811,254 | 1,374,172 | ||||||
Corporacion GEO SAB de CV (a)(b) | 1,505,471 | 1,956,168 | ||||||
Desarrolladora Homex SAB de CV (a)(b) | 391,451 | 881,984 | ||||||
Empresas ICA SAB de CV (a)(b) | 1,616,276 | 1,809,140 | ||||||
Genomma Lab Internacional SA de CV (a)(b) | 399,496 | 669,305 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV | 336,313 | 1,127,873 | ||||||
Grupo Aeroportuario del Sureste SAB de CV | 983,813 | 4,920,577 | ||||||
Industrias CH SAB, Series B (a)(b) | 897,776 | 2,547,964 | ||||||
Inmuebles Carso SAB de CV (a) | 525,000 | 392,523 | ||||||
Promotora y Operadora de Infraestructura SAB de CV (a) | 913,720 | 3,380,098 | ||||||
TV Azteca SAB de CV (b) | 8,188,603 | 4,286,808 | ||||||
Urbi Desarrollos Urbanos SA de CV (a)(b) | 774,146 | 1,057,403 | ||||||
27,202,958 | ||||||||
MOROCCO — 0.1% | ||||||||
Alliances Developpement Immobilier SA | 1,481 | 118,775 | ||||||
Holcim Maroc SA | 684 | 157,764 | ||||||
Samir (a) | 5,804 | 542,014 | ||||||
818,553 | ||||||||
PERU — 0.9% | ||||||||
Alicorp SA | 1,153,851 | 2,288,149 | ||||||
Casa Grande SAA | 61,952 | 301,104 | ||||||
Edegel SAA | 1,150,243 | 601,353 | ||||||
Ferreyros SA | 1,438,856 | 1,276,216 | ||||||
Grana y Montero SA | 890,151 | 1,749,170 | ||||||
Luz del Sur SAA | 247,880 | 549,653 | ||||||
Refineria La Pampilla SA Relapasa | 843,179 | 224,969 | ||||||
Volcan Compania Minera SAA (Class B) | 1,933,211 | 1,777,425 | ||||||
8,768,039 | ||||||||
PHILIPPINES — 1.3% | ||||||||
Belle Corp. (a) | 2,902,000 | 222,337 | ||||||
Cebu Air, Inc. | 547,530 | 897,836 | ||||||
First Philippine Holdings Corp. | 460,870 | 569,171 | ||||||
GMA Holdings, Inc. | 6,047,800 | 894,895 | ||||||
Megaworld Corp. | 89,794,000 | 3,470,597 | ||||||
Metro Pacific Investments Corp. | 12,746,750 | 801,682 | ||||||
Philex Mining Corp. | 1,139,600 | 574,687 | ||||||
Philippine National Bank (a) | 348,500 | 371,415 | ||||||
Rizal Commercial Banking Corp. | 700,800 | 512,878 | ||||||
Semirara Mining Corp. | 280,420 | 1,196,074 | ||||||
SM Development Corp. | 3,187,400 | 540,163 | ||||||
Universal Robina Corp. | 1,662,700 | 1,576,190 | ||||||
11,627,925 | ||||||||
POLAND — 2.3% | ||||||||
Agora SA | 149,396 | 590,184 | ||||||
Asseco Poland SA | 228,264 | 2,807,215 | ||||||
Bank Millennium SA | 1,491,745 | 2,085,247 | ||||||
Boryszew SA (a) | 708,824 | 94,776 | ||||||
Ciech SA (a) | 76,490 | 316,118 | ||||||
Cyfrowy Polsat SA (a) | 206,559 | 937,778 | ||||||
Echo Investment SA (a) | 987,818 | 1,086,652 | ||||||
Emperia Holding SA | 29,835 | 887,593 | ||||||
Eurocash SA | 115,212 | 829,757 | ||||||
Globe Trade Centre SA (a) | 289,313 | 1,036,542 | ||||||
Grupa Lotos SA (a) | 305,242 | 2,341,201 | ||||||
LPP SA | 1,605 | 963,268 | ||||||
Lubelski Wegiel Bogdanka SA | 68,513 | 2,144,447 | ||||||
Netia SA (a) | 1,100,637 | 1,655,596 | ||||||
Orbis SA (a) | 49,040 | 551,388 | ||||||
PBG SA | 40,370 | 687,606 | ||||||
Polimex- Mostostal SA | 1,927,341 | 778,960 | ||||||
TVN SA | 352,199 | 1,534,767 | ||||||
21,329,095 | ||||||||
RUSSIA — 1.2% | ||||||||
AK Transneft OAO Preference Shares | 1,380 | 1,402,773 |
See accompanying notes to financial statements.
213
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Cherkizovo Group OJSC, GDR (a) | 8,613 | $ | 129,195 | |||||
DIXY Group OJSC (a) | 25,000 | 199,819 | ||||||
Integra Group Holdings GDR (a) | 787,051 | 1,282,893 | ||||||
Inter-Regional Distribution Network Co. Center JSC | 10,246,892 | 254,420 | ||||||
M Video OJSC | 50,000 | 330,743 | ||||||
Novorossiysk Commercial Sea Trade Port PJSC GDR | 59,415 | 423,035 | ||||||
OGK-6 OAO | 16,067,863 | 359,052 | ||||||
PIK Group GDR (a) | 565,308 | 1,848,557 | ||||||
Synergy Co. (a) | 6,600 | 198,000 | ||||||
TransContainer OAO, GDR | 70,000 | 664,300 | ||||||
Vsmpo-Avisma Corp. | 23,772 | 3,438,453 | ||||||
WGC-3 OJSC (a) | 14,820,000 | 388,684 | ||||||
10,919,924 | ||||||||
SINGAPORE — 0.1% | ||||||||
Yanlord Land Group, Ltd. (b) | 1,155,000 | 629,307 | ||||||
SOUTH AFRICA — 9.0% | ||||||||
Adcock Ingram Holdings, Ltd. | 236,696 | 1,770,708 | ||||||
AECI, Ltd. | 156,790 | 1,448,129 | ||||||
Afgri, Ltd. | 2,660,430 | 1,902,884 | ||||||
Aquarius Platinum, Ltd. | 739,164 | 2,041,556 | ||||||
Aveng, Ltd. | 911,103 | 3,911,155 | ||||||
AVI, Ltd. | 445,408 | 1,791,250 | ||||||
Barloworld, Ltd. | 382,891 | 2,875,338 | ||||||
Capital Property Fund | 2,838,060 | 3,018,424 | ||||||
Clicks Group, Ltd. | 509,691 | 2,386,433 | ||||||
Coronation Fund Managers, Ltd. | 1,621,804 | 4,034,790 | ||||||
DataTec, Ltd. | 1,089,634 | 5,153,299 | ||||||
Grindrod, Ltd. (b) | 1,829,351 | 3,415,626 | ||||||
Hosken Consolidated Investments, Ltd. | 273,714 | 2,805,542 | ||||||
Illovo Sugar, Ltd. | 276,148 | 865,635 | ||||||
Investec, Ltd. | 300,000 | 1,649,438 | ||||||
JD Group, Ltd. | 712,029 | 3,383,402 | ||||||
JSE, Ltd. | 538,753 | 4,305,145 | ||||||
Lewis Group, Ltd. | 644,572 | 5,612,574 | ||||||
Merafe Resources, Ltd. | 8,491,132 | 1,035,105 | ||||||
Metorex, Ltd. (a) | 1,913,064 | 1,899,000 | ||||||
Mondi, Ltd. | 214,141 | 1,563,617 | ||||||
Mpact, Ltd. (a) | 236,840 | 389,180 | ||||||
Murray & Roberts Holdings, Ltd. (b) | 502,790 | 1,626,120 | ||||||
Northam Platinum, Ltd. | 1,036,908 | 4,255,152 | ||||||
Pick’n Pay Holdings, Ltd. | 317,022 | 603,750 | ||||||
Pretoria Portland Cement Co., Ltd. (b) | 487,086 | 1,408,709 | ||||||
Resilient Property Income Fund, Ltd. | 100,000 | 405,518 | ||||||
Reunert, Ltd. | 662,542 | 4,850,120 | ||||||
SA Corporate Real Estate Fund | 9,305,767 | 3,762,081 | ||||||
Sappi, Ltd. (a)(b) | 516,027 | 1,530,923 | ||||||
Sun International, Ltd. | 174,449 | 1,755,535 | ||||||
Tongaat Hulett, Ltd. | 153,572 | 1,757,488 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 189,245 | 2,448,219 | ||||||
81,661,845 | ||||||||
TAIWAN — 29.3% | ||||||||
A-DATA Technology Co., Ltd. (a) | 406,000 | 439,639 | ||||||
Ability Enterprise Co., Ltd. | 665,000 | 597,900 | ||||||
Accton Technology Corp. | 1,487,341 | 661,312 | ||||||
Action Electronics Co., Ltd. | 2,029,981 | 613,491 | ||||||
Adlink Technology, Inc. | 464,150 | 512,507 | ||||||
Advanced Ceramic X Corp. | 194,642 | 581,850 | ||||||
Advanced International Multitech Co., Ltd. | 420,000 | 472,715 | ||||||
Advanced Power Electronics Corp. | 398 | 180 | ||||||
Advanced Wireless Semiconductor Co. | 419,746 | 338,827 | ||||||
Advantech Co., Ltd. | 685,200 | 1,830,198 | ||||||
AGV Products Corp. (a) | 2,054,926 | 633,841 | ||||||
Airtac International Group | 116,000 | 669,926 | ||||||
Alcor Micro Corp. | 398,000 | 538,067 | ||||||
Alpha Networks, Inc. | 1,079,348 | 718,975 | ||||||
Altek Corp. (a) | 1,080,438 | 1,093,733 | ||||||
AmTRAN Technology Co., Ltd. | 1,656,717 | 902,428 | ||||||
Anpec Electronics Corp. | 495,000 | 349,221 | ||||||
Apex Biotechnology Corp. | 842,484 | 1,620,002 | ||||||
Arcadyan Technology Corp. | 249,718 | 261,804 | ||||||
Asia Optical Co., Inc. (a) | 409,540 | 451,536 | ||||||
Asia Polymer | 629,157 | 784,511 | ||||||
Asrock, Inc. | 184,000 | 577,208 | ||||||
Aten International Co., Ltd. | 262,000 | 468,548 | ||||||
Bank of Kaohsiung | 1,932,680 | 627,209 | ||||||
Basso Industry Corp. | 659,000 | 385,993 | ||||||
BES Engineering Corp. | 3,568,356 | 881,697 | ||||||
Biostar Microtech International Corp. | 953,000 | 434,674 | ||||||
Cameo Communications, Inc. | 1,587,191 | 461,965 | ||||||
Capital Securities Corp. | 3,451,730 | 1,155,296 | ||||||
Career Technology Co., Ltd. | 711,726 | 1,160,715 | ||||||
Catcher Technology Co., Ltd. | 132 | 775 | ||||||
Cathay No. 1 REIT | 1,115,000 | 444,171 | ||||||
Cathay Real Estate Development Co., Ltd. | 2,855,904 | 1,152,670 | ||||||
Chang Wah Electromaterials, Inc. | 223,001 | 563,448 | ||||||
Charoen Pokphand Enterprise | 1,379,798 | 627,078 | ||||||
Chaun-Choung Technology Corp. | 441,000 | 350,195 | ||||||
Cheng Loong Corp. | 2,507,128 | 966,653 | ||||||
Cheng Uei Precision Industry Co., Ltd. | 697,603 | 1,547,431 | ||||||
Chicony Electronics Co., Ltd. | 916,259 | 1,509,309 | ||||||
Chien Kuo Construction Co., Ltd. | 1,764,501 | 836,654 | ||||||
Chin-Poon Industrial Co. | 1,078,000 | 645,562 | ||||||
China Bills Finance Corp. | 4,919,394 | 1,735,307 | ||||||
China Chemical & Pharmaceutical Co., Ltd. | 908,000 | 534,819 | ||||||
China Life Insurance Co., Ltd. | 20 | 19 | ||||||
China Manmade Fibers Corp. (a) | 2,855,904 | 946,501 | ||||||
China Motor Corp. | 1,111,000 | 953,327 | ||||||
China Petrochemical Development Corp. | 314,658 | 341,245 | ||||||
China Steel Chemical Corp. | 436,000 | 1,838,425 | ||||||
China Synthetic Rubber Corp. | 1,331,452 | 1,052,928 | ||||||
Chipbond Technology Corp. | 1,125,000 | 1,033,634 | ||||||
Chong Hong Construction Co., Ltd. | 459,042 | 980,595 | ||||||
Chroma ATE, Inc. | 664,680 | 1,378,434 | ||||||
Chung Hung Steel Corp. | 955,239 | 329,123 | ||||||
Chunghwa Picture Tubes, Ltd. (a) | 10,955,628 | 830,435 | ||||||
Clevo Co. | 1,111,053 | 1,892,162 | ||||||
CMC Magnetics Corp. (a) | 4,052,719 | 783,282 |
See accompanying notes to financial statements.
214
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Compal Communications, Inc. | 410,000 | $ | 503,839 | |||||
Coretronic Corp. | 2,046,420 | 1,591,473 | ||||||
Crete Systems, Inc. | 251,706 | 396,865 | ||||||
CTCI Corp. | 1,120,000 | 1,356,128 | ||||||
CyberTAN Technology, Inc. | 1,087,210 | 1,088,102 | ||||||
D-Link Corp. | 1,959,904 | 1,459,879 | ||||||
Dahan Development Corp. | 478,000 | 1,145,004 | ||||||
Danen Technology Corp. | 403,816 | 234,538 | ||||||
Dimerco Express Taiwan Corp. | 677,081 | 433,243 | ||||||
Dynamic Electronics Co., Ltd. | 981,585 | 354,305 | ||||||
Dynapack International Technology Corp. | 118,000 | 412,371 | ||||||
E.Sun Financial Holding Co., Ltd. | 467,933 | 231,855 | ||||||
Elan Microelectronics Corp. | 846,899 | 918,458 | ||||||
Elite Material Co., Ltd. | 677,782 | 519,318 | ||||||
Elite Semiconductor Memory Technology, Inc. | 654,674 | 700,324 | ||||||
ENG Electric Co., Ltd. | 239,982 | 641,789 | ||||||
Entire Technology Co., Ltd. | 219,942 | 344,618 | ||||||
Episil Technologies, Inc. (a) | 1,159,000 | 431,654 | ||||||
Epistar Corp. | 1,117,000 | 1,982,927 | ||||||
Eternal Chemical Co., Ltd. | 1,487,990 | 1,147,425 | ||||||
Everlight Chemical Industrial Corp. | 624,800 | 332,133 | ||||||
Everlight Electronics Co., Ltd. | 924,503 | 1,601,764 | ||||||
Excelsior Medical Co., Ltd. | 234,328 | 415,985 | ||||||
Far Eastern Department Stores, Ltd. | 1,109,645 | 1,463,748 | ||||||
Far Eastern International Bank | 4,068,789 | 1,568,770 | ||||||
Faraday Technology Corp. | 898,976 | 879,064 | ||||||
Farglory Land Development Co., Ltd. | 237,000 | 388,843 | ||||||
Feng Hsin Iron & Steel Co., Ltd. | 877,270 | 1,502,658 | ||||||
Feng TAY Enterprise Co., Ltd. | 612,000 | 503,055 | ||||||
First Insurance Co., Ltd. | 1,744,178 | 904,283 | ||||||
FLEXium Interconnect, Inc. | 421,849 | 1,034,032 | ||||||
Forhouse Corp. | 894,576 | 507,832 | ||||||
Formosa Epitaxy, Inc. | 862,000 | 582,681 | ||||||
Formosa International Hotels Corp. | 44,000 | 607,843 | ||||||
Formosa Sumco Technology Corp. | 726 | 737 | ||||||
Formosa Taffeta Co., Ltd. | 1,485,000 | 1,352,215 | ||||||
Formosan Rubber Group, Inc. | 1,089,124 | 752,291 | ||||||
Formosan Union Chemical | 2,568,000 | 1,478,865 | ||||||
Froch Enterprise Co., Ltd. (a) | 1,364,000 | 597,519 | ||||||
FSP Technology, Inc. | 626,184 | 482,865 | ||||||
Gallant Precision Machining Co., Ltd. | 920,000 | 291,925 | ||||||
Gemtek Technology Corp. | 703,234 | 571,125 | ||||||
Genius Electronic Optical Co., Ltd. | 227,060 | 1,713,660 | ||||||
Genmont Biotech, Inc. | 212,000 | 287,304 | ||||||
GeoVision, Inc. | 221,743 | 717,436 | ||||||
Giant Manufacturing Co., Ltd. | 692,994 | 2,580,962 | ||||||
Gigabyte Technology Co., Ltd. | 508,000 | 446,740 | ||||||
Gigastorage Corp. | 751,114 | 517,585 | ||||||
Gintech Energy Corp. | 936,806 | 1,223,458 | ||||||
Global Unichip Corp. | 226,669 | 922,296 | ||||||
Gloria Material Technology Corp. (a) | 597,736 | 430,527 | ||||||
Goldsun Development & Construction Co., Ltd. | 2,877,041 | 1,142,320 | ||||||
Grand Pacific Petrochemical | 2,467,000 | 1,036,181 | ||||||
Grape King, Inc. | 433,000 | 664,241 | ||||||
Great Wall Enterprise Co. | 1,400,353 | 1,286,625 | ||||||
Greatek Electronics, Inc. | 1,519,673 | 1,052,177 | ||||||
GTM Corp. | 1,121,000 | 548,085 | ||||||
HannStar Display Corp. (a) | 10,650,474 | 712,944 | ||||||
Hey Song Corp. | 1,579,694 | 1,503,236 | ||||||
Highwealth Construction Corp. | 1,158,000 | 1,945,516 | ||||||
Himax Technologies, Inc. ADR | 649,206 | 720,619 | ||||||
Hiwin Technologies Corp. | 148,898 | 1,035,812 | ||||||
Ho Tung Chemical Corp. (a) | 2,497,510 | 1,278,463 | ||||||
Hong TAI Electric Industrial | 1,486,000 | 455,918 | ||||||
Huaku Development Co., Ltd. | 460,236 | 987,676 | ||||||
Huang Hsiang Construction Co. | 451,484 | 859,264 | ||||||
I-Sheng Electric Wire & Cable Co., Ltd. | 613,000 | 680,888 | ||||||
Ibase Technology, Inc. | 405,699 | 453,957 | ||||||
Inventec Co., Ltd. | 4,864,775 | 1,787,875 | ||||||
ITE Technology, Inc. | 466,000 | 508,433 | ||||||
J Touch Corp. | 265,121 | 390,613 | ||||||
Jess-Link Products Co., Ltd. (a) | 464,974 | 543,932 | ||||||
Jih Sun Financial Holdings Co., Ltd. | 1,981,113 | 564,918 | ||||||
Kaori Heat Treatment Co., Ltd. | 428,000 | 455,035 | ||||||
KEE TAI Properties Co., Ltd. | 1,814,076 | 872,066 | ||||||
Kenda Rubber Industrial Co., Ltd. | 724,649 | 787,068 | ||||||
KGI Securities Co., Ltd. | 6,340,096 | 2,288,468 | ||||||
King Yuan Electronics Co., Ltd. | 2,461,656 | 892,578 | ||||||
King’s Town Bank (a) | 2,447,000 | 1,365,021 | ||||||
Kinpo Electronics | 2,912,371 | 711,010 | ||||||
Kinsus Interconnect Technology Corp. | 463,030 | 1,526,973 | ||||||
Kuoyang Construction Co., Ltd. (a) | 1,114,000 | 464,243 | ||||||
KYE Systems Corp. | 674,000 | 268,715 | ||||||
Laser Tek Taiwan Co., Ltd. | 702,265 | 859,540 | ||||||
LCY Chemical Corp. | 1,153,213 | 1,721,778 | ||||||
Lien Hwa Industrial Corp. | 1,863,651 | 1,024,320 | ||||||
Lingsen Precision Industries, Ltd. | 1,534,694 | 788,120 | ||||||
Long Bon International Co., Ltd. | 1,305,000 | 475,324 | ||||||
Longwell Co. | 670,000 | 672,748 | ||||||
Lumax International Corp., Ltd. | 430,599 | 932,552 | ||||||
Macronix International Co., Ltd. | 6,907,656 | 2,481,996 | ||||||
Makalot Industrial Co., Ltd. | 626,000 | 1,343,409 | ||||||
Masterlink Securities Corp. | 2,028,472 | 678,931 | ||||||
Mayer Steel Pipe Corp. | 1,586,234 | 788,563 | ||||||
Mercuries & Associates, Ltd. | 605,053 | 567,827 | ||||||
Merida Industry Co., Ltd. | 287,000 | 639,452 | ||||||
Micro-Star International Co., Ltd. | 1,319,000 | 603,775 | ||||||
Microbio Co., Ltd. | 492,481 | 478,341 | ||||||
Mirle Automation Corp. | 1,084,170 | 876,941 | ||||||
Mitac International Corp. | 2,109,999 | 771,993 | ||||||
Mosel Vitelic, Inc. (a) | 1,282,000 | 208,233 | ||||||
Motech Industries, Inc. | 821,885 | 1,332,276 | ||||||
Nan Kang Rubber Tire Co., Ltd. | 1,146,227 | 1,850,513 | ||||||
Nantex Industry Co., Ltd. | 913,550 | 753,922 | ||||||
Neo Solar Power Corp. | 643,064 | 611,940 | ||||||
Newmax Technology Co., Ltd. | 215,232 | 387,029 | ||||||
Nien Hsing Textile Co., Ltd. | 610,910 | 408,944 | ||||||
Novatek Microelectronics Corp. | 1,105,572 | 2,593,877 | ||||||
Oriental Union Chemical Corp. | 1,306,000 | 1,611,340 | ||||||
Pan-International Industrial Co., Ltd. | 679,388 | 682,175 | ||||||
PC Home Online | 266,132 | 1,571,904 | ||||||
Phison Electronics Corp. | 237,837 | 1,143,335 | ||||||
Phytohealth Corp. (a) | 406,000 | 440,971 | ||||||
PixArt Imaging, Inc. | 200,991 | 481,455 |
See accompanying notes to financial statements.
215
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Polaris Securities Co., Ltd. (d) | 5,622,920 | $ | 3,696,874 | |||||
Portwell, Inc. | 688,000 | 530,533 | ||||||
Powerchip Technology Corp. (a) | 9,528,280 | 550,280 | ||||||
Powercom Co., Ltd. (a) | 447,000 | 360,094 | ||||||
Powertech Industrial Co., Ltd. | 440,000 | 246,891 | ||||||
Powertech Technology, Inc. | 887,000 | 1,920,984 | ||||||
President Securities Corp. | 1,972,127 | 983,637 | ||||||
Prime Electronics Satellitics, Inc. | 927,946 | 717,084 | ||||||
Prince Housing Development Corp. | 1,977,190 | 1,424,096 | ||||||
Promate Electronic Co., Ltd. | 1,052,000 | 576,486 | ||||||
Qisda Corp. | 2,764,641 | 746,612 | ||||||
Radiant Opto-Electronics Corp. | 954,620 | 2,731,513 | ||||||
Radium Life Tech Co., Ltd. | 1,127,420 | 886,028 | ||||||
Ralink Technology Corp. (d) | 211,000 | 740,517 | ||||||
Realtek Semiconductor Corp. | 941,793 | 1,603,907 | ||||||
RichTek Technology Corp. | 212,477 | 1,003,993 | ||||||
Ritek Corp. (a) | 5,922,596 | 1,053,338 | ||||||
Ruentex Development Co., Ltd. (a) | 1,158,000 | 1,151,350 | ||||||
Ruentex Industries, Ltd. (a) | 703,000 | 1,144,177 | ||||||
Sampo Corp. | 3,604,527 | 878,807 | ||||||
San Fang Chemical Industry Co., Ltd. | 505,110 | 391,160 | ||||||
Sanyang Industry Co., Ltd. | 2,358,945 | 1,312,030 | ||||||
Senao International Co., Ltd. | 615,911 | 1,824,996 | ||||||
Sercomm Corp. | 1,085,000 | 1,112,592 | ||||||
Sheng Yu Steel Co., Ltd. | 220,000 | 132,830 | ||||||
Shih Wei Navigation Co., Ltd. | 847,968 | 851,446 | ||||||
Shinkong Insurance Co., Ltd. | 948,841 | 549,534 | ||||||
Shinkong Synthetic Fibers Corp. | 3,583,796 | 1,059,557 | ||||||
Sigurd Microelectronics Corp. | 1,571,694 | 1,085,616 | ||||||
Silicon Integrated Systems Corp. | 1,184,000 | 493,414 | ||||||
Silicon Motion Technology Corp. ADR (a)(b) | 223,851 | 2,587,718 | ||||||
Simplo Technology Co., Ltd. | 486,481 | 3,041,005 | ||||||
Sinbon Electronics Co., Ltd. | 839,000 | 494,177 | ||||||
Sinmag Bakery Machine Corp. | 235,400 | 628,763 | ||||||
Sino-American Silicon Products, Inc. | 666,433 | 1,126,212 | ||||||
Sinon Corp. | 2,166,662 | 746,512 | ||||||
Sinphar Pharmaceutical Co., Ltd. | 511,733 | 418,958 | ||||||
Sintek Photronic Corp. (a) | 1,757,000 | 593,834 | ||||||
Sinyi Realty Co. | 862,071 | 1,124,440 | ||||||
Soft-World International Corp. | 227,710 | 555,919 | ||||||
Solar Applied Materials Technology Corp. | 524,195 | 670,832 | ||||||
Solartech Energy Corp. | 472,091 | 456,987 | ||||||
Southeast Cement Co., Ltd. | 1,568,000 | 522,238 | ||||||
Springsoft, Inc. | 855,968 | 931,102 | ||||||
St. Shine Optical Co., Ltd. | 209,000 | 2,571,780 | ||||||
Standard Foods Corp. | 586,812 | 1,617,464 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 665,000 | 580,443 | ||||||
Sunrex Technology Corp. | 590,000 | 399,787 | ||||||
Systex Corp. | 684,000 | 769,851 | ||||||
T JOIN Transportation Co. | 1,179,000 | 1,197,377 | ||||||
Ta Chong Bank Co., Ltd. (a) | 3,150,988 | 832,336 | ||||||
Ta Ya Electric Wire & Cable | 3,136,650 | 792,525 | ||||||
Taichung Commercial Bank (a) | 3,490,935 | 1,142,071 | ||||||
Taiflex Scientific Co., Ltd. | 485,725 | 612,037 | ||||||
Tainan Enterprises Co., Ltd. | 445,000 | 508,154 | ||||||
Tainan Spinning Co., Ltd. | 2,530,570 | 1,125,159 | ||||||
Taisun Enterprise Co., Ltd. | 1,562,631 | 764,010 | ||||||
Taiwan Acceptance Corp. | 680,000 | 1,193,765 | ||||||
Taiwan Business Bank (a) | 6,575,558 | 1,980,759 | ||||||
Taiwan Cogeneration Corp. | 2,739,469 | 1,694,471 | ||||||
Taiwan Fire & Marine Insurance Co. | 865,004 | 631,545 | ||||||
Taiwan Hon Chuan Enterprise Co., Ltd. | 497,027 | 1,069,892 | ||||||
Taiwan Hopax Chemicals Manufacturing Co., Ltd. | 680,229 | 283,475 | ||||||
Taiwan Land Development Corp. (a) | 2,243,994 | 872,562 | ||||||
Taiwan Life Insurance Co., Ltd. | 556,684 | 421,966 | ||||||
Taiwan Mask Corp. | 2,129,800 | 772,249 | ||||||
Taiwan Secom | 600,726 | 1,080,223 | ||||||
Taiwan Surface Mounting Technology Co., Ltd. | 460,632 | 946,204 | ||||||
Taiyen Biotech Co., Ltd. | 1,644,000 | 1,267,728 | ||||||
Tatung Co., Ltd. (a) | 4,933,691 | 1,845,581 | ||||||
Teco Electric & Machinery Co., Ltd. | 4,425,838 | 2,403,531 | ||||||
Test-Rite International Co. | 688,000 | 496,669 | ||||||
Thye Ming Industrial Co., Ltd. | 859,164 | 910,615 | ||||||
Tong Hsing Electronic Industries Ltd. | 237,327 | 562,264 | ||||||
Tong Yang Industry Co., Ltd. | 899,761 | 831,116 | ||||||
Topco Scientific Co., Ltd. | 682,647 | 889,289 | ||||||
Topoint Technology Co., Ltd. | 674,495 | 463,681 | ||||||
Transcend Information, Inc. | 474,484 | 940,405 | ||||||
Tripod Technology Corp. | 982,353 | 2,604,565 | ||||||
TSRC Corp. | 1,193,700 | 2,659,630 | ||||||
TTY Biopharm Co., Ltd. | 259,790 | 726,304 | ||||||
Tung Ho Steel Enterprise Corp. | 1,521,258 | 1,377,743 | ||||||
Tung Thih Electronic Co., Ltd. | 248,283 | 421,205 | ||||||
TXC Corp. | 704,120 | 834,085 | ||||||
TYC Brother Industrial Co., Ltd. (a) | 980,251 | 419,763 | ||||||
Tycoons Group Enterprise (a) | 2,466,174 | 579,419 | ||||||
U-Ming Marine Transport Corp. | 924,000 | 1,356,817 | ||||||
Unitech Computer Co., Ltd. | 491,000 | 192,533 | ||||||
Unity Opto Technology Co., Ltd. | 665,306 | 502,118 | ||||||
Universal Cement Corp. | 1,278,800 | 604,257 | ||||||
Unizyx Holding Corp. | 1,582,694 | 937,412 | ||||||
UPC Technology Corp. | 1,825,000 | 811,444 | ||||||
USI Corp. | 1,870,494 | 1,841,339 | ||||||
Ve Wong Corp. | 710,604 | 481,509 | ||||||
Via Technologies, Inc. (a) | 1,621,062 | 1,263,338 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 520,602 | 636,339 | ||||||
Wafer Works Corp. | 433,045 | 369,456 | ||||||
Wah Hong Industrial Corp. | 248,446 | 401,916 | ||||||
Walsin Lihwa Corp. | 5,351,000 | 1,650,514 | ||||||
Wan Hai Lines, Ltd. | 2,190,320 | 1,042,154 | ||||||
Waterland Financial Holdings Co., Ltd. (a) | 4,737,830 | 1,686,807 | ||||||
Wei Chuan Food Corp. | 870,899 | 811,601 | ||||||
Weikeng Industrial Co., Ltd. | 1,240,628 | 895,613 | ||||||
Winbond Electronics Corp. (a) | 10,477,730 | 2,104,141 | ||||||
Wintek Corp. | 2,507,859 | 1,987,360 | ||||||
Wistron NeWeb Corp. | 497,509 | 1,240,712 | ||||||
WPG Holdings Co., Ltd. | 1,416,159 | 1,656,639 | ||||||
WUS Printed Circuit Co., Ltd. (a) | 1,159,000 | 614,203 | ||||||
Yageo Corp. | 2,195,000 | 620,146 | ||||||
Yang Ming Marine Transport Corp. | 2,506,788 | 982,973 | ||||||
Yieh Phui Enterprise Co., Ltd. | 2,760,419 | 928,443 |
See accompanying notes to financial statements.
216
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Young Fast Optoelectronics Co., Ltd. | 237,959 | $ | 656,681 | |||||
Young Optics, Inc. | 206,242 | 584,042 | ||||||
Yuen Foong Yu Paper Manufacturing Co., Ltd. | 3,910,941 | 1,514,327 | ||||||
Yufo Electronics Co., Ltd. | 67,000 | 42,432 | ||||||
Yungtay Engineering Co., Ltd. | 926,000 | 1,452,430 | ||||||
Zenitron Corp. | 1,118,348 | 691,743 | ||||||
Zinwell Corp. | 654,674 | 658,433 | ||||||
266,601,503 | ||||||||
THAILAND — 3.7% | ||||||||
Airports of Thailand PCL | 687,700 | 873,867 | ||||||
Bangkok Chain Hospital PCL, NVDR | 1,500,000 | 304,005 | ||||||
Bangkok Expressway PCL, NVDR | 1,500,000 | 796,204 | ||||||
BEC World PCL | 1,712,870 | 2,025,027 | ||||||
Big C Supercenter PCL | 135,800 | 493,659 | ||||||
Bumrungrad Hospital PCL | 619,000 | 771,634 | ||||||
Cal-Comp Electronics Thailand PCL | 31,360,790 | 2,380,938 | ||||||
Dynasty Ceramic PCL | 367,500 | 602,944 | ||||||
Electricity Generating PCL, NVDR | 450,000 | 1,223,259 | ||||||
Hana Microelectronics PCL | 6,190,384 | 3,365,530 | ||||||
Home Product Center PCL, NVDR | 1,500,000 | 451,182 | ||||||
Land and Houses PCL, NVDR | 3,179,100 | 664,763 | ||||||
Minor International PCL | 6,896,229 | 2,285,062 | ||||||
Precious Shipping PCL | 860,000 | 401,158 | ||||||
Pruksa Real Estate PCL | 2,423,900 | 1,115,064 | ||||||
Robinson Department Store PCL, NVDR | 640,000 | 694,869 | ||||||
Siam City Cement PCL, NVDR | 116,000 | 813,511 | ||||||
Siam Makro PCL, NVDR | 124,000 | 869,616 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 750,000 | 386,038 | ||||||
Thai Airways International PCL, NVDR | 853,400 | 549,075 | ||||||
Thai Stanley Electric PCL, NVDR | 105,000 | 548,898 | ||||||
Thai Tap Water Supply PCL | 3,600,000 | 584,848 | ||||||
Thai Union Frozen Products PCL | 812,395 | 1,352,467 | ||||||
Thai Vegetable Oil PCL, NVDR | 700,000 | 394,081 | ||||||
Thanachart Capital PCL | 5,656,464 | 4,958,618 | ||||||
Thoresen Thai Agencies PCL | 3,351,366 | 1,584,851 | ||||||
Tisco Financial Group PCL | 611,013 | 707,623 | ||||||
True Corp. PCL (a) | 16,981,428 | 1,726,277 | ||||||
Vanachai Group PCL, NVDR | 1,423,000 | 154,729 | ||||||
Vinythai PCL, NVDR | 1,000,000 | 395,689 | ||||||
33,475,486 | ||||||||
TURKEY — 3.0% | ||||||||
Adana Cimento Sanayii TAS | 85,446 | 187,026 | ||||||
Akfen Holding AS (a) | 105,762 | 533,517 | ||||||
Akmerkez Gayrimenkul Yatirim Ortakligi AS (a) | 78,592 | 927,744 | ||||||
Albaraka Turk Katilim Bankasi | 2,355,460 | 2,381,492 | ||||||
Asya Katilim Bankasi AS (a) | 1,795,857 | 1,873,652 | ||||||
Aygaz AS | 265,509 | 1,373,630 | ||||||
Bursa Cimento Fabrikasi AS | 84,512 | 204,525 | ||||||
Dogan Sirketler Grubu Holdings AS (a) | 2,352,156 | 809,583 | ||||||
Dogan Yayin Holding AS (a) | 2,064,000 | 721,504 | ||||||
GSD Holding (a) | 1,061,182 | 405,195 | ||||||
Ihlas Holding (a) | 1,595,167 | 754,926 | ||||||
Is Finansal Kiralama AS (a) | 374,727 | 213,617 | ||||||
Ittifak Holding A.S | 198,784 | 829,581 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a) | 3,964,717 | 1,791,047 | ||||||
Metro Ticari ve Mali Yatirimlar Holding AS (a) | 410,603 | 200,946 | ||||||
NET Holding AS (a) | 330,592 | 279,131 | ||||||
Petkim Petrokimya Holding AS (a) | 2,690,130 | 3,472,162 | ||||||
Sekerbank TAS | 2,282,614 | 1,153,920 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi AS | 949,154 | 740,151 | ||||||
TAV Havalimanlari Holding AS (a) | 366,649 | 1,451,255 | ||||||
Tekfen Holding AS | 321,331 | 985,015 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 209,238 | 747,178 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS | 195,842 | 535,038 | ||||||
Turk Hava Yollari Anonim Ortakligi (a) | 914,618 | 1,337,901 | ||||||
Turk Sise ve Cam Fabrikalari AS | 545,254 | 1,043,913 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 1,007,778 | 1,083,953 | ||||||
Ulker Biskuvi Sanayi AS | 426,589 | 1,266,381 | ||||||
27,303,983 | ||||||||
UNITED ARAB EMIRATES — 0.1% | ||||||||
Exillon Energy PLC (a) | 170,689 | 536,319 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $1,152,149,337) | 887,154,885 | |||||||
PREFERRED STOCKS — 0.0% (e) | ||||||||
BRAZIL — 0.0% (e) | ||||||||
Costa Pinto SA Preference Shares (a) | 10,000 | 31,731 | ||||||
Universo Online SA Preference Shares | 32,927 | 313,793 | ||||||
TOTAL PREFERRED STOCKS — | ||||||||
(Cost $387,107) | 345,524 | |||||||
SHORT TERM INVESTMENTS — 6.7% | ||||||||
UNITED STATES — 6.7% | ||||||||
MONEY MARKET FUNDS — 6.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 43,303,701 | 43,303,701 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 17,023,636 | 17,023,636 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $60,327,337) | 60,327,337 | |||||||
TOTAL INVESTMENTS — 104.3% | ||||||||
(Cost $1,212,863,781) | 947,827,746 | |||||||
OTHER ASSETS & LIABILITIES — (4.3)% | (39,015,529 | ) | ||||||
NET ASSETS — 100.0% | $ | 908,812,217 | ||||||
See accompanying notes to financial statements.
217
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
(a) | Non-income producing security. | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs. (Note 2) | |||||
(d) | Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2) | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
218
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
AUSTRALIA — 8.2% | ||||||||
Abacus Property Group | 124,787 | $ | 224,369 | |||||
Astro Japan Property Group | 29,403 | 59,154 | ||||||
Bunnings Warehouse Property Trust | 195,919 | 323,703 | ||||||
CFS Retail Property Trust | 816,690 | 1,389,047 | ||||||
Charter Hall Office REIT | 202,002 | 661,618 | ||||||
Charter Hall Retail REIT | 123,732 | 376,399 | ||||||
Commonwealth Property Office Fund | 1,194,110 | 1,038,698 | ||||||
Dexus Property Group | 2,350,013 | 1,872,862 | ||||||
Goodman Group | 3,604,659 | 2,014,438 | ||||||
GPT Group | 904,511 | 2,760,357 | ||||||
ING Office Fund | 1,181,415 | 700,413 | ||||||
Westfield Group | 1,034,974 | 7,795,660 | ||||||
Westfield Retail Trust | 1,403,956 | 3,302,103 | ||||||
22,518,821 | ||||||||
AUSTRIA — 0.8% | ||||||||
Atrium European Real Estate, Ltd. | 91,426 | 441,598 | ||||||
CA Immobilien Anlagen AG (a) | 35,305 | 433,424 | ||||||
IMMOFINANZ AG (a)(b) | 483,525 | 1,390,262 | ||||||
2,265,284 | ||||||||
BELGIUM — 0.5% | ||||||||
Befimmo Sicafi S.C.A. | 6,898 | 519,486 | ||||||
Cofinimmo | 6,823 | 808,701 | ||||||
1,328,187 | ||||||||
CANADA — 5.6% | ||||||||
Artis REIT | 19,837 | 235,482 | ||||||
Boardwalk REIT | 11,514 | 532,359 | ||||||
Brookfield Asset Management, Inc. (Class A) | 272,375 | 7,574,903 | ||||||
Brookfield Office Properties, Inc. | 126,250 | 1,738,462 | ||||||
Calloway REIT | 24,551 | 606,206 | ||||||
Canadian Apartment Properties REIT | 18,102 | 366,539 | ||||||
Canadian REIT | 16,088 | 550,702 | ||||||
Chartwell Seniors Housing REIT | 34,230 | 248,008 | ||||||
Extendicare REIT | 18,978 | 128,031 | ||||||
First Capital Realty, Inc. (b) | 29,888 | 487,593 | ||||||
H&R REIT | 37,392 | 752,469 | ||||||
Primaris Retail REIT | 19,091 | 375,573 | ||||||
RioCan REIT | 63,755 | 1,590,739 | ||||||
15,187,066 | ||||||||
CHINA — 1.3% | ||||||||
Hongkong Land Holdings, Ltd. | 603,000 | 2,701,440 | ||||||
Kerry Properties, Ltd. | 300,635 | 967,392 | ||||||
3,668,832 | ||||||||
FRANCE — 4.2% | ||||||||
Fonciere Des Regions | 12,851 | 905,905 | ||||||
Gecina SA (b) | 10,198 | 901,550 | ||||||
Klepierre | 45,762 | 1,299,200 | ||||||
SILIC | 4,574 | 444,682 | ||||||
Unibail-Rodamco SE | 44,474 | 8,028,703 | ||||||
11,580,040 | ||||||||
GERMANY — 0.1% | ||||||||
IVG Immobilien AG (a) | 44,579 | 157,424 | ||||||
HONG KONG — 4.2% | ||||||||
Champion REIT (b) | 747,462 | 288,049 | ||||||
GZI REIT | 352,000 | 152,380 | ||||||
Hang Lung Group, Ltd. | 413,996 | 2,119,238 | ||||||
Hang Lung Properties, Ltd. | 1,085,018 | 3,261,430 | ||||||
Hysan Development Co., Ltd. | 297,027 | 909,996 | ||||||
Prosperity REIT | 535,000 | 95,527 | ||||||
The Link REIT | 1,088,013 | 3,452,124 | ||||||
Wheelock & Co., Ltd. | 403,016 | 1,203,651 | ||||||
11,482,395 | ||||||||
ITALY — 0.1% | ||||||||
Beni Stabili SpA | 401,468 | 212,713 | ||||||
JAPAN — 9.1% | ||||||||
Aeon Mall Co., Ltd. | 38,900 | 901,846 | ||||||
Daibiru Corp. | 27,900 | 197,631 | ||||||
Daiwa Office Investment Corp. (b) | 125 | 325,960 | ||||||
Frontier Real Estate Investment Corp. (b) | 86 | 762,039 | ||||||
Fukuoka REIT Corp. | 53 | 345,174 | ||||||
Global One Real Estate Investment Co., Ltd. (b) | 48 | 367,410 | ||||||
Hankyu REIT, Inc. | 41 | 190,692 | ||||||
Heiwa Real Estate Co., Ltd. | 88,500 | 191,742 | ||||||
Ichigo Real Estate Investment Corp. | 73 | 86,941 | ||||||
Japan Excellent, Inc. | 83 | 372,036 | ||||||
Japan Hotel and Resort, Inc. | 36 | 77,577 | ||||||
Japan Prime Realty Investment Corp. (b) | 348 | 896,637 | ||||||
Japan Real Estate Investment Corp. (b) | 239 | 2,337,909 | ||||||
Japan Retail Fund Investment Corp. (b) | 912 | 1,471,884 | ||||||
Kenedix Realty Investment Corp. (b) | 140 | 457,161 | ||||||
Mitsui Fudosan Co., Ltd. | 429,000 | 6,918,098 | ||||||
Mori Hills REIT Investment Corp. (b) | 89 | 301,362 | ||||||
Mori Trust Sogo REIT, Inc. (b) | 84 | 777,011 | ||||||
Nippon Building Fund, Inc. (b) | 282 | 2,923,171 | ||||||
Nomura Real Estate Office Fund, Inc. | 142 | 869,538 | ||||||
NTT Urban Development Corp. (b) | 529 | 389,132 | ||||||
Orix JREIT, Inc. | 138 | 635,573 | ||||||
Premier Investment Corp. (b) | 68 | 266,866 | ||||||
Shoei Co., Ltd. (b) | 17,800 | 141,790 | ||||||
Tokyu Land Corp. | 223,000 | 812,961 | ||||||
Tokyu REIT, Inc. | 83 | 447,412 | ||||||
Top REIT, Inc. | 76 | 412,636 | ||||||
United Urban Investment Corp. | 1,019 | 1,077,433 | ||||||
24,955,622 | ||||||||
NETHERLANDS — 0.9% | ||||||||
Corio NV | 28,447 | 1,326,125 | ||||||
Eurocommercial Properties NV | 17,383 | 670,063 | ||||||
VastNed Retail NV | 9,016 | 433,911 | ||||||
2,430,099 | ||||||||
NEW ZEALAND — 0.4% | ||||||||
AMP NZ Office Trust | 375,908 | 247,116 | ||||||
Argosy Property Trust | 266,573 | 167,090 | ||||||
Goodman Property Trust | 382,349 | 286,422 |
See accompanying notes to financial statements.
219
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Kiwi Income Property Trust | 474,106 | $ | 387,775 | |||||
1,088,403 | ||||||||
SINGAPORE — 3.6% | ||||||||
Ascendas REIT | 818,969 | 1,275,809 | ||||||
Cambridge Industrial Trust | 527,907 | 186,354 | ||||||
CapitaCommercial Trust (b) | 937,682 | 726,774 | ||||||
CapitaLand, Ltd. (b) | 1,233,500 | 2,338,075 | ||||||
CapitaMall Trust (b) | 980,860 | 1,377,464 | ||||||
Frasers Commercial Trust | 237,412 | 145,752 | ||||||
Global Logistic Properties, Ltd. (a) | 1,098,000 | 1,394,513 | ||||||
Guocoland, Ltd. | 158,999 | 231,220 | ||||||
Mapletree Logistics Trust (b) | 625,240 | 407,838 | ||||||
Singapore Land, Ltd. | 52,000 | 233,443 | ||||||
Starhill Global REIT | 565,524 | 251,711 | ||||||
Suntec REIT | 1,012,274 | 893,343 | ||||||
United Industrial Corp., Ltd. | 118,000 | 240,872 | ||||||
9,703,168 | ||||||||
SOUTH AFRICA — 0.4% | ||||||||
Capital Property Fund | 349,799 | 372,030 | ||||||
Fountainhead Property Trust | 566,788 | 472,376 | ||||||
SA Corporate Real Estate Fund | 388,586 | 157,095 | ||||||
Sycom Property Fund | 51,057 | 134,262 | ||||||
1,135,763 | ||||||||
SPAIN — 0.0% (c) | ||||||||
Martinsa-Fadesa SA (a)(d)(e) | 178 | 0 | ||||||
SWEDEN — 1.0% | ||||||||
Castellum AB | 83,849 | 1,029,770 | ||||||
Fabege AB | 69,820 | 531,666 | ||||||
Great Portland Estates PLC | 152,420 | 807,295 | ||||||
Kungsleden AB | 66,541 | 455,349 | ||||||
2,824,080 | ||||||||
SWITZERLAND — 1.3% | ||||||||
PSP Swiss Property AG (a) | 16,925 | 1,522,374 | ||||||
Swiss Prime Site AG (a) | 26,503 | 2,135,880 | ||||||
3,658,254 | ||||||||
UNITED KINGDOM — 5.6% | ||||||||
Big Yellow Group PLC | 59,208 | 220,348 | ||||||
British Land Co. PLC | 431,351 | 3,198,522 | ||||||
Capital & Counties Properties PLC | 333,908 | 873,872 | ||||||
Capital Shopping Centres Group PLC | 335,418 | 1,710,711 | ||||||
Derwent London PLC (b) | 49,141 | 1,102,346 | ||||||
Grainger PLC | 163,562 | 220,654 | ||||||
Hammerson PLC | 344,923 | 2,032,148 | ||||||
Land Securities Group PLC | 373,148 | 3,731,881 | ||||||
Segro PLC | 361,542 | 1,240,189 | ||||||
Shaftesbury PLC | 121,851 | 884,369 | ||||||
Workspace Group PLC | 51,808 | 173,317 | ||||||
15,388,357 | ||||||||
UNITED STATES — 52.3% | ||||||||
Acadia Realty Trust (b) | 19,563 | 365,828 | ||||||
Alexander’s, Inc. (b) | 1,637 | 590,990 | ||||||
Alexandria Real Estate Equities, Inc. | 30,200 | 1,853,978 | ||||||
American Campus Communities, Inc. | 33,864 | 1,260,079 | ||||||
Apartment Investment & Management Co. (Class A) | 58,877 | 1,302,359 | ||||||
Ashford Hospitality Trust, Inc. (b) | 32,978 | 231,506 | ||||||
AvalonBay Communities, Inc. (b) | 45,859 | 5,230,219 | ||||||
BioMed Realty Trust, Inc. (b) | 63,741 | 1,056,188 | ||||||
Boston Properties, Inc. (b) | 71,009 | 6,326,902 | ||||||
Brandywine Realty Trust (b) | 65,559 | 525,128 | ||||||
BRE Properties, Inc. | 36,445 | 1,543,081 | ||||||
Camden Property Trust | 34,715 | 1,918,351 | ||||||
CBL & Associates Properties, Inc. (b) | 68,619 | 779,512 | ||||||
Cedar Shopping Centers, Inc. (b) | 25,832 | 80,338 | ||||||
Colonial Properties Trust | 42,557 | 772,835 | ||||||
CommonWealth REIT | 40,916 | 776,177 | ||||||
Corporate Office Properties Trust (b) | 35,034 | 763,041 | ||||||
Cousins Properties, Inc. | 40,893 | 239,224 | ||||||
CubeSmart (b) | 42,725 | 364,444 | ||||||
DCT Industrial Trust, Inc. (b) | 119,801 | 525,926 | ||||||
DDR Corp. (b) | 110,562 | 1,205,126 | ||||||
DiamondRock Hospitality Co. (b) | 82,043 | 573,481 | ||||||
Digital Realty Trust, Inc. (b) | 48,459 | 2,672,998 | ||||||
Douglas Emmett, Inc. (b) | 62,176 | 1,063,210 | ||||||
Duke Realty Corp. | 122,949 | 1,290,964 | ||||||
DuPont Fabros Technology, Inc. (b) | 30,413 | 598,832 | ||||||
EastGroup Properties, Inc. (b) | 13,137 | 501,045 | ||||||
Education Realty Trust, Inc. (b) | 35,423 | 304,284 | ||||||
Equity Lifestyle Properties, Inc. | 19,025 | 1,192,868 | ||||||
Equity One, Inc. (b) | 30,145 | 478,100 | ||||||
Equity Residential | 143,584 | 7,447,702 | ||||||
Essex Property Trust, Inc. (b) | 16,503 | 1,981,020 | ||||||
Extra Space Storage, Inc. (b) | 46,000 | 856,980 | ||||||
Federal Realty Investment Trust (b) | 30,298 | 2,496,858 | ||||||
FelCor Lodging Trust, Inc. (a) | 60,856 | 141,794 | ||||||
First Industrial Realty Trust, Inc. (a)(b) | 38,858 | 310,864 | ||||||
First Potomac Realty Trust (b) | 24,294 | 302,946 | ||||||
Forest City Enterprises, Inc. (Class A) (a)(b) | 64,511 | 687,687 | ||||||
Franklin Street Properties Corp. (b) | 35,915 | 406,199 | ||||||
General Growth Properties, Inc. | 187,481 | 2,268,520 | ||||||
HCP, Inc. | 197,934 | 6,939,566 | ||||||
Health Care REIT, Inc. | 86,137 | 4,031,212 | ||||||
Healthcare Realty Trust, Inc. (b) | 37,946 | 639,390 | ||||||
Hersha Hospitality Trust (b) | 73,253 | 253,455 | ||||||
Highwoods Properties, Inc. (b) | 35,277 | 996,928 | ||||||
Home Properties, Inc. (b) | 19,967 | 1,133,327 | ||||||
Hospitality Properties Trust | 60,193 | 1,277,897 | ||||||
Host Hotels & Resorts, Inc. | 344,274 | 3,766,358 | ||||||
Inland Real Estate Corp. (b) | 37,556 | 274,159 | ||||||
Kilroy Realty Corp. (b) | 28,585 | 894,711 | ||||||
Kimco Realty Corp. (b) | 198,177 | 2,978,600 | ||||||
Kite Realty Group Trust (b) | 29,681 | 108,632 | ||||||
LaSalle Hotel Properties | 41,431 | 795,475 | ||||||
Liberty Property Trust (b) | 55,845 | 1,625,648 | ||||||
Mack-Cali Realty Corp. (b) | 42,371 | 1,133,424 | ||||||
Mid-America Apartment Communities, Inc. (b) | 18,116 | 1,090,946 | ||||||
Parkway Properties, Inc. (b) | 10,718 | 118,005 | ||||||
Pennsylvania Real Estate Investment Trust | 27,020 | 208,865 | ||||||
Piedmont Office Realty Trust, Inc. (Class A) (b) | 84,138 | 1,360,511 |
See accompanying notes to financial statements.
220
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Post Properties, Inc. | 24,673 | $ | 857,140 | |||||
ProLogis | 223,750 | 5,425,937 | ||||||
PS Business Parks, Inc. (b) | 9,261 | 458,790 | ||||||
Public Storage | 68,707 | 7,650,524 | ||||||
Ramco-Gershenson Properties Trust (b) | 19,081 | 156,464 | ||||||
Regency Centers Corp. (b) | 43,833 | 1,548,620 | ||||||
Saul Centers, Inc. (b) | 3,877 | 131,081 | ||||||
Senior Housing Properties Trust | 74,792 | 1,611,020 | ||||||
Simon Property Group, Inc. | 142,761 | 15,700,855 | ||||||
SL Green Realty Corp. | 41,634 | 2,421,017 | ||||||
Sovran Self Storage, Inc. | 13,417 | 498,710 | ||||||
Sun Communities, Inc. (b) | 9,666 | 340,147 | ||||||
Sunstone Hotel Investors, Inc. (a) | 57,343 | 326,282 | ||||||
Tanger Factory Outlet Centers, Inc. (b) | 41,909 | 1,090,053 | ||||||
Taubman Centers, Inc. (b) | 28,262 | 1,421,861 | ||||||
The Macerich Co. (b) | 64,342 | 2,742,899 | ||||||
UDR, Inc. | 106,814 | 2,364,862 | ||||||
Universal Health Realty Income Trust (b) | 5,763 | 193,694 | ||||||
Ventas, Inc. (b) | 127,704 | 6,308,578 | ||||||
Vornado Realty Trust | 89,818 | 6,702,219 | ||||||
Washington Real Estate Investment Trust (b) | 32,138 | 905,649 | ||||||
Weingarten Realty Investors (b) | 58,933 | 1,247,612 | ||||||
143,018,707 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $276,548,619) | 272,603,215 | |||||||
SHORT TERM INVESTMENTS — 11.0% | ||||||||
UNITED STATES — 11.0% | ||||||||
MONEY MARKET FUNDS — 11.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 29,583,281 | 29,583,281 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 470,118 | 470,118 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $30,053,399) | 30,053,399 | |||||||
TOTAL INVESTMENTS — 110.6% | ||||||||
(Cost $306,602,018) | 302,656,614 | |||||||
OTHER ASSETS & LIABILITIES — (10.6)% | (28,950,976 | ) | ||||||
NET ASSETS — 100.0% | $ | 273,705,638 | ||||||
(a) | Non-income producing security. | |||||
(b) | A portion of the security was on loan at September 30, 2011. | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(e) | Company has filed for insolvency. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
221
SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
AUSTRALIA — 1.8% | ||||||||
Aristocrat Leisure, Ltd. | 11,066 | $ | 22,586 | |||||
Crown, Ltd. | 10,548 | 81,705 | ||||||
Fairfax Media, Ltd. | 49,671 | 39,827 | ||||||
Tatts Group, Ltd. | 29,898 | 64,799 | ||||||
208,917 | ||||||||
BELGIUM — 0.5% | ||||||||
S.A. D’Ieteren NV | 1,034 | 52,052 | ||||||
CANADA — 5.1% | ||||||||
Canadian Tire Corp., Ltd. (Class A) | 1,419 | 77,619 | ||||||
Gildan Activewear, Inc. | 1,727 | 45,079 | ||||||
Lululemon Athletica, Inc. (a) | 1,328 | 64,944 | ||||||
Magna International, Inc. (Class A) | 2,563 | 85,224 | ||||||
Shaw Communications, Inc. | 4,719 | 96,278 | ||||||
Thomson Reuters Corp. | 4,718 | 128,584 | ||||||
Tim Hortons, Inc. | 1,582 | 73,950 | ||||||
571,678 | ||||||||
CHINA — 0.2% | ||||||||
Li Heng Chemical Fibre Technologies, Ltd. | 225,000 | 21,238 | ||||||
FINLAND — 0.7% | ||||||||
Nokian Renkaat Oyj | 1,270 | 38,475 | ||||||
Sanoma Oyj | 3,217 | 38,199 | ||||||
76,674 | ||||||||
FRANCE — 9.9% | ||||||||
Accor SA | 1,859 | 50,259 | ||||||
Christian Dior SA | 428 | 48,553 | ||||||
Compagnie Generale des Etablissements Michelin | 1,722 | 104,453 | ||||||
Havas SA | 11,923 | 44,152 | ||||||
Hermes International | 502 | 152,117 | ||||||
Lagardere SCA | 1,467 | 36,443 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 2,163 | 289,194 | ||||||
Peugeot SA | 1,874 | 40,644 | ||||||
PPR | 835 | 109,142 | ||||||
Publicis Groupe SA | 1,175 | 49,518 | ||||||
Renault SA | 1,779 | 59,839 | ||||||
Sodexo | 1,333 | 88,682 | ||||||
Valeo SA | 1,063 | 45,425 | ||||||
1,118,421 | ||||||||
GERMANY — 9.1% | ||||||||
Adidas AG | 2,091 | 128,422 | ||||||
Bayerische Motoren Werke AG | 3,071 | 205,874 | ||||||
Continental AG (a) | 603 | 35,307 | ||||||
Daimler AG | 7,878 | 355,466 | ||||||
Porsche Automobil Holding SE Preference Shares | 872 | 42,370 | ||||||
ProSiebenSat.1 Media AG Preference Shares | 1,309 | 23,376 | ||||||
TUI AG (a) | 3,090 | 16,073 | ||||||
Volkswagen AG | 502 | 62,767 | ||||||
Volkswagen AG Preference Shares | 1,204 | 161,621 | ||||||
1,031,276 | ||||||||
HONG KONG — 4.8% | ||||||||
Belle International Holdings, Ltd. | 43,000 | 75,121 | ||||||
Esprit Holdings, Ltd. | 13,832 | 16,969 | ||||||
Galaxy Entertainment Group, Ltd. (a) | 16,000 | 23,883 | ||||||
Geely Automobile Holdings, Ltd. | 45,000 | 10,116 | ||||||
Giordano International, Ltd. | 108,000 | 71,586 | ||||||
GOME Electrical Appliances Holdings, Ltd. | 79,000 | 18,571 | ||||||
Li & Fung, Ltd. | 72,000 | 122,270 | ||||||
Sands China, Ltd. (a) | 28,000 | 67,044 | ||||||
Shangri-La Asia, Ltd. | 18,500 | 35,694 | ||||||
SJM Holdings, Ltd. | 27,000 | 48,903 | ||||||
Skyworth Digital Holdings, Ltd. | 20,887 | 7,378 | ||||||
Wynn Macau, Ltd. | 19,600 | 47,283 | ||||||
544,818 | ||||||||
ITALY — 1.5% | ||||||||
Fiat SpA | 8,201 | 45,047 | ||||||
Lottomatica SpA (a) | 2,716 | 42,891 | ||||||
Mediaset SpA | 9,275 | 29,493 | ||||||
Pirelli & C. SpA | 7,331 | 52,819 | ||||||
170,250 | ||||||||
JAPAN — 35.3% | ||||||||
Aisin Seiki Co., Ltd. | 2,600 | 87,903 | ||||||
Aoyama Trading Co., Ltd. | 4,500 | 78,756 | ||||||
Benesse Holdings, Inc. | 1,800 | 79,982 | ||||||
Bridgestone Corp. | 7,100 | 163,223 | ||||||
Casio Computer Co., Ltd. | 4,400 | 28,256 | ||||||
Denso Corp. | 3,900 | 127,048 | ||||||
Dentsu, Inc. | 3,500 | 112,338 | ||||||
Fast Retailing Co., Ltd. | 900 | 163,350 | ||||||
Fuji Heavy Industries, Ltd. | 9,000 | 53,477 | ||||||
Gunze, Ltd. | 17,000 | 56,240 | ||||||
Honda Motor Co., Ltd. | 12,600 | 375,810 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 6,100 | 62,440 | ||||||
Isuzu Motors, Ltd. | 18,000 | 78,464 | ||||||
Mazda Motor Corp. (a) | 17,000 | 34,847 | ||||||
Mitsubishi Motors Corp. (a) | 37,000 | 49,442 | ||||||
Namco Bandai Holdings, Inc. | 4,400 | 59,995 | ||||||
Nikon Corp. | 4,500 | 107,596 | ||||||
Nissan Motor Co., Ltd. | 18,000 | 161,832 | ||||||
Oriental Land Co., Ltd. | 500 | 53,646 | ||||||
Panasonic Corp. | 16,000 | 156,513 | ||||||
PARIS MIKI HOLDINGS, Inc. | 4,500 | 42,618 | ||||||
Rakuten, Inc. | 71 | 83,177 | ||||||
Resorttrust, Inc. | 4,500 | 77,296 | ||||||
Sekisui Chemical Co., Ltd. | 9,000 | 76,479 | ||||||
Sekisui House, Ltd. | 9,000 | 85,820 | ||||||
Sharp Corp. | 9,000 | 76,596 | ||||||
Shimano, Inc. | 1,800 | 96,328 | ||||||
Sony Corp. | 8,000 | 156,409 | ||||||
Stanley Electric Co., Ltd. | 2,700 | 41,439 | ||||||
Sumitomo Forestry Co., Ltd. | 7,900 | 69,591 | ||||||
Suzuki Motor Corp. | 4,300 | 96,064 | ||||||
Toyobo Co., Ltd. | 37,000 | 54,722 | ||||||
Toyota Industries Corp. | 2,500 | 73,949 | ||||||
Toyota Motor Corp. | 22,400 | 781,152 | ||||||
Yamada Denki Co., Ltd. | 1,150 | 81,312 | ||||||
3,984,110 | ||||||||
LUXEMBOURG — 0.7% | ||||||||
SES | 3,214 | 78,784 | ||||||
See accompanying notes to financial statements.
222
SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
NETHERLANDS — 1.5% | ||||||||
Reed Elsevier NV | 8,454 | $ | 93,339 | |||||
Wolters Kluwer NV | 4,769 | 78,223 | ||||||
171,562 | ||||||||
NORWAY — 0.4% | ||||||||
Schibsted ASA | 1,983 | 42,896 | ||||||
SINGAPORE — 1.3% | ||||||||
Genting Singapore PLC (a) | 54,000 | 63,817 | ||||||
Singapore Press Holdings, Ltd. | 27,000 | 77,907 | ||||||
141,724 | ||||||||
SOUTH KOREA — 5.8% | ||||||||
Hyundai Mobis | 372 | 107,838 | ||||||
Hyundai Motor Co. | 1,825 | 326,875 | ||||||
Kia Motors Corp. | 1,959 | 119,564 | ||||||
LG Electronics, Inc. | 817 | 47,783 | ||||||
Lotte Shopping Co., Ltd. | 142 | 48,456 | ||||||
650,516 | ||||||||
SPAIN — 1.7% | ||||||||
Industria de Diseno Textil SA | 1,995 | 172,272 | ||||||
NH Hoteles SA (a) | 4,698 | 19,761 | ||||||
192,033 | ||||||||
SWEDEN — 2.7% | ||||||||
Electrolux AB | 4,366 | 64,649 | ||||||
Hennes & Mauritz AB (Class B) | 7,794 | 234,562 | ||||||
299,211 | ||||||||
SWITZERLAND — 2.9% | ||||||||
Compagnie Financiere Richemont SA | 4,313 | 194,448 | ||||||
The Swatch Group AG | 404 | 134,459 | ||||||
328,907 | ||||||||
UNITED KINGDOM — 12.7% | ||||||||
British Sky Broadcasting Group PLC | 11,941 | 123,515 | ||||||
Burberry Group PLC | 4,752 | 86,907 | ||||||
Carnival PLC | 2,392 | 75,084 | ||||||
Compass Group PLC | 18,867 | 153,127 | ||||||
GKN PLC | 16,513 | 45,249 | ||||||
Home Retail Group PLC | 13,182 | 23,081 | ||||||
Informa PLC | 8,513 | 43,445 | ||||||
ITV PLC (a) | 38,453 | 35,522 | ||||||
Kingfisher PLC | 33,174 | 128,421 | ||||||
Marks & Spencer Group PLC | 17,103 | 83,819 | ||||||
Next PLC | 2,886 | 113,834 | ||||||
Pearson PLC | 10,532 | 186,873 | ||||||
Reed Elsevier PLC | 12,479 | 96,110 | ||||||
Tui Travel PLC | 13,398 | 31,161 | ||||||
Whitbread PLC | 3,497 | 86,291 | ||||||
WPP PLC | 12,915 | 120,915 | ||||||
1,433,354 | ||||||||
UNITED STATES — 1.1% | ||||||||
Virgin Media, Inc. (b) | 4,069 | 99,080 | ||||||
Virgin Media, Inc. (b) | 868 | 21,567 | ||||||
120,647 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $12,540,527) | 11,239,068 | |||||||
SHORT TERM INVESTMENT — 0.0% (c) | ||||||||
UNITED STATES — 0.0% (c) | ||||||||
MONEY MARKET FUND — 0.0% (c) | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) (Cost $2,672) | 2,672 | 2,672 | ||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $12,543,199) | 11,241,740 | |||||||
OTHER ASSETS & LIABILITIES — 0.3% | 29,155 | |||||||
NET ASSETS — 100.0% | $ | 11,270,895 | ||||||
(a) | Non-income producing security. | |||||
(b) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(c) | Amount represents less than 0.05% of net assets. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
223
SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 8.8% | ||||||||
Coca-Cola Amatil, Ltd. | 18,300 | $ | 212,185 | |||||
Foster’s Group, Ltd. | 48,666 | 249,736 | ||||||
Treasury Wine Estates, Ltd. | 13,687 | 51,480 | ||||||
Wesfarmers, Ltd. | 21,773 | 668,482 | ||||||
Woolworths, Ltd. | 21,542 | 520,486 | ||||||
1,702,369 | ||||||||
BELGIUM — 4.4% | ||||||||
Anheuser-Busch InBev NV | 12,819 | 684,100 | ||||||
Anheuser-Busch InBev NV — VVPR Strip (a) | 2,040 | 5 | ||||||
Delhaize Group | 2,711 | 159,716 | ||||||
843,821 | ||||||||
CANADA — 2.5% | ||||||||
Loblaw Cos., Ltd. | 4,436 | 167,896 | ||||||
Shoppers Drug Mart Corp. | 5,488 | 215,138 | ||||||
Viterra, Inc. | 9,642 | 95,398 | ||||||
478,432 | ||||||||
CHINA — 0.5% | ||||||||
Hengan International Group Co., Ltd. | 13,000 | 105,122 | ||||||
DENMARK — 0.7% | ||||||||
Carlsberg A/S (Class B) | 2,357 | 140,584 | ||||||
FINLAND — 0.5% | ||||||||
Kesko Oyj (Class B) | 3,028 | 94,010 | ||||||
FRANCE — 8.7% | ||||||||
Carrefour SA | 8,926 | 205,269 | ||||||
Casino Guichard-Perrachon SA | 1,549 | 122,079 | ||||||
Danone | 10,708 | 663,752 | ||||||
L’Oreal SA | 3,952 | 389,090 | ||||||
Pernod — Ricard SA | 3,657 | 288,655 | ||||||
1,668,845 | ||||||||
GERMANY — 2.1% | ||||||||
Beiersdorf AG | 2,473 | 133,136 | ||||||
Henkel AG & Co. KGaA Preference Shares | 4,981 | 267,320 | ||||||
400,456 | ||||||||
HONG KONG — 0.4% | ||||||||
Pacific Andes International Holdings, Ltd. | 194,346 | 17,226 | ||||||
Vitasoy International Holdings, Ltd. | 78,000 | 49,998 | ||||||
67,224 | ||||||||
IRELAND — 0.4% | ||||||||
Kerry Group PLC (Class A) | 2,317 | 81,448 | ||||||
JAPAN — 13.9% | ||||||||
Aeon Co., Ltd. | 14,205 | 193,319 | ||||||
Ajinomoto Co., Inc. | 12,728 | 151,917 | ||||||
Asahi Breweries, Ltd. | 11,582 | 247,778 | ||||||
Japan Tobacco, Inc. | 91 | 429,145 | ||||||
Kao Corp. | 12,874 | 361,434 | ||||||
Kirin Holdings Co., Ltd. | 12,739 | 168,079 | ||||||
Lawson, Inc. | 3,824 | 217,295 | ||||||
Nichirei Corp. | 25,388 | 118,245 | ||||||
Oenon Holdings, Inc. | 25,000 | 60,651 | ||||||
Seven & I Holdings Co., Ltd. | 12,877 | 365,695 | ||||||
Shiseido Co., Ltd. | 10,393 | 203,195 | ||||||
Unicharm Corp. | 1,300 | 62,824 | ||||||
UNY Co., Ltd. | 10,200 | 96,072 | ||||||
2,675,649 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
Oriflame Cosmetics SA SDR | 766 | 27,927 | ||||||
NETHERLANDS — 7.1% | ||||||||
Heineken NV | 5,062 | 227,793 | ||||||
Koninklijke Ahold NV | 21,161 | 250,301 | ||||||
Unilever NV | 27,843 | 887,415 | ||||||
1,365,509 | ||||||||
NORWAY — 0.2% | ||||||||
Marine Harvest | 77,344 | 33,962 | ||||||
SINGAPORE — 1.6% | ||||||||
Golden Agri-Resources, Ltd. | 166,105 | 78,393 | ||||||
Olam International, Ltd. | 13,590 | 23,674 | ||||||
Wilmar International, Ltd. | 52,000 | 210,299 | ||||||
312,366 | ||||||||
SPAIN — 0.7% | ||||||||
Ebro Puleva SA | 7,256 | 125,051 | ||||||
SWEDEN — 1.0% | ||||||||
Swedish Match AB | 5,895 | 195,693 | ||||||
SWITZERLAND — 17.1% | ||||||||
Lindt & Spruengli AG | 64 | 186,722 | ||||||
Nestle SA | 56,096 | 3,094,143 | ||||||
3,280,865 | ||||||||
UNITED KINGDOM — 28.7% | ||||||||
British American Tobacco PLC | 30,318 | 1,288,653 | ||||||
Diageo PLC | 41,233 | 791,348 | ||||||
Imperial Tobacco Group PLC | 17,187 | 582,065 | ||||||
J Sainsbury PLC | 27,672 | 118,459 | ||||||
Reckitt Benckiser Group PLC | 10,581 | 539,491 | ||||||
SABMiller PLC | 13,476 | 442,426 | ||||||
Tate & Lyle PLC | 12,324 | 120,181 | ||||||
Tesco PLC | 124,119 | 730,873 | ||||||
Unilever PLC | 22,722 | 715,360 | ||||||
William Morrison Supermarkets PLC | 42,420 | 191,968 | ||||||
5,520,824 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $19,883,657) | 19,120,157 | |||||||
WARRANT — 0.0% (b) | ||||||||
SINGAPORE — 0.0% (b) | ||||||||
Golden Agri-Resources, Ltd. (expiring 7/23/12) (a) (Cost $0) | 2,970 | 260 | ||||||
See accompanying notes to financial statements.
224
SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENT — 0.0% (b) | ||||||||
UNITED STATES — 0.0% (b) | ||||||||
MONEY MARKET FUND — 0.0% (b) | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $7,154) | 7,154 | $ | 7,154 | |||||
TOTAL INVESTMENTS — 99.4% | ||||||||
(Cost $19,890,811) | 19,127,571 | |||||||
OTHER ASSETS & LIABILITIES — 0.6% | 111,742 | |||||||
NET ASSETS — 100.0% | $ | 19,239,313 | ||||||
(a) | Non-income producing security. | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(d) | The rate shown is the annualized seven-day yield at period end. |
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
225
SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 5.2% | ||||||||
Origin Energy, Ltd. | 11,326 | $ | 147,504 | |||||
Paladin Energy, Ltd. (a) | 9,564 | 11,294 | ||||||
Santos, Ltd. | 14,037 | 155,116 | ||||||
Woodside Petroleum, Ltd. | 7,195 | 227,127 | ||||||
WorleyParsons, Ltd. | 3,949 | 100,940 | ||||||
641,981 | ||||||||
AUSTRIA — 0.6% | ||||||||
OMV AG | 2,568 | 77,592 | ||||||
BERMUDA — 0.7% | ||||||||
Seadrill, Ltd. | 3,300 | 92,407 | ||||||
CANADA — 27.4% | ||||||||
ARC Resources, Ltd. | 2,932 | 63,477 | ||||||
Athabasca Oil Sands Corp. (a) | 5,830 | 59,976 | ||||||
Baytex Energy Corp. | 1,191 | 50,072 | ||||||
Bonavista Energy Corp. | 3,407 | 77,030 | ||||||
Cameco Corp. | 5,793 | 106,960 | ||||||
Canadian Natural Resources, Ltd. | 11,784 | 347,962 | ||||||
Canadian Oil Sands, Ltd. | 3,775 | 73,866 | ||||||
Cenovus Energy, Inc. | 9,203 | 284,997 | ||||||
Chinook Energy, Inc. (a) | 11,000 | 16,256 | ||||||
Crescent Point Energy Corp. | 2,447 | 92,639 | ||||||
Enbridge, Inc. | 10,122 | 324,918 | ||||||
EnCana Corp. | 10,119 | 195,864 | ||||||
Enerplus Corp. | 3,221 | 79,965 | ||||||
Husky Energy, Inc. | 4,507 | 98,137 | ||||||
Imperial Oil, Ltd. | 2,608 | 94,204 | ||||||
MEG Energy Corp. (a) | 1,299 | 48,317 | ||||||
Nexen, Inc. | 7,726 | 120,852 | ||||||
Niko Resources, Ltd. | 1,089 | 45,115 | ||||||
Pacific Rubiales Energy Corp. | 3,085 | 65,723 | ||||||
Penn West Petroleum, Ltd. | 3,864 | 57,071 | ||||||
Petrobank Energy & Resources, Ltd. (a) | 1,500 | 9,141 | ||||||
Provident Energy, Ltd. | 970 | 7,987 | ||||||
Suncor Energy, Inc. | 17,052 | 437,898 | ||||||
Talisman Energy, Inc. | 11,044 | 136,506 | ||||||
TransCanada Corp. | 8,515 | 347,611 | ||||||
Uranium One, Inc. | 6,798 | 13,504 | ||||||
Vermilion Energy, Inc. | 2,981 | 125,985 | ||||||
3,382,033 | ||||||||
FINLAND — 0.1% | ||||||||
Neste Oil Oyj | 1,573 | 13,792 | ||||||
FRANCE — 10.5% | ||||||||
Bourbon SA | 1,678 | 38,746 | ||||||
Compagnie Generale de Geophysique-Veritas (a) | 2,718 | 49,213 | ||||||
Technip SA | 1,474 | 119,708 | ||||||
Total SA | 24,512 | 1,093,025 | ||||||
1,300,692 | ||||||||
HONG KONG — 0.0% (b) | ||||||||
Mongolia Energy Co., Ltd. (a) | 66,000 | 4,324 | ||||||
ITALY — 5.8% | ||||||||
ENI SpA | 30,292 | 537,297 | ||||||
Saipem SpA | 4,014 | 143,041 | ||||||
Saras SpA (a) | 24,424 | 33,327 | ||||||
713,665 | ||||||||
JAPAN — 3.3% | ||||||||
Idemitsu Kosan Co., Ltd. | 300 | 27,322 | ||||||
Inpex Corp. | 24 | 150,701 | ||||||
JX Holdings, Inc. | 34,397 | 196,350 | ||||||
TonenGeneral Sekiyu K.K. | 3,000 | 34,756 | ||||||
409,129 | ||||||||
LUXEMBOURG — 1.0% | ||||||||
Subsea 7 SA (a) | 3,179 | 61,403 | ||||||
Tenaris SA | 5,138 | 65,628 | ||||||
127,031 | ||||||||
NETHERLANDS — 10.7% | ||||||||
Fugro NV | 551 | 28,130 | ||||||
Royal Dutch Shell PLC (Class A) | 39,154 | 1,219,882 | ||||||
SBM Offshore NV | 4,086 | 72,200 | ||||||
1,320,212 | ||||||||
NORWAY — 2.8% | ||||||||
Aker Solutions ASA | 6,060 | 58,680 | ||||||
Kvaerner ASA (a) | 6,060 | 8,020 | ||||||
Petroleum Geo-Services ASA (a) | 3,300 | 33,669 | ||||||
StatoilHydro ASA | 11,256 | 243,487 | ||||||
343,856 | ||||||||
PAPUA NEW GUINEA — 1.0% | ||||||||
Oil Search, Ltd. | 21,591 | 118,771 | ||||||
PORTUGAL — 0.4% | ||||||||
Galp Energia SGPS SA (Class B) | 2,696 | 49,701 | ||||||
SPAIN — 2.4% | ||||||||
Repsol YPF SA | 10,870 | 291,394 | ||||||
UNITED KINGDOM — 27.6% | ||||||||
AMEC PLC | 7,425 | 94,326 | ||||||
BG Group PLC | 37,538 | 725,988 | ||||||
BP PLC | 202,191 | 1,223,671 | ||||||
Cairn Energy PLC (a) | 20,944 | 91,583 | ||||||
Ensco PLC ADR | 1,581 | 63,920 | ||||||
Petrofac, Ltd. | 1,505 | 28,087 | ||||||
Premier Oil PLC (a) | 6,314 | 34,160 | ||||||
Royal Dutch Shell PLC (Class B) | 28,266 | 885,939 | ||||||
Tullow Oil PLC | 12,634 | 257,627 | ||||||
3,405,301 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $15,220,618) | 12,291,881 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $12,423) | 12,423 | 12,423 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $15,233,041) | 12,304,304 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 50,436 | |||||||
NET ASSETS — 100.0% | $ | 12,354,740 | ||||||
See accompanying notes to financial statements.
226
SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
(a) | Non-income producing security. | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(d) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
227
SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS��— 99.4% | ||||||||
AUSTRALIA — 13.4% | ||||||||
AMP, Ltd. | 5,916 | $ | 22,711 | |||||
ASX, Ltd. | 815 | 24,024 | ||||||
Australia & New Zealand Banking Group, Ltd. | 8,505 | 161,353 | ||||||
Commonwealth Bank of Australia | 5,038 | 223,033 | ||||||
Macquarie Group, Ltd. | 1,541 | 34,252 | ||||||
National Australia Bank, Ltd. | 7,293 | 158,560 | ||||||
QBE Insurance Group, Ltd. | 4,189 | 52,438 | ||||||
Stockland | 19,773 | 55,923 | ||||||
Westfield Group | 9,621 | 72,468 | ||||||
Westfield Retail Trust | 6,371 | 14,985 | ||||||
Westpac Banking Corp. | 10,786 | 213,222 | ||||||
1,032,969 | ||||||||
AUSTRIA — 0.8% | ||||||||
Erste Group Bank AG | 1,129 | 29,326 | ||||||
Sparkassen Immobilien AG (a) | 5,576 | 29,701 | ||||||
59,027 | ||||||||
BELGIUM — 0.6% | ||||||||
Ageas | 9,031 | 15,922 | ||||||
Dexia SA (a) | 5,395 | 10,474 | ||||||
Groupe Bruxelles Lambert SA | 285 | 20,251 | ||||||
46,647 | ||||||||
BERMUDA — 0.8% | ||||||||
Lancashire Holdings, Ltd. | 5,703 | 61,478 | ||||||
CANADA — 14.9% | ||||||||
Bank of Montreal | 2,111 | 118,855 | ||||||
Bank of Nova Scotia | 3,553 | 179,755 | ||||||
Brookfield Asset Management, Inc. (Class A) | 2,964 | 82,430 | ||||||
Canadian Imperial Bank of Commerce | 1,382 | 97,319 | ||||||
IGM Financial, Inc. | 1,509 | 64,499 | ||||||
Manulife Financial Corp. | 5,995 | 68,692 | ||||||
National Bank of Canada | 1,001 | 67,137 | ||||||
Power Corp. of Canada | 993 | 21,889 | ||||||
Royal Bank of Canada | 4,172 | 192,415 | ||||||
Sun Life Financial, Inc. | 2,630 | 63,172 | ||||||
Toronto-Dominion Bank | 2,769 | 198,205 | ||||||
1,154,368 | ||||||||
DENMARK — 1.0% | ||||||||
Danske Bank A/S (a) | 3,583 | 50,747 | ||||||
Sydbank A/S | 1,500 | 26,762 | ||||||
77,509 | ||||||||
FINLAND — 1.0% | ||||||||
Pohjola Bank PLC | 4,339 | 46,195 | ||||||
Technopolis Oyj | 7,264 | 30,992 | ||||||
77,187 | ||||||||
FRANCE — 4.4% | ||||||||
AXA SA | 6,174 | 82,008 | ||||||
BNP Paribas | 3,387 | 136,557 | ||||||
Credit Agricole SA | 3,484 | 24,448 | ||||||
Societe Generale | 1,671 | 44,840 | ||||||
Unibail-Rodamco SE | 303 | 54,699 | ||||||
342,552 | ||||||||
GERMANY — 5.3% | ||||||||
Allianz SE | 1,569 | 149,169 | ||||||
Commerzbank AG (a) | 4,248 | 10,823 | ||||||
Deutsche Bank AG | 2,777 | 98,066 | ||||||
Deutsche Beteiligungs AG | 2,102 | 42,473 | ||||||
Deutsche Boerse AG (a) | 376 | 19,044 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 736 | 92,380 | ||||||
411,955 | ||||||||
HONG KONG — 5.6% | ||||||||
AIA Group, Ltd. | 13,800 | 39,531 | ||||||
Bank of East Asia, Ltd. | 15,911 | 49,359 | ||||||
Cheung Kong Holdings, Ltd. | 6,967 | 76,608 | ||||||
Hang Lung Properties, Ltd. | 10,922 | 32,830 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 3,106 | 45,764 | ||||||
New World Development Co., Ltd. | 29,267 | 28,422 | ||||||
Sun Hung Kai Properties, Ltd. | 7,038 | 81,774 | ||||||
The Link REIT | 8,152 | 25,865 | ||||||
Wharf Holdings, Ltd. | 9,933 | 49,635 | ||||||
429,788 | ||||||||
IRELAND — 0.6% | ||||||||
Willis Group Holdings PLC | 1,453 | 49,940 | ||||||
ITALY — 2.5% | ||||||||
Assicurazioni Generali SpA | 4,209 | 67,428 | ||||||
Banca Monte dei Paschi di Siena SpA | 27,056 | 15,214 | ||||||
Banca Popolare dell’Etruria e del Lazio Scrl (a) | 7,970 | 16,147 | ||||||
Banco Popolare Societa Cooperativa | 8,698 | 14,588 | ||||||
Intesa Sanpaolo SpA | 24,445 | 39,029 | ||||||
UBI Banca ScPA | 4,151 | 15,605 | ||||||
UniCredit SpA | 26,339 | 28,360 | ||||||
196,371 | ||||||||
JAPAN — 13.5% | ||||||||
Chuo Mitsui Trust Holdings, Inc. | 22,933 | 77,058 | ||||||
Daiwa House Industry Co., Ltd. | 3,978 | 51,815 | ||||||
Daiwa Securities Group, Inc. | 12,900 | 48,869 | ||||||
Mitsubishi Estate Co., Ltd. | 6,957 | 114,446 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 36,149 | 166,019 | ||||||
Mizuho Financial Group, Inc. | 51,925 | 76,796 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,086 | 45,899 | ||||||
NKSJ Holdings, Inc. | 1,989 | 44,564 | ||||||
Nomura Holdings, Inc. | 14,396 | 53,416 | ||||||
ORIX Corp. | 497 | 39,590 | ||||||
Resona Holdings, Inc. | 5,756 | 27,779 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,069 | 116,453 | ||||||
T&D Holdings, Inc. | 4,168 | 39,852 | ||||||
The Dai-ichi Life Insurance Co., Ltd. | 29 | 30,550 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 10,922 | 33,582 | ||||||
Tokio Marine Holdings, Inc. | 3,079 | 79,252 | ||||||
1,045,940 | ||||||||
NETHERLANDS — 1.2% | ||||||||
Aegon NV (a) | 5,308 | 21,821 | ||||||
ING Groep NV (a) | 10,099 | 72,261 | ||||||
94,082 | ||||||||
NEW ZEALAND — 0.7% | ||||||||
AMP NZ Office Trust | 87,143 | 57,286 | ||||||
See accompanying notes to financial statements.
228
SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
NORWAY — 0.5% | ||||||||
Sparebanken Rogaland | 5,232 | $ | 36,270 | |||||
PORTUGAL — 0.1% | ||||||||
Banif SGPS SA (a) | 16,863 | 9,276 | ||||||
SINGAPORE — 2.9% | ||||||||
CapitaLand, Ltd. | 10,922 | 20,703 | ||||||
Hong Leong Finance, Ltd. | 19,867 | 34,151 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 14,196 | 88,568 | ||||||
United Overseas Bank, Ltd. | 6,355 | 82,906 | ||||||
226,328 | ||||||||
SOUTH KOREA — 1.1% | ||||||||
KB Financial Group, Inc. ADR | 1,110 | 36,363 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 656 | 44,897 | ||||||
81,260 | ||||||||
SPAIN — 5.4% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 13,445 | 111,482 | ||||||
Banco de Sabadell SA | 8,774 | 31,608 | ||||||
Banco Popular Espanol SA | 6,586 | 30,751 | ||||||
Banco Santander SA | 24,432 | 204,025 | ||||||
Bolsas y Mercados Espanoles | 588 | 15,849 | ||||||
Realia Business SA (a) | 9,593 | 13,901 | ||||||
Reyal Urbis SA (a) | 7,752 | 6,033 | ||||||
413,649 | ||||||||
SWEDEN — 2.8% | ||||||||
Investor AB | 1,551 | 27,528 | ||||||
Nordea Bank AB | 10,219 | 83,618 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 8,027 | 43,687 | ||||||
Svenska Handelsbanken AB (Class A) | 2,258 | 57,895 | ||||||
212,728 | ||||||||
SWITZERLAND — 5.9% | ||||||||
Credit Suisse Group AG (a) | 3,454 | 91,265 | ||||||
GAM Holding AG (a) | 1,240 | 15,631 | ||||||
Julius Baer Group, Ltd. (a) | 1,032 | 34,881 | ||||||
Swiss Re Ltd. (a) | 1,745 | 81,688 | ||||||
UBS AG (a) | 10,221 | 118,606 | ||||||
Valiant Holding AG | 70 | 9,472 | ||||||
Zurich Financial Services AG (a) | 510 | 107,244 | ||||||
458,787 | ||||||||
UNITED KINGDOM — 14.4% | ||||||||
Aviva PLC | 10,631 | 50,577 | ||||||
Barclays PLC | 31,713 | 79,711 | ||||||
British Land Co. PLC | 5,724 | 42,444 | ||||||
HSBC Holdings PLC | 52,039 | 402,819 | ||||||
Land Securities Group PLC | 4,761 | 47,615 | ||||||
Lloyds Banking Group PLC (a) | 114,620 | 62,253 | ||||||
Man Group PLC | 8,513 | 22,346 | ||||||
Old Mutual PLC | 15,399 | 25,188 | ||||||
Provident Financial PLC | 2,976 | 46,546 | ||||||
Prudential PLC | 9,994 | 86,795 | ||||||
Resolution, Ltd. | 4,740 | 18,268 | ||||||
Royal Bank of Scotland Group PLC (a) | 60,078 | 21,984 | ||||||
RSA Insurance Group PLC | 24,632 | 42,670 | ||||||
Standard Chartered PLC | 6,262 | 125,546 | ||||||
Standard Life PLC | 12,760 | 39,755 | ||||||
1,114,517 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $10,032,860) | 7,689,914 | |||||||
WARRANT — 0.1% (b) | ||||||||
SPAIN — 0.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (expiring 10/11/20) (a) (Cost $1,835) | 13,445 | 1,984 | ||||||
SHORT TERM INVESTMENT — 0.0% (b) | ||||||||
UNITED STATES — 0.0% (b) | ||||||||
MONEY MARKET FUND — 0.0% (b) | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $1,355) | 1,355 | 1,355 | ||||||
TOTAL INVESTMENTS — 99.5% | ||||||||
(Cost $10,036,050) | 7,693,253 | |||||||
OTHER ASSETS & LIABILITIES — 0.5% | 41,841 | |||||||
NET ASSETS — 100.0% | $ | 7,735,094 | ||||||
(a) | Non-income producing security. | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(d) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
229
SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.7% | ||||||||
AUSTRALIA — 3.7% | ||||||||
Ansell, Ltd. | 4,971 | $ | 63,097 | |||||
Cochlear, Ltd. | 1,732 | 78,090 | ||||||
CSL, Ltd. | 10,094 | 291,172 | ||||||
Primary Health Care, Ltd. | 19,583 | 57,288 | ||||||
Ramsay Health Care, Ltd. | 4,991 | 92,164 | ||||||
Sonic Healthcare, Ltd. (a) | 10,908 | 120,857 | ||||||
702,668 | ||||||||
BELGIUM — 0.8% | ||||||||
ThromboGenics NV (b) | 2,929 | 67,515 | ||||||
UCB SA | 2,218 | 95,466 | ||||||
162,981 | ||||||||
CANADA — 1.2% | ||||||||
Valeant Pharmaceuticals International, Inc. | 6,421 | 240,683 | ||||||
DENMARK — 5.3% | ||||||||
Coloplast A/S (Class B) | 716 | 103,732 | ||||||
H. Lundbeck A/S | 3,389 | 65,017 | ||||||
Novo Nordisk A/S (Class B) | 7,820 | 783,960 | ||||||
William Demant Holding (b) | 844 | 63,778 | ||||||
1,016,487 | ||||||||
FINLAND — 0.3% | ||||||||
Orion OYJ (Class B) | 2,941 | 59,742 | ||||||
FRANCE — 8.3% | ||||||||
bioMerieux | 475 | 41,744 | ||||||
Essilor International SA | 4,788 | 346,835 | ||||||
Sanofi-Aventis SA | 18,161 | 1,202,492 | ||||||
1,591,071 | ||||||||
GERMANY — 9.4% | ||||||||
Bayer AG | 15,681 | 872,075 | ||||||
Celesio AG | 2,957 | 39,273 | ||||||
Fresenius Medical Care AG & Co. KGaA | 4,459 | 305,234 | ||||||
Fresenius SE | 2,786 | 249,136 | ||||||
Gerresheimer AG | 1,435 | 60,648 | ||||||
Merck KGaA | 1,782 | 147,041 | ||||||
Rhoen-Klinikum AG | 4,358 | 88,964 | ||||||
Stada Arzneimittel AG | 2,255 | 47,819 | ||||||
1,810,190 | ||||||||
HONG KONG — 0.2% | ||||||||
CK Life Sciences Int’l., (Holdings), Inc. | 1,002,000 | 41,188 | ||||||
IRELAND — 0.9% | ||||||||
Elan Corp. PLC (b) | 15,162 | 162,132 | ||||||
ICON PLC (b) | 138 | 2,236 | ||||||
164,368 | ||||||||
ISRAEL — 3.1% | ||||||||
Teva Pharmaceutical Industries, Ltd. | 16,743 | 593,553 | ||||||
JAPAN — 17.9% | ||||||||
Alfresa Holdings Corp. | 1,500 | 63,149 | ||||||
Astellas Pharma, Inc. | 8,300 | 316,688 | ||||||
Chugai Pharmaceutical Co., Ltd. | 6,525 | 111,656 | ||||||
Daiichi Sankyo Co., Ltd. | 12,100 | 254,307 | ||||||
Eisai Co., Ltd. | 6,300 | 255,416 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 2,300 | 111,002 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 11,422 | 128,623 | ||||||
Medipal Holdings Corp. | 6,400 | 65,345 | ||||||
Miraca Holdings, Inc. | 1,500 | 66,554 | ||||||
Mitsubishi Tanabe Pharma Corp. | 5,400 | 100,952 | ||||||
Olympus Corp. | 6,200 | 194,414 | ||||||
Ono Pharmaceutical Co., Ltd. | 2,500 | 150,007 | ||||||
Otsuka Holdings Co., Ltd. | 8,900 | 245,362 | ||||||
Santen Pharmaceutical Co., Ltd. | 2,400 | 100,882 | ||||||
Shionogi & Co., Ltd. | 7,800 | 116,676 | ||||||
Suzuken Co., Ltd. | 2,700 | 73,140 | ||||||
Sysmex Corp. | 2,400 | 87,026 | ||||||
Taisho Pharmaceutical Co., Ltd. (c) | 2,000 | 49,144 | ||||||
Takeda Pharmaceutical Co., Ltd. | 13,600 | 649,299 | ||||||
Terumo Corp. | 4,000 | 210,950 | ||||||
Tsumura & Co. | 2,600 | 83,384 | ||||||
3,433,976 | ||||||||
NETHERLANDS — 0.5% | ||||||||
QIAGEN NV (b) | 6,915 | 96,768 | ||||||
NEW ZEALAND — 0.3% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 29,068 | 56,216 | ||||||
SPAIN — 0.5% | ||||||||
Grifols SA (b) | 5,138 | 96,787 | ||||||
SWEDEN — 1.4% | ||||||||
Elekta AB (Class B) | 2,523 | 95,547 | ||||||
Getinge AB (Class B) | 5,026 | 110,425 | ||||||
Meda AB (Class A) | 7,623 | 70,201 | ||||||
276,173 | ||||||||
SWITZERLAND — 26.1% | ||||||||
Actelion, Ltd. (b) | 3,288 | 109,684 | ||||||
Galenica AG | 132 | 67,976 | ||||||
Lonza Group AG (b) | 1,439 | 87,135 | ||||||
Nobel Biocare Holding AG (b) | 3,685 | 37,041 | ||||||
Novartis AG | 43,487 | 2,432,170 | ||||||
Roche Holding AG (d) | 620 | 104,642 | ||||||
Roche Holding AG (d) | 10,947 | 1,772,876 | ||||||
Sonova Holding AG (b) | 1,124 | 102,401 | ||||||
Straumann Holding AG | 307 | 48,266 | ||||||
Synthes, Inc. (e) | 1,552 | 251,177 | ||||||
5,013,368 | ||||||||
UNITED KINGDOM — 17.3% | ||||||||
AstraZeneca PLC | 22,309 | 996,715 | ||||||
Genus PLC | 4,680 | 76,404 | ||||||
GlaxoSmithKline PLC | 80,968 | 1,681,339 | ||||||
Hikma Pharmaceuticals PLC | 3,579 | 31,779 | ||||||
Shire PLC | 10,664 | 333,909 | ||||||
Smith & Nephew PLC | 22,255 | 201,773 | ||||||
3,321,919 | ||||||||
UNITED STATES — 1.5% | ||||||||
Perrigo Co. | 1,774 | 169,297 | ||||||
SXC Health Solutions Corp. (b) | 1,973 | 110,687 | ||||||
279,984 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $19,651,443) | 18,958,122 | |||||||
See accompanying notes to financial statements.
230
SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS — 0.6% | ||||||||
UNITED STATES — 0.6% | ||||||||
MONEY MARKET FUNDS — 0.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 58,553 | $ | 58,553 | |||||
State Street Institutional Liquid Reserves Fund 0.09% (g)(h) | 56,731 | 56,731 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $115,284) | 115,284 | |||||||
TOTAL INVESTMENTS — 99.3% | ||||||||
(Cost $19,766,727) | 19,073,406 | |||||||
OTHER ASSETS & LIABILITIES — 0.7% | 133,186 | |||||||
NET ASSETS — 100.0% | $ | 19,206,592 | ||||||
(a) | A portion of the security was on loan at September 30, 2011. | |||||
(b) | Non-income producing security. | |||||
(c) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(d) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(e) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.3% of net assets as of September 30, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
See accompanying notes to financial statements.
231
SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.2% | ||||||||
AUSTRALIA — 4.3% | ||||||||
Bradken, Ltd. | 9,363 | $ | 60,059 | |||||
Brambles, Ltd. | 27,905 | 175,472 | ||||||
GWA International, Ltd. | 59,818 | 116,274 | ||||||
Leighton Holdings, Ltd. | 4,731 | 85,892 | ||||||
Qantas Airways, Ltd. (a) | 39,121 | 53,611 | ||||||
Seek, Ltd. | 15,155 | 78,359 | ||||||
Toll Holdings, Ltd. | 20,951 | 89,798 | ||||||
Transurban Group | 38,657 | 203,633 | ||||||
863,098 | ||||||||
AUSTRIA — 1.4% | ||||||||
Andritz AG | 2,032 | 167,942 | ||||||
Zumtobel AG | 6,193 | 108,102 | ||||||
276,044 | ||||||||
BELGIUM — 0.2% | ||||||||
Bekaert NV | 1,012 | 41,915 | ||||||
CANADA — 5.0% | ||||||||
Bombardier, Inc. (Class B) | 23,858 | 84,026 | ||||||
CAE, Inc. | 10,627 | 100,248 | ||||||
Canadian National Railway Co. | 7,137 | 479,635 | ||||||
Canadian Pacific Railway, Ltd. | 3,009 | 145,880 | ||||||
SNC-Lavalin Group, Inc. | 3,348 | 141,464 | ||||||
Toromont Industries, Ltd. | 3,794 | 59,383 | ||||||
1,010,636 | ||||||||
CYPRUS — 0.0% | ||||||||
Ocean Rig UDW, Inc. (a) | 128 | 1,939 | ||||||
DENMARK — 1.5% | ||||||||
A P Moller — Maersk A/S | 19 | 112,778 | ||||||
FLSmidth & Co. A/S | 1,277 | 64,609 | ||||||
NKT Holding A/S | 1,786 | 64,921 | ||||||
Vestas Wind Systems A/S (a) | 3,900 | 63,850 | ||||||
306,158 | ||||||||
FINLAND — 2.3% | ||||||||
Kone Oyj (Class B) | 4,556 | 218,838 | ||||||
Metso Oyj | 3,009 | 89,181 | ||||||
Wartsila Oyj | 4,229 | 101,622 | ||||||
YIT Oyj | 4,375 | 66,507 | ||||||
476,148 | ||||||||
FRANCE — 6.9% | ||||||||
Air France-KLM (a) | 6,344 | 47,189 | ||||||
Alstom SA | 3,361 | 112,173 | ||||||
Bouygues SA | 4,465 | 149,378 | ||||||
Compagnie de Saint-Gobain | 4,870 | 188,639 | ||||||
Eiffage SA | 1,396 | 43,613 | ||||||
Safran SA | 2,538 | 78,899 | ||||||
Schneider Electric SA | 6,586 | 358,494 | ||||||
Vallourec SA | 1,675 | 97,760 | ||||||
Vinci SA | 7,131 | 310,184 | ||||||
1,386,329 | ||||||||
GERMANY — 8.8% | ||||||||
Deutsche Lufthansa AG | 7,476 | 97,858 | ||||||
Deutsche Post AG | 11,614 | 149,982 | ||||||
GEA Group AG | 4,061 | 96,250 | ||||||
Hochtief AG | 1,295 | 81,854 | ||||||
Kloeckner & Co. SE | 3,852 | 48,168 | ||||||
MAN SE | 1,660 | 130,047 | ||||||
Pfeiffer Vacuum Technology AG | 1,065 | 94,565 | ||||||
SGL Carbon AG (a) | 1,933 | 103,092 | ||||||
Siemens AG | 10,798 | 986,901 | ||||||
1,788,717 | ||||||||
GREECE — 0.2% | ||||||||
DryShips, Inc. (a) | 17,743 | 41,519 | ||||||
HONG KONG — 2.9% | ||||||||
Cathay Pacific Airways, Ltd. | 31,000 | 50,971 | ||||||
CNNC International, Ltd. (a) | 109,000 | 27,443 | ||||||
Hopewell Highway Infrastructure, Ltd. | 223,000 | 136,354 | ||||||
Hutchison Whampoa, Ltd. | 32,000 | 240,265 | ||||||
Noble Group, Ltd. | 87,131 | 88,930 | ||||||
Pacific Basin Shipping, Ltd. | 138,000 | 54,067 | ||||||
598,030 | ||||||||
IRELAND — 0.3% | ||||||||
DCC PLC | 2,151 | 54,199 | ||||||
ITALY — 0.7% | ||||||||
Ansaldo STS SpA | 5,096 | 51,177 | ||||||
Autostrada Torino-Milano SpA | 4,200 | 40,263 | ||||||
Finmeccanica SpA | 6,943 | 48,673 | ||||||
140,113 | ||||||||
JAPAN — 32.7% | ||||||||
Asahi Glass Co., Ltd. | 18,000 | 177,945 | ||||||
Central Japan Railway Co. | 20 | 175,662 | ||||||
Daikin Industries, Ltd. | 3,700 | 107,333 | ||||||
East Japan Railway Co. | 5,100 | 311,637 | ||||||
FANUC Corp. | 2,900 | 407,460 | ||||||
Furukawa Electric Co., Ltd. | 24,000 | 66,321 | ||||||
Futaba Corp. | 5,100 | 105,798 | ||||||
Hankyu Hanshin Holdings, Inc. | 24,000 | 103,373 | ||||||
IHI Corp. | 54,000 | 121,199 | ||||||
ITOCHU Corp. | 21,400 | 207,670 | ||||||
Iwatani Corp. | 60,000 | 207,058 | ||||||
Kajima Corp. | 35,000 | 116,697 | ||||||
Kamigumi Co., Ltd. | 22,000 | 198,080 | ||||||
Kawasaki Heavy Industries, Ltd. | 51,000 | 132,330 | ||||||
Kawasaki Kisen Kaisha, Ltd. | 22,000 | 46,523 | ||||||
Kokuyo Co., Ltd. | 15,700 | 126,895 | ||||||
Komatsu, Ltd. | 12,500 | 275,525 | ||||||
Kubota Corp. | 19,000 | 155,047 | ||||||
Marubeni Corp. | 30,000 | 170,861 | ||||||
Meitic Corp. | 7,200 | 138,993 | ||||||
MISUMI Group, Inc. | 5,900 | 132,804 | ||||||
Mitsubishi Corp. | 19,300 | 398,620 | ||||||
Mitsubishi Electric Corp. | 30,000 | 270,498 | ||||||
Mitsubishi Heavy Industries, Ltd. | 54,000 | 230,488 | ||||||
Mitsui & Co., Ltd. | 21,800 | 320,721 | ||||||
Mitsui OSK Lines, Ltd. | 19,000 | 73,949 | ||||||
NGK Insulators, Ltd. | 4,000 | 61,287 | ||||||
Nidec Corp. | 1,600 | 130,981 | ||||||
Nippon Sheet Glass Co., Ltd. | 31,000 | 70,381 | ||||||
Nippon Yusen KK | 23,000 | 62,960 | ||||||
Secom Co., Ltd. | 5,000 | 243,254 | ||||||
SMC Corp. | 600 | 88,972 | ||||||
Sojitz Corp. | 49,700 | 92,204 |
See accompanying notes to financial statements.
232
SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Sumitomo Corp. | 17,900 | $ | 224,563 | |||||
Sumitomo Electric Industries, Ltd. | 12,700 | 151,088 | ||||||
Sumitomo Heavy Industries, Ltd. | 18,000 | 94,110 | ||||||
THK Co., Ltd. | 5,500 | 93,546 | ||||||
Tokyu Corp. | 34,000 | 172,029 | ||||||
Toyota Tsusho Corp. | 6,000 | 104,385 | ||||||
Yamato Holdings Co., Ltd. | 12,800 | 235,641 | ||||||
6,604,888 | ||||||||
NETHERLANDS — 3.7% | ||||||||
Aalberts Industries NV | 7,019 | 106,087 | ||||||
European Aeronautic Defence and Space Co. NV | 6,852 | 194,945 | ||||||
Koninklijke BAM Groep NV | 6,239 | 25,414 | ||||||
Koninklijke Philips Electronics NV | 13,641 | 247,994 | ||||||
Randstad Holding NV | 2,846 | 92,293 | ||||||
TNT Express NV | 7,057 | 49,415 | ||||||
TNT NV | 7,426 | 32,979 | ||||||
749,127 | ||||||||
NORWAY — 0.5% | ||||||||
Orkla ASA | 12,242 | 93,937 | ||||||
SINGAPORE — 4.7% | ||||||||
Fraser and Neave, Ltd. | 36,000 | 159,957 | ||||||
Haw Par Corp., Ltd. | 54,000 | 220,045 | ||||||
Jardine Matheson Holdings, Ltd. | 4,460 | 204,714 | ||||||
Jardine Strategic Holdings, Ltd. | 2,500 | 65,775 | ||||||
K-Green Trust | 800 | 550 | ||||||
Keppel Corp., Ltd. | 21,200 | 126,084 | ||||||
Neptune Orient Lines, Ltd. | 83,750 | 70,375 | ||||||
Singapore Airlines, Ltd. | 11,000 | 96,485 | ||||||
943,985 | ||||||||
SPAIN — 1.4% | ||||||||
Abertis Infraestructuras SA | 5,384 | 83,795 | ||||||
ACS, Actividades de Construccion y Servicios SA | 3,734 | 133,214 | ||||||
International Consolidated Airlines Group SA (a) | 27,510 | 65,611 | ||||||
282,620 | ||||||||
SWEDEN — 5.0% | ||||||||
Alfa Laval AB | 8,409 | 133,698 | ||||||
Atlas Copco AB (Class B) | 14,344 | 227,225 | ||||||
B&B Tools AB | 5,395 | 41,239 | ||||||
Sandvik AB | 15,278 | 177,957 | ||||||
Securitas AB (Class B) | 11,434 | 84,071 | ||||||
Trelleborg AB (Class B) | 13,840 | 90,477 | ||||||
Volvo AB (Class A) | 12,348 | 123,602 | ||||||
Volvo AB (Class B) | 13,278 | 131,945 | ||||||
1,010,214 | ||||||||
SWITZERLAND — 6.1% | ||||||||
ABB, Ltd. (a) | 29,875 | 518,693 | ||||||
Adecco SA (a) | 2,904 | 115,642 | ||||||
Geberit AG (a) | 998 | 185,360 | ||||||
Kuehne & Nagel International AG | 1,121 | 126,873 | ||||||
SGS SA | 118 | 180,579 | ||||||
Wolseley PLC | 4,579 | 114,630 | ||||||
1,241,777 | ||||||||
UNITED KINGDOM — 9.6% | ||||||||
Aggreko PLC | 5,462 | 138,607 | ||||||
Babcock International Group PLC | 10,089 | 103,573 | ||||||
BAE Systems PLC | 50,066 | 208,475 | ||||||
Capita Group PLC | 16,116 | 177,370 | ||||||
Charter International PLC | 6,302 | 85,116 | ||||||
De La Rue PLC | 6,532 | 85,067 | ||||||
Experian PLC | 21,732 | 245,442 | ||||||
FirstGroup PLC | 15,550 | 77,710 | ||||||
Intertek Group PLC | 5,591 | 161,564 | ||||||
Invensys PLC | 14,932 | 52,454 | ||||||
Rentokil Initial PLC (a) | 63,601 | 70,989 | ||||||
Rolls-Royce Holdings PLC (a) | 32,473 | 300,989 | ||||||
Serco Group PLC | 14,111 | 112,219 | ||||||
Smiths Group PLC | 8,252 | 128,485 | ||||||
1,948,060 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $24,701,828) | 19,859,453 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (b)(c) (Cost $11,314) | 11,314 | 11,314 | ||||||
TOTAL INVESTMENTS — 98.3% | ||||||||
(Cost $24,713,142) | 19,870,767 | |||||||
OTHER ASSETS & LIABILITIES — 1.7% | 340,258 | |||||||
NET ASSETS — 100.0% | $ | 20,211,025 | ||||||
(a) | Non-income producing security. | |||||
(b) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(c) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
See accompanying notes to financial statements.
233
SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 17.0% | ||||||||
Alumina, Ltd. | 32,510 | $ | 46,763 | |||||
Amcor, Ltd. | 9,896 | 66,652 | ||||||
BHP Billiton, Ltd. | 47,203 | 1,606,599 | ||||||
BlueScope Steel, Ltd. | 22,524 | 15,980 | ||||||
Boral, Ltd. | 29,319 | 99,733 | ||||||
Fortescue Metals Group, Ltd. | 23,982 | 103,022 | ||||||
Iluka Resources, Ltd. | 22,733 | 276,399 | ||||||
Incitec Pivot, Ltd. | 23,717 | 75,375 | ||||||
Mineral Deposits, Ltd. (a) | 1,862 | 8,451 | ||||||
Newcrest Mining, Ltd. | 8,291 | 274,618 | ||||||
OneSteel, Ltd. | 30,408 | 36,646 | ||||||
Orica, Ltd. | 7,968 | 181,832 | ||||||
OZ Minerals, Ltd. | 6,891 | 63,089 | ||||||
Rio Tinto, Ltd. | 6,365 | 382,304 | ||||||
Sims Metal Management, Ltd. | 4,589 | 55,305 | ||||||
3,292,768 | ||||||||
AUSTRIA — 0.7% | ||||||||
RHI AG | 3,405 | 68,527 | ||||||
Voestalpine AG | 2,325 | 68,457 | ||||||
136,984 | ||||||||
BELGIUM — 1.2% | ||||||||
Tessenderlo Chemie NV | 3,569 | 98,452 | ||||||
Umicore | 3,491 | 128,643 | ||||||
227,095 | ||||||||
CANADA — 20.9% | ||||||||
Agnico-Eagle Mines, Ltd. | 2,839 | 170,686 | ||||||
Agrium, Inc. | 2,848 | 190,632 | ||||||
Alacer Gold Corp. (a) | 2,369 | 23,257 | ||||||
Alamos Gold, Inc. | 1,480 | 22,369 | ||||||
AuRico Gold, Inc. (a) | 1,273 | 12,082 | ||||||
Barrick Gold Corp. | 14,134 | 666,111 | ||||||
Centerra Gold, Inc. | 2,071 | 38,775 | ||||||
Detour Gold Corp. (a) | 684 | 17,920 | ||||||
Eldorado Gold Corp. | 11,982 | 207,548 | ||||||
First Quantum Minerals, Ltd. | 6,431 | 86,092 | ||||||
Goldcorp, Inc. | 14,864 | 685,680 | ||||||
HudBay Minerals, Inc. | 2,980 | 27,940 | ||||||
IAMGOLD Corp. | 4,983 | 99,607 | ||||||
Inmet Mining Corp. | 1,065 | 45,378 | ||||||
Ivanhoe Mines, Ltd. (a) | 8,636 | 119,755 | ||||||
Kinross Gold Corp. | 16,013 | 239,261 | ||||||
Lundin Mining Corp. (a) | 14,458 | 50,642 | ||||||
New Gold, Inc. (a) | 4,438 | 46,081 | ||||||
Osisko Mining Corp. (a) | 2,468 | 31,429 | ||||||
Pan American Silver Corp. | 2,931 | 79,403 | ||||||
Potash Corp. of Saskatchewan, Inc. | 13,627 | 595,008 | ||||||
Quadra FNX Mining, Ltd. (a) | 3,759 | 32,863 | ||||||
SEMAFO, Inc. (a) | 5,915 | 49,100 | ||||||
Sherritt International Corp. | 6,973 | 29,175 | ||||||
Silver Wheaton Corp. | 3,406 | 101,129 | ||||||
Sino-Forest Corp. (a)(b) | 3,077 | 0 | ||||||
Tanzanian Royalty Exploration Corp. (a) | 2,369 | 8,753 | ||||||
Teck Resources, Ltd. (Class B) | 7,762 | 230,316 | ||||||
Thompson Creek Metals Co., Inc. (a) | 1,883 | 11,475 | ||||||
Yamana Gold, Inc. | 10,531 | 145,325 | ||||||
4,063,792 | ||||||||
DENMARK — 1.0% | ||||||||
Novozymes A/S | 1,345 | 192,676 | ||||||
FINLAND — 1.4% | ||||||||
Rautaruukki Oyj | 2,101 | 21,353 | ||||||
Stora Enso Oyj | 18,260 | 108,337 | ||||||
UPM-Kymmene Oyj | 12,894 | 147,481 | ||||||
277,171 | ||||||||
FRANCE — 3.3% | ||||||||
Air Liquide SA | 4,538 | 535,678 | ||||||
Eramet | 64 | 8,965 | ||||||
Lafarge SA | 2,785 | 97,152 | ||||||
641,795 | ||||||||
GERMANY — 8.4% | ||||||||
BASF SE | 11,902 | 735,928 | ||||||
HeidelbergCement AG | 967 | 35,556 | ||||||
K+S AG | 2,797 | 148,533 | ||||||
Lanxess AG | 3,158 | 153,552 | ||||||
Linde AG | 2,359 | 318,881 | ||||||
Salzgitter AG | 1,073 | 52,194 | ||||||
ThyssenKrupp AG | 7,428 | 184,822 | ||||||
1,629,466 | ||||||||
HONG KONG — 0.5% | ||||||||
AMVIG Holdings, Ltd. | 28,000 | 15,898 | ||||||
China Grand Forestry Green Resources Group, Ltd. (a)(c) | 308,000 | 5,658 | ||||||
China Mining Resources Group, Ltd. (a) | 170,000 | 2,577 | ||||||
China Rare Earth Holdings, Ltd. (a) | 162,000 | 30,382 | ||||||
Fushan International Energy Group, Ltd. | 78,600 | 26,655 | ||||||
Sino Union Energy Investment Group, Ltd. (a) | 150,000 | 11,946 | ||||||
93,116 | ||||||||
IRELAND — 0.8% | ||||||||
CRH PLC | 10,153 | 158,631 | ||||||
ISRAEL — 0.4% | ||||||||
Israel Chemicals, Ltd. | 5,661 | 67,097 | ||||||
ITALY — 0.2% | ||||||||
Buzzi Unicem SpA (a) | 5,655 | 46,283 | ||||||
JAPAN — 15.3% | ||||||||
Asahi Kasei Corp. | 33,833 | 205,860 | ||||||
Denki Kagaku Kogyo Kabushiki Kaisha | 19,855 | 76,762 | ||||||
JFE Holdings, Inc. | 8,856 | 181,187 | ||||||
JSR Corp. | 6,673 | 116,526 | ||||||
Kobe Steel, Ltd. | 70,641 | 120,057 | ||||||
Mitsubishi Chemical Holdings Corp. | 24,402 | 167,471 | ||||||
Mitsubishi Materials Corp. | 33,866 | 83,918 | ||||||
Mitsui Chemicals, Inc. | 29,876 | 101,163 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 29,809 | 78,119 | ||||||
Nippon Steel Corp. | 99,506 | 289,172 | ||||||
Nitto Denko Corp. | 4,676 | 187,453 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,467 | 321,336 | ||||||
Sumitomo Chemical Co., Ltd. | 31,838 | 124,328 | ||||||
Sumitomo Metal Industries, Ltd. | 68,663 | 144,310 | ||||||
Sumitomo Metal Mining Co., Ltd. | 12,927 | 173,914 |
See accompanying notes to financial statements.
234
SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Taiheiyo Cement Corp. | 62,744 | $ | 116,404 | |||||
Teijin, Ltd. | 37,805 | 137,820 | ||||||
Toray Industries, Inc. | 31,838 | 225,939 | ||||||
Ube Industries, Ltd. | 33,866 | 114,234 | ||||||
2,965,973 | ||||||||
LUXEMBOURG — 1.4% | ||||||||
APERAM | 876 | 12,905 | ||||||
ArcelorMittal | 12,271 | 198,885 | ||||||
Ternium SA ADR | 2,991 | 62,303 | ||||||
274,093 | ||||||||
NETHERLANDS — 2.0% | ||||||||
Akzo Nobel NV | 4,586 | 205,050 | ||||||
Koninklijke DSM NV | 4,132 | 182,256 | ||||||
387,306 | ||||||||
NORWAY — 0.9% | ||||||||
Norsk Hydro ASA | 9,162 | 42,244 | ||||||
Yara International ASA | 3,170 | 122,891 | ||||||
165,135 | ||||||||
PORTUGAL — 0.3% | ||||||||
Semapa-Sociedade de Investimento e Gestao, SGPS, SA | 9,031 | 63,493 | ||||||
SOUTH KOREA — 2.1% | ||||||||
POSCO ADR | 5,453 | 414,482 | ||||||
SPAIN — 0.2% | ||||||||
Cementos Portland Valderrivas SA (a) | 2,356 | 33,317 | ||||||
SWEDEN — 1.2% | ||||||||
Boliden AB | 8,052 | 84,234 | ||||||
SSAB AB (Series A) | 6,367 | 47,742 | ||||||
Svenska Cellulosa AB (Class B) | 7,981 | 98,016 | ||||||
229,992 | ||||||||
SWITZERLAND — 5.7% | ||||||||
Givaudan SA (a) | 202 | 158,122 | ||||||
Holcim, Ltd. (a) | 3,546 | 190,125 | ||||||
Syngenta AG (a) | 1,671 | 438,768 | ||||||
Xstrata PLC | 24,763 | 316,630 | ||||||
1,103,645 | ||||||||
UNITED KINGDOM — 14.4% | ||||||||
Anglo American PLC | 18,946 | 657,869 | ||||||
Antofagasta PLC | 9,534 | 137,604 | ||||||
BHP Billiton PLC | 31,436 | 851,116 | ||||||
Lonmin PLC | 3,767 | 61,675 | ||||||
Randgold Resources, Ltd. | 2,046 | 200,479 | ||||||
Rio Tinto PLC | 18,905 | 850,669 | ||||||
Vedanta Resources PLC | 2,006 | 34,406 | ||||||
2,793,818 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $25,658,601) | 19,258,128 | |||||||
SHORT TERM INVESTMENT — 0.0% (d) | ||||||||
UNITED STATES — 0.0% (d) | ||||||||
MONEY MARKET FUND — 0.0% (d) | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) (Cost $2,366) | 2,366 | 2,366 | ||||||
TOTAL INVESTMENTS — 99.3% | ||||||||
(Cost $25,660,967) | 19,260,494 | |||||||
OTHER ASSETS & LIABILITIES — 0.7% | 142,107 | |||||||
NET ASSETS — 100.0% | $ | 19,402,601 | ||||||
(a) | Non-income producing security. | |||||
(b) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2) | |||||
(c) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(d) | Amount shown represents less than 0.05% of net assets. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
See accompanying notes to financial statements.
235
SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 0.9% | ||||||||
Computershare, Ltd. | 16,214 | $ | 117,715 | |||||
Iress Market Technology, Ltd. | 8,072 | 54,916 | ||||||
172,631 | ||||||||
BELGIUM — 0.5% | ||||||||
Barco NV | 1,805 | 83,430 | ||||||
CANADA — 3.5% | ||||||||
Canadian Solar, Inc. (a) | 1,317 | 4,847 | ||||||
CGI Group, Inc. (Class A) (a) | 9,539 | 180,427 | ||||||
MacDonald, Dettwiler & Associates, Ltd. | 2,171 | 98,836 | ||||||
Open Text Corp. (a) | 2,093 | 110,028 | ||||||
Research In Motion, Ltd. (a) | 12,443 | 255,057 | ||||||
649,195 | ||||||||
DENMARK — 0.4% | ||||||||
SimCorp A/S | 470 | 67,711 | ||||||
FINLAND — 3.6% | ||||||||
F-Secure Oyj | 21,030 | 55,021 | ||||||
Nokia Oyj | 97,473 | 555,551 | ||||||
Tieto Oyj | 4,644 | 59,038 | ||||||
Vaisala Oyj (Class A) | 430 | 9,946 | ||||||
679,556 | ||||||||
FRANCE — 3.6% | ||||||||
Alcatel-Lucent (a) | 79,558 | 234,408 | ||||||
Atos Origin SA | 1,695 | 74,104 | ||||||
Cap Gemini SA | 4,174 | 140,594 | ||||||
Dassault Systemes SA | 1,317 | 94,058 | ||||||
Groupe Steria SCA | 1,256 | 21,301 | ||||||
Neopost SA | 1,108 | 81,823 | ||||||
UbiSoft Entertainment SA (a) | 4,216 | 23,090 | ||||||
669,378 | ||||||||
GERMANY — 9.3% | ||||||||
Aixtron AG | 3,786 | 55,724 | ||||||
Dialog Semiconductor PLC (a) | 1,609 | 27,805 | ||||||
Infineon Technologies AG | 30,675 | 229,983 | ||||||
Q-Cells SE (a) | 3,340 | 2,644 | ||||||
SAP AG | 23,110 | 1,188,021 | ||||||
Software AG | 1,477 | 47,045 | ||||||
United Internet AG | 6,906 | 117,954 | ||||||
Wincor Nixdorf AG | 1,544 | 70,020 | ||||||
1,739,196 | ||||||||
HONG KONG — 1.0% | ||||||||
ASM Pacific Technology, Ltd. | 11,649 | 115,222 | ||||||
VTech Holdings, Ltd. | 6,571 | 61,576 | ||||||
176,798 | ||||||||
JAPAN — 40.7% | ||||||||
Advantest Corp. | 4,878 | 53,666 | ||||||
Alps Electric Co., Ltd. | 8,463 | 65,987 | ||||||
Brother Industries, Ltd. | 8,263 | 98,303 | ||||||
Canon, Inc. | 29,073 | 1,338,987 | ||||||
Citizen Holdings Co., Ltd. | 10,155 | 51,513 | ||||||
CSK Corp. (a)(b) | 5,277 | 20,440 | ||||||
Dainippon Screen Manufacturing Co., Ltd. | 13,937 | 87,151 | ||||||
DeNA Co., Ltd. | 500 | 21,212 | ||||||
Elpida Memory, Inc. (a) | 5,576 | 35,881 | ||||||
FUJIFILM Holdings Corp. | 11,748 | 276,630 | ||||||
Fujitsu, Ltd. | 48,784 | 233,540 | ||||||
Gree, Inc. | 400 | 12,346 | ||||||
Hirose Electric Co., Ltd. | 1,294 | 121,543 | ||||||
Hitachi High-Technologies Corp. | 3,584 | 72,861 | ||||||
Hitachi, Ltd. | 102,549 | 517,535 | ||||||
Horiba, Ltd. | 3,186 | 97,837 | ||||||
Hoya Corp. | 10,155 | 237,538 | ||||||
Ibiden Co., Ltd. | 4,679 | 100,646 | ||||||
IT Holdings Corp. | 4,679 | 45,649 | ||||||
Japan Digital Laboratory Co., Ltd. | 3,983 | 46,351 | ||||||
Keyence Corp. | 1,294 | 359,258 | ||||||
Konami Corp. | 3,385 | 115,014 | ||||||
Konica Minolta Holdings, Inc. | 14,933 | 103,648 | ||||||
Kyocera Corp. | 3,584 | 304,091 | ||||||
Mitsumi Electric Co., Ltd. | 4,679 | 31,808 | ||||||
Murata Manufacturing Co., Ltd. | 4,779 | 261,952 | ||||||
NEC Corp. (a) | 73,710 | 152,048 | ||||||
Nintendo Co., Ltd. | 2,688 | 396,156 | ||||||
Nippon Electric Glass Co., Ltd. | 14,933 | 137,938 | ||||||
Nomura Research Institute, Ltd. | 4,679 | 107,748 | ||||||
NTT Data Corp. | 47 | 147,195 | ||||||
Obic Co., Ltd. | 528 | 103,230 | ||||||
Oki Electric Industry Co., Ltd. (a) | 50,776 | 46,771 | ||||||
Omron Corp. | 6,372 | 126,977 | ||||||
Ricoh Co., Ltd. | 14,933 | 126,702 | ||||||
Rohm Co., Ltd. | 3,186 | 167,815 | ||||||
Seiko Epson Corp. | 4,679 | 60,096 | ||||||
Sumco Corp. (a) | 4,878 | 46,451 | ||||||
Taiyo Yuden Co., Ltd. | 3,584 | 26,596 | ||||||
TDK Corp. | 3,385 | 120,021 | ||||||
Tokyo Electron, Ltd. | 4,679 | 216,103 | ||||||
Toshiba Corp. | 94,580 | 392,652 | ||||||
Trend Micro, Inc. | 2,787 | 88,224 | ||||||
Yahoo! Japan Corp. | 440 | 138,428 | ||||||
Yamatake Corp. | 3,186 | 69,193 | ||||||
Yaskawa Electric Corp. | 14,933 | 114,690 | ||||||
Yokogawa Electric Corp. (a) | 11,449 | 109,915 | ||||||
7,606,336 | ||||||||
NETHERLANDS — 3.5% | ||||||||
ASM International NV | 2,680 | 67,600 | ||||||
ASML Holding NV | 11,226 | 392,815 | ||||||
Gemalto NV | 3,221 | 154,649 | ||||||
VistaPrint NV (a) | 1,595 | 43,113 | ||||||
658,177 | ||||||||
NORWAY — 0.1% | ||||||||
Nordic Semiconductor ASA | 4,612 | 7,973 | ||||||
Renewable Energy Corp. ASA (a) | 15,531 | 13,849 | ||||||
21,822 | ||||||||
SINGAPORE — 1.2% | ||||||||
Flextronics International, Ltd. (a) | 23,920 | 134,670 | ||||||
Venture Corp., Ltd. | 16,925 | 86,761 | ||||||
221,431 | ||||||||
SOUTH KOREA — 17.6% | ||||||||
LG Display Co., Ltd. ADR | 22,945 | 187,002 |
See accompanying notes to financial statements.
236
SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
Security Description | Shares | Value | ||||||
Samsung Electronics Co., Ltd. GDR | 8,770 | $ | 3,112,473 | |||||
3,299,475 | ||||||||
SPAIN — 1.2% | ||||||||
Amadeus IT Holding SA | 9,421 | 152,377 | ||||||
Amper SA (a) | 7,470 | 21,949 | ||||||
Indra Sistemas SA | 3,956 | 57,536 | ||||||
231,862 | ||||||||
SWEDEN — 4.1% | ||||||||
Telefonaktiebolaget LM Ericsson (Class B) | 79,606 | 772,508 | ||||||
SWITZERLAND — 1.2% | ||||||||
Logitech International SA (a)(c) | 5,191 | 40,577 | ||||||
STMicroelectronics NV | 23,617 | 155,583 | ||||||
Temenos Group AG (a) | 2,574 | 35,140 | ||||||
231,300 | ||||||||
UNITED KINGDOM — 7.1% | ||||||||
ARM Holdings PLC | 48,888 | 429,530 | ||||||
Autonomy Corp. PLC (a) | 6,899 | 274,055 | ||||||
Aveva Group PLC | 3,114 | 68,253 | ||||||
Diploma PLC | 25,800 | 128,210 | ||||||
Logica PLC | 56,817 | 69,967 | ||||||
Misys PLC (a) | 26,315 | 88,136 | ||||||
Spectris PLC | 6,067 | 110,390 | ||||||
The Sage Group PLC | 39,627 | 158,278 | ||||||
1,326,819 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $21,765,908) | 18,607,625 | |||||||
SHORT TERM INVESTMENTS — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUNDS — 0.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 21,668 | 21,668 | ||||||
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) | 4,203 | 4,203 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $25,871) | 25,871 | |||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $21,791,779) | 18,633,496 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 68,911 | |||||||
NET ASSETS — 100.0% | $ | 18,702,407 | ||||||
(a) | Non-income producing security. | |||||
(b) | Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2) | |||||
(c) | A portion of the security was on loan at September 30, 2011. | |||||
(d) | Investments of cash collateral for securities loaned. | |||||
(e) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
237
SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
AUSTRALIA — 1.4% | ||||||||
Telstra Corp., Ltd. | 57,587 | $ | 173,503 | |||||
AUSTRIA — 0.5% | ||||||||
Telekom Austria AG | 6,268 | 63,738 | ||||||
BELGIUM — 1.5% | ||||||||
Belgacom SA | 3,107 | 94,462 | ||||||
Mobistar SA | 737 | 42,470 | ||||||
Telenet Group Holding NV (a) | 1,191 | 44,096 | ||||||
181,028 | ||||||||
CANADA — 6.1% | ||||||||
BCE, Inc. | 5,042 | 188,874 | ||||||
Bell Aliant, Inc. | 2,694 | 71,483 | ||||||
Rogers Communications, Inc. (Class B) | 8,514 | 291,264 | ||||||
TELUS Corp. (b) | 2,905 | 134,327 | ||||||
TELUS Corp. (b) | 1,511 | 74,459 | ||||||
760,407 | ||||||||
CHINA — 0.2% | ||||||||
PCCW, Ltd. | 68,000 | 25,506 | ||||||
FINLAND — 0.7% | ||||||||
Elisa Oyj | 4,024 | 82,983 | ||||||
FRANCE — 8.8% | ||||||||
France Telecom SA | 34,415 | 567,948 | ||||||
Iliad SA | 490 | 55,224 | ||||||
Vivendi SA | 23,156 | 476,434 | ||||||
1,099,606 | ||||||||
GERMANY — 5.7% | ||||||||
Deutsche Telekom AG | 58,143 | 688,911 | ||||||
Freenet AG | 2,089 | 24,673 | ||||||
713,584 | ||||||||
ISRAEL — 0.9% | ||||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 36,459 | 69,918 | ||||||
Cellcom Israel, Ltd. | 998 | 20,728 | ||||||
Partner Communications Co., Ltd. | 1,674 | 16,140 | ||||||
106,786 | ||||||||
ITALY — 2.8% | ||||||||
Telecom Italia SpA (b) | 209,955 | 230,850 | ||||||
Telecom Italia SpA (b) | 119,124 | 117,155 | ||||||
348,005 | ||||||||
JAPAN — 14.9% | ||||||||
KDDI Corp. | 54 | 375,506 | ||||||
Nippon Telegraph & Telephone Corp. | 9,500 | 459,717 | ||||||
NTT DoCoMo, Inc. | 274 | 503,708 | ||||||
Softbank Corp. | 17,500 | 520,368 | ||||||
1,859,299 | ||||||||
LUXEMBOURG — 1.5% | ||||||||
COLT Telecom Group SA (a) | 20,330 | 32,145 | ||||||
Millicom International Cellular SA | 1,513 | 152,111 | ||||||
184,256 | ||||||||
NETHERLANDS — 3.1% | ||||||||
Koninklijke (Royal) KPN NV | 29,208 | 388,004 | ||||||
NEW ZEALAND — 0.4% | ||||||||
Telecom Corporation of New Zealand, Ltd. | 26,556 | 53,590 | ||||||
NORWAY — 1.9% | ||||||||
Telenor ASA | 15,370 | 239,019 | ||||||
PORTUGAL — 1.1% | ||||||||
Portugal Telecom SGPS SA | 19,322 | 142,584 | ||||||
SINGAPORE — 3.2% | ||||||||
Singapore Telecommunications, Ltd. | 143,539 | 350,283 | ||||||
StarHub, Ltd. | 20,000 | 43,895 | ||||||
394,178 | ||||||||
SOUTH KOREA — 2.0% | ||||||||
KT Corp. ADR | 7,143 | 105,574 | ||||||
SK Telecom Co., Ltd. ADR | 9,805 | 137,956 | ||||||
243,530 | ||||||||
SPAIN — 12.2% | ||||||||
Telefonica SA | 78,286 | 1,515,149 | ||||||
SWEDEN — 3.4% | ||||||||
Tele2 AB (Class B) | 7,233 | 132,903 | ||||||
TeliaSonera AB | 44,327 | 294,558 | ||||||
427,461 | ||||||||
SWITZERLAND — 1.5% | ||||||||
Swisscom AG | 467 | 190,646 | ||||||
UNITED KINGDOM — 25.8% | ||||||||
BT Group PLC | 153,666 | 415,805 | ||||||
Cable & Wireless Communications PLC | 58,798 | 34,119 | ||||||
Cable & Wireless Worldwide PLC | 58,798 | 28,395 | ||||||
Inmarsat PLC | 11,242 | 86,093 | ||||||
Jazztel PLC (a) | 4,671 | 23,376 | ||||||
TalkTalk Telecom Group PLC | 9,841 | 19,347 | ||||||
Vodafone Group PLC | 1,005,283 | 2,603,524 | ||||||
3,210,659 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $14,080,830) | 12,403,521 | |||||||
SHORT TERM INVESTMENT — 0.0% (c) | ||||||||
UNITED STATES — 0.0% (c) | ||||||||
MONEY MARKET FUND — 0.0% (c) | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) (Cost $100) | 100 | 100 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $14,080,930) | 12,403,621 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 54,027 | |||||||
NET ASSETS — 100.0% | $ | 12,457,648 | ||||||
(a) | Non-income producing security. | |||||
(b) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
238
SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2011
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
239
SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2011
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 2.9% | ||||||||
AGL Energy, Ltd. | 10,517 | $ | 146,167 | |||||
APA Group | 20,274 | 79,803 | ||||||
Envestra, Ltd. | 72,991 | 47,175 | ||||||
273,145 | ||||||||
AUSTRIA — 0.5% | ||||||||
Verbund AG | 1,732 | 50,369 | ||||||
CANADA — 4.2% | ||||||||
ATCO, Ltd. (Class I) | 1,033 | 61,372 | ||||||
Canadian Utilities, Ltd. (Class A) | 482 | 28,729 | ||||||
Emera, Inc. | 1,847 | 57,269 | ||||||
Fortis, Inc. | 4,456 | 140,815 | ||||||
TransAlta Corp. | 5,033 | 110,170 | ||||||
398,355 | ||||||||
FINLAND — 2.0% | ||||||||
Fortum Oyj | 8,192 | 194,544 | ||||||
FRANCE — 11.4% | ||||||||
EDF SA | 4,947 | 144,762 | ||||||
GDF Suez | 25,099 | 755,674 | ||||||
Sechilienne-Sidec SA | 859 | 14,579 | ||||||
Suez Environnement Co. | 4,171 | 58,481 | ||||||
Veolia Environnement | 7,468 | 110,919 | ||||||
1,084,415 | ||||||||
GERMANY — 11.3% | ||||||||
E.ON AG | 34,649 | 760,320 | ||||||
RWE AG | 8,652 | 321,785 | ||||||
1,082,105 | ||||||||
HONG KONG — 7.3% | ||||||||
CLP Holdings, Ltd. | 32,500 | 294,534 | ||||||
Hong Kong & China Gas Co., Ltd. | 101,910 | 230,663 | ||||||
Hongkong Electric Holdings, Ltd. | 22,000 | 169,139 | ||||||
694,336 | ||||||||
ITALY — 9.7% | ||||||||
A2A SpA | 37,393 | 46,984 | ||||||
Enel Green Power SpA | 25,504 | 58,754 | ||||||
Enel SpA | 119,486 | 532,565 | ||||||
Hera SpA | 20,339 | 31,109 | ||||||
Snam Rete Gas SpA | 31,170 | 144,700 | ||||||
Terna Rete Elettrica Nationale SpA | 31,409 | 117,153 | ||||||
931,265 | ||||||||
JAPAN — 16.5% | ||||||||
Chubu Electric Power Co., Inc. | 11,888 | 225,483 | ||||||
Electric Power Development Co., Ltd. | 3,200 | 95,153 | ||||||
Hokkaido Electric Power Co., Inc. | 3,000 | 44,603 | ||||||
Hokuriku Electric Power Co. | 4,194 | 78,406 | ||||||
Kyushu Electric Power Co., Inc. | 8,692 | 141,296 | ||||||
Osaka Gas Co., Ltd. | 43,958 | 183,634 | ||||||
Shikoku Electric Power Co., Inc. | 2,200 | 61,022 | ||||||
The Chugoku Electric Power Co., Inc. | 5,487 | 97,596 | ||||||
The Kansai Electric Power Co., Inc. | 14,098 | 246,550 | ||||||
The Tokyo Electric Power Co., Inc. (a) | 22,799 | 70,988 | ||||||
Tohoku Electric Power Co., Inc. | 9,672 | 135,518 | ||||||
Tokyo Gas Co., Ltd. | 42,958 | 201,192 | ||||||
1,581,441 | ||||||||
NEW ZEALAND — 0.4% | ||||||||
Vector, Ltd. | 21,206 | 41,497 | ||||||
PORTUGAL — 1.3% | ||||||||
EDP — Energias de Portugal SA | 38,524 | 119,657 | ||||||
SOUTH KOREA — 0.8% | ||||||||
Korea Electric Power Corp. ADR (a) | 9,175 | 77,987 | ||||||
SPAIN — 9.7% | ||||||||
Acciona SA | 569 | 48,592 | ||||||
EDP Renovaveis SA (a) | 6,338 | 34,780 | ||||||
Enagas | 5,602 | 103,799 | ||||||
Gas Natural SDG SA | 7,365 | 126,287 | ||||||
Iberdrola SA | 73,634 | 500,988 | ||||||
Red Electrica Corporacion SA | 2,510 | 115,242 | ||||||
929,688 | ||||||||
SWITZERLAND — 0.2% | ||||||||
BKW FMB Energie AG | 426 | 20,074 | ||||||
UNITED KINGDOM — 21.2% | ||||||||
Centrica PLC | 97,846 | 453,768 | ||||||
Drax Group PLC | 7,355 | 54,985 | ||||||
International Power PLC | 29,666 | 141,784 | ||||||
National Grid PLC | 66,141 | 657,875 | ||||||
Pennon Group PLC | 8,473 | 89,161 | ||||||
Scottish & Southern Energy PLC | 18,288 | 368,933 | ||||||
Severn Trent PLC | 5,323 | 127,782 | ||||||
United Utilities Group PLC | 13,420 | 130,451 | ||||||
2,024,739 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $12,730,312) | 9,503,617 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund 0.09% (b)(c) (Cost $9,298) | 9,298 | 9,298 | ||||||
TOTAL INVESTMENTS — 99.5% | ||||||||
(Cost $12,739,610) | 9,512,915 | |||||||
OTHER ASSETS & LIABILITIES — 0.5% | 48,009 | |||||||
NET ASSETS — 100.0% | $ | 9,560,924 | ||||||
(a) | Non-income producing security. | |||||
(b) | Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) | |||||
(c) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
240
(This page intentionally left blank)
241
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2011
SPDR S&P Emerging | SPDR S&P Emerging | |||||||||||||||||||||||||||||||||||||||||||
SPDR STOXX | SPDR EURO | SPDR S&P Emerging | SPDR S&P Emerging | Markets | SPDR S&P | SPDR S&P Emerging | SPDR S&P Emerging | Middle | ||||||||||||||||||||||||||||||||||||
Europe | STOXX | Asia Pacific | SPDR S&P Russia | SPDR S&P | Markets | Dividend | BRIC | Europe | Latin America | East & Africa | ||||||||||||||||||||||||||||||||||
50 ETF | 50 ETF | ETF | ETF | China ETF | ETF | ETF | 40 ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 29,429,777 | $ | 115,970,938 | $ | 503,015,030 | $ | 43,462,870 | $ | 613,627,402 | $ | 146,291,499 | $ | 54,744,907 | $ | 372,557,174 | $ | 118,267,405 | $ | 121,461,296 | $ | 104,135,445 | ||||||||||||||||||||||
Investments in securities of affiliated issuers, at value (Note 3) | 239,008 | 1,765,722 | 41,294,537 | 2,409,034 | 128,707,506 | 15,226,393 | 2,355,837 | 59,311,554 | 2,806,495 | 16,556,990 | 6,295,714 | |||||||||||||||||||||||||||||||||
Total Investments | 29,668,785 | 117,736,660 | 544,309,567 | 45,871,904 | 742,334,908 | 161,517,892 | 57,100,744 | 431,868,728 | 121,073,900 | 138,018,286 | 110,431,159 | |||||||||||||||||||||||||||||||||
Foreign currency, at value | 119,159 | 210,144 | 10,500,936 | 7,410 | 2,604,207 | 5,810,542 | 296,104 | 1,322,714 | 830,197 | 98,713 | 1,255,911 | |||||||||||||||||||||||||||||||||
Initial margin deposit on futures | — | — | — | — | — | 659,006 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Receivable for investments sold | — | — | — | 551,195 | — | 25,513 | — | — | 251,934 | — | — | |||||||||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 110,798 | 228,922 | 3,841 | — | — | 3,174 | — | — | 8,748 | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 43,989 | 33,487 | 769,038 | 48,078 | 1,112,221 | 285,969 | 137,639 | 788,926 | 230,104 | 500,394 | 50,914 | |||||||||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 1,883 | 12,501 | 15,295 | 611 | 85,081 | 4,636 | 2,337 | 8,135 | 2,411 | 4,713 | 1,363 | |||||||||||||||||||||||||||||||||
Receivable from broker — variation margin on open futures contracts | — | — | — | — | — | 133,327 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | 29,944,614 | 118,221,714 | 555,598,677 | 46,479,198 | 746,136,417 | 168,440,059 | 57,536,824 | 433,988,503 | 122,397,294 | 138,622,106 | 111,739,347 | |||||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 235,551 | 1,763,778 | 39,643,667 | 1,946,540 | 127,819,868 | 13,503,128 | 2,355,737 | 58,945,702 | 2,806,395 | 16,548,616 | 6,142,225 | |||||||||||||||||||||||||||||||||
Payable for investments purchased | — | — | — | 822,423 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | 204,962 | — | 401,888 | — | — | |||||||||||||||||||||||||||||||||
Payable for fund shares repurchased | — | — | — | — | 81,984 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 25,066 | 101,086 | 945,958 | 98,929 | 1,099,512 | 279,762 | 65,740 | 589,094 | 271,487 | 241,434 | 187,117 | |||||||||||||||||||||||||||||||||
Deferred foreign taxes payable | — | — | 252,227 | — | — | 56,208 | 47,872 | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 89 | 381 | 1,693 | 189 | 1,734 | 511 | 71 | 1,189 | 556 | 524 | 349 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 260,706 | 1,865,245 | 40,843,545 | 2,868,081 | 129,003,098 | 13,839,609 | 2,674,382 | 59,535,985 | 3,480,326 | 16,790,574 | 6,329,691 | |||||||||||||||||||||||||||||||||
NET ASSETS | $ | 29,683,908 | $ | 116,356,469 | $ | 514,755,132 | $ | 43,611,117 | $ | 617,133,319 | $ | 154,600,450 | $ | 54,862,442 | $ | 374,452,518 | $ | 118,916,968 | $ | 121,831,532 | $ | 105,409,656 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 64,447,725 | $ | 254,260,251 | $ | 557,228,365 | $ | 57,623,436 | $ | 776,481,085 | $ | 176,223,234 | $ | 63,823,459 | $ | 503,642,776 | $ | 193,906,868 | $ | 169,523,251 | $ | 141,809,406 | ||||||||||||||||||||||
Undistributed (distribution in excess of) net investment income | 78,842 | 50,438 | 8,075,824 | 604,450 | 2,818,514 | 1,653,719 | — | 2,801,400 | 1,926,713 | 759,509 | 1,811,801 | |||||||||||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures | (18,828,445 | ) | (42,559,244 | ) | (3,934,281 | ) | (483,438 | ) | (32,815,252 | ) | 494,129 | (680,531 | ) | (64,327,162 | ) | (29,289,900 | ) | (13,768,453 | ) | (19,043,955 | ) | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $0, $0, $252,227, $0, $0, $56,208, $47,872, $0, $0, $0, $0, respectively) | (16,019,176 | ) | (95,384,032 | ) | (46,382,846 | ) | (14,133,324 | ) | (129,346,784 | ) | (23,598,652 | ) | (8,270,401 | ) | (67,666,246 | ) | (47,594,112 | ) | (34,664,649 | ) | (19,092,711 | ) | ||||||||||||||||||||||
Foreign currency | 4,962 | (10,944 | ) | (231,930 | ) | (7 | ) | (4,244 | ) | (304,611 | ) | (10,085 | ) | 1,750 | (32,601 | ) | (18,126 | ) | (74,885 | ) | ||||||||||||||||||||||||
Futures | — | — | — | — | — | 132,631 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
NET ASSETS | $ | 29,683,908 | $ | 116,356,469 | $ | 514,755,132 | $ | 43,611,117 | $ | 617,133,319 | $ | 154,600,450 | $ | 54,862,442 | $ | 374,452,518 | $ | 118,916,968 | $ | 121,831,532 | $ | 105,409,656 | ||||||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 28.26 | $ | 28.72 | $ | 66.85 | $ | 25.65 | $ | 57.68 | $ | 57.26 | $ | 43.89 | $ | 20.92 | $ | 37.16 | $ | 64.12 | $ | 62.01 | ||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,050,370 | 4,050,967 | 7,700,000 | 1,700,000 | 10,700,000 | 2,700,000 | 1,250,000 | 17,900,000 | 3,200,000 | 1,900,000 | 1,700,000 | |||||||||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 45,448,953 | $ | 211,354,970 | $ | 549,145,649 | $ | 57,596,194 | $ | 742,974,186 | $ | 169,833,943 | $ | 62,967,436 | $ | 440,223,420 | $ | 165,861,517 | $ | 156,125,945 | $ | 123,228,156 | ||||||||||||||||||||||
Affiliated issuers | 239,008 | 1,765,722 | 41,294,537 | 2,409,034 | 128,707,506 | 15,226,393 | 2,355,837 | 59,311,554 | 2,806,495 | 16,556,990 | 6,295,714 | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 45,687,961 | $ | 213,120,692 | $ | 590,440,186 | $ | 60,005,228 | $ | 871,681,692 | $ | 185,060,336 | $ | 65,323,273 | $ | 499,534,974 | $ | 168,668,012 | $ | 172,682,935 | $ | 129,523,870 | ||||||||||||||||||||||
Foreign currency, at cost | $ | 120,585 | $ | 211,793 | $ | 10,720,672 | $ | 7,417 | $ | 2,610,542 | $ | 6,108,067 | $ | 299,424 | $ | 1,321,343 | $ | 851,626 | $ | 99,385 | $ | 1,328,911 | ||||||||||||||||||||||
* Includes investments in securities on loan, at value | $ | 222,682 | $ | 1,666,310 | $ | 35,539,070 | $ | 1,762,000 | $ | 113,417,264 | $ | 12,451,349 | $ | 2,189,465 | $ | 56,400,557 | $ | 2,606,907 | $ | 15,521,391 | $ | 5,734,900 | ||||||||||||||||||||||
See accompanying notes to financial statements.
242
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
243
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2011
SPDR S&P Global | ||||||||||||||||||||||||||||||||||||||||||||
SPDR Dow Jones International | SPDR FTSE/Macquarie | Natural | SPDR S&P International | SPDR S&P Emerging | ||||||||||||||||||||||||||||||||||||||||
SPDR S&P International | Real Estate | Global | Resources | SPDR Russell/Nomura | SPDR Russell/Nomura | Dividend | SPDR S&P | Markets | ||||||||||||||||||||||||||||||||||||
SPDR S&P World ex-US ETF | Small Cap ETF | ETF | Infrastructure 100 ETF | ETF | SPDR MSCI ACWI ex-US ETF | PRIME Japan ETF | Small Cap Japan ETF | ETF | International Mid Cap ETF | Small Cap ETF | ||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 118,272,699 | $ | 724,886,134 | $ | 1,987,523,788 | $ | 34,855,537 | $ | 161,700,877 | $ | 361,611,741 | $ | 14,659,395 | $ | 97,169,499 | $ | 479,396,092 | $ | 36,132,243 | $ | 887,500,409 | ||||||||||||||||||||||
Investments in securities of affiliated issuers, at value (Note 3) | 13,766,502 | 91,428,261 | 145,529,341 | 5,727,702 | 22,563,672 | 46,273,082 | 4,386,991 | 25,210,729 | 62,234,714 | 5,915,184 | 60,327,337 | |||||||||||||||||||||||||||||||||
Total Investments | 132,039,201 | 816,314,395 | 2,133,053,129 | 40,583,239 | 184,264,549 | 407,884,823 | 19,046,386 | 122,380,228 | 541,630,806 | 42,047,427 | 947,827,746 | |||||||||||||||||||||||||||||||||
Foreign currency, at value | 857,408 | 2,363,851 | 1,631,406 | 23,231 | 817,990 | 888,134 | 61,467 | 772,269 | 522,185 | 230,163 | 4,470,264 | |||||||||||||||||||||||||||||||||
Receivable for investments sold | — | 1,149,073 | — | — | — | 3 | — | — | 88,595 | — | 129,908 | |||||||||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 65,052 | 155,744 | 723,666 | 46,646 | 24,977 | 223,956 | — | — | 153,447 | 8,094 | 11,438 | |||||||||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 442,715 | 3,218,739 | 7,642,148 | 151,329 | 170,405 | 1,180,270 | 137,554 | 671,552 | 2,999,499 | 131,545 | 1,567,440 | |||||||||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 5,004 | 48,638 | 33,603 | 1,047 | 5,650 | 15,435 | 541 | 4,703 | 111,805 | 1,907 | 65,376 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | 133,409,380 | 823,250,440 | 2,143,083,952 | 40,805,492 | 185,283,571 | 410,192,621 | 19,245,948 | 123,828,752 | 545,506,337 | 42,419,136 | 954,072,172 | |||||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 13,616,714 | 90,541,104 | 143,622,533 | 5,703,625 | 22,020,663 | 46,062,418 | 4,380,135 | 25,131,842 | 62,234,614 | 5,911,913 | 43,303,701 | |||||||||||||||||||||||||||||||||
Payable for investments purchased | 1,864 | 149,419 | — | — | 5,956 | 5,098 | — | — | — | — | 314,805 | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | 3,087 | — | — | 210,522 | — | — | |||||||||||||||||||||||||||||||||
Payable for fund shares repurchased | — | 1,226,026 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 111,381 | 1,325,257 | 3,246,022 | 57,252 | 180,411 | 357,199 | 19,305 | 160,185 | 607,066 | 46,528 | 1,592,944 | |||||||||||||||||||||||||||||||||
Deferred foreign taxes payable | — | — | — | — | — | 50,768 | — | — | 187,337 | — | 46,358 | |||||||||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 305 | 102,045 | 140,997 | 111 | 264 | 1,019 | 28 | 223 | 1,012 | 96 | 2,147 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 13,730,264 | 93,343,851 | 147,009,552 | 5,760,988 | 22,207,294 | 46,479,589 | 4,399,468 | 25,292,250 | 63,240,551 | 5,958,537 | 45,259,955 | |||||||||||||||||||||||||||||||||
NET ASSETS | $ | 119,679,116 | $ | 729,906,589 | $ | 1,996,074,400 | $ | 35,044,504 | $ | 163,076,277 | $ | 363,713,032 | $ | 14,846,480 | $ | 98,536,502 | $ | 482,265,786 | $ | 36,460,599 | $ | 908,812,217 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 129,627,828 | $ | 864,669,067 | $ | 2,775,031,716 | $ | 58,696,620 | $ | 209,872,501 | $ | 499,964,603 | $ | 18,892,752 | $ | 117,551,745 | $ | 602,106,286 | $ | 37,875,104 | $ | 1,142,429,680 | ||||||||||||||||||||||
Undistributed (distribution in excess of) net investment income | 1,005,177 | 9,131,277 | (59,072,883 | ) | 472,624 | 966,359 | 3,385,288 | 134,985 | 783,152 | (9,151 | ) | 461,642 | 9,942,464 | |||||||||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures | (2,484,864 | ) | (2,073,132 | ) | (454,354,882 | ) | (6,501,879 | ) | (4,669,447 | ) | (48,790,255 | ) | (1,092,250 | ) | (6,785,339 | ) | (13,907,829 | ) | 1,055,393 | 21,589,596 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $50,768, $0, $0, $187,337, $0, $46,358, respectively) | (8,435,038 | ) | (141,723,664 | ) | (265,367,696 | ) | (17,618,470 | ) | (43,065,907 | ) | (90,779,078 | ) | (3,090,099 | ) | (13,007,836 | ) | (105,741,491 | ) | (2,923,665 | ) | (265,082,393 | ) | ||||||||||||||||||||||
Foreign currency | (33,987 | ) | (96,959 | ) | (161,855 | ) | (4,391 | ) | (27,229 | ) | (67,526 | ) | 1,092 | (5,220 | ) | (182,029 | ) | (7,875 | ) | (67,130 | ) | |||||||||||||||||||||||
NET ASSETS | $ | 119,679,116 | $ | 729,906,589 | $ | 1,996,074,400 | $ | 35,044,504 | $ | 163,076,277 | $ | 363,713,032 | $ | 14,846,480 | $ | 98,536,502 | $ | 482,265,786 | $ | 36,460,599 | $ | 908,812,217 | ||||||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 21.37 | $ | 25.79 | $ | 32.70 | $ | 38.94 | $ | 45.94 | $ | 27.55 | $ | 37.12 | $ | 43.79 | $ | 45.07 | $ | 26.04 | $ | 40.57 | ||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,600,000 | 28,300,000 | 61,035,379 | 900,000 | 3,550,000 | 13,200,000 | 400,000 | 2,250,075 | 10,701,326 | 1,400,000 | 22,400,000 | |||||||||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 126,707,737 | $ | 866,609,798 | $ | 2,252,891,484 | $ | 52,474,007 | $ | 204,766,784 | $ | 452,340,051 | $ | 17,749,494 | $ | 110,177,335 | $ | 584,950,246 | $ | 39,055,908 | $ | 1,152,536,444 | ||||||||||||||||||||||
Affiliated issuers | 13,766,502 | 91,428,261 | 145,529,341 | 5,727,702 | 22,563,672 | 46,273,082 | 4,386,991 | 25,210,729 | 62,234,714 | 5,915,184 | 60,327,337 | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 140,474,239 | $ | 958,038,059 | $ | 2,398,420,825 | $ | 58,201,709 | $ | 227,330,456 | $ | 498,613,133 | $ | 22,136,485 | $ | 135,388,064 | $ | 647,184,960 | $ | 44,971,092 | $ | 1,212,863,781 | ||||||||||||||||||||||
Foreign currency, at cost | $ | 878,331 | $ | 2,399,376 | $ | 1,649,324 | $ | 23,860 | $ | 844,139 | $ | 918,276 | $ | 59,225 | $ | 772,569 | $ | 538,269 | $ | 235,240 | $ | 4,487,378 | ||||||||||||||||||||||
* Includes investments in securities on loan, at value | $ | 12,860,730 | $ | 85,006,910 | $ | 133,788,461 | $ | 5,645,733 | $ | 20,828,495 | $ | 43,243,069 | $ | 4,141,901 | $ | 23,737,681 | $ | 57,821,171 | $ | 5,559,135 | $ | 37,126,836 | ||||||||||||||||||||||
See accompanying notes to financial statements.
244
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
245
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2011
SPDR S&P International | SPDR S&P International | |||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | |||||||||||||||||||||||||||||||||||
SPDR Dow Jones Global | Discretionary | Staples | Energy | Financial | Health | Industrial | Materials | Technology | Telecommunications | Utilities | ||||||||||||||||||||||||||||||||||
Real Estate | Sector | Sector | Sector | Sector | Care Sector | Sector | Sector | Sector | Sector | Sector | ||||||||||||||||||||||||||||||||||
ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 272,603,215 | $ | 11,239,068 | $ | 19,120,417 | $ | 12,291,881 | $ | 7,691,898 | $ | 18,958,122 | $ | 19,859,453 | $ | 19,258,128 | $ | 18,607,625 | $ | 12,403,521 | $ | 9,503,617 | ||||||||||||||||||||||
Investments in securities of affiliated issuers, at value (Note 3) | 30,053,399 | 2,672 | 7,154 | 12,423 | 1,355 | 115,284 | 11,314 | 2,366 | 25,871 | 100 | 9,298 | |||||||||||||||||||||||||||||||||
Total Investments | 302,656,614 | 11,241,740 | 19,127,571 | 12,304,304 | 7,693,253 | 19,073,406 | 19,870,767 | 19,260,494 | 18,633,496 | 12,403,621 | 9,512,915 | |||||||||||||||||||||||||||||||||
Cash | 10,227 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency, at value | 152,105 | 7,589 | 31,786 | 53,440 | 17,366 | 117,032 | 283,607 | 121,921 | 60,789 | 26,848 | 19,287 | |||||||||||||||||||||||||||||||||
Receivable for investments sold | — | — | — | — | — | — | — | — | 704 | — | — | |||||||||||||||||||||||||||||||||
Receivable for fund shares sold in-kind | — | — | — | — | — | — | — | — | — | — | 1,739,219 | |||||||||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 24,343 | 6,641 | 27,019 | 1,656 | 2,527 | 26,036 | 6,136 | 12,074 | 3,091 | 9,219 | 10,828 | |||||||||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 828,994 | 34,118 | 77,469 | 18,641 | 29,733 | 72,675 | 81,895 | 43,889 | 54,321 | 33,827 | 28,873 | |||||||||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 6,410 | — | 7 | 2 | 1 | 25 | 2 | 1 | 73 | 2 | 10 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | 303,678,693 | 11,290,088 | 19,263,852 | 12,378,043 | 7,742,880 | 19,289,174 | 20,242,407 | 19,438,379 | 18,752,474 | 12,473,517 | 11,311,132 | |||||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 29,583,281 | — | — | — | — | 58,553 | — | — | 21,668 | — | — | |||||||||||||||||||||||||||||||||
Payable for investments purchased | — | — | — | 3,936 | — | — | 1,920 | — | — | — | 1,740,850 | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | — | — | — | 2,509 | — | |||||||||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 389,208 | 19,148 | 24,502 | 19,329 | 7,770 | 23,995 | 29,401 | 35,697 | 28,341 | 13,330 | 9,339 | |||||||||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 566 | 45 | 37 | 38 | 16 | 34 | 61 | 81 | 58 | 30 | 19 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 29,973,055 | 19,193 | 24,539 | 23,303 | 7,786 | 82,582 | 31,382 | 35,778 | 50,067 | 15,869 | 1,750,208 | |||||||||||||||||||||||||||||||||
NET ASSETS | $ | 273,705,638 | $ | 11,270,895 | $ | 19,239,313 | $ | 12,354,740 | $ | 7,735,094 | $ | 19,206,592 | $ | 20,211,025 | $ | 19,402,601 | $ | 18,702,407 | $ | 12,457,648 | $ | 9,560,924 | ||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 291,818,028 | $ | 12,600,759 | $ | 20,159,142 | $ | 15,763,482 | $ | 10,936,848 | $ | 20,047,419 | $ | 25,108,248 | $ | 26,120,053 | $ | 21,867,656 | $ | 14,584,109 | $ | 13,180,688 | ||||||||||||||||||||||
Undistributed (distribution in excess of) net investment income | (5,670,652 | ) | 48,611 | (2,634 | ) | 23,922 | 19,652 | 37,147 | 100,829 | 112,829 | 34,932 | (5,513 | ) | 15,005 | ||||||||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (8,489,296 | ) | (75,944 | ) | (151,336 | ) | (503,220 | ) | (877,812 | ) | (182,498 | ) | (144,452 | ) | (425,334 | ) | (39,248 | ) | (442,991 | ) | (406,477 | ) | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments | (3,945,404 | ) | (1,301,459 | ) | (763,240 | ) | (2,928,737 | ) | (2,342,797 | ) | (693,321 | ) | (4,842,375 | ) | (6,400,473 | ) | (3,158,283 | ) | (1,677,309 | ) | (3,226,695 | ) | ||||||||||||||||||||||
Foreign currency | (7,038 | ) | (1,072 | ) | (2,619 | ) | (707 | ) | (797 | ) | (2,155 | ) | (11,225 | ) | (4,474 | ) | (2,650 | ) | (648 | ) | (1,597 | ) | ||||||||||||||||||||||
NET ASSETS | $ | 273,705,638 | $ | 11,270,895 | $ | 19,239,313 | $ | 12,354,740 | $ | 7,735,094 | $ | 19,206,592 | $ | 20,211,025 | $ | 19,402,601 | $ | 18,702,407 | $ | 12,457,648 | $ | 9,560,924 | ||||||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 32.58 | $ | 25.05 | $ | 29.60 | $ | 22.46 | $ | 15.47 | $ | 29.55 | $ | 22.46 | $ | 22.83 | $ | 22.00 | $ | 22.65 | $ | 17.38 | ||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 8,400,000 | 450,000 | 650,000 | 550,000 | 500,000 | 650,000 | 900,000 | 850,000 | 850,000 | 550,000 | 550,000 | |||||||||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 276,548,619 | $ | 12,540,527 | $ | 19,883,657 | $ | 15,220,618 | $ | 10,034,695 | $ | 19,651,443 | $ | 24,701,828 | $ | 25,658,601 | $ | 21,765,908 | $ | 14,080,830 | $ | 12,730,312 | ||||||||||||||||||||||
Affiliated issuers | 30,053,399 | 2,672 | 7,154 | 12,423 | 1,355 | 115,284 | 11,314 | 2,366 | 25,871 | 100 | 9,298 | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 306,602,018 | $ | 12,543,199 | $ | 19,890,811 | $ | 15,233,041 | $ | 10,036,050 | $ | 19,766,727 | $ | 24,713,142 | $ | 25,660,967 | $ | 21,791,779 | $ | 14,080,930 | $ | 12,739,610 | ||||||||||||||||||||||
Foreign currency, at cost | $ | 154,467 | $ | 7,666 | $ | 32,753 | $ | 53,711 | $ | 17,114 | $ | 117,631 | $ | 293,109 | $ | 124,912 | $ | 62,801 | $ | 27,404 | $ | 19,739 | ||||||||||||||||||||||
* Includes investments in securities on loan, at value | $ | 27,926,114 | $ | — | $ | — | $ | — | $ | — | $ | 55,586 | $ | — | $ | — | $ | 20,350 | $ | — | $ | — | ||||||||||||||||||||||
See accompanying notes to financial statements.
246
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
247
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS
Year Ended September 30, 2011
SPDR S&P Emerging | SPDR S&P Emerging | |||||||||||||||||||||||||||||||||||||||||||
SPDR STOXX | SPDR EURO | SPDR S&P Emerging | SPDR S&P Emerging | Markets | SPDR S&P | SPDR S&P Emerging | SPDR S&P Emerging | Middle | ||||||||||||||||||||||||||||||||||||
Europe | STOXX | Asia Pacific | SPDR S&P Russia | SPDR S&P | Markets | Dividend | BRIC | Europe | Latin America | East & Africa | ||||||||||||||||||||||||||||||||||
50 ETF | 50 ETF | ETF | ETF | China ETF | ETF | ETF (1) | 40 ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 1,580,486 | $ | 8,232,920 | $ | 20,200,266 | $ | 2,073,958 | $ | 17,683,071 | $ | 6,046,505 | $ | 1,647,780 | $ | 15,473,734 | $ | 7,339,686 | $ | 7,012,381 | * | $ | 4,649,902 | |||||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 3) | 88 | 338 | 4,911 | 489 | 1,102 | 8,585 | 67 | 1,961 | 1,057 | 1,046 | 625 | |||||||||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 8) | 35,254 | 288,541 | 252,246 | 1,489 | 783,616 | 78,099 | 4,451 | 92,183 | 56,693 | 91,915 | 21,757 | |||||||||||||||||||||||||||||||||
Interest income (Note 2) | — | 567 | 105 | — | — | 4,493 | 93 | — | — | — | 6,486 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld | (150,810 | ) | (1,088,315 | ) | (2,998,785 | ) | (350,180 | ) | (1,416,485 | ) | (716,318 | ) | (158,282 | ) | (1,715,594 | ) | (1,169,538 | ) | (716,091 | ) | (13,529 | ) | ||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 1,465,018 | 7,434,051 | 17,458,743 | 1,725,756 | 17,051,304 | 5,421,364 | 1,494,109 | 13,852,284 | 6,227,898 | 6,389,251 | 4,665,241 | |||||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 110,386 | 469,418 | 4,242,029 | 473,201 | 4,351,816 | 1,281,856 | 108,580 | 2,526,806 | 1,389,934 | 1,311,434 | 874,254 | |||||||||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 1,144 | 4,943 | 22,006 | 1,757 | 22,683 | 6,565 | 193 | 15,324 | 7,451 | 7,581 | 4,478 | |||||||||||||||||||||||||||||||||
Proxy expenses | 3,538 | 10,092 | 30,781 | — | 38,757 | 8,817 | — | 34,406 | 15,601 | 11,579 | 7,935 | |||||||||||||||||||||||||||||||||
Miscellaneous expenses | — | 108 | 18,429 | 483 | 603 | 5,321 | 5,743 | 3,210 | 18,510 | 3,611 | 694 | |||||||||||||||||||||||||||||||||
TOTAL EXPENSES | 115,068 | 484,561 | 4,313,245 | 475,441 | 4,413,859 | 1,302,559 | 114,516 | 2,579,746 | 1,431,496 | 1,334,205 | 887,361 | |||||||||||||||||||||||||||||||||
NET INVESTMENT INCOME | 1,349,950 | 6,949,490 | 13,145,498 | 1,250,315 | 12,637,445 | 4,118,805 | 1,379,593 | 11,272,538 | 4,796,402 | 5,055,046 | 3,777,880 | |||||||||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments | (5,546,506 | ) | (6,163,873 | ) | 57,038,620 | (2,990,861 | ) | 29,223,757 | 15,051,629 | (729,659 | ) | 65,354 | 12,537,740 | 5,154,891 | 8,127,687 | |||||||||||||||||||||||||||||
Foreign currency transactions | 10,189 | (5,102 | ) | (374,861 | ) | (5,970 | ) | (15,823 | ) | (159,000 | ) | (272,944 | ) | (10,454 | ) | 17,635 | (344,619 | ) | (84,393 | ) | ||||||||||||||||||||||||
Futures | — | — | (49,330 | ) | — | — | (241,935 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $252,227, $0, $0, $56,208, $47,872, $0, $0, $0, $0, respectively) | 545,835 | (28,069,244 | ) | (167,761,617 | ) | (14,180,942 | ) | (239,134,112 | ) | (47,608,003 | ) | (8,270,401 | ) | (95,329,857 | ) | (48,576,718 | ) | (49,901,491 | ) | (27,026,479 | ) | |||||||||||||||||||||||
Foreign currency transactions | (10,677 | ) | (41,372 | ) | (278,369 | ) | (7 | ) | (17,471 | ) | (408,700 | ) | (10,085 | ) | (3,149 | ) | (59,830 | ) | (26,231 | ) | (78,077 | ) | ||||||||||||||||||||||
Futures | — | — | — | — | — | 74,177 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES | (5,001,159 | ) | (34,279,591 | ) | (111,425,557 | ) | (17,177,780 | ) | (209,943,649 | ) | (33,291,832 | ) | (9,283,089 | ) | (95,278,106 | ) | (36,081,173 | ) | (45,117,450 | ) | (19,061,262 | ) | ||||||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (3,651,209 | ) | $ | (27,330,101 | ) | $ | (98,280,059 | ) | $ | (15,927,465 | ) | $ | (197,306,204 | ) | $ | (29,173,027 | ) | $ | (7,903,496 | ) | $ | (84,005,568 | ) | $ | (31,284,771 | ) | $ | (40,062,404 | ) | $ | (15,283,382 | ) | |||||||||||
(1) | For the period February 23, 2011 (commencement of operations) to September 30, 2011. | |
* | Dividend income on securities of unaffiliated issuers reflects receipt of special dividends from portfolio holdings in the amount of $539,373. |
See accompanying notes to financial statements.
248
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
249
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
Year Ended September 30, 2011
SPDR S&P Global | ||||||||||||||||||||||||||||||||||||||||||||
SPDR Dow Jones International | SPDR FTSE/Macquarie | Natural | SPDR S&P International | SPDR S&P Emerging | ||||||||||||||||||||||||||||||||||||||||
SPDR S&P International | Real Estate | Global | Resources | SPDR Russell/Nomura | SPDR Russell/Nomura | Dividend | SPDR S&P | Markets | ||||||||||||||||||||||||||||||||||||
SPDR S&P World ex-US ETF | Small Cap ETF | ETF | Infrastructure 100 ETF | ETF | SPDR MSCI ACWI ex-US ETF | PRIME Japan ETF | Small Cap Japan ETF | ETF | International Mid Cap ETF | Small Cap ETF | ||||||||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 4,547,691 | $ | 24,753,578 | $ | 89,119,405 | $ | 2,306,238 | $ | 3,088,654 | $ | 14,924,890 | $ | 343,621 | $ | 2,159,154 | $ | 30,746,328 | $ | 1,259,321 | $ | 25,771,463 | ||||||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 3) | 291 | 1,680 | 5,296 | 158 | 327 | 755 | 38 | 389 | 1,061 | 59 | 7,001 | |||||||||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 8) | 104,356 | 748,680 | 884,291 | 46,515 | 37,073 | 319,140 | 4,098 | 71,754 | 876,004 | 35,971 | 517,643 | |||||||||||||||||||||||||||||||||
Interest income (Note 2) | 355 | 11,279 | 6,572 | — | 113 | 708 | — | — | 1,513 | 73 | 1,607 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld | (384,042 | ) | (1,748,991 | ) | (5,518,211 | ) | (140,385 | ) | (254,411 | ) | (1,369,915 | ) | (24,036 | ) | (150,817 | ) | (2,724,925 | ) | (93,020 | ) | (3,358,686 | ) | ||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 4,268,651 | 23,766,226 | 84,497,353 | 2,212,526 | 2,871,756 | 13,875,578 | 323,721 | 2,080,480 | 28,899,981 | 1,202,404 | 22,939,028 | |||||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 441,478 | 5,133,402 | 10,689,393 | 279,286 | 453,043 | 1,473,333 | 60,636 | 522,724 | 1,942,660 | 183,942 | 5,946,093 | |||||||||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 3,564 | 23,960 | 45,595 | 1,392 | 1,843 | 12,070 | 228 | 2,120 | 10,869 | 1,109 | 29,285 | |||||||||||||||||||||||||||||||||
Proxy expenses | 5,980 | 35,583 | 63,136 | 4,821 | — | 21,134 | 778 | 4,274 | 15,059 | 1,349 | 11,187 | |||||||||||||||||||||||||||||||||
Miscellaneous expenses | — | 103,002 | 288,800 | 217 | 203 | 562 | — | 109 | 6,754 | 196 | 57,565 | |||||||||||||||||||||||||||||||||
TOTAL EXPENSES | 451,022 | 5,295,947 | 11,086,924 | 285,716 | 455,089 | 1,507,099 | 61,642 | 529,227 | 1,975,342 | 186,596 | 6,044,130 | |||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||
NET INVESTMENT INCOME | 3,817,629 | 18,470,279 | 73,410,429 | 1,926,810 | 2,416,667 | 12,368,479 | 262,079 | 1,551,253 | 26,924,639 | 1,015,808 | 16,894,898 | |||||||||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments | 727,211 | 28,083,848 | (122,652,919 | ) | (4,259,910 | ) | (4,668,692 | ) | 5,405,016 | (1,818,180 | ) | 5,923,707 | 10,195,575 | 1,539,939 | 52,403,248 | |||||||||||||||||||||||||||||
Foreign currency transactions | (2,790 | ) | 688,865 | 952,141 | 238 | (2,857 | ) | 166,325 | 4,907 | 87,202 | 324,875 | (20,015 | ) | (4,256,805 | ) | |||||||||||||||||||||||||||||
Futures | — | — | — | — | — | — | — | — | — | — | 154,790 | |||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $50,768, $0, $0, $187,337, $0, $46,358, respectively) | (18,134,257 | ) | (114,291,794 | ) | (173,810,312 | ) | 2,765,047 | (43,137,780 | ) | (64,661,078 | ) | 1,717,651 | 4,594,515 | (127,202,882 | ) | (5,324,164 | ) | (319,989,608 | ) | |||||||||||||||||||||||||
Foreign currency transactions | (52,382 | ) | (179,561 | ) | (156,652 | ) | (4,982 | ) | (27,295 | ) | (140,216 | ) | 480 | (9,683 | ) | (202,142 | ) | (11,040 | ) | (317,407 | ) | |||||||||||||||||||||||
Futures | — | — | — | — | — | — | — | — | — | — | (86,785 | ) | ||||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES | (17,462,218 | ) | (85,698,642 | ) | (295,667,742 | ) | (1,499,607 | ) | (47,836,624 | ) | (59,229,953 | ) | (95,142 | ) | 10,595,741 | (116,884,574 | ) | (3,815,280 | ) | (272,092,567 | ) | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $ | (13,644,589 | ) | $ | (67,228,363 | ) | $ | (222,257,313 | ) | $ | 427,203 | $ | (45,419,957 | ) | $ | (46,861,474 | ) | $ | 166,937 | $ | 12,146,994 | $ | (89,959,935 | ) | $ | (2,799,472 | ) | $ | (255,197,669 | ) | ||||||||||||||
See accompanying notes to financial statements.
250
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
251
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
Year Ended September 30, 2011
SPDR S&P International | SPDR S&P International | |||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | |||||||||||||||||||||||||||||||||||
SPDR Dow Jones Global | Discretionary | Staples | Energy | Financial | Health | Industrial | Materials | Technology | Telecommunications | Utilities | ||||||||||||||||||||||||||||||||||
Real Estate | Sector | Sector | Sector | Sector | Care Sector | Sector | Sector | Sector | Sector | Sector | ||||||||||||||||||||||||||||||||||
ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 8,892,971 | $ | 443,700 | $ | 562,487 | $ | 544,974 | $ | 296,236 | $ | 453,332 | $ | 765,496 | $ | 720,960 | $ | 483,657 | $ | 749,377 | * | $ | 443,581 | * | ||||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 3) | 774 | 34 | 32 | 16 | 17 | 37 | 44 | 22 | 27 | 38 | 7 | |||||||||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 8) | 118,303 | 31 | 4 | 5 | 258 | 18 | 479 | 269 | 693 | 244 | 78 | |||||||||||||||||||||||||||||||||
Interest income (Note 2) | 299 | 13 | — | — | — | — | 258 | 70 | — | — | — | |||||||||||||||||||||||||||||||||
Foreign taxes withheld | (368,036 | ) | (37,473 | ) | (45,563 | ) | (56,784 | ) | (20,673 | ) | (39,750 | ) | (61,843 | ) | (54,010 | ) | (47,664 | ) | (72,279 | ) | (38,932 | ) | ||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 8,644,311 | 406,305 | 516,960 | 488,211 | 275,838 | 413,637 | 704,434 | 667,311 | 436,713 | 677,380 | 404,734 | |||||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 1,206,991 | 96,182 | 78,052 | 79,734 | 34,605 | 72,015 | 129,199 | 173,006 | 122,659 | 63,227 | 40,434 | |||||||||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 5,581 | 577 | 376 | 439 | 180 | 334 | 707 | 992 | 670 | 443 | 202 | |||||||||||||||||||||||||||||||||
Proxy expenses | 6,044 | 350 | 432 | 754 | 560 | 279 | 571 | 1,366 | 1,351 | 1,214 | 597 | |||||||||||||||||||||||||||||||||
Miscellaneous expenses | 35 | — | 34 | — | — | 67 | 1 | — | — | — | — | |||||||||||||||||||||||||||||||||
TOTAL EXPENSES | 1,218,651 | 97,109 | 78,894 | 80,927 | 35,345 | 72,695 | 130,478 | 175,364 | 124,680 | 64,884 | 41,233 | |||||||||||||||||||||||||||||||||
NET INVESTMENT INCOME | 7,425,660 | 309,196 | 438,066 | 407,284 | 240,493 | 340,942 | 573,956 | 491,947 | 312,033 | 612,496 | 363,501 | |||||||||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments | 3,539,848 | 2,068,740 | 1,196,908 | 263,840 | (80,124 | ) | 240,872 | 2,645,332 | 3,970,553 | 228,662 | 811,156 | 22,564 | ||||||||||||||||||||||||||||||||
Foreign currency transactions | 53,723 | (1,891 | ) | (1,878 | ) | 1,969 | 1,515 | 4,985 | 18,600 | 1,459 | 2,657 | (8,172 | ) | (3,174 | ) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||||||
Investments | (36,600,701 | ) | (2,647,357 | ) | (1,857,745 | ) | (1,625,324 | ) | (1,127,392 | ) | (754,923 | ) | (5,166,455 | ) | (6,904,247 | ) | (2,865,503 | ) | (1,657,958 | ) | (1,333,146 | ) | ||||||||||||||||||||||
Foreign currency transactions | (9,700 | ) | (2,073 | ) | (5,281 | ) | (3,167 | ) | (3,444 | ) | (5,272 | ) | (12,990 | ) | (6,560 | ) | (3,757 | ) | (1,824 | ) | (2,377 | ) | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | (33,016,830 | ) | (582,581 | ) | (667,996 | ) | (1,362,682 | ) | (1,209,445 | ) | (514,338 | ) | (2,515,513 | ) | (2,938,795 | ) | (2,637,941 | ) | (856,798 | ) | (1,316,133 | ) | ||||||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (25,591,170 | ) | $ | (273,385 | ) | $ | (229,930 | ) | $ | (955,398 | ) | $ | (968,952 | ) | $ | (173,396 | ) | $ | (1,941,557 | ) | $ | (2,446,848 | ) | $ | (2,325,908 | ) | $ | (244,302 | ) | $ | (952,632 | ) | |||||||||||
* | Dividend income on securities of unaffiliated issuers reflects receipt of special dividends from portfolio holdings in the amount of $42,925 and $31,904, respectively. |
See accompanying notes to financial statements.
252
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
253
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STATEMENTS OF CHANGES IN NET ASSETS
SPDR STOXX Europe 50 ETF | SPDR EURO STOXX 50 ETF | SPDR S&P Emerging Asia Pacific ETF | SPDR S&P Russia ETF | SPDR S&P China ETF | ||||||||||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||||||||||||||
Period | ||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | 3/10/10*- | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,349,950 | $ | 1,450,663 | $ | 6,949,490 | $ | 4,815,374 | $ | 13,145,498 | $ | 10,061,038 | $ | 1,250,315 | $ | 31,909 | $ | 12,637,445 | $ | 8,076,859 | ||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | (5,536,317 | ) | (5,082,678 | ) | (6,168,975 | ) | (3,410,769 | ) | 56,614,429 | 14,956,324 | (2,996,831 | ) | 1,314 | 29,207,934 | (11,246,697 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 535,158 | 2,323,588 | (28,110,616 | ) | (10,673,414 | ) | (168,039,986 | ) | 86,031,691 | (14,180,949 | ) | 47,618 | (239,151,583 | ) | 79,364,873 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,651,209 | ) | (1,308,427 | ) | (27,330,101 | ) | (9,268,809 | ) | (98,280,059 | ) | 111,049,053 | (15,927,465 | ) | 80,841 | (197,306,204 | ) | 76,195,035 | |||||||||||||||||||||||
Net equalization credits and charges | (35,813 | ) | 90,156 | (10,290 | ) | 440,402 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (1,722,185 | ) | (1,567,926 | ) | (6,825,929 | ) | (5,287,503 | ) | (11,323,304 | ) | (6,011,211 | ) | (644,694 | ) | (27,110 | ) | (12,717,627 | ) | (6,488,711 | ) | ||||||||||||||||||||
Net realized gains | — | — | — | — | (23,251,099 | ) | — | (38,444 | ) | — | — | — | ||||||||||||||||||||||||||||
Total distributions to shareholders | (1,722,185 | ) | (1,567,926 | ) | (6,825,929 | ) | (5,287,503 | ) | (34,574,403 | ) | (6,011,211 | ) | (683,138 | ) | (27,110 | ) | (12,717,627 | ) | (6,488,711 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 1,776,314 | — | 14,244,357 | 35,853,209 | 99,434,496 | 312,368,465 | 171,810,579 | 5,949,194 | 249,488,320 | 189,444,665 | ||||||||||||||||||||||||||||||
Proceeds from reinvestment of distributions | — | 176 | — | 372 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (5,126,178 | ) | (15,230,821 | ) | (26,132,264 | ) | (40,819,155 | ) | (164,432,966 | ) | (141,564,542 | ) | (117,591,784 | ) | — | (100,011,130 | ) | (27,009,742 | ) | |||||||||||||||||||||
Net income equalization (Note 2) | 35,813 | (90,156 | ) | 10,290 | (440,402 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (3,314,051 | ) | (15,320,801 | ) | (11,877,617 | ) | (5,405,976 | ) | (64,998,470 | ) | 170,803,923 | 54,218,795 | 5,949,194 | 149,477,190 | 162,434,923 | |||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (8,723,258 | ) | (18,106,998 | ) | (46,043,937 | ) | (19,521,886 | ) | (197,852,932 | ) | 275,841,765 | 37,608,192 | 6,002,925 | (60,546,641 | ) | 232,141,247 | ||||||||||||||||||||||||
Net assets at beginning of year | 38,407,166 | 56,514,164 | 162,400,406 | 181,922,292 | 712,608,064 | 436,766,299 | 6,002,925 | — | 677,679,960 | 445,538,713 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 29,683,908 | $ | 38,407,166 | $ | 116,356,469 | $ | 162,400,406 | $ | 514,755,132 | $ | 712,608,064 | $ | 43,611,117 | $ | 6,002,925 | $ | 617,133,319 | $ | 677,679,960 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 50,000 | — | 350,000 | 1,050,000 | 1,200,000 | 4,200,000 | 4,950,000 | 200,000 | 3,200,000 | 2,600,000 | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | 5 | — | 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | (150,000 | ) | (450,000 | ) | (700,000 | ) | (1,050,000 | ) | (2,100,000 | ) | (1,900,000 | ) | (3,450,000 | ) | — | (1,400,000 | ) | (400,000 | ) | |||||||||||||||||||||
Net increase (decrease) | (100,000 | ) | (449,995 | ) | (350,000 | ) | 9 | (900,000 | ) | 2,300,000 | 1,500,000 | 200,000 | 1,800,000 | 2,200,000 | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 78,842 | $ | 442,742 | $ | 50,438 | $ | (68,021 | ) | $ | 8,075,824 | $ | 6,837,442 | $ | 604,450 | $ | 4,799 | $ | 2,818,514 | $ | 2,914,534 | |||||||||||||||||||
* | Commencement of operations |
See accompanying notes to financial statements.
254
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
255
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P Emerging Markets ETF | SPDR S&P Emerging Markets Dividend ETF | SPDR S&P BRIC 40 ETF | SPDR S&P Emerging Europe ETF | SPDR S&P Emerging Latin America ETF | ||||||||||||||||||||||||||||||||
For the Period | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | 2/23/11*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | ||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,118,805 | $ | 2,437,633 | $ | 1,379,593 | $ | 11,272,538 | $ | 7,374,022 | $ | 4,796,402 | $ | 2,276,434 | $ | 5,055,046 | $ | 3,323,085 | ||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | 14,650,694 | 9,092,828 | (1,002,603 | ) | 54,900 | (3,757,398 | ) | 12,555,375 | (1,091,326 | ) | 4,810,272 | 2,631,525 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures | (47,942,526 | ) | 15,537,156 | (8,280,486 | ) | (95,333,006 | ) | 44,830,144 | (48,636,548 | ) | 14,356,267 | (49,927,722 | ) | 19,448,305 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (29,173,027 | ) | 27,067,617 | (7,903,496 | ) | (84,005,568 | ) | 48,446,768 | (31,284,771 | ) | 15,541,375 | (40,062,404 | ) | 25,402,915 | ||||||||||||||||||||||
Net equalization credits and charges | — | — | 256,420 | — | — | — | — | — | — | |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||
Net investment income | (3,449,980 | ) | (1,886,519 | ) | (1,145,654 | ) | (9,949,352 | ) | (6,217,019 | ) | (3,314,025 | ) | (1,812,115 | ) | (4,376,380 | ) | (2,998,406 | ) | ||||||||||||||||||
Net realized gains | (2,055,341 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Return of capital | — | — | (369,715 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total distributions to shareholders | (5,505,321 | ) | (1,886,519 | ) | (1,515,369 | ) | (9,949,352 | ) | (6,217,019 | ) | (3,314,025 | ) | (1,812,115 | ) | (4,376,380 | ) | (2,998,406 | ) | ||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 22,136,942 | 121,826,276 | 66,655,329 | 58,652,018 | 102,061,604 | 83,485,831 | 169,976,924 | 60,807,488 | 134,560,726 | |||||||||||||||||||||||||||
Cost of shares redeemed | (49,519,357 | ) | (24,741,000 | ) | (2,374,022 | ) | (50,235,514 | ) | (25,112,802 | ) | (162,294,891 | ) | (89,356,612 | ) | (105,731,416 | ) | (78,614,528 | ) | ||||||||||||||||||
Net income equalization (Note 2) | — | — | (256,420 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (27,382,415 | ) | 97,085,276 | 64,024,887 | 8,416,504 | 76,948,802 | (78,809,060 | ) | 80,620,312 | (44,923,928 | ) | 55,946,198 | ||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (62,060,763 | ) | 122,266,374 | 54,862,442 | (85,538,416 | ) | 119,178,551 | (113,407,856 | ) | 94,349,572 | (89,362,712 | ) | 78,350,707 | |||||||||||||||||||||||
Net assets at beginning of year | 216,661,213 | 94,394,839 | — | 459,990,934 | 340,812,383 | 232,324,824 | 137,975,252 | 211,194,244 | 132,843,537 | |||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 154,600,450 | $ | 216,661,213 | $ | 54,862,442 | $ | 374,452,518 | $ | 459,990,934 | $ | 118,916,968 | $ | 232,324,824 | $ | 121,831,532 | $ | 211,194,244 | ||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||
Shares sold | 300,000 | 1,900,000 | 1,300,000 | 2,100,000 | 4,100,000 | 1,500,000 | 3,800,000 | 700,000 | 1,700,000 | |||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | (700,000 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Shares redeemed | — | (400,000 | ) | (50,000 | ) | (2,000,000 | ) | (1,100,000 | ) | (3,400,000 | ) | (2,200,000 | ) | (1,300,000 | ) | (1,100,000 | ) | |||||||||||||||||||
Net increase (decrease) | (400,000 | ) | 1,500,000 | 1,250,000 | 100,000 | 3,000,000 | (1,900,000 | ) | 1,600,000 | (600,000 | ) | 600,000 | ||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 1,653,719 | $ | 1,114,261 | $ | — | $ | 2,801,400 | $ | 1,488,668 | $ | 1,926,713 | $ | 412,220 | $ | 759,509 | $ | 389,295 | ||||||||||||||||||
* | Commencement of operations |
See accompanying notes to financial statements.
256
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
257
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P World | ||||||||||||||||||||||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | ex-US ETF | SPDR S&P International Small Cap ETF | SPDR Dow Jones International Real Estate ETF | SPDR FTSE/Macquarie Global Infrastructure 100 ETF | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,777,880 | $ | 2,710,484 | $ | 3,817,629 | $ | 2,356,448 | $ | 18,470,279 | $ | 10,174,806 | $ | 73,410,429 | $ | 40,947,461 | $ | 1,926,810 | $ | 2,177,565 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 8,043,294 | 1,469,286 | 724,421 | (186,867 | ) | 28,772,713 | 6,979,139 | (121,700,778 | ) | (58,157,750 | ) | (4,259,672 | ) | (2,974,500 | ) | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (27,104,556 | ) | 24,016,550 | (18,186,639 | ) | 2,594,218 | (114,471,355 | ) | 42,125,692 | (173,966,964 | ) | 153,805,836 | 2,760,065 | 1,209,008 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (15,283,382 | ) | 28,196,320 | (13,644,589 | ) | 4,763,799 | (67,228,363 | ) | 59,279,637 | (222,257,313 | ) | 136,595,547 | 427,203 | 412,073 | ||||||||||||||||||||||||||
Net equalization credits and charges | — | — | — | — | — | — | 4,006,396 | (451,793 | ) | — | — | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (3,403,851 | ) | (2,572,981 | ) | (3,469,047 | ) | (2,124,908 | ) | (17,128,845 | ) | (9,113,629 | ) | (143,046,493 | ) | (40,086,120 | ) | (1,879,120 | ) | (2,412,780 | ) | ||||||||||||||||||||
Total distributions to shareholders | (3,403,851 | ) | (2,572,981 | ) | (3,469,047 | ) | (2,124,908 | ) | (17,128,845 | ) | (9,113,629 | ) | (143,046,493 | ) | (40,086,120 | ) | (1,879,120 | ) | (2,412,780 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 37,950,689 | 6,716,562 | 30,339,642 | 18,927,884 | 258,796,089 | 135,826,621 | 1,072,202,027 | 323,758,955 | — | — | ||||||||||||||||||||||||||||||
Proceeds from reinvestment of distributions | — | — | — | — | — | — | — | 71,215 | — | — | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (56,518,124 | ) | (18,907,813 | ) | — | — | (67,096,242 | ) | (72,461,768 | ) | (25,085,031 | ) | (45,343,162 | ) | (16,689,880 | ) | (11,911,868 | ) | ||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | — | — | (4,006,396 | ) | 451,793 | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (18,567,435 | ) | (12,191,251 | ) | 30,339,642 | 18,927,884 | 191,699,847 | 63,364,853 | 1,043,110,600 | 278,938,801 | (16,689,880 | ) | (11,911,868 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (37,254,668 | ) | 13,432,088 | 13,226,006 | 21,566,775 | 107,342,639 | 113,530,861 | 681,813,190 | 374,996,435 | (18,141,797 | ) | (13,912,575 | ) | |||||||||||||||||||||||||||
Net assets at beginning of year | 142,664,324 | 129,232,236 | 106,453,110 | 84,886,335 | 622,563,950 | 509,033,089 | 1,314,261,210 | 939,264,775 | 53,186,301 | 67,098,876 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 105,409,656 | $ | 142,664,324 | $ | 119,679,116 | $ | 106,453,110 | $ | 729,906,589 | $ | 622,563,950 | $ | 1,996,074,400 | $ | 1,314,261,210 | $ | 35,044,504 | $ | 53,186,301 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 500,000 | 100,000 | 1,200,000 | 800,000 | 8,600,000 | 5,200,000 | 27,500,000 | 9,200,000 | — | — | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | 2,007 | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | (800,000 | ) | (300,000 | ) | — | — | (2,600,000 | ) | (2,900,000 | ) | (700,000 | ) | (1,400,000 | ) | (400,000 | ) | (300,000 | ) | ||||||||||||||||||||||
Net increase (decrease) | (300,000 | ) | (200,000 | ) | 1,200,000 | 800,000 | 6,000,000 | 2,300,000 | 26,800,000 | 7,802,007 | (400,000 | ) | (300,000 | ) | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 1,811,801 | $ | 996,342 | $ | 1,005,177 | $ | 578,505 | $ | 9,131,277 | $ | 5,632,188 | $ | (59,072,883 | ) | $ | 4,154,921 | $ | 472,624 | $ | 435,197 | |||||||||||||||||||
See accompanying notes to financial statements.
258
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
SPDR S&P World | ||||||||||||||||||||||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | ex-US ETF | SPDR S&P International Small Cap ETF | SPDR Dow Jones International Real Estate ETF | SPDR FTSE/Macquarie Global Infrastructure 100 ETF | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,777,880 | $ | 2,710,484 | $ | 3,817,629 | $ | 2,356,448 | $ | 18,470,279 | $ | 10,174,806 | $ | 73,410,429 | $ | 40,947,461 | $ | 1,926,810 | $ | 2,177,565 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 8,043,294 | 1,469,286 | 724,421 | (186,867 | ) | 28,772,713 | 6,979,139 | (121,700,778 | ) | (58,157,750 | ) | (4,259,672 | ) | (2,974,500 | ) | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (27,104,556 | ) | 24,016,550 | (18,186,639 | ) | 2,594,218 | (114,471,355 | ) | 42,125,692 | (173,966,964 | ) | 153,805,836 | 2,760,065 | 1,209,008 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (15,283,382 | ) | 28,196,320 | (13,644,589 | ) | 4,763,799 | (67,228,363 | ) | 59,279,637 | (222,257,313 | ) | 136,595,547 | 427,203 | 412,073 | ||||||||||||||||||||||||||
Net equalization credits and charges | — | — | — | — | — | — | 4,006,396 | (451,793 | ) | — | — | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (3,403,851 | ) | (2,572,981 | ) | (3,469,047 | ) | (2,124,908 | ) | (17,128,845 | ) | (9,113,629 | ) | (143,046,493 | ) | (40,086,120 | ) | (1,879,120 | ) | (2,412,780 | ) | ||||||||||||||||||||
Total distributions to shareholders | (3,403,851 | ) | (2,572,981 | ) | (3,469,047 | ) | (2,124,908 | ) | (17,128,845 | ) | (9,113,629 | ) | (143,046,493 | ) | (40,086,120 | ) | (1,879,120 | ) | (2,412,780 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 37,950,689 | 6,716,562 | 30,339,642 | 18,927,884 | 258,796,089 | 135,826,621 | 1,072,202,027 | 323,758,955 | — | — | ||||||||||||||||||||||||||||||
Proceeds from reinvestment of distributions | — | — | — | — | — | — | — | 71,215 | — | — | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (56,518,124 | ) | (18,907,813 | ) | — | — | (67,096,242 | ) | (72,461,768 | ) | (25,085,031 | ) | (45,343,162 | ) | (16,689,880 | ) | (11,911,868 | ) | ||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | — | — | (4,006,396 | ) | 451,793 | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (18,567,435 | ) | (12,191,251 | ) | 30,339,642 | 18,927,884 | 191,699,847 | 63,364,853 | 1,043,110,600 | 278,938,801 | (16,689,880 | ) | (11,911,868 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (37,254,668 | ) | 13,432,088 | 13,226,006 | 21,566,775 | 107,342,639 | 113,530,861 | 681,813,190 | 374,996,435 | (18,141,797 | ) | (13,912,575 | ) | |||||||||||||||||||||||||||
Net assets at beginning of year | 142,664,324 | 129,232,236 | 106,453,110 | 84,886,335 | 622,563,950 | 509,033,089 | 1,314,261,210 | 939,264,775 | 53,186,301 | 67,098,876 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 105,409,656 | $ | 142,664,324 | $ | 119,679,116 | $ | 106,453,110 | $ | 729,906,589 | $ | 622,563,950 | $ | 1,996,074,400 | $ | 1,314,261,210 | $ | 35,044,504 | $ | 53,186,301 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 500,000 | 100,000 | 1,200,000 | 800,000 | 8,600,000 | 5,200,000 | 27,500,000 | 9,200,000 | — | — | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | 2,007 | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | (800,000 | ) | (300,000 | ) | — | — | (2,600,000 | ) | (2,900,000 | ) | (700,000 | ) | (1,400,000 | ) | (400,000 | ) | (300,000 | ) | ||||||||||||||||||||||
Net increase (decrease) | (300,000 | ) | (200,000 | ) | 1,200,000 | 800,000 | 6,000,000 | 2,300,000 | 26,800,000 | 7,802,007 | (400,000 | ) | (300,000 | ) | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 1,811,801 | $ | 996,342 | $ | 1,005,177 | $ | 578,505 | $ | 9,131,277 | $ | 5,632,188 | $ | (59,072,883 | ) | $ | 4,154,921 | $ | 472,624 | $ | 435,197 | |||||||||||||||||||
259
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR MSCI ACWI | ||||||||||||||||||||||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | ex-US ETF | SPDR Russell/Nomura PRIME Japan ETF | SPDR Russell/Nomura Small Cap Japan ETF | SPDR S&P International Dividend ETF | ||||||||||||||||||||||||||||||||||||
For the Period | ||||||||||||||||||||||||||||||||||||||||
Year Ended | 9/13/10*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,416,667 | $ | 2,959 | $ | 12,368,479 | $ | 8,807,576 | $ | 262,079 | $ | 201,408 | $ | 1,551,253 | $ | 1,016,433 | $ | 26,924,639 | $ | 8,922,133 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (4,671,549 | ) | (18 | ) | 5,571,341 | 1,253,393 | (1,813,273 | ) | (41,684 | ) | 6,010,909 | 1,912,923 | 10,520,450 | 119,000 | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (43,165,075 | ) | 71,939 | (64,801,294 | ) | 12,511,633 | 1,718,131 | (190,954 | ) | 4,584,832 | (4,060,086 | ) | (127,405,024 | ) | 3,552,985 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (45,419,957 | ) | 74,880 | (46,861,474 | ) | 22,572,602 | 166,937 | (31,230 | ) | 12,146,994 | (1,130,730 | ) | (89,959,935 | ) | 12,594,118 | |||||||||||||||||||||||||
Net equalization credits and charges | — | — | — | — | — | — | — | — | 2,875,839 | 245,201 | ||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (1,451,147 | ) | — | (11,384,970 | ) | (8,267,313 | ) | (251,121 | ) | (212,633 | ) | (1,442,652 | ) | (1,212,446 | ) | (29,270,143 | ) | (8,988,445 | ) | |||||||||||||||||||||
Total distributions to shareholders | (1,451,147 | ) | — | (11,384,970 | ) | (8,267,313 | ) | (251,121 | ) | (212,633 | ) | (1,442,652 | ) | (1,212,446 | ) | (29,270,143 | ) | (8,988,445 | ) | |||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 202,332,715 | 7,539,786 | 54,280,141 | 92,581,495 | 7,648,028 | — | 67,273,565 | 1,905,760 | 368,301,694 | 154,125,552 | ||||||||||||||||||||||||||||||
Proceeds from reinvestment of distributions | — | — | — | — | — | — | — | — | — | 14,312 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | — | — | (26,229,672 | ) | (22,878,986 | ) | (7,836,631 | ) | — | (46,853,190 | ) | (17,231,739 | ) | (25,511,075 | ) | (25,077,709 | ) | |||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | — | — | — | — | (2,875,839 | ) | (245,201 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 202,332,715 | 7,539,786 | 28,050,469 | 69,702,509 | (188,603 | ) | — | 20,420,375 | (15,325,979 | ) | 339,914,780 | 128,816,954 | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 155,461,611 | 7,614,666 | (30,195,975 | ) | 84,007,798 | (272,787 | ) | (243,863 | ) | 31,124,717 | (17,669,155 | ) | 223,560,541 | 132,667,828 | ||||||||||||||||||||||||||
Net assets at beginning of year | 7,614,666 | — | 393,909,007 | 309,901,209 | 15,119,267 | 15,363,130 | 67,411,785 | 85,080,940 | 258,705,245 | 126,037,417 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 163,076,277 | $ | 7,614,666 | $ | 363,713,032 | $ | 393,909,007 | $ | 14,846,480 | $ | 15,119,267 | $ | 98,536,502 | $ | 67,411,785 | $ | 482,265,786 | $ | 258,705,245 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 3,400,000 | 150,000 | 1,600,000 | 3,000,000 | 200,000 | — | 1,650,000 | 50,000 | 6,400,000 | 2,900,000 | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | — | (500,000 | ) | 273 | |||||||||||||||||||||||||||||
Shares redeemed | — | — | (800,000 | ) | (800,000 | ) | (200,000 | ) | — | (1,100,000 | ) | (450,000 | ) | — | (500,000 | ) | ||||||||||||||||||||||||
Net increase (decrease) | 3,400,000 | 150,000 | 800,000 | 2,200,000 | — | — | 550,000 | (400,000 | ) | 5,900,000 | 2,400,273 | |||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 966,359 | $ | 3,034 | $ | 3,385,288 | $ | 2,096,495 | $ | 134,985 | $ | 118,708 | $ | 783,152 | $ | 458,748 | $ | (9,151 | ) | $ | (211,187 | ) | ||||||||||||||||||
* | Commencement of operations |
See accompanying notes to financial statements.
260
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
261
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P International Mid Cap ETF | SPDR S&P Emerging Markets Small Cap ETF | SPDR Dow Jones Global Real Estate ETF | SPDR S&P International Consumer Discretionary Sector ETF | SPDR S&P International Consumer Staples Sector ETF | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,015,808 | $ | 487,936 | $ | 16,894,898 | $ | 5,623,309 | $ | 7,425,660 | $ | 3,793,705 | $ | 309,196 | $ | 128,584 | $ | 438,066 | $ | 199,898 | ||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | 1,519,924 | 2,034,468 | 48,301,233 | 29,775,255 | 3,593,571 | (1,472,418 | ) | 2,066,849 | (75,551 | ) | 1,195,030 | 4,200 | ||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures | (5,335,204 | ) | 198,690 | (320,393,800 | ) | 49,787,906 | (36,610,401 | ) | 18,906,551 | (2,649,430 | ) | 1,617,391 | (1,863,026 | ) | 1,223,034 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,799,472 | ) | 2,721,094 | (255,197,669 | ) | 85,186,470 | (25,591,170 | ) | 21,227,838 | (273,385 | ) | 1,670,424 | (229,930 | ) | 1,427,132 | |||||||||||||||||||||||||
Net equalization credits and charges | — | — | — | — | 539,256 | 68,501 | (22,669 | ) | 6,904 | 72,660 | 11,009 | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (930,965 | ) | (439,504 | ) | (5,451,836 | ) | (1,009,521 | ) | (14,119,218 | ) | (4,128,948 | ) | (293,003 | ) | (112,931 | ) | (500,869 | ) | (206,190 | ) | ||||||||||||||||||||
Net realized gains | (610,806 | ) | (521,348 | ) | (31,686,300 | ) | (1,762,433 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total distributions to shareholders | (1,541,771 | ) | (960,852 | ) | (37,138,136 | ) | (2,771,954 | ) | (14,119,218 | ) | (4,128,948 | ) | (293,003 | ) | (112,931 | ) | (500,869 | ) | (206,190 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 10,605,859 | 12,046,063 | 1,110,345,330 | 686,488,723 | 183,298,714 | 42,212,998 | 4,477,437 | 12,451,406 | 11,345,375 | 8,416,576 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | — | (5,325,824 | ) | (706,607,973 | ) | (37,166,199 | ) | (10,270,362 | ) | — | (11,473,311 | ) | — | (6,275,094 | ) | — | ||||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | (539,256 | ) | (68,501 | ) | 22,669 | (6,904 | ) | (72,660 | ) | (11,009 | ) | |||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 10,605,859 | 6,720,239 | 403,737,357 | 649,322,524 | 172,489,096 | 42,144,497 | (6,973,205 | ) | 12,444,502 | 4,997,621 | 8,405,567 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 6,264,616 | 8,480,481 | 111,401,552 | 731,737,040 | 133,317,964 | 59,311,888 | (7,562,262 | ) | 14,008,899 | 4,339,482 | 9,637,518 | |||||||||||||||||||||||||||||
Net assets at beginning of year | 30,195,983 | 21,715,502 | 797,410,665 | 65,673,625 | 140,387,674 | 81,075,786 | 18,833,157 | 4,824,258 | 14,899,831 | 5,262,313 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 36,460,599 | $ | 30,195,983 | $ | 908,812,217 | $ | 797,410,665 | $ | 273,705,638 | $ | 140,387,674 | $ | 11,270,895 | $ | 18,833,157 | $ | 19,239,313 | $ | 14,899,831 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 350,000 | 450,000 | 20,800,000 | 13,900,000 | 4,800,000 | 1,300,000 | 150,000 | 500,000 | 350,000 | 300,000 | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | — | (200,000 | ) | (13,000,000 | ) | (800,000 | ) | (300,000 | ) | — | (400,000 | ) | — | (200,000 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 350,000 | 250,000 | 7,800,000 | 13,100,000 | 4,500,000 | 1,300,000 | (250,000 | ) | 500,000 | 150,000 | 300,000 | |||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 461,642 | $ | 234,177 | $ | 9,942,464 | $ | 1,975,388 | $ | (5,670,652 | ) | $ | (898,183 | ) | $ | 48,611 | $ | 29,477 | $ | (2,634 | ) | $ | (375 | ) | ||||||||||||||||
See accompanying notes to financial statements.
262
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
SPDR S&P International Mid Cap ETF | SPDR S&P Emerging Markets Small Cap ETF | SPDR Dow Jones Global Real Estate ETF | SPDR S&P International Consumer Discretionary Sector ETF | SPDR S&P International Consumer Staples Sector ETF | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,015,808 | $ | 487,936 | $ | 16,894,898 | $ | 5,623,309 | $ | 7,425,660 | $ | 3,793,705 | $ | 309,196 | $ | 128,584 | $ | 438,066 | $ | 199,898 | ||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | 1,519,924 | 2,034,468 | 48,301,233 | 29,775,255 | 3,593,571 | (1,472,418 | ) | 2,066,849 | (75,551 | ) | 1,195,030 | 4,200 | ||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures | (5,335,204 | ) | 198,690 | (320,393,800 | ) | 49,787,906 | (36,610,401 | ) | 18,906,551 | (2,649,430 | ) | 1,617,391 | (1,863,026 | ) | 1,223,034 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,799,472 | ) | 2,721,094 | (255,197,669 | ) | 85,186,470 | (25,591,170 | ) | 21,227,838 | (273,385 | ) | 1,670,424 | (229,930 | ) | 1,427,132 | |||||||||||||||||||||||||
Net equalization credits and charges | — | — | — | — | 539,256 | 68,501 | (22,669 | ) | 6,904 | 72,660 | 11,009 | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (930,965 | ) | (439,504 | ) | (5,451,836 | ) | (1,009,521 | ) | (14,119,218 | ) | (4,128,948 | ) | (293,003 | ) | (112,931 | ) | (500,869 | ) | (206,190 | ) | ||||||||||||||||||||
Net realized gains | (610,806 | ) | (521,348 | ) | (31,686,300 | ) | (1,762,433 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total distributions to shareholders | (1,541,771 | ) | (960,852 | ) | (37,138,136 | ) | (2,771,954 | ) | (14,119,218 | ) | (4,128,948 | ) | (293,003 | ) | (112,931 | ) | (500,869 | ) | (206,190 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 10,605,859 | 12,046,063 | 1,110,345,330 | 686,488,723 | 183,298,714 | 42,212,998 | 4,477,437 | 12,451,406 | 11,345,375 | 8,416,576 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | — | (5,325,824 | ) | (706,607,973 | ) | (37,166,199 | ) | (10,270,362 | ) | — | (11,473,311 | ) | — | (6,275,094 | ) | — | ||||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | (539,256 | ) | (68,501 | ) | 22,669 | (6,904 | ) | (72,660 | ) | (11,009 | ) | |||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 10,605,859 | 6,720,239 | 403,737,357 | 649,322,524 | 172,489,096 | 42,144,497 | (6,973,205 | ) | 12,444,502 | 4,997,621 | 8,405,567 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 6,264,616 | 8,480,481 | 111,401,552 | 731,737,040 | 133,317,964 | 59,311,888 | (7,562,262 | ) | 14,008,899 | 4,339,482 | 9,637,518 | |||||||||||||||||||||||||||||
Net assets at beginning of year | 30,195,983 | 21,715,502 | 797,410,665 | 65,673,625 | 140,387,674 | 81,075,786 | 18,833,157 | 4,824,258 | 14,899,831 | 5,262,313 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 36,460,599 | $ | 30,195,983 | $ | 908,812,217 | $ | 797,410,665 | $ | 273,705,638 | $ | 140,387,674 | $ | 11,270,895 | $ | 18,833,157 | $ | 19,239,313 | $ | 14,899,831 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 350,000 | 450,000 | 20,800,000 | 13,900,000 | 4,800,000 | 1,300,000 | 150,000 | 500,000 | 350,000 | 300,000 | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | — | (200,000 | ) | (13,000,000 | ) | (800,000 | ) | (300,000 | ) | — | (400,000 | ) | — | (200,000 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 350,000 | 250,000 | 7,800,000 | 13,100,000 | 4,500,000 | 1,300,000 | (250,000 | ) | 500,000 | 150,000 | 300,000 | |||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 461,642 | $ | 234,177 | $ | 9,942,464 | $ | 1,975,388 | $ | (5,670,652 | ) | $ | (898,183 | ) | $ | 48,611 | $ | 29,477 | $ | (2,634 | ) | $ | (375 | ) | ||||||||||||||||
263
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P International Energy Sector ETF | SPDR S&P International Financial Sector ETF | SPDR S&P International Health Care Sector ETF | SPDR S&P International Industrial Sector ETF | SPDR S&P International Materials Sector ETF | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 407,284 | $ | 257,928 | $ | 240,493 | $ | 254,065 | $ | 340,942 | $ | 139,776 | $ | 573,956 | $ | 154,336 | $ | 491,947 | $ | 204,428 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 265,809 | (344,948 | ) | (78,609 | ) | 699,825 | 245,857 | (181,590 | ) | 2,663,932 | (47,533 | ) | 3,972,012 | 261,116 | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (1,628,491 | ) | (206,617 | ) | (1,130,836 | ) | (1,220,845 | ) | (760,195 | ) | 550,643 | (5,179,445 | ) | 1,111,430 | (6,910,807 | ) | 1,190,264 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (955,398 | ) | (293,637 | ) | (968,952 | ) | (266,955 | ) | (173,396 | ) | 508,829 | (1,941,557 | ) | 1,218,233 | (2,446,848 | ) | 1,655,808 | |||||||||||||||||||||||
Net equalization credits and charges | 2,190 | 17,769 | (1,810 | ) | 17,776 | 24,177 | (1,295 | ) | (5,760 | ) | 21,033 | (37,269 | ) | (13,822 | ) | |||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (385,397 | ) | (265,577 | ) | (269,250 | ) | (274,396 | ) | (335,264 | ) | (132,165 | ) | (541,188 | ) | (145,223 | ) | (443,679 | ) | (179,753 | ) | ||||||||||||||||||||
Total distributions to shareholders | (385,397 | ) | (265,577 | ) | (269,250 | ) | (274,396 | ) | (335,264 | ) | (132,165 | ) | (541,188 | ) | (145,223 | ) | (443,679 | ) | (179,753 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 3,928,128 | 7,541,236 | 7,324,331 | 10,792,976 | 10,955,852 | 5,673,901 | 15,361,044 | 13,390,135 | 19,071,659 | 15,063,093 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (2,492,025 | ) | (1,091,375 | ) | (7,172,380 | ) | (6,778,742 | ) | (1,550,237 | ) | (1,441,597 | ) | (10,622,592 | ) | (1,160,514 | ) | (19,165,987 | ) | (3,372,651 | ) | ||||||||||||||||||||
Net income equalization (Note 2) | (2,190 | ) | (17,769 | ) | 1,810 | (17,776 | ) | (24,177 | ) | 1,295 | 5,760 | (21,033 | ) | 37,269 | 13,822 | |||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 1,433,913 | 6,432,092 | 153,761 | 3,996,458 | 9,381,438 | 4,233,599 | 4,744,212 | 12,208,588 | (57,059 | ) | 11,704,264 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 95,308 | 5,890,647 | (1,086,251 | ) | 3,472,883 | 8,896,955 | 4,608,968 | 2,255,707 | 13,302,631 | (2,984,855 | ) | 13,166,497 | ||||||||||||||||||||||||||||
Net assets at beginning of year | 12,259,432 | 6,368,785 | 8,821,345 | 5,348,462 | 10,309,637 | 5,700,669 | 17,955,318 | 4,652,687 | 22,387,456 | 9,220,959 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 12,354,740 | $ | 12,259,432 | $ | 7,735,094 | $ | 8,821,345 | $ | 19,206,592 | $ | 10,309,637 | $ | 20,211,025 | $ | 17,955,318 | $ | 19,402,601 | $ | 22,387,456 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 150,000 | 300,000 | 400,000 | 550,000 | 350,000 | 200,000 | 550,000 | 550,000 | 650,000 | 600,000 | ||||||||||||||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (350,000 | ) | (350,000 | ) | (50,000 | ) | (50,000 | ) | (350,000 | ) | (50,000 | ) | (650,000 | ) | (150,000 | ) | ||||||||||||||||||||
Net increase (decrease) | 50,000 | 250,000 | 50,000 | 200,000 | 300,000 | 150,000 | 200,000 | 500,000 | — | 450,000 | ||||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 23,922 | $ | 287 | $ | 19,652 | $ | 14,674 | $ | 37,147 | $ | 21,389 | $ | 100,829 | $ | 18,256 | $ | 112,829 | $ | 36,771 | ||||||||||||||||||||
See accompanying notes to financial statements.
264
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
265
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P International Technology Sector ETF | SPDR S&P International Telecommunications Sector ETF | SPDR S&P International Utilities Sector ETF | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||||||||||||||
INCREASE IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 312,033 | $ | 217,285 | $ | 612,496 | $ | 621,156 | $ | 363,501 | $ | 308,311 | ||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 231,319 | 376,112 | 802,984 | (75,249 | ) | 19,390 | 83,169 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (2,869,260 | ) | (292,497 | ) | (1,659,782 | ) | 135,515 | (1,335,523 | ) | (733,695 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,325,908 | ) | 300,900 | (244,302 | ) | 681,422 | (952,632 | ) | (342,215 | ) | ||||||||||||||
Net equalization credits and charges | 1,865 | 9,332 | 5,114 | 11,285 | 8,510 | 13,758 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | (310,694 | ) | (202,796 | ) | (615,543 | ) | (624,359 | ) | (365,549 | ) | (284,890 | ) | ||||||||||||
Net realized gains | (87,145 | ) | (6,227 | ) | — | — | — | — | ||||||||||||||||
Total distributions to shareholders | (397,839 | ) | (209,023 | ) | (615,543 | ) | (624,359 | ) | (365,549 | ) | (284,890 | ) | ||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from sale of shares sold | 2,688,113 | 11,117,854 | 10,005,730 | 9,607,909 | 3,697,018 | 8,360,834 | ||||||||||||||||||
Cost of shares redeemed | (2,305,481 | ) | (1,227,857 | ) | (12,483,323 | ) | (3,301,651 | ) | (1,039,230 | ) | (4,069,217 | ) | ||||||||||||
Net income equalization (Note 2) | (1,865 | ) | (9,332 | ) | (5,114 | ) | (11,285 | ) | (8,510 | ) | (13,758 | ) | ||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 380,767 | 9,880,665 | (2,482,707 | ) | 6,294,973 | 2,649,278 | 4,277,859 | |||||||||||||||||
Net increase (decrease) in net assets during the year | (2,341,115 | ) | 9,981,874 | (3,337,438 | ) | 6,363,321 | 1,339,607 | 3,664,512 | ||||||||||||||||
Net assets at beginning of year | 21,043,522 | 11,061,648 | 15,795,086 | 9,431,765 | 8,221,317 | 4,556,805 | ||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 18,702,407 | $ | 21,043,522 | $ | 12,457,648 | $ | 15,795,086 | $ | 9,560,924 | $ | 8,221,317 | ||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||
Shares sold | 100,000 | 450,000 | 400,000 | 400,000 | 200,000 | 400,000 | ||||||||||||||||||
Shares issued to shareholders from reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (500,000 | ) | (150,000 | ) | (50,000 | ) | (200,000 | ) | ||||||||||||
Net increase (decrease) | — | 400,000 | (100,000 | ) | 250,000 | 150,000 | 200,000 | |||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 34,932 | $ | 30,691 | $ | (5,513 | ) | $ | 5,706 | $ | 15,005 | $ | 20,227 | |||||||||||
See accompanying notes to financial statements.
266
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
267
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
SPDR STOXX Europe 50 ETF | SPDR EURO STOXX 50 ETF | SPDR S&P Emerging Asia Pacific ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.39 | $ | 35.31 | $ | 36.33 | $ | 53.69 | $ | 44.48 | $ | 36.90 | $ | 41.34 | $ | 41.88 | $ | 62.12 | $ | 49.23 | $ | 82.86 | $ | 69.33 | $ | 54.59 | $ | 87.74 | $ | 60.50 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 1.23 | (1) | 1.02 | (1) | 1.11 | (1) | 1.88 | 1.50 | 1.63 | (1) | 1.13 | (1) | 1.21 | (1) | 2.17 | 1.40 | 1.52 | (1) | 1.28 | (1) | 1.21 | (1) | 0.90 | 0.64 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (4.73 | ) | (1.95 | ) | (1.05 | ) | (17.09 | ) | 9.22 | (8.23 | ) | (4.47 | ) | (0.65 | ) | (19.32 | ) | 12.80 | (13.63 | ) | 13.06 | 13.92 | (35.04 | ) | 25.50 | |||||||||||||||||||||||||||||||||||
Total from investment operations | (3.50 | ) | (0.93 | ) | 0.06 | (15.21 | ) | 10.72 | (6.60 | ) | (3.34 | ) | 0.56 | (17.15 | ) | 14.20 | (12.11 | ) | 14.34 | 15.13 | (34.14 | ) | 26.14 | |||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | (0.03 | ) | 0.06 | (0.01 | ) | (0.12 | ) | (0.03 | ) | — | (3) | 0.10 | 0.15 | (0.24 | ) | 0.35 | — | — | 0.43 | 2.13 | 1.10 | |||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.60 | ) | (1.05 | ) | (1.07 | ) | (1.69 | ) | (1.47 | ) | (1.58 | ) | (1.20 | ) | (1.25 | ) | (1.95 | ) | (1.66 | ) | (1.29 | ) | (0.81 | ) | (0.82 | ) | (1.03 | ) | — | |||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (0.34 | ) | (0.01 | ) | — | — | — | (0.90 | ) | — | (2.61 | ) | — | — | (0.11 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.60 | ) | (1.05 | ) | (1.07 | ) | (2.03 | ) | (1.48 | ) | (1.58 | ) | (1.20 | ) | (1.25 | ) | (2.85 | ) | (1.66 | ) | (3.90 | ) | (0.81 | ) | (0.82 | ) | (1.14 | ) | — | |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 28.26 | $ | 33.39 | $ | 35.31 | $ | 36.33 | $ | 53.69 | $ | 28.72 | $ | 36.90 | $ | 41.34 | $ | 41.88 | $ | 62.12 | $ | 66.85 | $ | 82.86 | $ | 69.33 | $ | 54.59 | $ | 87.74 | ||||||||||||||||||||||||||||||
Total return (4) | (11.37 | )% | (2.52 | )% | 0.69 | % | (29.27 | )% | 24.22 | % | (18.88 | )% | (7.48 | )% | 2.35 | % | (29.00 | )% | 29.76 | % | (15.55 | )% | 20.85 | % | 29.15 | % | (36.95 | )% | 45.03 | % | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 29,684 | $ | 38,407 | $ | 56,514 | $ | 76,311 | $ | 185,256 | $ | 116,356 | $ | 162,400 | $ | 181,922 | $ | 224,080 | $ | 484,541 | $ | 514,755 | $ | 712,608 | $ | 436,766 | $ | 163,780 | $ | 61,420 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.30 | % | 0.31 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.30 | % | 0.31 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.63 | %(5) | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.55 | % | 3.05 | % | 3.93 | % | 3.35 | % | 3.16 | % | 4.29 | % | 3.03 | % | 3.67 | % | 3.53 | % | 2.86 | % | 1.83 | % | 1.74 | % | 2.25 | % | 2.28 | % | 3.33 | %(5) | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 7 | % | 9 | % | 11 | % | 14 | % | 9 | % | 7 | % | 8 | % | 12 | % | 14 | % | 11 | % | 20 | % | 10 | % | 4 | % | 7 | % | 1 | % | ||||||||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | Amount is less than $0.005 per share. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. |
268
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
269
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Russia ETF | SPDR S&P China ETF | SPDR S&P Emerging Markets ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | 3/10/10*- | Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.01 | $ | 30.00 | $ | 76.14 | $ | 66.50 | $ | 51.29 | $ | 94.34 | $ | 52.23 | $ | 69.89 | $ | 59.00 | $ | 51.86 | $ | 75.21 | $ | 55.63 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.57 | (1) | 0.20 | (1) | 1.31 | (1) | 1.03 | (1) | 1.21 | (1) | 0.75 | 0.50 | 1.36 | (1) | 1.09 | (1) | 0.97 | (1) | 1.32 | 0.42 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (4.53 | ) | (0.01 | ) | (18.48 | ) | 9.44 | 14.81 | (43.64 | ) | 40.90 | (12.20 | ) | 10.73 | 7.00 | (23.44 | ) | 18.49 | ||||||||||||||||||||||||||||||
Total from investment operations | (3.96 | ) | 0.19 | (17.17 | ) | 10.47 | 16.02 | (42.89 | ) | 41.40 | (10.84 | ) | 11.82 | 7.97 | (22.12 | ) | 18.91 | |||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | 0.53 | 0.47 | 0.71 | — | — | 0.60 | 0.16 | 0.67 | ||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.18 | ) | (1.29 | ) | (0.83 | ) | (1.34 | ) | (0.63 | ) | — | (1.15 | ) | (0.93 | ) | (1.43 | ) | (0.65 | ) | — | ||||||||||||||||||||||||||
Net realized gains | (0.11 | ) | — | — | — | — | — | — | (0.64 | ) | — | — | (0.74 | ) | — | |||||||||||||||||||||||||||||||||
Total distributions | (0.40 | ) | (0.18 | ) | (1.29 | ) | (0.83 | ) | (1.34 | ) | (0.63 | ) | — | (1.79 | ) | (0.93 | ) | (1.43 | ) | (1.39 | ) | — | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 25.65 | $ | 30.01 | $ | 57.68 | $ | 76.14 | $ | 66.50 | $ | 51.29 | $ | 94.34 | $ | 57.26 | $ | 69.89 | $ | 59.00 | $ | 51.86 | $ | 75.21 | ||||||||||||||||||||||||
Total return (3) | (13.58 | )% | 0.72 | % | (22.95 | )% | 15.87 | % | 33.06 | % | (45.26 | )% | 80.64 | % | (16.06 | )% | 20.25 | % | 18.05 | % | (29.77 | )% | 35.20 | % | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 43,611 | $ | 6,003 | $ | 617,133 | $ | 677,680 | $ | 445,539 | $ | 123,108 | $ | 122,639 | $ | 154,600 | $ | 216,661 | $ | 94,395 | $ | 36,299 | $ | 45,125 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.59 | % | 0.59 | %(4) | 0.60 | % | 0.61 | % | 0.59 | % | 0.59 | % | 0.59 | %(4) | 0.60 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.60 | %(4) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 1.56 | % | 1.25 | %(4) | 1.71 | % | 1.46 | % | 2.22 | % | 1.33 | % | 2.56 | %(4) | 1.90 | % | 1.73 | % | 2.18 | % | 1.97 | % | 2.42 | %(4) | ||||||||||||||||||||||||
Portfolio turnover rate (5) | 15 | % | 1 | % | 9 | % | 25 | % | 0 | %(6) | 4 | % | 0 | %(6) | 4 | % | 15 | % | 1 | % | 11 | % | 0 | %(6) | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(4) | Annualized. | |
(5) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(6) | Amount shown represents less than 0.5%. |
270
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
271
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emerging | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend ETF | SPDR S&P BRIC 40 ETF | SPDR S&P Emerging Europe ETF | SPDR S&P Emerging Latin America ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | For the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/23/11*- | Year Ended | Year Ended | Year Ended | Year Ended | 6/19/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.00 | $ | 25.84 | $ | 23.03 | $ | 20.29 | $ | 30.18 | $ | 24.07 | $ | 45.55 | $ | 39.42 | $ | 42.73 | $ | 64.57 | $ | 54.38 | $ | 84.48 | $ | 69.92 | $ | 61.83 | $ | 78.49 | $ | 57.51 | ||||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 2.32 | (1) | 0.60 | (1) | 0.43 | (1) | 0.42 | (1) | 0.39 | 0.07 | 1.02 | (1) | 0.46 | (1) | 0.50 | (1) | 0.46 | 0.22 | 1.93 | (1)(2) | 1.57 | (1) | 1.13 | (1) | 1.32 | 0.50 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (6.96 | ) | (5.00 | ) | 2.75 | 2.97 | (10.19 | ) | 5.90 | (8.73 | ) | 6.06 | (2.77 | ) | (22.41 | ) | 9.18 | (20.76 | ) | 14.73 | 8.12 | (17.23 | ) | 20.32 | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | (4.64 | ) | (4.40 | ) | 3.18 | 3.39 | (9.80 | ) | 5.97 | (7.71 | ) | 6.52 | (2.27 | ) | (21.95 | ) | 9.40 | (18.83 | ) | 16.30 | 9.25 | (15.91 | ) | 20.82 | ||||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.43 | — | — | 0.01 | 0.04 | 0.14 | — | — | (0.29 | ) | 0.51 | 0.79 | — | — | 0.37 | 0.25 | 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.28 | ) | (0.52 | ) | (0.37 | ) | (0.66 | ) | (0.13 | ) | — | (0.68 | ) | (0.39 | ) | (0.75 | ) | (0.37 | ) | — | (1.53 | ) | (1.74 | ) | (1.53 | ) | (0.95 | ) | — | |||||||||||||||||||||||||||||||||||
Net realized gains | — | — | — | — | — | — | — | — | — | (0.03 | ) | — | — | — | — | (0.05 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Return of capital | (0.62 | ) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.90 | ) | (0.52 | ) | (0.37 | ) | (0.66 | ) | (0.13 | ) | — | (0.68 | ) | (0.39 | ) | (0.75 | ) | (0.40 | ) | — | (1.53 | ) | (1.74 | ) | (1.53 | ) | (1.00 | ) | — | |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 43.89 | $ | 20.92 | $ | 25.84 | $ | 23.03 | $ | 20.29 | $ | 30.18 | $ | 37.16 | $ | 45.55 | $ | 39.42 | $ | 42.73 | $ | 64.57 | $ | 64.12 | $ | 84.48 | $ | 69.92 | $ | 61.83 | $ | 78.49 | ||||||||||||||||||||||||||||||||
Total return (4) | (8.73 | )% | (17.49 | )% | 13.98 | % | 18.16 | % | (32.50 | )% | 25.38 | % | (17.35 | )% | 16.74 | % | (5.18 | )% | (33.45 | )% | 18.73 | % | (22.78 | )%(2) | 23.73 | % | 16.99 | % | (20.21 | )% | 36.49 | % | ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 54,862 | $ | 374,453 | $ | 459,991 | $ | 340,812 | $ | 188,734 | $ | 156,921 | $ | 118,917 | $ | 232,325 | $ | 137,975 | $ | 81,189 | $ | 38,741 | $ | 121,832 | $ | 211,194 | $ | 132,844 | $ | 74,202 | $ | 39,244 | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.62 | %(5) | 0.51 | % | 0.52 | % | 0.48 | % | 0.40 | % | 0.40 | %(5) | 0.61 | % | 0.61 | % | 0.59 | % | 0.60 | % | 0.60 | %(5) | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | %(5) | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before waivers | 0.62 | %(5) | 0.51 | % | 0.52 | % | 0.50 | % | 0.50 | % | 0.50 | %(5) | 0.61 | % | 0.61 | % | 0.59 | % | 0.60 | % | 0.60 | %(5) | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | %(5) | ||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 7.46 | %(5) | 2.23 | % | 1.78 | % | 2.36 | % | 1.43 | % | 2.31 | %(5) | 2.04 | % | 1.07 | % | 1.66 | % | 0.96 | % | 1.53 | %(5) | 2.27 | %(2) | 2.05 | % | 2.27 | % | 1.94 | % | 1.98 | %(5) | ||||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 42 | % | 10 | % | 10 | % | 16 | % | 16 | % | 0 | %(7) | 10 | % | 21 | % | 45 | % | 19 | % | 3 | % | 12 | % | 23 | % | 17 | % | 7 | % | 2 | % | ||||||||||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and the ratio of net investment income to average net assets reflects receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%. | |
(3) | 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. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
272
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
273
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Emerging Middle East & Africa ETF | SPDR S&P World ex-US ETF | SPDR S&P International Small Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 3/20/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 4/20/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 4/20/07*- | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 71.33 | $ | 58.74 | $ | 54.48 | $ | 68.63 | $ | 59.25 | $ | 24.19 | $ | 23.58 | $ | 23.31 | $ | 34.05 | $ | 32.57 | $ | 27.92 | $ | 25.45 | $ | 23.71 | $ | 36.71 | $ | 35.59 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 1.87 | (1) | 1.33 | (1) | 1.36 | (1) | 1.79 | (2) | 0.67 | 0.75 | (1) | 0.56 | (1) | 0.57 | (1) | 0.61 | 0.41 | 0.64 | (1) | 0.46 | (1) | 0.44 | (1) | 0.51 | 0.17 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (9.65 | ) | 12.51 | 5.97 | (15.86 | ) | 8.49 | (2.89 | ) | 0.56 | (0.22 | ) | (11.31 | ) | 1.07 | (2.14 | ) | 2.42 | 1.74 | (13.04 | ) | 0.70 | ||||||||||||||||||||||||||||||||||||||
Total from investment operations | (7.78 | ) | 13.84 | 7.33 | (14.07 | ) | 9.16 | (2.14 | ) | 1.12 | 0.35 | (10.70 | ) | 1.48 | (1.50 | ) | 2.88 | 2.18 | (12.53 | ) | 0.87 | |||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | (0.51 | ) | 1.04 | 0.22 | — | — | 0.56 | 0.62 | — | — | — | 0.12 | 0.35 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.54 | ) | (1.25 | ) | (2.56 | ) | (1.02 | ) | — | (0.68 | ) | (0.51 | ) | (0.64 | ) | (0.57 | ) | — | (0.63 | ) | (0.41 | ) | (0.56 | ) | (0.30 | ) | — | |||||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (0.10 | ) | — | — | — | — | (0.09 | ) | — | — | — | — | (0.52 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.54 | ) | (1.25 | ) | (2.56 | ) | (1.12 | ) | — | (0.68 | ) | (0.51 | ) | (0.64 | ) | (0.66 | ) | — | (0.63 | ) | (0.41 | ) | (0.56 | ) | (0.82 | ) | — | |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 62.01 | $ | 71.33 | $ | 58.74 | $ | 54.48 | $ | 68.63 | $ | 21.37 | $ | 24.19 | $ | 23.58 | $ | 23.31 | $ | 34.05 | $ | 25.79 | $ | 27.92 | $ | 25.45 | $ | 23.71 | $ | 36.71 | ||||||||||||||||||||||||||||||
Total return (4) | (11.32 | )% | 23.91 | % | 14.04 | % | (19.37 | )% | 15.84 | % | (9.32 | )% | 4.99 | % | 4.68 | % | (30.13 | )% | 4.56 | % | (5.72 | )% | 11.54 | % | 10.45 | % | (33.83 | )% | 3.14 | % | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 105,410 | $ | 142,664 | $ | 129,232 | $ | 152,538 | $ | 27,452 | $ | 119,679 | $ | 106,453 | $ | 84,886 | $ | 27,973 | $ | 13,621 | $ | 729,907 | $ | 622,564 | $ | 509,033 | $ | 331,890 | $ | 110,116 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.60 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.59 | %(5) | 0.35 | % | 0.35 | % | 0.34 | % | 0.35 | % | 0.35 | %(5) | 0.61 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.59 | %(5) | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.55 | % | 2.12 | % | 2.98 | % | 3.88 | % | 2.65 | %(5) | 2.94 | % | 2.44 | % | 3.02 | % | 3.36 | % | 2.89 | %(5) | 2.12 | % | 1.81 | % | 2.27 | % | 2.38 | % | 1.89 | %(5) | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 4 | % | 27 | % | 12 | % | 7 | % | 1 | % | 2 | % | 7 | % | 12 | % | 4 | % | 0 | %(7) | 22 | % | 17 | % | 21 | % | 46 | % | 2 | % | ||||||||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.38 per share. | |
(3) | 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. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
274
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
275
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR Dow Jones International Real Estate ETF | SPDR FTSE/Macquarie Global Infrastructure 100 ETF | SPDR S&P Global Natural Resources ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 12/15/06*- | Year Ended | Year Ended | Year Ended | Year Ended | 1/25/07*- | Year Ended | 9/13/10*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.39 | $ | 35.53 | $ | 37.86 | $ | 63.83 | $ | 60.28 | $ | 40.91 | $ | 41.94 | $ | 47.03 | $ | 57.68 | $ | 50.41 | $ | 50.76 | $ | 50.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 1.57 | (1) | 1.34 | (1) | 1.34 | (1) | 1.80 | 1.20 | 1.71 | (1) | 1.47 | (1) | 1.57 | (1) | 1.53 | (2) | 0.59 | 1.23 | (1) | 0.03 | (1) | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (3.82 | ) | 2.84 | (2.38 | ) | (26.03 | ) | 3.33 | (2.03 | ) | (0.88 | ) | (4.35 | ) | (11.64 | ) | 6.11 | (5.44 | ) | 0.73 | ||||||||||||||||||||||||||||
Total from investment operations | (2.25 | ) | 4.18 | (1.04 | ) | (24.23 | ) | 4.53 | (0.32 | ) | 0.59 | (2.78 | ) | (10.11 | ) | 6.70 | (4.21 | ) | 0.76 | |||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.09 | (0.01 | ) | 0.05 | 0.06 | 0.36 | — | — | 0.07 | 0.60 | 0.57 | — | — | |||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (3.53 | ) | (1.31 | ) | (1.34 | ) | (1.80 | ) | (1.34 | ) | (1.65 | ) | (1.62 | ) | (2.38 | ) | (0.94 | ) | — | (0.61 | ) | — | ||||||||||||||||||||||||||
Net realized gains | — | — | — | — | — | — | — | — | (0.20 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Total distributions | (3.53 | ) | (1.31 | ) | (1.34 | ) | (1.80 | ) | (1.34 | ) | (1.65 | ) | (1.62 | ) | (2.38 | ) | (1.14 | ) | — | (0.61 | ) | — | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 32.70 | $ | 38.39 | $ | 35.53 | $ | 37.86 | $ | 63.83 | $ | 38.94 | $ | 40.91 | $ | 41.94 | $ | 47.03 | $ | 57.68 | $ | 45.94 | $ | 50.76 | ||||||||||||||||||||||||
Total return (4) | (6.76 | )% | 12.15 | % | (1.52 | )% | (38.38 | )% | 8.09 | % | (1.04 | )% | 1.63 | % | (5.40 | )% | (16.93 | )% | 14.43 | % | (8.56 | )% | 1.52 | % | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,996,074 | $ | 1,314,261 | $ | 939,265 | $ | 811,118 | $ | 1,111,226 | $ | 35,045 | $ | 53,186 | $ | 67,099 | $ | 79,944 | $ | 46,142 | $ | 163,076 | $ | 7,615 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.61 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.60 | %(5) | 0.60 | % | 0.61 | % | 0.59 | % | 0.59 | % | 0.59 | %(5) | 0.40 | % | 0.38 | %(5) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 4.05 | % | 3.86 | % | 4.85 | % | 3.43 | % | 3.01 | %(5) | 4.07 | % | 3.63 | % | 4.16 | % | 3.49 | % | 2.50 | %(5) | 2.13 | % | 1.10 | %(5) | ||||||||||||||||||||||||
Portfolio turnover rate (6) | 10 | % | 7 | % | 23 | % | 8 | % | 16 | % | 6 | % | 6 | % | 10 | % | 7 | % | 6 | % | 32 | % | 0 | %(7) | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.44 per share. | |
(3) | 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. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
276
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
277
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR MSCI ACWI ex-US ETF | SPDR Russell/Nomura PRIME Japan ETF | SPDR Russell/Nomura Small Cap Japan ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 1/10/07*- | Year Ended | Year Ended | Year Ended | Year Ended | 11/9/06*- | Year Ended | Year Ended | Year Ended | Year Ended | 11/9/06*- | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/07 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.77 | $ | 30.38 | $ | 29.39 | $ | 42.56 | $ | 35.60 | $ | 37.80 | $ | 38.41 | $ | 39.64 | $ | 55.91 | $ | 52.65 | $ | 39.65 | $ | 40.51 | $ | 35.84 | $ | 48.31 | $ | 48.70 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.95 | (1) | 0.73 | (1) | 0.71 | (1) | 0.82 | 0.44 | 0.85 | (1) | 0.50 | (1) | 0.46 | (1) | 1.95 | 0.42 | 0.69 | (1) | 0.53 | (1) | 0.60 | (1) | 0.71 | 0.53 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (4.28 | ) | 1.35 | 1.14 | (13.76 | ) | 6.12 | (0.56 | ) | (0.58 | ) | (0.64 | ) | (15.75 | ) | 2.84 | 4.12 | (0.73 | ) | 5.29 | (12.49 | ) | (0.77 | ) | ||||||||||||||||||||||||||||||||||||
Total from investment operations | (3.33 | ) | 2.08 | 1.85 | (12.94 | ) | 6.56 | 0.29 | (0.08 | ) | (0.18 | ) | (13.80 | ) | 3.26 | 4.81 | (0.20 | ) | 5.89 | (11.78 | ) | (0.24 | ) | |||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | 0.08 | 0.60 | 0.40 | — | — | 0.29 | (0.62 | ) | — | — | — | (0.15 | ) | (0.12 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.89 | ) | (0.69 | ) | (0.94 | ) | (0.77 | ) | — | (0.97 | ) | (0.53 | ) | (1.34 | ) | (1.69 | ) | (0.00 | )(3) | (0.67 | ) | (0.66 | ) | (1.07 | ) | (0.57 | ) | (0.12 | ) | |||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (0.06 | ) | — | — | — | — | (0.16 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total distributions | (0.89 | ) | (0.69 | ) | (0.94 | ) | (0.83 | ) | — | (0.97 | ) | (0.53 | ) | (1.34 | ) | (1.85 | ) | — | (0.67 | ) | (0.66 | ) | (1.07 | ) | (0.57 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 27.55 | $ | 31.77 | $ | 30.38 | $ | 29.39 | $ | 42.56 | $ | 37.12 | $ | 37.80 | $ | 38.41 | $ | 39.64 | $ | 55.91 | $ | 43.79 | $ | 39.65 | $ | 40.51 | $ | 35.84 | $ | 48.31 | ||||||||||||||||||||||||||||||
Total return (4) | (10.99 | )% | 7.13 | % | 7.41 | % | (29.53 | )% | 19.55 | % | 0.56 | % | (0.14 | )% | 0.58 | % | (26.48 | )% | 6.19 | % | 12.17 | % | (0.41 | )% | 16.35 | % | (24.85 | )% | (0.57 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 363,713 | $ | 393,909 | $ | 309,901 | $ | 258,639 | $ | 127,691 | $ | 14,846 | $ | 15,119 | $ | 15,363 | $ | 23,786 | $ | 268,392 | $ | 98,537 | $ | 67,412 | $ | 85,081 | $ | 77,057 | $ | 137,695 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.35 | % | 0.35 | % | 0.34 | % | 0.34 | % | 0.35 | %(5) | 0.51 | % | 0.51 | % | 0.50 | % | 0.50 | % | 0.51 | %(5) | 0.56 | % | 0.56 | % | 0.55 | % | 0.55 | % | 0.56 | %(5) | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.85 | % | 2.43 | % | 2.98 | % | 3.00 | % | 2.78 | %(5) | 2.16 | % | 1.34 | % | 1.32 | % | 0.52 | % | 0.97 | %(5) | 1.63 | % | 1.37 | % | 1.74 | % | 1.24 | % | 1.26 | %(5) | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 4 | % | 3 | % | 15 | % | 5 | % | 1 | % | 3 | % | 3 | % | 6 | % | 3 | % | 0 | %(7) | 10 | % | 24 | % | 25 | % | 22 | % | 2 | % | ||||||||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | Amount is less than $0.005 per share. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
278
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
279
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Dividend ETF | SPDR S&P International Mid Cap ETF | SPDR S&P Emerging Markets Small Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 2/12/08*- | Year Ended | Year Ended | Year Ended | 5/7/08*- | Year Ended | Year Ended | Year Ended | 5/12/08*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.88 | $ | 52.49 | $ | 48.17 | $ | 70.76 | $ | 28.76 | $ | 27.14 | $ | 26.04 | $ | 35.46 | $ | 54.62 | $ | 43.78 | $ | 32.69 | $ | 52.29 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 3.48 | (1) | 2.32 | (1) | 2.09 | (1) | 3.56 | 0.76 | (1) | 0.55 | (1) | 0.57 | (1) | 0.32 | 0.99 | (1) | 1.06 | (1)(2) | 0.66 | (1) | 0.16 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (9.35 | ) | 1.26 | 3.70 | (23.17 | ) | (2.31 | ) | 2.31 | 0.72 | (9.74 | ) | (13.25 | ) | 10.65 | 10.18 | (20.81 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | (5.87 | ) | 3.58 | 5.79 | (19.61 | ) | (1.55 | ) | 2.86 | 1.29 | (9.42 | ) | (12.26 | ) | 11.71 | 10.84 | (20.65 | ) | ||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.37 | 0.06 | 0.40 | 1.30 | — | — | 0.34 | — | — | — | 0.56 | 1.05 | ||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (3.31 | ) | (2.25 | ) | (1.87 | ) | (4.28 | ) | (0.70 | ) | (0.50 | ) | (0.53 | ) | — | (0.34 | ) | (0.19 | ) | (0.31 | ) | — | ||||||||||||||||||||||||||
Net realized gains | — | — | — | — | (0.47 | ) | (0.74 | ) | — | — | (1.45 | ) | (0.68 | ) | — | — | ||||||||||||||||||||||||||||||||
Total distributions | (3.31 | ) | (2.25 | ) | (1.87 | ) | (4.28 | ) | (1.17 | ) | (1.24 | ) | (0.53 | ) | — | (1.79 | ) | (0.87 | ) | (0.31 | ) | — | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 45.07 | $ | 53.88 | $ | 52.49 | $ | 48.17 | $ | 26.04 | $ | 28.76 | $ | 27.14 | $ | 26.04 | $ | 40.57 | $ | 54.62 | $ | 43.78 | $ | 32.69 | ||||||||||||||||||||||||
Total return (4) | (11.06 | )% | 7.34 | % | 13.86 | % | (26.93 | )% | (6.00 | )% | 11.11 | % | 6.87 | % | (26.54 | )% | (23.36 | )% | 27.05 | % | 35.45 | % | (37.48 | )% | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 482,266 | $ | 258,705 | $ | 126,037 | $ | 43,369 | $ | 36,461 | $ | 30,196 | $ | 21,716 | $ | 5,208 | $ | 908,812 | $ | 797,411 | $ | 65,674 | $ | 9,807 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.46 | % | 0.46 | % | 0.46 | % | 0.48 | %(5) | 0.46 | % | 0.46 | % | 0.45 | % | 0.45 | %(5) | 0.66 | % | 0.66 | % | 0.66 | % | 0.76 | %(5) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 6.24 | % | 4.48 | % | 5.26 | % | 8.77 | %(5) | 2.49 | % | 2.07 | % | 2.57 | % | 2.22 | %(5) | 1.85 | % | 2.19 | % | 1.93 | % | 3.41 | %(5) | ||||||||||||||||||||||||
Portfolio turnover rate (6) | 142 | % | 131 | % | 148 | % | 71 | % | 32 | % | 31 | % | 45 | % | 19 | % | 70 | % | 85 | % | 83 | % | 2 | % | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and the ratio of net investment income to average net assets reflect a special one time dividend from a portfolio holding (Patni Computer Systems, Ltd.). The resulting increase to net investment income amounted to $0.07 per share and 0.15% of average net assets. | |
(3) | 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. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. |
280
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
281
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR Dow Jones Global Real Estate ETF | SPDR S&P International Consumer Discretionary Sector ETF | SPDR S&P International Consumer Staples Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 5/7/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.00 | $ | 31.18 | $ | 39.33 | $ | 49.87 | $ | 26.90 | $ | 24.12 | $ | 22.37 | $ | 25.54 | $ | 29.80 | $ | 26.31 | $ | 25.80 | $ | 27.47 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 1.16 | (1) | 1.11 | (1) | 1.19 | (1) | 0.56 | 0.47 | (1) | 0.41 | (1) | 0.43 | (1) | 0.12 | 0.88 | (1) | 0.69 | (1) | 0.57 | (1) | 0.13 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (2.00 | ) | 4.88 | (8.23 | ) | (10.80 | ) | (1.79 | ) | 2.69 | 1.77 | (3.26 | ) | (0.37 | ) | 3.39 | 0.50 | (1.69 | ) | |||||||||||||||||||||||||||||
Total from investment operations | (0.84 | ) | 5.99 | (7.04 | ) | (10.24 | ) | (1.32 | ) | 3.10 | 2.20 | (3.14 | ) | 0.51 | 4.08 | 1.07 | (1.56 | ) | ||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.08 | 0.02 | 0.31 | 0.33 | (0.03 | ) | 0.02 | — | — | 0.15 | 0.04 | — | — | |||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (2.66 | ) | (1.19 | ) | (1.42 | ) | (0.63 | ) | (0.50 | ) | (0.34 | ) | (0.45 | ) | (0.03 | ) | (0.86 | ) | (0.63 | ) | (0.56 | ) | (0.11 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 32.58 | $ | 36.00 | $ | 31.18 | $ | 39.33 | $ | 25.05 | $ | 26.90 | $ | 24.12 | $ | 22.37 | $ | 29.60 | $ | 29.80 | $ | 26.31 | $ | 25.80 | ||||||||||||||||||||||||
Total return (3) | (2.80 | )% | 19.71 | % | (15.97 | )% | (19.89 | )% | (5.33 | )% | 13.12 | % | 10.38 | % | (12.29 | )% | 2.08 | % | 15.87 | % | 4.48 | % | (5.70 | )% | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 273,706 | $ | 140,388 | $ | 81,076 | $ | 15,731 | $ | 11,271 | $ | 18,833 | $ | 4,824 | $ | 4,475 | $ | 19,239 | $ | 14,900 | $ | 5,262 | $ | 5,160 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.50 | % | 0.51 | % | 0.50 | % | 0.50 | %(4) | 0.50 | % | 0.51 | % | 0.50 | % | 0.52 | %(4) | 0.51 | % | 0.51 | % | 0.50 | % | 0.50 | %(4) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.08 | % | 3.42 | % | 4.84 | % | 3.97 | %(4) | 1.61 | % | 1.67 | % | 2.22 | % | 1.88 | %(4) | 2.81 | % | 2.50 | % | 2.58 | % | 2.17 | %(4) | ||||||||||||||||||||||||
Portfolio turnover rate (5) | 9 | % | 7 | % | 18 | % | 4 | % | 9 | % | 11 | % | 7 | % | 1 | % | 2 | % | 5 | % | 8 | % | 9 | % | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(4) | Annualized. | |
(5) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. |
282
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
283
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Energy Sector ETF | SPDR S&P International Financial Sector ETF | SPDR S&P International Health Care Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.52 | $ | 25.48 | $ | 25.07 | $ | 31.62 | $ | 19.60 | $ | 21.39 | $ | 21.48 | $ | 24.52 | $ | 29.46 | $ | 28.50 | $ | 28.38 | $ | 31.23 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.70 | (1) | 0.65 | (1) | 0.76 | (1) | 0.16 | 0.69 | (1) | 0.55 | (1) | 0.46 | (1) | 0.10 | 0.74 | (1) | 0.64 | (1) | 0.57 | (1) | 0.11 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (2.10 | ) | (1.01 | ) | 0.34 | (6.57 | ) | (4.09 | ) | (1.83 | ) | (0.11 | ) | (3.05 | ) | 0.04 | 0.96 | 0.11 | (2.91 | ) | ||||||||||||||||||||||||||||
Total from investment operations | (1.40 | ) | (0.36 | ) | 1.10 | (6.41 | ) | (3.40 | ) | (1.28 | ) | 0.35 | (2.95 | ) | 0.78 | 1.60 | 0.68 | (2.80 | ) | |||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.00 | (3) | 0.04 | 0.04 | — | (0.01 | ) | 0.04 | 0.01 | — | 0.05 | (0.01 | ) | — | — | |||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.66 | ) | (0.64 | ) | (0.72 | ) | (0.14 | ) | (0.72 | ) | (0.55 | ) | (0.45 | ) | (0.09 | ) | (0.74 | ) | (0.63 | ) | (0.56 | ) | (0.05 | ) | ||||||||||||||||||||||||
Return of capital | — | — | (0.01 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total distributions | (0.66 | ) | (0.64 | ) | (0.73 | ) | (0.14 | ) | (0.72 | ) | (0.55 | ) | (0.45 | ) | (0.09 | ) | (0.74 | ) | (0.63 | ) | (0.56 | ) | (0.05 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 22.46 | $ | 24.52 | $ | 25.48 | $ | 25.07 | $ | 15.47 | $ | 19.60 | $ | 21.39 | $ | 21.48 | $ | 29.55 | $ | 29.46 | $ | 28.50 | $ | 28.38 | ||||||||||||||||||||||||
Total return (4) | (6.14 | )% | (1.18 | )% | 5.09 | % | (20.28 | )% | (17.99 | )% | (5.60 | )% | 2.35 | % | (12.03 | )% | 2.69 | % | 5.71 | % | 2.78 | % | (8.97 | )% | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 12,355 | $ | 12,259 | $ | 6,369 | $ | 5,014 | $ | 7,735 | $ | 8,821 | $ | 5,348 | $ | 4,295 | $ | 19,207 | $ | 10,310 | $ | 5,701 | $ | 5,676 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.51 | % | 0.51 | % | 0.50 | % | 0.50 | %(5) | 0.51 | % | 0.51 | % | 0.50 | % | 0.50 | %(5) | 0.50 | % | 0.51 | % | 0.50 | % | 0.50 | %(5) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.55 | % | 2.63 | % | 3.64 | % | 3.03 | %(5) | 3.47 | % | 2.85 | % | 2.88 | % | 2.03 | %(5) | 2.37 | % | 2.25 | % | 2.35 | % | 1.67 | %(5) | ||||||||||||||||||||||||
Portfolio turnover rate (6) | 4 | % | 11 | % | 6 | % | 1 | % | 4 | % | 6 | % | 25 | % | 0 | %(7) | 5 | % | 29 | % | 0 | %(7) | 18 | % | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | Amount is less than $0.005 per share. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
284
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
285
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Industrial Sector ETF | SPDR S&P International Materials Sector ETF | SPDR S&P International Technology Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | |||||||||||||||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.65 | $ | 23.26 | $ | 22.07 | $ | 27.47 | $ | 26.34 | $ | 23.05 | $ | 21.54 | $ | 31.52 | $ | 24.76 | $ | 24.58 | $ | 22.27 | $ | 27.77 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.62 | (1) | 0.41 | (1) | 0.47 | (1) | 0.09 | 0.42 | (1) | 0.32 | (1) | 0.27 | (1) | 0.11 | 0.34 | (1) | 0.29 | (1) | 0.24 | (1) | 0.06 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (3.23 | ) | 2.27 | 1.25 | (5.44 | ) | (3.51 | ) | 3.25 | 1.41 | (10.02 | ) | (2.68 | ) | 0.14 | 2.32 | (5.56 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | (2.61 | ) | 2.68 | 1.72 | (5.35 | ) | (3.09 | ) | 3.57 | 1.68 | (9.91 | ) | (2.34 | ) | 0.43 | 2.56 | (5.50 | ) | ||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | (0.01 | ) | 0.06 | — | — | (0.03 | ) | (0.02 | ) | 0.15 | — | — | (3) | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.35 | ) | (0.53 | ) | (0.05 | ) | (0.39 | ) | (0.26 | ) | (0.32 | ) | (0.07 | ) | (0.33 | ) | (0.25 | ) | (0.26 | ) | — | |||||||||||||||||||||||||
Net realized gains | — | — | — | — | — | — | — | — | (0.09 | ) | (0.01 | ) | — | — | ||||||||||||||||||||||||||||||||||
Total distributions | (0.57 | ) | (0.35 | ) | (0.53 | ) | (0.05 | ) | (0.39 | ) | (0.26 | ) | (0.32 | ) | (0.07 | ) | (0.42 | ) | (0.26 | ) | (0.26 | ) | — | |||||||||||||||||||||||||
Net asset value, end of period | $ | 22.46 | $ | 25.65 | $ | 23.26 | $ | 22.07 | $ | 22.83 | $ | 26.34 | $ | 23.05 | $ | 21.54 | $ | 22.00 | $ | 24.76 | $ | 24.58 | $ | 22.27 | ||||||||||||||||||||||||
Total return (4) | (10.62 | )% | 11.94 | % | 8.35 | % | (19.49 | )% | (12.12 | )% | 15.53 | % | 8.87 | % | (31.44 | )% | (9.74 | )% | 1.86 | % | 11.81 | % | (19.81 | )% | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 20,211 | $ | 17,955 | $ | 4,653 | $ | 4,413 | $ | 19,403 | $ | 22,387 | $ | 9,221 | $ | 4,309 | $ | 18,702 | $ | 21,044 | $ | 11,062 | $ | 4,454 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.50 | % | 0.52 | % | 0.50 | % | 0.50 | %(5) | 0.51 | % | 0.52 | % | 0.50 | % | 0.50 | %(5) | 0.51 | % | 0.52 | % | 0.51 | % | 0.50 | %(5) | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.22 | % | 1.74 | % | 2.59 | % | 1.55 | %(5) | 1.42 | % | 1.31 | % | 1.47 | % | 1.99 | %(5) | 1.27 | % | 1.20 | % | 1.23 | % | 1.04 | %(5) | ||||||||||||||||||||||||
Portfolio turnover rate (6) | 0 | %(7) | 20 | % | 3 | % | 0 | %(7) | 1 | % | 9 | % | 7 | % | 4 | % | 1 | % | 10 | % | 5 | % | 0 | %(7) | ||||||||||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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. | |
(3) | Amount is less than $0.005 per share. | |
(4) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
286
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
287
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Telecommunications Sector ETF | SPDR S&P International Utilities Sector ETF | |||||||||||||||||||||||||||||||
For the | For the | |||||||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 7/16/08*- | Year Ended | Year Ended | Year Ended | 7/16/08*- | |||||||||||||||||||||||||
9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | 9/30/11 | 9/30/10 | 9/30/09 | 9/30/08 | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.30 | $ | 23.58 | $ | 22.71 | $ | 27.02 | $ | 20.55 | $ | 22.78 | $ | 24.95 | $ | 29.47 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 1.22 | (1)(2) | 1.05 | (1) | 0.97 | (1) | 0.16 | 0.92 | (1)(2) | 0.82 | (1) | 0.86 | (1) | 0.37 | (3) | |||||||||||||||||
Net realized and unrealized gain (loss) (4) | (1.54 | ) | 0.69 | 0.86 | (4.33 | ) | (3.20 | ) | (2.43 | ) | (2.19 | ) | (4.45 | ) | ||||||||||||||||||
Total from investment operations | (0.32 | ) | 1.74 | 1.83 | (4.17 | ) | (2.28 | ) | (1.61 | ) | (1.33 | ) | (4.08 | ) | ||||||||||||||||||
Net equalization credits and charges (1) | 0.01 | 0.02 | 0.02 | — | 0.02 | 0.04 | — | — | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | (1.34 | ) | (1.04 | ) | (0.98 | ) | (0.14 | ) | (0.91 | ) | (0.66 | ) | (0.81 | ) | (0.44 | ) | ||||||||||||||||
Net realized gains | — | — | — | — | — | — | (0.03 | ) | — | |||||||||||||||||||||||
Total distributions | (1.34 | ) | (1.04 | ) | (0.98 | ) | (0.14 | ) | (0.91 | ) | (0.66 | ) | (0.84 | ) | (0.44 | ) | ||||||||||||||||
Net asset value, end of period | $ | 22.65 | $ | 24.30 | $ | 23.58 | $ | 22.71 | $ | 17.38 | $ | 20.55 | $ | 22.78 | $ | 24.95 | ||||||||||||||||
Total return (5) | (1.66 | )%(2) | 8.09 | % | 8.68 | % | (15.45 | )% | (11.45 | )%(2) | (6.71 | )% | (4.96 | )% | (13.87 | )% | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 12,458 | $ | 15,795 | $ | 9,432 | $ | 4,542 | $ | 9,561 | $ | 8,221 | $ | 4,557 | $ | 4,989 | ||||||||||||||||
Ratio of expenses to average net assets | 0.51 | % | 0.52 | % | 0.50 | % | 0.50 | %(6) | 0.51 | % | 0.52 | % | 0.50 | % | 0.50 | %(6) | ||||||||||||||||
Ratio of net investment income (loss) to average net assets | 4.84 | %(2) | 4.62 | % | 4.76 | % | 3.11 | %(6) | 4.49 | %(2) | 3.94 | % | 4.23 | % | 6.47 | %(6) | ||||||||||||||||
Portfolio turnover rate (7) | 8 | % | 6 | % | 5 | % | 0 | %(8) | 2 | % | 5 | % | 7 | % | 1 | % | ||||||||||||||||
* | Commencement of operations | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and the ratio of net investment income to average net assets reflects receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets, and $0.08 per share and 0.39% of average net assets, respectively. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (2.00)% and (11.75)%, respectively. | |
(3) | Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.31 per share. | |
(4) | 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. | |
(5) | 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 Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(6) | Annualized. | |
(7) | Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions. | |
(8) | Amount shown represents less than 0.5%. |
288
This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.
289
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
September 30, 2011
1. | Organization |
SPDR Index Shares Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end investment management company that was organized as a Massachusetts business trust on February 14, 2002.
As of September 30, 2011, the Trust offered thirty-three (33) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund” and collectively the “Funds”). The financial statements herein relate to the following Funds: SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF.
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. 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 could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.
Each Fund’s investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
An investment in a Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of equity securities could decline generally or could underperform other investments. Generally, a Fund will not sell an equity security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s benchmark index.
2. | 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 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. These financial statements are presented in United States dollars.
Security Valuation
The value of each Fund’s portfolio securities, including exchange-traded futures contracts, is based on the securities’ last sale price on local markets when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the
290
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.
The Funds continue to follow the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for the fair value option for financial assets and financial liabilities provides funds the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Funds’ benchmark index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risks associated with investing in those investments. The type of inputs used to value each security is identified in the breakdown of the Funds’ investments by industry, which appears in the Portfolio Summary.
The following table summarizes the inputs used in valuing the Funds’ investments as of September 30, 2011:
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR STOXX Europe 50 ETF | $ | 29,668,785 | $ | — | $ | — | $ | 29,668,785 | ||||||||
SPDR EURO STOXX 50 ETF | 117,736,660 | — | — | 117,736,660 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 542,459,786 | 1,849,781 | — | 544,309,567 | ||||||||||||
SPDR S&P Russia ETF | 45,871,904 | — | — | 45,871,904 | ||||||||||||
SPDR S&P China ETF | 742,334,908 | — | * | — | 742,334,908 | |||||||||||
SPDR S&P Emerging Markets ETF | 161,482,051 | 35,841 | — | 161,517,892 |
291
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | $ | 57,100,744 | $ | — | $ | — | $ | 57,100,744 | ||||||||
SPDR S&P BRIC 40 ETF | 431,868,728 | — | — | 431,868,728 | ||||||||||||
SPDR S&P Emerging Europe ETF | 121,073,900 | — | — | 121,073,900 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 138,018,286 | — | — | 138,018,286 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 110,431,159 | — | — | 110,431,159 | ||||||||||||
SPDR S&P World ex-US ETF | 132,039,201 | — | * | — | ** | 132,039,201 | ||||||||||
SPDR S&P International Small Cap ETF | 815,397,323 | 917,072 | — | 816,314,395 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 2,133,053,129 | — | * | — | 2,133,053,129 | |||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 40,583,239 | — | — | 40,583,239 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 184,264,549 | — | — | ** | 184,264,549 | |||||||||||
SPDR MSCI ACWI ex-US ETF | 407,884,823 | — | — | 407,884,823 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 19,018,886 | 27,500 | — | 19,046,386 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 122,152,726 | 227,502 | — | 122,380,228 | ||||||||||||
SPDR S&P International Dividend ETF | 541,630,806 | — | — | 541,630,806 | ||||||||||||
SPDR S&P International Mid Cap ETF | 42,047,427 | — | — | ** | 42,047,427 | |||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 942,652,302 | 4,511,261 | 664,183 | 947,827,746 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 302,656,614 | — | * | — | 302,656,614 | |||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 11,241,740 | — | — | 11,241,740 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 19,127,571 | — | — | 19,127,571 | ||||||||||||
SPDR S&P International Energy Sector ETF | 12,304,304 | — | — | 12,304,304 | ||||||||||||
SPDR S&P International Financial Sector ETF | 7,693,253 | — | — | 7,693,253 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 19,024,262 | 49,144 | — | 19,073,406 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 19,870,767 | — | — | 19,870,767 | ||||||||||||
SPDR S&P International Materials Sector ETF | 19,254,836 | 5,658 | — | ** | 19,260,494 | |||||||||||
SPDR S&P International Technology Sector ETF | 18,613,056 | 20,440 | — | 18,633,496 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 12,403,621 | — | — | 12,403,621 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 9,512,915 | — | — | 9,512,915 |
* | Fund held Level 2 securities that were valued at $0 at September 30, 2011. | |
** | Fund held Level 3 securities that were valued at $0 at September 30, 2011. |
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund — Other Financial Instruments | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR S&P Emerging Markets ETF | $ | — | $ | 132,631 | * | $ | — | $ | 132,631 |
* | Other Financial Instruments are derviative instruments not reflected in the Schedules of Investments, such as forward foreign currency contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
There were no material transfers between levels for the year end September 30, 2011.
292
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS (International Financial Reporting Standards)”. The ASU changes certain fair value measurement principles and disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2011. Management is currently evaluating the impact the adoption of ASU 2011-04 will have on the Funds’ financial statements and related disclosures.
Investment Income
Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of certain additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.
Expenses
Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and 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.
Equalization
Certain 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.
Effective February 23, 2010, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF no longer utilized equalization.
Investment Transactions
Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings on the ex-dividend date.
Foreign Currency Translation and Foreign Investments
The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency transactions on the Statements of Operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.
Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include
293
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.
Some foreign markets in which the Funds invest are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market.
Futures
SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Emerging Markets ETF and SPDR S&P Emerging Markets Small Cap ETF used futures contracts during the period to meet each Fund’s objectives. Each Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for investment do not work as intended, each Fund may not achieve its objectives.
Equity risk relates to change in value of equity securities such as common stocks due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.
Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity at a specified future time and at a specified price. Stock index futures contracts are settled periodically with a payment by one party to the other of a cash amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.
Futures traders are required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.
After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional “variation” margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, a Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position (“buying” a contract which has previously been “sold” or “selling” a contract previously “purchased”) in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed.
Each Fund may use exchange-traded futures, together with positions in cash and money market instruments, to simulate full investment in its underlying benchmark index. Under such circumstances, the Adviser (as defined in Note 3) may seek to utilize other instruments that it believes to be correlated to the underlying index components or a subset of the components.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statements of Assets and Liabilities.
294
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
A summary of the open future contracts as of September 30, 2011 is included in a table following the Fund’s Schedule of Investments.
The following tables summarize the value of the Fund’s derivative instruments as of September 30, 2011 and the related location in the accompanying Statements of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
Asset Derivatives | ||||||||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||||||||
Rate | Exchange | Credit | Equity | Commodity | Other | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | |||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Risk | Total | ||||||||||||||||||||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | $ | — | $ | — | $ | — | $ | 133,327 | $ | — | $ | — | $ | 133,327 |
(a) | Receivable from broker-variation margin on open end Futures Contracts. |
Realized Gain (Loss) | ||||||||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||||||||
Rate | Exchange | Credit | Equity | Commodity | Other | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | |||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Risk | Total | ||||||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF (a) | Futures Contract | $ | — | $ | — | $ | — | $ | (49,330 | ) | $ | — | $ | — | $ | (49,330 | ) | |||||||||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | — | — | — | (241,935 | ) | — | — | (241,935 | ) | ||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF (a) | Futures Contract | — | — | — | 154,790 | — | — | 154,790 |
(a) | Net realized gain on Futures. |
Change In Appreciation (Depreciation) | ||||||||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||||||||
Rate | Exchange | Credit | Equity | Commodity | Other | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | |||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Risk | Total | ||||||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF (a) | Futures Contract | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | — | — | — | 74,177 | — | — | 74,177 | ||||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF (a) | Futures Contract | — | — | — | (86,785 | ) | — | — | (86,785 | ) |
(a) | Net change in unrealized appreciation (depreciation) on Futures. |
The volume of derivatives held at year end is indicative of the volume held throughout the year.
Federal Income Tax
The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, 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. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from
295
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales and the realization of unrealized gains on investments in passive foreign investment companies.
Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.
Accounting Standards Codification 740, Income Taxes (“ASC 740”) established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. The Funds have not recognized any liabilities for unrecognized tax benefits, related to the current year or prior years impacting the NAVs of the Funds. The Funds may be subject to potential examinations by certain taxing authorities for all open tax years (the current and prior years, as applicable). Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Funds’ investments may change over time based on factors including, but not limited to new tax laws, regulations, and interpretations thereof.
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to RICs, and, with certain exceptions, is effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect previously limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.
For the year ended September 30, 2011, the following Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
Net Gain (Loss) | ||||
Reclassified to | ||||
Paid in Capital | ||||
SPDR STOXX Europe 50 ETF | $ | (923,967 | ) | |
SPDR EURO STOXX 50 ETF | 2,871,222 | |||
SPDR S&P Emerging Asia Pacific ETF | 18,725,664 | |||
SPDR S&P Russia ETF | (2,544,553 | ) | ||
SPDR S&P China ETF | 34,156,881 | |||
SPDR S&P Emerging Markets ETF | 12,399,670 | |||
SPDR S&P Emerging Markets Dividend ETF | (44,090 | ) | ||
SPDR S&P BRIC 40 ETF | 14,795,500 | |||
SPDR S&P Emerging Europe ETF | 12,222,790 | |||
SPDR S&P Emerging Latin America ETF | 7,235,089 | |||
SPDR S&P Emerging Middle East & Africa ETF | 11,356,509 | |||
SPDR S&P World ex-US ETF | — | |||
SPDR S&P International Small Cap ETF | 7,072,453 | |||
SPDR Dow Jones International Real Estate ETF | 5,625,451 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | (3,137,582 | ) | ||
SPDR S&P Global Natural Resources ETF | — | |||
SPDR MSCI ACWI ex-US ETF | 7,260,323 | |||
SPDR Russell/Nomura PRIME Japan ETF | (1,800,172 | ) | ||
SPDR Russell/Nomura Small Cap Japan ETF | 7,217,337 | |||
SPDR S&P International Dividend ETF | 173,843 |
296
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Net Gain (Loss) | ||||
Reclassified to | ||||
Paid in Capital | ||||
SPDR S&P International Mid Cap ETF | $ | — | ||
SPDR S&P Emerging Markets Small Cap ETF | 25,250,162 | |||
SPDR Dow Jones Global Real Estate ETF | 4,277,903 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 2,003,405 | |||
SPDR S&P International Consumer Staples Sector ETF | 1,240,729 | |||
SPDR S&P International Energy Sector ETF | 326,936 | |||
SPDR S&P International Financial Sector ETF | 146,013 | |||
SPDR S&P International Health Care Sector ETF | 265,690 | |||
SPDR S&P International Industrial Sector ETF | 2,646,451 | |||
SPDR S&P International Materials Sector ETF | 3,886,165 | |||
SPDR S&P International Technology Sector ETF | 262,164 | |||
SPDR S&P International Telecommunications Sector ETF | 940,658 | |||
SPDR S&P International Utilities Sector ETF | 97,907 |
At September 30, 2011, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||
SPDR STOXX Europe 50 ETF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5,783,115 | ) | $ | (6,195,941 | ) | $ | (2,032,222 | ) | |||||||||||||
SPDR EURO STOXX 50 ETF | — | — | — | — | — | (6,389,360 | ) | (14,945,357 | ) | (8,709,645 | ) | |||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P Russia ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P China ETF | — | — | — | — | — | (2,685,375 | ) | (3,455,043 | ) | (20,718,358 | ) | |||||||||||||||||||||
SPDR S&P Emerging Markets ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P BRIC 40 ETF | — | — | — | — | — | (399,946 | ) | (37,661,979 | ) | (9,992,324 | ) | |||||||||||||||||||||
SPDR S&P Emerging Europe ETF | — | — | — | — | — | (5,912,354 | ) | (8,992,073 | ) | (9,348,438 | ) | |||||||||||||||||||||
SPDR S&P Emerging Latin America ETF | — | — | — | — | — | (3,111,522 | ) | (3,011,912 | ) | (2,259,986 | ) | |||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | — | — | — | — | — | (1,967,866 | ) | (10,818,456 | ) | (1,720,229 | ) | |||||||||||||||||||||
SPDR S&P World ex-US ETF | — | — | — | — | — | — | (2,423,513 | ) | — | |||||||||||||||||||||||
SPDR S&P International Small Cap ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR Dow Jones International Real Estate ETF | — | — | — | — | (2,568,760 | ) | (37,378,612 | ) | (162,058,595 | ) | (64,649,806 | ) | ||||||||||||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | — | — | — | — | — | (246,762 | ) | (3,044,553 | ) | (1,744,492 | ) | |||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | — | — | — | — | — | (2,856,017 | ) | (36,957,682 | ) | (2,453,209 | ) | |||||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | — | — | — | — | — | (367,543 | ) | (574,285 | ) | (91,148 | ) | |||||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | — | — | — | — | — | (1,997,862 | ) | (3,384,327 | ) | (20,536 | ) | |||||||||||||||||||||
SPDR S&P International Dividend ETF | — | — | — | — | — | — | (13,759,514 | ) | — | |||||||||||||||||||||||
SPDR S&P International Mid Cap ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | — | — | — | — | — | (103,944 | ) | (4,030,131 | ) | (1,089,711 | ) | |||||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | — | — | — | — | — | (7 | ) | (96,735 | ) | (3,931 | ) |
297
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||
SPDR S&P International Energy Sector ETF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4,624 | ) | $ | (119,106 | ) | $ | (316,377 | ) | |||||||||||||
SPDR S&P International Financial Sector ETF | — | — | — | — | — | (39,777 | ) | (563,054 | ) | (43,972 | ) | |||||||||||||||||||||
SPDR S&P International Health Care Sector ETF | — | — | — | — | — | (64,517 | ) | (3,109 | ) | (41,551 | ) | |||||||||||||||||||||
SPDR S&P International Industrial Sector ETF | — | — | — | — | — | (4,087 | ) | (41,800 | ) | (85,376 | ) | |||||||||||||||||||||
SPDR S&P International Materials Sector ETF | — | — | — | — | — | (65,728 | ) | (154,398 | ) | (205,070 | ) | |||||||||||||||||||||
SPDR S&P International Technology Sector ETF | — | — | — | — | — | — | — | (5,746 | ) | |||||||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | — | — | — | — | — | (2,618 | ) | (97,364 | ) | (213,502 | ) | |||||||||||||||||||||
SPDR S&P International Utilities Sector ETF | — | — | — | — | — | (16,137 | ) | (130,798 | ) | (182,287 | ) |
At September 30, 2011, SPDR S&P Emerging Markets Dividend ETF had capital loss carryforwards that are short term and will not expire of ($362,314).
During the tax year ended September 30, 2011, the Funds utilized/expired capital loss carryforwards in the following amounts:
Amount Utilized | Amount Expired | |||||||
SPDR S&P Emerging Asia Pacific ETF | $ | 3,291,630 | $ | — | ||||
SPDR S&P World ex-US ETF | 471,621 | — | ||||||
SPDR S&P International Small Cap ETF | 14,705,602 | — | ||||||
SPDR S&P International Dividend ETF | 6,422,786 | — | ||||||
SPDR S&P International Consumer Discretionary Sector ETF | 19,705 | — |
Under current tax laws, capital and Passive Foreign Investment Company losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds incurred the following losses during the period November 1, 2010 through September 30, 2011 that are deferred for tax purposes until fiscal 2012:
Deferred Losses | ||||
SPDR STOXX Europe 50 ETF | $ | (4,660,893 | ) | |
SPDR EURO STOXX 50 ETF | (9,828,366 | ) | ||
SPDR S&P Emerging Asia Pacific ETF | — | |||
SPDR S&P Russia ETF | (455,086 | ) | ||
SPDR S&P China ETF | (4,297,703 | ) | ||
SPDR S&P Emerging Markets ETF | — | |||
SPDR S&P Emerging Markets Dividend ETF | — | |||
SPDR S&P BRIC 40 ETF | (15,032,769 | ) | ||
SPDR S&P Emerging Europe ETF | (2,324,525 | ) | ||
SPDR S&P Emerging Latin America ETF | (2,722,344 | ) | ||
SPDR S&P Emerging Middle East & Africa ETF | (3,253,594 | ) | ||
SPDR S&P World ex-US ETF | — | |||
SPDR S&P International Small Cap ETF | — | |||
SPDR Dow Jones International Real Estate ETF | (119,908,870 | ) | ||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | (1,282,309 | ) | ||
SPDR S&P Global Natural Resources ETF | (4,448,744 | ) | ||
SPDR MSCI ACWI ex-US ETF | (2,054,754 | ) | ||
SPDR Russell/Nomura PRIME Japan ETF | (59,274 | ) | ||
SPDR Russell/Nomura Small Cap Japan ETF | (1,300,627 | ) |
298
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Deferred Losses | ||||
SPDR S&P International Dividend ETF | $ | — | ||
SPDR S&P International Mid Cap ETF | — | |||
SPDR S&P Emerging Markets Small Cap ETF | — | |||
SPDR Dow Jones Global Real Estate ETF | (2,997,296 | ) | ||
SPDR S&P International Consumer Discretionary Sector ETF | (153,740 | ) | ||
SPDR S&P International Consumer Staples Sector ETF | (44,066 | ) | ||
SPDR S&P International Energy Sector ETF | (53,267 | ) | ||
SPDR S&P International Financial Sector ETF | (229,048 | ) | ||
SPDR S&P International Health Care Sector ETF | (70,252 | ) | ||
SPDR S&P International Industrial Sector ETF | (13,188 | ) | ||
SPDR S&P International Materials Sector ETF | — | |||
SPDR S&P International Technology Sector ETF | (33,341 | ) | ||
SPDR S&P International Telecommunications Sector ETF | (133,594 | ) | ||
SPDR S&P International Utilities Sector ETF | (57,591 | ) |
For the year ended September 30, 2011, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.
The tax character of distributions paid during the year ended September 30, 2011 was as follows:
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR STOXX Europe 50 ETF | $ | 1,722,185 | $ | — | $ | — | ||||||
SPDR EURO STOXX 50 ETF | 6,825,929 | — | — | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 11,323,304 | 23,251,099 | — | |||||||||
SPDR S&P Russia ETF | 683,138 | — | — | |||||||||
SPDR S&P China ETF | 12,717,627 | — | — | |||||||||
SPDR S&P Emerging Markets ETF | 4,745,315 | 760,006 | — | |||||||||
SPDR S&P Emerging Markets Dividend ETF | 1,145,654 | — | 369,715 | |||||||||
SPDR S&P BRIC 40 ETF | 9,949,352 | — | — | |||||||||
SPDR S&P Emerging Europe ETF | 3,314,025 | — | — | |||||||||
SPDR S&P Emerging Latin America ETF | 4,376,380 | — | — | |||||||||
SPDR S&P Emerging Middle East & Africa ETF | 3,403,851 | — | — | |||||||||
SPDR S&P World ex-US ETF | 3,469,047 | — | — | |||||||||
SPDR S&P International Small Cap ETF | 17,128,845 | — | — | |||||||||
SPDR Dow Jones International Real Estate ETF | 143,046,493 | — | — | |||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 1,879,120 | — | — | |||||||||
SPDR S&P Global Natural Resources ETF | 1,451,147 | — | — | |||||||||
SPDR MSCI ACWI ex-US ETF | 11,384,970 | — | — | |||||||||
SPDR Russell/Nomura PRIME Japan ETF | 251,121 | — | — | |||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 1,442,652 | — | — | |||||||||
SPDR S&P International Dividend ETF | 29,270,143 | — | — | |||||||||
SPDR S&P International Mid Cap ETF | 1,360,464 | 181,307 | — | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 31,183,329 | 5,954,807 | — | |||||||||
SPDR Dow Jones Global Real Estate ETF | 14,119,218 | — | — |
299
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | $ | 293,003 | $ | — | $ | — | ||||||
SPDR S&P International Consumer Staples Sector ETF | 500,869 | — | — | |||||||||
SPDR S&P International Energy Sector ETF | 385,397 | — | — | |||||||||
SPDR S&P International Financial Sector ETF | 269,250 | — | — | |||||||||
SPDR S&P International Health Care Sector ETF | 335,264 | — | — | |||||||||
SPDR S&P International Industrial Sector ETF | 541,188 | — | — | |||||||||
SPDR S&P International Materials Sector ETF | 443,679 | — | — | |||||||||
SPDR S&P International Technology Sector ETF | 397,839 | — | — | |||||||||
SPDR S&P International Telecommunications Sector ETF | 615,543 | — | — | |||||||||
SPDR S&P International Utilities Sector ETF | 365,549 | — | — |
The tax character of distributions paid during the year ended September 30, 2010 was as follows:
Ordinary | Long-Term | Tax Return of | ||||||||||
Income | Capital Gains | Capital | ||||||||||
SPDR STOXX Europe 50 ETF | $ | 1,567,926 | $ | — | $ | — | ||||||
SPDR EURO STOXX 50 ETF | 5,287,503 | — | — | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 6,011,211 | — | — | |||||||||
SPDR S&P Russia ETF | 28,424 | — | — | |||||||||
SPDR S&P China ETF | 6,488,711 | — | — | |||||||||
SPDR S&P Emerging Markets ETF | 1,886,519 | — | — | |||||||||
SPDR S&P Emerging Markets Dividend ETF | — | — | — | |||||||||
SPDR S&P BRIC 40 ETF | 6,217,019 | — | — | |||||||||
SPDR S&P Emerging Europe ETF | 1,812,115 | — | — | |||||||||
SPDR S&P Emerging Latin America ETF | 2,998,406 | — | — | |||||||||
SPDR S&P Emerging Middle East & Africa ETF | 2,572,981 | — | — | |||||||||
SPDR S&P World ex-US ETF | 2,124,908 | — | — | |||||||||
SPDR S&P International Small Cap ETF | 9,113,629 | — | — | |||||||||
SPDR Dow Jones International Real Estate ETF | 40,086,120 | — | — | |||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 2,412,780 | — | — | |||||||||
SPDR S&P Global Natural Resources ETF | — | — | — | |||||||||
SPDR MSCI ACWI ex-US ETF | 8,267,313 | — | — | |||||||||
SPDR Russell/Nomura PRIME Japan ETF | 212,633 | — | — | |||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 1,212,446 | — | — | |||||||||
SPDR S&P International Dividend ETF | 8,988,445 | — | — | |||||||||
SPDR S&P International Mid Cap ETF | 960,852 | — | — | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 2,758,074 | 13,889 | — | |||||||||
SPDR Dow Jones Global Real Estate ETF | 4,128,948 | — | — | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 112,931 | — | — | |||||||||
SPDR S&P International Consumer Staples Sector ETF | 206,090 | — | — | |||||||||
SPDR S&P International Energy Sector ETF | 265,577 | — | — | |||||||||
SPDR S&P International Financial Sector ETF | 274,396 | — | — | |||||||||
SPDR S&P International Health Care Sector ETF | 132,165 | — | — |
300
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Ordinary | Long-Term | Tax Return of | ||||||||||
Income | Capital Gains | Capital | ||||||||||
SPDR S&P International Industrial Sector ETF | $ | 145,223 | $ | — | $ | — | ||||||
SPDR S&P International Materials Sector ETF | 179,753 | — | — | |||||||||
SPDR S&P International Technology Sector ETF | 209,032 | — | — | |||||||||
SPDR S&P International Telecommunications Sector ETF | 624,359 | — | — | |||||||||
SPDR S&P International Utilities Sector ETF | 284,890 | — | — |
For the year ended September 30, 2011, there were no significant differences between the book basis and the tax basis of components of net assets other than differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.
As of September 30, 2011, the components of distributable earnings on a tax basis were as follows:
Undistributed | ||||||||||||
Ordinary | Undistributed | Net Unrealized | ||||||||||
Income | Long-Term | Appreciation | ||||||||||
Capital Gains | (Depreciation) | |||||||||||
SPDR STOXX Europe 50 ETF | $ | 78,842 | $ | — | $ | (16,170,486 | ) | |||||
SPDR EURO STOXX 50 ETF | 50,438 | — | (98,081,492 | ) | ||||||||
SPDR S&P Emerging Asia Pacific ETF | 8,459,753 | 6,446,969 | (57,379,955 | ) | ||||||||
SPDR S&P Russia ETF | 611,328 | — | (14,168,562 | ) | ||||||||
SPDR S&P China ETF | 2,818,514 | — | (131,009,800 | ) | ||||||||
SPDR S&P Emerging Markets ETF | 1,752,876 | 1,642,436 | (25,018,096 | ) | ||||||||
SPDR S&P Emerging Markets Dividend ETF | — | — | (8,598,703 | ) | ||||||||
SPDR S&P BRIC 40 ETF | 2,801,400 | — | (68,904,641 | ) | ||||||||
SPDR S&P Emerging Europe ETF | 1,926,713 | — | (50,339,222 | ) | ||||||||
SPDR S&P Emerging Latin America ETF | 1,197,119 | — | (37,783,072 | ) | ||||||||
SPDR S&P Emerging Middle East & Africa ETF | 2,082,540 | — | (20,722,148 | ) | ||||||||
SPDR S&P World ex-US ETF | 1,127,406 | — | (8,652,603 | ) | ||||||||
SPDR S&P International Small Cap ETF | 10,843,854 | 5,534,731 | (151,141,063 | ) | ||||||||
SPDR Dow Jones International Real Estate ETF | — | — | (392,392,684 | ) | ||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 472,624 | — | (17,806,625 | ) | ||||||||
SPDR S&P Global Natural Resources ETF | 966,392 | — | (43,313,872 | ) | ||||||||
SPDR MSCI ACWI ex-US ETF | 3,740,912 | — | (95,670,820 | ) | ||||||||
SPDR Russell/Nomura PRIME Japan ETF | 142,920 | — | (3,096,942 | ) | ||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 833,099 | — | (13,144,986 | ) | ||||||||
SPDR S&P International Dividend ETF | — | — | (106,080,984 | ) | ||||||||
SPDR S&P International Mid Cap ETF | 1,007,252 | 637,971 | (3,059,730 | ) | ||||||||
SPDR S&P Emerging Markets Small Cap ETF | 20,549,298 | 19,469,518 | (273,636,284 | ) | ||||||||
SPDR Dow Jones Global Real Estate ETF | — | — | (9,891,307 | ) | ||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 127,624 | — | (1,303,747 | ) | ||||||||
SPDR S&P International Consumer Staples Sector ETF | — | — | (775,090 | ) | ||||||||
SPDR S&P International Energy Sector ETF | 26,174 | — | (2,941,542 | ) | ||||||||
SPDR S&P International Financial Sector ETF | 22,752 | — | (2,348,653 | ) |
301
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Undistributed | ||||||||||||
Ordinary | Undistributed | Net Unrealized | ||||||||||
Income | Long-Term | Appreciation | ||||||||||
Capital Gains | (Depreciation) | |||||||||||
SPDR S&P International Health Care Sector ETF | $ | 76,234 | $ | — | $ | (737,632 | ) | |||||
SPDR S&P International Industrial Sector ETF | 116,411 | — | (4,869,182 | ) | ||||||||
SPDR S&P International Materials Sector ETF | 123,874 | — | (6,416,129 | ) | ||||||||
SPDR S&P International Technology Sector ETF | 34,932 | — | (3,161,094 | ) | ||||||||
SPDR S&P International Telecommunications Sector ETF | — | — | (1,679,383 | ) | ||||||||
SPDR S&P International Utilities Sector ETF | 15,005 | — | (3,247,956 | ) |
Distributions
Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P International Dividend ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF. The following Funds distribute net investment income semi-annually: SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
Effective October 30, 2009, the Trust’s Dividend Reinvestment Service is no longer available. Broker-dealers, at their own discretion, may offer a dividend reinvestment service under which additional shares of the Fund(s) are purchased in the secondary market at current market prices. Investors should consult their broker-dealer for further information regarding any dividend reinvestment service offered by such broker-dealer.
Subsequent Events
Events or transactions occuring after year end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no items were noted requiring additional disclosure or adjustment.
3. | Related Party Fees and Transactions |
Advisory Fee
The Trust, on behalf of each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the “Adviser” or “SSgA FM”). As compensation for the services rendered, facilities furnished, and
302
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
Annual Rate | ||||
SPDR STOXX Europe 50 ETF | 0.29 | % | ||
SPDR EURO STOXX 50 ETF | 0.29 | |||
SPDR S&P Emerging Asia Pacific ETF | 0.59 | |||
SPDR S&P Russia ETF | 0.59 | |||
SPDR S&P China ETF | 0.59 | |||
SPDR S&P Emerging Markets ETF | 0.59 | |||
SPDR S&P Emerging Markets Dividend ETF | 0.59 | |||
SPDR S&P BRIC 40 ETF | 0.50 | |||
SPDR S&P Emerging Europe ETF | 0.59 | |||
SPDR S&P Emerging Latin America ETF | 0.59 | |||
SPDR S&P Emerging Middle East & Africa ETF | 0.59 | |||
SPDR S&P World ex-US ETF | 0.34 | |||
SPDR S&P International Small Cap ETF | 0.59 | |||
SPDR Dow Jones International Real Estate ETF | 0.59 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 0.59 | |||
SPDR S&P Global Natural Resources ETF | 0.40 | |||
SPDR MSCI ACWI ex-US ETF | 0.34 | |||
SPDR Russell/Nomura PRIME Japan ETF | 0.50 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 0.55 | |||
SPDR S&P International Dividend ETF | 0.45 | |||
SPDR S&P International Mid Cap ETF | 0.45 | |||
SPDR S&P Emerging Markets Small Cap ETF | 0.65 | |||
SPDR Dow Jones Global Real Estate ETF | 0.50 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 0.50 | |||
SPDR S&P International Consumer Staples Sector ETF | 0.50 | |||
SPDR S&P International Energy Sector ETF | 0.50 | |||
SPDR S&P International Financial Sector ETF | 0.50 | |||
SPDR S&P International Health Care Sector ETF | 0.50 | |||
SPDR S&P International Industrial Sector ETF | 0.50 | |||
SPDR S&P International Materials Sector ETF | 0.50 | |||
SPDR S&P International Technology Sector ETF | 0.50 | |||
SPDR S&P International Telecommunications Sector ETF | 0.50 | |||
SPDR S&P International Utilities Sector ETF | 0.50 |
The Adviser pays all operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee’s counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.
The Tuckerman Group, LLC, an affiliate of the Adviser, receives fees for its services as the sub-adviser to the SPDR Dow Jones International Real Estate ETF and the SPDR Dow Jones Global Real Estate ETF from the Adviser.
State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.
303
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSgA FM serves as the investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.
For the year ended September 30, 2011, State Street earned securities lending agent fees from the following Funds:
Securities Lending | ||||
Agent Fees | ||||
SPDR STOXX Europe 50 ETF | $ | 5,671 | ||
SPDR EURO STOXX 50 ETF | 49,021 | |||
SPDR S&P Emerging Asia Pacific ETF | 44,479 | |||
SPDR S&P Russia ETF | 263 | |||
SPDR S&P China ETF | 138,182 | |||
SPDR S&P Emerging Markets ETF | 13,776 | |||
SPDR S&P Emerging Markets Dividend ETF | 786 | |||
SPDR S&P BRIC 40 ETF | 16,268 | |||
SPDR S&P Emerging Europe ETF | 10,005 | |||
SPDR S&P Emerging Latin America ETF | 16,222 | |||
SPDR S&P Emerging Middle East & Africa ETF | 3,842 | |||
SPDR S&P World ex-US ETF | 18,324 | |||
SPDR S&P International Small Cap ETF | 131,975 | |||
SPDR Dow Jones International Real Estate ETF | 123,553 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 8,177 | |||
SPDR S&P Global Natural Resources ETF | 6,544 | |||
SPDR MSCI ACWI ex-US ETF | 56,054 | |||
SPDR Russell/Nomura PRIME Japan ETF | 693 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 12,645 | |||
SPDR S&P International Dividend ETF | 154,438 | |||
SPDR S&P International Mid Cap ETF | 6,260 | |||
SPDR S&P Emerging Markets Small Cap ETF | 91,361 | |||
SPDR Dow Jones Global Real Estate ETF | 18,738 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 1 | |||
SPDR S&P International Consumer Staples Sector ETF | 1 | |||
SPDR S&P International Energy Sector ETF | 1 | |||
SPDR S&P International Financial Sector ETF | 46 | |||
SPDR S&P International Health Care Sector ETF | 3 | |||
SPDR S&P International Industrial Sector ETF | 85 | |||
SPDR S&P International Materials Sector ETF | 48 | |||
SPDR S&P International Technology Sector ETF | 123 | |||
SPDR S&P International Telecommunications Sector ETF | 43 | |||
SPDR S&P International Utilities Sector ETF | 14 |
304
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Distributor
State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, acts as the principal underwriter of each Fund pursuant to a principal underwriting contract with the Trust. The Distributor may enter into agreements with other broker-dealers (affiliated and non-affiliated) and other financial institutions to authorize them to sell Shares.
The Distributor has established an assisted trading program to aid Authorized Participants in certain creation and redemption activity for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.
Trustees’ Fees
The Trust and SPDR Series Trust (“Series Trust”) pay, in the aggregate, each Independent Trustee an annual fee of $132,500 plus $7,500 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $37,500 and the Chairman of the Audit Committee receives an additional annual fee of $15,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trust and SIS Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.
Transactions with Affiliates
Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.
Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at September 30, 2011 and for the period then ended are:
Value at | Purchased | Sold | Value at | Realized | ||||||||||||||||||||||||||||
Liquid Reserves Fund | 9/30/10 | Cost | Shares | Proceeds | Shares | 9/30/11 | Income | Gain/(Loss) | ||||||||||||||||||||||||
SPDR STOXX Europe 50 ETF | $ | 28,224 | $ | 2,734,195 | 2,734,195 | $ | 2,758,962 | 2,758,962 | $ | 3,457 | $ | 88 | $ | — | ||||||||||||||||||
SPDR EURO STOXX 50 ETF | 35,491 | 10,217,663 | 10,217,663 | 10,251,210 | 10,251,210 | 1,944 | 338 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 5,262,887 | 84,477,159 | 84,477,159 | 88,089,176 | 88,089,176 | 1,650,870 | 4,910 | — | ||||||||||||||||||||||||
SPDR S&P Russia ETF | 27,492 | 11,068,923 | 11,068,923 | 10,633,921 | 10,633,921 | 462,494 | 504 | — | ||||||||||||||||||||||||
SPDR S&P China ETF | 581,308 | 18,701,305 | 18,701,305 | 18,394,975 | 18,394,975 | 887,638 | 1,102 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets ETF | 7,924,744 | 24,431,868 | 24,431,868 | 30,633,347 | 30,633,347 | 1,723,265 | 8,583 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | — | 13,288,164 | 13,288,164 | 13,288,064 | 13,288,064 | 100 | 67 | — | ||||||||||||||||||||||||
SPDR S&P BRIC 40 ETF | 721,997 | 16,945,737 | 16,945,737 | 17,301,882 | 17,301,882 | 365,852 | 1,961 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Europe ETF | 1,082,787 | 18,976,840 | 18,976,840 | 20,059,527 | 20,059,527 | 100 | 1,057 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Latin America ETF | 100 | 14,168,179 | 14,168,179 | 14,159,905 | 14,159,905 | 8,374 | 1,046 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 180,865 | 7,299,099 | 7,299,099 | 7,326,475 | 7,326,475 | 153,489 | 625 | — | ||||||||||||||||||||||||
SPDR S&P World ex-US ETF | 15,399 | 4,001,742 | 4,001,742 | 3,867,353 | 3,867,353 | 149,788 | 291 | — |
305
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Value at | Purchased | Sold | Value at | Realized | ||||||||||||||||||||||||||||
Liquid Reserves Fund | 9/30/10 | Cost | Shares | Proceeds | Shares | 9/30/11 | Income | Gain/(Loss) | ||||||||||||||||||||||||
SPDR S&P International Small Cap ETF | $ | 204,973 | $ | 29,755,650 | 29,755,650 | $ | 29,073,466 | 29,073,466 | $ | 887,157 | $ | 1,680 | $ | — | ||||||||||||||||||
SPDR Dow Jones International Real Estate ETF | 185,468 | 135,146,793 | 135,146,793 | 133,425,453 | 133,425,453 | 1,906,808 | 5,308 | — | ||||||||||||||||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 79,812 | 2,929,148 | 2,929,148 | 2,984,883 | 2,984,883 | 24,077 | 158 | — | ||||||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | 15,911 | 9,666,313 | 9,666,313 | 9,139,215 | 9,139,215 | 543,009 | 340 | — | ||||||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | 445,786 | 17,612,194 | 17,612,194 | 17,847,316 | 17,847,316 | 210,664 | 842 | — | ||||||||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 47,675 | 350,224 | 350,224 | 391,043 | 391,043 | 6,856 | 38 | — | ||||||||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 40,262 | 2,335,176 | 2,335,176 | 2,296,551 | 2,296,551 | 78,887 | 389 | �� | — | |||||||||||||||||||||||
SPDR S&P International Dividend ETF | 37,858 | 43,051,534 | 43,051,534 | 43,089,292 | 43,089,292 | 100 | 1,065 | — | ||||||||||||||||||||||||
SPDR S&P International Mid Cap ETF | 17,129 | 2,154,847 | 2,154,847 | 2,168,705 | 2,168,705 | 3,271 | 59 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 2,644,711 | 277,774,927 | 277,774,927 | 263,396,002 | 263,396,002 | 17,023,636 | 7,065 | — | ||||||||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | 117,888 | 18,708,745 | 18,708,745 | 18,356,515 | 18,356,515 | 470,118 | 780 | — | ||||||||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 37,365 | 674,172 | 674,172 | 708,865 | 708,865 | 2,672 | 34 | — | ||||||||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 32,839 | 590,937 | 590,937 | 616,622 | 616,622 | 7,154 | 32 | — | ||||||||||||||||||||||||
SPDR S&P International Energy Sector ETF | 3,231 | 383,746 | 383,746 | 374,554 | 374,554 | 12,423 | 15 | — | ||||||||||||||||||||||||
SPDR S&P International Financial Sector ETF | 45,993 | 315,556 | 315,556 | 360,194 | 360,194 | 1,355 | 17 | — | ||||||||||||||||||||||||
SPDR S&P International Health Care Sector ETF | 5,401 | 1,871,151 | 1,871,151 | 1,819,821 | 1,819,821 | 56,731 | 37 | — | ||||||||||||||||||||||||
SPDR S&P International Industrial Sector ETF | 100 | 702,893 | 702,893 | 691,679 | 691,679 | 11,314 | 44 | — | ||||||||||||||||||||||||
SPDR S&P International Materials Sector ETF | 3,440 | 472,049 | 472,049 | 473,123 | 473,123 | 2,366 | 22 | — | ||||||||||||||||||||||||
SPDR S&P International Technology Sector ETF | 12,357 | 262,099 | 262,099 | 270,253 | 270,253 | 4,203 | 27 | — | ||||||||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | 4,471 | 687,845 | 687,845 | 692,216 | 692,216 | 100 | 38 | — | ||||||||||||||||||||||||
SPDR S&P International Utilities Sector ETF | 13,853 | 233,408 | 233,408 | 237,963 | 237,963 | 9,298 | 7 | — |
Value at | Purchased | Sold | Value at | Realized | ||||||||||||||||||||||||||||
Prime Portfolio | 9/30/10 | Cost | Shares | Proceeds | Shares | 9/30/11 | Income | Gain/(Loss) | ||||||||||||||||||||||||
SPDR STOXX Europe 50 ETF | $ | — | $ | 21,859,440 | 21,859,440 | $ | 21,623,889 | 21,623,889 | $ | 235,551 | $ | 288,541 | $ | — | ||||||||||||||||||
SPDR EURO STOXX 50 ETF | 2,638,555 | 120,475,696 | 120,475,696 | 121,350,473 | 121,350,473 | 1,763,778 | 35,254 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 39,876,959 | 257,958,857 | 257,958,857 | 258,192,149 | 258,192,149 | 39,643,667 | 252,246 | — | ||||||||||||||||||||||||
SPDR S&P Russia ETF | — | 31,150,106 | 31,150,106 | 29,203,566 | 29,203,566 | 1,946,540 | 1,489 | — | ||||||||||||||||||||||||
SPDR S&P China ETF | 81,587,164 | 454,970,886 | 454,970,886 | 408,738,182 | 408,738,182 | 127,819,868 | 783,616 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets ETF | 16,982,427 | 100,223,986 | 100,223,986 | 103,703,285 | 103,703,285 | 13,503,128 | 78,099 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | — | 8,142,688 | 8,142,688 | 5,786,951 | 5,786,951 | 2,355,737 | 4,451 | — | ||||||||||||||||||||||||
SPDR S&P BRIC 40 ETF | 66,514,013 | 420,846,050 | 420,846,050 | 428,414,361 | 428,414,361 | 58,945,702 | 92,183 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Europe ETF | 5,750,349 | 133,963,731 | 133,963,731 | 136,907,685 | 136,907,685 | 2,806,395 | 56,693 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Latin America ETF | 37,791,628 | 242,631,983 | 242,631,983 | 263,874,995 | 263,874,995 | 16,548,616 | 91,915 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 3,556,136 | 30,292,659 | 30,292,659 | 27,706,570 | 27,706,570 | 6,142,225 | 21,757 | — | ||||||||||||||||||||||||
SPDR S&P World ex-US ETF | 11,131,537 | 59,585,190 | 59,585,190 | 57,100,013 | 57,100,013 | 13,616,714 | 104,356 | — | ||||||||||||||||||||||||
SPDR S&P International Small Cap ETF | 54,714,094 | 267,398,630 | 267,398,630 | 231,571,620 | 231,571,620 | 90,541,104 | 748,680 | — | ||||||||||||||||||||||||
SPDR Dow Jones International Real Estate ETF | 112,065,820 | 907,513,042 | 907,513,042 | 875,956,329 | 875,956,329 | 143,622,533 | 884,291 | — | ||||||||||||||||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 8,314,380 | 54,536,328 | 54,536,328 | 57,147,083 | 57,147,083 | 5,703,625 | 46,515 | — | ||||||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | — | 132,635,096 | 132,635,096 | 110,614,433 | 110,614,433 | 22,020,663 | 37,073 | — | ||||||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | 45,034,661 | 173,512,231 | 173,512,231 | 172,484,474 | 172,484,474 | 46,062,418 | 319,140 | — |
306
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
Value at | Purchased | Sold | Value at | Realized | ||||||||||||||||||||||||||||
Prime Portfolio | 9/30/10 | Cost | Shares | Proceeds | Shares | 9/30/11 | Income | Gain/(Loss) | ||||||||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | $ | 4,289,364 | $ | 12,822,579 | 12,822,579 | $ | 12,731,808 | 12,731,808 | $ | 4,380,135 | $ | 4,098 | $ | — | ||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 17,896,056 | 74,825,360 | 74,825,360 | 67,589,574 | 67,589,574 | 25,131,842 | 71,754 | — | ||||||||||||||||||||||||
SPDR S&P International Dividend ETF | 22,773,247 | 299,387,298 | 299,387,298 | 259,925,931 | 259,925,931 | 62,234,614 | 876,004 | — | ||||||||||||||||||||||||
SPDR S&P International Mid Cap ETF | 3,868,805 | 21,403,313 | 21,403,313 | 19,360,205 | 19,360,205 | 5,911,913 | 35,971 | — | ||||||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 11,858,876 | 133,743,740 | 133,743,740 | 102,298,915 | 102,298,915 | 43,303,701 | 517,643 | — | ||||||||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | 28,861,180 | 191,306,652 | 191,306,652 | 190,584,551 | 190,584,551 | 29,583,281 | 118,303 | — | ||||||||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | — | 67,838 | 67,838 | 67,838 | 67,838 | — | 31 | — | ||||||||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | — | 55,157 | 55,157 | 55,157 | 55,157 | — | 4 | — | ||||||||||||||||||||||||
SPDR S&P International Energy Sector ETF | — | 72,731 | 72,731 | 72,731 | 72,731 | — | 5 | — | ||||||||||||||||||||||||
SPDR S&P International Financial Sector ETF | 13,054 | 336,749 | 336,749 | 349,803 | 349,803 | — | 258 | — | ||||||||||||||||||||||||
SPDR S&P International Health Care Sector ETF | — | 76,898 | 76,898 | 18,345 | 18,345 | 58,553 | 18 | — | ||||||||||||||||||||||||
SPDR S&P International Industrial Sector ETF | 91,074 | 351,209 | 351,209 | 442,283 | 442,283 | — | 479 | — | ||||||||||||||||||||||||
SPDR S&P International Materials Sector ETF | 7,975 | 2,014,874 | 2,014,874 | 2,022,849 | 2,022,849 | — | 269 | — | ||||||||||||||||||||||||
SPDR S&P International Technology Sector ETF | 198,250 | 1,809,639 | 1,809,639 | 1,986,221 | 1,986,221 | 21,668 | 693 | — | ||||||||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | 81,963 | 525,740 | 525,740 | 607,703 | 607,703 | — | 244 | — | ||||||||||||||||||||||||
SPDR S&P International Utilities Sector ETF | 44,915 | 385,342 | 385,342 | 430,257 | 430,257 | — | 78 | — |
4. | Shareholder Transactions |
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Global Natural Resources ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap ETF and SPDR Dow Jones Global Real Estate ETF and 200,000 shares for SPDR World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.
307
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
5. | Aggregate Unrealized Appreciation and Depreciation |
The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at September 30, 2011 was as follows:
Gross | Gross | Net Unrealized | ||||||||||||||
Identified | Unrealized | Unrealized | Appreciation | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
SPDR STOXX Europe 50 ETF | $ | 45,844,233 | $ | 924,645 | $ | 17,100,093 | $ | (16,175,448 | ) | |||||||
SPDR EURO STOXX 50 ETF | 215,807,208 | 705,872 | 98,776,420 | (98,070,548 | ) | |||||||||||
SPDR S&P Emerging Asia Pacific ETF | 601,205,365 | 52,118,272 | 109,014,070 | (56,895,798 | ) | |||||||||||
SPDR S&P Russia ETF | 60,040,459 | 6,734 | 14,175,288 | (14,168,554 | ) | |||||||||||
SPDR S&P China ETF | 873,340,464 | 50,137,323 | 181,142,879 | (131,005,556 | ) | |||||||||||
SPDR S&P Emerging Markets ETF | 186,307,800 | 12,177,770 | 36,967,678 | (24,789,908 | ) | |||||||||||
SPDR S&P Emerging Markets Dividend ETF | 65,641,490 | 515,411 | 9,056,157 | (8,540,746 | ) | |||||||||||
SPDR S&P BRIC 40 ETF | 500,775,120 | 29,751,850 | 98,658,242 | (68,906,392 | ) | |||||||||||
SPDR S&P Emerging Europe ETF | 171,380,521 | 4,094,364 | 54,400,984 | (50,306,620 | ) | |||||||||||
SPDR S&P Emerging Latin America ETF | 175,783,232 | 9,862,570 | 47,627,516 | (37,764,946 | ) | |||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 131,078,422 | 5,004,280 | 25,651,543 | (20,647,263 | ) | |||||||||||
SPDR S&P World ex-US ETF | 140,657,817 | 10,139,343 | 18,757,959 | (8,618,616 | ) | |||||||||||
SPDR S&P International Small Cap ETF | 967,358,499 | 36,867,407 | 187,911,511 | (151,044,104 | ) | |||||||||||
SPDR Dow Jones International Real Estate ETF | 2,525,283,958 | 46,193,288 | 438,424,117 | (392,230,829 | ) | |||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 58,385,473 | 1,608,544 | 19,410,778 | (17,802,234 | ) | |||||||||||
SPDR S&P Global Natural Resources ETF | 227,551,192 | 413,484 | 43,700,127 | (43,286,643 | ) | |||||||||||
SPDR MSCI ACWI ex-US ETF | 503,437,349 | 19,296,259 | 114,848,785 | (95,552,526 | ) | |||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 22,144,420 | 624,197 | 3,722,231 | (3,098,034 | ) | |||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 135,519,994 | 6,048,702 | 19,188,468 | (13,139,766 | ) | |||||||||||
SPDR S&P International Dividend ETF | 647,340,341 | 4,085,140 | 109,794,675 | (105,709,535 | ) | |||||||||||
SPDR S&P International Mid Cap ETF | 45,099,282 | 1,975,846 | 5,027,701 | (3,051,855 | ) | |||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 1,221,350,542 | 7,767,403 | 281,290,199 | (273,522,796 | ) | |||||||||||
SPDR Dow Jones Global Real Estate ETF | 312,540,882 | 14,788,585 | 24,672,853 | (9,884,268 | ) | |||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 12,544,415 | 735,772 | 2,038,447 | (1,302,675 | ) | |||||||||||
SPDR S&P International Consumer Staples Sector ETF | 19,900,042 | 510,144 | 1,282,615 | (772,471 | ) | |||||||||||
SPDR S&P International Energy Sector ETF | 15,245,139 | 184,966 | 3,125,801 | (2,940,835 | ) | |||||||||||
SPDR S&P International Financial Sector ETF | 10,041,109 | 10,704 | 2,358,560 | (2,347,856 | ) | |||||||||||
SPDR S&P International Health Care Sector ETF | 19,808,883 | 525,578 | 1,261,055 | (735,477 | ) | |||||||||||
SPDR S&P International Industrial Sector ETF | 24,728,724 | 318,490 | 5,176,447 | (4,857,957 | ) | |||||||||||
SPDR S&P International Materials Sector ETF | 25,672,149 | 307,121 | 6,718,776 | (6,411,655 | ) | |||||||||||
SPDR S&P International Technology Sector ETF | 21,791,940 | 1,424,154 | 4,582,598 | (3,158,444 | ) | |||||||||||
SPDR S&P International Telecommunications Sector ETF | 14,082,356 | 123,258 | 1,801,993 | (1,678,735 | ) | |||||||||||
SPDR S&P International Utilities Sector ETF | 12,759,274 | 170,597 | 3,416,956 | (3,246,359 | ) |
308
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
6. | Investment Transactions |
For the year ended September 30, 2011, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:
Realized | ||||||||||||
Contributions | Redemptions | Gain/(Loss) | ||||||||||
SPDR STOXX Europe 50 ETF | $ | 1,776,401 | $ | 5,124,263 | $ | (812,080 | ) | |||||
SPDR EURO STOXX 50 ETF | 14,243,841 | 26,130,377 | 3,938,166 | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 54,610,734 | 90,776,257 | 18,825,423 | |||||||||
SPDR S&P Russia ETF | 171,450,898 | 116,710,661 | (2,536,456 | ) | ||||||||
SPDR S&P China ETF | 249,112,977 | 99,830,224 | 34,717,976 | |||||||||
SPDR S&P Emerging Markets ETF | 15,341,240 | 34,404,241 | 12,399,698 | |||||||||
SPDR S&P Emerging Markets Dividend ETF | 30,565,738 | 1,130,907 | (42,053 | ) | ||||||||
SPDR S&P BRIC 40 ETF | 58,731,368 | 50,294,025 | 15,129,240 | |||||||||
SPDR S&P Emerging Europe ETF | 67,992,844 | 131,677,670 | 12,283,226 | |||||||||
SPDR S&P Emerging Latin America ETF | 44,094,507 | 77,516,077 | 7,235,089 | |||||||||
SPDR S&P Emerging Middle East & Africa ETF | 33,454,315 | 50,287,086 | 11,426,884 | |||||||||
SPDR S&P World ex-US ETF | 30,095,105 | — | — | |||||||||
SPDR S&P International Small Cap ETF | 239,641,203 | 60,779,756 | 7,375,504 | |||||||||
SPDR Dow Jones International Real Estate ETF | 1,065,569,290 | 24,917,292 | 8,252,112 | |||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | — | 16,682,538 | (2,396,530 | ) | ||||||||
SPDR S&P Global Natural Resources ETF | 202,131,681 | — | — | |||||||||
SPDR MSCI ACWI ex-US ETF | 52,855,806 | 25,608,507 | 8,211,813 | |||||||||
SPDR Russell/Nomura PRIME Japan ETF | 7,600,587 | 7,883,092 | (1,624,433 | ) | ||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 66,280,966 | 46,520,484 | 7,217,337 | |||||||||
SPDR S&P International Dividend ETF | 368,746,067 | 25,478,202 | 220,986 | |||||||||
SPDR S&P International Mid Cap ETF | 9,513,299 | — | — | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 438,472,349 | 273,568,669 | 25,250,162 | |||||||||
SPDR Dow Jones Global Real Estate ETF | 183,279,976 | 10,268,637 | 4,992,029 | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 4,285,074 | 10,833,073 | 2,003,435 | |||||||||
SPDR S&P International Consumer Staples Sector ETF | 11,308,712 | 6,265,372 | 1,241,570 | |||||||||
SPDR S&P International Energy Sector ETF | 3,917,908 | 2,484,062 | 326,936 | |||||||||
SPDR S&P International Financial Sector ETF | 7,384,445 | 7,237,292 | 153,644 | |||||||||
SPDR S&P International Health Care Sector ETF | 10,898,435 | 1,541,051 | 265,690 | |||||||||
SPDR S&P International Industrial Sector ETF | 15,277,974 | 10,549,172 | 2,648,802 | |||||||||
SPDR S&P International Materials Sector ETF | 19,146,797 | 19,173,566 | 3,900,207 | |||||||||
SPDR S&P International Technology Sector ETF | 2,748,302 | 2,332,016 | 262,244 | |||||||||
SPDR S&P International Telecommunications Sector ETF | 10,025,281 | 12,512,157 | 940,661 | |||||||||
SPDR S&P International Utilities Sector ETF | 3,703,311 | 1,043,815 | 97,907 |
The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes reflects gross shareholder transactions including any cash component of the transaction.
309
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
For the year ended September 30, 2011, the Trust had purchases and sales of investment securities as follows:
Purchases | Sales | |||||||
SPDR STOXX Europe 50 ETF | $ | 2,802,353 | $ | 3,132,263 | ||||
SPDR EURO STOXX 50 ETF | 11,344,878 | 10,786,387 | ||||||
SPDR S&P Emerging Asia Pacific ETF | 137,988,926 | 193,559,645 | ||||||
SPDR S&P Russia ETF | 11,900,001 | 11,901,687 | ||||||
SPDR S&P China ETF | 62,751,478 | 63,399,432 | ||||||
SPDR S&P Emerging Markets ETF | 9,034,303 | 14,603,708 | ||||||
SPDR S&P Emerging Markets Dividend ETF | 47,599,511 | 13,196,078 | ||||||
SPDR S&P BRIC 40 ETF | 52,782,085 | 50,437,444 | ||||||
SPDR S&P Emerging Europe ETF | 23,623,808 | 36,506,887 | ||||||
SPDR S&P Emerging Latin America ETF | 25,260,746 | 36,180,399 | ||||||
SPDR S&P Emerging Middle East & Africa ETF | 5,659,670 | 6,824,339 | ||||||
SPDR S&P World ex-US ETF | 2,519,588 | 3,464,254 | ||||||
SPDR S&P International Small Cap ETF | 202,869,983 | 185,104,008 | ||||||
SPDR Dow Jones International Real Estate ETF | 172,155,067 | 242,757,520 | ||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 2,879,822 | 2,862,676 | ||||||
SPDR S&P Global Natural Resources ETF | 35,415,254 | 35,873,975 | ||||||
SPDR MSCI ACWI ex-US ETF | 18,787,350 | 18,174,447 | ||||||
SPDR Russell/Nomura PRIME Japan ETF | 420,409 | 410,952 | ||||||
SPDR Russell/Nomura Small Cap Japan ETF | 9,627,047 | 9,688,321 | ||||||
SPDR S&P International Dividend ETF | 603,655,721 | 610,379,289 | ||||||
SPDR S&P International Mid Cap ETF | 13,536,950 | 13,054,498 | ||||||
SPDR S&P Emerging Markets Small Cap ETF | 834,605,590 | 629,918,900 | ||||||
SPDR Dow Jones Global Real Estate ETF | 21,542,979 | 27,949,282 | ||||||
SPDR S&P International Consumer Discretionary Sector ETF | 1,709,848 | 2,111,654 | ||||||
SPDR S&P International Consumer Staples Sector ETF | 252,525 | 480,516 | ||||||
SPDR S&P International Energy Sector ETF | 580,338 | 763,425 | ||||||
SPDR S&P International Financial Sector ETF | 288,838 | 347,034 | ||||||
SPDR S&P International Health Care Sector ETF | 645,475 | 763,559 | ||||||
SPDR S&P International Industrial Sector ETF | 43,188 | 164,409 | ||||||
SPDR S&P International Materials Sector ETF | 246,990 | 386,209 | ||||||
SPDR S&P International Technology Sector ETF | 121,893 | 241,527 | ||||||
SPDR S&P International Telecommunications Sector ETF | 1,008,478 | 1,132,363 | ||||||
SPDR S&P International Utilities Sector ETF | 175,279 | 288,237 |
For the year ended September 30, 2011, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.
7. | Concentration of Risk |
The Funds’ assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds’ assets were invested in a wider variety of countries. In addition, the Funds’ assets may be concentrated in certain industries, subjecting them to greater risk than Funds that invest in a wider range of industries.
310
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2011
8. | Securities Lending |
Each Fund may lend securities up to 331/3% of its total assets 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 held 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 business day the aggregate market value of securities collateral plus cash collateral held 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. 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 lending agent. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.
The market value of securities on loan as of September 30, 2011 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
311
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of
the SPDR Index Shares Funds:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the thirty-three funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2011, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2011 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 22, 2011
312
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
OTHER INFORMATION
September 30, 2011 (Unaudited)
PREMIUM/DISCOUNT INFORMATION
Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the net asset value of the Fund during the past calendar year can be found at http://www.spdrs.com.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on April 1, 2011 and held for the six months ended September 30, 2011.
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit are charged to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/11 to | |||||||||||||
Actual | Expense Ratio | 4/1/11 | 9/30/11 | 9/30/11 | ||||||||||||
SPDR STOXX Europe 50 ETF | 0.29 | % | $ | 1,000 | $ | 810.70 | $ | 1.32 | ||||||||
SPDR EURO STOXX 50 ETF | 0.29 | 1,000 | 732.00 | 1.26 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 0.59 | 1,000 | 790.60 | 2.65 | ||||||||||||
SPDR S&P Russia ETF | 0.59 | 1,000 | 647.90 | 2.44 | ||||||||||||
SPDR S&P China ETF | 0.59 | 1,000 | 733.10 | 2.56 | ||||||||||||
SPDR S&P Emerging Markets ETF | 0.59 | 1,000 | 767.80 | 2.61 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 0.62 | 1,000 | 866.60 | 2.90 | ||||||||||||
SPDR S&P BRIC 40 ETF | 0.50 | 1,000 | 723.20 | 2.16 | ||||||||||||
SPDR S&P Emerging Europe ETF | 0.60 | 1,000 | 682.90 | 2.53 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 0.59 | 1,000 | 725.70 | 2.55 |
313
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/11 to | |||||||||||||
Actual | Expense Ratio | 4/1/11 | 9/30/11 | 9/30/11 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 0.59 | % | $ | 1,000 | $ | 822.70 | $ | 2.70 | ||||||||
SPDR S&P World ex-US ETF | 0.34 | 1,000 | 814.10 | 1.55 | ||||||||||||
SPDR S&P International Small Cap ETF | 0.61 | 1,000 | 819.90 | 2.78 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 0.62 | 1,000 | 858.80 | 2.89 | ||||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 0.59 | 1,000 | 932.00 | 2.86 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 0.40 | 1,000 | 740.50 | 1.75 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 0.34 | 1,000 | 801.20 | 1.54 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 0.50 | 1,000 | 949.10 | 2.44 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 0.55 | 1,000 | 1,028.40 | 2.80 | ||||||||||||
SPDR S&P International Dividend ETF | 0.45 | 1,000 | 801.50 | 2.03 | ||||||||||||
SPDR S&P International Mid Cap ETF | 0.45 | 1,000 | 823.60 | 2.06 | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 0.66 | 1,000 | 754.80 | 2.90 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 0.50 | 1,000 | 871.90 | 2.35 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 0.50 | 1,000 | 866.50 | 2.34 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 0.50 | 1,000 | 978.10 | 2.48 | ||||||||||||
SPDR S&P International Energy Sector ETF | 0.50 | 1,000 | 756.40 | 2.20 | ||||||||||||
SPDR S&P International Financial Sector ETF | 0.50 | 1,000 | 757.80 | 2.20 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 0.50 | 1,000 | 964.70 | 2.46 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 0.50 | 1,000 | 770.30 | 2.22 | ||||||||||||
SPDR S&P International Materials Sector ETF | 0.50 | 1,000 | 737.40 | 2.18 | ||||||||||||
SPDR S&P International Technology Sector ETF | 0.50 | 1,000 | 794.00 | 2.25 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 0.50 | 1,000 | 894.40 | 2.37 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 0.50 | 1,000 | 856.40 | 2.33 | ||||||||||||
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/11 to | |||||||||||||
Hypothetical | Expense Ratio | 4/1/11 | 9/30/11 | 9/30/11 | ||||||||||||
SPDR STOXX Europe 50 ETF | 0.29 | 1,000 | 1,023.65 | 1.47 | ||||||||||||
SPDR EURO STOXX 50 ETF | 0.29 | 1,000 | 1,023.65 | 1.47 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Russia ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P China ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Emerging Markets ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 0.62 | 1,000 | 1,021.99 | 3.14 | ||||||||||||
SPDR S&P BRIC 40 ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P Emerging Europe ETF | 0.60 | 1,000 | 1,022.09 | 3.04 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 0.59 | 1,000 | 1,022.14 | 2.99 |
314
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/11 to | |||||||||||||
Hypothetical | Expense Ratio | 4/1/11 | 9/30/11 | 9/30/11 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 0.59 | % | $ | 1,000 | $ | 1,022.14 | $ | 2.99 | ||||||||
SPDR S&P World ex-US ETF | 0.34 | 1,000 | 1,023.40 | 1.72 | ||||||||||||
SPDR S&P International Small Cap ETF | 0.61 | 1,000 | 1,022.04 | 3.09 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 0.62 | 1,000 | 1,021.99 | 3.14 | ||||||||||||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 0.34 | 1,000 | 1,023.40 | 1.72 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 0.55 | 1,000 | 1,022.34 | 2.79 | ||||||||||||
SPDR S&P International Dividend ETF | 0.45 | 1,000 | 1,022.84 | 2.28 | ||||||||||||
SPDR S&P International Mid Cap ETF | 0.45 | 1,000 | 1,022.84 | 2.28 | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 0.66 | 1,000 | 1,021.79 | 3.35 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Energy Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Financial Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Materials Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Technology Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 0.50 | 1,000 | 1,022.59 | 2.54 |
* | Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365. |
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, 2011.
Percentage of distributions which qualify for the corporate dividends received deduction:
Percentage | ||||
SPDR S&P Russia ETF | 0.55 | % | ||
SPDR S&P World ex-US ETF | 0.01 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 29.66 | |||
SPDR S&P Global Natural Resources ETF | 17.47 |
315
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Percentage | ||||
SPDR S&P International Consumer Discretionary Sector ETF | 0.27 | % | ||
SPDR S&P International Health Care Sector ETF | 0.46 |
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2011, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 15% depending on the individual’s tax bracket. These amounts are noted below:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 1,159,322 | ||
SPDR EURO STOXX 50 ETF | 5,008,003 | |||
SPDR S&P Emerging Asia Pacific ETF | 9,389,006 | |||
SPDR S&P Russia ETF | 1,961,725 | |||
SPDR S&P China ETF | 15,112,354 | |||
SPDR S&P Emerging Markets ETF | 3,461,202 | |||
SPDR S&P Emerging Markets Dividend ETF | 502,841 | |||
SPDR S&P BRIC 40 ETF | 13,023,415 | |||
SPDR S&P Emerging Europe ETF | 6,740,618 | |||
SPDR S&P Emerging Latin America ETF | 2,671,883 | |||
SPDR S&P Emerging Middle East & Africa ETF | 4,228,441 | |||
SPDR S&P World ex-US ETF | 3,317,619 | |||
SPDR S&P International Small Cap ETF | 17,832,496 | |||
SPDR Dow Jones International Real Estate ETF | 8,808,657 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 1,645,980 | |||
SPDR S&P Global Natural Resources ETF | 2,405,591 | |||
SPDR MSCI ACWI ex-US ETF | 10,896,928 | |||
SPDR Russell/Nomura PRIME Japan ETF | 223,927 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 1,785,513 | |||
SPDR S&P International Dividend ETF | 19,860,186 | |||
SPDR S&P International Mid Cap ETF | 870,927 | |||
SPDR S&P Emerging Markets Small Cap ETF | 7,854,675 | |||
SPDR Dow Jones Global Real Estate ETF | 627,841 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 448,789 | |||
SPDR S&P International Consumer Staples Sector ETF | 550,905 | |||
SPDR S&P International Energy Sector ETF | 529,928 | |||
SPDR S&P International Financial Sector ETF | 247,548 | |||
SPDR S&P International Health Care Sector ETF | 452,059 | |||
SPDR S&P International Industrial Sector ETF | 678,866 | |||
SPDR S&P International Materials Sector ETF | 713,243 | |||
SPDR S&P International Technology Sector ETF | 459,925 | |||
SPDR S&P International Telecommunications Sector ETF | 707,576 | |||
SPDR S&P International Utilities Sector ETF | 421,328 |
316
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
For the fiscal year ended September 30, 2011, certain dividends paid by SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2011 Form 1099-DIV.
Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2011:
Amount | ||||
SPDR S&P Emerging Asia Pacific ETF | $ | 24,371,824 | ||
SPDR S&P Emerging Markets ETF | 1,117,574 | |||
SPDR S&P International Small Cap ETF | 165,930 | |||
SPDR S&P International Mid Cap ETF | 181,307 | |||
SPDR S&P Emerging Markets Small Cap ETF | 10,105,661 |
Foreign Tax Credit
The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2011, the total amount of foreign taxes that will be passed through are:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 85,652 | ||
SPDR EURO STOXX 50 ETF | 576,215 | |||
SPDR S&P Emerging Asia Pacific ETF | 1,267,005 | |||
SPDR S&P Russia ETF | 336,463 | |||
SPDR S&P China ETF | 1,318,131 | |||
SPDR S&P Emerging Markets ETF | 365,413 | |||
SPDR S&P Emerging Markets Dividend ETF | 50,649 | |||
SPDR S&P BRIC 40 ETF | 1,400,286 | |||
SPDR S&P Emerging Europe ETF | 1,074,210 | |||
SPDR S&P Emerging Latin America ETF | 425,263 | |||
SPDR S&P Emerging Middle East & Africa ETF | 13,983 | |||
SPDR S&P World ex-US ETF | 239,412 | |||
SPDR S&P International Small Cap ETF | 1,276,789 | |||
SPDR Dow Jones International Real Estate ETF | 2,874,531 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 78,644 | |||
SPDR S&P Global Natural Resources ETF | 196,921 | |||
SPDR MSCI ACWI ex-US ETF | 860,029 |
317
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Amount | ||||
SPDR Russell/Nomura PRIME Japan ETF | $ | 15,668 | ||
SPDR Russell/Nomura Small Cap Japan ETF | 124,692 | |||
SPDR S&P International Dividend ETF | 1,735,878 | |||
SPDR S&P International Mid Cap ETF | 57,800 | |||
SPDR S&P Emerging Markets Small Cap ETF | 1,550,871 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 35,276 | |||
SPDR S&P International Consumer Staples Sector ETF | 42,137 | |||
SPDR S&P International Energy Sector ETF | 52,733 | |||
SPDR S&P International Financial Sector ETF | 18,619 | |||
SPDR S&P International Health Care Sector ETF | 37,601 | |||
SPDR S&P International Industrial Sector ETF | 59,943 | |||
SPDR S&P International Materials Sector ETF | 53,248 | |||
SPDR S&P International Technology Sector ETF | 47,051 | |||
SPDR S&P International Telecommunications Sector ETF | 69,568 | |||
SPDR S&P International Utilities Sector ETF | 36,612 |
The amount of foreign source income earned on the following Funds during the year ended September 30, 2011 were as follows:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 1,579,749 | ||
SPDR EURO STOXX 50 ETF | 8,233,766 | |||
SPDR S&P Emerging Asia Pacific ETF | 20,199,394 | |||
SPDR S&P Russia ETF | 2,063,281 | |||
SPDR S&P China ETF | 17,680,959 | |||
SPDR S&P Emerging Markets ETF | 6,046,156 | |||
SPDR S&P Emerging Markets Dividend ETF | 1,647,512 | |||
SPDR S&P BRIC 40 ETF | 15,473,275 | |||
SPDR S&P Emerging Europe ETF | 7,339,409 | |||
SPDR S&P Emerging Latin America ETF | 7,011,960 | |||
SPDR S&P Emerging Middle East & Africa ETF | 4,649,864 | |||
SPDR S&P World ex-US ETF | 4,548,069 | |||
SPDR S&P International Small Cap ETF | 24,751,284 | |||
SPDR Dow Jones International Real Estate ETF | 89,117,829 | |||
SPDR FTSE/Macquarie Global Infrastructure 100 ETF | 1,528,547 | |||
SPDR S&P Global Natural Resources ETF | 2,425,299 | |||
SPDR MSCI ACWI ex-US ETF | 14,925,090 | |||
SPDR Russell/Nomura PRIME Japan ETF | 343,575 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 2,158,863 | |||
SPDR S&P International Dividend ETF | 30,743,624 | |||
SPDR S&P International Mid Cap ETF | 1,259,620 | |||
SPDR S&P Emerging Markets Small Cap ETF | 25,769,358 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 442,364 | |||
SPDR S&P International Consumer Staples Sector ETF | 562,487 |
318
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Amount | ||||
SPDR S&P International Energy Sector ETF | $ | 544,974 | ||
SPDR S&P International Financial Sector ETF | 296,237 | |||
SPDR S&P International Health Care Sector ETF | 451,508 | |||
SPDR S&P International Industrial Sector ETF | 765,495 | |||
SPDR S&P International Materials Sector ETF | 720,944 | |||
SPDR S&P International Technology Sector ETF | 483,651 | |||
SPDR S&P International Telecommunications Sector ETF | 749,376 | |||
SPDR S&P International Utilities Sector ETF | 443,580 |
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov. Information regarding how the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.
Quarterly Portfolio Schedule
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-800-843-2639 (toll free) and on the Funds’ website at www.spdrs.com.
Approval of Advisory Agreement
At in-person meetings held during the six-month period ended September 30, 2011, the Board of Trustees of the Trust (the “Board”) evaluated the proposals to continue the Investment Advisory Agreement (the “Agreement”) with respect to the operational and non-operational series of the Trust (each a “SPDR ETF” and collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.
In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent, Custodian and Securities Lending Agent (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by, or to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) costs to the Adviser of its services and profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether the fee levels in the Agreement reflect these economies of scale.
The Board considered the nature, extent and quality of services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing the investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio
319
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
management and compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board considered the Adviser’s experience in managing equity exchange-traded funds. The Board then determined that the nature, extent and quality of services provided by the Adviser to the Trust were necessary and appropriate.
The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each SPDR ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking and tracking error, noting that each SPDR ETF satisfactorily tracked its benchmark index. The Board also discussed the tax efficiency of the SPDR ETFs. The Board then determined that the performance of each SPDR ETF was satisfactory.
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser, including data on the SPDR ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser’s relationships with the SPDR ETFs had been profitable, profitability was not excessive.
The Board considered whether the Adviser or its affiliates benefited in other ways from their relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions. The Board concluded that, to the extent that the Adviser or its affiliates derive benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the SPDR ETFs to be excessive.
The Board determined that the Adviser is likely to realize economies of scale in managing the SPDR ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the SPDR ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
The Board evaluated the SPDR ETFs’ unitary fee through the review of comparative information with respect to fees paid by similar funds -- i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the SPDR ETFs, estimated expense ratios of the new SPDR ETFs, and the unitary fee structure. The Board used a fund-by-fund analysis of the data. The Board concluded, based on the information presented, that each SPDR ETF’s fees were fair and reasonable in light of those of their direct competitors.
The Board, including the Independent Trustees voting separately, approved the Agreement after weighing the foregoing factors, none of which was dispositive in itself and each Trustee may have weighed each factor differently. The Board’s conclusions regarding the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser’s fees for each SPDR ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude to
320
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with the SPDR ETFs by way of the relatively low fee structure of the Trust.
The Board also considered the renewal of the Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the “Sub-Adviser”) with respect to the real estate series of the Trust (the “Real Estate ETFs”), after review of materials provided to them at their request by the Adviser, Sub-Adviser and State Street. In deciding whether to approve the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Sub-Adviser with respect to the Real Estate ETFs under the Sub-Advisory Agreement, (ii) investment performance of the Real Estate ETFs, (iii) fees charged by the Sub-Adviser and any additional benefits received by the Sub-Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale would be realized if and as the Real Estate ETFs grow and whether fee levels in the Sub-Advisory Agreement reflect these economies of scale.
The Board considered the background and experience of the Sub-Adviser’s senior management and in particular the Sub-Adviser’s experience in investing in real estate investment trusts and international real estate securities. The Board considered that each Real Estate ETF satisfactorily tracked its benchmark index. The Board determined that the unitary fee paid to the Adviser by each Real Estate ETFs was fair and reasonable and that the Sub-Adviser’s fees are paid by the Adviser.
The Board, including the Independent Trustees voting separately, approved the Sub-Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself and each Trustee may have weighed each factor differently. The Board’s conclusions with respect to the Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to each Real Estate ETF was appropriate; (b) the performance and, more importantly, the index tracking, of each Real Estate ETF had been satisfactory; (c) the Sub-Adviser’s fees for each Real Estate ETF and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude to materially affect the Board’s conclusions; and (e) the fees paid to the Sub-Adviser adequately shared the economies of scale with the Real Estate ETFs.
321
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
TRUSTEES AND OFFICERS OF THE TRUST
Number of | ||||||||||
Portfolios | ||||||||||
Term of | Principal | in Fund | ||||||||
Office and | Occupation(s) | Complex | Other | |||||||
Name, Address | Position(s) | Length of | During Past | Overseen | Directorships | |||||
and Year of Birth | with Fund | Time Served | 5 Years | by Trustee | Held by Trustee | |||||
Trustees | ||||||||||
Independent Trustees | ||||||||||
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943 | Independent Trustee, Chairman | Unlimited; Served since September 2000 | Chief Executive Officer, Libra Group, Inc. (1998-present)(a financial services consulting company). | 132 | SPDR Series Trust (Trustee). | |||||
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938 | Independent Trustee, Audit Committee Chair | Unlimited; Served since September 2000 | Retired. | 132 | Penson Worldwide Inc. (Director); CHX Holdings, Inc. and Chicago Stock Exchange (Director); SPDR Series Trust (Trustee). | |||||
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950 | Independent Trustee | Unlimited; Served since April 2010 | Retired (2005-present); Managing Director, Columbia Management Group, Bank of America (1984-2005). | 132 | SPDR Series Trust (Trustee). | |||||
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953 | Independent Trustee | Unlimited; Served since April 2010 | Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009). | 132 | SPDR Series Trust (Trustee); Affiliated Managers Group, Inc. (Director). | |||||
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952 | Independent Trustee | Unlimited; Served since April 2010 | Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009). | 132 | SPDR Series Trust (Trustee). | |||||
322
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Number of | ||||||||||
Portfolios | ||||||||||
Term of | Principal | in Fund | ||||||||
Office and | Occupation(s) | Complex | Other | |||||||
Name, Address | Position(s) | Length of | During Past | Overseen | Directorships | |||||
and Year of Birth | with Fund | Time Served | 5 Years | by Trustee | Held by Trustee | |||||
Interested Trustee/president | ||||||||||
JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965 | Interested Trustee and President | Unlimited; Served since April 2010 (Trustee) and May 2005 (President) | President, SSgA Funds Management Inc. (2005-present); Principal, SSgA Funds Management, Inc. (2001-2005); Senior Managing Director, State Street Global Advisors (2006-present); Principal, State Street Global Advisors (2000-2006). | 163 | SPDR Series Trust (Trustee); Select Sector SPDR Trust (Trustee); State Street Master Funds (Trustee); State Street Institutional Investment Trust (Trustee). |
* | Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009. |
Term of | Principal | |||||
Office and | Occupation(s) | |||||
Name, Address | Position(s) | Length of | During Past | |||
and Year of Birth | with Fund | Time Served | 5 Years | |||
Other Officers | ||||||
ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967 | Vice President | Unlimited; Served since March 2008 | Senior Managing Director (1992-present)* and Chief Operating Officer (May 2010-present), SSgA Funds Management, Inc.; Senior Managing Director, State Street Global Advisors (1992-present).* | |||
MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969 | Vice President | Unlimited; Served since February 2005 | Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008). | |||
ANTHONY ROCHTE SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1968 | Vice President | Unlimited; Served since May 2010 | Senior Managing Director, State Street Global Advisors (2006-present); National Sales Manager, Barclays Global Investors (2000-2006). | |||
CHAD C. HALLETT State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1969 | Treasurer | Unlimited; Served since November 2010 | Vice President, State Street Bank and Trust Company (2001-present).* | |||
RYAN M. LOUVAR State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1972 | Secretary | Unlimited; Served since August 2008 | Vice President and Senior Counsel, State Street Bank and Trust Company (2005-present). | |||
323
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2011 (Unaudited)
Term of | Principal | |||||
Office and | Occupation(s) | |||||
Name, Address | Position(s) | Length of | During Past | |||
and Year of Birth | with Fund | Time Served | 5 Years | |||
MARK E. TUTTLE State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1970 | Assistant Secretary | Unlimited; Served since August 2007 | Vice President and Counsel, State Street Bank and Trust Company (2007-present); Assistant Counsel, BISYS Group, Inc. (2005-2007*) (a financial services company). | |||
SCOTT E. HABEEB State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1968 | Assistant Secretary | Unlimited; Served since August 2011 | Vice President and Counsel, State Street Bank and Trust Company (2007-present); Legal Analyst, Verizon Communications (2004-2007). | |||
LAURA F. DELL State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1964 | Assistant Treasurer | Unlimited; Served since November 2007 | Vice President, State Street Bank and Trust Company (2002-present).* | |||
MATTHEW FLAHERTY State Street Bank and Trust Company 4 Copley Place Boston, MA 02116 1971 | Assistant Treasurer | Unlimited; Served since May 2005 | Assistant Vice President, State Street Bank and Trust Company (1994-present).* | |||
JACQUELINE ANGELL SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967 | Chief Compliance Officer | Unlimited; Served since February 2011 | Vice President, State Street Global Advisors and SSgA Funds Management, Inc.(2008-present); Director of Investment Adviser Oversight, Fidelity Investments (2006-2008). |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
324
The SPDR® Family of Exchange Traded Funds
The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.
SPDR Index Shares Funds
SPDR STOXX Europe 50 ETF (FEU)
SPDR EURO STOXX 50 ETF (FEZ)
SPDR S&P Emerging Asia Pacific ETF (GMF)
SPDR S&P Russia ETF (RBL)
SPDR S&P China ETF (GXC)
SPDR S&P Emerging Markets ETF (GMM)
SPDR S&P Emerging Markets Dividend ETF (EDIV)
SPDR S&P BRIC 40 ETF (BIK)
SPDR S&P Emerging Europe ETF (GUR)
SPDR S&P Emerging Latin America ETF GML)
SPDR S&P Emerging Middle East & Africa ETF (GAF)
SPDR S&P World ex-US ETF (GWL)
SPDR S&P International Small Cap ETF (GWX)
SPDR Dow Jones International Real Estate ETF (RWX)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)
SPDR S&P Global Natural Resources ETF (GNR)
SPDR MSCI ACWI ex-US ETF (CWI)
SPDR Russell/Nomura PRIME Japan ETF (JPP)
SPDR Russell/Nomura Small Cap Japan ETF (JSC)
SPDR S&P International Dividend ETF (DWX)
SPDR S&P International Mid Cap ETF (MDD)
SPDR S&P Emerging Markets Small Cap ETF (EWX)
SPDR Dow Jones Global Real Estate ETF (RWO)
SPDR S&P International Consumer Discretionary Sector ETF (IPD)
SPDR S&P International Consumer Staples Sector ETF (IPS)
SPDR S&P International Energy Sector ETF (IPW)
SPDR S&P International Financial Sector ETF (IPF)
SPDR S&P International Health Care Sector ETF (IRY)
SPDR S&P International Industrial Sector ETF (IPN)
SPDR S&P International Materials Sector ETF (IRV)
SPDR S&P International Technology Sector ETF (IPK)
SPDR S&P International Telecommunications Sector ETF (IST)
SPDR S&P International Utilities Sector ETF (IPU)
SPDR Series Trust
SPDR Dow Jones Total Market ETF (TMW)
SPDR Dow Jones Large Cap ETF (ELR)
SPDR S&P 500 Growth ETF (SPYG)
SPDR S&P 500 Value ETF (SPYV)
SPDR Dow Jones Mid Cap ETF (EMM)
SPDR S&P 400 Mid Cap Growth ETF (MDYG)
SPDR S&P 400 Mid Cap Value ETF (MDYV)
SPDR S&P 600 Small Cap ETF (SLY)
SPDR S&P 600 Small Cap Growth ETF (SLYG)
SPDR S&P 600 Small Cap Value ETF (SLYV)
SPDR Global Dow ETF (DGT)
SPDR Dow Jones REIT ETF (RWR)
SPDR S&P Bank ETF (KBE)
SPDR S&P Capital Markets ETF (KCE)
SPDR S&P Insurance ETF (KIE)
SPDR S&P Mortgage Finance ETF (KME)
SPDR S&P Regional Banking ETF (KRE)
SPDR Morgan Stanley Technology ETF (MTK)
SPDR S&P Dividend ETF (SDY)
SPDR S&P Aerospace & Defense ETF (XAR)
SPDR S&P Biotech ETF (XBI)
SPDR S&P Health Care Equipment ETF (XHE)
SPDR S&P Health Care Services ETF (XHS)
SPDR S&P Homebuilders ETF (XHB)
SPDR S&P Metals & Mining ETF (XME)
SPDR S&P Oil & Gas Equipment & Services ETF (XES)
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)
SPDR S&P Pharmaceuticals ETF (XPH)
SPDR S&P Retail ETF (XRT)
SPDR S&P Semiconductor ETF (XSD)
SPDR S&P Software & Services ETF (XSW)
SPDR S&P Telecom ETF (XTL)
SPDR S&P Transportation ETF (XTN)
SPDR Wells Fargo Preferred Stock ETF (PSK)
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)
SPDR Barclays Capital TIPS ETF (IPE)
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)
SPDR Barclays Capital Long Term Treasury ETF (TLO)
SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)
SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)
SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)
SPDR Barclays Capital Convertible Securities ETF (CWB)
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)
SPDR Barclays Capital Aggregate Bond ETF (LAG)
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)
SPDR DB International Government Inflation-Protected Bond ETF (WIP)
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)
SPDR Barclays Capital International Treasury Bond ETF (BWX)
SPDR Barclays Capital International Corporate Bond ETF (IBND)
SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)
SPDR Barclays Capital High Yield Bond ETF (JNK)
The Select Sectors SPDR Trust
The Consumer Discretionary Select Sector SPDR Fund (XLY)
The Consumer Staples Select Sector SPDR Fund (XLP)
The Energy Select Sector SPDR Fund (XLE)
The Financial Select Sector SPDR Fund (XLF)
The Health Care Select Sector SPDR Fund (XLV)
The Industrial Select Sector SPDR Fund (XLI)
The Materials Select Sector SPDR Fund (XLB)
The Technology Select Sector SPDR Fund (XLK)
The Utilities Select Sector SPDR Fund (XLU)
SPDR Dow Jones Industrial Average ETF Trust (DIA)
SPDR S&P 500 ETF Trust (SPY)
State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA), both unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust.
SPDR Index Shares Funds
trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur
officers
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Anthony Rochte, Vice President
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Anthony Rochte, Vice President
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer
investment adviser
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111
custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
legal counsel
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
independent registered public accounting firm
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation.
State Street Global Markets, LLC; member FINRA, SIPC.
State Street Global Markets, LLC; member FINRA, SIPC.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com
Please read the prospectus carefully before you invest.
Please read the prospectus carefully before you invest.
State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/ Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P Global Natural Resources ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation. For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details. The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Time Inc., FTSE International Limited, Macquarie Bank Limited, The London Stock Exchange Place, The Financial Times Limited, Morgan Stanley Capital International Inc., Russell Investment Group and Standard & Poor’s. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent. “SPDR” is a registered trademark of Standard & Poor Financial Services LLC (“S&P ”) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors’ rights are described in the prospectus for the applicable product. This information must be preceded or accompanied by a current prospectus or summary prospectus. Read the prospectus carefully before you invest or send money. © 2011 State Street Corporation SPDR IDEX AR For more complete information, please call 866.787.2257 or visit spdrs.com today |
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.
The Code of Ethics is attached hereto as Exhibit 12(a)(1).
Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”
(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees.
For the fiscal years ending September 30, 2011 and September 30, 2010, the aggregate audit fees billed for professional services rendered by the principal accountant were $576,600 and $534,800, respectively. 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-SAR; and (5) Rule 17f-2 securities counts.
For the fiscal years ending September 30, 2011 and September 30, 2010, the aggregate audit fees billed for professional services rendered by the principal accountant were $576,600 and $534,800, respectively. 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-SAR; and (5) Rule 17f-2 securities counts.
(b) Audit-Related Fees.
For the fiscal years ending September 30, 2011 and September 30, 2010, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.
For the fiscal years ending September 30, 2011 and September 30, 2010, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.
(c) Tax Fees.
For the fiscal years ending September 30, 2011 and September 30, 2010, the aggregate tax fees billed for professional services rendered by the principal accountant were $272,550 and $256,000, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.
For the fiscal years ending September 30, 2011 and September 30, 2010, the aggregate tax fees billed for professional services rendered by the principal accountant were $272,550 and $256,000, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.
(d) All Other Fees.
There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2011 and September 30, 2010.
There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2011 and September 30, 2010.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:
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) Percentage of Services.
One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2010 and December 31, 2009 were approximately $2,518,417 and $2,640,362, respectively. Such information is not readily available on a fiscal year basis.
(h) The 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.
Item 5. Disclosure of Audit Committees for Listed Companies.
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 members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, Frank Nesvet, David Kelly and Carl Verboncoeur.
Item 6. Schedule of Investments.
The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.
Item 11. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, James E. Ross, 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 and evaluated their effectiveness. Based on their review, Messrs. Ross and 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 Securities and Exchange Commission.
(b) There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Exhibits.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached.
(a)(3) Not applicable
(b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SPDR® Index Shares Funds | ||||
By: | /s/ James E. Ross | |||
James E. Ross | ||||
President and Principal Executive Officer | ||||
Date: December 2, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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/ James E. Ross | |||
James E. Ross | ||||
President and Principal Executive Officer | ||||
Date: December 2, 2011
By: | /s/ Chad C. Hallett | |||
Chad C. Hallett | ||||
Treasurer and Principal Financial Officer | ||||
Date: December 2, 2011