UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
----------------------------------------------------
SPDR(R) INDEX SHARES FUNDS
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
- --------------------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Ryan M. Louvar, Esq.
State Street Bank and Trust Company
One Lincoln Street - CPH0326
Boston, MA 02111
(Name and address of agent for service)
Copy to:
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: March 31, 2009
ITEM 1: SHAREHOLDER REPORT
SEMI-ANNUAL REPORT March 31, 2009
(SPDR LOGO) PRECISE IN A WORLD THAT ISN'T. (SM)
TABLE OF CONTENTS
<Table>
PERFORMANCE & PORTFOLIO SUMMARY.................................. 1
SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 1
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 4
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 7
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 10
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 13
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 16
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 19
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 22
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 25
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 28
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 31
SPDR(R) DOW JONES INTERNATIONAL REAL ESTATE ETF (RWX).......... 34
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 37
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 40
SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)............... 43
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC)........... 46
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 49
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 52
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 55
SPDR(R) DOW JONES GLOBAL REAL ESTATE ETF (RWO)................. 58
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
(IPD)....................................................... 61
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF
(IPS)....................................................... 64
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 67
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 70
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IPY)...... 73
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 76
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IPV)........ 79
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 82
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
(IST)....................................................... 85
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 88
SCHEDULES OF INVESTMENTS.........................................
SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 91
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 92
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 93
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 96
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 99
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 105
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 106
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 108
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 110
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 112
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 120
</Table>
<Table>
SPDR(R) DOW JONES INTERNATIONAL REAL ESTATE ETF (RWX).......... 126
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 128
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 130
SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)............... 137
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC)........... 142
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 147
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 149
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 153
SPDR(R) DOW JONES GLOBAL REAL ESTATE ETF (RWO)................. 156
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
(IPD)....................................................... 159
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF
(IPS)....................................................... 161
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 162
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 163
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IPY)...... 165
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 167
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IPV)........ 169
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 171
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
(IST)....................................................... 173
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 174
FINANCIAL STATEMENTS............................................. 176
FINANCIAL HIGHLIGHTS............................................. 208
NOTES TO FINANCIAL STATEMENTS.................................... 220
OTHER INFORMATION................................................ 234
(Logo/semi-annual report)
SPDR DJ STOXX 50 ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 OF FUND
SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ STOXX 50 ETF AS STATED IN THE FEES
AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2009 IS 0.29%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET DOW JONES STOXX 50 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -33.74% -34.76% -33.79%
---------------------------------------------------------------------------------------------------
ONE YEAR -47.39% -47.25% -47.56%
---------------------------------------------------------------------------------------------------
THREE YEARS -37.24% -37.33% -37.34%
---------------------------------------------------------------------------------------------------
FIVE YEARS -14.46% -14.93% -14.10%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 14.49% 14.54% 15.31%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET DOW JONES STOXX 50 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -47.39% -47.25% -47.56%
---------------------------------------------------------------------------------------------------
THREE YEARS -14.38% -14.42% -14.43%
---------------------------------------------------------------------------------------------------
FIVE YEARS -3.08% -3.18% -2.99%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 2.12% 2.12% 2.23%
---------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to March 31, 2009.
1
[Logo/semi-annual report]
SPDR DJ STOXX 50 ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DJ STOXX 50 ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
DOW JONES
STOXX 50
SPDR DJ INDEX -
STOXX 50 US DOLLAR
ETF (A) DENOMINATED (B)
-------- ---------------
10/15/02 10000 10000
12/31/02 10059 9978
3/31/03 9129 9132
6/30/03 11098 11096
9/30/03 11279 11287
12/31/03 13631 13660
3/31/04 13384 13423
6/30/04 13524 13552
9/30/04 13776 13815
12/31/04 15710 15814
3/31/05 15626 15695
6/30/05 15612 15682
9/30/05 16751 16856
12/31/05 16872 16994
3/31/06 18242 18401
6/30/06 18818 18954
9/30/06 19666 19835
12/31/06 21383 21577
3/31/07 21801 22014
6/30/07 23864 24079
9/30/07 24429 24672
12/31/07 24300 24556
3/31/08 21760 21990
6/30/08 21237 21420
9/30/08 17280 17416
12/3/08 13617 13722
3/31/09 11449 11531
</Table>
2
[Logo/semi-annual report]
SPDR DJ STOXX 50 ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION BP PLC NESTLE SA TOTAL SA ROCHE HOLDING AG VODAFONE GROUP PLC
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,439,788 2,368,159 2,008,735 1,856,596 1,787,246
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.6% 5.4 4.6 4.2 4.1
--------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Banks 17.8%
Health Care 16.3
Oil & Gas 15.2
Telecommunications 11.1
Food & Beverage 8.0
Utilities 5.3
Basic Resources 4.9
Technology 4.4
Insurance 3.9
Industrial Goods & Services 3.5
Chemicals 2.8
Personal & Household Goods 2.0
Retail 1.6
Automobiles & Parts 1.0
Personal & Household 0.6
Short Term Investments 3.4
Other Assets & Liabilities (1.8)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
3
(Logo/semi-annual report)
SPDR DJ EURO STOXX 50 ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 OF FUND
SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ EURO STOXX 50 ETF AS STATED IN THE
FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2009 IS 0.29%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET DOW JONES EURO STOXX 50 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -34.96% -36.06% -35.00%
---------------------------------------------------------------------------------------------------
ONE YEAR -50.13% -50.02% -50.41%
---------------------------------------------------------------------------------------------------
THREE YEARS -35.12% -35.00% -35.69%
---------------------------------------------------------------------------------------------------
FIVE YEARS -7.45% -7.58% -8.19%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 33.66% 33.84% 32.69%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET DOW JONES EURO STOXX 50 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -50.13% -50.02% -50.41%
---------------------------------------------------------------------------------------------------
THREE YEARS -13.43% -13.37% -13.69%
---------------------------------------------------------------------------------------------------
FIVE YEARS -1.54% -1.56% -1.69%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 4.59% 4.61% 4.47%
---------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to March 31, 2009.
4
[Logo/semi-annual report]
SPDR DJ EURO STOXX 50 ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DJ EURO STOXX 50 ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
DOW
JONES EURO
SPDR DJ STOXX 50
EURO STOXX INDEX -
50 ETF US DOLLAR
(A) DENOMINATED (B)
---------- ---------------
10/15/02 10000 10000
12/31/02 10343 10283
3/31/03 9148 9156
6/30/03 11657 11641
9/30/03 11746 11732
12/31/03 14658 14657
3/31/04 14443 14452
6/30/04 14685 14664
9/30/04 14590 14562
12/31/04 17299 17325
3/31/05 17161 17147
6/30/05 16958 16927
9/30/05 18211 18212
12/31/05 18626 18636
3/31/06 20603 20633
6/30/06 21028 21004
9/30/06 22306 22297
12/31/06 24591 24595
3/31/07 25448 25238
6/30/07 28094 28022
9/30/07 28944 28868
12/31/07 29961 29884
3/31/08 26801 26755
6/30/08 25335 25184
9/30/08 20550 20415
12/31/08 16486 16365
3/31/09 13366 13269
</Table>
5
[Logo/semi-annual report]
SPDR DJ EURO STOXX 50 ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOTAL SA TELEFONICA SA SANOFI-AVENTIS BANCO SANTANDER SA E.ON AG
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $7,863,661 6,161,717 4,384,679 4,238,585 3,805,533
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.4% 5.8 4.1 4.0 3.6
--------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Banks 16.3%
Telecommunications 12.3
Utilities 12.0
Oil & Gas 11.7
Insurance 8.4
Chemicals 6.0
Technology 5.3
Industrial Goods & Services 5.2
Health Care 4.1
Food & Beverage 3.8
Automobiles & Parts 3.7
Personal & Household Goods 3.3
Media 2.2
Construction & Materials 2.0
Retail 1.7
Basic Resources 1.0
Financial Services 0.8
Short Term Investment 4.8
Other Assets & Liabilities (4.6)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
6
(Logo/semi-annual report)
SPDR S&P Emerging Asia Pacific ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P ASIA PACIFIC
VALUE VALUE EMERGING BMI INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -17.85% -17.88% -17.93%
---------------------------------------------------------------------------------------------------
ONE YEAR -41.02% -40.98% -43.02%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -24.89% -24.41% -27.10%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P ASIA PACIFIC
VALUE VALUE EMERGING BMI INDEX
---------------------------------------------------------------------------------------------------
ONE YEAR -41.02% -40.98% -43.02%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -13.13% -12.86% -14.41%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
7
[Logo/semi-annual report]
SPDR S&P Emerging Asia Pacific ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING ASIA PACIFIC ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P ASIA
EMERGING ASIA PACIFIC EMERGING
PACIFIC ETF BMI INDEX
(A) (B)
------------- ----------------
10000 10000
3/20/07 10191 10276
4/30/07 10650 10718
5/31/07 11262 11400
6/30/07 12073 12233
7/31/07 12791 13117
8/31/07 12854 13016
9/30/07 14503 14702
10/31/07 16435 16401
11/30/07 14890 14924
12/31/07 14764 14986
1/31/08 12701 12746
2/29/08 13580 13726
3/31/08 12734 12793
4/30/08 13878 13876
5/31/08 13335 13255
6/30/08 11729 11504
7/31/08 11657 11460
8/31/08 11116 10950
9/30/08 9144 8882
10/31/08 7040 6805
11/30/08 6707 6476
12/31/08 7319 7064
1/31/09 6758 6564
2/28/09 6558 6426
3/31/09 7511 7290
</Table>
8
[Logo/semi-annual report]
SPDR S&P Emerging Asia Pacific ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, LTD. TAIWAN SEMICONDUCTOR CHINA LIFE RELIANCE CHINA CONSTRUCTION
MANUFACTURING CO., INSURANCE CO., LTD. INDUSTRIES, BANK CORP.
LTD. ADR LTD. GDR
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $8,223,120 7,158,666 4,900,270 4,346,044 3,659,533
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.9% 4.3 2.9 2.6 2.2
----------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 12.7%
Oil, Gas & Consumable Fuels 12.0
Semiconductors & Semiconductor Equipment 9.1
Wireless Telecommunication Services 8.2
Computers & Peripherals 5.1
Insurance 4.7
Electronic Equipment, Instruments &
Components 4.2
Chemicals 3.0
Diversified Telecommunication Services 2.9
Metals & Mining 2.8
Transportation Infrastructure 2.6
Automobiles 2.5
Internet Software & Services 2.5
Real Estate Management & Development 2.5
IT Services 1.9
Construction & Engineering 1.8
Electrical Equipment 1.8
Food Products 1.8
Construction Materials 1.7
Diversified Financial Services 1.3
Independent Power Producers & Energy
Traders 1.3
Capital Markets 1.2
Hotels, Restaurants & Leisure 1.2
Marine 1.2
Electric Utilities 1.1
Energy Equipment & Services 0.9
Household Products 0.9
Pharmaceuticals 0.9
Thrifts & Mortgage Finance 0.9
Industrial Conglomerates 0.8
Textiles, Apparel & Luxury Goods 0.6
Airlines 0.5
Beverages 0.5
Building Products 0.3
Distributors 0.3
Gas Utilities 0.3
Health Care Providers & Services 0.3
Media 0.3
Machinery 0.2
Health Care Equipment & Supplies 0.1
Paper & Forest Products 0.0**
Short Term Investments 3.0
Other Assets & Liabilities (1.9)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
9
(Logo/semi-annual report)
SPDR S&P China ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P CHINA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -10.69% -11.28% -10.29%
---------------------------------------------------------------------------------------------------
ONE YEAR -33.59% -33.52% -34.93%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -11.68% -11.43% -12.54%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P CHINA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -33.59% -33.52% -34.93%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -5.93% -5.79% -6.37%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
10
[Logo/semi-annual report]
SPDR S&P China ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P CHINA ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P CHINA
CHINA ETF BMI INDEX
(A) (B)
--------- ---------
10000.00 10000.00
3/20/07 10355.20 10373.00
4/30/07 10719.00 10820.10
5/31/07 11550.00 11742.00
6/30/07 12838.70 12985.40
7/31/07 14140.80 14345.00
8/31/07 15073.20 15260.20
9/30/07 18064.00 18287.80
10/31/07 21100.90 21241.30
11/30/07 18485.30 18547.90
12/31/07 17666.20 17839.40
1/31/08 13858.40 14020.00
2/29/08 15215.70 15336.50
3/31/08 13299.30 13440.90
4/30/08 15518.40 15470.40
5/31/08 14889.90 14882.60
6/30/08 13089.10 13029.70
7/31/08 13345.50 13278.50
8/31/08 12441.40 12240.20
9/30/08 9887.66 9750.51
10/31/08 7645.63 7478.64
11/30/08 7838.38 7687.30
12/31/08 8711.34 8523.68
1/31/09 7944.57 7836.67
2/28/09 7687.64 7624.29
3/31/09 8832.00 8746.00
</Table>
11
[Logo/semi-annual report]
SPDR S&P China ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, LTD. CHINA LIFE CHINA CONSTRUCTION INDUSTRIAL &
INSURANCE CO., LTD. BANK CORP. COMMERCIAL
BANK OF CHINA
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $24,252,097 14,249,406 11,292,387 10,401,560
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.5% 7.9 6.3 5.8
-----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
DESCRIPTION PETROCHINA CO., LTD.
--------------------------------------------------------------
MARKET VALUE 9,430,281
--------------------------------------------------------------
% OF NET ASSETS 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Oil, Gas & Consumable Fuels 17.7%
Commercial Banks 17.5
Wireless Telecommunication Services 14.9
Insurance 11.5
Internet Software & Services 4.8
Real Estate Management & Development 4.4
Transportation Infrastructure 3.0
Metals & Mining 2.9
Independent Power Producers & Energy
Traders 2.5
Food Products 2.3
Diversified Telecommunication Services 2.2
Construction & Engineering 1.7
Electrical Equipment 1.6
Marine 1.5
Automobiles 1.4
Construction Materials 1.2
Hotels, Restaurants & Leisure 0.9
Chemicals 0.8
Distributors 0.7
Energy Equipment & Services 0.6
Communications Equipment 0.5
Computers & Peripherals 0.5
Industrial Conglomerates 0.5
Multiline Retail 0.5
Leisure Equipment & Products 0.4
Software 0.4
Water Utilities 0.4
Airlines 0.3
Beverages 0.3
Machinery 0.3
Paper & Forest Products 0.3
Semiconductors & Semiconductor Equipment 0.3
Health Care Equipment & Supplies 0.2
Media 0.2
Road & Rail 0.2
Textiles, Apparel & Luxury Goods 0.2
Air Freight & Logistics 0.1
Biotechnology 0.1
Household Durables 0.1
IT Services 0.1
Commercial Services & Supplies 0.0**
Electronic Equipment, Instruments &
Components 0.0**
Short Term Investments 2.4
Other Assets & Liabilities (2.4)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
12
(Logo/semi-annual report)
SPDR S&P Emerging Markets ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P EMERGING BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -26.52% -26.99% -26.70%
---------------------------------------------------------------------------------------------------
ONE YEAR -45.09% -45.30% -47.04%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -30.23% -30.10% -32.29%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P EMERGING BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -45.09% -45.30% -47.04%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -16.23% -16.15% -17.46%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
13
[Logo/semi-annual report]
SPDR S&P Emerging Markets ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MARKETS ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P EMERGING
EMERGING MARKETS BMI INDEX
ETF (A) (B)
---------------- ------------
10000 10000
3/20/07 10338 10389
4/30/07 10818 10863
5/31/07 11294 11357
6/30/07 11823 11927
7/31/07 12305 12467
8/31/07 12156 12226
9/30/07 13520 13574
10/31/07 15145 15077
11/30/07 14085 14145
12/31/07 14134 14293
1/31/08 12448 12515
2/29/08 13329 13473
3/31/08 12706 12785
4/30/08 13774 13743
5/31/08 14123 14065
6/30/08 12780 12675
7/31/08 12302 12202
8/31/08 11498 11337
9/30/08 9495 9237
10/31/08 6968 6706
11/30/08 6536 6276
12/31/08 6946 6652
1/31/09 6404 6197
2/28/09 6197 6003
3/31/09 6977 6771
</Table>
14
[Logo/semi-annual report]
SPDR S&P Emerging Markets ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------
DESCRIPTION PETROLEO BRASILEIRO GAZPROM OAO ADR CHINA MOBILE, LTD. COMPANHIA VALE DO TAIWAN SEMICONDUCTOR
SA ADR RIO DOCE ADR MANUFACTURING CO.,
LTD. ADR
--------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,086,860 1,368,858 1,267,258 1,234,540 1,208,223
--------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.4% 2.9 2.7 2.6 2.5
--------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Oil, Gas & Consumable Fuels 16.4%
Commercial Banks 13.2
Metals & Mining 9.7
Wireless Telecommunication Services 8.4
Semiconductors & Semiconductor Equipment 4.1
Diversified Telecommunication Services 3.2
Pharmaceuticals 2.8
Insurance 2.7
Computers & Peripherals 2.3
Chemicals 2.0
Beverages 1.9
Construction & Engineering 1.9
Electric Utilities 1.9
Food Products 1.5
Industrial Conglomerates 1.5
Real Estate Management & Development 1.5
Electronic Equipment, Instruments &
Components 1.4
Diversified Financial Services 1.3
Construction Materials 1.2
Food & Staples Retailing 1.1
Independent Power Producers & Energy
Traders 1.1
IT Services 1.1
Internet Software & Services 1.0
Transportation Infrastructure 1.0
Automobiles 0.9
Media 0.9
Specialty Retail 0.9
Hotels, Restaurants & Leisure 0.8
Multiline Retail 0.8
Electrical Equipment 0.6
Energy Equipment & Services 0.5
Household Products 0.5
Capital Markets 0.4
Household Durables 0.4
Leisure Equipment & Products 0.4
Marine 0.4
Software 0.4
Thrifts & Mortgage Finance 0.4
Airlines 0.3
Communications Equipment 0.3
Gas Utilities 0.3
Machinery 0.3
Tobacco 0.3
Distributors 0.2
Personal Products 0.2
Textiles, Apparel & Luxury Goods 0.2
Water Utilities 0.2
Aerospace & Defense 0.1
Building Products 0.1
Health Care Providers & Services 0.1
Paper & Forest Products 0.1
Road & Rail 0.1
Trading Companies & Distributors 0.1
Air Freight & Logistics 0.0**
Biotechnology 0.0**
Consumer Finance 0.0**
Professional Services 0.0**
Short Term Investments 11.4
Other Assets & Liabilities (6.8)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
15
[Logo/semi-annual report]
SPDR S&P BRIC 40 ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P BRIC 40 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -25.38% -25.60% -25.46%
---------------------------------------------------------------------------------------------------
ONE YEAR -45.22% -45.29% -45.15%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -36.84% -36.83% -36.56%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P BRIC 40 INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -45.22% -45.29% -45.15%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -22.71% -22.70% -22.52%
---------------------------------------------------------------------------------------------------
(1) For the period June 19, 2007 to March 31, 2009.
16
[Logo/semi-annual report]
SPDR S&P BRIC 40 ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P BRIC 40 ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P BRIC
BRIC 40 40 INDEX
ETF (A) (B)
-------- --------
6/19/07 10000 10000
7/31/07 10544 10542
8/31/07 10727 10732
9/30/07 12538 12554
10/31/07 14703 14711
11/30/07 13469 13499
12/31/07 13469 13504
1/31/08 11350 11379
2/29/08 12339 12375
3/31/08 11530 11565
4/30/08 13089 13139
5/31/08 13661 13731
6/30/08 12418 12473
7/31/08 11672 11722
8/31/08 10591 10639
9/30/08 8464 8510
10/31/08 6165 6173
11/30/08 5882 5893
12/31/08 6058 6073
1/31/09 5625 5640
2/28/09 5560 5576
3/31/09 6316 6344
</Table>
17
[Logo/semi-annual report]
SPDR S&P BRIC 40 ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, LTD. GAZPROM OAO ADR PETROLEO CHINA LIFE INDUSTRIAL &
BRASILEIRO SA ADR INSURANCE CO., LTD. COMMERCIAL
BANK OF CHINA
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $10,177,258 9,756,376 8,155,235 6,970,503 6,701,760
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.4% 8.1 6.8 5.8 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Oil, Gas & Consumable Fuels 38.1%
Commercial Banks 22.7
Wireless Telecommunication Services 9.7
Metals & Mining 7.7
Insurance 7.6
Diversified Telecommunication Services 4.6
IT Services 2.8
Real Estate Management & Development 1.7
Beverages 1.6
Construction & Engineering 1.1
Internet Software & Services 1.1
Electric Utilities 1.0
Transportation Infrastructure 0.0**
Short Term Investments 14.4
Other Assets & Liabilities (14.1)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
18
[Logo/semi-annual report]
SPDR S&P Emerging Europe ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P EUROPEAN EMERGING
VALUE VALUE CAPPED BMI INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -45.45% -49.95% -48.33%
---------------------------------------------------------------------------------------------------
ONE YEAR -62.02% -62.35% -65.41%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -56.89% -57.01% -59.17%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P EUROPEAN EMERGING
VALUE VALUE CAPPED BMI INDEX
---------------------------------------------------------------------------------------------------
ONE YEAR -62.02% -62.35% -65.41%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -33.90% -33.98% -35.65%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
19
[Logo/semi-annual report]
SPDR S&P Emerging Europe ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING EUROPE ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P EUROPEAN
SPDR S&P EMERGING CAPPED
EMERGING EUROPE BMI INDEX
ETF (A) (B)
--------------- ---------------
10000 10000
3/20/07 10597 10577
4/30/07 10796 10655
5/31/07 10316 10385
6/30/07 11059 11109
7/31/07 11386 11588
8/31/07 10877 11120
9/30/07 11873 12055
10/31/07 12861 13155
11/30/07 12585 13063
12/31/07 13045 13553
1/31/08 10898 11377
2/29/08 11418 12109
3/31/08 11351 11803
4/30/08 11695 12140
5/31/08 13053 13562
6/30/08 12152 12547
7/31/08 11429 11601
8/31/08 9822 10020
9/30/08 7902 7900
10/31/08 5424 5140
11/30/08 4677 4420
12/31/08 4541 4254
1/31/09 3822 3611
2/28/09 3723 3424
3/31/09 4311 4083
</Table>
20
[Logo/semi-annual report]
SPDR S&P Emerging Europe ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------------------------------
DESCRIPTION GAZPROM OAO ADR LUKOIL ADR SURGUTNEFTEGAZ ADR OAO ROSNEFT OIL CO. GDR ROSTELECOM ADR
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $7,259,185 3,983,813 2,420,664 1,510,663 1,369,124
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 19.9% 10.9 6.6 4.1 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Oil, Gas & Consumable Fuels 50.8%
Commercial Banks 11.4
Metals & Mining 11.2
Diversified Telecommunication Services 10.7
Electric Utilities 3.3
Wireless Telecommunication Services 2.2
Industrial Conglomerates 1.2
Pharmaceuticals 1.2
Media 1.1
Beverages 0.9
Household Durables 0.9
Airlines 0.6
Construction & Engineering 0.6
Diversified Financial Services 0.5
Real Estate Management & Development 0.5
Chemicals 0.4
Software 0.4
Energy Equipment & Services 0.3
Auto Components 0.2
Building Products 0.2
Distributors 0.2
Electronic Equipment, Instruments &
Components 0.2
Hotels, Restaurants & Leisure 0.2
Insurance 0.2
Biotechnology 0.1
Short Term Investments 3.4
Other Assets & Liabilities (2.9)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
21
[Logo/semi-annual report]
SPDR S&P Emerging Latin America ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P LATIN AMERICA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -33.32% -33.36% -31.24%
---------------------------------------------------------------------------------------------------
ONE YEAR -49.29% -49.81% -48.21%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -27.38% -27.51% -25.19%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P LATIN AMERICA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -49.29% -49.81% -48.21%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -14.56% -14.64% -13.30%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
22
[Logo/semi-annual report]
SPDR S&P Emerging Latin America ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING LATIN AMERICA ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P
EMERGING LATIN S&P LATIN
AMERICA ETF AMERICA BMI
(A) INDEX (B)
-------------- -----------
10000 10000
3/20/07 10333 10407
4/30/07 10966 11050
5/31/07 12152 12210
6/30/07 12423 12580
7/31/07 12578 12803
8/31/07 12197 12391
9/30/07 13649 13850
10/31/07 15186 15452
11/30/07 14298 14592
12/31/07 14333 14711
1/31/08 13706 13749
2/29/08 14803 14980
3/31/08 14321 14446
4/30/08 15689 15782
5/31/08 16913 17185
6/30/08 15541 15887
7/31/08 14349 14705
8/31/08 13240 13505
9/30/08 10890 10880
10/31/08 7326 7448
11/30/08 6870 6967
12/31/08 7099 7139
1/31/09 7014 7151
2/28/09 6614 6792
3/31/09 7262 7481
</Table>
23
[Logo/semi-annual report]
SPDR S&P Emerging Latin America ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION PETROLEO BRASILEIRO COMPANHIA VALE DO RIO AMERICA MOVIL ITAU UNIBANCO BANCO BANCO BRADESCO
SA ADR DOCE ADR SAB DE CV MULTIPLO SA ADR SA ADR
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $7,993,688 4,962,047 3,204,873 2,657,429 1,687,584
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 16.6% 10.3 6.7 5.5 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Metals & Mining 20.7%
Oil, Gas & Consumable Fuels 17.1
Commercial Banks 15.5
Wireless Telecommunication Services 7.7
Beverages 4.9
Diversified Telecommunication Services 4.3
Electric Utilities 4.3
Food & Staples Retailing 3.0
Industrial Conglomerates 2.5
Food Products 2.1
Independent Power Producers & Energy
Traders 2.0
Multiline Retail 2.0
Media 1.9
Construction Materials 1.2
Paper & Forest Products 1.2
Energy Equipment & Services 1.1
Household Durables 1.0
Household Products 0.9
Transportation Infrastructure 0.9
Airlines 0.6
Tobacco 0.6
Biotechnology 0.5
Chemicals 0.5
Construction & Engineering 0.5
Water Utilities 0.5
Aerospace & Defense 0.4
Building Products 0.3
Internet & Catalog Retail 0.3
Real Estate Management & Development 0.2
Short Term Investments 27.6
Other Assets & Liabilities (26.3)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
24
[Logo/semi-annual report]
SPDR S&P Emerging Middle East & Africa ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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,
2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P MID-EAST & AFRICA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -21.88% -21.77% -21.62%
---------------------------------------------------------------------------------------------------
ONE YEAR -32.56% -32.52% -34.27%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -27.04% -26.36% -24.27%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P MID-EAST & AFRICA BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -32.56% -32.52% -34.27%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -14.36% -13.97% -12.78%
---------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to March 31, 2009.
25
[Logo/semi-annual report]
SPDR S&P Emerging Middle East & Africa ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P
EMERGING MIDDLE S&P MID-EAST
EAST & & AFRICA
AFRICA ETF BMI INDEX
(A) (B)
--------------- ------------
10000 10000
3/20/07 10453 10469
4/30/07 11246 11263
5/31/07 11081 11158
6/30/07 10892 11037
7/31/07 10944 11092
8/31/07 10878 10957
9/30/07 11584 11653
10/31/07 12811 12921
11/30/07 12178 12474
12/31/07 12042 12467
1/31/08 10889 11424
2/29/08 11521 12178
3/31/08 10818 11523
4/30/08 11773 12305
5/31/08 12015 12508
6/30/08 11245 11640
7/31/08 11261 11555
8/31/08 10780 11029
9/30/08 9340 9663
10/31/08 7178 7372
11/30/08 6861 7078
12/31/08 7611 7819
1/31/09 6785 7020
2/28/09 6635 6886
3/31/09 7296 7573
</Table>
26
[Logo/semi-annual report]
SPDR S&P Emerging Middle East & Africa ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------
TEVA PHARMACEUTICAL SASOL, LTD. IMPALA PLATINUM STANDARD BANK
DESCRIPTION INDUSTRIES, LTD. MTN GROUP, LTD. HOLDINGS, LTD. GROUP, LTD.
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $11,217,626 5,237,767 5,127,781 2,829,530 2,648,161
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.7% 6.4 6.3 3.5 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 MARCH, 31 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 15.7%
Pharmaceuticals 15.1
Metals & Mining 14.5
Wireless Telecommunication Services 7.2
Oil, Gas & Consumable Fuels 6.5
Diversified Financial Services 5.1
Industrial Conglomerates 3.3
Chemicals 3.1
Diversified Telecommunication Services 3.0
Real Estate Management & Development 2.7
Media 2.6
Food & Staples Retailing 2.4
Construction & Engineering 2.3
Specialty Retail 2.0
Insurance 1.8
Software 1.5
Aerospace & Defense 1.4
Construction Materials 1.3
Food Products 1.1
Capital Markets 0.9
Communications Equipment 0.8
Health Care Providers & Services 0.5
Household Durables 0.5
Multiline Retail 0.5
Tobacco 0.5
Distributors 0.4
Electrical Equipment 0.3
Hotels, Restaurants & Leisure 0.3
Marine 0.3
Semiconductors & Semiconductor Equipment 0.3
Electronic Equipment, Instruments &
Components 0.2
Paper & Forest Products 0.2
Health Care Equipment & Supplies 0.1
Internet Software & Services 0.1
Trading Companies & Distributors 0.1
Short Term Investments 2.3
Other Assets & Liabilities (0.9)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
27
[Logo/semi-annual report]
SPDR S&P World ex-US ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.34%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -29.95% -31.17% -31.16%
---------------------------------------------------------------------------------------------------
ONE YEAR -45.39% -45.25% -46.47%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -48.83% -48.47% -49.63%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -45.39% -45.25% -46.47%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -29.10% -28.85% -29.70%
---------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to March 31, 2009.
28
[Logo/semi-annual report]
SPDR S&P World ex-US ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P WORLD EX-US ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
WORLD EX-US EX-US BMI
ETF (A) INDEX (B)
----------- -------------
10000 10000
4/20/07 9983 9986
5/31/07 10192 10231
6/30/07 10235 10245
7/31/07 10134 10161
8/31/07 9937 9960
9/30/07 10456 10494
10/31/07 10901 10978
11/30/07 10474 10498
12/31/07 10239 10286
1/31/08 9333 9330
2/29/08 9496 9540
3/31/08 9371 9404
4/30/08 9866 9899
5/31/08 10032 10067
6/30/08 9230 9269
7/31/08 8901 8933
8/31/08 8522 8557
9/30/08 7305 7312
10/31/08 5848 5731
11/30/08 5528 5409
12/31/08 5854 5738
1/31/09 5335 5229
2/28/09 4777 4693
3/31/09 5117 5037
</Table>
29
[Logo/semi-annual report]
SPDR S&P World ex-US ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION BP PLC NESTLE SA TOTAL SA SAMSUNG ELECTRONICS ROCHE HOLDING AG
CO.,LTD. GDR
------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $671,108 667,025 603,773 587,423 542,074
------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.4% 1.4 1.3 1.2 1.1
------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 12.4%
Oil, Gas & Consumable Fuels 9.4
Pharmaceuticals 6.5
Metals & Mining 5.5
Diversified Telecommunication Services 3.8
Insurance 3.8
Electric Utilities 3.2
Chemicals 3.1
Automobiles 2.9
Food Products 2.8
Food & Staples Retailing 2.3
Wireless Telecommunication Services 2.2
Machinery 2.1
Capital Markets 1.8
Media 1.8
Real Estate Management & Development 1.8
Semiconductors & Semiconductor Equipment 1.8
Multi-Utilities 1.7
Industrial Conglomerates 1.6
Construction & Engineering 1.4
Electrical Equipment 1.4
Electronic Equipment, Instruments &
Components 1.3
Road & Rail 1.3
Beverages 1.2
Diversified Financial Services 1.2
Hotels, Restaurants & Leisure 1.2
Real Estate Investment Trusts 1.1
Trading Companies & Distributors 1.1
Communications Equipment 1.0
Specialty Retail 1.0
Household Durables 0.9
Health Care Equipment & Supplies 0.8
Textiles, Apparel & Luxury Goods 0.8
Tobacco 0.8
Auto Components 0.7
Building Products 0.7
Commercial Services & Supplies 0.7
Professional Services 0.7
Software 0.7
Aerospace & Defense 0.6
Energy Equipment & Services 0.6
Gas Utilities 0.6
IT Services 0.6
Marine 0.6
Airlines 0.5
Computers & Peripherals 0.5
Multiline Retail 0.5
Office Electronics 0.5
Health Care Providers & Services 0.4
Household Products 0.4
Transportation Infrastructure 0.4
Air Freight & Logistics 0.3
Construction Materials 0.3
Biotechnology 0.2
Distributors 0.2
Life Sciences Tools & Services 0.2
Personal Products 0.2
Consumer Finance 0.1
Independent Power Producers & Energy
Traders 0.1
Leisure Equipment & Products 0.1
Paper & Forest Products 0.1
Internet & Catalog Retail 0.0**
Thrifts & Mortgage Finance 0.0**
Short Term Investments 16.7
Other Assets & Liabilities (15.2)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
30
[Logo/semi-annual report]
SPDR S&P International Small Cap ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
S&P DEVELOPED EX-US UNDER USD2
NET ASSET MARKET BILLION INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -30.69% -32.65% -29.87%
---------------------------------------------------------------------------------------------------
ONE YEAR -48.32% -48.63% -48.18%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -52.69% -52.75% -53.58%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
S&P DEVELOPED EX-US UNDER USD2
NET ASSET MARKET BILLION INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -48.32% -48.63% -48.18%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -31.91% -31.95% -32.55%
---------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to March 31, 2009.
31
[Logo/semi-annual report]
SPDR S&P International Small Cap ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL SMALL CAP ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL SMALL EX-US UNDER
CAP ETF USD2 BILLION
(A) (B)
------------------- -------------
10000 10000
4/20/07 10053 10043
5/31/07 10261 10278
6/30/07 10250 10298
7/31/07 10368 10393
8/31/07 9927 9903
9/30/07 10315 10276
10/31/07 10886 10811
11/30/07 10054 9958
12/31/07 9776 9692
1/31/08 8878 8764
2/29/08 9238 9169
3/31/08 9154 8958
4/30/08 9356 9164
5/31/08 9522 9406
6/30/08 8849 8743
7/31/08 8484 8316
8/31/08 8104 7885
9/30/08 6826 6620
10/31/08 5150 4968
11/30/08 4922 4746
12/31/08 5332 5128
1/31/09 4968 4843
2/28/09 4440 4337
3/31/09 4731 4642
</Table>
32
[Logo/semi-annual report]
SPDR S&P International Small Cap ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-------------------------------------------------------------------------------------------------------------------------
NANKAI ELECTRIC SHOCHIKU CO., LTD. CAFE DE CORAL IAMGOLD CORP.
DESCRIPTION RAILWAY CO., LTD. HOLDINGS, LTD. UNI-SELECT, INC.
-------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,181,239 1,971,894 1,924,332 1,549,800 1,508,031
-------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.9% 0.8 0.8 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 6.3%
Metals & Mining 5.4
Real Estate Management & Development 5.2
Commercial Services & Supplies 4.3
Machinery 4.3
Electronic Equipment, Instruments &
Components 3.8
Specialty Retail 3.7
Chemicals 3.6
Hotels, Restaurants & Leisure 3.5
Food Products 3.2
Media 3.2
Construction & Engineering 3.1
Oil, Gas & Consumable Fuels 3.1
Pharmaceuticals 3.1
Capital Markets 2.6
Health Care Equipment & Supplies 2.5
Road & Rail 2.3
Household Durables 2.0
Textiles, Apparel & Luxury Goods 1.7
Electrical Equipment 1.6
Software 1.6
Building Products 1.5
Health Care Providers & Services 1.4
Industrial Conglomerates 1.4
Insurance 1.4
Multiline Retail 1.4
Professional Services 1.4
Trading Companies & Distributors 1.3
Auto Components 1.2
IT Services 1.2
Construction Materials 1.0
Paper & Forest Products 1.0
Semiconductors & Semiconductor Equipment 1.0
Beverages 0.9
Internet Software & Services 0.9
Communications Equipment 0.8
Distributors 0.8
Transportation Infrastructure 0.8
Aerospace & Defense 0.7
Biotechnology 0.7
Consumer Finance 0.7
Containers & Packaging 0.7
Diversified Consumer Services 0.7
Gas Utilities 0.7
Food & Staples Retailing 0.6
Airlines 0.5
Diversified Financial Services 0.5
Energy Equipment & Services 0.5
Marine 0.5
Automobiles 0.4
Thrifts & Mortgage Finance 0.3
Computers & Peripherals 0.2
Electric Utilities 0.2
Independent Power Producers & Energy
Traders 0.2
Internet & Catalog Retail 0.2
Leisure Equipment & Products 0.2
Air Freight & Logistics 0.1
Short Term Investments 16.9
Other Assets & Liabilities (15.0)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
33
[Logo/semi-annual report]
SPDR Dow Jones International Real Estate ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
--------------------------------------------------------------
NET ASSET MARKET DOW JONES GLOBAL EX-U.S. SELECT REAL
VALUE VALUE ESTATE SECURITIES INDEX
----------------------------------------------------------------------------------------
SIX MONTHS -40.93% -40.87% -40.87%
----------------------------------------------------------------------------------------
ONE YEAR -56.44% -56.35% -56.59%
----------------------------------------------------------------------------------------
SINCE INCEPTION (1) -60.66% -60.31% -60.50%
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------------------------
NET ASSET MARKET DOW JONES GLOBAL EX-U.S. SELECT REAL
VALUE VALUE ESTATE SECURITIES INDEX
----------------------------------------------------------------------------------------
ONE YEAR -56.44% -56.35% -56.59%
----------------------------------------------------------------------------------------
SINCE INCEPTION (1) -33.42% -33.17% -33.31%
----------------------------------------------------------------------------------------
(1) For the period December 15, 2006 to March 31, 2009.
34
[Logo/semi-annual report]
SPDR Dow Jones International Real Estate ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
DOW JONES DOW JONES
SPDR DJ GLOBAL EX-U.S.
INTERNATIONAL SELECT REAL
REAL ESTATE ESTATE SECURITIES
ETF(A) INDEX(B)
-------------- -----------------
10000 10000
12/15/06 10401 10397
1/31/07 10546 10576
2/28/07 10836 10871
3/31/07 11149 11207
4/30/07 11390 11448
5/31/07 11605 11670
6/30/07 10857 10949
7/31/07 10297 10383
8/31/07 10270 10341
9/30/07 10809 10900
10/31/07 11009 11112
11/30/07 10174 10274
12/31/07 9682 9785
1/31/08 9171 9257
2/29/08 9207 9285
3/31/08 9032 9098
4/30/08 9451 9510
5/31/08 9251 9313
6/30/08 8218 8251
7/31/08 8103 8145
8/31/08 7736 7770
9/30/08 6661 6680
10/31/08 4963 4954
11/30/08 4534 4530
12/31/08 4733 4734
1/31/09 4281 4288
2/28/09 3682 3691
3/31/09 3934 3950
</Table>
35
[Logo/semi-annual report]
SPDR Dow Jones International Real Estate ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION WESTFIELD GROUP UNIBAIL-RODAMCO MITSUI FUDOSAN BROOKFIELD ASSET LAND SECURITIES GROUP PLC
CO., LTD. MANAGEMENT, INC.
(CLASS A)
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $42,788,615 34,226,188 28,044,264 21,106,637 14,153,608
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS........... 10.0% 8.0 6.5 4.9 3.3
--------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Retail REITs 37.2%
Real Estate Management & Development 31.6
Office REITs 14.8
Diversified REITs 11.8
Industrial REITs 2.1
Residential REITs 0.7
Specialized REITs 0.4
Short Term Investments 17.9
Other Assets & Liabilities (16.5)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
36
[Logo/semi-annual report]
SPDR FTSE/Macquarie Global Infrastructure 100 ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET MACQUARIE GLOBAL
VALUE VALUE INFRASTRUCTURE 100 INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -26.49% -27.51% -26.32%
---------------------------------------------------------------------------------------------------
ONE YEAR -37.85% -38.31% -37.58%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -30.12% -30.22% -29.17%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET MACQUARIE GLOBAL
VALUE VALUE INFRASTRUCTURE 100 INDEX
---------------------------------------------------------------------------------------------------
ONE YEAR -37.85% -38.31% -37.58%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -15.15% -15.21% -14.62%
---------------------------------------------------------------------------------------------------
(1) For the period January 25, 2007 to March 31, 2009.
37
[Logo/semi-annual report]
SPDR FTSE/Macquarie Global Infrastructure 100 ETF--PERFORMANCE SUMMARY
(continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR FTSE/
MACQUARIE GLOBAL MACQUARIE GLOBAL
INFRASTRUCTURE 100 INFRASTRUCTURE 100
ETF(A) INDEX(B)
------------------ ------------------
10000 10000
1/25/07 10090 10089
2/28/07 10275 10277
3/31/07 10685 10692
4/30/07 11114 11125
5/31/07 11384 11425
6/30/07 11080 11120
7/31/07 10715 10754
8/31/07 10894 10949
9/30/07 11443 11508
10/31/07 12134 12217
11/30/07 12294 12386
12/31/07 12245 12343
1/31/08 11364 11453
2/29/08 11313 11411
3/31/08 11244 11348
4/30/08 11653 11778
5/31/08 12075 12219
6/30/08 11616 11756
7/31/08 11176 11313
8/31/08 10800 10933
9/30/08 9506 9614
10/31/08 8164 8251
11/30/08 8014 8108
12/31/08 8386 8500
1/31/09 7858 7968
2/28/09 6946 7044
3/31/09 6988 7083
</Table>
38
[Logo/semi-annual report]
SPDR FTSE/Macquarie Global Infrastructure 100 ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION GDF SUEZ E.ON AG IBERDROLA SA EXELON CORP. RWE AG
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,561,942 3,518,555 2,209,690 1,890,493 1,736,840
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 6.3% 6.2 3.9 3.3 3.1
----------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Electric Utilities 51.9%
Multi-Utilities 28.2
Oil, Gas & Consumable Fuels 5.4
Gas Utilities 5.0
Independent Power Producers & Energy
Traders 3.7
Transportation Infrastructure 2.7
Wireless Telecommunication Services 1.8
Water Utilities 0.9
Short Term Investments 23.4
Other Assets & Liabilities (23.0)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
39
[Logo/semi-annual report]
SPDR MSCI ACWI ex-US ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.34%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET MSCI ALL COUNTRY
VALUE VALUE WORLD INDEX EX USA
---------------------------------------------------------------------------------------------------
SIX MONTHS -29.84% -31.02% -30.54%
---------------------------------------------------------------------------------------------------
ONE YEAR -45.19% -45.21% -46.18%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -40.89% -40.86% -41.09%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET MSCI ALL COUNTRY
VALUE VALUE WORLD INDEX EX USA
---------------------------------------------------------------------------------------------------
ONE YEAR -45.19% -45.21% -46.18%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -21.07% -21.06% -21.20%
---------------------------------------------------------------------------------------------------
(1) For the period January 10, 2007 to March 31, 2009.
40
[Logo/semi-annual report]
SPDR MSCI ACWI ex-US ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR MSCI ACWI EX-US ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
MSCI ALL
SPDR MSCI COUNTRY WORLD
ACWI EX-US INDEX EX
ETF (A) USA (B)
---------- -------------
10000 10000
1/10/07 10306 10315
2/28/07 10362 10378
3/31/07 10657 10671
4/30/07 11140 11166
5/31/07 11421 11472
6/30/07 11494 11569
7/31/07 11402 11537
8/31/07 11227 11359
9/30/07 11955 12112
10/31/07 12607 12788
11/30/07 12042 12214
12/31/07 11861 12037
1/31/08 10763 10871
2/29/08 11010 11187
3/31/08 10783 10945
4/30/08 11457 11618
5/31/08 11658 11819
6/30/08 10709 10850
7/31/08 10296 10462
8/31/08 9837 9975
9/30/08 8424 8480
10/31/08 6670 6613
11/30/08 6266 6234
12/31/08 6608 6590
1/31/09 6028 6010
2/28/09 5457 5451
3/31/09 5911 5891
</Table>
41
[Logo/semi-annual report]
SPDR MSCI ACWI ex-US ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION NESTLE SA BP PLC TOTAL SA ROCHE HOLDING AG VODAFONE GROUP PLC
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,806,581 2,803,348 2,190,250 2,046,034 2,005,916
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.5% 1.5 1.2 1.1 1.1
--------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 12.6%
Oil, Gas & Consumable Fuels 12.0
Pharmaceuticals 6.8
Metals & Mining 5.9
Diversified Telecommunication Services 4.7
Insurance 3.6
Wireless Telecommunication Services 3.1
Electric Utilities 2.9
Automobiles 2.7
Chemicals 2.7
Food Products 2.7
Semiconductors & Semiconductor Equipment 2.3
Food & Staples Retailing 2.0
Media 1.8
Capital Markets 1.7
Machinery 1.7
Real Estate Management & Development 1.7
Electronic Equipment, Instruments &
Components 1.6
Beverages 1.5
Industrial Conglomerates 1.5
Road & Rail 1.5
Multi-Utilities 1.3
Communications Equipment 1.1
Construction & Engineering 1.0
Electrical Equipment 1.0
Household Durables 1.0
Trading Companies & Distributors 1.0
Real Estate Investment Trusts (REITs) 0.9
Tobacco 0.9
Diversified Financial Services 0.8
Transportation Infrastructure 0.8
Hotels, Restaurants & Leisure 0.7
Software 0.7
Textiles, Apparel & Luxury Goods 0.7
Auto Components 0.6
Building Products 0.6
Gas Utilities 0.6
Independent Power Producers & Energy
Traders 0.6
Aerospace & Defense 0.5
Commercial Services & Supplies 0.5
Health Care Equipment & Supplies 0.5
IT Services 0.5
Marine 0.5
Office Electronics 0.5
Specialty Retail 0.5
Construction Materials 0.4
Multiline Retail 0.4
Professional Services 0.4
Air Freight & Logistics 0.3
Computers & Peripherals 0.3
Energy Equipment & Services 0.3
Household Products 0.3
Airlines 0.2
Biotechnology 0.2
Consumer Finance 0.2
Distributors 0.2
Health Care Providers & Services 0.2
Internet Software & Services 0.2
Personal Products 0.2
Containers & Packaging 0.1
Leisure Equipment & Products 0.1
Life Sciences Tools & Services 0.1
Paper & Forest Products 0.1
Water Utilities 0.1
Short Term Investments 15.2
Other Assets & Liabilities (14.3)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
42
[Logo/semi-annual report]
SPDR Russell/Nomura PRIME Japan ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA PRIME INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
SIX MONTHS -22.67% -23.43% -22.77%
---------------------------------------------------------------------------------------------------
ONE YEAR -34.98% -34.32% -34.84%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -39.63% -39.00% -39.07%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA PRIME INDEX
VALUE VALUE
---------------------------------------------------------------------------------------------------
ONE YEAR -34.98% -34.32% -34.84%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -19.03% -18.67% -18.72%
---------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to March 31, 2009.
43
[Logo/semi-annual report]
SPDR Russell/Nomura PRIME Japan ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA PRIME JAPAN ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR RUSSELL/
NOMURA PRIME RUSSELL/ NOMURA
JAPAN ETF(A) PRIME INDEX(B)
------------- ---------------
10000 10000
11/9/06 10320 10323
12/31/06 10514 10520
1/31/07 10605 10611
2/28/07 11002 11024
3/31/07 10858 10898
4/7/07 10656 10702
5/7/07 10799 10848
6/7/07 10765 10829
7/31/07 10717 10796
8/31/07 10421 10475
9/30/07 10619 10686
10/31/07 10604 10691
11/30/07 10408 10507
12/31/07 9988 9944
1/31/08 9546 9614
2/29/08 9600 9673
3/31/08 9284 9351
4/30/08 9897 9968
5/31/08 10161 10228
6/30/08 9462 9543
7/31/08 9152 9228
8/31/08 8782 8865
9/30/08 7807 7888
10/31/08 6714 6783
11/30/08 6691 6748
12/31/08 7243 7339
1/31/09 6746 6806
2/28/09 5898 5957
3/31/09 6037 6093
</Table>
44
[Logo/semi-annual report]
SPDR Russell/Nomura PRIME Japan ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MOTOR MITSUBISHI UFJ NIPPON TELEGRAPH & NINTENDO CO., LTD. HONDA MOTOR CO., LTD.
CORP. FINANCIAL GROUP, INC. TELEPHONE CORP.
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $387,813 261,205 241,693 215,456 203,304
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.3% 2.2 2.0 1.8 1.7
-----------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 9.7%
Automobiles 6.6
Electric Utilities 5.9
Electronic Equipment, Instruments &
Components 5.2
Pharmaceuticals 5.0
Chemicals 4.4
Machinery 4.4
Road & Rail 4.4
Trading Companies & Distributors 3.4
Household Durables 3.2
Metals & Mining 2.9
Wireless Telecommunication Services 2.5
Office Electronics 2.3
Specialty Retail 2.3
Insurance 2.2
Oil, Gas & Consumable Fuels 2.2
Software 2.2
Diversified Telecommunication Services 2.0
Real Estate Management & Development 1.9
Auto Components 1.8
Food & Staples Retailing 1.8
Leisure Equipment & Products 1.7
Capital Markets 1.4
Commercial Services & Supplies 1.3
Construction & Engineering 1.3
Computers & Peripherals 1.2
Electrical Equipment 1.2
Semiconductors & Semiconductor Equipment 1.1
Beverages 1.0
Food Products 1.0
Building Products 0.9
Household Products 0.8
Airlines 0.7
Tobacco 0.7
Consumer Finance 0.6
Gas Utilities 0.6
IT Services 0.6
Marine 0.6
Textiles, Apparel & Luxury Goods 0.6
Industrial Conglomerates 0.5
Media 0.5
Health Care Equipment & Supplies 0.4
Multiline Retail 0.4
Paper & Forest Products 0.4
Personal Products 0.4
Air Freight & Logistics 0.3
Health Care Providers & Services 0.3
Hotels, Restaurants & Leisure 0.3
Internet Software & Services 0.3
Diversified Consumer Services 0.2
Independent Power Producers & Energy
Traders 0.2
Internet & Catalog Retail 0.2
Transportation Infrastructure 0.2
Communications Equipment 0.1
Construction Materials 0.1
Containers & Packaging 0.1
Distributors 0.1
Diversified Financial Services 0.1
Short Term Investments 28.8
Other Assets & Liabilities (27.5)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
45
[Logo/semi-annual report]
SPDR Russell/Nomura Small Cap Japan ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.55%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA JAPAN
VALUE VALUE SMALL CAP INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -13.89% -14.24% -13.66%
---------------------------------------------------------------------------------------------------
ONE YEAR -27.93% -27.22% -27.94%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -35.66% -34.82% -34.80%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA JAPAN
VALUE VALUE SMALL CAP INDEX
---------------------------------------------------------------------------------------------------
ONE YEAR -27.93% -27.22% -27.94%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -16.84% -16.38% -16.38%
---------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to March 31, 2009.
46
[Logo/semi-annual report]
SPDR Russell/Nomura Small Cap Japan ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR RUSSELL/NOMURA
SMALL CAP RUSSELL/NOMURA JAPAN
JAPAN ETF SMALL CAP
(A) INDEX (B)
------------------- --------------------
10000 10000
11/9/06 10421 10352
12/31/06 10437 10359
1/31/07 10616 10517
2/28/07 11009 10853
3/31/07 10935 10749
4/30/07 10679 10523
5/31/07 10437 10327
6/30/07 10449 10402
7/31/07 10447 10403
8/31/07 9969 9916
9/30/07 9943 9946
10/31/07 10045 10112
11/30/07 9759 9829
12/31/07 9229 9185
1/31/08 8783 8924
2/29/08 8868 9016
3/31/08 8927 9047
4/30/08 9077 9187
5/31/08 9383 9452
6/30/08 8851 8918
7/31/08 8560 8668
8/31/08 8245 8324
9/30/08 7471 7550
10/31/08 6769 6816
11/30/08 7048 7096
12/31/08 7582 7699
1/31/09 7138 7226
2/28/09 6185 6262
3/31/09 6434 6520
</Table>
47
[Logo/semi-annual report]
SPDR Russell/Nomura Small Cap Japan ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION GS YUASA CORP. MCDONALD'S HOLDINGS CO. MOS FOOD SERVICES, INC. FUJICCO CO., LTD. HOKUTO CORP.
(JAPAN), LTD.
----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $662,943 542,181 538,793 513,621 488,303
----------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.0% 0.8 0.8 0.8 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 8.4%
Chemicals 7.3
Machinery 6.3
Food Products 5.7
Electronic Equipment, Instruments &
Components 5.5
Metals & Mining 4.7
Specialty Retail 3.9
Construction & Engineering 3.4
Textiles, Apparel & Luxury Goods 3.4
Building Products 3.3
Auto Components 3.1
Hotels, Restaurants & Leisure 2.9
Commercial Services & Supplies 2.8
Pharmaceuticals 2.6
Trading Companies & Distributors 2.5
Media 2.3
Electrical Equipment 2.2
Food & Staples Retailing 1.9
IT Services 1.9
Health Care Equipment & Supplies 1.8
Capital Markets 1.7
Household Durables 1.7
Internet Software & Services 1.5
Beverages 1.3
Communications Equipment 1.3
Multiline Retail 1.3
Oil, Gas & Consumable Fuels 1.3
Real Estate Management & Development 1.3
Transportation Infrastructure 1.1
Containers & Packaging 0.9
Diversified Financial Services 0.9
Personal Products 0.9
Semiconductors & Semiconductor Equipment 0.9
Distributors 0.8
Construction Materials 0.7
Software 0.7
Gas Utilities 0.6
Consumer Finance 0.5
Paper & Forest Products 0.4
Electric Utilities 0.3
Household Products 0.3
Insurance 0.3
Internet & Catalog Retail 0.3
Leisure Equipment & Products 0.3
Marine 0.3
Road & Rail 0.3
Computers & Peripherals 0.2
Industrial Conglomerates 0.2
Office Electronics 0.2
Biotechnology 0.1
Energy Equipment & Services 0.1
Professional Services 0.1
Total Short Term Investments 29.1
Other Assets & Liabilities (27.8)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
48
[Logo/semi-annual report]
SPDR S&P International Dividend ETF--PERFORMANCE SUMMARY
The following Performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.45%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P INTERNATIONAL DIVIDEND
VALUE VALUE OPPORTUNITIES INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -36.47% -37.32% -36.53%
---------------------------------------------------------------------------------------------------
ONE YEAR -55.50% -55.42% -55.40%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -53.58% -53.33% -53.74%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P INTERNATIONAL DIVIDEND
VALUE VALUE OPPORTUNITIES INDEX
---------------------------------------------------------------------------------------------------
ONE YEAR -55.50% -55.42% -55.40%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -49.25% -49.01% -49.40%
---------------------------------------------------------------------------------------------------
(1) For the period February 12, 2008 to March 31, 2009.
49
[Logo/semi-annual report]
SPDR S&P International Dividend ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL DIVIDEND ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P INTERNATIONAL
INTERNATIONAL DIVIDEND DIVIDEND OPPORTUNITIES
ETF(A) INDEX(B)
---------------------- ----------------------
10000 10000
2/12/2008 10577 10510
3/31/2008 10432 10373
4/30/2008 10433 10393
5/31/2008 10267 10264
6/30/2008 9266 9239
7/31/2008 8833 8827
8/31/2008 8777 8776
9/30/2008 7307 7289
10/31/2008 5256 5236
11/30/2008 4889 4870
12/31/2008 5260 5246
1/31/2009 4577 4577
2/28/2009 4092 4084
3/31/2009 4642 4626
</Table>
50
[Logo/semi-annual report]
SPDR S&P International Dividend ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION COMMONWEALTH WESFARMERS, LTD. VOLVO AB (CLASS B) METSO OYJ TUPRAS-TURKIYE
BANK OF AUSTRALIA PETROL RAFINERILERI AS
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,465,324 1,389,629 1,321,778 1,175,154 1,083,581
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.4% 4.2 4.0 3.5 3.3
-----------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 17.8%
Oil, Gas & Consumable Fuels 14.8
Media 10.7
Metals & Mining 8.1
Machinery 8.0
Capital Markets 6.7
Diversified Telecommunication Services 6.7
Food & Staples Retailing 6.1
Airlines 4.2
Automobiles 3.2
Pharmaceuticals 3.1
Electric Utilities 2.7
Multiline Retail 2.3
Multi-Utilities 1.8
Food Products 1.1
Insurance 0.4
Beverages 0.3
Construction & Engineering 0.3
Construction Materials 0.2
Diversified Financial Services 0.2
Wireless Telecommunication Services 0.2
Chemicals 0.1
Electronic Equipment, Instruments &
Components 0.1
Paper & Forest Products 0.1
Real Estate Management & Development 0.1
Professional Services 0.0**
Textiles, Apparel & Luxury Goods 0.0**
Short Term Investments 15.7
Other Assets & Liabilities (15.0)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
51
[Logo/semi-annual report]
SPDR S&P International Mid Cap ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.45%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
S&P DEVELOPED EX-U.S. BETWEEN
NET ASSET MARKET USD2 BILLION AND USD5 BILLION
VALUE VALUE INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -28.42% -30.16% -29.53%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -47.42% -47.21% -48.98%
---------------------------------------------------------------------------------------------------
(1) For the period May 7, 2008 to March 31, 2009.
52
[Logo/semi-annual report]
SPDR S&P International Mid Cap ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL MID CAP ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
EX-U.S. BETWEEN
SPDR S&P USD2 BILLION
INTERNATIONAL MID AND USD5
CAP ETF(A) BILLION INDEX(B)
----------------- ----------------
10000 10000
5/7/2008 10042 10041
6/30/2008 9351 9309
7/31/2008 8917 8876
8/31/2008 8587 8572
9/30/2008 7346 7241
10/31/2008 5570 5462
11/30/2008 5401 5254
12/31/2008 5775 5632
1/31/2009 5371 5217
2/28/2009 4901 4693
3/31/2009 5258 5102
</Table>
53
[Logo/semi-annual report]
SPDR S&P International Mid Cap ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOBU RAILWAY KEIHIN ELECTRIC EXPRESS BASELLANDSCHAFTLICHE METRO, INC. PSP SWISS PROPERTY AG
CO., LTD. RAILWAY CO., LTD. KANTONALBANK
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $106,095 93,713 84,244 78,924 78,350
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.5% 1.3 1.2 1.1 1.1
---------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 7.0%
Oil, Gas & Consumable Fuels 5.0
Construction & Engineering 4.8
Real Estate Investment Trusts 4.8
Chemicals 4.2
Machinery 4.1
Insurance 3.8
Media 3.7
Road & Rail 3.5
Multiline Retail 3.2
Food Products 3.1
Metals & Mining 3.0
Electronic Equipment, Instruments &
Components 2.5
Food & Staples Retailing 2.4
Energy Equipment & Services 2.1
Health Care Providers & Services 2.1
Industrial Conglomerates 2.1
Diversified Financial Services 2.0
Hotels, Restaurants & Leisure 1.9
IT Services 1.9
Commercial Services & Supplies 1.9
Health Care Equipment & Supplies 1.6
Leisure Equipment & Products 1.6
Software 1.6
Diversified Telecommunication Services 1.5
Capital Markets 1.4
Auto Components 1.3
Household Durables 1.3
Trading Companies & Distributors 1.2
Electrical Equipment 1.2
Aerospace & Defense 1.2
Electric Utilities 1.1
Professional Services 1.0
Real Estate Management & Development 1.0
Personal Products 1.0
Beverages 0.9
Automobiles 0.8
Office Electronics 0.8
Pharmaceuticals 0.8
Diversified Consumer Services 0.8
Building Products 0.7
Construction Materials 0.7
Computers & Peripherals 0.6
Consumer Finance 0.6
Independent Power Producers & Energy
Traders 0.6
Containers & Packaging 0.5
Biotechnology 0.5
Water Utilities 0.5
Marine 0.4
Air Freight & Logistics 0.4
Textiles, Apparel & Luxury Goods 0.4
Semiconductors & Semiconductor Equipment 0.3
Internet Software & Services 0.3
Transportation Infrastructure 0.3
Internet & Catalog Retail 0.2
Paper & Forest Products 0.2
Specialty Retail 0.2
Distributors 0.1
Airlines 0.1
Household Products 0.0**
Short Term Investment 22.2
Other Assets & Liabilities (21.0)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets
54
[Logo/semi-annual report]
SPDR S&P Emerging Markets Small Cap ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.65%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P EMERGING MARKETS
VALUE VALUE UNDER USD2 BILLION INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -23.08% -24.15% -23.00%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -51.91% -51.97% -50.94%
---------------------------------------------------------------------------------------------------
(1) For the period May 12, 2008 to March 31, 2009.
55
[Logo/semi-annual report]
SPDR S&P Emerging Markets Small Cap ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MARKETS SMALL CAP ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P EMERGING
EMERGING MARKETS MARKETS UNDER
SMALL CAP USD2 BILLION
ETF(A) INDEX(A)
---------------- -------------
10000 10000
5/12/2008 9836 9863
6/30/2008 8629 8648
7/31/2008 8394 8454
8/31/2008 7948 7961
9/30/2008 6252 6372
10/31/2008 4594 4696
11/30/2008 4320 4380
12/31/2008 4682 4795
1/31/2009 4358 4473
2/28/2009 4267 4369
3/31/2009 4809 4906
</Table>
56
[Logo/semi-annual report]
SPDR S&P Emerging Markets Small Cap ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA BILLS FINANCE ASPEN PHARMACARE NICE SYSTEMS, LTD. TECO ELECTRIC & E.SUN FINANCIAL
CORP. HOLDINGS, LTD. MACHINERY CO., LTD. HOLDING CO., LTD.
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $127,516 102,075 82,363 75,902 73,278
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.7% 1.4 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 6.3%
Electronic Equipment, Instruments &
Components 6.3
Real Estate Management & Development 6.0
Food Products 5.4
Capital Markets 4.8
Computers & Peripherals 4.5
Semiconductors & Semiconductor Equipment 4.3
Metals & Mining 3.9
Specialty Retail 3.4
Construction & Engineering 3.0
Textiles, Apparel & Luxury Goods 2.8
Pharmaceuticals 2.6
Industrial Conglomerates 2.5
Construction Materials 2.3
Electrical Equipment 2.3
Diversified Financial Services 2.2
Marine 2.2
Oil, Gas & Consumable Fuels 2.2
Hotels, Restaurants & Leisure 2.1
Media 2.1
Chemicals 2.0
Paper & Forest Products 1.9
Leisure Equipment & Products 1.8
Electric Utilities 1.7
Communications Equipment 1.5
IT Services 1.4
Household Durables 1.3
Machinery 1.3
Beverages 1.2
Transportation Infrastructure 1.2
Automobiles 1.1
Internet Software & Services 1.1
Multiline Retail 1.0
Food & Staples Retailing 0.9
Independent Power Producers & Energy
Traders 0.9
Airlines 0.8
Building Products 0.8
Software 0.8
Tobacco 0.8
Auto Components 0.7
Consumer Finance 0.6
Wireless Telecommunication Services 0.6
Diversified Telecommunication Services 0.5
Health Care Providers & Services 0.5
Air Freight & Logistics 0.4
Diversified Consumer Services 0.3
Insurance 0.3
Energy Equipment & Services 0.2
Health Care Equipment & Supplies 0.2
Internet & Catalog Retail 0.2
Short Term Investments 0.4
Other Assets & Liabilities 0.4
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
57
[Logo/semi-annual report]
SPDR Dow Jones Global Real Estate ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009
IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET DOW JONES GLOBAL SELECT
VALUE VALUE REAL ESTATE SECURITIES INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -50.95% -50.69% -51.15%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -60.70% -60.43% -60.50%
---------------------------------------------------------------------------------------------------
(1) For the period May 7, 2008 to March 31, 2009.
58
[Logo/semi-annual report]
SPDR Dow Jones Global Real Estate ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DOW JONES GLOBAL REAL ESTATE ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR DOW DOW JONES
JONES GLOBAL GLOBAL SELECT
REAL ESTATE REAL ESTATE
ETF(A) SECURITIES INDEX(B)
------------ -------------------
10000 10000
5/7/2008 9840 10000
6/30/2008 8747 8867
7/31/2008 8791 8915
8/31/2008 8671 8781
9/30/2008 8012 8087
10/31/2008 5669 5712
11/30/2008 4734 4767
12/31/2008 5218 5246
1/31/2009 4511 4538
2/28/2009 3727 3749
3/31/2009 3930 3950
</Table>
59
[Logo/semi-annual report]
SPDR Dow Jones Global Real Estate ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION WESTFEILD GROUP UNIBAIL-RODAMCO MITSUI FUDOSAN CO., LTD. SIMON PROPERTY BROOKFIELD ASSET
GROUP, INC. MANAGEMENT, INC.
(CLASS A)
----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,658,509 1,311,812 1,080,288 932,232 808,668
----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.9% 4.7 3.9 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Retail REITs 30.3%
Real Estate Management & Development 19.8
Office REITs 15.5
Specialized REITs 11.9
Diversified REITs 10.4
Residential REITs 7.9
Industrial REITs 3.5
Short Term Investments 7.0
Other Assets & Liabilities (6.3)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
60
[Logo/semi-annual report]
SPDR S&P International Consumer Discretionary Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI CONSUMER
VALUE VALUE DISCRETIONARY SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -26.41% -27.45% -27.94%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -35.45% -34.97% -37.13%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
61
[Logo/semi-annual report]
SPDR S&P International Consumer Discretionary Sector ETF--PERFORMANCE SUMMARY
(continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (Based on Net Asset
Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL CONSUMER EX-U.S. BMI
DISCRETIONARY SECTOR CONSUMER DISCRETIONARY
ETF(A) SECTOR INDEX(B)
---------------------- ----------------------
10000 10000
7/16/2008 10235 10251
8/31/2008 10027 10047
9/30/2008 8771 8725
10/31/2008 7406 7187
11/30/2008 6560 6384
12/31/2008 6968 6778
1/31/2009 6485 6301
2/28/2009 6029 5878
3/31/2009 6455 6287
</Table>
62
[Logo/semi-annual report]
SPDR S&P International Consumer Discretionary Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MOTOR CORP. HONDA MOTOR CO., LTD. VIVENDI VOLKSWAGEN AG DAIMLER AG
----------------------------------------------------------------------------------------------------------------
MARKET VALUE $306,409 131,254 111,929 111,783 85,827
----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 9.4% 4.0 3.4 3.4 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Automobiles 28.1%
Media 18.3
Household Durables 12.2
Hotels, Restaurants & Leisure 10.2
Specialty Retail 8.5
Textiles, Apparel & Luxury Goods 7.2
Auto Components 5.3
Multiline Retail 4.0
Leisure Equipment & Products 2.3
Distributors 1.7
Internet & Catalog Retail 1.0
Diversified Consumer Services 0.7
Short Term Investments 0.1
Other Assets & Liabilities 0.4
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
63
[Logo/semi-annual report]
SPDR S&P International Consumer Staples Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI CONSUMER
VALUE VALUE STAPLES SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -25.02% -26.98% -24.17%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -29.30% -29.30% -28.21%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
64
[Logo/semi-annual report]
SPDR S&P International Consumer Staples Sector ETF--PERFORMANCE SUMMARY
(continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL CONSUMER EX-U.S. BMI
STAPLES SECTOR CONSUMER STAPLES
ETF(A) SECTOR INDEX(B)
---------------------- ----------------
10000 10000
7/16/2008 10258 10267
8/31/2008 10127 10158
9/30/2008 9429 9468
10/31/2008 8000 8060
11/30/2008 7751 7755
12/31/2008 8169 8228
1/31/2009 7561 7658
2/28/2009 6954 7034
3/31/2009 7070 7179
</Table>
65
[Logo/semi-annual report]
SPDR S&P International Consumer Staples Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------
DESCRIPTION NESTLE SA BRITISH AMERICAN TOBACCO PLC TESCO PLC UNILEVER NV DIAGEO PLC
--------------------------------------------------------------------------------------------------------------
MARKET VALUE $601,439 195,664 178,541 157,001 139,958
--------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 15.6% 5.1 4.6 4.1 3.6
--------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Food Products 34.5%
Food & Staples Retailing 27.2
Beverages 16.2
Tobacco 10.7
Household Products 6.4
Personal Products 4.4
Short Term Investments 0.4
Other Assets & Liabilities 0.2
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
66
[Logo/semi-annual report]
SPDR S&P International Energy Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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,
2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE ENERGY SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -24.83% -26.72% -24.35%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -40.07% -40.46% -40.76%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
67
[Logo/semi-annual report]
SPDR S&P International Energy Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL ENERGY ENERGY SECTOR
SECTOR ETF(A) INDEX(B)
-------------------- -------------
10000 10000
7/16/2008 9937 9918
8/31/2008 9760 9686
9/30/2008 7972 7830
10/31/2008 6535 6403
11/30/2008 6354 6197
12/31/2008 6234 6125
1/31/2009 5961 5849
2/28/2009 5633 5529
3/31/2009 5993 5924
</Table>
68
[Logo/semi-annual report]
SPDR S&P International Energy Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION ROYAL DUTCH SHELL PLC BP PLC TOTAL SA BG GROUP PLC ENI SPA
------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $511,424 445,585 414,805 187,874 160,917
------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.8% 12.0 11.2 5.1 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Oil, Gas & Consumable Fuels 90.6%
Energy Equipment & Services 8.9
Short Term Investments 0.7
Other Assets & Liabilities (0.2)
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
69
[Logo/semi-annual report]
SPDR S&P International Financial Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE FINANCIALS SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -42.51% -42.56% -44.22%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -49.43% -48.27% -50.02%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
70
[Logo/semi-annual report]
SPDR S&P International Financial Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL FINANCIAL FINANCIALS SECTOR
SECTOR ETF(A) INDEX(B)
----------------------- -----------------
10000 10000
7/16/2008 10608 10703
8/31/2008 9988 10146
9/30/2008 8798 8960
10/31/2008 6410 6466
11/30/2008 5792 5875
12/31/2008 6130 6091
1/31/2009 5293 5306
2/28/2009 4444 4442
3/31/2009 5057 4998
</Table>
71
[Logo/semi-annual report]
SPDR S&P International Financial Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------
DESCRIPTION HSBC HOLDINGS PLC MITSUBISHI UFJ FINANCIAL BANCO ROYAL BANK OF WESTPAC BANKING
GROUP, INC. SANTANDER SA CANADA CORP.
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $85,028 69,398 66,848 66,155 58,268
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.5% 2.8 2.7 2.7 2.4
-----------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Commercial Banks 52.7%
Insurance 18.1
Real Estate Management & Development 9.1
Capital Markets 7.9
Diversified Financial Services 7.3
Real Estate Investment Trusts 3.4
Consumer Finance 0.3
Electronic Equipment, Instruments &
Components 0.3
Short Term Investments 0.0**
Other Assets & Liabilities 0.9
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
72
[Logo/semi-annual report]
SPDR S&P International Health Care Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE HEALTH CARE SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -22.80% -24.15% -21.83%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -29.72% -29.56% -29.00%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
73
[Logo/semi-annual report]
SPDR S&P International Health Care Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL HEALTH EX-U.S. BMI
CARE SECTOR HEALTH CARE
ETF(A) SECTOR INDEX(B)
-------------------- ---------------
10000 10000
7/16/2008 10163 10204
8/31/2008 10041 10044
9/30/2008 9102 9082
10/31/2008 8047 8070
11/30/2008 7601 7615
12/31/2008 8235 8220
1/31/2009 7708 7692
2/28/2009 6852 6838
3/31/2009 7028 7100
</Table>
74
[Logo/semi-annual report]
SPDR S&P International Health Care Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------
DESCRIPTION ROCHE HOLDING AG GLAXOSMITHKLINE PLC NOVARTIS AG SANOFI-AVENTIS ASTRAZENECA PLC
-----------------------------------------------------------------------------------------------------------------
MARKET VALUE $428,473 338,549 329,962 262,996 246,447
-----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 9.9% 7.8 7.6 6.1 5.7
-----------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Pharmaceuticals 69.7%
Health Care Equipment & Supplies 14.8
Health Care Providers & Services 6.8
Biotechnology 6.5
Life Sciences Tools & Services 0.8
Short Term Investments 1.0
Other Assets & Liabilities 0.4
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
75
[Logo/semi-annual report]
SPDR S&P International Industrial Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE INDUSTRIAL SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -30.17% -30.82% -31.06%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -43.78% -43.59% -44.65%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
76
[Logo/semi-annual report]
SPDR S&P International Industrial Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL INDUSTRIAL INDUSTRIAL SECTOR
SECTOR ETF(A) INDEX(B)
------------------------ -----------------
10000 10000
7/16/2008 10237 10271
8/31/2008 9847 9763
9/30/2008 8051 8028
10/31/2008 6121 5996
11/30/2008 6008 5836
12/31/2008 6505 6387
1/31/2009 5857 5775
2/28/2009 5276 5148
3/31/2009 5622 5535
</Table>
77
[Logo/semi-annual report]
SPDR S&P International Industrial Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION SIEMENS AG ABB, LTD. VINCI SA CANADIAN NATIONAL MITSUBISHI CORP.
RAILWAY CO.
------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $142,647 90,808 55,525 55,254 53,341
------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.7% 3.0 1.8 1.8 1.8
------------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Machinery 16.2%
Industrial Conglomerates 12.8
Electrical Equipment 11.2
Trading Companies & Distributors 9.1
Construction & Engineering 8.3
Road & Rail 6.5
Transportation Infrastructure 6.3
Commercial Services & Supplies 5.9
Professional Services 5.4
Building Products 5.0
Aerospace & Defense 4.8
Air Freight & Logistics 3.2
Marine 3.1
Airlines 1.3
Short Term Investments 0.4
Other Assets & Liabilities 0.5
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
78
[Logo/semi-annual report]
SPDR S&P International Materials Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE MATERIALS SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -29.42% -31.15% -28.53%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -51.61% -51.90% -50.55%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
79
[Logo/semi-annual report]
SPDR S&P International Materials Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL MATERIAL MATERIALS SECTOR
SECTOR ETF(A) INDEX(B)
---------------------- ----------------
10000 10000
7/16/2008 9968 9987
8/31/2008 9185 9147
9/30/2008 6856 6920
10/31/2008 4930 4926
11/30/2008 4711 4686
12/31/2008 5116 5124
1/31/2009 4662 4708
2/28/2009 4375 4415
3/31/2009 4839 4945
</Table>
80
[Logo/semi-annual report]
SPDR S&P International Materials Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------------------------
DESCRIPTION BHP BILLITON, LTD. BHP BILLITON PLC BARRICK GOLD CORP. RIO TINTO PLC GOLDCORP, INC.
---------------------------------------------------------------------------------------------------------------------
MARKET VALUE $269,135 154,825 107,527 107,249 92,257
---------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.9% 5.1 3.6 3.6 3.1
---------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Metals & Mining 58.8%
Chemicals 31.9
Construction Materials 6.0
Paper & Forest Products 2.1
Containers & Packaging 0.2
Short Term Investments 0.1
Other Assets & Liabilities 0.9
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
81
[Logo/semi-annual report]
SPDR S&P International Technology Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
S&P DEVELOPED EX-US BMI
NET ASSET MARKET INFORMATION
VALUE VALUE TECHNOLOGY SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -25.18% -26.10% -25.97%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -40.00% -39.86% -40.63%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
82
[Logo/semi-annual report]
SPDR S&P International Technology Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P
DEVELOPED EX-U.S.
SPDR S&P BMI INFORMATION
INTERNATIONAL TECHNOLOGY TECHNOLOGY SECTOR
SECTOR ETF(A) INDEX(B)
------------------------ -----------------
10000 10000
7/16/08 10238 10224
8/31/08 9839 9824
9/30/08 8021 8021
10/31/08 6328 6322
11/30/08 5896 5880
12/31/08 6276 6266
1/31/09 5998 5981
2/28/09 5350 5304
3/31/09 6000 5937
</Table>
83
[Logo/semi-annual report]
SPDR S&P International Technology Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
----------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION SAMSUNG ELECTRONICS NOKIA OYJ CANON, INC. NINTENDO CO., LTD. SAP AG
CO., LTD. GDR
----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $435,257 254,286 188,438 172,826 172,227
----------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.1% 7.7 5.7 5.2 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Electronic Equipment, Instruments &
Components 21.3%
Semiconductors & Semiconductor Equipment 20.1
Communications Equipment 17.8
Software 15.6
Office Electronics 8.6
IT Services 8.0
Computers & Peripherals 6.4
Internet Software & Services 1.2
Short Term Investments 0.1
Other Assets & Liabilities 0.9
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
84
[Logo/semi-annual report]
SPDR S&P International Telecommunications Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
S&P DEVELOPED EX-US BMI
NET ASSET MARKET TELECOMMUNICATION SERVICES SECTOR
VALUE VALUE INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -19.21% -20.89% -18.74%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -31.69% -31.85% -31.29%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
85
[Logo/semi-annual report]
SPDR S&P International Telecommunications Sector ETF--PERFORMANCE SUMMARY
(continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P
SPDR S&P DEVELOPED EX-U.S.
INTERNATIONAL TELECOMMUNICATIONS BMI TELECOMMUNICATION
SECTOR ETF SERVICES SECTOR
(A) INDEX (B)
-------------------------------- ---------------------
10000 10000
7/16/08 9771 9788
8/31/08 9438 9466
9/30/08 8455 8456
10/31/08 7130 7133
11/30/08 7424 7451
12/31/08 8062 8079
1/31/09 7186 7181
2/28/09 6771 6783
3/31/09 6831 6871
</Table>
86
[Logo/semi-annual report]
SPDR S&P International Telecommunications Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
--------------------------------------------------------------------------------------------------------------------------
DESCRIPTION VODAFONE GROUP PLC TELEFONICA SA FRANCE TELECOM SA DEUTSCHE TELEKOM AG KONINKLIJKE ROYAL
KPN NV
--------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $580,821 573,514 235,579 226,183 179,273
--------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 16.0% 15.8 6.5 6.2 5.0
--------------------------------------------------------------------------------------------------------------------------
(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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Diversified Telecommunication Services 67.1%
Wireless Telecommunication Services 32.3
Short Term Investments 0.1
Other Assets & Liabilities 0.5
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
87
[Logo/semi-annual report]
SPDR S&P International Utilities Sector ETF--PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value
to 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
commission 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 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 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, 2009 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2009
---------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
----------------------------------------------------------
NET ASSET MARKET S&P DEVELOPED EX-US BMI
VALUE VALUE UTILITLES SECTOR INDEX
---------------------------------------------------------------------------------------------------
SIX MONTHS -28.33% -30.35% -28.14%
---------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -38.27% -38.45% -38.52%
---------------------------------------------------------------------------------------------------
(1) For the period July 16, 2008 to March 31, 2009.
88
[Logo/semi-annual report]
SPDR S&P International Utilities Sector ETF--PERFORMANCE SUMMARY (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF (Based on Net Asset Value)
[Line Graph]
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL UTILITIES UTILITIES SECTOR
SECTOR ETF(A) INDEX(B)
----------------------- ----------------
10000 10000
7/16/08 10214 10188
8/31/08 9763 9715
9/30/08 8613 8555
10/31/08 7312 7257
11/30/08 7146 7086
12/31/08 7771 7720
1/31/09 7027 6985
2/28/09 6253 6202
3/31/09 6173 6148
</Table>
89
[Logo/semi-annual report]
SPDR S&P International Utilities Sector ETF--PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2009
-----------------------------------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG GDF SUEZ IBERDROLA SA RWE AG THE TOKYO ELECTRIC
POWER CO., INC.
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $370,764 319,014 235,524 223,670 184,780
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.4% 8.9 6.6 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 MARCH 31, 2009*
<Table>
<Caption>
- ----------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------------
Electric Utilities 56.4%
Multi-Utilities 28.1
Gas Utilities 9.5
Independent Power Producers & Energy
Traders 4.8
Water Utilities 1.2
Short Term Investments 0.0**
Other Assets & Liabilities 0.0**
- ----------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
90
SPDR DJ STOXX 50 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.0%
FINLAND -- 2.0%
Nokia Oyj...................... 73,123 $ 862,119
-----------
FRANCE -- 14.4%
AXA............................ 32,160 386,425
BNP Paribas SA................. 16,506 681,995
France Telecom SA.............. 36,541 832,041
GDF Suez....................... 24,873 853,668
Sanofi-Aventis................. 19,900 1,119,732
Societe Generale............... 11,181 437,928
Total SA....................... 40,426 2,008,735
-----------
TOTAL FRANCE................... 6,320,524
-----------
GERMANY -- 13.7%
Allianz SE..................... 8,702 730,884
BASF SE........................ 17,680 534,967
Bayer AG (a)................... 14,680 701,663
Daimler AG (a)................. 17,147 434,377
Deutsche Bank AG............... 10,996 442,362
Deutsche Telekom AG............ 57,318 711,545
E.ON AG........................ 35,031 972,538
SAP AG (a)..................... 16,810 595,461
Siemens AG..................... 15,709 897,053
-----------
TOTAL GERMANY.................. 6,020,850
-----------
ITALY -- 5.0%
Assicurazioni Generali SpA..... 22,905 392,302
Eni SpA........................ 46,876 909,909
Intesa Sanpaolo SpA............ 185,775 511,189
UniCredit SpA.................. 244,012 402,377
-----------
TOTAL ITALY.................... 2,215,777
-----------
LUXEMBOURG -- 0.7%
ArcelorMittal (a).............. 14,269 289,384
-----------
NETHERLANDS -- 2.5%
Fortis VVPR Strip (b).......... 33,296 44
ING Groep NV................... 40,054 220,696
Koninklijke (Royal) Philips
Electronics NV (a)........... 18,704 275,153
Unilever NV.................... 29,871 588,947
-----------
TOTAL NETHERLANDS.............. 1,084,840
-----------
SPAIN -- 8.5%
Banco Bilbao Vizcaya Argentaria
SA (a)....................... 72,097 584,869
Banco Santander SA............. 156,884 1,081,051
Iberdrola SA................... 70,336 493,073
Telefonica SA.................. 78,922 1,573,867
-----------
TOTAL SPAIN.................... 3,732,860
-----------
SWEDEN -- 1.1%
Telefonaktiebolaget LM Ericsson
(Class B).................... 57,489 469,380
-----------
SWITZERLAND -- 17.7%
ABB, Ltd. (b).................. 44,682 624,420
Credit Suisse Group AG......... 20,746 632,388
Nestle SA...................... 69,977 2,368,159
Novartis AG.................... 47,080 1,783,744
Roche Holding AG............... 13,515 1,856,596
UBS AG (b)..................... 56,410 530,836
-----------
TOTAL SWITZERLAND.............. 7,796,143
-----------
UNITED KINGDOM -- 32.4%
Anglo American PLC............. 25,849 439,421
AstraZeneca PLC................ 27,960 982,275
Barclays PLC................... 161,236 342,039
BHP Billiton PLC............... 42,919 852,024
BP PLC......................... 361,009 2,439,788
British American Tobacco PLC... 38,944 900,383
Diageo PLC..................... 48,116 542,426
GlaxoSmithKline PLC............ 109,930 1,713,555
HSBC Holdings PLC.............. 233,800 1,323,714
Rio Tinto PLC.................. 17,016 573,162
Royal Bank of Scotland Group
PLC.......................... 319,804 112,306
Royal Dutch Shell PLC (Class
A)........................... 68,232 1,533,725
Tesco PLC...................... 151,137 722,252
Vodafone Group PLC............. 1,015,805 1,787,246
-----------
TOTAL UNITED KINGDOM........... 14,264,316
-----------
TOTAL COMMON STOCKS --
(Cost $89,486,613)........... 43,056,193
-----------
RIGHTS -- 0.4%
UNITED KINGDOM -- 0.4%
HSBC Holdings PLC (expiring
04/03/09) (b)................ 97,152 196,347
Royal Bank of Scotland Group
PLC (expiring 04/06/09) (b).. 137,058 0
-----------
TOTAL RIGHTS --
(Cost $0).................... 196,347
-----------
SHORT TERM INVESTMENTS -- 3.4%
UNITED STATES -- 3.4%
MONEY MARKET FUNDS -- 3.4%
State Street Navigator
Securities Lending
Prime Portfolio (c)(d)....... 1,433,086 1,433,086
STIC Prime Portfolio........... 71,475 71,475
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,504,561)............ 1,504,561
-----------
TOTAL INVESTMENTS -- 101.8%
(Cost $90,991,174)........... 44,757,101
OTHER ASSETS AND
LIABILITIES -- (1.8)%........ (803,604)
-----------
NET ASSETS -- 100.0%........... $43,953,497
===========
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
91
SPDR DJ EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
BELGIUM -- 0.3%
Fortis (a).................... 164,292 $ 301,675
------------
FINLAND -- 3.2%
Nokia Oyj..................... 286,351 3,376,072
------------
FRANCE -- 37.4%
Air Liquide SA................ 19,563 1,590,766
Alstom SA..................... 14,945 773,559
AXA........................... 125,268 1,505,181
BNP Paribas................... 64,676 2,672,285
Carrefour SA (b).............. 45,950 1,793,630
Cie de Saint-Gobain (b)....... 29,038 814,255
Credit Agricole SA............ 76,067 839,464
France Telecom SA............. 143,114 3,258,715
GDF Suez...................... 97,416 3,343,420
Groupe Danone (b)............. 36,004 1,752,441
L'Oreal SA (b)................ 17,883 1,229,901
LVMH Moet Hennessy Louis
Vuitton SA.................. 19,327 1,213,483
Renault SA.................... 15,188 312,257
Sanofi-Aventis................ 77,925 4,384,679
Schneider Electric SA......... 18,561 1,234,883
Societe Generale.............. 43,796 1,715,365
Total SA...................... 158,257 7,863,661
Vinci SA...................... 37,032 1,374,475
Vivendi....................... 88,019 2,328,492
------------
TOTAL FRANCE.................. 40,000,912
------------
GERMANY -- 28.4%
Allianz SE.................... 34,021 2,857,435
BASF SE....................... 69,276 2,096,173
Bayer AG...................... 57,484 2,747,575
Daimler AG (b)................ 67,200 1,702,346
Deutsche Bank AG.............. 42,826 1,722,861
Deutsche Boerse AG............ 14,634 881,714
Deutsche Telekom AG (b)....... 224,102 2,782,002
E.ON AG....................... 137,076 3,805,533
Muenchener Rueckversicherungs-
Gesellschaft AG............. 14,734 1,795,823
RWE AG........................ 31,067 2,178,289
SAP AG........................ 65,857 2,332,855
Siemens AG.................... 61,413 3,506,952
Volkswagen AG................. 6,367 1,955,287
------------
TOTAL GERMANY................. 30,364,845
------------
ITALY -- 10.4%
Assicurazioni Generali SpA.... 89,222 1,528,135
Enel SpA...................... 314,561 1,508,735
Eni SpA....................... 183,594 3,563,739
Intesa Sanpaolo SpA........... 730,480 2,010,032
Telecom Italia SpA............ 766,986 988,796
UniCredit SpA................. 952,882 1,571,306
------------
TOTAL ITALY................... 11,170,743
------------
LUXEMBOURG -- 1.0%
ArcelorMittal (b)............. 55,579 1,127,177
------------
NETHERLANDS -- 4.4%
Aegon NV...................... 106,188 412,243
Fortis VVPR Strip (b)......... 129,370 172
ING Groep NV.................. 156,696 863,388
Koninklijke (Royal) Philips
Electronics NV (a)(b)....... 73,193 1,076,736
Unilever NV................... 117,044 2,307,680
------------
TOTAL NETHERLANDS............. 4,660,219
------------
SPAIN -- 14.7%
Banco Bilbao Vizcaya
Argentaria SA............... 283,380 2,298,849
Banco Santander SA............ 615,111 4,238,585
Iberdrola SA.................. 275,634 1,932,266
Repsol YPF SA................. 59,356 1,026,855
Telefonica SA................. 308,981 6,161,717
------------
TOTAL SPAIN................... 15,658,272
------------
TOTAL COMMON STOCKS --
(Cost $245,199,541)......... 106,659,915
------------
RIGHTS -- 0.0% (C)
BELGIUM -- 0.0% (C)
Fortis (expiring 7/4/14)
(b)(d)
(Cost $0)................... 211,881 0
------------
SHORT TERM INVESTMENTS -- 4.8%
UNITED STATES -- 4.8%
MONEY MARKET FUNDS -- 4.8%
State Street Navigator Lending
Prime Portfolio (e)(f)...... 4,865,021 4,865,021
STIC Prime Portfolio.......... 253,567 253,567
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $5,118,588)........... 5,118,588
------------
TOTAL INVESTMENTS -- 104.6%
(Cost $250,318,129)......... 111,778,503
OTHER ASSETS AND
LIABILITIES -- (4.6)%....... (4,942,811)
------------
NET ASSETS -- 100.0%.......... $106,835,692
============
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(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.
(e) Affiliated Fund managed by SSgA Funds Management. Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
92
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.9%
CHINA -- 38.3%
Agile Property Holdings,
Ltd. ....................... 1,134,188 $ 642,463
Air China, Ltd. .............. 975,414 314,650
Aluminum Corp. of China,
Ltd. ....................... 1,004,304 576,665
Angang Steel Co., Ltd. ....... 397,244 402,370
Anhui Conch Cement Co., Ltd.
(a)......................... 225,750 1,245,266
Baidu, Inc. ADR (a)(b)........ 8,143 1,438,054
Bank of China, Ltd. .......... 4,264,382 1,414,124
Bank of Communications Co.,
Ltd. ....................... 1,343,723 932,804
China CITIC Bank.............. 1,204,385 455,335
China Communications
Construction Co., Ltd. ..... 614,000 673,419
China Construction Bank
Corp. ...................... 6,445,768 3,659,533
China COSCO Holdings Co.,
Ltd. ....................... 914,132 595,660
China Life Insurance Co.,
Ltd. ....................... 1,477,708 4,900,270
China Mengniu Dairy Co.,
Ltd. ....................... 304,390 425,753
China Merchants Bank Co.,
Ltd. ....................... 583,669 1,019,726
China Merchants Holdings
International Co., Ltd. .... 310,327 714,353
China Merchants Property
Development Co., Ltd........ 334,300 495,195
China Mobile, Ltd. ........... 944,136 8,223,120
China Oilfield Services,
Ltd. ....................... 1,416,557 1,120,451
China Overseas Land &
Investment, Ltd. ........... 925,084 1,451,487
China Petroleum & Chemical
Corp. ...................... 3,641,462 2,330,536
China Railway Construction
Corp. (a)................... 211,500 276,178
China Resources Enterprise.... 378,746 586,445
China Shenhua Energy Co.,
Ltd. ....................... 748,556 1,686,424
China Shipping Container Lines
Co., Ltd. .................. 3,977,339 708,223
China Shipping Development
Co., Ltd. .................. 609,215 576,986
China Telecom Corp., Ltd. .... 3,565,930 1,472,384
China Unicom, Ltd. ........... 854,172 912,586
CNOOC, Ltd. .................. 3,556,470 3,524,347
COSCO Pacific, Ltd. .......... 455,331 449,456
Ctrip.com International, Ltd.
ADR (b)..................... 23,926 655,572
Denway Motors, Ltd. .......... 1,776,205 687,563
Dongfeng Motor Group Co.,
Ltd. ....................... 1,312,763 679,249
Focus Media Holding, Ltd. ADR
(a)(b)...................... 21,871 148,723
Guangzhou R&F Properties Co.,
Ltd. ....................... 558,576 648,669
Huaneng Power International,
Inc. ....................... 1,244,472 825,366
Industrial & Commercial Bank
of China.................... 6,914,180 3,595,374
Inner Mongolia Yitai Coal Co.,
Ltd. ....................... 97,900 466,591
Jiangsu Expressway Co. ....... 1,162,060 788,701
Jiangxi Copper Co., Ltd. ..... 541,578 564,639
Lenovo Group, Ltd. ........... 1,847,703 424,376
Maanshan Iron & Steel......... 910,971 320,897
Mindray Medical International,
Ltd. ADR (b)................ 10,118 187,284
NetEase.com ADR (a)(b)........ 33,616 902,590
PetroChina Co., Ltd. ......... 4,355,379 3,473,063
Ping An Insurance Group Co. of
China, Ltd. ................ 276,864 1,652,253
Samling Global, Ltd. ......... 1,924,707 68,296
Semiconductor Manufacturing
International Corp. (a)..... 6,784,837 258,262
Shanghai Electric Group Co.,
Ltd. ....................... 1,619,179 465,906
SINA Corp. (a)................ 13,526 314,479
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 1,173,252 289,150
Sohu.com, Inc. (a)(b)......... 3,493 144,296
Suntech Power Holdings Co.,
Ltd. ADR (a)(b)............. 25,790 301,485
Tencent Holdings, Ltd. ....... 194,194 1,438,288
Tingyi Cayman Islands Holding
Corp. ...................... 606,383 701,057
Yanzhou Coal Mining Co.,
Ltd. ....................... 684,882 493,115
Zijin Mining Group Co.,
Ltd. ....................... 1,005,790 716,382
------------
TOTAL CHINA................... 64,435,889
------------
INDIA -- 16.3%
Apollo Hospitals Enterprise,
Ltd. ....................... 64,298 505,665
Axis Bank, Ltd. .............. 23,343 190,595
Bharat Heavy Electricals,
Ltd. ....................... 42,138 1,254,132
Bharti Airtel, Ltd. (a)....... 200,812 2,461,911
Cipla, Ltd. .................. 171,165 742,553
HDFC Bank, Ltd. .............. 55,319 1,067,454
Hero Honda Motors, Ltd. ...... 62,114 1,312,554
Hindustan Unilever, Ltd. ..... 310,976 1,446,849
Hindustan Zinc, Ltd. ......... 36,732 327,247
Housing Development Finance
Corp., Ltd. ................ 52,662 1,460,440
ICICI Bank, Ltd. ............. 124 816
ICICI Bank, Ltd. ADR (b)...... 52,577 698,748
Idea Cellular, Ltd. (a)....... 473,484 468,958
Indiabulls Financial Services,
Ltd. ....................... 86,808 154,846
Indiabulls Securities, Ltd. .. 100,204 41,772
Indian Hotels Co., Ltd. ...... 559,271 432,668
Infosys Technologies, Ltd. ADR
(b)......................... 83,611 2,226,561
ITC, Ltd. GDR................. 225,345 820,256
Larsen & Toubro, Ltd. GDR..... 64,113 833,469
Mahindra & Mahindra, Ltd.
GDR......................... 52,573 398,948
Mercator Lines, Ltd. ......... 220,820 123,391
Oil & Natural Gas Corp.,
Ltd. ....................... 80,004 1,227,143
Reliance Capital, Ltd. ....... 32,630 229,860
Reliance Communications,
Ltd. ....................... 192,725 668,374
Reliance Industries, Ltd. GDR
(c)......................... 72,555 4,346,044
Reliance Infrastructure,
Ltd. ....................... 69,902 711,489
Satyam Computer Services, Ltd.
ADR (b)..................... 56,752 89,101
Siemens India, Ltd. .......... 72,118 379,247
State Bank of India........... 11,783 245,019
Steel Authority of India,
Ltd. ....................... 220,302 420,977
Sterlite Industries India,
Ltd. ....................... 42,200 295,113
Suzlon Energy, Ltd. .......... 130,524 109,853
Tata Consultancy Services,
Ltd. ....................... 43,760 461,449
Tata Motors, Ltd. ............ 82,193 292,580
Unitech, Ltd. ................ 113,317 77,503
United Spirits, Ltd. ......... 10,513 135,010
Wipro, Ltd. ADR (b)........... 66,656 473,924
Zee Entertainment Enterprises,
Ltd. ....................... 119,439 252,132
------------
TOTAL INDIA................... 27,384,651
------------
</Table>
See accompanying notes to financial statements.
93
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
INDONESIA -- 2.8%
Astra International Tbk PT.... 679,220 $ 837,636
Bank Central Asia Tbk PT...... 4,190,796 1,124,316
Bank Rakyat Indonesia PT...... 1,995,148 725,194
Bumi Resources Tbk PT......... 3,467,464 246,068
Indosat Tbk PT................ 613,248 250,766
Perusahaan Gas Negara PT...... 2,956,140 550,039
Telekomunikasi Indonesia Tbk
PT.......................... 1,545,094 1,009,560
------------
TOTAL INDONESIA............... 4,743,579
------------
MALAYSIA -- 5.6%
Alliance Financial Group Bhd.. 1,345,900 623,939
Bintulu Port Holdings Bhd..... 464,706 732,975
Bursa Malaysia Bhd............ 365,807 516,776
Carlsberg Brewery Bhd......... 787,103 729,779
Ecm Libra Financial Group
Bhd......................... 2,844,000 288,652
Genting Bhd................... 755,700 762,852
IJM Corp. Bhd................. 589,800 676,276
IOI Corp. Bhd................. 967,940 1,008,962
Landmarks Bhd................. 932,500 186,730
Lingkaran Trans Kota Holdings
Bhd......................... 1,693,900 971,129
Malaysian Airline System Bhd.. 752,433 592,369
Naim Cendera Holding Bhd...... 1,012,113 316,502
Osk Holdings Bhd.............. 1,054,000 268,885
Sarawake Energy Bhd........... 1,597,266 749,232
Star Publications Malaysia
Bhd......................... 51,200 46,067
Tan Chong Motor Holdings Bhd.. 402,300 135,737
Uchi Technologies Bhd......... 1,284,800 377,105
Wah Seong Corp Bhd............ 980,100 349,507
Zelan Bhd..................... 1,013,900 155,749
------------
TOTAL MALAYSIA................ 9,489,223
------------
PHILIPPINES -- 1.5%
Ayala Land, Inc. ............. 4,260,758 502,562
First Gen Corp. (a)........... 1,094,900 521,111
First Philippine Holdings
Corp. (a)................... 771,600 423,123
Philippine Long Distance
Telephone Co. .............. 21,884 994,007
------------
TOTAL PHILIPPINES............. 2,440,803
------------
TAIWAN -- 31.0%
Acer, Inc. ................... 634,516 954,244
Advanced Semiconductor
Engineering, Inc. .......... 1,341,758 650,859
Asia Cement Corp. ............ 850,282 737,152
Asustek Computer, Inc. ....... 739,969 777,893
AU Optronics Corp. ADR (b).... 161,063 1,351,319
Catcher Technology Co.,
Ltd. ....................... 213,490 469,008
Cathay Financial Holding Co.,
Ltd. ....................... 1,040,900 894,734
Chang Hwa Commercial Bank..... 2,060,000 692,498
Chi Mei Optoelectronics Corp.
GDR......................... 70,037 279,842
China Development Financial
Holding Corp. .............. 3,040,553 604,309
China Steel Chemical Corp. ... 818,877 1,332,921
China Steel Corp. ............ 1,735,935 1,136,405
Chinatrust Financial Holding
Co., Ltd. .................. 1,994,150 729,166
Chunghwa Picture Tubes,
Ltd. ....................... 3,003,000 363,952
Chunghwa Telecom Co., Ltd. ... 706,178 1,288,996
Compal Electronics, Inc. ..... 1,320,668 946,339
Delta Electronics, Inc. ...... 411,503 757,189
Epistar Corp. ................ 186,170 279,980
Everlight Electronics Co.,
Ltd. ....................... 135,527 249,377
Far Eastern Textile Co.,
Ltd. ....................... 1,228,764 956,575
First Financial Holding Co.,
Ltd. ....................... 1,455,948 671,903
Formosa Chemicals & Fibre
Corp. ...................... 673,000 793,819
Formosa Plastics Corp. ....... 954,000 1,437,527
Foxconn Technology Co.,
Ltd. ....................... 226,345 600,036
Fubon Financial Holding Co.,
Ltd. ....................... 1,358,000 818,917
High Tech Computer Corp. ..... 159,190 1,957,485
Hon Hai Precision Industry
Co., Ltd. .................. 1,034,600 2,339,992
Hua Nan Financial Holdings
Co., Ltd. .................. 1,295,140 679,803
King Yuan Electronics Co.,
Ltd. ....................... 1,871,859 551,975
Largan Precision Co., Ltd. ... 38,461 322,096
Lite-On Technology Corp. ..... 572,523 386,612
Macronix International Co.,
Ltd. ....................... 1,271,741 481,891
MediaTek, Inc. ............... 207,638 1,953,188
Mega Financial Holding Co.,
Ltd. ....................... 1,718,000 615,525
Motech Industries, Inc. ...... 71,610 198,494
Nan Ya Plastics Corp. ........ 1,020,000 1,167,021
Novatek Microelectronics
Corp., Ltd. ................ 142,868 216,543
Polaris Securities Co.,
Ltd. ....................... 4,224,150 1,469,833
Powerchip Semiconductor Corp.
(a)......................... 2,112,638 274,733
Powertech Technology, Inc. ... 303,995 548,611
ProMOS Technologies, Inc.
(a)......................... 2,055,000 79,989
Quanta Computer, Inc. ........ 899,430 1,136,488
Realtek Semiconductor Corp. .. 285,697 374,897
Shin Kong Financial Holding
Co., Ltd. .................. 1,858,505 534,337
Siliconware Precision
Industries Co. ............. 705,745 742,955
SinoPac Financial Holdings
Co., Ltd. .................. 2,196,000 437,102
Tainan Enterprises............ 1,714,826 915,262
Taishin Financial Holdings
Co., Ltd. .................. 2,152,000 349,021
Taiwan Cement Corp. .......... 1,040,322 857,425
Taiwan Fu Hsing Industrial
Co., Ltd. .................. 1,381,000 498,857
Taiwan Semiconductor
Manufacturing Co., Ltd.
ADR......................... 799,851 7,158,666
Tatung Co., Ltd. (a).......... 1,574,000 310,047
Tripod Technology Corp. ...... 339,742 453,330
Uni-President Enterprises
Corp. ...................... 1,062,145 861,317
United Integrated Services
Co., Ltd. .................. 1,034,000 404,002
United Microelectronics Corp.
ADR (b)..................... 566,116 1,432,273
Via Technologies, Inc. (a).... 718,000 351,463
Walsin Lihwa Corp. ........... 3,704,000 742,722
Wistron Corp. ................ 520,022 560,474
Yageo Corp. .................. 2,996,000 532,728
Yuanta Financial Holding Co.,
Ltd......................... 1,189,000 543,451
------------
TOTAL TAIWAN.................. 52,215,568
------------
THAILAND -- 3.4%
Advanced Info Service PCL..... 429,223 1,001,500
Bangkok Expressway PCL........ 1,630,665 735,673
Electricity Generating PCL.... 273,396 510,714
Electricity Generating PCL
(Foreign ownership limit)... 140,400 267,221
IRPC PCL...................... 2,752,739 146,699
Kasikornbank PCL.............. 603,998 762,129
PTT Exploration & Production
PCL......................... 361,105 990,201
PTT PCL....................... 230,236 999,756
Thai Oil PCL.................. 430,291 309,387
------------
TOTAL THAILAND................ 5,723,280
------------
TOTAL COMMON STOCKS --
(Cost $241,956,438)......... 166,432,993
------------
</Table>
See accompanying notes to financial statements.
94
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
RIGHTS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
Malaysian Airline System Bhd
(expiring 10/30/12) (a)
(Cost $491)................. 2,400 $ 487
------------
WARRANTS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
IJM Land Bhd (expiring
9/11/13) (a)
(Cost $0)................... 27,580 1,438
------------
SHORT TERM INVESTMENTS -- 3.0%
UNITED STATES -- 3.0%
MONEY MARKET FUNDS -- 3.0%
State Street Navigator
Securities Lending
Prime Portfolio (e)(f)...... 4,962,281 4,962,281
STIC Prime Portfolio.......... 33,518 33,518
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $4,995,799)........... 4,995,799
------------
TOTAL INVESTMENTS -- 101.9%
(Cost $246,952,728)......... 171,430,717
OTHER ASSETS AND
LIABILITIES -- (1.9)%....... (3,218,769)
------------
NET ASSETS -- 100.0%.......... $168,211,948
============
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security which represents 2.58% of net assets as of March 31, 2009, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At March 31, 2009, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan
Stock Index... 4/29/09 60 $1,152,250 $1,161,000 $8,750
</Table>
See accompanying notes to financial statements.
95
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.0%
CHINA -- 100.0%
AIR FREIGHT &
LOGISTICS -- 0.1%
Sinotrans, Ltd. .............. 1,552,000 $ 240,310
------------
AIRLINES -- 0.3%
Air China, Ltd. .............. 1,494,000 481,935
------------
AUTOMOBILES -- 1.4%
Brilliance China Automotive
Holdings, Ltd. (a).......... 1,846,000 116,715
Denway Motors, Ltd. .......... 3,398,000 1,315,355
Dongfeng Motor Group Co.,
Ltd. ....................... 2,060,000 1,065,884
------------
2,497,954
------------
BEVERAGES -- 0.3%
Tsingtao Brewery Co., Ltd. ... 246,000 533,265
------------
BIOTECHNOLOGY -- 0.1%
American Oriental
Bioengineering, Inc.
(a)(b)...................... 32,943 127,160
------------
CHEMICALS -- 0.8%
China Bluechemical, Ltd. ..... 1,284,000 702,472
Sinofert Holdings, Ltd. ...... 636,000 279,840
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 1,654,000 407,631
------------
1,389,943
------------
COMMERCIAL BANKS -- 17.5%
Bank of China, Ltd. .......... 13,772,000 4,566,973
Bank of Communications Co.,
Ltd. ....................... 3,260,000 2,263,071
China CITIC Bank.............. 952,393 360,066
China Construction Bank
Corp. ...................... 19,890,000 11,292,387
China Merchants Bank Co.,
Ltd. ....................... 1,513,000 2,643,357
Industrial & Commercial Bank
of China.................... 20,003,000 10,401,560
------------
31,527,414
------------
COMMERCIAL SERVICES & SUPPLIES-- 0.0%(C)
Bio-Treat Technology, Ltd.
(a)......................... 1,535,015 35,341
------------
COMMUNICATIONS EQUIPMENT -- 0.5%
AAC Acoustic Technology
Holdings, Inc. (a).......... 488,000 229,832
ZTE Corp. .................... 163,480 665,522
------------
895,354
------------
COMPUTERS & PERIPHERALS -- 0.5%
Lenovo Group, Ltd. ........... 2,302,000 528,717
TPV Technology, Ltd. ......... 978,000 299,079
------------
827,796
------------
CONSTRUCTION & ENGINEERING -- 1.7%
China Communications
Construction Co., Ltd. ..... 2,200,394 2,413,335
China Railway Construction
Corp. (a)................... 456,000 595,448
------------
3,008,783
------------
CONSTRUCTION MATERIALS -- 1.2%
Anhui Conch Cement Co., Ltd.
(a)......................... 246,000 1,356,968
China National Building
Material Co., Ltd. ......... 568,000 841,373
------------
2,198,341
------------
DISTRIBUTORS -- 0.7%
China Resources Enterprise.... 744,000 1,152,000
Xinyu Hengdeli Holdings,
Ltd. ....................... 1,232,907 202,038
------------
1,354,038
------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.2%
China Communications Services
Corp., Ltd. ................ 817,369 489,367
China Telecom Corp., Ltd. .... 8,612,000 3,555,922
------------
4,045,289
------------
ELECTRICAL EQUIPMENT -- 1.6%
Byd Co., Ltd. (a)............. 457,400 842,796
Dongfang Electrical Machinery
Co., Ltd. .................. 85,600 191,302
Harbin Power Equipment........ 406,000 264,031
Shanghai Electric Group Co.,
Ltd. ....................... 2,234,000 642,816
Suntech Power Holdings Co.,
Ltd. ADR (a)(b)............. 75,307 880,339
------------
2,821,284
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.0%
(C)
China BAK Battery, Inc.
(a)(b)...................... 12,900 22,059
------------
ENERGY EQUIPMENT & SERVICES -- 0.6%
China Oilfield Services,
Ltd. ....................... 1,330,000 1,051,987
------------
FOOD PRODUCTS -- 2.3%
Chaoda Modern Agriculture
Holdings, Ltd. ............. 1,128,254 674,041
China Foods, Ltd. ............ 1,339 518
China Huiyuan Juice Group,
Ltd. ....................... 439,448 280,113
China Mengniu Dairy Co.,
Ltd. ....................... 600,000 839,226
China Milk Products Group,
Ltd. ....................... 1,042,000 215,912
China Yurun Food Group,
Ltd. ....................... 474,000 604,273
People's Food Holdings,
Ltd. ....................... 791,000 254,960
Pine Agritech, Ltd. .......... 204,000 12,077
Tingyi Cayman Islands Holding
Corp. ...................... 1,168,000 1,350,359
------------
4,231,479
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2%
China Medical Technologies,
Inc. ADR (b)................ 14,794 203,713
Mindray Medical International,
Ltd. ADR (b)................ 9,510 176,030
------------
379,743
------------
HOTELS, RESTAURANTS & LEISURE -- 0.9%
China Travel International
Investment Hong Kong,
Ltd. ....................... 1,656,000 292,738
Ctrip.com International, Ltd.
ADR (b)..................... 36,042 987,551
Home Inns & Hotels Management,
Inc. ADR (a)................ 3,400 33,558
Shanghai Jin Jiang
International Hotels Group
Co., Ltd. .................. 2,224,000 347,231
------------
1,661,078
------------
HOUSEHOLD DURABLES -- 0.1%
China Digital TV Holding Co.,
Ltd. ADR (b)................ 25,063 168,674
------------
</Table>
See accompanying notes to financial statements.
96
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 2.5%
China Power International
Development, Ltd. .......... 1,455,000 $ 289,123
China Resources Power Holdings
Co. ........................ 662,000 1,387,210
Datang International Power
Generation Co., Ltd. ....... 2,222,000 977,680
Huadian Power International
Co. ........................ 1,332,000 300,774
Huaneng Power International,
Inc. ....................... 2,224,000 1,475,014
------------
4,429,801
------------
INDUSTRIAL CONGLOMERATES -- 0.5%
Shanghai Industrial Holdings,
Ltd. ....................... 360,000 996,387
------------
INSURANCE -- 11.5%
China Insurance International
Holdings Co., Ltd. ......... 424,000 681,683
China Life Insurance Co.,
Ltd. ....................... 4,297,000 14,249,406
PICC Property & Casualty Co.,
Ltd. (a).................... 1,564,000 853,641
Ping An Insurance Group Co. of
China, Ltd. ................ 828,500 4,944,274
------------
20,729,004
------------
INTERNET SOFTWARE & SERVICES -- 4.8%
Baidu, Inc. ADR (a)(b)........ 11,808 2,085,293
Giant Interactive Group, Inc.
ADR (b)..................... 31,400 213,520
NetEase.com ADR (a)(b)........ 81,696 2,193,538
SINA Corp. (a)(b)............. 26,372 613,149
Sohu.com, Inc. (a)(b)......... 17,708 731,517
Tencent Holdings, Ltd. ....... 376,200 2,786,307
The9, Ltd. ADR (b)............ 2,400 32,376
------------
8,655,700
------------
IT SERVICES -- 0.1%
Travelsky Technology, Ltd. ... 585,000 268,723
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.4%
Li Ning Co., Ltd. ............ 472,000 779,561
------------
MACHINERY -- 0.3%
China Infrastructure Machinery
Holdings, Ltd. ............. 574 349
Guangzhou Shipyard
International Co., Ltd. .... 82,000 108,769
Weichai Power Co., Ltd. ...... 191,800 418,248
------------
527,366
------------
MARINE -- 1.5%
China COSCO Holdings Co.,
Ltd. ....................... 1,599,375 1,042,173
China Shipping Container Lines
Co., Ltd. .................. 2,776,500 494,396
China Shipping Development
Co., Ltd. .................. 926,000 877,012
Yangzijiang Shipbuilding
Holdings, Ltd. (b).......... 807,000 212,341
------------
2,625,922
------------
MEDIA -- 0.2%
Focus Media Holding, Ltd. ADR
(a)(b)...................... 53,646 364,793
------------
METALS & MINING -- 2.9%
Aluminum Corp. of China,
Ltd. ....................... 2,146,000 1,232,219
Angang Steel Co., Ltd. ....... 787,720 797,884
Hunan Non-Ferrous Metal Corp.,
Ltd. ....................... 1,010,000 181,149
Jiangxi Copper Co., Ltd. ..... 937,000 976,898
Maanshan Iron & Steel......... 1,248,000 439,618
Zijin Mining Group Co.,
Ltd. ....................... 2,266,500 1,614,333
------------
5,242,101
------------
MULTILINE RETAIL -- 0.5%
Golden Eagle Retail Group,
Ltd. ....................... 424,000 279,019
Parkson Retail Group, Ltd. ... 620,000 627,200
------------
906,219
------------
OIL, GAS & CONSUMABLE FUELS -- 17.7%
China Coal Energy Co. ........ 2,083,413 1,537,693
China Petroleum & Chemical
Corp. ...................... 10,202,000 6,529,280
China Shenhua Energy Co.,
Ltd. ....................... 1,911,500 4,306,425
CNOOC, Ltd. .................. 8,373,000 8,297,373
CNPC Hong Kong, Ltd. ......... 1,620,000 685,626
PetroChina Co., Ltd. ......... 11,826,000 9,430,281
Yanzhou Coal Mining Co.,
Ltd. ....................... 1,414,000 1,018,080
------------
31,804,758
------------
PAPER & FOREST PRODUCTS -- 0.3%
Citic Resources Holdings, Ltd.
(a)......................... 1,087,200 129,061
Lee & Man Paper Manufacturing,
Ltd. ....................... 249,600 139,776
Nine Dragons Paper Holdings,
Ltd. ....................... 747,000 283,378
------------
552,215
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.4%
Agile Property Holdings,
Ltd. ....................... 1,008,000 570,983
China Overseas Land &
Investment, Ltd. ........... 2,047,680 3,212,876
China Resources Land, Ltd. ... 662,000 1,025,032
E-House China Holdings Ltd.
(a)(b)...................... 41,478 322,284
Greentown China Holdings,
Ltd. ....................... 333,500 148,461
Guangzhou Investment Co.,
Ltd. ....................... 2,550,000 263,226
Guangzhou R&F Properties Co.,
Ltd. ....................... 678,000 787,355
Shanghai Forte Land Co. (a)... 848,000 137,868
Shenzhen Investment, Ltd. .... 1,093,254 272,256
Shimao Property Holdings,
Ltd. ....................... 742,500 650,526
Yanlord Land Group, Ltd. (b).. 620,000 456,782
------------
7,847,649
------------
ROAD & RAIL -- 0.2%
Guangshen Railway Co., Ltd. .. 1,170,000 378,929
------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Actions Semiconductor Co.,
Ltd. ADR (a)................ 65,759 104,557
Semiconductor Manufacturing
International Corp. (a)..... 9,232,000 351,411
------------
455,968
------------
SOFTWARE -- 0.4%
Shanda Interactive
Entertainment, Ltd. ADR
(a)(b)...................... 16,411 648,727
------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.2%
Ports Design, Ltd. ........... 223,000 257,241
Weiqiao Textile Co. .......... 498,000 147,794
------------
405,035
------------
</Table>
See accompanying notes to financial statements.
97
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TRANSPORTATION INFRASTRUCTURE -- 3.0%
Anhui Expressway Co., Ltd. ... 954,000 $ 427,146
Beijing Capital International
Airport Co., Ltd. .......... 1,168,000 519,949
China Merchants Holdings
International Co., Ltd. .... 674,893 1,553,560
COSCO Pacific, Ltd. .......... 744,000 734,400
Dalian Port PDA Co., Ltd. .... 742,000 239,355
Jiangsu Expressway Co. ....... 1,088,000 738,436
Shenzhen Expressway Co.,
Ltd. ....................... 1,010,000 351,871
Zhejiang Expressway Co.,
Ltd. ....................... 1,248,000 909,832
------------
5,474,549
------------
WATER UTILITIES -- 0.4%
Guangdong Investment, Ltd. ... 1,606,000 646,545
------------
WIRELESS TELECOMMUNICATION SERVICES -- 14.9%
China Mobile, Ltd. ........... 2,784,500 24,252,097
China Unicom, Ltd. ........... 2,394,492 2,558,244
------------
26,810,341
------------
TOTAL COMMON STOCKS --
(Cost $253,266,955)......... 180,049,520
------------
SHORT TERM INVESTMENTS -- 2.4%
UNITED STATES -- 2.4%
MONEY MARKET FUNDS -- 2.4%
State Street Navigator
Securities Lending
Prime Portfolio (d)(e)...... 4,204,649 4,204,649
STIC Prime Portfolio.......... 142,993 142,993
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $4,347,642)........... 4,347,642
------------
TOTAL INVESTMENTS -- 102.4%
(Cost $257,614,597)......... 184,397,162
OTHER ASSETS AND
LIABILITIES -- (2.4)%....... (4,290,910)
------------
NET ASSETS -- 100.0%.......... $180,106,252
============
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Amount represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
98
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 95.4%
ARGENTINA -- 0.4%
Grupo Financiero Galicia SA
ADR (a)(b).................. 3,940 $ 7,053
Telecom Argentina SA ADR
(a)(b)...................... 3,345 25,924
Tenaris SA ADR (a)............ 7,109 143,388
-----------
TOTAL ARGENTINA............... 176,365
-----------
BRAZIL -- 14.6%
Aracruz Celulose SA ADR (a)... 1,843 12,164
Banco Bradesco SA ADR (a)..... 44,189 437,471
Banco do Brasil SA............ 10,137 74,280
Bradespar SA Preference
Shares...................... 8,965 88,161
Brasil Telecom Participacoes
SA ADR (a).................. 2,538 91,673
Braskem SA Preference Shares
ADR (a)(b).................. 3,703 15,219
Centrais Eletricas Brasileiras
SA ADR...................... 11,857 132,874
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR (a).............. 2,342 63,421
Companhia de Bebidas das
Americas Preference ADR
(a)......................... 6,133 292,851
Companhia de Saneamento Basico
do Estado de Sao Paulo...... 4,702 52,693
Companhia Energetica de Minas
Gerais ADR (a).............. 10,432 154,185
Companhia Siderurgica Nacional
SA ADR (a).................. 15,163 225,019
Companhia Vale do Rio Doce ADR
(a)......................... 44,361 590,001
Companhia Vale do Rio Doce
Preference Shares ADR (a)... 57,140 644,539
Cosan SA Industria e
Comercio(b)................. 3,545 14,844
Cyrela Brazil Realty SA....... 9,989 39,830
Cyrela Commercial Properties
SA Empreendimentos e
Participacoes............... 935 3,107
Duratex SA Preference Shares.. 3,873 25,234
Empresa Brasileira de
Aeronautica SA.............. 15,256 51,488
Gerdau SA ADR (a)............. 22,584 123,535
Investimentos Itau SA......... 14,639 63,586
Investimentos Itau SA
Preference Shares........... 78,131 270,476
Itau Unibanco Banco Multiplo
SA ADR (a).................. 64,686 703,784
Lojas Americanas SA Preference
Shares...................... 8,782 24,756
Lojas Renner SA............... 6,463 40,003
Metalurgica Gerdau SA
Preference Shares........... 11,133 81,723
Natura Cosmeticos SA.......... 5,461 53,726
Perdigao SA ADR (a)........... 2,529 62,745
Petroleo Brasileiro SA ADR
(a)......................... 32,966 1,004,474
Petroleo Brasileiro SA ADR
Preference Shares (a)....... 44,179 1,082,386
Souza Cruz SA................. 3,605 68,506
Tam SA ADR (a)................ 2,820 15,510
Telemig Celular Participacoes
ADR (a)..................... 901 32,112
Tim Participacoes SA ADR (a).. 2,793 34,689
Tractebel Energia SA ADR (a).. 4,761 35,136
Usinas Siderurgicas de Minas
Gerais SA ADR (a)........... 8,873 113,425
Vivo Participacoes SA
Preference Shares........... 5,828 77,335
Votorantim Celulose e Papel SA
ADR (a)(b).................. 4,571 20,021
Weg SA........................ 8,860 44,949
-----------
TOTAL BRAZIL.................. 6,961,931
-----------
CHILE -- 2.1%
Administradora de Fondos de
Pensiones Caprum SA......... 2,101 34,677
Antarchile SA................. 6,347 73,036
Cementos Bio-Bio SA........... 29,810 38,398
Companhia General de
Electricidad................ 14,294 70,580
Empresa Nacional de
Electricidad SA ADR......... 3,490 130,875
Empresas COPEC SA............. 14,620 130,569
Enersis SA ADR................ 8,531 128,818
Farmacias Ahumada SA.......... 24,979 29,988
Lan Airlines SA ADR........... 5,620 46,983
Parque Arauco SA.............. 81,750 44,227
SACI Falabella (b)............ 43,942 135,996
Vina Concha y Toro SA ADR
(a)......................... 2,289 75,995
Vina San Pedro SA............. 10,228,879 56,920
-----------
TOTAL CHILE................... 997,062
-----------
CHINA -- 19.8%
AAC Acoustic Technology
Holdings, Inc. (b).......... 52,000 24,490
Agile Property Holdings,
Ltd. ....................... 78,000 44,183
Air China, Ltd. .............. 74,000 23,871
Aluminum Corp. of China,
Ltd. ....................... 128,000 73,497
Angang Steel Co., Ltd. ....... 28,640 29,010
Anhui Conch Cement Co., Ltd.
(b)......................... 26,000 143,419
Baidu, Inc. ADR (a)(b)........ 857 151,346
Bank of China, Ltd. .......... 642,000 212,895
Bank of Communications Co.,
Ltd. ....................... 171,000 118,707
Beijing Capital International
Airport Co., Ltd. .......... 78,000 34,723
Chaoda Modern Agriculture
Holdings, Ltd. ............. 74,550 44,538
China CITIC Bank.............. 149,000 56,332
China Coal Energy Co. ........ 129,000 95,210
China Communications
Construction Co., Ltd. ..... 122,000 133,806
China Construction Bank
Corp. ...................... 885,000 502,452
China COSCO Holdings Co.,
Ltd. ....................... 93,925 61,203
China Life Insurance Co.,
Ltd. ....................... 225,000 746,129
China Mengniu Dairy Co.,
Ltd. ....................... 39,000 54,550
China Merchants Bank Co.,
Ltd. ....................... 79,000 138,021
China Merchants Holdings
International Co., Ltd. .... 26,527 61,063
China Mobile, Ltd. ........... 145,500 1,267,258
China Oilfield Services,
Ltd. ....................... 100,000 79,097
China Overseas Land &
Investment, Ltd. ........... 107,200 168,200
China Petroleum & Chemical
Corp. ...................... 508,000 325,120
China Power International
Development, Ltd. .......... 130,000 25,832
China Railway Construction
Corp. (b)................... 65,000 84,877
China Railway Group, Ltd.
(b)......................... 116,000 67,804
China Resources Enterprise.... 26,000 40,258
China Resources Land, Ltd. ... 52,000 80,516
China Resources Power Holdings
Co. ........................ 52,000 108,965
</Table>
See accompanying notes to financial statements.
99
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
China Shenhua Energy Co.,
Ltd. ....................... 103,000 $ 232,049
China Shipping Container Lines
Co., Ltd. .................. 212,350 37,812
China Shipping Development
Co., Ltd. .................. 52,000 49,249
China Telecom Corp., Ltd. .... 462,000 190,761
China Travel International
Investment Hong Kong,
Ltd. ....................... 124,000 21,920
China Unicom, Ltd. ........... 109,668 117,168
Citic Pacific, Ltd. .......... 21,000 23,737
CNOOC, Ltd. .................. 496,000 491,520
CNPC Hong Kong, Ltd. ......... 130,000 55,019
COSCO Pacific, Ltd. .......... 52,000 51,329
Ctrip.com International, Ltd.
ADR (a)..................... 2,633 72,144
Datang International Power
Generation Co., Ltd. ....... 156,000 68,640
Denway Motors, Ltd. .......... 178,000 68,903
Dongfang Electrical Machinery
Co., Ltd. .................. 2,200 4,917
Dongfeng Motor Group Co.,
Ltd. ....................... 130,000 67,265
Focus Media Holding, Ltd. ADR
(a)(b)...................... 2,935 19,958
Guangdong Investment, Ltd. ... 106,000 42,674
Guangshen Railway Co., Ltd. .. 104,000 33,683
Guangzhou Investment Co.,
Ltd. ....................... 180,000 18,581
Guangzhou R&F Properties Co.,
Ltd. ....................... 46,800 54,348
Harbin Power Equipment........ 26,000 16,908
Huadian Power International
Co. ........................ 156,000 35,226
Huaneng Power International,
Inc. ....................... 130,000 86,219
Industrial & Commercial Bank
of China.................... 1,171,000 608,920
Jiangsu Expressway Co. ....... 80,000 54,297
Jiangxi Copper Co., Ltd. ..... 28,000 29,192
Kingboard Chemical Holdings,
Ltd. ....................... 18,500 37,955
Lenovo Group, Ltd. ........... 176,000 40,423
Li Ning Co., Ltd. ............ 26,000 42,942
Maanshan Iron & Steel......... 78,000 27,476
NetEase.com ADR (a)(b)........ 3,108 83,450
Nine Dragons Paper Holdings,
Ltd. ....................... 39,000 14,795
Parkson Retail Group, Ltd. ... 31,134 31,496
PetroChina Co., Ltd. ......... 564,000 449,745
PICC Property & Casualty Co.,
Ltd. (b).................... 104,000 56,764
Pine Agritech, Ltd. .......... 107,000 6,335
Ping An Insurance Group Co. of
China, Ltd. ................ 39,000 232,742
Semiconductor Manufacturing
International Corp. (b)..... 438,000 16,672
Shanghai Electric Group Co.,
Ltd. ....................... 130,000 37,406
Shenzhen Expressway Co.,
Ltd. ....................... 104,000 36,232
Shimao Property Holdings,
Ltd. ....................... 39,000 34,169
SINA Corp. (b)................ 1,495 34,759
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 104,000 25,631
Sinotrans, Ltd. .............. 130,000 20,129
Suntech Power Holdings Co.,
Ltd. ADR (a)(b)............. 2,529 29,564
Tencent Holdings, Ltd. ....... 26,000 192,568
Tingyi Cayman Islands Holding
Corp. ...................... 78,000 90,178
TPV Technology, Ltd. ......... 104,000 31,804
Travelsky Technology, Ltd. ... 62,000 28,480
Weiqiao Textile Co. .......... 33,000 9,794
Xinyu Hengdeli Holdings,
Ltd. ....................... 200,000 32,774
Yanzhou Coal Mining Co.,
Ltd. ....................... 78,000 56,160
Zhejiang Expressway Co.,
Ltd. ....................... 98,000 71,445
Zijin Mining Group Co.,
Ltd. ....................... 106,000 75,499
ZTE Corp. .................... 15,040 61,227
-----------
TOTAL CHINA................... 9,458,425
-----------
CZECH REPUBLIC -- 0.7%
CEZ AS........................ 5,434 193,202
Komercni Banka AS............. 592 58,791
Telefonica O2 Czech Republic
AS.......................... 3,820 75,448
Unipetrol..................... 3,872 21,834
-----------
TOTAL CZECH REPUBLIC.......... 349,275
-----------
EGYPT -- 0.7%
Commercial International
Bank........................ 14,987 86,560
Egyptian Co. for Mobile
Services.................... 2,388 62,307
Egyptian Financial Group-
Hermes Holding.............. 9,356 26,138
Egyptian Kuwait Holding Co. .. 12,013 13,454
Orascom Construction
Industries.................. 3,769 90,311
Orascom Telecom Holding SAE... 3,886 17,699
Orascom Telecom Holding SAE
GDR......................... 2,547 57,002
-----------
TOTAL EGYPT................... 353,471
-----------
HUNGARY -- 0.6%
FHB Mortgage Bank NyRt (b).... 8,847 20,561
MOL Hungarian Oil and Gas NyRt
(a)......................... 2,172 96,795
OTP Bank NyRt (a)(b).......... 7,858 65,777
Richter Gedeon NyRt........... 644 69,983
Tiszai Vegyi Kominat NyRt..... 914 8,339
-----------
TOTAL HUNGARY................. 261,455
-----------
INDIA -- 7.0%
Ambuja Cements, Ltd. ......... 17,217 23,958
Bajaj Holdings & Investment,
Ltd. ....................... 1,173 5,865
Bharat Heavy Electricals,
Ltd. ....................... 4,568 135,955
Bharti Airtel, Ltd. (b)....... 29,811 365,476
Cipla, Ltd. .................. 15,597 67,663
Dr. Reddy's Laboratories, Ltd.
ADR (a)..................... 4,834 45,681
Gail India, Ltd. ............. 17,160 82,189
Grasim Industries, Ltd. (c)... 731 22,796
HCL Technologies, Ltd. ....... 4,387 8,906
HDFC Bank, Ltd. .............. 6,317 121,895
Hero Honda Motors, Ltd. ...... 4,991 105,467
Hindustan Unilever, Ltd. ..... 39,625 184,360
Housing Development Finance
Corp., Ltd. ................ 6,782 188,081
ICICI Bank, Ltd. ADR (a)...... 7,506 99,755
Indian Hotels Co., Ltd. ...... 21,453 16,597
Infosys Technologies, Ltd. ADR
(a)......................... 13,069 348,027
ITC, Ltd. GDR (c)(d).......... 20,595 75,037
ITC, Ltd. GDR (d)............. 2,611 9,513
Larsen & Toubro, Ltd. GDR..... 5,349 69,537
Mahindra & Mahindra, Ltd.
GDR......................... 4,583 34,831
Maruti Udyog, Ltd. ........... 3,766 57,824
Oil & Natural Gas Corp.,
Ltd. ....................... 11,164 171,239
Reliance Capital, Ltd. ....... 1,977 13,927
Reliance Communications,
Ltd. ....................... 24,296 84,259
Reliance Industries, Ltd. GDR
(c)......................... 10,360 620,564
Reliance Infrastructure,
Ltd. ....................... 5,805 59,085
Siemens India, Ltd. .......... 5,294 27,840
State Bank of India GDR (a)... 1,216 49,856
Suzlon Energy, Ltd. .......... 14,821 12,474
Tata Consultancy Services,
Ltd. ....................... 5,382 56,753
Tata Motors, Ltd. ADR (a)..... 6,265 30,886
</Table>
See accompanying notes to financial statements.
100
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tata Power Co., Ltd. ......... 4,793 $ 72,554
Tata Steel, Ltd. ............. 8,414 34,313
Wipro, Ltd. ADR (a)........... 7,871 55,963
-----------
TOTAL INDIA................... 3,359,126
-----------
INDONESIA -- 1.5%
Astra International Tbk PT.... 79,000 97,426
Bank Central Asia Tbk PT...... 461,500 123,812
Bank Danamon Indonesia Tbk
PT.......................... 63,500 17,173
Bank Mandiri Persero Tbk PT... 244,500 46,022
Bank Rakyat Indonesia PT...... 211,500 76,876
Barito Pacific Tbk PT (b)..... 220,000 10,091
Bumi Resources Tbk PT......... 397,000 28,173
Indofood Sukses Makmur Tbk
PT.......................... 291,500 23,714
Indosat Tbk PT................ 57,000 23,308
Kalbe Farma Tbk PT............ 320,000 17,170
Medco Energi Internasional Tbk
PT (b)...................... 152,000 28,940
Perusahaan Gas Negara PT...... 333,000 61,960
Telekomunikasi Indonesia Tbk
PT.......................... 167,000 109,117
United Tractors Tbk PT........ 86,000 50,238
-----------
TOTAL INDONESIA............... 714,020
-----------
ISRAEL -- 4.1%
Avner Oil & Gas, Ltd. LP...... 769,051 122,465
Bank Hapoalim BM (b).......... 35,187 64,245
Bank Leumi Le-Israel BM....... 35,859 70,868
Check Point Software
Technologies (a)(b)......... 5,924 131,572
Formula Systems (1985),
Ltd. ....................... 4,661 20,986
Israel Chemicals, Ltd. ....... 16,188 131,269
Israel Discount Bank, Ltd. ... 30,924 22,944
Koor Industries, Ltd. (b)..... 804 12,355
Makhteshim-Agan Industries,
Ltd. ....................... 13,967 58,516
Mizrahi Tefahot Bank, Ltd. ... 11,950 57,201
NICE Systems, Ltd. (b)........ 2,478 62,244
Ormat Industries, Ltd. ....... 7,030 47,661
Partner Communications
Company, Ltd. .............. 4,727 70,423
Retalix, Ltd. (b)............. 3,210 28,525
Teva Pharmaceutical
Industries, Ltd. ........... 23,359 1,043,406
The Israel Corp., Ltd. ....... 117 36,070
-----------
TOTAL ISRAEL.................. 1,980,750
-----------
JORDAN -- 0.3%
Arab Bank PLC................. 7,995 126,177
-----------
MALAYSIA -- 2.7%
Aeon Co. Bhd.................. 93,000 94,390
Alliance Financial Group Bhd.. 100,600 46,637
Berjaya Sports Toto Bhd....... 45,500 57,164
Bintulu Port Holdings Bhd..... 42,494 67,025
Bursa Malaysia Bhd............ 20,493 28,950
Carlsberg Brewery Bhd......... 149,297 138,424
Dialog Group Bhd.............. 151,900 35,209
Digi.Com Bhd.................. 13,000 75,600
Genting Bhd................... 78,600 79,344
IGB Corp. Bhd................. 105,900 39,217
IOI Corp. Bhd................. 118,600 123,626
KFC Holdings Bhd.............. 51,300 97,098
KNM Group Bhd................. 251,750 26,587
Malaysian Airline System Bhd.. 69,000 54,322
Malaysian Resources Corp.
Bhd......................... 105,800 24,669
Multi Purpose Holdings Bhd.... 68,000 20,705
Naim Cendera Holding Bhd...... 63,587 19,885
OSK Holdings Bhd.............. 96,600 24,644
OSK Property Holdings Bhd..... 9,364 899
Padiberas Nasional Bhd........ 135,500 47,576
Resorts World Bhd............. 10,200 5,988
Sarawake Energy Bhd........... 114,834 53,865
SP Setia Bhd.................. 63,600 48,675
Sunrise Bhd (b)............... 105,476 28,499
Ta Enterprise Bhd............. 127,500 20,985
Tebrau Teguh Bhd (b).......... 8,900 952
UEM Land Holdings Bhd (b)..... 28,125 5,516
WCT Engineering Bhd........... 117,600 34,840
-----------
TOTAL MALAYSIA................ 1,301,291
-----------
MEXICO -- 5.4%
Alfa SAB de CV (a)............ 13,847 21,581
America Movil SAB de CV....... 610,450 834,970
Axtel SAB de CV (a)(b)........ 42,424 17,116
Cemex SAB de CV (a)(b)........ 227,980 142,579
Coca-Cola Femsa SAB de CV..... 21,370 72,855
Consorcio ARA, SAB de CV (a).. 42,151 11,089
Corporation GEO SAB de CV
(a)(b)...................... 17,897 18,147
Desarrolladora Homex SAB de CV
(a)(b)...................... 7,870 17,522
Empresas ICA SAB de CV
(a)(b)...................... 17,281 29,408
Fomento Economico Mexicano SAB
de CV....................... 64,111 163,471
Grupo Aeroportuario del
Sureste SAB de CV........... 16,702 48,141
Grupo Bimbo SAB de CV (a)..... 20,700 77,792
Grupo Elektra SA de CV........ 3,055 101,855
Grupo Financiero Banorte SAB
de CV (a)................... 43,440 57,877
Grupo Iusacell SA de CV
(a)(b)...................... 503 449
Grupo Mexico SAB de CV (a).... 140,442 102,770
Grupo Modelo SAB de CV........ 24,269 73,824
Grupo Televisa SA de CV....... 49,243 134,429
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (a)(b)................ 43,883 24,955
Industrias CH SAB, Series B
(a)(b)...................... 11,277 22,709
Industrias Penoles SA de CV
(a)......................... 3,908 41,012
Kimberly-Clark de Mexico SAB
de CV....................... 22,729 74,103
Sare Holding SAB de CV (Class
B) (a)(b)................... 50,122 6,326
Telefonos de Mexico SA de CV
(a)......................... 175,882 133,692
Telmex Internacional SAB de CV
(a)......................... 236,663 109,077
TV Azteca SAB de CV........... 96,971 31,285
Urbi Desarrollos Urbanos SA de
CV (a)(b)................... 18,887 16,660
Wal-Mart de Mexico SAB de CV
(a)......................... 79,888 187,329
-----------
TOTAL MEXICO.................. 2,573,023
-----------
MOROCCO -- 1.0%
Banque Marocaine du Commerce
et l'Industrie SA........... 589 56,786
Banque Marocaine du Commerce
Exterieur................... 6,864 183,824
Douja Promotion Groupe Addoha
SA.......................... 3,852 51,351
Holcim Maroc SA............... 368 72,974
ONA SA........................ 661 91,265
-----------
TOTAL MOROCCO................. 456,200
-----------
</Table>
See accompanying notes to financial statements.
101
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PERU -- 0.9%
Companhia de Minas
Buenaventura SA............. 6,990 $ 169,273
Credicorp, Ltd. .............. 2,528 118,412
Southern Copper Corp. (a)..... 6,567 114,397
Volcan Cia Minera SA.......... 48,423 24,526
-----------
TOTAL PERU.................... 426,608
-----------
PHILIPPINES -- 0.6%
Ayala Land, Inc. ............. 336,780 39,724
Banco de Oro Universal Bank... 58,300 30,764
Bank of the Philippine
Islands..................... 100,680 70,835
Filinvest Land, Inc. ......... 1,527,000 11,375
Philippine Long Distance
Telephone Co. .............. 2,630 119,459
-----------
TOTAL PHILIPPINES............. 272,157
-----------
POLAND -- 1.2%
Asseco Poland SA.............. 1,829 22,700
Bank BPH SA (b)............... 433 3,603
Bank Pekao SA................. 3,724 88,313
Bioton SA (b)................. 85,644 5,351
BRE Bank SA (b)............... 461 13,748
Cersanit Krasnystaw SA (b).... 4,267 13,209
Getin Holding SA (b).......... 7,291 8,324
Globe Trade Centre SA (b)..... 4,571 19,213
Grupa Lotos SA (b)............ 2,786 13,087
KGHM Polska Miedz SA.......... 3,993 51,814
Orbis SA...................... 1,908 16,083
PBG SA (b).................... 514 27,882
Polimex Mostostal SA.......... 17,862 15,168
Polski Koncern Naftowy Orlen
GDR......................... 5,581 75,448
Powszechna Kasa Oszczednosci
Bank Polski SA.............. 11,912 72,466
Telekomunikacja Polska SA..... 24,438 130,482
-----------
TOTAL POLAND.................. 576,891
-----------
RUSSIA -- 7.2%
Comstar United Telesystems
GDR......................... 11,543 38,669
Gazprom OAO ADR............... 92,179 1,368,858
JSC MMC Norilsk Nickel ADR.... 24,397 146,382
LUKOIL ADR.................... 14,831 556,163
Mechel OAO ADR (a)(b)......... 4,360 18,181
Mobile TeleSystems ADR (a).... 5,833 174,523
NovaTek OAO GDR............... 3,006 69,138
OAO Rosneft Oil Co. GDR....... 38,095 163,428
Polyus Gold Co. ADR........... 4,960 114,576
Rostelecom ADR (a)............ 2,580 133,025
Severstal GDR................. 8,597 27,854
Surgutneftegaz ADR............ 64,807 397,915
Tatneft GDR................... 2,266 104,349
Vimpel-Communications ADR
(a)......................... 13,093 85,628
VTB Bank OJSC GDR............. 19,738 31,976
Wimm-Bill-Dann Foods OJSC ADR
(a)(b)...................... 750 23,858
-----------
TOTAL RUSSIA.................. 3,454,523
-----------
SOUTH AFRICA -- 9.4%
ABSA Group, Ltd. ............. 8,950 90,535
Adcock Ingram Holdings, Ltd.
(b)......................... 2,752 10,418
Adcorp Holdings, Ltd. ........ 11,885 21,246
Afgri, Ltd. .................. 65,505 29,618
African Bank Investments,
Ltd. ....................... 37,570 99,555
African Rainbow Minerals,
Ltd. ....................... 4,335 63,129
Allied Electronics Corp., Ltd.
(b)......................... 15,173 32,037
Anglo Platinum, Ltd. ......... 1,687 84,439
AngloGold Ashanti, Ltd. ...... 6,553 237,727
Aquarius Platinum, Ltd. ...... 10,044 29,477
ArcelorMittal South Africa,
Ltd. ....................... 6,161 47,357
Aspen Pharmacare Holdings,
Ltd. (b).................... 16,699 80,071
Aveng, Ltd. .................. 14,684 40,223
Avusa, Ltd. (b)............... 2,544 4,548
Barloworld, Ltd. ............. 6,282 21,138
Bidvest Group, Ltd. .......... 9,210 85,176
Business Connexion Group,
Ltd. ....................... 54,063 17,964
Cadiz Holdings................ 35,377 6,696
Coronation Fund Managers,
Ltd. ....................... 50,531 26,036
Discovery Holdings, Ltd. ..... 8,277 21,811
ElementOne, Ltd. (b).......... 5,039 5,617
Eqstra Holdings, Ltd. (b)..... 5,700 3,117
FirstRand, Ltd. .............. 139,842 177,339
Foschini, Ltd. ............... 8,280 38,257
Freeworld Coatings, Ltd. ..... 7,373 3,876
Gold Fields, Ltd. ............ 19,753 217,055
Grindrod, Ltd. ............... 24,715 31,446
Group Five, Ltd. ............. 7,016 20,841
Harmony Gold Mining Co., Ltd.
(b)......................... 5,911 62,410
Impala Platinum Holdings,
Ltd. ....................... 17,149 285,366
Imperial Holdings, Ltd. ...... 4,847 27,242
Investec, Ltd. ............... 5,359 21,898
Invicta Holdings, Ltd. ....... 14,992 31,529
JD Group, Ltd. ............... 5,276 18,313
Kagiso Media, Ltd. ........... 29,330 32,846
Kumba Iron Ore, Ltd. ......... 1,532 26,406
Lewis Group, Ltd. ............ 6,347 28,491
Massmart Holdings, Ltd. ...... 8,438 61,754
Metorex, Ltd. (b)............. 18,308 3,176
MTN Group, Ltd. .............. 48,319 533,491
Murray & Roberts Holdings,
Ltd. ....................... 12,993 55,333
Mvelaphanda Resources, Ltd.
(b)......................... 6,780 20,661
Naspers, Ltd. ................ 11,660 196,172
Nedbank Group, Ltd. .......... 13,595 121,512
Netcare, Ltd. (b)............. 55,271 46,437
Pretoria Portland Cement Co.,
Ltd. ....................... 5,380 17,758
PSG Group, Ltd. .............. 10,950 16,120
Reinet Investments SCA, ADR
(b)......................... 4,419 4,210
Remgro, Ltd. ................. 11,342 80,503
RMB Holdings, Ltd. ........... 25,147 54,472
Sanlam, Ltd. ................. 54,779 97,001
Sappi, Ltd. .................. 7,464 14,324
Sasol, Ltd. .................. 13,357 386,243
Shoprite Holdings, Ltd. ...... 20,938 111,383
Standard Bank Group, Ltd. .... 26,528 221,764
Steinhoff International
Holdings, Ltd. ............. 41,134 43,643
Sun International, Ltd. ...... 4,369 32,986
Super Group, Ltd. (b)......... 34,502 2,249
Telkom SA, Ltd. .............. 7,069 78,413
Tiger Brands, Ltd. ........... 5,160 73,434
Truworths International,
Ltd. ....................... 19,095 64,513
Wilson Bayly Holmes-Ovcon,
Ltd. ....................... 6,082 54,418
Woolworths Holdings, Ltd. .... 33,702 40,400
-----------
TOTAL SOUTH AFRICA............ 4,513,620
-----------
</Table>
See accompanying notes to financial statements.
102
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TAIWAN -- 12.2%
Acer, Inc. ................... 76,812 $ 115,517
Advanced Semiconductor
Engineering, Inc. .......... 152,365 73,909
Asustek Computer, Inc. ....... 87,743 92,240
AU Optronics Corp. ADR (a).... 28,242 236,950
Cathay Financial Holding Co.,
Ltd. ....................... 116,550 100,184
Chang Hwa Commercial Bank..... 166,000 55,803
Chi Mei Optoelectronics Corp.
GDR (d)..................... 7,625 30,467
Chi Mei Optoelectronics Corp.
GDR (d)..................... 1,936 7,736
China Development Financial
Holding Corp. .............. 354,758 70,508
China Steel Chemical Corp. ... 114,345 186,124
China Steel Corp. ............ 198,537 129,969
Chinatrust Financial Holding
Co., Ltd. .................. 219,767 80,358
Chunghwa Telecom Co., Ltd. ... 92,687 169,183
CMC Magnetics Corp. (b)....... 92,000 17,336
Compal Electronics, Inc. ..... 152,520 109,290
Delta Electronics, Inc. ...... 58,099 106,905
Elite Semiconductor Memory
Technology, Inc. ........... 49,750 43,131
Epistar Corp. ................ 18,850 28,348
Far Eastern Textile Co.,
Ltd. ....................... 139,062 108,258
Formosa Chemicals & Fibre
Corp. ...................... 76,000 89,644
Formosa Plastics Corp. ....... 114,000 171,780
Foxconn Technology Co.,
Ltd. ....................... 24,595 65,201
Fubon Financial Holding Co.,
Ltd. ....................... 166,000 100,103
Giant Manufacturing Co.,
Ltd. ....................... 70,800 145,725
Grape King, Inc. ............. 79,000 48,688
High Tech Computer Corp. ..... 26,170 321,800
Hon Hai Precision Industry
Co., Ltd. .................. 101,360 229,250
Hotai Motor Co., Ltd. ........ 38,000 53,282
Hua Nan Financial Holdings
Co., Ltd. .................. 149,560 78,502
Innolux Display Corp. ........ 53,700 52,335
Lite-On Technology Corp. ..... 77,894 52,600
MediaTek, Inc. ............... 15,251 143,462
Mosel Vitelic, Inc. (b)....... 10,000 2,908
Nan Ya Plastics Corp. ........ 114,000 130,432
National Petroleum Co.,
Ltd. ....................... 167,000 125,575
Novatek Microelectronics
Corp., Ltd. ................ 15,145 22,955
POU Chen Corp. ............... 103,626 56,989
Powerchip Semiconductor Corp.
(b)......................... 179,660 23,363
Powertech Technology, Inc. ... 24,395 44,025
Precision Silicon Corp. ...... 12,098 6,974
ProMOS Technologies, Inc.
(b)......................... 170,000 6,617
Quanta Computer, Inc. ........ 98,599 124,586
Shin Kong Financial Holding
Co., Ltd. .................. 104,883 30,155
Siliconware Precision
Industries Co. ............. 76,578 80,616
SinoPac Financial Holdings
Co., Ltd. .................. 241,000 47,970
Solar Applied Materials
Technology Corp. ........... 49,541 70,925
Taishin Financial Holdings
Co., Ltd. .................. 205,000 33,248
Taiwan Cement Corp. .......... 113,681 93,695
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR
(a)......................... 134,997 1,208,223
Taiwan Tea Corp. (b).......... 64,000 25,383
Tatung Co., Ltd. (b).......... 184,000 36,244
Tripod Technology Corp. ...... 23,985 32,004
United Microelectronics Corp.
ADR (a)..................... 98,582 249,413
Visual Photonics Epitaxy Co.,
Ltd. ....................... 38,924 22,325
Wistron Corp. ................ 53,941 58,137
-----------
TOTAL TAIWAN.................. 5,847,350
-----------
THAILAND -- 1.5%
Advanced Info Service PCL..... 47,415 110,633
Bangkok Expressway PCL........ 135,859 61,293
Banpu PCL..................... 5,608 33,839
Electricity Generating PCL.... 23,900 44,646
Electricity Generating PCL
(Foreign ownership limit)... 6,900 13,133
IRPC PCL...................... 346,958 18,490
Kasikornbank PCL.............. 22,500 28,391
PTT Exploration & Production
PCL......................... 42,298 115,987
PTT PCL....................... 28,624 124,294
Siam Cement PCL............... 15,300 42,494
Siam Commercial Bank PCL...... 44,902 69,002
Thai Oil PCL.................. 42,695 30,699
Tisco Financial Group PCL
Preference Shares (b)....... 70,919 23,396
TMB Bank PCL (b).............. 1,736,817 21,548
-----------
TOTAL THAILAND................ 737,845
-----------
TURKEY -- 1.4%
Akbank TAS.................... 29,487 86,008
Anadolu Efes Biracilik Ve Malt
Sanayii AS.................. 8,452 52,034
Dogan Sirketler Grubu Holdings
AS (b)...................... 56,890 18,702
Dogan Yayin Holding AS (b).... 14,518 4,686
Eregli Demir ve Celik
Fabrikalari TAS............. 19,084 35,589
Haci Omer Sabanci Holding AS.. 20,001 34,191
KOC Holding AS (b)............ 24,978 34,935
Migros Turk TAS............... 378 2,960
Tupras-Turkiye Petrol
Rafinerileri AS............. 4,764 47,553
Turkcell Iletisim Hizmet AS... 18,072 88,035
Turkiye Garanti Bankasi AS
(b)......................... 91,851 129,565
Turkiye Is Bankasi............ 30,480 68,136
Ulker Biskuvi Sanayi AS....... 19,966 20,884
Yapi ve Kredi Bankasi AS (b).. 31,594 32,291
-----------
TOTAL TURKEY.................. 655,569
-----------
UNITED KINGDOM -- 0.1%
British American Tobacco PLC.. 2,817 64,915
-----------
TOTAL COMMON STOCKS --
(Cost $67,385,436).......... 45,618,049
-----------
SHORT TERM INVESTMENTS -- 11.4%
UNITED STATES -- 11.4%
MONEY MARKET FUNDS -- 11.4%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............ 5,180,203 5,180,203
STIC Prime Portfolio.......... 251,571 251,571
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $5,431,774)........... 5,431,774
-----------
TOTAL INVESTMENTS -- 106.8%
(Cost $72,817,210).......... 51,049,823
OTHER ASSETS AND
LIABILITIES -- (6.8)%....... (3,259,392)
-----------
NET ASSETS -- 100.0%.......... $47,790,431
===========
</Table>
See accompanying notes to financial statements.
103
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities, which represent 1.50% of net assets as of March 31, 2009,
are 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) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At March 31, 2009, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan
Stock Index... 4/29/09 130 $2,594,841 $2,515,500 $(79,341)
</Table>
See accompanying notes to financial statements.
104
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.7%
BRAZIL -- 23.2%
Banco Bradesco SA ADR (a)..... 409,597 $ 4,055,010
Companhia de Bebidas das
Americas ADR (a)............ 39,519 1,887,032
Companhia Energetica de Minas
Gerais ADR (a).............. 78,557 1,161,072
Companhia Siderurgica Nacional
SA ADR (a).................. 111,976 1,661,724
Companhia Vale do Rio Doce ADR
(a)......................... 387,661 5,155,891
Gerdau SA ADR (a)............. 181,757 994,211
Itau Unibanco Banco Multiplo
SA ADR (a).................. 347,179 3,777,308
Petroleo Brasileiro SA ADR
(a)......................... 267,648 8,155,235
Tele Norte Leste Participacoes
SA ADR...................... 77,582 1,073,735
------------
TOTAL BRAZIL.................. 27,921,218
------------
CHINA -- 49.1%
Baidu, Inc. ADR (a)(b)........ 7,743 1,367,414
Bank of China, Ltd. .......... 10,508,000 3,484,588
Bank of Communications Co.,
Ltd. ....................... 1,396,000 969,094
China Communications
Construction Co., Ltd. ..... 1,230,000 1,349,032
China Construction Bank
Corp. ...................... 9,683,000 5,497,445
China Life Insurance Co.,
Ltd. ....................... 2,102,000 6,970,503
China Merchants Bank Co.,
Ltd. ....................... 694,000 1,212,485
China Merchants Holdings
International Co., Ltd. .... 848 1,952
China Mobile, Ltd. ........... 1,168,500 10,177,258
China Overseas Land &
Investment, Ltd. ........... 1,270,560 1,993,550
China Petroleum & Chemical
Corp. ...................... 4,740,000 3,033,600
China Shenhua Energy Co.,
Ltd. ....................... 842,000 1,896,945
China Telecom Corp., Ltd. .... 4,114,000 1,698,684
China Unicom, Ltd. ........... 2,100,000 2,243,613
CNOOC, Ltd. .................. 3,818,000 3,783,515
Industrial & Commercial Bank
of China.................... 12,888,000 6,701,760
PetroChina Co., Ltd. ......... 5,764,000 4,596,325
Ping An Insurance Group Co. of
China, Ltd. ................ 376,500 2,246,855
------------
TOTAL CHINA................... 59,224,618
------------
INDIA -- 5.8%
HDFC Bank, Ltd. ADR (a)....... 13,837 843,088
ICICI Bank, Ltd. ADR (a)...... 61,815 821,521
Infosys Technologies, Ltd. ADR
(a)......................... 126,324 3,364,008
Reliance Industries, Ltd. GDR
(c)......................... 32,195 1,928,481
------------
TOTAL INDIA................... 6,957,098
------------
RUSSIA -- 21.6%
Gazprom OAO ADR............... 656,995 9,756,376
JSC MMC Norilsk Nickel ADR.... 242,179 1,453,074
LUKOIL ADR.................... 113,765 4,266,188
Mobile TeleSystems ADR........ 50,550 1,512,456
NovaTek OAO GDR............... 77,281 1,777,463
OAO Rosneft Oil Co. GDR (a)... 538,377 2,309,637
Rosneft OJSC GDR (a)(b)....... 5,891 25,273
Surgutneftegaz ADR............ 516,871 3,173,588
Tatneft GDR(d)................ 26,199 1,206,464
Tatneft GDR(d)................ 906 41,721
Vimpel-Communications ADR
(a)......................... 85,256 557,574
------------
TOTAL RUSSIA.................. 26,079,814
------------
TOTAL COMMON STOCKS --
(Cost $236,695,864)......... 120,182,748
------------
SHORT TERM INVESTMENTS -- 14.4%
UNITED STATES -- 14.4%
MONEY MARKET FUNDS -- 14.4%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............ 17,096,911 17,096,911
STIC Prime Portfolio.......... 272,622 272,622
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $17,369,533).......... 17,369,533
------------
TOTAL INVESTMENTS -- 114.1%
(Cost $254,065,397)......... 137,552,281
OTHER ASSETS AND
LIABILITIES -- (14.1)%...... (16,978,796)
------------
NET ASSETS -- 100.0%.......... $120,573,485
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 1.60% of net assets as of March 31, 2009, 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) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
105
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
CZECH REPUBLIC -- 6.0%
CEZ AS......................... 34,129 $ 1,213,433
Komercni Banka AS.............. 2,696 267,740
Telefonica O2 Czech Republic
AS........................... 27,768 548,440
Unipetrol...................... 26,769 150,947
-----------
TOTAL CZECH REPUBLIC........... 2,180,560
-----------
HUNGARY -- 4.2%
Magyar Telekom NyRt............ 158,107 364,040
MOL Hungarian Oil and Gas
NyRt......................... 8,180 364,543
OTP Bank NyRt (a)(b)........... 44,351 371,251
Richter Gedeon NyRt............ 4,157 451,738
-----------
TOTAL HUNGARY.................. 1,551,572
-----------
POLAND -- 10.6%
Agora SA....................... 24,717 93,293
Apator SA...................... 24,542 74,789
Asseco Poland SA............... 10,886 135,107
Bank Pekao SA.................. 17,928 425,154
Bank Zachodni WBK SA........... 5,209 100,820
Bioton SA (a).................. 446,108 27,873
BRE Bank SA (a)................ 2,034 60,655
Cersanit Krasnystaw SA (a)..... 23,539 72,869
Debica SA...................... 6,831 68,484
Echo Investment SA (a)......... 73,235 50,958
Getin Holding SA (a)........... 44,169 50,428
Globe Trade Centre SA (a)...... 29,681 124,758
ING Bank Slaski SA............. 1,407 84,714
KGHM Polska Miedz SA........... 20,224 262,432
Netia SA (a)................... 124,404 109,174
Orbis SA....................... 10,996 92,689
PBG SA (a)..................... 2,419 131,219
Polimex Mostostal SA........... 97,774 83,028
Polski Koncern Naftowy Orlen
SA........................... 33,109 223,795
Powszechna Kasa Oszczednosci
Bank Polski SA............... 76,767 467,005
Telekomunikacja Polska SA...... 174,753 933,062
TVN SA......................... 46,329 111,972
Zaklad Przetworstwa Hutniczego
Stalprodukt SA............... 914 94,228
-----------
TOTAL POLAND................... 3,878,506
-----------
RUSSIA -- 66.6%
Comstar United Telesystems GDR
(c).......................... 33,329 111,652
Comstar United Telesystems GDR
(c).......................... 92,224 308,950
CTC Media, Inc. (a)(b)......... 18,300 83,448
Evraz Group SA GDR (c)......... 183 1,512
Evraz Group SA GDR (c)......... 11,876 98,096
Gazprom Neft ADR (c)........... 563 6,824
Gazprom Neft ADR (c)........... 50,589 610,609
Gazprom OAO ADR................ 488,834 7,259,185
Integra Group Holdings GDR
(a)(c)....................... 9,481 8,248
Integra Group Holdings GDR
(a)(c)....................... 112,148 97,569
JSC MMC Norilsk Nickel ADR
(b).......................... 187,800 1,126,800
LUKOIL ADR..................... 106,235 3,983,813
Mechel OAO ADR (b)............. 19,906 83,008
Mobile TeleSystems ADR (b)..... 6,900 206,448
NovaTek OAO GDR................ 17,982 413,586
OAO Rosneft Oil Co. GDR........ 352,136 1,510,663
PIK Group GDR (a).............. 20,535 27,928
Polymetal GDR (a)(c)........... 362 2,425
Polymetal GDR (a)(c)........... 32,435 217,315
Polyus Gold Co. ADR (c)........ 31,964 738,368
Polyus Gold Co. ADR (c)........ 353 8,084
Rosneft OJSC GDR (a)........... 103,373 443,470
Rostelecom ADR (b)............. 26,554 1,369,124
Sberbank GDR................... 11,711 1,225,237
Severstal GDR (c).............. 125,170 405,551
Severstal GDR (c).............. 3,047 9,872
Surgutneftegaz ADR............. 394,245 2,420,664
Tatneft OAO GDR................ 7,062 325,205
Uralkali, GDR.................. 30,488 356,100
Vimpel-Communications ADR (b).. 23,763 155,410
VTB Bank OJSC GDR (b).......... 433,688 702,575
-----------
TOTAL RUSSIA................... 24,317,739
-----------
TURKEY -- 12.1%
Akbank TAS..................... 170,454 497,185
Anadolu Anonim Turk Sigorta.... 173,758 94,510
Anadolu Efes Biracilik Ve Malt
Sanayii AS................... 52,534 323,421
Arcelik........................ 45,666 49,950
Dogan Sirketler Grubu Holdings
AS (a)....................... 260,220 85,545
Dogan Yayin Holding AS (a)..... 166,047 53,594
Dogus Otomotiv Servis ve
Ticaret AS................... 72,708 86,048
Enka Insaat ve Sanayi AS....... 53,626 189,112
Eregli Demir ve Celik
Fabrikalari TAS.............. 108,166 201,714
Grundig Elektronik AS (a)...... 434,545 171,423
Haci Omer Sabanci Holding AS... 115,245 197,006
Hurriyet Gazetecilik ve
Gazetecilik AS (a)........... 152,349 54,636
KOC Holding AS (a)............. 129,124 180,598
Tupras-Turkiye Petrol
Rafinerileri AS.............. 22,379 223,382
Turk Hava Yollari Anonim
Ortakligi (a)................ 54,840 214,699
Turkcell Iletisim Hizmet AS.... 123,059 599,463
Turkiye Garanti Bankasi AS
(a).......................... 452,711 638,593
Turkiye Is Bankasi............. 118,353 264,571
Vestel Elektronik Sanayi (a)... 133,482 64,625
Yapi ve Kredi Bankasi AS (a)... 214,134 218,862
-----------
TOTAL TURKEY................... 4,408,937
-----------
TOTAL COMMON STOCKS --
(Cost $83,058,021)........... 36,337,314
-----------
SHORT TERM INVESTMENTS -- 3.4%
UNITED STATES -- 3.4%
MONEY MARKET FUNDS -- 3.4%
State Street Navigator
Securities Lending Prime
Portfolio (d)(e)............. 1,160,605 1,160,605
STIC Prime Portfolio........... 70,026 70,026
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,230,631)............ 1,230,631
-----------
TOTAL INVESTMENTS -- 102.9%
(Cost $84,288,652)........... 37,567,945
OTHER ASSETS AND
LIABILITIES -- (2.9)%........ (1,061,296)
-----------
NET ASSETS -- 100.0%........... $36,506,649
===========
</Table>
See accompanying notes to financial statements.
106
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
107
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
ARGENTINA -- 2.0%
Banco Macro SA ADR (a)........ 6,013 $ 61,092
Grupo Financiero Galicia SA
ADR (a)(b).................. 16,398 29,352
Petrobras Energia
Participaciones SA ADR...... 36,605 208,283
Telecom Argentina SA ADR
(a)(b)...................... 12,172 94,333
Tenaris SA ADR (a)............ 27,431 553,283
------------
TOTAL ARGENTINA............... 946,343
------------
BRAZIL -- 61.5%
AES Tiete SA Preference
Shares...................... 25,504 194,970
Aracruz Celulose SA ADR (a)... 9,447 62,350
B2W Companhia Global Do
Varejo...................... 15,783 147,872
Banco Bradesco SA ADR (a)..... 170,463 1,687,584
Banco do Brasil SA............ 54,037 395,962
Bradespar SA Preference
Shares...................... 54,890 539,780
Brasil Telecom Participacoes
SA ADR...................... 9,695 350,183
Braskem SA Preference Shares
ADR (a)(b).................. 16,151 66,381
Centrais Eletricas Brasileiras
SA.......................... 4,800 54,041
Centrais Eletricas Brasileiras
SA ADR...................... 35,416 396,886
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR (a).............. 10,431 282,471
Companhia de Bebidas das
Americas Preference ADR
(a)......................... 23,381 1,116,443
Companhia de Concessoes
Rodoviarias................. 22,158 200,671
Companhia de Saneamento Basico
do Estado de Sao Paulo...... 20,788 232,959
Companhia Energetica de Minas
Gerais ADR (a).............. 38,332 566,547
Companhia Energetica de Sao
Paulo Preference Shares..... 31,360 177,079
Companhia Paranaense de
Energia Preference Shares... 17,161 179,642
Companhia Siderurgica Nacional
SA ADR (a).................. 60,568 898,829
Companhia Vale do Rio Doce ADR
(a)......................... 182,986 2,433,714
Companhia Vale do Rio Doce
Preference Shares ADR....... 224,143 2,528,333
Cosan SA Industria e Comercio
(b)......................... 20,328 85,118
Cyrela Brazil Realty SA....... 42,467 169,333
Cyrela Commercial Properties
SA Empreendimentos e
Participacoes............... 33,196 110,305
Duratex SA Preference Shares.. 23,825 155,229
Empresa Brasileira de
Aeronautica SA.............. 60,719 204,924
Gafisa SA..................... 14,986 75,833
Gerdau SA ADR (a)............. 91,535 500,696
Gerdau SA Preference Shares... 11,400 63,877
Gol Linhas Aereas Inteligentes
SA Preference Shares........ 19,479 56,265
Investimentos Itau SA......... 53,319 231,595
Investimentos Itau SA
Preference Shares........... 315,102 1,090,830
Itau Unibanco Banco Multiplo
SA ADR (a).................. 244,249 2,657,429
JBS SA........................ 94,467 215,420
Lojas Americanas SA Preference
Shares...................... 83,679 235,890
Lojas Renner SA............... 29,501 182,599
Metalurgica Gerdau SA
Preference Shares........... 50,989 374,292
Natura Cosmeticos SA.......... 24,291 238,980
NET Servicos de Comunicacao SA
Preference Shares (b)....... 32,118 238,417
Perdigao SA ADR (a)........... 9,995 247,976
Petroleo Brasileiro SA ADR
(a)......................... 121,478 3,701,435
Petroleo Brasileiro SA ADR
Preference Shares (a)....... 175,194 4,292,253
Sadia SA Preference Shares.... 84,263 114,925
Souza Cruz SA................. 15,888 301,922
Tam SA ADR (a)................ 10,374 57,057
Tele Norte Leste Participacoes
SA ADR...................... 26,570 367,729
Tele Norte Leste Participacoes
SA Preference Shares........ 1,800 25,410
Tim Participacoes SA.......... 20,900 26,236
Tim Participacoes SA ADR...... 12,332 153,163
Tractebel Energia SA ADR (a).. 3,155 23,284
Usinas Siderurgicas de Minas
Gerais SA................... 8,800 112,759
Usinas Siderurgicas de Minas
Gerais SA ADR............... 30,826 394,052
Vivo Participacoes SA
Preference Shares........... 22,203 294,626
Votorantim Celulose e Papel SA
ADR (a)(b).................. 24,226 106,110
------------
TOTAL BRAZIL.................. 29,618,666
------------
CHILE -- 10.1%
Almendral SA.................. 2,026,885 164,309
Antarchile SA................. 31,353 360,782
Banco de Credito e
Inversiones................. 21,697 398,725
Banco Santander Chile ADR
(a)......................... 2,421 83,161
CAP SA........................ 15,721 237,604
Cencosud SA ADR (c)........... 11,968 299,072
Companhia General de
Electricidad................ 84,334 416,420
Empresa Nacional de
Electricidad SA ADR......... 15,290 573,375
Empresas CMPC SA.............. 20,021 416,065
Empresas COPEC SA............. 59,341 529,967
Enersis SA ADR................ 31,722 479,002
Lan Airlines SA ADR (a)....... 21,452 179,339
SACI Falabella (b)............ 178,673 552,973
Sociedad Quimica y Minera de
Chile SA ADR (a)............ 5,901 156,731
------------
TOTAL CHILE................... 4,847,525
------------
MEXICO -- 20.9%
Alfa SAB de CV (a)............ 59,675 93,005
America Movil SAB de CV (a)... 2,343,096 3,204,873
Cemex SAB de CV............... 901,221 563,623
Corporation GEO SAB de CV
(b)......................... 79,357 80,466
Desarrolladora Homex SAB de CV
(b)......................... 39,094 87,042
Empresas ICA SAB de CV
(a)(b)...................... 71,154 121,087
Fomento Economico Mexicano SAB
de CV....................... 286,428 730,338
</Table>
See accompanying notes to financial statements.
108
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Aeroportuario del
Sureste SAB de CV........... 83,720 $ 241,312
Grupo Bimbo SAB de CV (a)..... 93,277 350,541
Grupo Carso SA de CV (a)...... 92,205 224,906
Grupo Financiero Banorte SAB
de CV....................... 203,076 270,566
Grupo Iusacell SA de CV (b)... 8,766 7,832
Grupo Mexico SAB de CV........ 536,714 392,745
Grupo Modelo SAB de CV........ 168,284 511,904
Grupo Televisa SA ADR......... 1,436 19,587
Grupo Televisa SA de CV....... 182,397 497,928
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (b)................... 230,915 131,315
Kimberly-Clark de Mexico SAB
de CV....................... 127,169 414,609
Telefonos de Mexico SA de CV
(a)......................... 876,354 666,136
Telmex Internacional SAB de CV
(a)......................... 876,354 403,907
TV Azteca SAB de CV........... 414,573 133,752
Urbi Desarrollos Urbanos SA de
CV (a)(b)................... 95,992 84,673
Wal-Mart de Mexico SAB de CV
(a)......................... 360,759 845,941
------------
TOTAL MEXICO.................. 10,078,088
------------
PERU -- 4.2%
Companhia de Minas
Buenaventura SA............. 27,781 672,759
Companhia Minera Milpo SA..... 85,514 158,359
Credicorp, Ltd. (a)........... 12,233 572,994
Minsur SA..................... 109,968 149,687
Southern Copper Corp. (a)..... 23,436 408,255
Volcan Cia Minera SA.......... 153,296 77,644
------------
TOTAL PERU.................... 2,039,698
------------
TOTAL COMMON STOCKS --
(Cost $96,188,685).......... 47,530,320
------------
RIGHTS -- 0.0% (D)
BRAZIL -- 0.0% (D)
Gol Linhas Aereas Inteligentes
SA (expiring 4/23/09)(b)
(Cost $0)................... 2,532 110
------------
SHORT TERM INVESTMENTS -- 27.6%
UNITED STATES -- 27.6%
MONEY MARKET FUNDS -- 27.6%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............ 13,084,121 13,084,121
STIC Prime Portfolio.......... 210,577 210,577
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $13,294,698).......... 13,294,698
------------
TOTAL INVESTMENTS -- 126.3%
(Cost $109,483,383)......... 60,825,128
OTHER ASSETS AND
LIABILITIES -- (26.3)%...... (12,662,624)
------------
NET ASSETS -- 100.0%.......... $ 48,162,504
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Security purchased pursuant to Rule 144A of the securities Act of 1933. This
security, which represents 0.62% of net assets as of March 31, 2009, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified
institutional buyers.
(d) Amount shown represents less than 0.05% of net assets.
(e) Investments of cash collateral for securities loaned.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
ADR = American Depositary Receipt
See accompanying notes to financial statements.
109
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.6%
EGYPT -- 5.0%
Commercial International Bank... 151,204 $ 873,301
Eastern Tobacco................. 16,674 429,132
Egyptian Financial Group-Hermes
Holding....................... 90,871 253,871
Egyptian Kuwait Holding Co. .... 191,157 214,096
ElSwedy Cables Holding Co. (a).. 19,194 178,006
Orascom Construction
Industries.................... 27,405 656,669
Orascom Telecom Holding SAE GDR
(b)........................... 27,701 619,948
Sidi Kerir Petrochemicals Co. .. 94,400 163,365
Six of October Development &
Investment Co. (a)............ 11,377 70,677
Suez Cement Co. ................ 49,638 211,539
Telecom Egypt................... 154,827 412,213
-----------
TOTAL EGYPT..................... 4,082,817
-----------
ISRAEL -- 26.3%
Africa-Israel Investments,
Ltd. ......................... 2,944 25,603
Alvarion, Ltd. (a)(b)........... 33,942 112,348
Bank Hapoalim BM(a)............. 379,342 692,614
Bank Leumi Le-Israel BM......... 371,496 734,189
Bezeq Israeli Telecommunication
Corp., Ltd. .................. 407,215 636,877
Cellcom Israel, Ltd. ........... 12,492 266,080
Check Point Software
Technologies (a)(b)........... 55,550 1,233,765
Delek Automotive Systems,
Ltd. ......................... 72,948 457,913
Delek Group, Ltd. .............. 3,000 253,009
Elbit Imaging, Ltd. ............ 5,560 82,214
Elbit Systems, Ltd. ............ 23,841 1,129,340
Gazit Globe, Ltd. .............. 42,456 186,223
Harel Insurance Investments &
Finances, Ltd. ............... 822 19,303
Israel Chemicals, Ltd. ......... 184,618 1,497,068
Israel Discount Bank, Ltd. ..... 268,080 198,900
Makhteshim-Agan Industries,
Ltd. ......................... 124,846 523,051
Mellanox Technologies, Ltd.
(a)(b)........................ 27,694 230,691
Mizrahi Tefahot Bank, Ltd. ..... 100,230 479,774
NICE Systems, Ltd. (a).......... 22,288 559,841
Oil Refineries, Ltd. ........... 471,817 152,614
Ormat Industries, Ltd. ......... 4,028 27,308
Partner Communications Company,
Ltd. ......................... 23,253 346,426
RADVision, Ltd. (a)(b).......... 13,631 68,019
Syneron Medical, Ltd. (a)(b).... 10,107 59,935
Teva Pharmaceutical Industries,
Ltd. ......................... 251,132 11,217,626
The Israel Corp., Ltd. ......... 951 293,187
-----------
TOTAL ISRAEL.................... 21,483,918
-----------
MOROCCO -- 8.4%
Attijariwafa Bank............... 57,669 1,853,316
Banque Centrale Populaire....... 18,202 554,845
Banque Marocaine du Commerce et
l'Industrie SA................ 4,646 447,927
Banque Marocaine du Commerce
Exterieur..................... 75,751 2,028,682
Ciments du Maroc................ 2,853 461,832
Douja Promotion Groupe Addoha
SA............................ 28,230 376,333
ONA SA.......................... 7,927 1,094,486
-----------
TOTAL MOROCCO................... 6,817,421
-----------
SOUTH AFRICA -- 58.9%
ABSA Group, Ltd. ............... 99,132 1,002,786
Adcock Ingram Holdings, Ltd.
(a)........................... 70,996 268,755
African Bank Investments,
Ltd. ......................... 198,551 526,129
African Rainbow Minerals,
Ltd. ......................... 30,825 448,891
Anglo Platinum, Ltd. ........... 17,578 879,824
AngloGold Ashanti, Ltd. ........ 61,664 2,237,022
Aquarius Platinum, Ltd. ........ 92,907 272,662
ArcelorMittal South Africa,
Ltd. ......................... 61,808 475,096
Aspen Pharmacare Holdings, Ltd.
(a)........................... 173,694 832,855
Assore, Ltd. ................... 4,397 203,436
Aveng, Ltd. .................... 163,275 447,246
Avusa, Ltd. (a)................. 76,438 136,640
Barloworld, Ltd. ............... 56,180 189,039
Bidvest Group, Ltd. ............ 91,885 849,767
DataTec, Ltd. .................. 120,000 185,489
Discovery Holdings, Ltd. ....... 139,143 366,659
ElementOne, Ltd. (a)............ 88,824 99,005
Eqstra Holdings, Ltd. (a)....... 105,120 57,479
Exxaro Resources Ltd. .......... 52,794 384,380
FirstRand, Ltd. ................ 1,548,846 1,964,152
Foschini, Ltd. ................. 79,220 366,028
Fountainhead Property Trust..... 725,578 431,074
Freeworld Coatings, Ltd. ....... 145,385 76,438
Gold Fields, Ltd. .............. 213,587 2,346,987
Grindrod, Ltd. ................. 205,526 261,500
Growthpoint Properties, Ltd. ... 455,164 649,482
Harmony Gold Mining Co., Ltd.
(a)........................... 99,774 1,053,450
Hyprop Investments, Ltd. ....... 98,255 403,042
Impala Platinum Holdings,
Ltd. ......................... 170,040 2,829,530
Imperial Holdings, Ltd. ........ 59,774 335,954
Investec, Ltd. ................. 65,787 268,821
JD Group, Ltd. ................. 47,949 166,435
Kumba Iron Ore, Ltd. ........... 27,335 471,162
Massmart Holdings, Ltd. ........ 76,733 561,579
Metorex, Ltd. (a)............... 145,779 25,293
MTN Group, Ltd. ................ 474,392 5,237,767
Murray & Roberts Holdings,
Ltd. ......................... 104,842 446,488
Mvelaphanda Resources, Ltd.
(a)........................... 75,285 229,417
Naspers, Ltd. .................. 113,736 1,913,539
Nedbank Group, Ltd. ............ 143,299 1,280,801
Netcare, Ltd. .................. 530,732 445,904
Pick'n Pay Stores, Ltd. ........ 137,287 426,008
Pretoria Portland Cement Co.,
Ltd. ......................... 122,949 405,822
PSG Group, Ltd. ................ 88,288 129,972
Remgro, Ltd. ................... 140,541 997,531
Reunert, Ltd. .................. 72,495 278,850
RMB Holdings, Ltd. ............. 267,626 579,716
Sanlam, Ltd. ................... 608,725 1,077,911
Sappi, Ltd. .................... 75,801 145,465
Sasol, Ltd. .................... 177,328 5,127,781
Shoprite Holdings, Ltd. ........ 189,021 1,005,528
Standard Bank Group, Ltd. (b)... 316,780 2,648,161
Steinhoff International
Holdings, Ltd. ............... 407,937 432,816
Sun International, Ltd. ........ 33,889 255,860
Super Group, Ltd. (a)........... 272,192 17,745
Telkom SA, Ltd. ................ 69,931 775,712
Tiger Brands, Ltd. ............. 61,077 869,207
Truworths International, Ltd. .. 177,887 601,000
Wilson Bayly Holmes-Ovcon,
Ltd. ......................... 33,499 299,730
</Table>
See accompanying notes to financial statements.
110
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Woolworths Holdings, Ltd. ...... 316,860 $ 379,832
-----------
TOTAL SOUTH AFRICA.............. 48,082,650
-----------
TOTAL COMMON STOCKS --
(Cost $134,136,558)........... 80,466,806
-----------
SHORT TERM INVESTMENTS -- 2.3%
UNITED STATES -- 2.3%
MONEY MARKET FUNDS -- 2.3%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d).............. 1,508,608 1,508,608
STIC Prime Portfolio............ 380,960 380,960
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $1,889,568)............. 1,889,568
-----------
TOTAL INVESTMENTS -- 100.9%
(Cost $136,026,126)........... 82,356,374
OTHER ASSETS AND
LIABILITIES -- (0.9)%......... (748,567)
-----------
NET ASSETS -- 100.0%............ $81,607,807
===========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
111
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.2%
AUSTRALIA -- 5.8%
Abacus Property Group.......... 107,524 $ 20,545
Alesco Corp, Ltd. (a).......... 10,747 14,934
Alumina, Ltd. (a).............. 14,687 13,062
AMP, Ltd. (a).................. 13,204 43,118
Ansell, Ltd. .................. 9,045 53,795
APA Group(a)................... 40,000 81,708
Aristocrat Leisure, Ltd. (a)... 5,938 14,069
Asciano Group.................. 18,354 11,605
Australia & New Zealand Banking
Group, Ltd. (a).............. 6,419 70,244
Babcock & Brown, Ltd.
(a)(b)(c).................... 6,980 0
BHP Billiton, Ltd. ............ 19,566 433,799
Billabong International,
Ltd. ........................ 6,057 35,771
BlueScope Steel, Ltd. ......... 8,440 15,071
Brambles, Ltd. ................ 12,061 40,224
Bunnings Warehouse Property
Trust........................ 110,333 120,355
Carindale Property Trust....... 18,385 41,898
Charter Hall Group............. 53,495 10,407
Commonwealth Bank of
Australia.................... 5,352 129,157
Computershare, Ltd. ........... 7,368 44,947
ConnectEast Group.............. 84,240 23,705
CSL, Ltd. ..................... 4,294 96,933
CSR, Ltd. ..................... 28,113 23,440
DUET Group..................... 63,984 73,890
Envestra, Ltd. ................ 377,582 91,820
Fortescue Metals Group, Ltd.
(a)(c)....................... 900 1,595
GWA International, Ltd. ....... 28,685 47,833
Harvey Norman Holdings, Ltd.
(a).......................... 22,213 39,664
Hills Industries, Ltd. ........ 22,291 23,851
Imdex, Ltd. ................... 69,393 16,634
Insurance Australia Group,
Ltd. ........................ 16,108 39,171
Jabiru Metals, Ltd. (c)........ 158,284 18,146
Lend Lease Corp., Ltd. ........ 5,541 24,986
Macquarie Airports............. 21,154 26,677
Macquarie Group, Ltd. ......... 1,860 34,957
Mincor Resources NL............ 21,098 11,874
Mirvac Real Estate Investment
Trust........................ 158,221 30,231
National Australia Bank,
Ltd. ........................ 6,648 92,843
Newcrest Mining, Ltd. ......... 4,001 90,986
OZ Minerals, Ltd. ............. 18,548 7,152
Paladin Energy, Ltd. (c)....... 1,800 4,252
PanAust, Ltd. (c).............. 64,694 12,811
Perpetual, Ltd. (a)............ 1,383 25,887
Rio Tinto, Ltd. (a)............ 1,771 69,609
Sonic Healthcare, Ltd. ........ 6,796 52,271
Straits Resources, Ltd. ....... 11,899 10,500
Suncorp-Metway, Ltd. .......... 8,757 36,506
Swick Mining Services, Ltd.
(c).......................... 5,599 1,109
Tatts Group, Ltd. (a).......... 17,604 33,881
Thakral Holdings Group......... 186,767 33,090
Toll Holdings, Ltd. (a)........ 7,127 30,949
Transfield Services, Ltd. ..... 3,800 5,386
Virgin Blue Holdings, Ltd.
(c).......................... 18,717 3,316
Wesfarmers, Ltd. (a)........... 4,274 55,977
Westpac Banking Corp. (a)...... 6,787 90,021
Woodside Petroleum, Ltd. (a)... 3,936 104,193
Woolworths, Ltd. .............. 7,709 133,959
WorleyParsons, Ltd. (a)........ 2,606 32,592
-----------
TOTAL AUSTRALIA................ 2,747,406
-----------
AUSTRIA -- 0.2%
Erste Bank der
Oesterreichischen Sparkassen
AG (a)....................... 1,458 24,681
OMV AG......................... 1,842 61,630
Voestalpine AG................. 1,234 16,138
-----------
TOTAL AUSTRIA.................. 102,449
-----------
BELGIUM -- 0.8%
Anheuser-Busch InBev NV........ 3,159 87,009
Anheuser-Busch InBev NV -- VVPR
Strip (c).................... 1,702 7
Bekaert NV..................... 634 42,753
Delhaize Group................. 1,116 72,322
Dexia SA (a)................... 4,755 16,414
Fortis (c)..................... 8,057 14,794
Fortis VVPR Strip (c).......... 592 1
Gimv NV........................ 1,230 53,222
KBC Groep NV................... 1,192 19,292
UCB SA (a)..................... 1,500 44,193
Umicore........................ 2,185 40,339
-----------
TOTAL BELGIUM.................. 390,346
-----------
CANADA -- 7.4%
AGF Management, Ltd. (a)....... 2,447 16,026
Agrium, Inc. .................. 1,665 60,465
Bank of Montreal (a)........... 2,500 65,553
Bank of Nova Scotia............ 3,974 98,138
Barrick Gold Corp. ............ 6,275 203,539
Bombardier, Inc. (a)........... 12,436 29,060
Brookfield Asset Management,
Inc. (Class A) (a)........... 3,211 44,841
Brookfield Infrastructure
Partners LP (a).............. 6 79
CAE, Inc. ..................... 3,922 23,785
Cameco Corp. .................. 2,844 48,713
Canadian Imperial Bank of
Commerce..................... 1,964 71,620
Canadian National Railway
Co. ......................... 3,311 118,950
Canadian Natural Resources,
Ltd. ........................ 3,351 130,269
Canadian Oil Sands Trust....... 3,063 59,037
Canadian Pacific Railway,
Ltd. ........................ 1,573 46,909
Canadian Western Bank (a)...... 3,889 32,147
CGI Group, Inc. (Class A) (c).. 7,670 62,060
Compton Petroleum Corp. (c).... 8,799 5,735
Crescent Point Energy Trust.... 4,803 100,630
Denison Mines Corp. (c)........ 5,599 4,094
EnCana Corp. .................. 4,085 167,536
Fairfax Financial Holdings,
Ltd. ........................ 190 49,231
First Quantum Minerals, Ltd. .. 771 21,755
Gildan Activewear, Inc.
(a)(c)....................... 2,216 18,071
Goldcorp, Inc. ................ 5,016 169,200
Husky Energy, Inc. (a)......... 2,641 56,151
Imperial Oil, Ltd. (a)......... 2,660 96,831
International Royalty Corp..... 12,072 24,180
Kinross Gold Corp. ............ 4,930 89,772
Magna International, Inc.
(Class A).................... 1,333 35,535
Manulife Financial Corp. ...... 9,386 105,934
MDS, Inc. (c).................. 4,127 19,386
Nexen, Inc. ................... 3,454 58,695
</Table>
See accompanying notes to financial statements.
112
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
OPTI Canada, Inc. (a)(c)....... 4,322 $ 3,401
Petro-Canada................... 3,599 96,887
Potash Corp. of Saskatchewan,
Inc. ........................ 2,188 177,297
Research In Motion, Ltd.
(a)(c)....................... 2,940 127,330
Rogers Communications, Inc.
(Class B).................... 3,328 76,842
Royal Bank of Canada (d)....... 5,985 173,086
Royal Bank of Canada (a)(d).... 225 6,578
Russel Metals, Inc. ........... 3,040 24,839
Shaw Communications, Inc. (a).. 3,601 55,010
Sherritt International Corp.
(a).......................... 4,279 10,033
Sun Life Financial, Inc. (a)... 3,416 62,013
Suncor Energy, Inc. (a)........ 6,032 134,913
Talisman Energy, Inc. ......... 7,476 79,326
Teck Cominco, Ltd. (Class B)
(a).......................... 3,266 18,301
TELUS Corp. (Non-Voting)....... 1,645 43,160
TMX Group, Inc. (a)............ 1,818 51,658
Toronto-Dominion Bank (a)...... 4,050 139,898
TransCanada Corp. ............. 3,916 92,846
Uranium One, Inc. (c).......... 800 1,621
-----------
TOTAL CANADA................... 3,508,966
-----------
CHINA -- 2.6%
Bank of East Asia, Ltd. ....... 18,414 35,545
Chong Hing Bank, Ltd. ......... 30,000 33,677
CLP Holdings, Ltd. ............ 21,000 144,290
Dah Sing Banking Group, Ltd. .. 40,870 22,518
Dah Sing Financial Holdings,
Ltd. ........................ 6,017 11,723
Esprit Holdings, Ltd. ......... 12,800 65,239
Giordano International, Ltd. .. 174,000 33,004
Hang Lung Group, Ltd. ......... 30,000 91,355
Hang Lung Properties, Ltd. .... 31,000 72,800
Hong Kong Exchanges and
Clearing, Ltd. .............. 9,000 85,006
Hong Kong Land Holdings,
Ltd. ........................ 18,000 41,040
Hopewell Highway
Infrastructure, Ltd. ........ 1,500 846
Hopewell Holdings.............. 15,000 39,387
Hysan Development Co., Ltd. ... 30,321 51,252
Li & Fung, Ltd. ............... 32,000 75,148
New World Development Co.,
Ltd. ........................ 32,963 32,878
Pacific Basin Shipping, Ltd. .. 60,000 27,329
Sino Land Co., Ltd. ........... 34,974 34,974
Swire Pacific, Ltd. ........... 13,000 86,723
The Link REIT.................. 34,529 68,256
Transport International
Holdings, Ltd. .............. 18,400 47,009
Wheelock & Co., Ltd. .......... 44,000 74,034
Wing Hang Bank, Ltd. .......... 7,500 35,952
-----------
TOTAL CHINA.................... 1,209,985
-----------
DENMARK -- 0.8%
A P Moller -- Maersk A/S (a)... 15 65,777
Bang & Olufsen A/S (Class B)... 611 7,733
DSV A/S (a).................... 4,036 29,569
FLSmidth & Co. A/S (a)......... 956 24,284
GN Store Nord A/S (a)(c)....... 6,442 17,225
Novo-Nordisk A/S (Class B)
(a).......................... 3,141 150,335
SimCorp A/S (c)................ 298 31,873
Vestas Wind Systems A/S
(a)(c)....................... 1,330 58,323
-----------
TOTAL DENMARK.................. 385,119
-----------
FINLAND -- 1.6%
Amer Sports Oyj (Class A) (a).. 4,219 27,952
Elisa Oyj (a).................. 2,451 35,764
Fortum Oyj (a)................. 3,233 61,597
Kemira Oyj (a)(c).............. 3,454 22,150
Kesko Oyj (Class B) (a)........ 1,562 32,415
Kone Oyj (Class B) (a)......... 3,178 65,823
Konecranes Oyj (a)............. 2,103 35,181
Lassila & Tikanoja Oyj......... 3,269 40,885
Metso Oyj (a).................. 1,622 19,166
Neste Oil Oyj (a)(c)........... 2,574 34,243
Nokia Oyj...................... 11,778 138,862
Pohjola Bank PLC (a)........... 4,785 28,207
Rautaruukki Oyj................ 1,341 21,472
Sampo Oyj (Class A)............ 3,104 45,828
SanomaWSOY Oyj (a)............. 3,124 39,901
Stockmann Oyj (Class B)........ 2,152 29,658
Stora Enso Oyj (c)............. 5,280 18,717
UPM-Kymmene Oyj (a)............ 3,845 22,207
Uponor Oyj..................... 1,994 18,611
Wartsila Oyj (Class B) (a)..... 1,162 24,515
YIT Oyj (a).................... 2,387 16,005
-----------
TOTAL FINLAND.................. 779,159
-----------
FRANCE -- 8.5%
Accor SA (a)................... 1,419 49,389
Air France-KLM (a)............. 1,503 13,370
Air Liquide SA................. 1,247 101,400
Alcatel-Lucent (a)(c).......... 18,293 34,440
Alstom SA...................... 1,275 65,995
AXA............................ 9,274 111,434
BNP Paribas.................... 3,806 157,256
Bourbon SA..................... 1,091 35,619
Bouygues SA (a)................ 1,663 59,438
CA Ile de France CCI........... 604 32,029
Cap Gemini SA (a).............. 1,256 40,389
Carrefour SA (a)............... 3,405 132,912
Casino Guichard-Perrachon SA... 700 45,559
Cie de Saint-Gobain (a)........ 2,625 73,608
Cie Generale de Geophysique-
Veritas (a)(c)............... 1,490 17,306
Cie Generale des Etablissements
Michelin (a)................. 1,001 37,120
Credit Agricole SA............. 3,808 42,025
Electricite de France.......... 1,618 63,448
Essilor International SA (a)... 1,855 71,670
France Telecom SA.............. 9,560 217,682
GDF Suez (a)................... 7,252 248,896
Groupe Danone (a).............. 2,802 136,383
Guyenne et Gascogne SA (a)..... 717 53,310
Hermes International (a)....... 656 76,262
L'Oreal SA (a)................. 1,287 88,513
Lafarge SA (a)................. 945 42,521
Lagardere SCA (a).............. 1,532 42,989
LVMH Moet Hennessy Louis
Vuitton SA (a)............... 1,098 68,940
Nexans SA...................... 458 17,379
Pernod -- Ricard SA (a)........ 1,360 75,793
PPR (a)........................ 557 35,704
PSA Peugeot Citroen (a)........ 1,326 25,070
Publicis Groupe (a)............ 1,762 45,197
Renault SA (a)................. 1,205 24,774
Rhodia SA...................... 1,533 5,620
</Table>
See accompanying notes to financial statements.
113
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Sanofi-Aventis................. 5,232 $ 294,394
Schneider Electric SA (a)...... 1,384 92,079
Societe Generale............... 2,193 85,894
Sodexo (a)..................... 1,019 46,439
Suez Environnement SA (a)(c)... 1,816 26,703
Technip SA (a)................. 1,157 40,877
Thomson (a)(c)................. 10,580 9,650
Total SA....................... 12,151 603,773
Unibail-Rodamco (a)............ 429 60,735
Valeo SA (a)................... 1,282 18,732
Vallourec SA................... 402 37,260
Veolia Environnement........... 2,589 54,036
Vinci SA....................... 2,674 99,248
Vivendi........................ 6,624 175,234
-----------
TOTAL FRANCE................... 4,034,494
-----------
GERMANY -- 6.9%
Adidas AG...................... 1,705 56,729
Allianz SE..................... 2,335 196,117
BASF SE........................ 4,538 137,312
Bayer AG (a)................... 4,217 201,561
Bayerische Motoren Werke AG
(a).......................... 1,933 55,923
Bilfinger Berger AG............ 671 25,364
Commerzbank AG (a)............. 4,158 22,193
Continental AG................. 10 167
Daimler AG (a)................. 5,355 135,656
Deutsche Bank AG............... 2,724 109,585
Deutsche Boerse AG............. 1,287 77,543
Deutsche Post AG............... 4,659 50,166
Deutsche Telekom AG (a)........ 16,294 202,274
E.ON AG (a).................... 10,643 295,473
Fresenius Medical Care AG & Co.
KGaA (a)..................... 1,532 59,516
GEA Group AG................... 2,307 24,596
Hochtief AG.................... 764 28,919
Hypo Real Estate Holding AG
(a).......................... 1,341 2,208
Infineon Technologies AG
(a)(c)....................... 7,535 8,704
IVG Immobilien AG (a).......... 1,341 8,083
Lanxess AG..................... 1,383 23,559
Linde AG (a)................... 798 54,225
MAN AG......................... 775 33,750
Merck KGaA (a)................. 585 51,697
Muenchener Rueckversicherungs-
Gesellschaft AG.............. 1,328 161,860
Porsche Automobil Holding SE... 576 27,057
Puma AG Rudolf Dassler Sport... 135 20,482
Rheinmetall AG................. 818 27,814
RWE AG......................... 2,724 190,996
Salzgitter AG.................. 416 23,242
SAP AG (a)..................... 5,224 185,050
Siemens AG..................... 4,751 271,303
ThyssenKrupp AG................ 2,290 40,042
TUI AG (a)..................... 2,981 15,911
Volkswagen AG.................. 1,246 382,643
Wincor Nixdorf AG.............. 987 44,699
-----------
TOTAL GERMANY.................. 3,252,419
-----------
GREECE -- 0.4%
Hellenic Telecommunications
Organization SA ADR (a)...... 10,168 77,480
National Bank of Greece SA ADR
(a).......................... 28,249 87,007
-----------
TOTAL GREECE................... 164,487
-----------
IRELAND -- 0.8%
Anglo Irish Bank Corp PLC (b).. 5,635 0
Bank of Ireland................ 5,560 3,839
C&C Group PLC.................. 4,801 8,287
CRH PLC........................ 3,290 70,842
DCC PLC........................ 2,348 35,539
Elan Corp. PLC (c)............. 2,960 20,750
Elan Corp. PLC (c)............. 109 753
Grafton Group PLC (c).......... 5,683 12,827
Independent News & Media PLC... 17,233 2,517
Kingspan Group PLC............. 2,425 8,854
Ryanair Holdings PLC ADR
(a)(c)....................... 7,126 164,682
United Drug PLC................ 18,123 35,924
-----------
TOTAL IRELAND.................. 364,814
-----------
ITALY -- 2.8%
Assicurazioni Generali SpA..... 6,054 103,689
Atlantia SpA................... 3,065 46,310
Banca Italease SpA (c)......... 1,299 2,542
Banca Piccolo Credito
Valtellinese Scarl........... 6,662 53,955
Banca Popolare dell'Etruria e
del Lazio Scrl............... 5,934 27,575
Banca Popolare di Milano
Scarl........................ 5,888 29,316
Banco Popolare Societa
Cooperativa Scarl............ 3,055 14,034
Davide Campari-Milano SpA (a).. 8,271 52,491
Enel SpA....................... 19,083 91,528
Eni SpA........................ 12,600 244,578
Exor SpA (a)................... 2,129 21,454
Fiat SpA (c)................... 5,365 37,539
Finmeccanica SpA............... 2,916 36,277
Fondiaria -- Sai SpA........... 1,518 17,736
Intesa Sanpaolo SpA............ 54,229 149,220
Parmalat SpA................... 23,835 49,082
Pirelli & C. SpA............... 93,636 21,856
Saipem SpA..................... 3,275 58,266
Seat Pagine Gialle SpA (a)(c).. 972 912
Societa Cattolica di
Assicurazioni Scrl........... 1,588 37,255
Telecom Italia SpA............. 78,547 101,263
UniCredit SpA.................. 53,910 88,898
Unione di Banche Italiane
ScpA......................... 5,074 55,881
-----------
TOTAL ITALY.................... 1,341,657
-----------
JAPAN -- 21.6%
Advantest Corp. (a)............ 1,800 26,625
Aeon Co., Ltd. (a)............. 5,820 37,948
Aoyama Trading Co., Ltd. ...... 3,000 39,243
Asahi Breweries, Ltd. (a)...... 5,436 64,723
Asahi Kasei Corp. (a).......... 14,550 52,296
Astellas Pharma, Inc. ......... 2,910 88,976
Atrium Co., Ltd. (a)........... 1,000 1,225
Bridgestone Corp. (a).......... 4,365 62,269
Canon, Inc. ................... 5,916 168,909
Casio Computer Co., Ltd. (a)... 4,100 28,767
Central Japan Railway Co. (a).. 15 84,135
Chubu Electric Power Co., Inc.
(a).......................... 4,365 95,900
</Table>
See accompanying notes to financial statements.
114
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Chugai Pharmaceutical Co., Ltd.
(a).......................... 3,180 $ 53,445
Chuo Mitsui Trust Holdings,
Inc. (a)..................... 14,550 44,194
Cosmo Oil Co., Ltd. (a)........ 15,513 46,804
Credit Saison Co., Ltd. (a).... 2,910 28,137
CSK Holdings Corp. (a)(c)..... 1,700 4,165
Daiichi Sankyo Co., Ltd. (a)... 4,365 72,831
Daikin Industries, Ltd. (a).... 2,910 78,959
Daito Trust Construction Co.,
Ltd. ........................ 1,455 48,613
Daiwa Securities Group, Inc.
(a).......................... 14,550 63,049
Denso Corp. ................... 2,910 57,511
Dentsu, Inc. (a)............... 1,700 25,749
East Japan Railway Co. ........ 1,600 83,102
Eisai Co., Ltd. (a)............ 1,551 45,225
Fanuc, Ltd. (a)................ 1,455 97,668
FUJIFILM Holdings Corp. ....... 2,910 62,608
Fujitsu, Ltd. ................. 15,513 57,328
Fukuoka Financial Group, Inc.
(a).......................... 14,550 44,046
Futaba Industrial Co., Ltd.
(a).......................... 7,900 22,635
Hankyu Hanshin Holdings, Inc.
(a).......................... 15,513 70,207
Hitachi Construction Machinery
Co., Ltd. (a)................ 1,000 12,848
Hitachi, Ltd. (a).............. 16,475 44,369
Honda Motor Co., Ltd. (a)...... 7,175 168,170
Hoya Corp. (a)................. 3,006 58,738
Ibiden Co., Ltd. (a)........... 1,500 35,917
IHI Corp. (a)(c)............... 18,000 20,411
Iriso Electronics Co., Ltd. ... 2,000 9,720
Isetan Mitsukoshi Holdings,
Ltd. (a)..................... 4,654 35,670
Isuzu Motors, Ltd. (a)......... 15,000 18,072
Itochu Corp. (a)............... 14,550 70,415
Japan Asia Investment Co., Ltd.
(a).......................... 26,000 11,582
Japan Digital Laboratory Co.,
Ltd. ........................ 5,820 48,024
Japan Tobacco, Inc. ........... 26 68,942
JFE Holdings, Inc. (a)......... 2,910 63,197
JSR Corp. (a).................. 3,000 34,778
Kajima Corp. (a)............... 16,475 40,366
Kawasaki Heavy Industries, Ltd.
(a).......................... 16,000 31,751
KDDI Corp. .................... 15 70,163
Kintetsu Corp. (a)............. 29,101 120,800
Kiyo Holdings, Inc. (a)........ 43,651 54,359
Kobe Steel, Ltd. (a)........... 15,000 19,135
Komatsu, Ltd. (a).............. 5,820 63,050
Konica Minolta Holdings,
Inc. ........................ 7,275 61,724
Kubota Corp. (a)............... 14,550 78,812
Kurita Water Industries, Ltd.
(a).......................... 2,910 55,772
Kyocera Corp. (a).............. 1,455 95,458
Leopalace21 Corp. (a).......... 1,700 10,017
Marubeni Corp. (a)............. 14,550 44,930
Mediceo Paltac Holdings Co.,
Ltd. (a)..................... 3,199 34,040
Meiko Electronics Co., Ltd. ... 1,000 9,699
MISUMI Group, Inc. (a)......... 4,557 54,765
Mitsubishi Motors Corp.
(a)(c)....................... 44,613 56,461
Mitsubishi Chemical Holdings
Corp. (a).................... 7,500 25,514
Mitsubishi Corp. (a)........... 8,438 109,779
Mitsubishi Electric Corp. (a).. 14,550 64,965
Mitsubishi Estate Co., Ltd. ... 1,925 21,478
Mitsubishi Heavy Industries,
Ltd. (a)..................... 29,101 87,801
Mitsubishi Materials Corp.
(a).......................... 14,550 39,038
Mitsubishi UFJ Financial Group,
Inc. ........................ 56,924 274,333
Mitsui & Co., Ltd. (a)......... 12,626 126,043
Mitsui Chemicals, Inc. (a)..... 14,550 35,208
Mitsui OSK Lines, Ltd. (a)..... 14,550 70,857
Mitsui Sumitomo Insurance Group
Holdings, Inc. .............. 3,199 73,684
Mizuho Financial Group, Inc.
(a).......................... 58,000 110,398
Murata Manufacturing Co., Ltd.
(a).......................... 1,500 57,406
NEC Corp. (a)(c)............... 15,513 41,464
Nidec Corp. (a)................ 1,500 66,822
Nintendo Co., Ltd. (a)......... 300 86,413
Nippon Mining Holdings, Inc. .. 8,238 32,528
Nippon Oil Corp. .............. 14,550 71,741
Nippon Steel Corp. (a)......... 29,101 77,489
Nippon Telegraph & Telephone
Corp. ....................... 2,500 94,411
Nippon Yusen KK (a)............ 14,550 55,537
NIS Group Co., Ltd. (a)........ 28,900 8,485
Nissan Motor Co., Ltd. (a)..... 11,541 40,897
Nitto Denko Corp. (a).......... 1,500 30,450
Nomura Holdings, Inc. (a)...... 10,085 50,542
NTT Data Corp. (a)............. 16 43,284
NTT DoCoMo, Inc. (a)........... 99 134,011
Obayashi Corp. (a)............. 14,550 70,415
ORIX Corp. (a)................. 581 18,647
Panasonic Corp. (a)............ 14,550 157,476
Pioneer Corp. (a)(c)........... 6,000 7,836
Resona Holdings, Inc. (a)...... 4,400 58,358
Rohm Co., Ltd. (a)............. 1,500 74,263
Rohto Pharmaceutical Co., Ltd.
(a).......................... 10,701 96,642
SEC Carbon, Ltd. .............. 3,000 9,993
Secom Co., Ltd. (a)............ 1,648 60,567
Seven & I Holdings Co., Ltd.
(a).......................... 5,628 123,079
Shimizu Corp. (a).............. 15,513 64,238
Shin-Etsu Chemical Co., Ltd. .. 2,717 131,215
Softbank Corp. (a)............. 5,436 69,126
Sompo Japan Insurance, Inc.
(a).......................... 12,626 64,555
Sony Corp. (a)................. 5,820 117,732
Stanley Electric Co., Ltd.
(a).......................... 4,173 46,221
Sumiseki Holdings, Inc. (c).... 8,900 7,569
Sumitomo Chemical Co., Ltd.
(a).......................... 14,550 49,055
Sumitomo Corp. ................ 7,175 61,238
Sumitomo Electric Industries,
Ltd. ........................ 5,820 48,377
Sumitomo Metal Industries, Ltd.
(a).......................... 29,101 58,043
Sumitomo Mitsui Financial
Group, Inc. (a).............. 4,400 151,908
T&D Holdings, Inc. (a)......... 1,455 34,692
Taisei Corp. (a)............... 17,438 33,192
Taiyo Yuden Co., Ltd. (a)...... 2,000 15,065
Takeda Pharmaceutical Co., Ltd.
(a).......................... 4,365 150,258
Takeuchi Manufacturing Co.,
Ltd. (a)..................... 2,000 12,595
TDK Corp. (a).................. 1,455 53,769
Teijin, Ltd. (a)............... 14,550 31,377
Terumo Corp. (a)............... 1,648 60,567
The Akita Bank, Ltd. .......... 14,550 54,211
The Aomori Bank, Ltd. (a)...... 29,101 111,666
The Awa Bank, Ltd. ............ 14,550 88,387
The Bank of Iwate, Ltd. (a).... 1,455 69,089
The Bank of Okinawa, Ltd. ..... 1,455 44,341
The Bank of Yokohama, Ltd.
(a).......................... 14,550 61,576
The Chiba Bank, Ltd. (a)....... 14,550 71,446
The Daisan Bank, Ltd. ......... 43,651 129,490
The Daishi Bank, Ltd. (a)...... 27,176 106,481
</Table>
See accompanying notes to financial statements.
115
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Eighteenth Bank, Ltd. ..... 25,251 $ 86,156
The Furukawa Electric Co., Ltd.
(a).......................... 14,550 40,953
The Higo Bank, Ltd. ........... 14,550 83,820
The Hokkoku Bank, Ltd. (a)..... 14,550 51,706
The Hyakugo Bank, Ltd. ........ 14,550 74,245
The Musashino Bank, Ltd. ...... 1,455 44,783
The Nanto Bank, Ltd. (a)....... 14,550 79,254
The Ogaki Kyoritsu Bank, Ltd.
(a).......................... 14,550 66,585
The San-In Godo Bank, Ltd. .... 14,550 111,515
The Shiga Bank, Ltd. (a)....... 14,550 78,959
The Shikoku Bank, Ltd. (a)..... 29,101 113,139
The Sumitomo Trust & Banking
Co., Ltd. (a)................ 14,550 54,947
The Toho Bank, Ltd. (a)........ 29,101 115,791
The Tokyo Electric Power Co.,
Inc. (a)..................... 7,175 178,703
The Yamagata Bank, Ltd. ....... 27,176 129,318
The Yamanashi Chuo Bank,
Ltd. ........................ 14,550 75,866
Tokio Marine Holdings, Inc.
(a).......................... 4,365 105,844
Tokyo Electron, Ltd. (a)....... 1,455 53,622
Tokyo Gas Co., Ltd. (a)........ 16,475 57,547
Tokyu Corp. (a)................ 14,550 60,693
Toray Industries, Inc. (a)..... 14,550 58,188
Toshiba Corp. (a).............. 15,513 39,894
Toyota Motor Corp. ............ 13,188 416,590
USS Co., Ltd. (a).............. 1,261 54,898
Yamada Denki Co., Ltd. (a)..... 1,008 39,393
-----------
TOTAL JAPAN.................... 10,237,189
-----------
LUXEMBOURG -- 0.3%
ArcelorMittal (a).............. 4,521 91,689
Reinet Investments SCA (c)..... 206 1,901
SES............................ 2,234 42,415
-----------
TOTAL LUXEMBOURG............... 136,005
-----------
NETHERLANDS -- 2.3%
Aegon NV....................... 7,733 30,021
Akzo Nobel NV.................. 1,855 70,180
ASML Holding NV (a)............ 3,278 58,102
European Aeronautic Defence and
Space Co. NV (a)............. 3,007 34,973
Fugro NV....................... 1,211 38,508
Heineken NV.................... 1,855 52,706
ING Groep NV................... 11,745 64,714
Koninklijke (Royal) Philips
Electronics NV (a)(c)........ 6,401 94,165
Koninklijke Ahold NV........... 8,366 91,637
Koninklijke DSM NV (a)......... 1,857 48,855
Koninklijke Royal KPN NV....... 10,524 140,565
Randstad Holding NV (a)........ 1,043 17,698
Reed Elsevier NV............... 6,401 68,533
SBM Offshore NV (a)............ 2,128 28,338
TNT NV......................... 2,916 49,866
Unilever NV.................... 8,737 172,262
Wolters Kluwer NV.............. 3,007 48,747
-----------
TOTAL NETHERLANDS.............. 1,109,870
-----------
NEW ZEALAND -- 0.0% (E)
Calan Healthcare Properties
Trust........................ 30,439 19,805
-----------
NORWAY -- 0.7%
DnB NOR ASA.................... 6,215 27,844
Norsk Hydro ASA................ 5,247 19,738
Norske Skogindustrier ASA
(a)(c)....................... 6,809 12,444
Orkla ASA...................... 7,946 54,369
Petroleum Geo-Services ASA
(a)(c)....................... 1,775 7,413
StatoilHydro ASA............... 6,216 109,460
Storebrand ASA (a)............. 4,653 14,403
Telenor ASA.................... 4,951 28,230
Yara International ASA......... 2,202 48,021
-----------
TOTAL NORWAY................... 321,922
-----------
PORTUGAL -- 0.5%
Banco Comercial Portugues SA
(a)(c)....................... 32,119 26,354
Ibersol, SGPS SA............... 13,194 112,639
Portugal Telecom, SGPS SA (a).. 8,784 67,992
Zon Multimedia Servicos de
Telecomunicacoes e Multimedia
SGPS SA (a).................. 1,435 7,640
-----------
TOTAL PORTUGAL................. 214,625
-----------
SINGAPORE -- 0.9%
Ascendas REIT.................. 55,000 44,139
CapitaLand, Ltd. .............. 26,000 39,850
City Developments, Ltd. (a).... 15,000 50,322
Cosco Corp. Singapore, Ltd.
(a).......................... 31,000 16,722
Flextronics International, Ltd.
(a)(c)....................... 6,943 20,065
Genting International PLC
(a)(c)....................... 118,000 40,751
Keppel Corp., Ltd. ............ 16,978 55,953
SembCorp Industries, Ltd. ..... 28,000 43,284
Singapore Exchange, Ltd. (a)... 15,000 50,322
Stamford Land Corp, Ltd. ...... 472,000 71,412
-----------
TOTAL SINGAPORE................ 432,820
-----------
SOUTH KOREA -- 3.3%
Hyundai Securities Co., Ltd.
(c).......................... 5,720 47,141
KIWOOM Securities Co., Ltd.
(c).......................... 2,056 67,480
Korea Electric Power Corp. ADR
(a).......................... 10,511 96,176
KT Corp. ADR (a)............... 11,034 152,159
LG Display Co., Ltd. ADR (a)... 9,459 96,671
LG Electronics, Inc. .......... 695 45,923
POSCO ADR (a).................. 3,345 223,546
Samsung Electronics Co., Ltd.
GDR (f)...................... 2,876 587,423
SK Energy Co., Ltd. ........... 906 57,966
SK Telecom Co., Ltd. ADR (a)... 12,488 192,940
-----------
TOTAL SOUTH KOREA.............. 1,567,425
-----------
SPAIN -- 4.7%
Abertis Infraestructuras SA
(a).......................... 4,904 76,635
Acciona SA (a)................. 382 39,281
Acerinox SA (a)................ 2,819 32,749
ACS, Actividades de
Construccion y Servicios SA
(a).......................... 1,875 77,770
Banco Bilbao Vizcaya Argentaria
SA (a)....................... 14,898 120,856
Banco de Andalucia SA.......... 240 7,988
Banco de Sabadell SA (a)....... 10,517 52,782
Banco de Valencia SA (a)....... 7,063 58,610
Banco Guipuzcoano SA (a)....... 4,475 29,113
Banco Pastor SA (a)............ 3,946 21,795
Banco Popular Espanol SA (a)... 7,324 46,384
Banco Santander SA............. 29,222 201,362
Cia Espanola de Petroleos SA... 1,041 43,869
Ebro Puleva SA (a)............. 4,466 52,417
Enagas......................... 4,846 68,651
</Table>
See accompanying notes to financial statements.
116
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Faes Farma SA (d).............. 3,936 $ 14,005
Faes Farma SA (d).............. 492 1,751
Gamesa Corp. Tecnologica SA.... 2,307 29,589
Gestevision Telecinco SA (a)... 3,616 25,061
Grupo Ferrovial SA (a)......... 867 18,487
Iberdrola SA................... 21,943 153,826
Iberia Lineas Aereas de
Espana....................... 16,539 34,695
Indra Sistemas, SA............. 4,018 77,460
Industria de Diseno Textil SA.. 1,964 76,533
NH Hoteles SA (a).............. 4,219 11,203
Red Electrica Corporacion SA... 2,190 85,485
Repsol YPF SA.................. 6,191 107,104
Sacyr Vallehermoso SA (a)...... 1,329 10,234
SOS Cuetara SA (a)............. 6,868 46,049
Telefonica SA.................. 23,905 476,715
Union Fenosa SA................ 4,992 119,302
-----------
TOTAL SPAIN.................... 2,217,761
-----------
SWEDEN -- 1.9%
Alfa Laval AB (a).............. 5,163 38,876
Assa Abloy AB (Class B) (a).... 3,599 33,520
Atlas Copco AB (Class B)....... 10,707 72,526
Boliden AB Mines (a)........... 2,760 14,155
Electrolux AB (a).............. 2,877 22,446
Hennes & Mauritz AB (Class B)
(a).......................... 2,677 100,056
Investor AB (a)................ 4,803 60,565
Kinnevik Investment AB (Class
B) (a)....................... 3,625 27,734
Loomis AB (Class B) (c)........ 918 7,051
Nordea Bank AB (a)............. 11,136 55,227
Sandvik AB (a)................. 6,665 37,971
Scania AB (Class B) (a)........ 4,134 33,503
Securitas AB (Class B) (a)..... 6,089 44,191
Skanska AB (Class B) (a)....... 5,163 44,340
SKF AB (Class B)............... 375 3,232
Tele2 AB (Class B)............. 4,115 34,593
Telefonaktiebolaget LM Ericsson
(Class B) (a)................ 19,207 156,819
TeliaSonera AB (a)............. 11,250 53,887
Volvo AB ADR (Class A) (a)..... 8,991 47,634
-----------
TOTAL SWEDEN................... 888,326
-----------
SWITZERLAND -- 7.0%
ABB, Ltd. (c).................. 12,247 171,149
Adecco SA...................... 1,332 41,680
Alcon, Inc. ................... 769 69,910
Bachem Holding AG (Class B).... 1,041 56,763
Cie Financiere Richemont SA
(Class A) (c)................ 1,716 26,833
Clariant AG (c)................ 3,339 12,950
Credit Suisse Group AG......... 6,020 183,504
Geberit AG..................... 400 35,988
Graubuendner Kantonalbank...... 43 37,666
Holcim, Ltd. .................. 1,192 42,541
Julius Baer Holding AG......... 1,328 32,702
Kuehne & Nagel International
AG........................... 815 47,629
Lonza Group AG (a)............. 740 73,216
Nestle SA...................... 19,710 667,025
Nobel Biocare Holding AG....... 1,623 27,720
Novartis AG.................... 13,448 509,511
PSP Swiss Property AG.......... 2,249 94,940
Roche Holding AG............... 3,946 542,074
SGS SA (a)..................... 57 59,905
STMicroelectronics NV.......... 7,524 37,661
Sulzer AG...................... 420 21,682
Swatch Group AG................ 342 41,357
Swiss Life Holding (c)......... 253 17,478
Swiss Reinsurance.............. 1,974 32,360
Syngenta AG.................... 700 141,225
UBS AG......................... 13,981 131,566
Xstrata PLC.................... 3,680 24,620
Zurich Financial Services AG
(a).......................... 761 120,537
-----------
TOTAL SWITZERLAND.............. 3,302,192
-----------
UNITED KINGDOM -- 16.4%
3i Group PLC................... 3,192 12,399
Amec PLC....................... 5,494 42,012
Anglo American PLC............. 7,694 130,794
AstraZeneca PLC................ 8,174 287,164
Aviva PLC...................... 13,761 42,654
BAE Systems PLC................ 19,368 92,861
Balfour Beatty PLC............. 8,240 38,739
Barclays PLC................... 33,734 71,562
Barratt Developments PLC....... 8,436 10,731
BG Group PLC................... 20,505 310,074
BHP Billiton PLC............... 12,682 251,762
BP PLC......................... 99,302 671,108
British Airways PLC............ 5,919 11,946
British American Tobacco PLC... 8,451 195,387
British Land Co. PLC........... 6,183 31,971
British Sky Broadcasting Group
PLC.......................... 8,915 55,394
BT Group PLC................... 40,527 45,426
Burberry Group PLC (a)......... 5,816 23,488
Cable & Wireless PLC........... 18,187 36,365
Cadbury PLC.................... 7,721 58,323
Capita Group PLC............... 8,626 83,890
Carnival PLC................... 1,705 38,735
Centrica PLC................... 26,783 87,432
Compass Group PLC.............. 15,179 69,404
Diageo PLC..................... 11,944 134,648
Drax Group PLC................. 4,595 34,018
DSG International PLC.......... 21,754 6,470
Enterprise Inns PLC............ 6,074 5,898
Experian PLC................... 9,429 59,027
FirstGroup PLC................. 5,699 21,851
Friends Provident PLC.......... 19,645 19,514
G4S PLC........................ 15,864 44,090
GKN PLC........................ 9,213 9,013
GlaxoSmithKline PLC............ 28,844 449,611
Hays PLC....................... 27,000 28,155
Home Retail Group PLC.......... 7,297 23,507
HSBC Holdings PLC.............. 55,477 314,096
ICAP PLC (a)................... 7,064 30,806
Imperial Tobacco Group PLC..... 5,740 128,924
Inchcape PLC (a)............... 6,304 6,800
Informa PLC.................... 6,249 23,512
Intercontinental Hotels Group
PLC.......................... 2,980 22,681
International Power PLC........ 11,509 34,725
Invensys PLC (c)............... 9,249 22,047
Investec PLC................... 4,951 20,722
ITV PLC........................ 34,752 9,464
J Sainsbury PLC................ 9,607 43,101
</Table>
See accompanying notes to financial statements.
117
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Kingfisher PLC................. 18,304 $ 39,275
Land Securities Group PLC (a).. 2,666 16,709
Legal & General Group PLC...... 31,832 19,619
Lloyds Banking Group PLC....... 42,617 43,187
Logica PLC..................... 20,397 18,638
Lonmin PLC..................... 1,285 26,210
Man Group PLC.................. 11,021 34,516
Marks & Spencer Group PLC...... 10,733 45,537
Michael Page International
PLC.......................... 7,796 20,533
Mondi PLC...................... 5,662 12,011
National Express Group PLC..... 2,606 5,668
National Grid PLC.............. 13,479 103,459
Next PLC (a)................... 2,043 38,771
Old Mutual PLC................. 36,588 27,218
Pearson PLC.................... 6,322 63,567
Persimmon PLC.................. 4,087 20,240
Prudential PLC................. 13,597 65,679
Punch Taverns PLC.............. 2,877 2,412
Reckitt Benckiser PLC.......... 3,608 135,442
Rentokil Initial PLC (a)....... 31,080 19,824
Rio Tinto PLC.................. 5,259 177,143
Rolls-Royce Group PLC (c)...... 12,457 52,494
Royal Bank of Scotland Group
PLC (c)...................... 57,441 20,172
Royal Dutch Shell PLC (Class
A)........................... 19,077 429,575
Royal Dutch Shell PLC (Class
B)........................... 14,181 311,196
RSA Insurance Group PLC........ 23,190 43,245
SABMiller PLC.................. 5,247 77,991
Scottish & Southern Energy
PLC.......................... 5,025 79,877
Serco Group PLC................ 9,083 47,617
Shire, Ltd. ................... 4,466 55,244
Smith & Nephew PLC............. 9,195 56,936
Smiths Group PLC............... 3,575 34,281
Standard Chartered PLC......... 7,398 91,883
Standard Life PLC.............. 15,004 35,721
Tate & Lyle PLC................ 7,406 27,653
Taylor Wimpey PLC.............. 28,853 8,582
Tesco PLC...................... 41,680 199,180
The Sage Group PLC............. 15,823 38,374
Thomson Reuters PLC............ 577 12,902
Tomkins PLC.................... 15,546 27,018
Tullow Oil PLC................. 8,513 97,983
Unilever PLC................... 7,184 135,717
United Business Media PLC...... 4,298 26,229
Virgin Media, Inc. (a)......... 2,504 12,019
Vodafone Group PLC............. 287,499 505,837
William Hill PLC (a)........... 6,430 15,691
William Morrison Supermarkets
PLC.......................... 17,708 64,850
Willis Group Holdings, Ltd.
(a).......................... 2,103 46,266
Wolseley PLC (c)............... 4,755 15,727
WPP Group PLC.................. 8,484 47,761
Yell Group PLC (a)............. 8,304 1,488
-----------
TOTAL UNITED KINGDOM........... 7,747,468
-----------
TOTAL COMMON STOCKS --
(Cost $64,503,541)........... 46,476,709
-----------
PREFERRED STOCK -- 0.2%
GERMANY -- 0.2%
Fresenius SE................... 871 39,966
Henkel AG & Co. KGaA (a)....... 1,970 53,567
-----------
TOTAL GERMANY.................. 93,533
-----------
ITALY -- 0.0% (E)
Istituto Finanziario
Industriale SpA (c).......... 1,966 13,156
-----------
TOTAL PREFERRED STOCK --
(Cost $155,150).............. 106,689
-----------
RIGHTS -- 0.1%
AUSTRALIA -- 0.0% (E)
DUET Group (expiring 4/24/09)
(b)(c)....................... 10,237 2,576
-----------
BELGIUM -- 0.0% (E)
Fortis (expiring 7/4/14)
(b)(c)(f).................... 3,335 0
-----------
FINLAND -- 0.0% (E)
Pohjola Bank PLC (expiring
4/24/09)..................... 4,785 6,498
-----------
ITALY -- 0.0% (E)
Seat Pagine Gialle SpA
(expiring 4/17/09) (c)....... 972 6,065
-----------
UNITED KINGDOM -- 0.1%
HSBC Holdings PLC (expiring
4/3/09) (c).................. 23,115 46,716
Royal Bank of Scotland Group
PLC (expiring 4/6/09)
(b)(c)....................... 24,617 0
William Hill PLC (expiring
4/7/09) (c).................. 6,430 5,899
-----------
TOTAL UNITED KINGDOM........... 52,615
-----------
TOTAL RIGHTS --
(Cost $48,853)............... 67,754
-----------
SHORT TERM INVESTMENTS -- 16.7%
UNITED STATES -- 16.7%
MONEY MARKET FUNDS -- 16.7%
State Street Navigator
Securities Lending Prime
Portfolio (g)(h)............. 7,648,559 7,648,559
STIC Prime Portfolio........... 240,161 240,161
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $7,888,720)............ 7,888,720
-----------
TOTAL INVESTMENTS -- 115.2%
(Cost $72,596,264)........... 54,539,872
OTHER ASSETS AND
LIABILITIES -- (15.2)%....... (7,205,964)
-----------
NET ASSETS -- 100.0%........... $47,333,908
===========
</Table>
See accompanying notes to financial statements.
118
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
(a) Security, or portion thereof, was on loan at March 31, 2009.
(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.
(c) Non-income producing security.
(d) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(e) Amount shown represents less than 0.05% of net assets.
(f) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 1.24% of net assets as of March 31, 2009, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(g) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h) Investments of cash collateral for securities loaned
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
119
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.0%
AUSTRALIA -- 6.9%
ABB Grain, Ltd. (a)........... 107,038 $ 444,733
Adelaide Brighton, Ltd. (a)... 366,658 498,044
Ausenco, Ltd. (a)............. 76,638 152,822
Austar United Communications,
Ltd. (b).................... 571,274 271,891
Austereo Group, Ltd. ......... 765,699 614,469
Australian Wealth Management,
Ltd. ....................... 470,193 303,822
Australian Worldwide
Exploration, Ltd. (a)(b).... 631,495 1,061,806
Beach Petroleum, Ltd. ........ 918,141 561,374
Billabong International,
Ltd. ....................... 81,529 481,494
Boom Logistics, Ltd. ......... 425,624 134,554
Buru Energy Ltd (b)........... 262,133 34,605
Campbell Brothers, Ltd. ...... 54,902 518,784
Centennial Coal Co., Ltd.
(a)......................... 310,415 433,510
David Jones, Ltd. (a)......... 229,816 447,093
FKP Property Group............ 164,770 114,482
Fleetwood Corp., Ltd. ........ 161,931 627,804
Futuris Corp., Ltd. (a)....... 756,518 186,598
Goodman Fielder, Ltd. ........ 607,151 440,832
Healthscope, Ltd. ............ 207,526 591,175
Iluka Resources, Ltd. (b)..... 172,942 484,245
Invocare, Ltd. (a)............ 326,927 1,158,459
IOOF Holdings, Ltd. .......... 144,182 331,588
JB Hi-Fi, Ltd. (a)............ 105,483 844,296
Kagara Zinc, Ltd. (a)(b)...... 167,153 49,939
Linc Energy Ltd. (a)(b)....... 89,801 131,651
Monadelphous Group, Ltd. ..... 82,235 475,950
Mount Gibson Iron, Ltd. (b)... 285,277 92,168
Oakton, Ltd. (a).............. 165,558 89,723
Pacific Brands, Ltd. (a)...... 542,820 92,402
PanAust, Ltd. (b)............. 1,211,462 239,891
PaperlinX, Ltd. .............. 364,341 140,495
Programmed Maintenance
Services, Ltd. ............. 231,388 400,313
Record Realty (b)(c).......... 213,188 0
Riversdale Mining, Ltd. (b)... 76,971 188,783
Roc Oil Co., Ltd. (a)(b)...... 546,537 159,488
SAI Global, Ltd. ............. 476,310 797,566
Sigma Pharmaceuticals, Ltd.
(a)......................... 942,291 693,986
Sino Gold Mining, Ltd.
(a)(b)...................... 261,353 960,601
Spark Infrastructure Group.... 755,045 532,474
Spotless Group, Ltd. ......... 226,354 293,310
STW Communications Group,
Ltd. ....................... 574,172 195,478
Transfield Services, Ltd. .... 112,517 159,481
Transpacific Industries Group,
Ltd. (a)(c)................. 93,148 116,495
WHK Group, Ltd. .............. 506,886 334,575
------------
TOTAL AUSTRALIA............... 16,883,249
------------
AUSTRIA -- 0.7%
Austrian Airlines AG (b)...... 73,902 359,118
BWIN Interactive Entertainment
AG (b)...................... 12,695 353,116
BWT AG........................ 20,269 398,285
Eco Business-Immobilien AG
(b)......................... 115,541 219,367
Schoeller-Bleckmann Oilfield
Equipment AG................ 15,239 438,850
------------
TOTAL AUSTRIA................. 1,768,736
------------
BELGIUM -- 0.8%
AGFA-Gevaert NV (b)........... 72,220 121,776
Barco NV...................... 23,506 335,496
EVS Broadcast Equipment SA.... 11,602 380,478
RHJ International (b)......... 107,136 382,638
Tessenderlo Chemie NV......... 22,753 691,790
------------
TOTAL BELGIUM................. 1,912,178
------------
CANADA -- 8.9%
AltaGas Income Trust.......... 67,286 762,092
Anvil Mining, Ltd. (a)(b)..... 90,893 77,300
Biovail Corp. (a)............. 48,475 528,230
Canadian Hydro Developers,
Inc. (a)(b)................. 272,454 517,558
Canadian Western Bank(a)...... 62,878 519,756
CanWest Global Communications
Corp. (a)(b)................ 146,413 34,911
Celestica, Inc. (b)........... 137,777 487,309
Compton Petroleum Corp.
(a)(b)...................... 122,582 79,893
Corus Entertainment, Inc.
(Class B)................... 91,294 989,021
Denison Mines Corp. (a)(b).... 91,422 66,851
Dundee Corp. (Class A) (b).... 56,275 229,904
Dundee Real Estate Investment
Trust....................... 77,592 786,312
DundeeWealth, Inc. (a)........ 55,481 220,045
FirstService Corp. (a)(b)..... 39,794 327,992
FNX Mining Co., Inc. (a)(b)... 68,393 245,163
Freehold Royalty Trust........ 51,264 362,635
Gammon Gold, Inc. (b)......... 65,973 434,174
GMP Capital Trust............. 59,876 338,844
Golden Star Resources, Ltd.
(b)......................... 297,559 456,455
Great Canadian Gaming Corp.
(a)(b)...................... 74,311 154,747
Guardian Capital Group,
Ltd. ....................... 160,723 542,918
Highpine Oil & Gas, Ltd. (b).. 92,134 342,715
Home Capital Group, Inc. ..... 33,194 659,316
HudBay Minerals, Inc. (b)..... 65,853 309,336
Iamgold Corp. ................ 179,217 1,549,800
Kinross Gold Corp. ........... 5,463 99,477
Linamar Corp. ................ 72,368 150,701
MacDonald Dettwiler &
Associates, Ltd. (a)(b)..... 34,432 681,169
Major Drilling Group
International, Inc. ........ 19,815 190,252
Martinrea International, Inc.
(b)......................... 59,916 136,200
New Gold, Inc. (a)(b)......... 173,915 337,283
Novagold Resources, Inc.
(a)(b)...................... 103,781 291,179
NuVista Energy, Ltd. (a)(b)... 85,527 409,910
Open Text Corp. (b)........... 26,686 924,142
Peyto Energy Trust............ 66,203 409,905
Progress Energy Resources
Corp. ...................... 157,624 1,172,643
Quebecor, Inc. (Class B)...... 42,473 605,961
Red Back Mining, Inc. (b)..... 114,121 739,249
Russel Metals, Inc. .......... 50,888 415,792
Savanna Energy Services
Corp. ...................... 64,843 262,846
Stantec, Inc. (a)(b).......... 44,161 800,279
The Forzani Group, Ltd. ...... 48,952 389,079
TriStar Oil & Gas, Ltd.
(a)(b)...................... 64,502 473,198
Uni-Select, Inc. ............. 75,112 1,508,031
</Table>
See accompanying notes to financial statements.
120
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Uranium One, Inc. (a)(b)...... 174,093 $ 352,849
WestJet Airlines, Ltd. (b).... 54,432 502,722
------------
TOTAL CANADA.................. 21,876,144
------------
CHINA -- 3.2%
Allied Properties HK, Ltd. ... 2,424,791 190,855
Cafe de Coral Holdings,
Ltd. ....................... 979,867 1,924,332
Chow Sang Sang Holding
International, Ltd. ........ 612,939 355,900
Far East Consortium
International, Ltd. ........ 2,083,466 212,379
First Pacific, Co., Ltd. ..... 1,430,000 490,813
Giordano International,
Ltd. ....................... 3,208,000 608,485
HKR International, Ltd. ...... 1,619,179 390,692
Integrated Distribution
Services Group, Ltd. ....... 362,205 419,690
K Wah International Holdings,
Ltd. ....................... 1,502,565 199,696
Midland Holdings, Ltd. ....... 305,790 101,404
Peace Mark Holdings, Ltd.
(b)......................... 504,228 97,593
Road King Infrastructure,
Ltd. ....................... 703,544 286,864
Techtronic Industries Co.,
Ltd. ....................... 922,000 428,284
Texwinca Holdings, Ltd. ...... 1,284,050 661,079
VTech Holdings, Ltd. ......... 85,000 329,032
Xinao Gas Holdings, Ltd. ..... 588,000 591,794
Xinyi Glass Holdings Co.,
Ltd. ....................... 1,004,315 445,786
------------
TOTAL CHINA................... 7,734,678
------------
DENMARK -- 0.8%
Bang & Olufsen A/S (Class B)
(a)......................... 15,421 195,173
East Asiatic Co., Ltd. (a).... 21,650 611,696
GN Store Nord A/S (a)(b)...... 121,760 325,570
IC Companys A/S............... 15,958 184,902
NeuroSearch A/S (a)(b)........ 14,605 180,940
SimCorp A/S (b)............... 5,313 568,251
------------
TOTAL DENMARK................. 2,066,532
------------
FINLAND -- 2.1%
Amer Sports Oyj (Class A)
(a)......................... 63,465 420,470
Atria Group PLC (a)........... 36,790 319,942
Citycon Oyj (a)............... 157,311 304,938
Cramo Oyj (Class B) (a)....... 34,991 235,075
Finnlines Oyj................. 87,833 609,901
HKScan Oyj.................... 56,432 277,971
Lassila & Tikanoja Oyj (a).... 49,548 619,694
Poyry Oyj..................... 52,246 677,022
TietoEnator Oyj (a)........... 42,976 445,633
Vacon Oyj (a)(b).............. 25,467 608,964
Vaisala Oyj (Class A) (a)..... 25,913 730,068
------------
TOTAL FINLAND................. 5,249,678
------------
FRANCE -- 2.8%
Canal Plus.................... 29,640 184,959
Carbone Lorraine SA........... 16,757 386,675
Cie Generale de Geophysique-
Veritas (b)................. 31,367 364,319
Club Mediterranee SA (b)...... 16,806 201,936
GL Events SA.................. 19,574 311,861
Groupe Steria SCA (a)......... 20,167 284,760
IMS International Metal
Service..................... 24,965 343,061
Ingenico SA (a)............... 28,890 479,466
IPSOS......................... 35,208 775,978
Rhodia SA (a)................. 40,679 149,120
Rubis......................... 20,591 1,194,700
Saft Groupe SA (b)............ 20,809 560,851
Sequana Capital SA (a)........ 49,758 256,327
Societe de la Tour Eiffel..... 7,191 166,126
SOITEC (a)(b)................. 59,695 249,898
Sperian Protection............ 6,778 206,441
STEF-TFE...................... 18,443 637,881
------------
TOTAL FRANCE.................. 6,754,359
------------
GERMANY -- 2.1%
Demag Cranes AG............... 18,541 322,481
Deutsche Wohnen AG (b)........ 32,253 488,175
DIC Asset AG.................. 22,746 107,814
Gerresheimer AG............... 15,979 292,559
Gildemeister AG (a)........... 38,625 299,489
Indus Holding AG (a).......... 41,770 483,040
Jenoptik AG (b)............... 92,856 431,497
Kontron AG.................... 52,503 506,082
KUKA AG (a)................... 31,481 426,751
Leoni AG...................... 26,628 241,821
MLP AG (a).................... 40,016 419,721
MTU Aero Engines Holding AG... 22,672 530,993
Patrizia Immobilien AG
(a)(b)...................... 103,656 189,921
Pfleiderer AG (a)............. 33,582 118,601
Solar Millennium AG (b)....... 13,334 179,160
------------
TOTAL GERMANY................. 5,038,105
------------
GREECE -- 0.8%
Ellaktor SA................... 74,954 376,172
Fourlis Holdings SA........... 32,111 293,321
Hellenic Exchanges SA......... 51,412 367,920
Intracom Holdings SA (b)...... 268,132 210,039
Michaniki SA.................. 122,693 201,996
Minoan Lines Shipping SA...... 12,709 55,177
Thessaloniki Port Authority
SA.......................... 25,169 340,852
------------
TOTAL GREECE.................. 1,845,477
------------
IRELAND -- 0.7%
C&C Group PLC (d)............. 150,849 264,373
C&C Group PLC (d)............. 15,947 27,525
Fyffes PLC.................... 987,448 268,762
Kingspan Group PLC............ 67,080 245,366
Kingspan Group PLC............ 7,129 26,029
McInerney Holdings PLC (b).... 454,498 51,292
McInerney Holdings PLC (London
shares) (b)................. 46,748 4,999
Paddy Power PLC (d)........... 40,941 659,899
Paddy Power PLC (d)........... 12,666 198,436
------------
TOTAL IRELAND................. 1,746,681
------------
ITALY -- 2.1%
Amplifon SpA.................. 174,852 304,118
Astaldi SpA................... 134,826 554,926
Banca Popolare dell'Etruria e
del Lazio Scrl.............. 132,682 616,567
Digital Multimedia
Technologies SpA (b)........ 17,898 117,153
Esprinet SpA (a).............. 59,024 354,607
IMMSI SpA..................... 443,327 311,961
Interpump Group SpA........... 136,479 497,403
</Table>
See accompanying notes to financial statements.
121
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Permasteelisa SpA............. 64,949 $ 731,254
Recordati SpA................. 195,392 1,063,630
Sorin SpA (b)................. 579,586 392,838
Tiscali SpA (a)(b)............ 320,758 165,238
------------
TOTAL ITALY................... 5,109,695
------------
JAPAN -- 37.5%
Alps Electric Co., Ltd. (a)... 108,936 371,686
Asahi Pretec Corp. (a)(c)..... 28,443 429,078
Atrium Co., Ltd. (b).......... 15 18
Bank of the Ryukyus, Ltd.
(a)(b)...................... 83,000 684,034
Best Denki Co., Ltd. (a)...... 139,269 399,039
Capcom Co., Ltd. ............. 45 796
Central Glass Co., Ltd. ...... 323,145 958,606
COMSYS Holdings Corp. (a)..... 127,050 1,059,929
DA Office Investment Corp.
(a)......................... 194 273,018
Daifuku Co., Ltd. (a)......... 75,000 400,931
Daihen Corp. (a).............. 150,000 366,002
Daiichi Chuo Kisen Kaisha
(a)......................... 79,834 167,314
Daimei Telecom Engineering
Corp. (a)................... 81,000 750,380
Dainippon Screen Manufacturing
Co., Ltd. (a)(b)............ 153,000 257,143
DCM Japan Holdings Co., Ltd.
(a)......................... 106,233 539,931
Disco Corp. (a)............... 21,900 539,906
Don Quijote Co., Ltd. (a)..... 46,800 599,393
DOUTOR NICHIRES Holdings Co.,
Ltd. (a).................... 101,732 1,309,116
DTS Corp. (a)................. 53,282 344,712
eAccess, Ltd. (a)............. 1,234 794,598
EDION Corp. (a)............... 62,800 155,140
FCC Co., Ltd. (a)............. 62,348 638,819
Fukuoka REIT Corp. (a)........ 194 752,273
Furukawa Co., Ltd. ........... 437,387 363,124
Glory, Ltd. (a)............... 45,200 799,478
H2O Retailing Corp. (a)....... 150,000 856,535
Hanwa Co., Ltd. .............. 225,000 567,227
Heiwa Real Estate Co., Ltd.
(a)......................... 194,500 419,444
Hitachi Kokusai Electric, Inc.
(a)......................... 89,372 464,188
Hitachi Zosen Corp. (a)(b).... 486,000 388,721
Horiba, Ltd. (a).............. 32,113 546,867
Hosiden Corp. (a)............. 68,300 670,069
Iino Kaiun Kaisha, Ltd. (a)... 85,300 376,539
IT Holdings Corp. ............ 57,408 659,114
Izumiya Co., Ltd. ............ 159,000 721,191
Japan Airport Terminal Co.,
Ltd. (a).................... 58,800 619,135
Japan Asia Investment Co.,
Ltd. (a)(b)................. 136,000 60,585
Japan Aviation Electronics
Industry, Ltd. (a).......... 75,000 366,761
Japan Excellent, Inc. ........ 156 555,958
Japan Logistics Fund, Inc.
(a)......................... 156 952,394
Juki Corp. ................... 92,332 72,916
K's Holdings Corp. (a)........ 31,700 423,972
Kanematsu Corp. (b)........... 467,698 369,347
Katakura Industries Co., Ltd.
(a)......................... 59,774 456,914
Kayaba Industry Co., Ltd.
(a)......................... 199,832 252,901
Keisei Electric Railway Co.,
Ltd. (a).................... 264,230 1,318,876
Kenedix, Inc. (a)(b).......... 305 29,676
Kitz Corp. ................... 80,000 242,179
Kiyo Holdings, Inc. (a)....... 698,000 869,232
Komori Corp. ................. 66,036 538,210
Kurabo Industries, Ltd. (a)... 431,000 589,096
Kyowa Exeo Corp. (a).......... 81,000 656,070
Makino Milling Machine Co.,
Ltd. (a).................... 85,000 227,195
Marudai Food Co., Ltd. ....... 341,656 812,890
Maruha Nichiro Holdings, Inc.
(a)......................... 478,485 653,999
Marusan Securities Co., Ltd.
(a)......................... 100,898 515,880
Meiji Dairies Corp. (a)(c).... 276,451 1,147,564
Miraca Holdings, Inc. (a)..... 49,600 998,327
Mitsubishi Rayon Co., Ltd.
(a)......................... 208,000 398,016
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)................. 394,000 646,229
Mitsui-Soko Co., Ltd. (a)..... 192,000 744,518
Mitsumi Electric Co., Ltd.
(a)......................... 37,300 532,480
Nabtesco Corp. ............... 75,000 516,351
Nakanishi, Inc. .............. 7,083 400,153
Nankai Electric Railway Co.,
Ltd. (a).................... 493,000 2,181,239
Net One Systems Co., Ltd. .... 574 754,330
Neturen Co., Ltd. ............ 131,503 758,902
New City Residence Investment
Corp. (b)(c)(e)............. 4 0
Nihon Dempa Kogyo Co., Ltd.
(a)......................... 16,200 241,434
Nihon Kohden Corp. (a)........ 41,200 504,311
Nikkiso Co., Ltd. (a)......... 148,000 842,118
Nippon Accommodations Fund,
Inc. (a).................... 160 644,730
Nippon Carbon Co., Ltd. (a)... 140,712 282,079
Nippon Konpo Unyu Soko Co.,
Ltd. (a).................... 134,000 1,056,859
Nippon Light Metal Co., Ltd.
(a)(b)...................... 897,000 653,883
Nippon Seiki Co., Ltd. ....... 69,000 424,046
Nippon Shinyaku Co., Ltd. .... 125,000 1,102,308
Nippon Soda Co., Ltd. ........ 162,000 470,730
Nippon Suisan Kaisha, Ltd.
(a)......................... 248,199 645,815
Nippon Thompson Co., Ltd. .... 131,000 440,336
Nishimatsu Construction Co.,
Ltd. (a).................... 395,000 315,936
Nishimatsuya Chain Co., Ltd.
(a)......................... 71,193 504,557
Nitto Boseki Co., Ltd. ....... 329,153 576,526
NOF Corp. (a)................. 260,000 876,582
NSD Co., Ltd. (a)............. 56,908 360,104
Okasan Holdings, Inc. (a)..... 165,682 588,786
Oki Electric Industry Co.,
Ltd. (a)(b)................. 912,000 581,715
Orix JREIT, Inc. ............. 228 932,591
Osaka Securities Exchange Co.,
Ltd. (a).................... 186 593,196
OSG Corp. (a)................. 92,200 559,156
Park24 Co., Ltd. (a).......... 114,113 770,612
Point, Inc. (a)............... 15,050 681,113
Premier Investment Co. (a).... 287 886,251
Rengo Co., Ltd. (a)........... 123,000 625,149
Rohto Pharmaceutical Co., Ltd.
(a)......................... 100,000 903,108
Ryohin Keikaku Co., Ltd. (a).. 20,203 787,502
Sakai Chemical Industry Co.,
Ltd. ....................... 216,565 613,933
Sanden Corp. (a)(b)........... 293,000 474,638
Sankyu, Inc. (a).............. 176,000 463,299
Sanyo Shokai, Ltd. (a)........ 106,000 335,912
Sanyo Special Steel Co., Ltd.
(a)......................... 122,937 290,010
Sato Corp. (a)................ 73,700 535,010
Seiren Co., Ltd. (a).......... 122,800 549,535
Shima Seiki Manufacturing,
Ltd. (a).................... 42,025 827,991
Shimachu Co., Ltd. (a)........ 58,000 973,028
</Table>
See accompanying notes to financial statements.
122
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Shinko Electric Co., Ltd.
(a)......................... 269,000 $ 590,999
Shochiku Co., Ltd. (a)........ 292,000 1,971,894
Shoei Co., Ltd. (a)........... 66,300 369,862
SMK Corp. .................... 148,343 316,902
Star Micronics Co., Ltd. (a).. 38,900 356,823
Sumitomo Osaka Cement Co.,
Ltd. (a).................... 567,793 1,304,941
Sysmex Corp. ................. 57 1,812
Tadano, Ltd. (a).............. 79,526 329,312
Takara Holdings, Inc. (a)..... 193,000 961,385
Takasago International Corp.
(a)......................... 216,694 1,068,442
Takefuji Corp. (a)............ 42,830 199,905
Takuma Co., Ltd. (a)(b)....... 168,000 256,839
The Bank of Nagoya, Ltd. ..... 152,000 634,039
The Bank of Okinawa, Ltd. .... 30,700 935,578
The Ehime Bank, Ltd. (a)...... 407,000 1,079,619
The Eighteenth Bank, Ltd. .... 391,730 1,336,570
The Hokuetsu Bank, Ltd. (a)... 554,000 925,483
The Michinoku Bank, Ltd. (a).. 452,000 1,144,072
The Minato Bank, Ltd. (b)..... 468,000 696,527
The Miyazaki Bank, Ltd. (a)... 365,000 1,481,877
The Musashino Bank, Ltd. ..... 23,900 735,608
The Oita Bank, Ltd. .......... 237,000 1,310,135
The Tochigi Bank, Ltd. ....... 160,000 775,944
The Tokushima Bank, Ltd. ..... 171,000 931,437
The Tokyo Tomin Bank, Ltd.
(a)......................... 26,300 404,738
Toagosei Co., Ltd. ........... 356,818 794,775
TOC Co., Ltd. (a)............. 122,500 439,050
Toei Co., Ltd. ............... 197,000 853,660
Toho Pharmaceutical Co., Ltd.
(a)......................... 46,319 444,103
Toho Zinc Co., Ltd. (a)....... 142,000 357,983
Tokai Tokyo Securities Co.,
Ltd. (a).................... 152,000 270,851
Tokuyama Corp. (a)............ 85,000 537,866
Tokyo Dome Corp. ............. 150,000 410,044
Tokyo Tatemono Co., Ltd. (a).. 124,000 317,627
Topy Industries, Ltd. ........ 452,381 659,541
Toyo Corp/Chuo-ku (a)......... 108,348 917,069
Toyo Tire & Rubber Co., Ltd.
(a)(b)...................... 226,000 283,730
Toyobo Co., Ltd. (a).......... 610,788 785,361
Tsumura & Co. (a)............. 46,900 1,210,843
Ulvac, Inc. (a)............... 28,200 511,637
Unitika, Ltd. (a)(b).......... 620,000 420,573
Yodogawa Steel Works, Ltd. ... 242,000 989,855
Zenrin Co., Ltd. (a).......... 34,977 373,957
------------
TOTAL JAPAN................... 91,900,811
------------
NETHERLANDS -- 2.2%
Aalberts Industries NV........ 52,153 281,129
ASM International NV (a)(b)... 42,779 354,986
Crucell NV (a)(b)............. 46,170 919,192
Draka Holdings................ 16,782 120,587
Exact Holdings NV............. 29,635 593,737
Imtech NV..................... 32,850 451,851
James Hardie Industries NV.... 248,816 726,085
KAS Bank NV................... 57,794 623,457
OPG Groep NV.................. 93,586 856,111
Ordina NV..................... 57,871 204,382
Orthofix International N.V.
(a)(b)...................... 17,838 330,360
------------
TOTAL NETHERLANDS............. 5,461,877
------------
NEW ZEALAND -- 0.4%
Fisher & Paykel Appliances
Holdings, Ltd. (a).......... 610,140 170,636
Fisher & Paykel Healthcare
Corp., Ltd. ................ 418,662 755,086
Nuplex Industries, Ltd. (a)... 268,096 114,762
------------
TOTAL NEW ZEALAND............. 1,040,484
------------
NORWAY -- 1.2%
DET Norske Oljeselskap ASA
(b)......................... 642,680 561,575
Ekornes ASA................... 75,120 723,153
Norske Skogindustrier ASA
(a)(b)...................... 156,361 285,762
Norwegian Property ASA (a).... 248,643 147,298
Songa Offshore ASA (a)(b)..... 78,342 120,087
Tomra Systems ASA (a)......... 118,472 436,894
Veidekke ASA.................. 157,930 701,693
------------
TOTAL NORWAY.................. 2,976,462
------------
PORTUGAL -- 0.4%
Altri SGPS SA................. 112,715 288,528
F. Ramada Investimentos SGPS
(b)......................... 20,157 17,262
Semapa-Sociedade de
Investimento e Gestao, SGPS,
SA (a)...................... 87,264 735,714
------------
TOTAL PORTUGAL................ 1,041,504
------------
SINGAPORE -- 2.1%
Bukit Sembawang Estates,
Ltd. ....................... 168,080 265,355
Haw Par Corp., Ltd. .......... 546,352 1,257,882
Hong Leong Finance, Ltd. ..... 1,031,656 1,228,323
Mapletree Logistics Trust..... 2,392,965 590,292
Parkway Holdings, Ltd. (a).... 714,309 545,059
Suntec REIT (a)............... 1,464,000 606,710
Verigy, Ltd. (a)(b)........... 38,173 314,927
Wing Tai Holdings, Ltd. ...... 759,000 349,493
------------
TOTAL SINGAPORE............... 5,158,041
------------
SOUTH KOREA -- 5.9%
Asiana Airlines (b)........... 128,338 331,225
Cheil Communications, Inc. ... 6,065 723,459
Daewoo Motor Sales (b)........ 22,165 113,930
Daum Communications Corp.
(b)......................... 9,938 205,837
Dong-A Pharmaceutical Co.,
Ltd. ....................... 7,310 464,521
Eugene Investment & Securities
Co., Ltd. (b)............... 335,944 242,866
Hana Tour Service, Inc. ...... 14,313 313,525
Hanmi Pharm Co., Ltd. ........ 6,406 692,353
Hansol Paper Co. (b).......... 43,635 294,317
Hanwha Chemical Corp. ........ 56,571 382,389
Hanwha Securities Co. (b)..... 53,463 336,257
Hite Brewery Co., Ltd. ....... 5,414 536,214
Hotel Shilla Co., Ltd. ....... 40,492 491,788
Humax Co., Ltd. .............. 37,866 353,133
Hyundai Department Store Co.,
Ltd. ....................... 11,475 593,141
Hyundai Marine & Fire
Insurance Co., Ltd. (b)..... 48,475 438,054
Jeonbuk Bank.................. 131,365 428,307
Korean Reinsurance Co. (b).... 67,939 520,624
LG International Corp. ....... 38,030 515,498
LG Life Sciences, Ltd. (b).... 13,728 543,860
LIG Insurance Co., Ltd. (b)... 32,804 316,597
LS Industrial Systems Co.,
Ltd. ....................... 12,442 486,616
MegaStudy Co., Ltd. .......... 3,148 451,746
</Table>
See accompanying notes to financial statements.
123
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Meritz Fire & Marine Insurance
Co., Ltd. .................. 91,180 $ 255,100
Meritz Securities Co., Ltd.
(b)......................... 430,456 303,412
NCSoft Corp. (a).............. 13,516 900,904
Orion Corp. (a)............... 3,626 425,971
Poongsan Corp. (b)(d)......... 8 72
Poongsan Corp. (b)(d)......... 68,614 644,845
Samsung Fine Chemicals Co.,
Ltd. ....................... 16,010 504,635
SFA Engineering Corp. ........ 12,266 377,756
SK Chemicals Co., Ltd. ....... 17,230 580,458
Yuhan Corp. .................. 5,498 735,319
------------
TOTAL SOUTH KOREA............. 14,504,729
------------
SPAIN -- 2.1%
Amper, SA..................... 73,248 499,872
Campofrio Alimentacion SA..... 109,332 1,081,443
Construcciones y Auxiliar de
Ferrocarriles SA............ 3,135 1,009,368
Ercros SA (b)................. 1,303,440 224,975
Faes Farma SA (d)............. 11,965 42,574
Faes Farma SA (a)(d).......... 95,720 340,594
General de Alquiler de
Maquinaria (a)(b)........... 34,528 183,830
Parquesol Inmobiliaria y
Proyectos SA................ 39,094 375,793
Tubacex SA.................... 145,499 305,223
Tubos Reunidos SA............. 173,832 401,587
Vidrala SA.................... 38,643 769,595
------------
TOTAL SPAIN................... 5,234,854
------------
SWEDEN -- 1.9%
Boliden AB Mines (a).......... 151,701 778,020
Castellum AB (a).............. 118,604 664,227
D Carnegie & Co. AB (a)(c).... 59,625 0
Elekta AB (Class B) (a)....... 64,091 641,507
Haldex AB (a)................. 80,445 254,939
Hemtex AB (a)................. 42,267 77,711
Intrum Justitia AB (a)........ 63,743 416,354
Kungsleden AB (a)............. 97,554 372,879
New Wave Group AB (Class B)
(a)......................... 145,111 140,419
Q-Med AB...................... 87,460 288,807
TradeDoubler AB............... 35,231 143,612
Trelleborg AB (Class B) (a)... 61,282 232,014
Wihlborgs Fastigheter AB...... 56,715 631,135
------------
TOTAL SWEDEN.................. 4,641,624
------------
SWITZERLAND -- 1.9%
Basilea Pharmaceutica AG
(a)(b)...................... 5,488 342,683
Belimo Holding AG............. 1,457 986,667
Daetwyler Holding AG (b)...... 18,714 658,335
Georg Fischer AG (a)(b)....... 1,829 214,580
Kudelski SA................... 38,472 366,094
Kuoni Reisen Holding (Class
B).......................... 2,748 667,031
Mobimo Holding AG (b)......... 2,338 299,177
Temenos Group AG (a)(b)....... 45,024 487,046
Valora Holding AG............. 5,030 641,441
------------
TOTAL SWITZERLAND............. 4,663,054
------------
UNITED KINGDOM -- 10.5%
Bellway PLC (a)............... 54,414 528,412
Berkeley Group Holdings PLC
(a)(b)...................... 40,077 510,106
Bodycote PLC.................. 124,352 221,463
Bovis Homes Group PLC......... 106,360 638,389
Britvic PLC................... 134,892 436,965
Chemring Group PLC............ 25,029 680,555
Chloride Group (a)............ 293,892 526,563
Connaught PLC (a)............. 196,488 851,949
Croda International PLC....... 69,528 528,187
Dairy Crest Group PLC......... 102,090 385,216
Dimension Data Holdings PLC... 849,648 496,271
DS Smith PLC.................. 192,181 137,731
DSG International PLC......... 817,002 242,993
Elementis PLC................. 523,994 206,543
Fenner PLC.................... 207,804 137,014
Galliford Try PLC............. 357,990 205,250
Game Group PLC................ 240,383 519,414
Helphire PLC (a).............. 174,416 60,625
Henderson Group PLC........... 298,308 348,478
Hiscox, Ltd. ................. 185,608 822,068
HMV Group PLC (a)............. 460,797 856,978
International Personal Finance
(a)......................... 168,672 217,590
Interserve PLC................ 107,798 287,393
ITE Group PLC................. 299,362 277,836
Jardine Lloyd Thompson Group
PLC......................... 125,942 791,576
Keller Group PLC.............. 57,944 408,418
Kier Group PLC................ 34,174 433,502
Laird Group PLC (a)........... 118,823 166,909
Melrose PLC................... 332,705 405,350
Michael Page International
PLC......................... 155,594 409,801
Mitchells & Butlers PLC (a)... 132,050 457,097
Mitie Group (a)............... 287,984 771,902
Mondi PLC..................... 197,323 418,593
Morgan Crucible Co. .......... 173,035 208,337
Morgan Sindall PLC............ 38,776 316,804
N Brown Group PLC............. 147,357 400,251
Northern Foods PLC............ 551,658 403,267
PayPoint PLC.................. 61,645 321,405
Persimmon PLC (a)............. 122,440 606,351
Premier Farnell PLC........... 282,464 481,795
Premier Foods PLC............. 862,366 423,355
Rank Group PLC (b)............ 481,426 505,463
Raymarine PLC................. 162,160 32,541
Redrow PLC (b)................ 177,320 355,826
Restaurant Group PLC.......... 196,229 379,708
RPS Group PLC................. 178,589 398,690
Senior PLC.................... 387,202 152,624
Shaftesbury PLC............... 124,460 519,575
Shanks Group PLC.............. 255,054 203,812
SIG PLC (b)................... 120,847 51,965
SIG PLC....................... 76,903 115,740
Spectris PLC.................. 65,508 377,931
SSL International PLC......... 117,908 758,826
St James's Place PLC.......... 109,013 260,944
Taylor Wimpey PLC............. 563,106 167,479
Travis Perkins PLC............ 54,115 342,841
Tullett Prebon PLC............ 148,866 448,626
UK Coal PLC (b)............... 96,975 100,427
Ultra Electronics Holdings
PLC......................... 31,380 490,266
Unite Group PLC............... 146,240 143,061
UTV Media PLC................. 159,060 137,933
Victrex PLC................... 90,324 657,687
Wetherspoon (J.D.) PLC (a).... 92,900 563,592
</Table>
See accompanying notes to financial statements.
124
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
WH Smith PLC.................. 98,601 $ 502,781
Wincanton PLC................. 137,903 324,168
Yell Group PLC................ 355,775 63,744
------------
TOTAL UNITED KINGDOM.......... 25,604,952
------------
TOTAL COMMON STOCKS --
(Cost $454,303,306)......... 240,213,904
------------
PREFERRED STOCK -- 0.1%
GERMANY -- 0.1%
Draegerwerk AG & Co. KGaA
(Cost $655,478)............. 9,316 200,252
------------
WARRANTS -- 0.0% (F)
AUSTRALIA -- 0.0% (F)
Beach Petroleum, Ltd.
(expiring 6/30/10)(b) (Cost
$0)......................... 72,739 2,022
Buru Energy, Ltd. (expiring
10/10/10) (b)
(Cost $0)................... 87,377 789
------------
TOTAL AUSTRALIA............... 2,811
------------
CANADA -- 0.0% (F)
Kinross Gold Corp. (expiring
9/3/13) (b) (Cost $5,320)... 2,463 11,687
------------
TOTAL WARRANTS --
(Cost $5,320)............... 14,498
------------
SHORT TERM INVESTMENTS -- 16.9%
UNITED STATES -- 16.9%
MONEY MARKET FUNDS -- 16.9%
State Street Navigator
Securities Lending Prime
Portfolio (g)(h)............ 41,109,651 41,109,651
STIC Prime Portfolio.......... 209,142 209,142
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $41,318,793).......... 41,318,793
------------
TOTAL INVESTMENTS -- 115.0%
(Cost $496,282,897)......... 281,747,447
OTHER ASSETS AND
LIABILITIES -- (15.0)%...... (36,731,800)
------------
NET ASSETS -- 100.0%.......... $245,015,647
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(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.
(d) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(e) Company has filed for insolvency.
(f) Amount shown represents less than 0.05% of net assets.
(g) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
125
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.3%
AUSTRALIA -- 15.6%
Abacus Property Group......... 1,977,922 $ 377,921
Babcock & Brown Japan Property
Trust (a)................... 1,512,813 294,309
Bunnings Warehouse Property
Trust....................... 703,289 767,173
Centro Retail Group........... 633 12
CFS Retail Property Trust
(a)......................... 3,985,303 4,513,452
Commonwealth Property Office
Fund........................ 5,445,724 3,424,239
Dexus Property Group.......... 9,918,245 5,168,398
Goodman Group................. 7,476,396 1,688,245
GPT Group..................... 13,113,134 3,963,288
ING Industrial Fund (a)....... 3,367,063 292,429
ING Office Fund............... 5,228,866 1,544,032
ING Real Estate Community
Living Group................ 383 10
Macquarie CountryWide Trust
(a)......................... 4,122,260 687,395
Macquarie Office Trust........ 13,380,838 1,580,491
Valad Property Group.......... 1,400 33
Westfield Group............... 6,158,407 42,788,615
------------
TOTAL AUSTRALIA............... 67,090,042
------------
AUSTRIA -- 1.4%
Atrium European Real Estate,
Ltd. (a)(b)................. 670,286 2,020,161
CA Immobilien Anlagen AG
(a)(b)...................... 234,730 1,128,177
IMMOEAST AG (a)(b)............ 1,116,083 1,585,552
Immofinanz Immobilien Anlagen
AG (a)(b)................... 1,238,237 1,430,287
------------
TOTAL AUSTRIA................. 6,164,177
------------
BELGIUM -- 1.4%
Befimmo S.C.A. ............... 31,284 2,491,316
Cofinimmo REIT (a)............ 31,926 3,401,650
------------
TOTAL BELGIUM................. 5,892,966
------------
CANADA -- 7.7%
Artis REIT.................... 47,237 238,410
Boardwalk REIT................ 70,900 1,465,167
Brookfield Asset Management,
Inc. (Class A) (a).......... 1,511,401 21,106,637
Calloway REIT................. 114,502 909,172
Canadian Apartment Properties
REIT (a).................... 98,367 977,298
Canadian REIT (a)............. 88,325 1,403,344
Chartwell Seniors Housing
REIT........................ 144,038 457,936
Extendicare REIT (a)(b)....... 100,078 340,447
First Capital Realty, Inc.
(a)......................... 100,510 1,196,709
H&R REIT...................... 213,110 1,304,254
Primaris Retail REIT.......... 90,490 653,061
RioCan REIT................... 319,786 3,189,854
------------
TOTAL CANADA.................. 33,242,289
------------
CHINA -- 12.7%
Champion REIT................. 4,986,000 1,190,206
GZI REIT...................... 2,162,000 563,515
Hang Lung Group, Ltd. ........ 2,469,808 7,520,964
Hang Lung Properties, Ltd. ... 5,399,755 12,680,715
Hong Kong Land Holdings,
Ltd. ....................... 3,608,000 8,226,240
Hysan Development Co., Ltd. .. 1,781,185 3,010,777
Kerry Properties, Ltd. ....... 1,802,170 4,348,462
Prosperity REIT............... 3,361,000 390,310
The Link REIT................. 6,393,508 12,638,521
Wheelock & Co., Ltd. ......... 2,439,545 4,104,731
------------
TOTAL CHINA................... 54,674,441
------------
FRANCE -- 10.6%
Fonciere des Regions (a)...... 58,055 2,725,151
Gecina SA (a)................. 61,328 2,351,560
Klepierre (a)................. 235,426 4,140,058
Societe Immobiliere de
Location pour l'Industrie et
le Commerce (a)............. 31,250 2,343,806
Unibail-Rodamco (a)........... 241,757 34,226,188
------------
TOTAL FRANCE.................. 45,786,763
------------
GERMANY -- 0.3%
IVG Immobilien AG (a)......... 220,290 1,327,855
------------
ITALY -- 0.2%
Beni Stabili SpA (a).......... 1,260,864 694,731
------------
JAPAN -- 24.0%
Aeon Mall Co., Ltd. .......... 235,140 2,987,756
Creed Office Investment
Corp. ...................... 398 278,040
DA Office Investment Corp.
(a)......................... 613 862,681
Daibiru Corp. ................ 169,100 1,350,814
Frontier Real Estate
Investment Corp. (a)........ 405 1,988,711
Fukuoka REIT Corp. (a)........ 248 961,669
Global One REIT............... 285 1,826,516
Hankyu REIT, Inc. (a)......... 254 1,041,511
Heiwa Real Estate Co., Ltd.
(a)......................... 445,000 959,654
Japan Excellent, Inc. ........ 414 1,475,428
Japan Hotel and Resort,
Inc. ....................... 248 287,496
Japan Prime Realty Investment
Corp. (a)................... 1,727 3,178,785
Japan Real Estate Investment
Corp. (a)................... 1,307 10,003,969
Japan Retail Fund Investment
Corp. (a)................... 1,141 4,343,586
Kenedix Realty Investment
Corp. (a)................... 598 1,101,308
Mitsui Fudosan Co., Ltd. (a).. 2,596,000 28,044,264
Mori Hills REIT Investment
Corp. ...................... 403 1,135,108
Mori Trust Sogo REIT, Inc. ... 376 2,676,197
Nippon Building Fund, Inc.
(a)......................... 1,593 13,644,609
Nippon Commercial Investment
Corp. (a)................... 768 638,380
Nippon Residential Investment
Corp. (a)................... 742 550,659
Nomura Real Estate Office
Fund, Inc. ................. 901 4,989,845
NTT Urban Development Corp.
(a)......................... 3,204 2,556,193
Orix JREIT, Inc. (a).......... 739 3,022,740
Premier Investment Co. (a).... 392 1,210,489
Shoei Co., Ltd. (a)........... 108,990 608,013
TOC Co., Ltd. (a)............. 303,500 1,087,770
Tokyu Land Corp. (a).......... 1,349,000 3,687,658
Tokyu REIT, Inc. (a).......... 469 2,488,164
Top REIT, Inc. (a)............ 457 1,661,061
United Urban Investment Corp.
(a)......................... 590 2,389,390
------------
TOTAL JAPAN................... 103,038,464
------------
NETHERLANDS -- 3.0%
Corio NV (a).................. 198,409 8,203,138
</Table>
See accompanying notes to financial statements.
126
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Eurocommercial Properties NV
(a)......................... 92,125 $ 2,501,329
VastNed Retail NV (a)......... 49,868 2,012,115
------------
TOTAL NETHERLANDS............. 12,716,582
------------
NEW ZEALAND -- 0.8%
AMP NZ Office Trust (a)....... 1,589,572 816,523
Goodman Property Trust (a).... 2,002,781 914,470
ING Property Trust (a)........ 1,555,228 523,711
Kiwi Income Property Trust
(a)......................... 2,084,466 1,142,120
------------
TOTAL NEW ZEALAND............. 3,396,824
------------
SINGAPORE -- 5.3%
Ascendas REIT................. 3,037,000 2,437,272
Cambridge Industrial Trust
(a)......................... 2,084,074 342,730
CapitaCommercial Trust (a).... 2,374,000 1,374,240
CapitaLand, Ltd. (a).......... 4,707,000 7,214,386
CapitaMall Trust (a).......... 5,932,099 5,150,882
Frasers Commercial Trust...... 1,876,000 172,767
Guocoland, Ltd. (a)........... 549,000 353,914
Macquarie Prime REIT.......... 2,054,000 614,768
Mapletree Logistics Trust..... 3,941,000 972,158
Singapore Land, Ltd. (a)...... 389,000 813,722
Suntec REIT (a)............... 4,412,000 1,828,417
United Industrial Corp., Ltd.
(a)......................... 2,169,000 1,455,322
------------
TOTAL SINGAPORE............... 22,730,578
------------
SOUTH AFRICA -- 0.8%
Capital Property Fund......... 875,187 529,162
Fountainhead Property Trust... 2,938,540 1,745,820
SA Corporate Real Estate
Fund........................ 2,415,878 609,685
Sycom Property Fund........... 297,025 534,083
------------
TOTAL SOUTH AFRICA............ 3,418,750
------------
SPAIN -- 0.0% (C)
Martinsa-Fadesa SA (b)(d)(e).. 35,998 0
------------
SWEDEN -- 1.3%
Castellum AB (a).............. 473,428 2,651,375
Fabege AB (a)................. 371,673 1,303,753
Kungsleden AB (a)............. 402,710 1,539,274
------------
TOTAL SWEDEN.................. 5,494,402
------------
SWITZERLAND -- 1.9%
PSP Swiss Property AG......... 124,478 5,254,777
Swiss Prime Site AG (a)....... 68,183 3,058,206
------------
TOTAL SWITZERLAND............. 8,312,983
------------
UNITED KINGDOM -- 11.3%
Big Yellow Group PLC (a)...... 253,862 691,359
British Land Co. PLC (a)...... 2,569,037 13,284,008
Brixton PLC (a)............... 730,971 185,973
Derwent London PLC (a)........ 297,403 2,834,781
Grainger PLC.................. 387,575 569,419
Great Portland Estates PLC
(a)......................... 534,056 1,865,881
Hammerson PLC (a)............. 2,056,056 7,500,240
Land Securities Group PLC
(a)......................... 2,258,317 14,153,608
Liberty International PLC
(a)......................... 898,229 5,011,505
Segro PLC (a)................. 1,383,323 451,084
Shaftesbury PLC (a)........... 399,351 1,667,144
Workspace Group PLC........... 3,126,380 548,948
------------
TOTAL UNITED KINGDOM.......... 48,763,950
------------
TOTAL COMMON STOCKS --
(Cost $1,052,097,201)....... 422,745,797
------------
RIGHTS -- 0.3%
UNITED KINGDOM -- 0.3%
Segro PLC (expiring 4/6/09)
(b)
(Cost $14,118,259).......... 15,585,108 1,072,268
------------
SHORT TERM INVESTMENTS -- 17.9%
UNITED STATES -- 17.9%
MONEY MARKET FUNDS -- 17.9%
State Street Navigator Lending
Prime Portfolio (f)(g)...... 76,508,635 76,508,635
STIC Prime Portfolio.......... 289,245 289,245
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $76,797,880).......... 76,797,880
------------
TOTAL INVESTMENTS -- 116.5%
(Cost $1,143,013,340)....... 500,615,945
OTHER ASSETS AND
LIABILITIES -- (16.5)%...... (70,726,470)
------------
NET ASSETS -- 100.0%.......... $429,889,475
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Amount 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.
(e) Company has filed for insolvency.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
127
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 1.2%
AGL Energy, Ltd. ............. 27,181 $ 282,525
Macquarie Infrastructure Group
(a)......................... 156,748 160,095
Transurban Group (a).......... 76,352 247,741
------------
TOTAL AUSTRALIA............... 690,361
------------
BRAZIL -- 0.8%
Centrais Eletricas Brasileiras
SA ADR...................... 16,746 187,662
Companhia Energetica de Minas
Gerais ADR.................. 16,977 250,920
------------
TOTAL BRAZIL.................. 438,582
------------
CANADA -- 3.5%
Enbridge, Inc. ............... 23,306 673,348
Fortis, Inc. ................. 10,620 186,883
TransAlta Corp. .............. 12,701 186,253
TransCanada Corp. ............ 38,488 912,528
------------
TOTAL CANADA.................. 1,959,012
------------
CHINA -- 3.6%
China Merchants Holdings
International Co., Ltd. .... 76,358 175,771
CLP Holdings, Ltd. ........... 114,500 786,726
Hong Kong & China Gas Co.,
Ltd. ....................... 316,320 498,765
HongKong Electric Holdings,
Ltd. ....................... 101,000 599,484
------------
TOTAL CHINA................... 2,060,746
------------
FINLAND -- 0.9%
Fortum Oyj.................... 28,168 536,671
------------
FRANCE -- 8.5%
Electricite de France (a)..... 16,152 633,379
GDF Suez...................... 103,783 3,561,942
Veolia Environnement.......... 29,442 614,497
------------
TOTAL FRANCE.................. 4,809,818
------------
GERMANY -- 9.3%
E.ON AG (a)................... 126,739 3,518,555
RWE AG........................ 24,771 1,736,840
------------
TOTAL GERMANY................. 5,255,395
------------
ITALY -- 4.6%
A2A SpA....................... 100,044 151,823
Atlantia SpA.................. 27,142 410,095
Enel SpA...................... 290,907 1,395,282
Snam Rete Gas SpA............. 62,102 333,109
Terna -- Rete Elettrica
Nationale SpA............... 95,336 296,825
------------
TOTAL ITALY................... 2,587,134
------------
JAPAN -- 11.7%
Chubu Electric Power Co., Inc.
(a)......................... 36,970 812,240
Electric Power Development
Co., Ltd. (a)............... 10,600 313,374
Hokkaido Electric Power Co.,
Inc. (a).................... 10,300 206,480
Hokuriku Electric Power Co.
(a)......................... 10,500 251,949
Kyushu Electric Power Co.,
Inc. (a).................... 22,409 501,406
Osaka Gas Co., Ltd. (a)....... 103,000 321,191
Shikoku Electric Power Co.,
Inc. (a).................... 11,426 304,824
The Chugoku Electric Power
Co., Inc. (a)............... 17,700 383,497
The Kansai Electric Power Co.,
Inc. (a).................... 45,529 986,454
The Tokyo Electric Power Co.,
Inc. (a).................... 64,027 1,594,679
Tohoku Electric Power Co.,
Inc. (a).................... 23,900 523,879
Tokyo Gas Co., Ltd. (a)....... 130,000 454,085
------------
TOTAL JAPAN................... 6,654,058
------------
PORTUGAL -- 1.4%
Brisa-Auto Estradas de
Portugal SA (a)............. 28,194 194,653
EDP -- Energias de Portugal SA
(a)......................... 172,666 599,027
------------
TOTAL PORTUGAL................ 793,680
------------
SOUTH KOREA -- 0.5%
Korea Electric Power Corp. ADR
(a)(b)...................... 30,754 281,399
------------
SPAIN -- 7.1%
Abertis Infraestructuras SA
(a)......................... 21,291 332,715
Enagas........................ 11,426 161,867
Gas Natural SDG SA (a)(b)(c).. 15,022 205,231
Gas Natural SDG SA (a)(c)..... 13,344 182,306
Iberdrola Renovables SA
(a)(b)...................... 53,686 222,390
Iberdrola SA (a).............. 315,208 2,209,690
Union Fenosa SA............... 28,787 687,969
------------
TOTAL SPAIN................... 4,002,168
------------
UNITED KINGDOM -- 7.5%
Centrica PLC.................. 321,512 1,049,562
Drax Group PLC................ 21,200 156,949
International Power PLC....... 96,228 290,339
National Grid PLC............. 154,387 1,185,012
Pennon Group PLC (a).......... 22,428 130,196
Scottish & Southern Energy
PLC......................... 58,205 925,218
Severn Trent PLC.............. 15,008 212,966
United Utilities Group PLC.... 42,875 297,135
------------
TOTAL UNITED KINGDOM.......... 4,247,377
------------
UNITED STATES -- 39.0%
Allegheny Energy, Inc. (a).... 10,644 246,621
Alliant Energy Corp. (a)...... 6,996 172,731
Ameren Corp. ................. 13,331 309,146
American Electric Power Co.,
Inc. (a).................... 25,339 640,063
American Tower Corp. (Class A)
(a)(b)...................... 24,957 759,442
Aqua America, Inc. (a)........ 8,592 171,840
CenterPoint Energy, Inc. ..... 21,691 226,237
CMS Energy Corp. (a).......... 14,326 169,620
Consolidated Edison, Inc.
(a)......................... 17,234 682,639
Constellation Energy Group,
Inc. (a).................... 11,296 233,375
Crown Castle International
Corp. (a)(b)................ 13,691 279,433
Dominion Resources, Inc. (a).. 36,663 1,136,186
DTE Energy Co. (a)............ 10,404 288,191
Duke Energy Corp. (a)......... 80,901 1,158,502
Edison International (a)...... 20,512 590,951
El Paso Corp. (a)............. 44,314 276,962
Energen Corp. (a)............. 4,595 133,852
Entergy Corp. (a)............. 11,931 812,382
EQT CORP (a).................. 8,225 257,689
Exelon Corp. (a).............. 41,650 1,890,493
FirstEnergy Corp. ............ 19,204 741,274
FPL Group, Inc. (a)........... 25,767 1,307,160
Integrys Energy Group, Inc.
(a)......................... 4,798 124,940
</Table>
See accompanying notes to financial statements.
128
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Kinder Morgan Management,
LLC......................... 4,863 $ 198,216
Mirant Corp. (a)(b)........... 10,002 114,023
National Fuel Gas Co. (a)..... 4,946 151,694
NiSource, Inc. (a)............ 17,488 171,382
Northeast Utilities (a)....... 10,859 234,446
NRG Energy, Inc. (a)(b)....... 14,758 259,741
NSTAR (a)..................... 6,634 211,492
ONEOK, Inc. .................. 6,598 149,313
Pepco Holdings, Inc. (a)...... 13,755 171,662
PG&E Corp. (a)................ 22,994 878,831
Pinnacle West Capital Corp.
(a)......................... 6,434 170,887
PPL Corp. (a)................. 23,586 677,154
Progress Energy, Inc. (a)..... 17,406 631,142
Public Service Enterprise
Group, Inc. (a)............. 32,057 944,720
Reliant Energy, Inc.(a)(b).... 22,244 70,958
SCANA Corp. (a)............... 7,519 232,262
Sempra Energy (a)............. 15,345 709,553
Spectra Energy Corp. (a)...... 40,602 574,112
The AES Corp. (a)(b).......... 41,960 243,788
The Southern Co. (a).......... 48,402 1,482,069
The Williams Cos., Inc. (a)... 36,441 414,699
Wisconsin Energy Corp. (a).... 7,434 306,058
Xcel Energy, Inc. (a)......... 28,255 526,391
------------
TOTAL UNITED STATES........... 22,134,322
------------
TOTAL COMMON STOCKS --
(Cost $94,068,086).......... 56,450,723
------------
SHORT TERM INVESTMENTS -- 23.4%
UNITED STATES -- 23.4%
MONEY MARKET FUNDS -- 23.4%
State Street Navigator
Securities Lending
Prime Portfolio (d)(e)...... 13,193,864 13,193,864
STIC Prime Portfolio.......... 87,300 87,300
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $13,281,164).......... 13,281,164
------------
TOTAL INVESTMENTS -- 123.0%
(Cost $107,349,250)......... 69,731,887
OTHER ASSETS AND
LIABILITIES -- (23.0)%...... (13,023,812)
------------
NET ASSETS -- 100.0%.......... $ 56,708,075
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
129
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
ARGENTINA -- 0.1%
Tenaris SA ADR................ 7,256 $ 146,354
------------
AUSTRALIA -- 5.3%
Alumina, Ltd. (a)............. 165,863 147,509
Amcor, Ltd. .................. 48,580 150,204
AMP, Ltd. (a)................. 47,150 153,971
Australia & New Zealand
Banking Group, Ltd. ........ 33,099 362,206
BHP Billiton, Ltd. ........... 73,452 1,628,509
BlueScope Steel, Ltd. ........ 74,231 132,550
Boral, Ltd. (a)............... 84,407 211,712
Brambles, Ltd. ............... 38,499 128,396
CFS Retail Property Trust
(a)......................... 116,238 131,642
Coca-Cola Amatil, Ltd. ....... 50,664 305,196
Commonwealth Bank of Australia
(a)......................... 26,303 634,711
CSL, Ltd. .................... 15,182 342,719
Fortescue Metals Group, Ltd.
(a)(b)...................... 71,388 126,481
Foster's Group, Ltd. ......... 61,238 215,294
Insurance Australia Group,
Ltd. ....................... 56,973 138,547
Lend Lease Corp., Ltd. ....... 43,358 195,512
Macquarie Group, Ltd. ........ 13,085 245,924
Macquarie Infrastructure Group
(a)......................... 209,224 213,692
National Australia Bank,
Ltd. ....................... 32,216 449,912
Newcrest Mining, Ltd. ........ 10,926 248,466
Origin Energy, Ltd. .......... 44,358 456,135
OZ Minerals, Ltd. ............ 264,639 102,048
Perpetual, Ltd. (a)........... 9,858 184,521
Qantas Airways, Ltd. ......... 132,390 160,513
QBE Insurance Group, Ltd.
(a)......................... 18,455 247,087
Rio Tinto, Ltd. .............. 154 6,053
Santos, Ltd. ................. 33,983 397,852
Sonic Healthcare, Ltd. ....... 19,485 149,868
Suncorp-Metway, Ltd. ......... 47,107 196,380
Toll Holdings, Ltd. (a)....... 52,207 226,709
Transurban Group (a).......... 43,970 142,670
Wesfarmers, Ltd. ............. 330 4,322
Wesfarmers, Ltd. PPS.......... 9,700 128,052
Westfield Group............... 31,106 216,124
Westpac Banking Corp. (a)..... 36,109 478,940
Woodside Petroleum, Ltd. (a).. 13,573 359,303
Woolworths, Ltd. ............. 26,585 461,966
------------
TOTAL AUSTRALIA............... 10,081,696
------------
AUSTRIA -- 0.5%
Erste Bank der
Oesterreichischen Sparkassen
AG (a)...................... 13,915 235,556
OMV AG........................ 5,339 178,632
Raiffeisen International Bank-
Holding AG (a).............. 7,767 218,723
Telekom Austria AG............ 10,914 165,192
Wienerberger AG............... 13,334 104,982
------------
TOTAL AUSTRIA................. 903,085
------------
BELGIUM -- 0.6%
Anheuser-Busch InBev NV....... 9,426 259,622
Anheuser-Busch InBev
NV -- VVPR Strip (b)........ 8,694 34
Delhaize Group................ 2,404 155,791
Dexia SA (a).................. 50,734 175,135
Fortis........................ 94,567 173,645
Fortis VVPR Strip (b)......... 5,332 7
KBC Groep NV.................. 11,279 182,547
Solvay SA..................... 2,131 149,247
UCB SA........................ 3,591 105,797
------------
TOTAL BELGIUM................. 1,201,825
------------
BRAZIL -- 2.5%
Banco Bradesco Preference
Shares SA ADR............... 41,255 408,424
Companhia de Bebidas das
Americas Preference Shares
ADR......................... 5,759 274,992
Companhia Energetica de Minas
Gerais ADR (a).............. 26,931 398,040
Companhia Siderurgica Nacional
SA ADR...................... 16,018 237,707
Companhia Vale do Rio Doce
Preference Shares ADR (a)... 77,839 878,024
Gerdau SA ADR (a)............. 35,972 196,767
Itau Unibanco Banco Multiplo
SA Preference Shares ADR.... 68,829 748,860
Petroleo Brasileiro SA
Preference Shares ADR....... 59,400 1,455,300
Tele Norte Leste Participacoes
SA ADR (a).................. 13,571 187,823
------------
TOTAL BRAZIL.................. 4,785,937
------------
CANADA -- 7.0%
Agrium, Inc. (a).............. 3,957 143,699
Bank of Montreal (a).......... 13,192 345,908
Bank of Nova Scotia........... 19,710 486,738
Barrick Gold Corp. ........... 21,104 684,540
Brookfield Asset Management,
Inc. (Class A) (a).......... 13,335 186,223
Brookfield Properties Corp. .. 26,870 155,691
Cameco Corp. ................. 8,929 152,939
Canadian Imperial Bank of
Commerce.................... 8,090 295,012
Canadian National Railway
Co. ........................ 12,326 442,821
Canadian Natural Resources,
Ltd. ....................... 12,326 479,168
Canadian Pacific Railway,
Ltd. ....................... 5,323 158,740
Canadian Tire Corp., Ltd.
(Class A) (a)............... 3,971 138,242
Enbridge, Inc. (a)............ 10,891 314,659
EnCana Corp. ................. 17,926 735,192
Enerplus Resources Fund....... 7,011 115,907
Gildan Activewear, Inc.
(a)(b)...................... 20,036 163,390
Goldcorp, Inc. ............... 16,884 569,532
Husky Energy, Inc. (a)........ 9,025 191,884
IGM Financial, Inc. (a)....... 7,538 182,197
Imperial Oil, Ltd. (a)........ 10,125 368,577
Loblaw Co., Ltd. (a).......... 7,199 179,381
Magna International, Inc.
(Class A)................... 82 2,186
Manulife Financial Corp. ..... 31,787 358,761
MDS, Inc. (b)................. 26,818 125,974
National Bank of Canada....... 6,870 219,836
Nexen, Inc. .................. 8,752 148,725
Onex Corp. ................... 12,138 149,343
Penn West Energy Trust........ 9,597 90,619
Petro-Canada.................. 12,472 335,752
Potash Corp. of Saskatchewan,
Inc. ....................... 7,724 625,889
Research In Motion, Ltd.
(a)(b)...................... 11,271 488,143
</Table>
See accompanying notes to financial statements.
130
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Rogers Communications, Inc.
(Class B) (a)............... 10,752 $ 248,258
Royal Bank of Canada (a)...... 25,902 757,203
Shaw Communications, Inc.
(a)......................... 11,520 175,984
Shoppers Drug Mart Corp. (a).. 7,293 251,225
SNC-Lavalin Group, Inc. (a)... 9,940 253,211
Sun Life Financial, Inc. (a).. 12,803 232,421
Suncor Energy, Inc. .......... 10,537 235,672
Talisman Energy, Inc. ........ 28,200 299,225
Teck Cominco, Ltd. (Class B)
(a)......................... 39,359 220,547
TELUS Corp. (Non-Voting)...... 5,841 153,250
Thomson Reuters Corp. (a)..... 8,685 223,657
TMX Group, Inc. (a)........... 5,525 156,991
Toronto-Dominion Bank (a)..... 16,109 556,450
TransAlta Corp. .............. 13,771 201,943
TransCanada Corp. (a)......... 13,090 310,356
------------
TOTAL CANADA.................. 13,312,061
------------
CHILE -- 0.4%
Empresa Nacional de
Electricidad SA ADR......... 11,459 429,712
Enersis SA ADR................ 19,845 299,660
------------
TOTAL CHILE................... 729,372
------------
CHINA -- 5.3%
Bank of China, Ltd. .......... 713,000 236,440
Bank of Communications Co.,
Ltd. ....................... 229,000 158,970
Bank of East Asia, Ltd. ...... 151,916 293,247
Cheung Kong Holdings, Ltd. ... 47,000 404,807
China Construction Bank
Corp. ...................... 993,000 563,768
China COSCO Holdings Co.,
Ltd. ....................... 307,500 200,371
China Life Insurance Co.,
Ltd. ....................... 187,000 620,116
China Merchants Holdings
International Co., Ltd. .... 92,745 213,493
China Mobile, Ltd. ........... 139,500 1,215,000
China Petroleum & Chemical
Corp. ...................... 454,000 290,560
China Resources Enterprise.... 90,000 139,355
China Telecom Corp., Ltd. .... 454,000 187,458
Citic Pacific, Ltd. .......... 94,000 106,250
CNOOC, Ltd. .................. 374,000 370,622
COSCO Pacific, Ltd. .......... 210,000 207,290
Esprit Holdings, Ltd. ........ 30,300 154,432
Guangzhou R&F Properties Co.,
Ltd. ....................... 3,200 3,716
Hang Lung Properties, Ltd. ... 91,000 213,703
Henderson Land Development
Co., Ltd. .................. 47,000 178,903
Hong Kong & China Gas Co.,
Ltd. ....................... 233,420 368,051
Hong Kong Exchanges and
Clearing, Ltd. ............. 38,000 358,916
Huaneng Power International,
Inc. ....................... 274,000 181,724
Hutchison Whampoa, Ltd. ...... 47,000 230,452
Industrial & Commercial Bank
of China.................... 940,000 488,800
Li & Fung, Ltd. .............. 90,000 211,355
Mongolia Energy Co., Ltd.
(b)......................... 429,000 123,995
New World Development Co.,
Ltd. ....................... 286,798 286,058
PCCW, Ltd. ................... 329,000 168,957
PetroChina Co., Ltd. ......... 468,000 373,192
Ping An Insurance Group Co. of
China, Ltd. ................ 45,500 271,532
Shangri-La Asia, Ltd. ........ 94,000 106,736
Sun Hung Kai Properties,
Ltd. ....................... 47,000 420,877
Swire Pacific, Ltd. .......... 45,500 303,529
The Link REIT................. 120,479 238,160
Zijin Mining Group Co.,
Ltd. ....................... 180,000 128,207
------------
TOTAL CHINA................... 10,019,042
------------
DENMARK -- 0.7%
A P Moller -- Maersk A/S (a).. 47 206,102
Danisco A/S................... 3,402 101,729
Danske Bank A/S (a)(b)........ 21,676 182,377
DSV A/S (a)................... 12,000 87,917
Novo-Nordisk A/S (Class B).... 11,998 574,251
Vestas Wind Systems A/S
(a)(b)...................... 4,989 218,775
------------
TOTAL DENMARK................. 1,371,151
------------
FINLAND -- 1.1%
Elisa Oyj (a)................. 7,676 112,004
Fortum Oyj (a)................ 11,435 217,865
Kesko Oyj (Class B) (a)....... 4,605 95,563
Kone Oyj (Class B)............ 8,454 175,100
Metso Oyj (a)................. 13,687 161,733
Neste Oil Oyj (a)............. 7,336 97,595
Nokia Oyj..................... 45,651 538,224
Outokumpu Oyj (a)............. 14,506 157,159
Sampo Oyj (Class A)........... 12,217 180,372
Stora Enso Oyj (a)(b)......... 36,398 129,029
UPM-Kymmene Oyj (a)........... 19,643 113,448
Wartsila Oyj (Class B) (a).... 7,045 148,630
YIT Oyj (a)................... 184 1,234
------------
TOTAL FINLAND................. 2,127,956
------------
FRANCE -- 7.3%
Accor SA (a).................. 5,241 182,417
Air France-KLM (a)............ 14,120 125,606
Air Liquide SA (a)............ 5,722 465,285
Alcatel-Lucent (b)............ 108,482 204,237
Alstom SA..................... 4,912 254,247
AXA........................... 23,487 282,212
BNP Paribas SA................ 16,722 690,920
Bouygues SA (a)............... 5,241 187,322
Cap Gemini SA (a)............. 3,615 116,247
Carrefour SA (a).............. 13,003 507,564
Cie de Saint-Gobain........... 2,326 65,223
Cie Generale des
Etablissements Michelin..... 81 3,004
Credit Agricole SA............ 15,972 176,265
Essilor International SA (a).. 7,619 294,368
France Telecom SA............. 36,730 836,344
GDF Suez (a).................. 20,457 702,106
Groupe Danone................. 10,120 492,576
Hermes International (a)...... 2,222 258,315
L'Oreal SA (a)................ 6,213 427,298
Lafarge SA (a)................ 72 3,240
Lagardere SCA (a)............. 4,175 117,154
LVMH Moet Hennessy Louis
Vuitton SA (a).............. 5,061 317,765
Neopost SA (a)................ 1,903 147,567
Pernod -- Ricard SA (a)....... 4,201 234,123
PPR (a)....................... 3,178 203,714
PSA Peugeot Citroen (a)....... 9,613 181,748
Publicis Groupe (a)........... 5,486 140,722
</Table>
See accompanying notes to financial statements.
131
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Renault SA.................... 9,594 $ 197,247
Sanofi-Aventis................ 21,338 1,200,645
Schneider Electric SA (a)..... 5,662 376,699
Societe Generale.............. 10,462 409,767
Sodexo (a).................... 3,255 148,341
Technip SA (a)................ 3,386 119,628
Total SA...................... 44,079 2,190,250
Unibail-Rodamco (a)........... 1,494 211,510
Valeo SA (a).................. 11,216 163,881
Vallourec SA.................. 1,026 95,097
Veolia Environnement.......... 6,728 140,423
Vinci SA...................... 10,240 380,066
Vivendi....................... 25,065 663,080
------------
TOTAL FRANCE.................. 13,914,223
------------
GERMANY -- 5.9%
Adidas AG..................... 7,206 239,759
Allianz SE.................... 9,202 772,879
BASF SE....................... 19,790 598,812
Bayer AG (a).................. 15,893 759,641
Commerzbank AG (a)............ 38,410 205,008
Daimler AG (a)................ 19,732 499,861
Deutsche Bank AG (a).......... 10,960 440,913
Deutsche Boerse AG............ 5,566 335,357
Deutsche Lufthansa AG (a)..... 8,577 93,037
Deutsche Post AG.............. 17,599 189,500
Deutsche Telekom AG (a)....... 61,330 761,351
E.ON AG (a)................... 39,031 1,083,587
Fresenius Medical Care AG &
Co. KGaA (a)................ 5,306 206,130
Hypo Real Estate Holding AG
(a)......................... 64,226 105,738
Infineon Technologies AG
(a)(b)...................... 133,632 154,358
Linde AG (a).................. 3,026 205,622
MAN AG........................ 3,341 145,496
Merck KGaA (a)(b)............. 1,842 162,781
Metro AG (a).................. 4,221 139,265
Muenchener Rueckversicherungs-
Gesellschaft AG............. 4,504 548,961
Porsche Automobil Holding SE.. 50 2,349
RWE AG........................ 10,230 717,285
Salzgitter AG................. 1,401 78,273
SAP AG (a).................... 19,265 682,425
Siemens AG.................... 17,697 1,010,577
ThyssenKrupp AG............... 8,398 146,846
TUI AG (a).................... 22,313 119,092
Volkswagen AG................. 2,427 745,325
------------
TOTAL GERMANY................. 11,150,228
------------
GREECE -- 0.3%
Hellenic Telecommunications
Organization SA ADR (a)..... 27,717 211,203
National Bank of Greece SA ADR
(a)......................... 123,746 381,138
------------
TOTAL GREECE.................. 592,341
------------
HUNGARY -- 0.2%
MOL Hungarian Oil and Gas NyRt
(a)......................... 2,880 128,347
Richter Gedeon NyRt........... 2,691 292,429
------------
TOTAL HUNGARY................. 420,776
------------
INDIA -- 1.3%
Dr. Reddy's Laboratories, Ltd.
ADR (a)..................... 18,208 172,066
HDFC Bank, Ltd. ADR........... 6,557 399,518
ICICI Bank, Ltd. ADR.......... 21,800 289,722
Infosys Technologies, Ltd. ADR
(a)......................... 16,265 433,137
Reliance Industries, Ltd. GDR
(c)......................... 13,806 826,979
Tata Motors, Ltd. ADR (a)..... 85,549 421,757
------------
TOTAL INDIA................... 2,543,179
------------
INDONESIA -- 0.3%
Astra International Tbk PT.... 198,000 244,180
Bank Rakyat Indonesia PT...... 641,050 233,008
Telekomunikasi Indonesia Tbk
PT.......................... 250,000 163,349
------------
TOTAL INDONESIA............... 640,537
------------
IRELAND -- 0.3%
Allied Irish Banks PLC (d).... 4,586 3,653
Allied Irish Banks PLC (d).... 135,864 108,232
Bank of Ireland............... 7,869 5,433
CRH PLC....................... 274 5,900
Elan Corp. PLC (b)(d)......... 1,129 7,915
Elan Corp. PLC (b)(d)......... 23,300 160,864
Irish Life & Permanent PLC.... 615 898
The Governor & Co. of the Bank
of Ireland.................. 280,239 193,478
------------
TOTAL IRELAND................. 486,373
------------
ISRAEL -- 0.7%
Bank Hapoalim BM (b).......... 70,972 129,583
Bank Leumi Le-Israel BM....... 82,998 164,029
Teva Pharmaceutical
Industries, Ltd. ADR (a).... 21,552 970,918
------------
TOTAL ISRAEL.................. 1,264,530
------------
ITALY -- 2.4%
Assicurazioni Generali SpA.... 20,892 357,824
Atlantia SpA.................. 13,564 204,942
Banca Monte dei Paschi di
Siena SpA (a)............... 137,394 190,080
Banca Popolare di Milano
Scarl....................... 36,079 179,633
Enel SpA...................... 87,151 418,004
Eni SpA....................... 52,013 1,009,623
Fiat SpA...................... 33,062 231,334
Finmeccanica SpA.............. 10,314 128,312
Intesa Sanpaolo SpA........... 171,133 470,900
Lottomatica SpA............... 13,746 225,942
Mediaset SpA.................. 26,324 117,346
Mediobanca SpA................ 14,163 120,159
Pirelli & C. SpA.............. 586,726 136,948
Saipem SpA.................... 9,379 166,863
Telecom Italia SpA............ 306,258 394,827
UniCredit SpA................. 3,931 6,482
Unione di Banche Italiane
ScpA........................ 21,885 241,025
------------
TOTAL ITALY................... 4,600,244
------------
JAPAN -- 17.7%
Aeon Co., Ltd. (a)............ 13,600 88,675
Aisin Seiki Co., Ltd. (a)..... 10,500 164,351
Asahi Breweries, Ltd. (a)..... 13,600 161,928
Asahi Glass Co., Ltd. ........ 47,000 246,968
Asahi Kasei Corp. (a)......... 45,000 161,739
Astellas Pharma, Inc. ........ 14,000 428,065
Bridgestone Corp. ............ 13,600 194,010
Canon, Inc. (a)............... 19,000 542,472
</Table>
See accompanying notes to financial statements.
132
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Central Japan Railway Co.
(a)......................... 47 $ 263,623
Chubu Electric Power Co., Inc.
(a)......................... 18,600 408,646
Credit Saison Co., Ltd. (a)... 15,200 146,968
Daiichi Sankyo Co., Ltd. ..... 18,700 312,014
Daikin Industries, Ltd. (a)... 14,000 379,872
Daiwa Securities Group, Inc.
(a)......................... 47,000 203,665
Denso Corp. (a)............... 9,100 179,844
East Japan Railway Co. ....... 9,400 488,225
Eisai Co., Ltd. (a)........... 4,500 131,214
Electric Power Development
Co., Ltd. (a)............... 4,500 133,036
Elpida Memory, Inc. (a)(b).... 20,800 143,201
Fanuc, Ltd. (a)............... 4,700 315,490
FUJIFILM Holdings Corp. ...... 13,600 292,599
Fujitsu, Ltd. ................ 45,000 166,295
Hankyu Hanshin Holdings, Inc.
(a)......................... 47,000 212,706
Hitachi, Ltd. (a)............. 93,000 250,461
Hokuhoku Financial Group, Inc.
(a)......................... 90,000 163,106
Honda Motor Co., Ltd. ........ 32,700 766,432
Hoya Corp. (a)................ 9,100 177,817
Ibiden Co., Ltd. ............. 100 2,394
Inpex Holdings, Inc. (a)...... 47 325,008
Itochu Corp. (a).............. 45,000 217,779
Japan Real Estate Investment
Corp. ...................... 47 359,745
Japan Retail Fund Investment
Corp. ...................... 47 178,921
Japan Tobacco, Inc. .......... 101 267,813
JFE Holdings, Inc. (a)........ 14,000 304,040
JS Group Corp. (a)............ 9,100 101,899
JSR Corp. (a)................. 9,400 108,970
Kajima Corp. (a).............. 45,000 110,256
Kamigumi Co., Ltd. ........... 47,000 311,684
Kawasaki Kisen Kaisha, Ltd. .. 1,000 3,088
KDDI Corp. ................... 47 219,844
Keihin Electric Express
Railway Co., Ltd. (a)....... 46,423 334,648
Kintetsu Corp. (a)............ 93,000 386,048
Kobe Steel, Ltd. (a).......... 91,000 116,088
Komatsu, Ltd. (a)............. 22,700 245,915
Konica Minolta Holdings, Inc.
(a)......................... 22,500 190,898
Kubota Corp. (a).............. 47,000 254,581
Kyocera Corp. (a)............. 4,700 308,353
Makita Corp. (a).............. 4,500 100,233
Marubeni Corp. (a)............ 53,000 163,663
Marui Group Co., Ltd. (a)..... 27,200 144,028
Mitsubishi Chemical Holdings
Corp. (a)................... 45,500 154,784
Mitsubishi Corp. ............. 32,700 425,428
Mitsubishi Electric Corp. .... 47,000 209,851
Mitsubishi Estate Co., Ltd. .. 46,618 520,128
Mitsubishi Heavy Industries,
Ltd. (a).................... 93,000 280,591
Mitsubishi Rayon Co., Ltd.
(a)......................... 52,000 99,504
Mitsubishi UFJ Financial
Group, Inc. ................ 186,900 900,723
Mitsui & Co., Ltd. (a)........ 47,000 469,191
Mitsui Chemicals, Inc. (a).... 45,000 108,889
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)................. 104,000 170,578
Mitsui Sumitomo Insurance
Group Holdings, Inc. (a).... 14,500 333,983
Mizuho Financial Group, Inc.
(a)......................... 194,200 369,643
Murata Manufacturing Co., Ltd.
(a)......................... 4,500 172,218
NEC Corp. (a)(b).............. 45,000 120,279
Nidec Corp. (a)............... 4,500 200,466
Nintendo Co., Ltd. ........... 2,000 576,086
Nippon Mining Holdings,
Inc. ....................... 45,000 177,686
Nippon Oil Corp. ............. 45,000 221,879
Nippon Steel Corp. (a)........ 138,000 367,460
Nippon Telegraph & Telephone
Corp. ...................... 9,300 351,210
Nippon Yusen KK (a)........... 47,000 179,397
Nissan Motor Co., Ltd. (a).... 45,400 160,879
Nitto Denko Corp. (a)......... 9,300 188,787
Nomura Holdings, Inc. (a)..... 36,400 182,424
NTT Data Corp. (a)............ 45 121,737
NTT DoCoMo, Inc. (a).......... 374 506,265
Obayashi Corp. (a)............ 47,000 227,458
OMRON Corp. (a)............... 200 2,343
ORIX Corp. (a)................ 5,260 168,818
Osaka Gas Co., Ltd. (a)....... 93,000 290,007
Panasonic Corp. (a)........... 47,000 508,687
Resona Holdings, Inc. (a)..... 12,900 171,094
Rohm Co., Ltd. (a)............ 4,500 222,790
Secom Co., Ltd. (a)........... 4,500 165,384
Seven & I Holdings Co., Ltd.
(a)......................... 18,700 408,950
Sharp Corp. (a)............... 47,000 369,262
Shin-Etsu Chemical Co.,
Ltd. ....................... 9,300 449,134
Softbank Corp. (a)............ 19,400 246,698
Sompo Japan Insurance, Inc.
(a)......................... 47,000 240,306
Sony Corp. (a)................ 23,400 473,354
Sumitomo Chemical Co., Ltd.
(a)......................... 45,000 151,716
Sumitomo Corp. ............... 22,700 193,744
Sumitomo Electric Industries,
Ltd. (a).................... 18,200 151,283
Sumitomo Metal Industries,
Ltd. ....................... 91,000 181,502
Sumitomo Mitsui Financial
Group, Inc. (a)............. 14,100 486,798
T&D Holdings, Inc. (a)........ 4,550 108,487
Takeda Pharmaceutical Co.,
Ltd. ....................... 18,700 643,718
TDK Corp. (a)................. 4,500 166,295
Teijin, Ltd. ................. 93,000 200,557
Terumo Corp. (a).............. 9,300 341,794
The 77 Bank, Ltd. ............ 93,697 461,987
The Bank of Yokohama, Ltd.
(a)......................... 47,000 198,907
The Chiba Bank, Ltd. (a)...... 47,000 230,789
The Furukawa Electric Co.,
Ltd. (a).................... 45,000 126,658
The Joyo Bank, Ltd. (a)....... 47,000 216,037
The Kansai Electric Power Co.,
Inc. (a).................... 22,600 489,663
The Shizuoka Bank, Ltd. (a)... 47,000 420,654
The Sumitomo Trust & Banking
Co., Ltd. (a)............... 47,000 177,493
The Tokyo Electric Power Co.,
Inc. (a).................... 32,800 816,928
Tokio Marine Holdings, Inc.
(a)......................... 14,000 339,476
Tokyo Electron, Ltd. (a)...... 4,500 165,840
Tokyo Gas Co., Ltd. .......... 93,000 324,846
Tokyu Corp. (a)............... 45,000 187,709
Toppan Printing Co., Ltd.
(a)......................... 47,000 318,346
Toray Industries, Inc. (a).... 45,000 179,964
Toshiba Corp. (a)............. 45,000 115,723
Toyota Motor Corp. ........... 56,300 1,778,435
Toyota Tsusho Corp. (a)....... 16,100 154,203
West Japan Railway Co. (a).... 93 293,773
Yahoo! Japan Corp. (a)........ 590 154,534
Yamada Denki Co., Ltd. (a).... 2,730 106,690
</Table>
See accompanying notes to financial statements.
133
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Yamaha Corp. (a).............. 20,000 $ 193,784
Yamaha Motor Co., Ltd. (a).... 18,700 165,663
------------
TOTAL JAPAN................... 33,637,665
------------
LUXEMBOURG -- 0.2%
ArcelorMittal (a)............. 15,303 310,354
------------
MEXICO -- 0.9%
America Movil SAB de CV....... 420,257 574,825
Cemex SAB de CV (a)........... 193,078 120,751
Fomento Economico Mexicano SAB
de CV....................... 43,712 111,457
Grupo Financiero Banorte SAB
de CV (a)................... 97,434 129,815
Grupo Modelo SAB de CV........ 55,580 169,069
Grupo Televisa SA de CV....... 86,156 235,199
Telefonos de Mexico SA de CV
(a)......................... 326,845 248,442
Telmex Internacional SAB de CV
(a)......................... 311,917 143,761
------------
TOTAL MEXICO.................. 1,733,319
------------
NETHERLANDS -- 2.0%
Aegon NV...................... 547 2,124
Akzo Nobel NV................. 7,113 269,105
ASML Holding NV (a)........... 11,219 198,854
European Aeronautic Defence
and Space Co. NV (a)........ 7,989 92,917
Heineken NV................... 5,939 168,743
ING Groep NV.................. 792 4,364
James Hardie Industries NV.... 69,331 202,319
Koninklijke (Royal) Philips
Electronics NV (a).......... 26,783 394,003
Koninklijke Ahold NV.......... 30,465 333,699
Koninklijke DSM NV (a)........ 5,718 150,431
Koninklijke Royal KPN NV...... 45,544 608,316
Reed Elsevier NV.............. 22,685 242,879
SBM Offshore NV (a)........... 8,798 117,161
TNT NV........................ 11,239 192,196
Unilever NV................... 37,003 729,564
Wolters Kluwer NV............. 9,879 160,151
------------
TOTAL NETHERLANDS............. 3,866,826
------------
NORWAY -- 0.5%
DnB NOR ASA................... 49,600 222,213
Norsk Hydro ASA............... 43,549 163,822
Orkla ASA..................... 702 4,803
StatoilHydro ASA.............. 21,824 384,306
Storebrand ASA................ 440 1,362
Telenor ASA................... 18,121 103,325
Yara International ASA........ 4,641 101,211
------------
TOTAL NORWAY.................. 981,042
------------
POLAND -- 0.2%
Telekomunikacja Polska SA
GDR......................... 61,623 340,159
------------
PORTUGAL -- 0.2%
Banco Comercial Portugues SA
(a)(b)...................... 189,529 155,512
Portugal Telecom, SGPS SA
(a)......................... 35,049 271,297
------------
TOTAL PORTUGAL................ 426,809
------------
RUSSIA -- 1.1%
Gazprom OAO ADR............... 52,587 780,917
LUKOIL ADR.................... 12,449 466,837
Mechel OAO ADR (a)............ 34,703 144,712
Mobile TeleSystems ADR........ 8,745 261,650
Tatneft GDR................... 5,135 236,467
Tatneft OAO GDR............... 297 13,677
Vimpel-Communications ADR..... 31,803 207,992
------------
TOTAL RUSSIA.................. 2,112,252
------------
SINGAPORE -- 1.1%
CapitaLand, Ltd. ............. 93,000 142,540
DBS Group Holdings, Ltd. ..... 46,500 258,469
Fraser and Neave, Ltd. ....... 91,000 151,447
Singapore Exchange, Ltd. (a).. 93,000 311,998
Singapore Press Holdings, Ltd.
(a)......................... 136,000 226,339
Singapore Telecommunications,
Ltd. ....................... 375,000 624,096
United Overseas Bank, Ltd.
(a)......................... 48,000 306,907
------------
TOTAL SINGAPORE............... 2,021,796
------------
SOUTH AFRICA -- 1.6%
Anglo Platinum, Ltd. ......... 3,694 184,894
AngloGold Ashanti, Ltd. ...... 9,585 347,721
Barloworld, Ltd. ............. 46,400 156,130
Discovery Holdings, Ltd. ..... 1 3
FirstRand, Ltd. .............. 91,455 115,978
Gold Fields, Ltd. ............ 22,144 243,328
Harmony Gold Mining Co., Ltd.
(b)......................... 19,327 204,061
Impala Platinum Holdings,
Ltd. ....................... 13,796 229,571
Kumba Iron Ore, Ltd. ......... 144 2,482
MTN Group, Ltd. .............. 33,238 366,981
Naspers, Ltd. ................ 9,619 161,834
Sanlam, Ltd. ................. 89,940 159,263
Sasol, Ltd. .................. 14,300 413,512
Standard Bank Group, Ltd. .... 27,945 233,609
Telkom SA, Ltd. .............. 10,592 117,492
------------
TOTAL SOUTH AFRICA............ 2,936,859
------------
SOUTH KOREA -- 2.7%
Hana Financial Group, Inc. ... 14,860 223,451
Hyundai Development Co. ...... 7,260 176,612
Hyundai Heavy Industries...... 1,322 186,843
Hyundai Mobis................. 3,680 211,768
KB Financial Group, Inc. (b).. 9,701 231,085
Kia Motors Corp. (a)(b)....... 36,030 222,184
Korea Electric Power Corp. ADR
(a)......................... 13,187 120,661
KT Corp. ADR.................. 9,482 130,757
KT Freetel Co., Ltd. (b)...... 5,360 107,336
KT&G Corp. ................... 3,607 198,440
LG Electronics, Inc. ......... 3,607 238,337
NHN Corp. (b)................. 1,265 138,091
POSCO ADR (a)................. 6,977 466,273
Samsung Corp. ................ 6,498 186,731
Samsung Electronics Co., Ltd.
GDR (c)(d).................. 80 16,340
Samsung Electronics Co., Ltd.
GDR (c)(d).................. 4,596 938,733
Samsung Fire & Marine
Insurance Co., Ltd. ........ 1,322 152,915
Samsung Heavy Industries Co.,
Ltd. ....................... 7,010 129,735
Samsung Securities Co., Ltd.
(a)(b)...................... 4,205 175,709
Shinhan Financial Group Co.,
Ltd. (b).................... 8,144 144,834
Shinsegae Co., Ltd. .......... 388 120,755
SK Energy Co., Ltd. .......... 3,230 206,655
SK Holdings Co., Ltd. ........ 2,850 221,489
</Table>
See accompanying notes to financial statements.
134
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SK Telecom Co., Ltd. ADR...... 10,914 $ 168,621
------------
TOTAL SOUTH KOREA............. 5,114,355
------------
SPAIN -- 3.6%
Abertis Infraestructuras SA
(a)......................... 14,725 230,108
Acciona SA (a)................ 1,813 186,431
Acerinox SA (a)............... 16,221 188,445
ACS, Actividades de
Construccion y Servicios SA
(a)......................... 7,943 329,455
Banco Bilbao Vizcaya
Argentaria SA (a)........... 53,101 430,769
Banco Popular Espanol SA (a).. 42,910 271,755
Banco Santander SA............ 141,395 974,320
Gamesa Corp. Tecnologica SA... 9,482 121,612
Gas Natural SDG SA (a)........ 7,160 97,820
Gas Natural SDG SA (b)........ 7,468 102,028
Grupo Ferrovial SA (a)........ 6,471 137,980
Iberdrola SA (a).............. 73,619 516,088
Indra Sistemas, SA............ 12,997 250,559
Industria de Diseno Textil
SA.......................... 6,168 240,355
Mapfre SA..................... 47,140 103,270
Repsol YPF SA................. 20,706 358,212
Telefonica SA................. 93,201 1,858,620
Union Fenosa SA............... 13,521 323,133
------------
TOTAL SPAIN................... 6,720,960
------------
SWEDEN -- 1.7%
Assa Abloy AB (Class B) (a)... 12,232 113,926
Atlas Copco AB (Class B)...... 28,139 190,604
Hennes & Mauritz AB (Class B)
(a)......................... 10,114 378,023
Husqvarna AB (b).............. 19,454 77,653
Husqvarna AB (Class B) (a).... 37,284 150,177
Nordea Bank AB (a)............ 46,508 230,647
Sandvik AB (a)................ 25,202 143,579
Securitas AB (Class B) (a).... 15,202 110,329
Skandinaviska Enskilda Banken
AB (b)...................... 75,286 231,305
Skandinaviska Enskilda Banken
AB (Class A) (a)............ 32,791 102,728
Skanska AB (Class B) (a)...... 15,153 130,135
SKF AB (Class B) (a).......... 14,731 126,956
Svenska Handelsbanken AB
(Class A)................... 12,944 182,403
Tele2 AB (Class B)............ 18,873 158,658
Telefonaktiebolaget LM
Ericsson (Class B) (a)...... 66,613 543,875
TeliaSonera AB (a)............ 44,735 214,279
Volvo AB ADR (Class A) (a).... 39,412 208,804
------------
TOTAL SWEDEN.................. 3,294,081
------------
SWITZERLAND -- 5.9%
ABB, Ltd. (b)................. 45,973 642,462
Adecco SA..................... 3,773 118,063
Cie Financiere Richemont SA
(Class A)................... 259 4,050
Credit Suisse Group AG........ 18,430 561,790
Geberit AG.................... 1,397 125,688
Givaudan SA (a)............... 325 168,638
Holcim, Ltd. ................. 4,783 170,700
Kuehne & Nagel International
AG.......................... 4,595 268,535
Logitech International SA
(a)(b)...................... 16,240 168,392
Nestle SA..................... 82,932 2,806,581
Nobel Biocare Holding AG...... 7,608 129,939
Novartis AG (a)............... 49,260 1,866,339
Roche Holding AG.............. 14,894 2,046,034
SGS SA (a).................... 197 207,040
Swatch Group AG............... 1,447 174,981
Syngenta AG................... 2,596 523,743
UBS AG........................ 65,323 614,710
Xstrata PLC................... 292 1,954
Zurich Financial Services AG
(a)......................... 3,072 486,581
------------
TOTAL SWITZERLAND............. 11,086,220
------------
TAIWAN -- 2.2%
AU Optronics Corp. ADR........ 53,156 445,979
Hon Hai Precision Industry
Co., Ltd. GDR (d)........... 214,000 952,300
Hon Hai Precision Industry
Co., Ltd. GDR (d)........... 26,405 117,502
Taiwan Semiconductor
Manufacturing Co., Ltd.
ADR......................... 193,650 1,733,168
United Microelectronics Corp.
ADR (a)..................... 339,412 858,712
------------
TOTAL TAIWAN.................. 4,107,661
------------
THAILAND -- 0.4%
Bangkok Bank PCL.............. 276,876 585,527
PTT PCL....................... 35,577 154,486
------------
TOTAL THAILAND................ 740,013
------------
TURKEY -- 0.2%
Akbank TAS.................... 78,246 228,230
Turkiye Garanti Bankasi AS
(b)......................... 2,600 3,668
Turkiye Is Bankasi............ 48,566 108,566
------------
TOTAL TURKEY.................. 340,464
------------
UNITED KINGDOM -- 14.6%
3i Group PLC.................. 39,327 152,761
Anglo American PLC............ 29,172 495,910
AstraZeneca PLC............... 30,673 1,077,586
Aviva PLC..................... 670 2,077
BAE Systems PLC............... 71,829 344,388
Barclays PLC.................. 3,770 7,997
BG Group PLC.................. 73,913 1,117,701
BHP Billiton PLC.............. 36,796 730,471
BP PLC........................ 414,804 2,803,348
British American Tobacco PLC.. 39,078 903,481
British Land Co. PLC.......... 45,967 237,687
British Sky Broadcasting Group
PLC......................... 30,180 187,526
BT Group PLC.................. 72,751 81,545
Burberry Group PLC (a)........ 42,398 171,223
Cable & Wireless PLC.......... 62,037 124,044
Cadbury PLC................... 32,044 242,053
Capita Group PLC.............. 19,628 190,888
Carnival PLC.................. 113 2,567
Centrica PLC.................. 82,969 270,849
Cobham PLC.................... 65,191 160,533
Compass Group PLC............. 56,452 258,120
Diageo PLC.................... 57,542 648,688
Enterprise Inns PLC........... 430 418
Experian PLC.................. 25,110 157,193
FirstGroup PLC................ 40,776 156,344
G4S PLC....................... 48,935 136,003
GKN PLC....................... 122,070 119,416
</Table>
See accompanying notes to financial statements.
135
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
GlaxoSmithKline PLC........... 122,434 $ 1,908,463
Hammerson PLC................. 43,746 159,580
Hays PLC...................... 141,125 147,160
HSBC Holdings PLC............. 243,693 1,379,725
ICAP PLC...................... 50,076 218,380
IMI PLC....................... 592 2,302
Imperial Tobacco Group PLC.... 22,413 503,409
Inchcape PLC (a).............. 436 470
Intercontinental Hotels Group
PLC......................... 22,807 173,586
International Power PLC....... 38,316 115,607
ITV PLC....................... 363,307 98,942
J Sainsbury PLC............... 41,224 184,947
Land Securities Group PLC
(a)......................... 22,376 140,238
Lloyds Banking Group PLC...... 4,415 4,474
Man Group PLC................. 802 2,512
Marks & Spencer Group PLC..... 39,235 166,463
National Grid PLC............. 58,644 450,127
Next PLC (a).................. 7,852 149,012
Old Mutual PLC................ 264,312 196,624
Pearson PLC................... 21,084 211,999
Prudential PLC................ 26,625 128,609
Reckitt Benckiser PLC......... 14,080 528,555
Reed Elsevier PLC............. 30,708 220,517
Rentokil Initial PLC.......... 1,769 1,128
Rio Tinto PLC................. 18,074 608,800
Rolls-Royce Group PLC (b)..... 43,258 182,291
Royal Bank of Scotland Group
PLC......................... 563,287 197,810
Royal Dutch Shell PLC (Class
A).......................... 78,447 1,766,465
Royal Dutch Shell PLC (Class
B).......................... 57,250 1,256,328
RSA Insurance Group PLC....... 76,217 142,129
SABMiller PLC................. 19,913 295,984
Scottish & Southern Energy
PLC......................... 20,004 317,981
Severn Trent PLC.............. 9,937 141,008
Smith & Nephew PLC............ 29,251 181,124
Smiths Group PLC.............. 11,850 113,631
Standard Life PLC............. 55,835 132,932
Tate & Lyle PLC............... 40,711 152,010
Tesco PLC..................... 169,231 808,720
The Sage Group PLC............ 44,618 108,209
Thomson Reuters PLC........... 4,621 103,327
Tomkins PLC................... 100,817 175,214
Unilever PLC.................. 28,118 531,193
United Utilities Group PLC.... 20,557 142,465
Vodafone Group PLC............ 1,140,089 2,005,916
Whitbread PLC................. 15,851 179,034
William Hill PLC (a).......... 406 991
Wolseley PLC (b).............. 48,432 160,187
WPP Group PLC................. 29,434 165,698
------------
TOTAL UNITED KINGDOM.......... 27,743,093
------------
TOTAL COMMON STOCKS --
(Cost $329,768,027)......... 187,804,838
------------
RIGHTS -- 0.1%
BELGIUM -- 0.0% (F)
Fortis (expiring 7/4/14)
(b)(e)...................... 31,375 0
------------
SPAIN -- 0.0% (F)
Mapfre SA (expiring 4/1/09)
(b)......................... 49,166 653
------------
SWEDEN -- 0.0% (F)
Nordea Bank AB (expiring
4/3/09) (a)................. 533,566 60,667
------------
UNITED KINGDOM -- 0.1%
HSBC Holdings PLC
(expiring 4/3/09) (b)....... 105,904 214,035
Royal Bank of Scotland Group
PLC (expiring 4/6/09) (b)... 251,910 0
William Hill PLC (expiring
4/7/09) (b)................. 406 372
------------
TOTAL UNITED KINGDOM.......... 214,407
------------
TOTAL RIGHTS --
(Cost $160,214)............. 275,727
------------
SHORT TERM
INVESTMENTS -- 15.2%
UNITED STATES -- 15.2%
MONEY MARKET FUNDS -- 15.2%
State Street Navigator
Securities Lending
Prime Portfolio (g)(h)...... 28,512,317 28,512,317
STIC Prime Portfolio.......... 321,217 321,217
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $28,833,534).......... 28,833,534
------------
TOTAL INVESTMENTS -- 114.3%
(Cost $358,761,775)......... 216,914,099
OTHER ASSETS AND
LIABILITIES -- (14.3)%...... (27,181,021)
------------
NET ASSETS -- 100.0%.......... $189,733,078
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 0.94% of net assets as of March 31, 2009,
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) 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.
(f) Amount shown represents less than 0.05% of net assets.
(g) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
136
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
JAPAN -- 98.7%
AIR FREIGHT & LOGISTICS -- 0.3%
Yamato Holdings Co., Ltd. (a).. 3,180 $ 29,846
-----------
AIRLINES -- 0.7%
All Nippon Airways Co., Ltd.
(a).......................... 11,000 42,989
Japan Airlines Corp. (a)(b).... 17,000 34,423
-----------
77,412
-----------
AUTO COMPONENTS -- 1.8%
Aisin Seiki Co., Ltd. (a)...... 1,168 18,282
Bridgestone Corp. (a).......... 3,903 55,678
Denso Corp. ................... 1,847 36,502
FCC Co., Ltd. (a).............. 884 9,058
Futaba Industrial Co., Ltd.
(a).......................... 508 1,456
Keihin Corp. (a)............... 556 5,905
NGK Spark Plug Co., Ltd. ...... 1,160 9,783
NHK Spring Co., Ltd. .......... 1,340 4,789
Nissin Kogyo Co., Ltd. (a)..... 616 5,251
NOK Corp. (a).................. 1,116 9,457
Showa Corp. ................... 2,112 7,463
Stanley Electric Co., Ltd.
(a).......................... 744 8,241
Sumitomo Rubber Industries,
Inc. ........................ 1,908 12,672
Tokai Rika Co., Ltd. .......... 120 1,186
Toyo Tire & Rubber Co., Ltd.
(a)(b)....................... 2,851 3,579
Toyoda Gosei Co., Ltd. ........ 68 1,021
Toyota Boshoku Corp. .......... 100 1,024
Toyota Industries Corp. (a).... 1,172 24,859
-----------
216,206
-----------
AUTOMOBILES -- 6.6%
Daihatsu Motor Co., Ltd. (a)... 2,464 19,184
Fuji Heavy Industries, Ltd.
(a).......................... 6,347 20,692
Honda Motor Co., Ltd. (a)...... 8,674 203,304
Isuzu Motors, Ltd. (a)......... 9,651 11,628
Mazda Motor Corp. (a).......... 6,123 10,167
Mitsubishi Motors Corp.
(a)(b)....................... 27,173 34,389
Nissan Motor Co., Ltd. (a)..... 11,862 42,034
Suzuki Motor Corp. (a)......... 2,192 36,152
Toyota Motor Corp. ............ 12,277 387,813
Yamaha Motor Co., Ltd. (a)..... 1,316 11,658
-----------
777,021
-----------
BEVERAGES -- 1.0%
Asahi Breweries, Ltd. (a)...... 2,584 30,766
Ito En, Ltd. (a)............... 1,556 18,983
Kirin Holdings Co., Ltd. (a)... 5,207 54,933
Takara Holdings, Inc. (a)...... 2,479 12,349
-----------
117,031
-----------
BUILDING PRODUCTS -- 0.9%
Aica Kogyo Co., Ltd. .......... 2,284 19,841
Asahi Glass Co., Ltd. ......... 5,299 27,844
Daikin Industries, Ltd. (a).... 1,532 41,569
Hitachi Construction Machinery
Co., Ltd. ................... 100 1,285
JS Group Corp. (a)............. 1,872 20,962
-----------
111,501
-----------
CAPITAL MARKETS -- 1.4%
Daiwa Securities Group, Inc.
(a).......................... 8,482 36,755
JAFCO Co., Ltd. (a)............ 312 5,512
Nomura Holdings, Inc. (a)...... 16,476 82,572
Okasan Holdings, Inc. (a)...... 3,107 11,041
SBI Holdings, Inc. (a)......... 160 16,507
Shinko Securities Co., Ltd. ... 5,587 10,804
Tokai Tokyo Securities Co.,
Ltd. ........................ 3,967 7,069
-----------
170,260
-----------
CHEMICALS -- 4.4%
Asahi Kasei Corp. (a).......... 6,859 24,653
Daicel Chemical Industries,
Ltd. (a)..................... 2,055 7,344
DIC Corp. (a).................. 6,391 9,318
Hitachi Chemical Co., Ltd.
(a).......................... 976 11,640
JSR Corp. (a).................. 1,360 15,766
Kaneka Corp. (a)............... 3,224 15,798
Kansai Paint Co., Ltd. (a)..... 3,092 17,124
Kuraray Co., Ltd. (a).......... 3,471 29,344
Mitsubishi Chemical Holdings
Corp. (a).................... 6,623 22,530
Mitsubishi Gas Chemical Co.,
Inc. (a)..................... 3,268 13,897
Mitsubishi Rayon Co., Ltd.
(a).......................... 5,291 10,125
Mitsui Chemicals, Inc. (a)..... 4,843 11,719
Nifco, Inc. ................... 1,028 11,105
Nissan Chemical Industries,
Ltd. ........................ 1,416 11,770
Nitto Denko Corp. ............. 784 15,915
Sekisui Chemical Co., Ltd. .... 3,079 15,275
Shin-Etsu Chemical Co., Ltd. .. 2,420 116,872
Showa Denko K.K. (a)........... 6,723 8,236
Sumitomo Chemical Co., Ltd.
(a).......................... 8,674 29,244
Taiyo Nippon Sanso Corp. (a)... 3,180 20,638
Teijin, Ltd. .................. 7,367 15,887
Tokai Carbon Co., Ltd. (a)..... 2,828 11,281
Toray Industries, Inc. (a)..... 8,758 35,025
Tosoh Corp. (a)................ 5,599 10,544
Ube Industries, Ltd. (a)....... 8,543 15,396
Zeon Corp. (a)................. 3,132 8,403
-----------
514,849
-----------
COMMERCIAL BANKS -- 9.7%
Chuo Mitsui Trust Holdings,
Inc. (a)..................... 5,981 18,166
Fukuoka Financial Group, Inc.
(a).......................... 7,000 21,191
Hokuhoku Financial Group, Inc.
(a).......................... 9,658 17,503
Mitsubishi UFJ Financial Group,
Inc. ........................ 54,200 261,205
Mizuho Financial Group, Inc.
(a).......................... 75,000 142,756
Resona Holdings, Inc. (a)...... 3,200 42,442
Shinsei Bank, Ltd. (a)(b)...... 9,726 9,749
Sumitomo Mitsui Financial
Group, Inc. (a).............. 4,900 169,171
Suruga Bank, Ltd. ............. 2,496 20,469
The 77 Bank, Ltd. ............. 4,803 23,682
The Awa Bank, Ltd. ............ 4,731 28,739
The Bank of Kyoto, Ltd. (a).... 2,916 24,563
The Bank of Yokohama, Ltd. .... 7,947 33,632
The Chiba Bank, Ltd. (a)....... 6,063 29,772
The Chugoku Bank, Ltd. ........ 1,504 19,156
The Hachijuni Bank, Ltd. ...... 4,719 27,281
The Hiroshima Bank, Ltd. (a)... 5,811 22,063
The Hyakugo Bank, Ltd. ........ 5,147 26,264
The Iyo Bank, Ltd. (a)......... 3,180 32,035
The Joyo Bank, Ltd. (a)........ 5,155 23,695
The Juroku Bank, Ltd. (a)...... 4,883 16,216
The Musashino Bank, Ltd. (a)... 520 16,005
The Nanto Bank, Ltd. (a)....... 3,391 18,471
The Nishi-Nippon City Bank,
Ltd. ........................ 7,799 16,740
</Table>
See accompanying notes to financial statements.
137
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Shizuoka Bank, Ltd. (a).... 3,363 $ 30,099
The Sumitomo Trust & Banking
Co., Ltd. (a)................ 9,634 36,382
Yamaguchi Financial Group, Inc.
(a).......................... 2,076 19,484
-----------
1,146,931
-----------
COMMERCIAL SERVICES & SUPPLIES -- 1.3%
Aeon Delight Co., Ltd. ........ 200 2,507
Dai Nippon Printing Co.,
Ltd. ........................ 3,739 34,032
Daiseki Co., Ltd. (a).......... 400 6,767
MEITEC Corp. (a)............... 912 11,228
Nissha Printing Co., Ltd. (a).. 236 7,479
Park24 Co., Ltd. (a)........... 1,100 7,428
Secom Co., Ltd. (a)............ 1,368 50,277
TKC Corp. ..................... 400 7,946
Toppan Printing Co., Ltd. (a).. 4,299 29,118
-----------
156,782
-----------
COMMUNICATIONS EQUIPMENT -- 0.1%
Aiphone Co., Ltd. (a).......... 200 3,303
Epson Toyocom Corp. ........... 1,188 3,404
-----------
6,707
-----------
COMPUTERS & PERIPHERALS -- 1.2%
Fujitsu, Ltd. ................. 11,498 42,490
NEC Corp. (a)(b)............... 12,918 34,528
Seiko Epson Corp. (a).......... 1,276 17,208
Toshiba Corp. (a).............. 17,633 45,346
-----------
139,572
-----------
CONSTRUCTION & ENGINEERING -- 1.3%
Chiyoda Corp. ................. 1,688 8,955
COMSYS Holdings Corp. (a)...... 2,000 16,685
JGC Corp. ..................... 1,460 16,496
Kajima Corp. (a)............... 7,595 18,609
Kyowa Exeo Corp. .............. 548 4,439
Maeda Corp. ................... 4,855 16,811
Obayashi Corp. (a)............. 5,679 27,484
Shimizu Corp. (a).............. 4,559 18,878
Taisei Corp. (a)............... 9,995 19,025
-----------
147,382
-----------
CONSTRUCTION MATERIALS -- 0.1%
Taiheiyo Cement Corp. (a)...... 9,607 14,006
-----------
CONSUMER FINANCE -- 0.6%
Acom Co., Ltd. ................ 12 338
Aeon Credit Service Co., Ltd.
(a).......................... 1,040 9,413
Aiful Corp. (a)................ 1,331 1,887
Credit Saison Co., Ltd. (a).... 1,264 12,222
Orient Corp. (a)(b)............ 4,501 4,147
ORIX Corp. (a)................. 626 20,091
Promise Co., Ltd. (a).......... 764 11,928
Takefuji Corp. (a)............. 1,054 4,919
-----------
64,945
-----------
CONTAINERS & PACKAGING -- 0.1%
Toyo Seikan Kaisha, Ltd. (a)... 1,048 15,215
-----------
DISTRIBUTORS -- 0.1%
Canon Marketing Japan, Inc. ... 992 13,920
-----------
DIVERSIFIED CONSUMER SERVICES -- 0.2%
Benesse Corp. ................. 628 23,017
-----------
DIVERSIFIED FINANCIAL SERVICES -- 0.1%
Mizuho Trust & Banking Co.,
Ltd. (a)..................... 10,370 9,554
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.0%
Nippon Telegraph & Telephone
Corp. ....................... 6,400 241,693
-----------
ELECTRIC UTILITIES -- 5.9%
Chubu Electric Power Co., Inc.
(a).......................... 3,963 87,068
Funai Electric Co., Ltd. (a)... 495 14,434
Hokkaido Electric Power Co.,
Inc. (a)..................... 1,328 26,622
Hokuriku Electric Power Co.
(a).......................... 1,412 33,881
Kyushu Electric Power Co., Inc.
(a).......................... 2,376 53,163
Sanyo Electric Co., Ltd.
(a)(b)....................... 11,422 16,884
Sharp Corp. (a)................ 5,519 43,361
Shikoku Electric Power Co.,
Inc. (a)..................... 1,572 41,938
The Chugoku Electric Power Co.,
Inc. (a)..................... 1,748 37,873
The Kansai Electric Power Co.,
Inc. (a)..................... 4,811 104,238
The Okinawa Electric Power Co.,
Inc. ........................ 136 7,215
The Tokyo Electric Power Co.,
Inc. (a)..................... 6,767 168,541
Tohoku Electric Power Co., Inc.
(a).......................... 2,843 62,317
-----------
697,535
-----------
ELECTRICAL EQUIPMENT -- 1.2%
Fuji Electric Holdings Co.,
Ltd. (a)..................... 6,099 7,163
Fujikura, Ltd. (a)............. 4,107 11,268
Matsushita Electric Works,
Ltd. ........................ 3,151 22,842
Mitsubishi Electric Corp. (a).. 10,974 48,998
Sumitomo Electric Industries,
Ltd. ........................ 3,887 32,310
Ushio, Inc. (a)................ 1,136 15,918
-----------
138,499
-----------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 5.2%
Alps Electric Co., Ltd. (a).... 1,868 6,373
Casio Computer Co., Ltd. (a)... 2,248 15,773
Dainippon Screen Manufacturing
Co., Ltd. (a)(b)............. 4,364 7,334
Hamamatsu Photonics K.K. (a)... 668 12,492
Hirose Electric Co., Ltd. (a).. 408 39,077
Hitachi, Ltd. (a).............. 16,933 45,603
Horiba, Ltd. (a)............... 504 8,583
Hoya Corp. (a)................. 2,732 53,384
Ibiden Co., Ltd. (a)........... 996 23,849
Keyence Corp. (a).............. 374 70,052
Konica Minolta Holdings,
Inc. ........................ 4,075 34,574
Kyocera Corp. (a).............. 992 65,082
Murata Manufacturing Co., Ltd.
(a).......................... 1,328 50,823
Nidec Corp. (a)................ 964 42,944
Nippon Electric Glass Co., Ltd.
(a).......................... 2,548 17,697
Oki Electric Industry Co., Ltd.
(a)(b)....................... 12,166 7,760
Olympus Corp. ................. 492 7,870
OMRON Corp. (a)................ 1,480 17,337
Shimadzu Corp. ................ 3,312 21,092
Taiyo Yuden Co., Ltd. ......... 776 5,845
TDK Corp. (a).................. 996 36,807
The Furukawa Electric Co., Ltd.
(a).......................... 4,899 13,789
Yaskawa Electric Corp. ........ 1,604 6,902
Yokogawa Electric Corp. (a).... 1,864 7,436
-----------
618,478
-----------
</Table>
See accompanying notes to financial statements.
138
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FOOD & STAPLES
RETAILING -- 1.8%
Aeon Co., Ltd. (a)............. 4,503 $ 29,360
Cawachi, Ltd. (a).............. 548 8,345
FamilyMart Co., Ltd. (a)....... 952 28,916
Izumiya Co., Ltd. ............. 2,740 12,428
Lawson, Inc. .................. 400 16,523
Seven & I Holdings Co., Ltd.
(a).......................... 4,639 101,450
UNY Co., Ltd. (a).............. 2,000 15,551
-----------
212,573
-----------
FOOD PRODUCTS -- 1.0%
Ajinomoto Co., Inc. (a)........ 4,003 28,167
Hokuto Corp. (a)............... 500 8,652
Kikkoman Corp. (a)............. 2,256 18,775
Meiji Dairies Corp. (a)(c)..... 4,175 17,331
Nissin Food Products Co., Ltd.
(a).......................... 640 18,791
Sakata Seed Corp. (a).......... 1,584 20,784
Yakult Honsha Co., Ltd. (a).... 464 8,240
-----------
120,740
-----------
GAS UTILITIES -- 0.6%
Saibu Gas Co., Ltd. (a)........ 10,273 26,938
Tokyo Gas Co., Ltd. (a)........ 13,873 48,458
-----------
75,396
-----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.4%
Miraca Holdings, Inc. (a)...... 636 12,801
Nakanishi, Inc. ............... 100 5,650
Sysmex Corp. (a)............... 200 6,358
Terumo Corp. (a)............... 456 16,759
-----------
41,568
-----------
HEALTH CARE PROVIDERS & SERVICES -- 0.3%
Alfresa Holdings Corp. ........ 84 3,044
Mediceo Paltac Holdings Co.,
Ltd. (a)..................... 1,192 12,684
Suzuken Co., Ltd. (a).......... 632 16,477
-----------
32,205
-----------
HOTELS, RESTAURANTS & LEISURE -- 0.3%
Oriental Land Co., Ltd. (a).... 404 25,687
Round One Corp. (a)............ 800 5,330
-----------
31,017
-----------
HOUSEHOLD DURABLES -- 3.2%
Daikyo, Inc. (a)(b)............ 4,256 2,671
Daiwa House Industry Co., Ltd.
(a).......................... 3,363 26,967
Haseko Corp. (a)(b)............ 9,139 4,256
Panasonic Corp. (a)............ 11,981 129,672
Pioneer Corp. (a)(b)........... 2,260 2,952
Sangetsu Co., Ltd. (a)......... 1,576 33,747
Sekisui House, Ltd. ........... 3,679 27,713
Sony Corp. (a)................. 6,411 129,687
TOTO, Ltd. (a)................. 4,444 22,137
-----------
379,802
-----------
HOUSEHOLD PRODUCTS -- 0.8%
Kao Corp. (a).................. 3,339 64,873
Uni-Charm Corp. ............... 444 26,972
-----------
91,845
-----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2%
Electric Power Development Co.,
Ltd. (a)..................... 840 24,833
-----------
INDUSTRIAL CONGLOMERATES -- 0.5%
Hankyu Hanshin Holdings, Inc.
(a).......................... 8,486 38,405
Keihan Electric Railway Co.,
Ltd. ........................ 5,747 23,332
-----------
61,737
-----------
INSURANCE -- 2.2%
Aioi Insurance Co., Ltd. (a)... 3,579 13,769
Mitsui Sumitomo Insurance Group
Holdings, Inc. .............. 3,136 72,232
Nipponkoa Insurance Co., Ltd.
(a).......................... 4,479 25,667
Sompo Japan Insurance, Inc.
(a).......................... 5,111 26,132
T&D Holdings, Inc. (a)......... 1,310 31,235
Tokio Marine Holdings, Inc.
(a).......................... 3,947 95,708
-----------
264,743
-----------
INTERNET & CATALOG RETAIL -- 0.2%
Rakuten, Inc. (a).............. 51 24,372
-----------
INTERNET SOFTWARE & SERVICES -- 0.3%
DeNA Co., Ltd. ................ 1 3,250
Yahoo! Japan Corp. (a)......... 106 27,764
-----------
31,014
-----------
IT SERVICES -- 0.6%
CSK Holdings Corp. (a)(b)...... 756 1,852
IT Holdings Corp. ............. 832 9,553
Itochu Techno-Solutions Corp.
(a).......................... 608 12,527
Net One Systems Co., Ltd. ..... 15 19,713
Nomura Research Institute, Ltd.
(a).......................... 300 4,647
NTT Data Corp. (a)............. 8 21,642
Otsuka Corp. .................. 112 4,150
-----------
74,084
-----------
LEISURE EQUIPMENT & PRODUCTS -- 1.7%
Canon Electronics, Inc. ....... 100 1,189
FUJIFILM Holdings Corp. ....... 2,927 62,973
Namco Bandai Holdings, Inc.
(a).......................... 2,332 23,209
Nikon Corp. (a)................ 2,440 27,323
Roland Corp. .................. 300 3,195
Sankyo Co., Ltd. .............. 640 27,668
Sega Sammy Holdings, Inc. (a).. 2,131 18,620
Shimano, Inc. (a).............. 592 17,771
Yamaha Corp. (a)............... 1,292 12,518
-----------
194,466
-----------
MACHINERY -- 4.4%
Amada Co., Ltd. ............... 2,527 13,253
Amano Corp. (a)................ 1,336 10,618
Fanuc, Ltd. (a)................ 1,180 79,208
Fuji Machine Manufacturing Co.,
Ltd. ........................ 100 810
Glory, Ltd. (a)................ 1,044 18,466
IHI Corp. (a)(b)............... 10,311 11,692
JTEKT Corp. (a)................ 1,508 10,443
Kawasaki Heavy Industries, Ltd.
(a).......................... 8,978 17,816
Komatsu, Ltd. (a).............. 5,539 60,005
Komori Corp. .................. 788 6,423
Kubota Corp. (a)............... 4,663 25,258
Kurita Water Industries, Ltd.
(a).......................... 976 18,706
Makita Corp. (a)............... 976 21,739
Minebea Co., Ltd. ............. 3,255 11,798
Mitsubishi Heavy Industries,
Ltd. (a)..................... 18,676 56,348
Mitsui Engineering &
Shipbuilding Co., Ltd. (a)... 6,567 10,904
</Table>
See accompanying notes to financial statements.
139
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Mori Seiki Co., Ltd. (a)....... 868 $ 7,830
NGK Insulators, Ltd. .......... 1,320 20,113
NSK, Ltd. (a).................. 2,463 9,401
NTN Corp. (a).................. 2,495 6,997
OKUMA Corp. ................... 1,648 6,090
OSG Corp. (a).................. 1,112 6,744
SMC Corp. ..................... 320 30,617
Sumitomo Heavy Industries, Ltd.
(a).......................... 3,795 12,487
Tadano, Ltd. .................. 780 3,230
The Japan Steel Works, Ltd.
(a).......................... 2,708 25,361
THK Co., Ltd. (a).............. 1,100 14,723
Toshiba Machine Co., Ltd. ..... 1,944 5,708
-----------
522,788
-----------
MARINE -- 0.6%
Kawasaki Kisen Kaisha, Ltd.
(a).......................... 4,759 14,696
Mitsui OSK Lines, Ltd. (a)..... 5,491 26,741
Nippon Yusen KK (a)............ 7,995 30,516
-----------
71,953
-----------
MEDIA -- 0.5%
Dentsu, Inc. (a)............... 1,600 24,234
Jupiter Telecommunications
Co. ......................... 24 15,989
Toho Co, Ltd. (a).............. 1,352 18,821
Tokyo Broadcasting System,
Inc. ........................ 100 1,310
-----------
60,354
-----------
METALS & MINING -- 2.9%
Daido Steel Co., Ltd. (a)...... 3,199 7,870
Dowa Holdings Co., Ltd. ....... 1,767 6,566
JFE Holdings, Inc. (a)......... 3,447 74,859
Kobe Steel, Ltd. (a)........... 17,645 22,510
Mitsubishi Materials Corp.
(a).......................... 8,027 21,536
Mitsui Mining & Smelting Co.,
Ltd. (a)(b).................. 4,839 7,937
Nippon Steel Corp. (a)......... 27,755 73,905
Nisshin Steel Co., Ltd. (a).... 6,951 11,612
OSAKA Titanium Technologies
Co. ......................... 36 929
Pacific Metals Co., Ltd. ...... 988 4,301
Sumitomo Metal Industries, Ltd.
(a).......................... 24,340 48,547
Sumitomo Metal Mining Co., Ltd.
(a).......................... 3,575 34,060
Toho Titanium Co., Ltd. ....... 56 682
Tokyo Steel Manufacturing Co.,
Ltd. (a)..................... 1,144 11,385
Yodogawa Steel Works, Ltd. .... 3,963 16,210
-----------
342,909
-----------
MULTILINE RETAIL -- 0.4%
Isetan Mitsukoshi Holdings,
Ltd. (a)..................... 2,441 18,709
Ryohin Keikaku Co., Ltd. (a)... 236 9,199
Takashimaya Co., Ltd. (a)...... 3,332 19,060
The Daiei, Inc. (a)(b)......... 1,402 4,287
-----------
51,255
-----------
OFFICE ELECTRONICS -- 2.3%
Brother Industries, Ltd. (a)... 1,932 14,142
Canon, Inc. ................... 6,958 198,659
Ricoh Co., Ltd. (a)............ 4,555 53,635
-----------
266,436
-----------
OIL, GAS & CONSUMABLE FUELS -- 2.2%
Cosmo Oil Co., Ltd. (a)........ 5,927 17,883
Inpex Holdings, Inc. (a)....... 14 96,811
Nippon Mining Holdings, Inc. .. 7,751 30,605
Nippon Oil Corp. .............. 10,430 51,427
Osaka Gas Co., Ltd. (a)........ 13,150 41,006
TonenGeneral Sekiyu K.K. (a)... 2,547 24,833
-----------
262,565
-----------
PAPER & FOREST PRODUCTS -- 0.4%
Nippon Paper Group, Inc. (a)... 800 19,358
OJI Paper Co., Ltd. (a)........ 5,839 23,647
Sumitomo Forestry Co., Ltd.
(a).......................... 1,268 8,383
-----------
51,388
-----------
PERSONAL PRODUCTS -- 0.4%
Mandom Corp. (a)............... 1,116 18,429
Shiseido Co., Ltd. (a)......... 2,232 32,428
-----------
50,857
-----------
PHARMACEUTICALS -- 5.0%
Astellas Pharma, Inc. ......... 2,871 87,784
Chugai Pharmaceutical Co., Ltd.
(a).......................... 1,716 28,840
Daiichi Sankyo Co., Ltd. (a)... 4,251 70,929
Dainippon Sumitomo Pharma Co.,
Ltd. (a)..................... 960 7,951
Eisai Co., Ltd. (a)............ 1,140 33,241
Hisamitsu Pharmaceutical Co.,
Inc. (a)..................... 504 15,512
Kissei Pharmaceutical Co.,
Ltd. ........................ 1,000 19,469
Kyowa Hakko Kogyo Co., Ltd. ... 1,833 15,348
Mitsubishi Tanabe Pharma
Corp. ....................... 1,000 9,831
Mochida Pharmaceutical Co.,
Ltd. ........................ 1,000 9,861
Nichi-iko Pharmaceutical Co.,
Ltd. ........................ 200 5,629
Ono Pharmaceutical Co., Ltd. .. 432 18,851
Santen Pharmaceutical Co.,
Ltd. ........................ 956 26,521
Seikagaku Corp. ............... 800 7,865
Shionogi & Co., Ltd. (a)....... 2,496 42,556
Taisho Pharmaceutical Co.,
Ltd. ........................ 592 10,957
Takeda Pharmaceutical Co.,
Ltd. ........................ 5,055 174,010
Torii Pharmaceutical Co.,
Ltd. ........................ 200 2,756
Tsumura & Co. ................. 100 2,582
-----------
590,493
-----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.9%
Daito Trust Construction Co.,
Ltd. ........................ 764 25,526
Heiwa Real Estate Co., Ltd. ... 4,356 9,394
K.K. DaVinci Holdings (a)(b)... 14 553
Leopalace21 Corp. (a).......... 1,044 6,152
Mitsubishi Estate Co., Ltd. ... 7,111 79,339
Mitsui Fudosan Co., Ltd. ...... 4,923 53,182
Sumitomo Realty & Development
Co., Ltd. (a)................ 2,843 31,173
Tokyo Tatemono Co., Ltd. (a)... 2,540 6,506
Tokyu Land Corp. (a)........... 4,664 12,750
Urban Corp. (a)(b)(c)(d)....... 1,458 0
-----------
224,575
-----------
ROAD & RAIL -- 4.4%
Central Japan Railway Co. (a).. 9 50,481
East Japan Railway Co. ........ 2,400 124,653
Keihin Electric Express Railway
Co., Ltd. (a)................ 4,355 31,394
Keisei Electric Railway Co.,
Ltd. (a)..................... 3,147 15,708
Kintetsu Corp. (a)............. 12,038 49,970
Nagoya Railroad Co., Ltd. ..... 9,362 27,772
</Table>
See accompanying notes to financial statements.
140
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Nankai Electric Railway Co.,
Ltd. (a)..................... 6,111 $ 27,038
Nippon Express Co., Ltd. ...... 6,555 20,441
Odakyu Electric Railway Co.,
Ltd. (a)..................... 4,483 34,677
Sagami Railway Co., Ltd. (a)... 8,254 33,176
Tobu Railway Co., Ltd. (a)..... 7,007 35,400
Tokyu Corp. (a)................ 6,391 26,659
West Japan Railway Co. (a)..... 15 47,383
-----------
524,752
-----------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.1%
Advantest Corp. (a)............ 1,316 19,466
Disco Corp. (a)................ 484 11,932
Elpida Memory, Inc. (a)(b)..... 2,176 14,981
Rohm Co., Ltd. (a)............. 276 13,665
Sanken Electric Co., Ltd. (a).. 3,404 8,719
Shinko Electric Industries Co.,
Ltd. (a)..................... 592 5,622
SUMCO Corp. (a)................ 1,046 15,271
Tokyo Electron, Ltd. (a)....... 1,140 42,013
-----------
131,669
-----------
SOFTWARE -- 2.2%
Konami Corp. (a)............... 792 11,851
Nintendo Co., Ltd. ............ 748 215,456
NSD Co., Ltd. (a).............. 932 5,898
Square Enix Co., Ltd. (a)...... 896 16,864
Trend Micro, Inc. ............. 368 10,321
-----------
260,390
-----------
SPECIALTY RETAIL -- 2.3%
Aoyama Trading Co., Ltd. ...... 984 12,872
Autobacs Seven Co., Ltd. (a)... 1,480 41,881
Citizen Holdings Co., Ltd.
(a).......................... 3,103 12,567
Culture Convenience Club Co.,
Ltd. (a)..................... 1,532 10,470
Fast Retailing Co., Ltd. (a)... 476 53,831
Hikari Tsushin, Inc. .......... 184 3,437
J Front Retailing Co., Ltd.
(a).......................... 3,778 13,005
Marui Group Co., Ltd. (a)...... 2,616 13,852
Nitori Co., Ltd. (a)........... 510 28,503
Sanrio Co., Ltd. (a)........... 548 4,222
Shimachu Co., Ltd. (a)......... 884 14,830
Shimamura Co., Ltd. (a)........ 332 17,681
USS Co., Ltd. (a).............. 410 17,849
Yamada Denki Co., Ltd. (a)..... 610 23,839
-----------
268,839
-----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.6%
Asics Corp. ................... 1,064 7,304
Gunze, Ltd. (a)................ 4,223 12,057
Nisshinbo Industries, Inc. .... 1,584 14,883
Onward Kashiyama Co., Ltd. .... 1,580 10,270
The Japan Wool Textile Co.,
Ltd. (a)..................... 2,031 11,741
Toyobo Co., Ltd. (a)........... 9,302 11,961
-----------
68,216
-----------
TOBACCO -- 0.7%
Japan Tobacco, Inc. ........... 31 82,200
-----------
TRADING COMPANIES & DISTRIBUTORS -- 3.4%
Hanwa Co., Ltd. ............... 3,207 8,085
Inaba Denki Sangyo Co., Ltd. .. 956 21,197
Itochu Corp. (a)............... 8,266 40,004
Iwatani Corp. (a).............. 7,451 16,521
Marubeni Corp. (a)............. 10,402 32,121
Mitsubishi Corp. (a)........... 7,807 101,569
Mitsui & Co., Ltd. (a)......... 10,202 101,845
Sojitz Corp. (a)............... 8,528 10,102
Sumitomo Corp. ................ 6,475 55,264
Toyota Tsusho Corp. (a)........ 1,039 9,951
-----------
396,659
-----------
TRANSPORTATION INFRASTRUCTURE -- 0.2%
Kamigumi Co., Ltd. ............ 2,395 15,883
Mitsubishi Logistics Corp. .... 1,216 11,757
-----------
27,640
-----------
WIRELESS TELECOMMUNICATION SERVICES -- 2.5%
KDDI Corp. .................... 23 107,583
NTT DoCoMo, Inc. (a)........... 100 135,365
Softbank Corp. (a)............. 3,915 49,785
-----------
292,733
-----------
TOTAL COMMON STOCKS --
(Cost $19,753,229)........... 11,657,428
-----------
SHORT TERM INVESTMENTS -- 28.8%
UNITED STATES -- 28.8%
MONEY MARKET FUNDS -- 28.8%
State Street Navigator
Securities Lending
Prime Portfolio (e)(f)....... 3,389,000 3,389,000
STIC Prime Portfolio........... 21,578 21,578
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $3,410,578)............ 3,410,578
-----------
TOTAL INVESTMENTS -- 127.5%
(Cost $23,163,807)........... 15,068,006
OTHER ASSETS AND
LIABILITIES -- (27.5)%....... (3,254,446)
-----------
NET ASSETS -- 100.0%........... $11,813,560
===========
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(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.
(d) Company has filed for insolvency.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
141
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
JAPAN -- 98.7%
AUTO COMPONENTS -- 3.1%
Ahresty Corp. (a)............. 8,300 $ 24,286
FCC Co., Ltd. (a)............. 17,513 179,439
Futaba Industrial Co., Ltd.
(a)......................... 18,794 53,849
Kayaba Industry Co., Ltd.
(a)......................... 64,902 82,138
Keihin Corp. (a).............. 13,841 147,000
Koito Manufacturing Co., Ltd.
(a)......................... 16,000 113,719
Musashi Seimitsu Industry Co.,
Ltd. (a).................... 12,352 125,058
NHK Spring Co., Ltd. ......... 36,000 128,662
Nippon Seiki Co., Ltd. (a).... 9,939 61,081
Nissin Kogyo Co., Ltd. (a).... 17,534 149,475
Press Kogyo Co., Ltd. ........ 51,569 50,123
Showa Corp. (a)............... 22,139 78,227
Takata Corp. (a).............. 7,500 61,051
The Yokohama Rubber Co.,
Ltd. ....................... 43,986 182,143
Tokai Rika Co., Ltd. (a)...... 11,400 112,650
Topre Corp. .................. 25,234 176,538
Toyo Tire & Rubber Co., Ltd.
(a)(b)...................... 86,372 108,435
Toyoda Gosei Co., Ltd. (a).... 11,998 180,146
Toyota Boshoku Corp. (a)...... 10,800 110,548
------------
2,124,568
------------
BEVERAGES -- 1.3%
Ito En, Ltd. (a).............. 13,600 165,921
Mikuni Coca-Cola Bottling Co.,
Ltd. ....................... 39,345 308,721
Takara Holdings, Inc. (a)..... 84,937 423,094
------------
897,736
------------
BIOTECHNOLOGY -- 0.1%
AnGes MG, Inc. (b)............ 39 42,289
------------
BUILDING PRODUCTS -- 3.3%
Aica Kogyo Co., Ltd. ......... 39,719 345,033
Bunka Shutter Co., Ltd. ...... 87,577 332,503
Central Glass Co., Ltd. ...... 89,309 264,934
Nichias Corp. ................ 10,000 20,350
Nitto Boseki Co., Ltd. ....... 90,020 157,674
Noritz Corp. (a).............. 26,065 343,329
Sankyo-Tateyama Holdings,
Inc. ....................... 174,467 120,115
Sanwa Shutter Corp. (a)....... 88,910 248,447
Sekisui Jushi Corp. .......... 57,938 429,388
------------
2,261,773
------------
CAPITAL MARKETS -- 1.7%
JAFCO Co., Ltd. (a)........... 8,100 143,105
Japan Asia Investment Co.,
Ltd. (a).................... 40,188 17,903
kabu.com Securities Co., Ltd
(a)......................... 30 30,829
Matsui Securities Co., Ltd
(a)......................... 10,400 67,600
Mito Securities Co., Ltd. .... 89,129 213,866
Monex Beans Holdings, Inc.
(a)......................... 398 95,299
Okasan Holdings, Inc. (a)..... 46,447 165,059
SBI Holdings, Inc. (a)........ 1,393 143,715
Sparx Group Co., Ltd. (b)..... 195 14,748
Tokai Tokyo Securities Co.,
Ltd. (a).................... 95,721 170,567
Toyo Securities Co., Ltd.
(b)......................... 62,457 98,014
------------
1,160,705
------------
CHEMICALS -- 7.3%
ADEKA Corp. (a)............... 44,213 273,058
Air Water, Inc. (a)........... 45,390 396,134
Asahi Organic Chemicals
Industry Co., Ltd. (a)...... 132,540 362,314
C. Uyemura & Co., Ltd. ....... 4,376 76,426
Daicel Chemical Industries,
Ltd. (a).................... 56,000 200,142
Denki Kagaku Kogyo Kabushiki
Kaisha (a).................. 81,000 145,155
DIC Corp. (a)................. 119,000 173,494
Fujikura Kasei Co., Ltd. ..... 31,538 116,547
Fujimi, Inc. (a).............. 6,873 81,207
Ishihara Sangyo Kaisha, Ltd.
(b)......................... 175,811 110,360
Kansai Paint Co., Ltd. (a).... 48,000 265,830
Lintec Corp. (a).............. 17,708 219,266
Mitsubishi Rayon Co., Ltd.
(a)......................... 92,000 176,045
Nifco, Inc. .................. 22,079 238,517
Nihon Parkerizing Co., Ltd. .. 9,401 81,475
Nippon Soda Co., Ltd. ........ 46,065 133,853
Nippon Valqua Industries,
Ltd. ....................... 89,025 173,958
Nissan Chemical Industries,
Ltd. (a).................... 29,000 241,055
NOF Corp. (a)................. 87,731 295,782
Okamoto Industries, Inc. (a).. 133,841 481,053
SK Kaken Co., Ltd. ........... 780 13,812
Sumitomo Bakelite Co., Ltd.
(a)......................... 47,000 187,962
Toagosei Co., Ltd. ........... 17,000 37,866
Tokai Carbon Co., Ltd. (a).... 35,542 141,779
Tokuyama Corp. (a)............ 35,000 221,474
Tosoh Corp. (a)............... 85,000 160,069
------------
5,004,633
------------
COMMERCIAL BANKS -- 8.4%
Aozora Bank, Ltd. (a)(b)...... 119,290 130,438
Bank of the Ryukyus, Ltd.
(a)(b)...................... 17,681 145,716
Kansai Urban Banking Corp. ... 56,000 88,448
Kiyo Holdings, Inc. (a)....... 265,754 330,948
The Aichi Bank, Ltd. ......... 4,349 298,974
The Bank of Iwate, Ltd. ...... 4,756 225,834
The Bank of Nagoya, Ltd. ..... 44,000 183,538
The Biwako Bank, Ltd. ........ 132,049 137,704
The Daishi Bank, Ltd. ........ 68,000 266,437
The Fukushima Bank, Ltd. (b).. 175,478 90,608
The Higo Bank, Ltd. .......... 44,000 253,478
The Hokkoku Bank, Ltd. (a).... 53,000 188,347
The Hyakujushi Bank, Ltd.
(a)......................... 51,000 239,071
The Juroku Bank, Ltd. (a)..... 62,000 205,892
The Kagoshima Bank, Ltd. (a).. 44,000 305,599
The Keiyo Bank, Ltd. ......... 52,000 209,537
The Musashino Bank, Ltd. ..... 6,900 212,372
The Nagano Bank, Ltd. ........ 132,534 328,752
The Nanto Bank, Ltd. (a)...... 48,000 261,456
The San-In Godo Bank, Ltd. ... 44,000 337,228
The Shikoku Bank, Ltd. (a).... 45,000 174,952
The Taiko Bank, Ltd. ......... 85,000 174,699
The Tochigi Bank, Ltd. ....... 44,846 217,487
The Tokushima Bank, Ltd. ..... 45,305 246,776
The Tokyo Tomin Bank, Ltd.
(a)......................... 9,005 138,581
Tomato Bank, Ltd. ............ 134,872 331,820
------------
5,724,692
------------
</Table>
See accompanying notes to financial statements.
142
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMERCIAL SERVICES & SUPPLIES -- 2.8%
Aeon Delight Co., Ltd. ....... 3,700 $ 46,377
Daiseki Co., Ltd. (a)......... 12,193 206,282
MEITEC Corp. (a).............. 15,544 191,369
Moshi Moshi Hotline, Inc.
(a)......................... 13,272 234,346
Nippon Kanzai Co., Ltd. (a)... 13,952 175,866
Nissha Printing Co., Ltd.
(a)......................... 8,942 283,370
Okamura Corp. ................ 38,884 176,763
Oyo Corp. .................... 32,560 368,224
Park24 Co., Ltd. (a).......... 31,085 209,919
------------
1,892,516
------------
COMMUNICATIONS EQUIPMENT -- 1.3%
Aiphone Co., Ltd. (a)......... 19,406 320,453
Denki Kogyo Co., Ltd. ........ 45,303 249,059
Epson Toyocom Corp. (a)....... 45,705 130,956
Hitachi Kokusai Electric, Inc.
(a)......................... 36,634 190,273
------------
890,741
------------
COMPUTERS & PERIPHERALS -- 0.2%
Wacom Co., Ltd. (a)........... 131 136,876
------------
CONSTRUCTION & ENGINEERING -- 3.4%
Chiyoda Corp. (a)............. 29,000 153,852
Chugai Ro Co., Ltd. .......... 75,522 173,570
COMSYS Holdings Corp. (a)..... 18,000 150,167
Daimei Telecom Engineering
Corp. ...................... 6,229 57,705
Kinden Corp. ................. 24,924 201,875
Kyowa Exeo Corp. (a).......... 44,676 361,859
Kyudenko Corp. ............... 75,657 483,341
Maeda Corp. (a)............... 90,158 312,180
Penta-Ocean Construction Co.,
Ltd. ....................... 118,000 135,000
Sanki Engineering Co., Ltd.
(a)......................... 46,196 251,630
Tokyu Construction Co., Ltd.
(b)......................... 2 5
Toyo Engineering Corp. (a).... 15,000 43,586
------------
2,324,770
------------
CONSTRUCTION MATERIALS -- 0.7%
Sumitomo Osaka Cement Co.,
Ltd. (a).................... 90,000 206,844
Taiheiyo Cement Corp. (a)..... 187,000 272,634
------------
479,478
------------
CONSUMER FINANCE -- 0.5%
Aeon Credit Service Co., Ltd.
(a)......................... 19,400 175,596
Aiful Corp. (a)............... 17,900 25,372
OMC Card, Inc. (b)............ 62 107
Orient Corp. (a)(b)........... 87,000 80,156
Takefuji Corp. (a)............ 18,790 87,700
------------
368,931
------------
CONTAINERS & PACKAGING -- 0.9%
Fuji Seal International, Inc.
(a)......................... 17,570 265,765
Rengo Co., Ltd. (a)........... 64,063 325,601
------------
591,366
------------
DISTRIBUTORS -- 0.8%
Canon Marketing Japan, Inc. .. 14,800 207,682
Yokohama Reito Co., Ltd. ..... 55,580 325,816
------------
533,498
------------
DIVERSIFIED FINANCIAL SERVICES -- 0.9%
Japan Securities Finance Co.,
Ltd. (a).................... 35,519 162,905
Osaka Securities Exchange Co.,
Ltd. (a).................... 62 197,732
Ricoh Leasing Co., Ltd. (a)... 13,167 218,361
------------
578,998
------------
ELECTRIC UTILITIES -- 0.3%
Japan Wind Dev Co. ........... 20 53,781
The Okinawa Electric Power
Co., Inc. (a)............... 3,400 180,379
------------
234,160
------------
ELECTRICAL EQUIPMENT -- 2.2%
Daihen Corp. (a).............. 56,971 139,010
Fuji Electric Holdings Co.,
Ltd. (a).................... 101,000 118,619
Fujikura, Ltd. (a)............ 63,000 172,856
GS Yuasa Corp. (a)............ 135,287 662,943
Shinko Electric Co., Ltd.
(a)......................... 88,826 195,153
SWCC Showa Holdings Co., Ltd.
(b)......................... 266,075 164,327
Toyo Tanso Co., Ltd. (a)...... 1,800 66,701
------------
1,519,609
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 5.5%
Alps Electric Co., Ltd. (a)... 32,700 111,571
Arisawa Manufacturing Co.,
Ltd. (a).................... 17,572 66,893
Dainippon Screen Manufacturing
Co., Ltd. (a)(b)............ 30,000 50,420
Enplas Corp. (a).............. 19,489 185,478
ESPEC Corp. .................. 31 141
Hakuto Co., Ltd. ............. 27,211 163,371
Hitachi High-Technologies
Corp. ...................... 12,500 175,028
Horiba, Ltd. (a).............. 12,665 215,678
Hosiden Corp. (a)............. 20,695 203,032
Japan Aviation Electronics
Industry, Ltd. ............. 25,971 127,002
Japan Cash Machine Co., Ltd.
(a)......................... 26,624 239,904
Koa Corp. (a)................. 22,091 94,832
Mabuchi Motor Co., Ltd. (a)... 4,514 182,351
Nidec Sankyo Corp. ........... 30,917 124,895
Nihon Dempa Kogyo Co., Ltd.
(a)......................... 6,495 96,797
Nippon Ceramic Co., Ltd. (a).. 16,823 177,138
Nippon Chemi-Con Corp. (a).... 45,432 92,456
Oki Electric Industry Co.,
Ltd. (a)(b)................. 149,000 95,039
Ryosan Co., Ltd. ............. 8,796 182,564
Ryoyo Electro Corp. (a)....... 20,704 170,839
Star Micronics Co., Ltd. (a).. 15,869 145,564
Taiyo Yuden Co., Ltd. (a)..... 19,000 143,120
Toko, Inc. (a)(b)............. 122,739 155,334
Topcon Corp. ................. 15,919 61,568
Yamatake Corp. (a)............ 20,148 344,538
Yokogawa Electric Corp. (a)... 36,800 146,798
------------
3,752,351
------------
ENERGY EQUIPMENT & SERVICES -- 0.1%
Shinko Plantech Co., Ltd. .... 8,986 55,224
------------
FOOD & STAPLES RETAILING -- 1.9%
Cawachi, Ltd. (a)............. 13,535 206,101
Circle K Sunkus Co., Ltd.
(a)......................... 30,998 440,004
Izumiya Co., Ltd. ............ 45,933 208,343
</Table>
See accompanying notes to financial statements.
143
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Ministop Co., Ltd. ........... 20,894 $ 325,986
Sugi Pharmacy Co., Ltd. (a)... 7,300 133,628
------------
1,314,062
------------
FOOD PRODUCTS -- 5.7%
Ariake Japan Co., Ltd. (a).... 15,764 207,963
Fujicco Co., Ltd. ............ 44,657 513,621
Hokuto Corp. (a).............. 28,221 488,303
Kagome Co., Ltd. (a).......... 31,067 448,532
Marudai Food Co., Ltd. ....... 132,417 315,055
Mitsui Sugar Co., Ltd. ....... 63,497 171,648
Nakamuraya Co., Ltd. (a)...... 79,952 419,309
Nichirei Corp. ............... 16,000 56,535
Nippon Suisan Kaisha, Ltd.
(a)......................... 77,575 201,851
Nosan Corp. (a)............... 126,463 279,123
Riken Vitamin Co., Ltd. ...... 10,880 264,923
Snow Brand Milk Products Co.,
Ltd. (a).................... 133,255 365,618
Yamazaki Baking Co., Ltd. .... 14,000 149,681
------------
3,882,162
------------
GAS UTILITIES -- 0.6%
Shizuoka Gas Co., Ltd. ....... 66,319 371,983
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.8%
Fukuda Denshi Co., Ltd. ...... 10,286 199,430
Miraca Holdings, Inc. (a)..... 16,100 324,054
Nakanishi, Inc. .............. 1,947 109,996
Nihon Kohden Corp. (a)........ 7,200 88,132
Paramount Bed Co., Ltd. (a)... 18,910 249,274
Sysmex Corp. (a).............. 9,005 286,278
------------
1,257,164
------------
HOTELS, RESTAURANTS & LEISURE -- 2.9%
DOUTOR NICHIRES Holdings Co.,
Ltd. (a).................... 23,775 305,943
McDonald's Holdings Co.
(Japan), Ltd. (a)........... 31,800 542,181
MOS Food Services, Inc. ...... 34,714 538,793
Nissin Healthcare Food Service
Co., Ltd. .................. 22,708 219,562
Round One Corp. (a)........... 10,300 68,618
Tokyo Dome Corp. ............. 62,085 169,717
Zensho Co., Ltd. (a).......... 31,046 148,048
------------
1,992,862
------------
HOUSEHOLD DURABLES -- 1.7%
Clarion Co., Ltd. (b)......... 72,472 38,155
Daikyo, Inc. (a)(b)........... 88,352 55,460
France Bed Holdings Co., Ltd.
(a)......................... 174,734 231,752
Goldcrest Co., Ltd. (a)....... 6,659 145,626
Haseko Corp. (a)(b)........... 195,000 90,817
Juki Corp. (a)................ 44,450 35,103
JVC KENWOOD Holdings, Inc.
(b)......................... 178,115 63,116
Misawa Homes Holdings, Inc.
(b)......................... 9,466 22,043
Rinnai Corp. (a).............. 13,451 467,115
------------
1,149,187
------------
HOUSEHOLD PRODUCTS -- 0.3%
Lion Corp. (a)................ 41,000 190,534
------------
INDUSTRIAL CONGLOMERATES -- 0.2%
Katakura Industries Co., Ltd.
(a)......................... 19,480 148,906
------------
INSURANCE -- 0.3%
Nissay Dowa General Insurance
Co., Ltd. (a)............... 45,000 171,307
------------
INTERNET & CATALOG RETAIL -- 0.3%
Senshukai Co., Ltd. (a)....... 33,024 232,709
------------
INTERNET SOFTWARE & SERVICES -- 1.5%
Access Co., Ltd. (a)(b)....... 62 121,778
DeNA Co., Ltd. (a)............ 59 191,748
eAccess, Ltd. (a)............. 507 326,468
GMO Internet, Inc. (a)........ 4,993 16,935
Gourmet Navigator, Inc. (a)... 26 51,989
Index Holdings(a)(b).......... 233 7,313
Kakaku.com, Inc. (a).......... 85 255,680
mixi, Inc. (a)(b)............. 12 45,074
So-net Entertainment Corp.
(a)......................... 13 24,442
------------
1,041,427
------------
IT SERVICES -- 1.9%
CSK Holdings Corp. (a)(b)..... 9,900 24,256
INES Corp. ................... 44,260 240,636
IT Holdings Corp. ............ 16,337 187,569
Itochu Techno-Solutions Corp.
(a)......................... 9,800 201,914
Net One Systems Co., Ltd. .... 117 153,757
OBIC Co., Ltd. (a)............ 2,201 274,094
Otsuka Corp. (a).............. 4,100 151,929
Trans Cosmos, Inc. (a)(b)..... 17,567 86,794
------------
1,320,949
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.3%
Aruze Corp. (a)(b)............ 5,400 26,516
Mars Engineering Corp. (a).... 2,858 81,599
Roland Corp. ................. 11,376 121,166
------------
229,281
------------
MACHINERY -- 6.3%
Amano Corp. (a)............... 31,532 250,609
Asahi Diamond Industrial Co.,
Ltd. (a).................... 44,942 190,197
CKD Corp. (a)................. 26,705 86,520
Daifuku Co., Ltd. (a)......... 23,181 123,920
Ebara Corp. (a)(b)............ 77,476 169,432
Fuji Machine Manufacturing
Co., Ltd. .................. 13,271 107,490
Furukawa Co., Ltd. ........... 133,280 110,651
Glory, Ltd. (a)............... 12,087 213,789
Hino Motors, Ltd. (a)......... 43,998 95,774
Hitachi Zosen Corp. (a)(b).... 276,726 221,336
Kitz Corp. ................... 44,502 134,718
Komori Corp. ................. 13,740 111,984
Kyokuto Kaihatsu Kogyo Co.,
Ltd. ....................... 43,640 148,015
Makino Milling Machine Co.,
Ltd. (a).................... 43,739 116,909
Minebea Co., Ltd. (a)......... 70,000 253,721
Mori Seiki Co., Ltd. (a)...... 8,800 79,384
Nabtesco Corp. ............... 34,052 234,437
Nachi-Fujikoshi Corp. ........ 83,418 127,530
Namura Shipbuilding Co.,
Ltd. ....................... 7,300 22,616
Nippon Sharyo, Ltd. (a)....... 88,970 318,876
Nippon Thompson Co., Ltd. .... 44,511 149,617
OKUMA Corp. .................. 19,192 70,923
OSG Corp. (a)................. 17,000 103,098
Ryobi, Ltd. (a)............... 45,723 79,623
Shima Seiki Manufacturing,
Ltd. (a).................... 6,200 122,154
</Table>
See accompanying notes to financial statements.
144
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Sintokogio, Ltd. ............. 22,019 $ 131,307
Tadano, Ltd. (a).............. 41,913 173,559
Takeuchi Manufacturing Co.,
Ltd. (a).................... 2,500 15,744
Tocalo Co., Ltd. ............. 36 327
Toshiba Machine Co., Ltd.
(a)......................... 45,009 132,152
Tsubakimoto Chain Co. ........ 46,124 102,736
Union Tool Co. (a)............ 4,632 97,311
------------
4,296,459
------------
MARINE -- 0.3%
Daiichi Chuo Kisen Kaisha
(a)......................... 9,000 18,862
Iino Kaiun Kaisha, Ltd. (a)... 35,206 155,410
------------
174,272
------------
MEDIA -- 2.3%
Avex Group Holdings, Inc.
(a)......................... 17,492 158,680
CyberAgent, Inc. ............. 78 44,540
Daiichikosho Co., Ltd. ....... 20,581 169,199
Hakuhodo DY Holdings, Inc.
(a)......................... 4,514 192,863
Kadokawa Group Holdings, Inc.
(a)......................... 8,987 190,167
Shochiku Co., Ltd. (a)........ 45,243 305,529
Sky Perfect JSAT Corp. (a).... 1,013 388,708
Usen Corp. (a)(b)............. 21,300 19,840
Zenrin Co., Ltd. (a).......... 8,924 95,411
------------
1,564,937
------------
METALS & MINING -- 4.7%
Daido Steel Co., Ltd. (a)..... 49,000 120,553
Dowa Holdings Co., Ltd. ...... 49,000 182,069
Godo Steel, Ltd. (a).......... 26,440 64,514
Hitachi Metals, Ltd. (a)...... 29,000 202,298
Maruichi Steel Tube, Ltd.
(a)......................... 14,300 305,488
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)................. 122,000 200,101
Nakayama Steel Works, Ltd. ... 90,212 175,364
Nippon Denko Co., Ltd. (a).... 9,000 26,698
Nippon Yakin Kogyo Co., Ltd.
(a)......................... 31,500 68,250
Nisshin Steel Co., Ltd. (a)... 130,000 217,171
OSAKA Titanium Technologies
Co. (a)..................... 4,600 118,761
Pacific Metals Co., Ltd. (a).. 27,759 120,850
Sanyo Special Steel Co., Ltd.
(a)......................... 45,750 107,925
Sumitomo Light Metal
Industries, Ltd. (b)........ 176,135 156,929
Toho Titanium Co., Ltd. (a)... 3,600 43,847
Toho Zinc Co., Ltd. (a)....... 43,796 110,410
Tokyo Rope Manufacturing Co.,
Ltd. (a).................... 161,654 369,888
Tokyo Steel Manufacturing Co.,
Ltd. (a).................... 28,400 282,649
Yamato Kogyo Co., Ltd. (a).... 14,148 300,808
------------
3,174,573
------------
MULTILINE RETAIL -- 1.3%
Don Quijote Co., Ltd. (a)..... 12,800 163,936
H2O Retailing Corp. (a)....... 46,107 263,282
Matsuya Co., Ltd. (a)......... 15,708 241,417
Parco Co., Ltd. (a)........... 26,525 181,811
------------
850,446
------------
OFFICE ELECTRONICS -- 0.2%
Riso Kagaku Corp. ............ 15,647 142,893
------------
OIL, GAS & CONSUMABLE FUELS -- 1.3%
Cosmo Oil Co., Ltd. (a)....... 115,000 346,968
Itochu Enex Co, Ltd. ......... 48,504 254,380
Japan Petroleum Exploration
Co. (a)..................... 7,225 290,404
------------
891,752
------------
PAPER & FOREST PRODUCTS -- 0.4%
Daio Paper Corp. (a).......... 15,940 140,566
Sumitomo Forestry Co., Ltd.
(a)......................... 14,500 95,864
------------
236,430
------------
PERSONAL PRODUCTS -- 0.9%
Aderans Holdings Co., Ltd.
(a)......................... 19,404 139,484
Mandom Corp. (a).............. 18,945 312,841
Milbon Co., Ltd. (a).......... 9,008 191,980
------------
644,305
------------
PHARMACEUTICALS -- 2.6%
Kaken Pharmaceutical Co.,
Ltd. ....................... 45,428 381,288
Mochida Pharmaceutical Co.,
Ltd. ....................... 45,483 448,521
Nichi-iko Pharmaceutical Co.,
Ltd. (a).................... 11,365 319,882
Rohto Pharmaceutical Co., Ltd.
(a)......................... 35,493 320,540
Torii Pharmaceutical Co.,
Ltd. ....................... 21,400 294,881
------------
1,765,112
------------
PROFESSIONAL SERVICES -- 0.1%
Arrk Corp. (b)................ 10,400 6,949
en-japan, Inc. (a)............ 45 31,528
------------
38,477
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.3%
Daibiru Corp. (a)............. 25,626 204,707
Heiwa Real Estate Co., Ltd.
(a)......................... 64,255 138,567
K.K. DaVinci Holdings (a)(b).. 297 11,727
Kenedix, Inc. (a)(b).......... 149 14,497
Leopalace21 Corp. (a)......... 24,700 145,544
Nomura Real Estate Holdings,
Inc. (a).................... 12,600 189,440
Shoei Co., Ltd. (a)........... 10,298 57,449
Suruga Corp. (b)(c)(d)........ 10,689 0
TOC Co., Ltd. ................ 9,000 32,257
Tokyo Tatemono Co., Ltd. (a).. 45,000 115,268
------------
909,456
------------
ROAD & RAIL -- 0.3%
Sankyu, Inc. ................. 84,830 223,305
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.9%
Disco Corp. (a)............... 7,519 185,368
NEC Electronics Corp. (a)(b).. 8,400 50,857
Shinko Electric Industries
Co., Ltd. (a)............... 14,800 140,553
SUMCO Corp. .................. 360 5,256
Tokyo Seimitsu Co., Ltd. (a).. 8,900 72,267
Ulvac, Inc. (a)............... 8,602 156,067
------------
610,368
------------
SOFTWARE -- 0.7%
DTS Corp. (a)................. 17,732 114,719
Fuji Soft, Inc. (a)........... 17,474 267,143
NSD Co., Ltd. (a)............. 17,678 111,863
------------
493,725
------------
SPECIALTY RETAIL -- 3.9%
ABC-Mart, Inc. ............... 5,100 97,694
Aoyama Trading Co., Ltd. ..... 15,000 196,213
</Table>
See accompanying notes to financial statements.
145
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Autobacs Seven Co., Ltd. (a).. 13,388 $ 378,855
Chiyoda Co., Ltd. (a)......... 17,513 244,334
Culture Convenience Club Co.,
Ltd. (a).................... 43,828 299,523
EDION Corp. (a)............... 26,450 65,342
Gulliver International Co.,
Ltd. (a).................... 3,563 53,533
Honeys Co., Ltd. ............. 9,092 50,261
K's Holdings Corp. (a)........ 13,502 180,583
Komeri Co., Ltd. (a).......... 5,730 109,704
Nishimatsuya Chain Co., Ltd.
(a)......................... 17,666 125,202
Point, Inc. (a)............... 5,591 253,030
Right On Co., Ltd. ........... 3,040 21,791
Sanrio Co., Ltd. (a).......... 17,705 136,413
Shimachu Co., Ltd. (a)........ 12,200 204,671
United Arrows, Ltd. (a)....... 17,729 93,159
Xebio Co., Ltd. (a)........... 11,461 166,513
------------
2,676,821
------------
TEXTILES, APPAREL & LUXURY GOODS -- 3.4%
Atsugi Co., Ltd. ............. 309,470 394,788
Daidoh, Ltd. (a).............. 26,711 139,816
Daiwabo Co., Ltd. (a)......... 24,635 52,877
Gunze, Ltd. (a)............... 89,348 255,099
Nisshinbo Industries, Inc. ... 28,000 263,076
Onward Kashiyama Co., Ltd.
(a)......................... 19,000 123,499
Sanyo Shokai, Ltd. ........... 45,516 144,239
Seiko Corp. (a)............... 44,649 86,342
The Japan Wool Textile Co.,
Ltd. (a).................... 46,170 266,914
Toyobo Co., Ltd. (a).......... 160,000 205,730
Unitika, Ltd. (a)(b).......... 266,084 180,496
Wacoal Holdings Corp. (a)..... 19,000 219,297
------------
2,332,173
------------
TRADING COMPANIES & DISTRIBUTORS -- 2.5%
Hanwa Co., Ltd. .............. 131,032 330,333
Inaba Denki Sangyo Co.,
Ltd. ....................... 14,263 316,250
Inabata & Co., Ltd. (a)....... 53,175 136,208
Iwatani Corp. (a)............. 138,422 306,919
MISUMI Group, Inc. (a)........ 22,133 265,990
Nagase & Co., Ltd. (a)........ 18,000 138,686
Okaya & Co., Ltd. ............ 22,605 208,267
------------
1,702,653
------------
TRANSPORTATION INFRASTRUCTURE -- 1.1%
Japan Airport Terminal Co.,
Ltd. (a).................... 19,348 203,725
Mitsui-Soko Co., Ltd. (a)..... 60,686 235,322
The Sumitomo Warehouse Co.,
Ltd. (a).................... 73,563 284,510
------------
723,557
------------
TOTAL COMMON STOCKS --
(Cost $107,479,242)......... 67,329,161
------------
SHORT TERM INVESTMENTS -- 29.1%
UNITED STATES -- 29.1%
MONEY MARKET FUNDS -- 29.1%
State Street Navigator
Securities Lending
Prime Portfolio (e)(f)...... 19,736,192 19,736,192
STIC Prime Portfolio.......... 110,672 110,672
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $19,846,864).......... 19,846,864
------------
TOTAL INVESTMENTS -- 127.8%
(Cost $127,326,106)......... 87,176,025
------------
OTHER ASSETS AND
LIABILITIES -- (27.8)%...... (18,947,458)
------------
NET ASSETS -- 100.0%.......... $ 68,228,567
============
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(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.
(d) Company has filed for insolvency.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
146
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 12.0%
ASX, Ltd. (a).................. 829 $ 16,905
Australia & New Zealand Banking
Group, Ltd. ................. 1,785 19,533
Commonwealth Bank of
Australia.................... 60,725 1,465,324
Lend Lease Corp., Ltd. ........ 28 126
Lion Nathan, Ltd. ............. 3,314 18,605
Macquarie Group, Ltd. ......... 55,438 1,041,921
National Australia Bank,
Ltd. ........................ 1,311 18,309
Orica, Ltd. ................... 1,922 19,751
Sims Metal Management, Ltd. ... 1,540 17,976
Wesfarmers, Ltd. (a)........... 106,103 1,389,629
-----------
TOTAL AUSTRALIA................ 4,008,079
-----------
AUSTRIA -- 1.3%
Telekom Austria AG............. 1,313 19,873
Voestalpine AG (a)............. 30,336 396,730
-----------
TOTAL AUSTRIA.................. 416,603
-----------
BELGIUM -- 3.1%
Anheuser-Busch InBev NV........ 2,878 79,269
Belgacom SA.................... 17,742 555,923
KBC Groep NV................... 25,315 409,715
-----------
TOTAL BELGIUM.................. 1,044,907
-----------
BERMUDA -- 1.9%
Frontline, Ltd. (a)............ 35,758 635,500
-----------
CANADA -- 11.0%
ARC Energy Trust............... 73,412 825,641
Bank of Montreal (a)........... 813 21,318
Biovail Corp. ................. 95,543 1,041,127
Canadian Oil Sands Trust....... 48,506 934,921
Enerplus Resources Fund........ 48,856 807,697
Manitoba Telecom Services, Inc.
(a).......................... 628 15,948
National Bank of Canada........ 682 21,823
-----------
TOTAL CANADA................... 3,668,475
-----------
CHINA -- 0.1%
Hong Kong Exchanges and
Clearing, Ltd. .............. 2,400 22,668
-----------
CZECH REPUBLIC -- 2.9%
Telefonica O2 Czech Republic
AS........................... 49,073 969,230
-----------
DENMARK -- 1.8%
Danske Bank A/S (a)(b)......... 70,210 590,731
-----------
FINLAND -- 8.8%
Kesko Oyj (Class B) (a)........ 30,516 633,267
Kone Oyj (Class B)............. 879 18,206
Metso Oyj...................... 99,450 1,175,154
Neste Oil Oyj (a).............. 5,486 72,984
Outokumpu Oyj (a).............. 92,958 1,007,110
Pohjola Bank PLC............... 1,418 8,359
-----------
TOTAL FINLAND.................. 2,915,080
-----------
FRANCE -- 12.6%
AXA............................ 901 10,826
BNP Paribas.................... 5,260 217,333
Credit Agricole SA............. 53,653 592,106
Fonciere des Regions (a)....... 285 13,378
Gecina SA REIT (a)............. 9,287 356,101
Lafarge SA (a)................. 1,145 51,520
M6-Metropole Television (a).... 33,165 541,168
PagesJaunes Groupe (a)......... 112,553 951,463
Renault SA (a)................. 46,545 956,939
Societe Television Francaise 1
(a).......................... 56,315 441,215
Vallourec SA................... 521 48,290
-----------
TOTAL FRANCE................... 4,180,339
-----------
GERMANY -- 5.8%
Deutsche Bank AG............... 26,206 1,054,250
Deutsche Lufthansa AG (a)...... 77,670 842,511
Deutsche Postbank AG (a)....... 1,491 23,656
Hannover Rueckversicherung AG.. 619 19,724
-----------
TOTAL GERMANY.................. 1,940,141
-----------
HUNGARY -- 0.0% (C)
MOL Hungarian Oil and Gas
NyRt. ....................... 370 16,489
-----------
ISRAEL -- 0.1%
Israel Chemicals, Ltd. ........ 2,689 21,805
Partner Communications Company,
Ltd. ........................ 1,153 17,178
-----------
TOTAL ISRAEL................... 38,983
-----------
ITALY -- 8.6%
Alleanza Assicurazioni SpA..... 13,099 73,827
Banca Popolare di Milano
Scarl........................ 34,596 172,249
Bulgari SpA.................... 3,187 14,006
Enel SpA....................... 188,176 902,552
Eni SpA........................ 27,935 542,246
Fondiaria -- Sai SpA........... 1,669 19,500
Mediaset SpA................... 202,634 903,293
Mediobanca SpA................. 11,579 98,236
Unione di Banche Italiane
ScpA......................... 11,131 122,589
-----------
TOTAL ITALY.................... 2,848,498
-----------
JAPAN -- 0.3%
NISSAN MOTOR CO., Ltd. ADR..... 12,599 91,343
-----------
NETHERLANDS -- 0.2%
Corio NV (a)................... 413 17,075
Koninklijke Boskalis
Westminster NV (a)........... 834 16,754
Randstad Holding NV............ 960 16,289
Wereldhave NV.................. 221 15,453
-----------
TOTAL NETHERLANDS.............. 65,571
-----------
PORTUGAL -- 1.9%
Banco Espirito Santo SA (a).... 2,065 8,033
Portugal Telecom, SGPS SA...... 82,775 640,719
-----------
TOTAL PORTUGAL................. 648,752
-----------
RUSSIA -- 0.2%
Mobile TeleSystems ADR......... 1,896 56,728
Vimpel-Communications ADR...... 2,602 17,017
-----------
TOTAL RUSSIA................... 73,745
-----------
SINGAPORE -- 1.7%
DBS Group Holdings, Ltd. ...... 3,000 16,675
Singapore Airlines, Ltd. ...... 83,000 545,981
-----------
TOTAL SINGAPORE................ 562,656
-----------
SOUTH AFRICA -- 3.9%
ABSA Group, Ltd. .............. 1,626 16,448
Anglo Platinum, Ltd. .......... 21,536 1,077,932
Impala Platinum Holdings,
Ltd. ........................ 10,501 174,741
Nedbank Group, Ltd. ........... 1,832 16,374
</Table>
See accompanying notes to financial statements.
147
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Remgro, Ltd. .................. 2,310 $ 16,396
-----------
TOTAL SOUTH AFRICA............. 1,301,891
-----------
SOUTH KOREA -- 0.1%
KB Financial Group, Inc., ADR
(b).......................... 717 17,387
-----------
SPAIN -- 2.7%
Banco Bilbao Vizcaya Argentaria
SA........................... 3,356 27,225
Banco Popular Espanol SA....... 2,272 14,389
Banco Santander SA............. 7,946 54,754
Fomento de Construcciones y
Contratas SA................. 1,905 58,299
Gestevision Telecinco SA (a)... 105,007 727,761
Sacyr Vallehermoso SA.......... 3,869 29,794
-----------
TOTAL SPAIN.................... 912,222
-----------
SWEDEN -- 7.5%
Nordea Bank AB (a)............. 27,386 135,815
Ratos AB (Class B)............. 1,136 17,210
Sandvik AB (a)................. 14,711 83,811
Scania AB (Class B)............ 1,991 16,136
Skandinaviska Enskilda Banken
AB (Class A) (a)............. 134,358 420,920
SKF AB (Class B) (a)........... 2,001 17,245
SSAB Svenskt Stal AB (a)(b).... 2,229 18,873
Svenska Cellulosa AB (Class
B)........................... 2,214 16,738
Svenska Handelsbanken AB (Class
A)........................... 1,780 25,083
Swedbank AB (Class A) (a)...... 128,632 427,876
Volvo AB (Class B) (a)......... 250,058 1,321,778
-----------
TOTAL SWEDEN................... 2,501,485
-----------
TAIWAN -- 0.1%
AU Optronics Corp. ADR......... 2,417 20,279
Chunghwa Telecom Co., Ltd.
ADR.......................... 748 13,636
-----------
TOTAL TAIWAN................... 33,915
-----------
THAILAND -- 0.1%
PTT PCL........................ 3,900 16,770
Siam Cement PCL................ 95 263
-----------
TOTAL THAILAND................. 17,033
-----------
TURKEY -- 3.3%
Tupras-Turkiye Petrol
Rafinerileri AS.............. 108,556 1,083,581
-----------
UNITED KINGDOM -- 7.2%
Barclays PLC ADR............... 125,128 1,063,588
HSBC Holdings PLC.............. 35 198
Next PLC (a)................... 20,963 397,827
Tate & Lyle PLC................ 97,381 363,609
United Utilities Group PLC..... 84,523 585,765
-----------
TOTAL UNITED KINGDOM........... 2,410,987
-----------
TOTAL COMMON STOCKS --
(Cost $40,975,431)........... 33,016,291
-----------
RIGHTS -- 0.1%
FINLAND -- 0.0% (C)
Pohjola Bank PLC
(expiring 4/24/09) (b)....... 1,418 1,926
-----------
PORTUGAL -- 0.0% (C)
Banco Espirito Santo, S.A.
(expiring 4/7/09) (a)(b)..... 1,032 1,644
-----------
SWEDEN -- 0.1%
Nordea Bank AB (expiring
4/3/09) (a)(b)............... 213,246 24,246
-----------
TOTAL RIGHTS --
(Cost $31,728)............... 27,816
-----------
SHORT TERM INVESTMENTS -- 15.7%
UNITED STATES -- 15.7%
MONEY MARKET FUNDS -- 15.7%
State Street Navigator
Securities Lending
Prime Portfolio (d)(e)....... 5,091,391 5,091,391
STIC Prime Portfolio........... 131,671 131,671
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $5,223,062)............ 5,223,062
-----------
TOTAL INVESTMENTS -- 115.0%
(Cost $46,230,221)........... 38,267,169
-----------
OTHER ASSETS AND
LIABILITIES -- (15.0)%....... (5,003,263)
-----------
NET ASSETS -- 100.0%........... $33,263,906
===========
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(c) Amount shown represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
148
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.5%
AUSTRALIA -- 6.4%
Amcor, Ltd. ................... 5,831 $ 18,028
Aquila Resources, Ltd. (a)(b).. 1,030 2,025
Aristocrat Leisure, Ltd. (b)... 3,597 8,522
Arrow Energy, Ltd. (a)(b)...... 4,652 8,824
Asciano Group.................. 4,026 2,546
Bendigo and Adelaide Bank, Ltd.
(b).......................... 1,884 10,721
Boral, Ltd. (b)................ 12,259 30,748
Caltex Australia, Ltd. ........ 1,400 8,667
CFS Retail Property Trust (b).. 52,418 59,365
Cochlear, Ltd. ................ 888 30,911
Computershare, Ltd. ........... 2,616 15,958
CSR, Ltd. (b).................. 19,620 16,358
Dexus Property Group........... 62,075 32,347
Felix Resources, Ltd. ......... 676 4,110
GPT Group...................... 8,906 2,692
Harvey Norman Holdings, Ltd.
(b).......................... 13,722 24,502
Macquarie Airports............. 7,573 9,550
Metcash, Ltd. ................. 19,521 55,067
Mirvac Group (b)............... 20,597 12,164
OneSteel, Ltd. ................ 67 105
OZ Minerals, Ltd. ............. 305 117
Paladin Energy, Ltd. (a)(b).... 6,559 15,494
Sonic Healthcare, Ltd. ........ 5,895 45,341
TABCORP Holdings, Ltd. ........ 3,391 15,314
Tatts Group, Ltd. (b).......... 8,952 17,229
Toll Holdings, Ltd. (b)........ 5,264 22,859
-----------
TOTAL AUSTRALIA................ 469,564
-----------
AUSTRIA -- 0.6%
Andritz AG (b)................. 1,260 38,744
Wienerberger AG................ 516 4,063
-----------
TOTAL AUSTRIA.................. 42,807
-----------
BELGIUM -- 0.4%
Ackermans & Van Haaren NV...... 613 29,446
-----------
BERMUDA -- 0.2%
Frontline, Ltd. (b)............ 806 14,324
-----------
CANADA -- 7.6%
Alimentation Couche-Tard, Inc.
(Class B).................... 3,023 31,764
Canadian Tire Corp., Ltd.
(Class A) (b)................ 449 15,631
Eldorado Gold Corp. (a)(b)..... 2,073 18,783
Equinox Minerals, Ltd. (a)(b).. 6,250 9,190
Fairfax Financial Holdings,
Ltd. ........................ 96 24,875
Finning International, Inc. ... 3,225 32,297
First Quantum Minerals, Ltd. .. 398 11,230
Fortis, Inc. .................. 3,023 53,197
Franco-Nevada Corp. (b)........ 748 16,183
Gildan Activewear, Inc.
(a)(b)....................... 1,814 14,793
Inmet Mining Corp. ............ 605 15,013
Ivanhoe Mines, Ltd. (a)(b)..... 1,956 12,095
Methanex Corp. ................ 1,814 14,202
Metro, Inc. ................... 2,620 78,924
Niko Resources, Ltd. .......... 605 28,217
Oilexco, Inc. (a).............. 2,419 202
Onex Corp. .................... 2,217 27,278
OPTI Canada, Inc. (a)(b)....... 3,426 2,696
Pan American Silver Corp.
(a)(b)....................... 1,209 21,400
Petrobank Energy & Resources,
Ltd. (a)..................... 806 15,023
Sherritt International Corp.
(b).......................... 4,033 9,456
Silver Wheaton Corp. (a)(b).... 1,692 13,919
Sino-Forest Corp. (a)(b)....... 1,814 12,673
Thompson Creek Metals Co., Inc.
(a).......................... 915 3,614
TMX Group, Inc. (b)............ 1,209 34,353
Trican Well Service, Ltd. (b).. 2,217 11,348
UTS Energy Corp. (a)(b)........ 5,444 7,356
Viterra, Inc. (a).............. 2,419 16,881
-----------
TOTAL CANADA................... 552,593
-----------
CHINA -- 4.1%
Chinese Estates Holdings,
Ltd. ........................ 21,123 25,620
Hengan International Group Co.,
Ltd. ........................ 13,000 52,252
Hopewell Highway
Infrastructure, Ltd. ........ 1,900 1,071
Hopewell Holdings.............. 19,000 49,890
NWS Holdings, Ltd. ............ 13,234 17,828
Pacific Basin Shipping, Ltd. .. 29,000 13,209
PCCW, Ltd. .................... 47,000 24,137
Television Broadcasts, Ltd. ... 13,000 41,516
The Link REIT.................. 38,926 76,948
-----------
TOTAL CHINA.................... 302,471
-----------
DENMARK -- 1.4%
D/S Norden A/S................. 328 9,165
DSV A/S (b).................... 3,426 25,100
Genmab A/S (a)................. 296 11,186
Jyske Bank A/S (a)............. 1,169 26,673
Rockwool International A/S
(b).......................... 131 7,963
Sydbank A/S (a)................ 1,915 24,408
-----------
TOTAL DENMARK.................. 104,495
-----------
FINLAND -- 1.6%
Elisa Oyj (b).................. 2,217 32,349
Kesko Oyj (Class B) (b)........ 559 11,600
Orion Oyj (Class B) (b)........ 2,456 35,543
Outokumpu Oyj (b).............. 793 8,592
Outotec Oyj (b)................ 859 14,758
YIT Oyj (b).................... 2,259 15,146
-----------
TOTAL FINLAND.................. 117,988
-----------
FRANCE -- 4.0%
Atos Origin SA (b)............. 1,069 27,435
Bourbon SA (b)................. 1,199 39,145
Groupe Eurotunnel SA (a)....... 1,541 8,184
Neopost SA..................... 760 58,934
Nexans SA...................... 453 17,189
SCOR SE........................ 2,945 60,587
UbiSoft Entertainment SA (a)... 865 15,803
Valeo SA (b)................... 1,621 23,685
Zodiac SA (b).................. 1,535 38,906
-----------
TOTAL FRANCE................... 289,868
-----------
GERMANY -- 2.6%
Bilfinger Berger AG............ 729 27,556
IVG Immobilien AG (b).......... 1,589 9,578
Kloeckner & Co. AG............. 987 9,737
Lanxess AG..................... 1,478 25,177
Nordex AG (a).................. 768 9,891
Premiere AG (a)(b)............. 705 1,938
Rhoen-Klinikum AG.............. 1,816 33,755
SGL Carbon AG (a).............. 878 20,925
</Table>
See accompanying notes to financial statements.
149
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Stada Arzneimittel AG.......... 863 $ 14,116
Symrise AG..................... 1,734 20,513
United Internet AG (b)......... 2,259 18,865
-----------
TOTAL GERMANY.................. 192,051
-----------
GREECE -- 0.4%
Alapis Holding Industrial and
Commercial SA................ 3,212 2,260
Intralot SA.................... 1,665 8,179
Titan Cement Co. SA............ 895 19,013
-----------
TOTAL GREECE................... 29,452
-----------
IRELAND -- 0.8%
Dragon Oil PLC (a)............. 2,596 6,980
Irish Life & Permanent PLC
(c).......................... 1,505 2,238
Irish Life & Permanent PLC
(c).......................... 1,655 2,417
Kerry Group PLC (Class A)...... 2,228 45,111
-----------
TOTAL IRELAND.................. 56,746
-----------
ITALY -- 2.5%
Banca Popolare di Milano
Scarl........................ 4,396 21,887
Davide Campari-Milano SpA (b).. 9,771 62,011
Milano Assicurazio............. 6,261 16,127
Parmalat SpA................... 14,157 29,153
Saras SpA...................... 4,711 12,334
Societa Cattolica di
Assicurazioni Scrl........... 1,797 42,158
-----------
TOTAL ITALY.................... 183,670
-----------
JAPAN -- 31.8%
Acom Co., Ltd. ................ 10 281
Advantest Corp. (b)............ 1,100 16,271
Alfresa Holdings Corp. ........ 600 21,748
Amada Co., Ltd. ............... 8,000 41,956
Benesse Corp. ................. 1,500 54,976
Casio Computer Co., Ltd. (b)... 3,800 26,662
Cosmo Oil Co., Ltd. (b)........ 19,000 57,325
Credit Saison Co., Ltd. (b).... 2,500 24,172
Daido Steel Co., Ltd. (b)...... 6,000 14,762
Elpida Memory, Inc. (a)(b)..... 800 5,508
Fuji Heavy Industries, Ltd.
(b).......................... 17,000 55,422
Fukuoka Financial Group, Inc.
(b).......................... 13,000 39,354
Hirose Electric Co., Ltd. (b).. 600 57,467
Hokkaido Electric Power Co.,
Inc. (b)..................... 1,500 30,070
Hokuhoku Financial Group, Inc.
(b).......................... 19,000 34,434
Ibiden Co., Ltd. (b)........... 800 19,156
Idemitsu Kosan Co., Ltd. (b)... 600 44,831
Isetan Mitsukoshi Holdings,
Ltd. (b)..................... 4,600 35,256
J Front Retailing Co., Ltd.
(b).......................... 10,000 34,423
Japan Real Estate Investment
Corp. (b).................... 8 61,233
Kajima Corp. (b)............... 17,000 41,652
Keihin Electric Express Railway
Co., Ltd. (b)................ 13,000 93,713
Konami Corp. (b)............... 1,700 25,439
Kuraray Co., Ltd. (b).......... 7,500 63,405
Kurita Water Industries, Ltd.
(b).......................... 1,300 24,915
Marui Group Co., Ltd. (b)...... 7,300 38,654
Mediceo Paltac Holdings Co.,
Ltd. (b)..................... 3,100 32,987
Minebea Co., Ltd. ............. 8,000 28,997
Mitsubishi Gas Chemical Co.,
Inc. (b)..................... 8,000 34,018
Mitsui Chemicals, Inc. (b)..... 6,000 14,519
Mitsui Engineering &
Shipbuilding Co., Ltd. (b)... 15,000 24,906
Namco Bandai Holdings, Inc.
(b).......................... 3,800 37,819
NGK Insulators, Ltd. .......... 1,000 15,237
NGK Spark Plug Co., Ltd. (b)... 4,000 33,735
Nippon Sheet Glass Co., Ltd.
(b).......................... 13,000 31,852
Nisshin Steel Co., Ltd. (b).... 15,000 25,058
Nitto Denko Corp. (b).......... 1,400 28,420
NTN Corp. (b).................. 10,000 28,045
Obayashi Corp. (b)............. 15,000 72,593
Promise Co., Ltd. (b).......... 1,250 19,515
Sanyo Electric Co., Ltd. (b)... 25,000 36,955
SBI Holdings, Inc. (b)......... 140 14,444
Shimano, Inc. (b).............. 1,500 45,029
Shimizu Corp. (b).............. 10,000 41,409
Showa Denko K.K. (b)........... 21,000 25,726
Showa Shell Sekiyu K.K......... 7,600 68,944
Sojitz Corp. (b)............... 9,200 10,898
Stanley Electric Co., Ltd.
(b).......................... 2,900 32,121
Suzuken Co., Ltd. (b).......... 700 18,249
Taisei Corp. (b)............... 21,000 39,972
Takashimaya Co., Ltd. (b)...... 6,000 34,322
The Bank of Kyoto, Ltd. (b).... 6,000 50,542
The Furukawa Electric Co., Ltd.
(b).......................... 15,000 42,219
The Gunma Bank, Ltd. .......... 10,000 53,660
The Hachijuni Bank, Ltd. ...... 13,000 75,154
The Joyo Bank, Ltd. (b)........ 13,000 59,755
THK Co., Ltd. (b).............. 2,700 36,139
Tobu Railway Co., Ltd. (b)..... 21,000 106,095
Trend Micro, Inc. (b).......... 1,000 28,045
Ube Industries, Ltd. (b)....... 17,000 30,637
Yamaguchi Financial Group,
Inc. ........................ 1,000 9,385
Yamaha Corp. (b)............... 3,100 30,036
Yaskawa Electric Corp. (b)..... 4,000 17,212
Yokogawa Electric Corp. (b).... 5,700 22,738
-----------
TOTAL JAPAN.................... 2,320,472
-----------
LUXEMBOURG -- 0.4%
Acergy SA (b).................. 1,397 8,710
Oriflame Cosmetics SA (b)...... 705 21,916
-----------
TOTAL LUXEMBOURG............... 30,626
-----------
NETHERLANDS -- 3.1%
Chicago Bridge & Iron Co. NV... 1,209 7,580
Core Laboratories NV........... 403 29,483
Gemalto NV (a)(b).............. 1,598 45,616
Koninklijke BAM Groep NV....... 2,072 18,407
Koninklijke Boskalis
Westminster NV (a)........... 894 17,959
Qiagen NV (a)(b)............... 1,643 26,264
Randstad Holding NV (b)........ 783 13,286
SBM Offshore NV (b)............ 1,413 18,817
TomTom NV (a)(b)............... 399 1,902
Wereldhave NV.................. 716 50,065
-----------
TOTAL NETHERLANDS.............. 229,379
-----------
NORWAY -- 0.8%
Marine Harvest (a)(b).......... 18,735 5,882
Petroleum Geo-Services ASA
(a)(b)....................... 2,074 8,662
ProSafe SE (a)(b).............. 4,537 16,160
Storebrand ASA (b)............. 6,452 19,971
</Table>
See accompanying notes to financial statements.
150
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Subsea 7, Inc. (a)(b).......... 1,463 $ 9,339
-----------
TOTAL NORWAY................... 60,014
-----------
PORTUGAL -- 0.5%
Zon Multimedia Servicos de
Telecomunicacoes e Multimedia
SGPS SA...................... 6,920 36,843
-----------
SINGAPORE -- 2.4%
CapitaMall Trust (b)........... 29,000 25,181
Fraser and Neave, Ltd. ........ 27,000 44,935
Singapore Press Holdings, Ltd.
(b).......................... 42,000 69,899
Venture Corp., Ltd. ........... 10,000 33,153
-----------
TOTAL SINGAPORE................ 173,168
-----------
SOUTH KOREA -- 2.6%
Cheil Industries, Inc. ........ 520 14,191
CJ CheilJedang Corp. .......... 58 6,038
Daewoo Engineering &
Construction Co., Ltd. ...... 640 4,456
Doosan Corp. .................. 96 6,940
GS Holdings Corp. ............. 230 4,922
Hanjin Heavy Industries &
Construction Co., Ltd. ...... 101 2,063
Hanjin Shipping Co., Ltd. ..... 500 6,723
Hanwha Corp. .................. 310 6,611
Hyundai Development Co. ....... 270 6,568
Hyundai Mipo Dockyard Co.,
Ltd. ........................ 46 4,307
Hyundai Securities Co., Ltd.
(a).......................... 1,000 8,241
KCC Corp. ..................... 43 9,404
Kia Motors Corp. (a)........... 716 4,415
Korea Express Co., Ltd. (a).... 110 8,072
Korea Investment Holdings Co.,
Ltd. (a)..................... 327 7,021
Korea Line Corp. .............. 29 1,226
Korea Zinc Co., Ltd. .......... 52 4,248
Mirae Asset Securities Co.,
Ltd. (a)..................... 151 7,761
Samsung Digital Imaging Co.,
Ltd. (a)..................... 107 2,266
Samsung Electro-Mechanics Co.,
Ltd. ........................ 539 19,016
Samsung Engineering Co.,
Ltd. ........................ 202 8,441
Samsung SDI Co., Ltd. ......... 289 13,685
Samsung Securities Co., Ltd.
(b).......................... 205 8,566
Samsung Techwin Co., Ltd. ..... 238 7,777
STX Corp Co., Ltd. ............ 90 1,321
STX Shipbuilding Co., Ltd. .... 260 2,481
Woori Investment & Securities
Co., Ltd. (a)................ 900 10,996
-----------
TOTAL SOUTH KOREA.............. 187,756
-----------
SPAIN -- 2.7%
Banco Santander SA............. 609 3,991
Bolsas y Mercados Espanoles.... 1,088 25,149
Ebro Puleva SA (b)............. 5,079 59,612
Indra Sistemas, SA............. 3,756 72,409
SOS Cuetara SA................. 5,066 33,967
-----------
TOTAL SPAIN.................... 195,128
-----------
SWEDEN -- 1.6%
Electrolux AB (b).............. 2,247 17,531
Getinge AB (Class B) (b)....... 3,395 32,750
Husqvarna AB (Class B) (b)..... 2,376 9,570
Kinnevik Investment AB (Class
B) (b)....................... 1,587 12,141
Lundin Petroleum AB (a)(b)..... 3,475 18,789
Meda AB (Class A).............. 1,421 8,388
Modern Times Group AB (Class B)
(b).......................... 804 13,639
-----------
TOTAL SWEDEN................... 112,808
-----------
SWITZERLAND -- 4.9%
Aryzta AG (a).................. 693 16,578
Baloise Holding AG............. 494 31,650
Banque Cantonale Vaudoise...... 31 10,299
Basellandschaftliche
Kantonalbank................. 103 84,244
Clariant AG (a)................ 2,227 8,637
EFG International AG (b)....... 585 4,368
Nobel Biocare Holding AG....... 1,092 18,651
OC Oerlikon Corp AG (a)(b)..... 47 1,505
Panalpina Welttransport Holding
AG........................... 141 6,932
Petroplus Holdings AG (a)(b)... 750 10,560
PSP Swiss Property AG.......... 1,856 78,350
Sika AG........................ 44 32,699
Sonova Holding AG (b).......... 388 23,477
Straumann Holding AG (b)....... 62 9,619
Sulzer AG...................... 424 21,889
-----------
TOTAL SWITZERLAND.............. 359,458
-----------
UNITED KINGDOM -- 15.0%
Admiral Group PLC.............. 2,811 34,389
Aggreko PLC (b)................ 4,690 33,058
Autonomy Corp. PLC (a)......... 2,389 44,687
Babcock International Group
PLC.......................... 4,449 27,389
Balfour Beatty PLC............. 7,214 33,916
Bunzl PLC...................... 2,899 22,709
Charter International PLC...... 2,332 15,242
Cobham PLC..................... 19,325 47,588
Cookson Group PLC (b).......... 3,701 862
Dana Petroleum PLC (a)......... 673 10,717
De La Rue PLC.................. 1,881 26,206
Drax Group PLC................. 5,706 42,243
easyJet PLC (a)................ 1,483 5,941
FirstGroup PLC................. 4,738 18,167
Friends Provident PLC.......... 14,976 14,876
GKN PLC........................ 3,977 3,891
Hays PLC....................... 24,076 25,106
Home Retail Group PLC.......... 5,523 17,792
Inchcape PLC (b)............... 8,438 9,101
Informa PLC.................... 7,699 28,968
Inmarsat PLC................... 7,193 50,442
Intercontinental Hotels Group
PLC.......................... 1,584 12,056
Intermediate Capital Group PLC
(b).......................... 1,919 8,272
Intertek Group PLC............. 2,990 37,950
Invensys PLC (a)............... 6,126 14,602
Investec PLC................... 7,472 31,273
ITV PLC........................ 23,361 6,362
Logica PLC..................... 23,119 21,125
London Stock Exchange Group PLC
(b).......................... 1,590 12,888
Next PLC (b)................... 1,029 19,528
Pennon Group PLC............... 6,177 35,858
Petrofac, Ltd. ................ 1,552 11,901
Randgold Resources, Ltd. ...... 637 33,646
Rentokil Initial PLC (b)....... 11,152 7,113
Rexam PLC...................... 5,304 20,527
Serco Group PLC................ 8,063 42,270
Signet Jewelers, Ltd. ......... 1,100 12,595
SOCO International PLC (a)..... 392 6,630
</Table>
See accompanying notes to financial statements.
151
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tate & Lyle PLC................ 3,343 $ 12,482
Thomas Cook Group PLC (b)...... 2,862 9,845
Thomson Reuters PLC............ 1,503 33,608
Tomkins PLC.................... 17,656 30,685
Tui Travel PLC................. 14,749 48,359
United Business Media PLC...... 4,371 26,674
Venture Production PLC (b)..... 1,068 12,231
Virgin Media, Inc. ............ 1,845 8,856
William Hill PLC (b)........... 7,375 17,997
Willis Group Holdings, Ltd.
(a).......................... 1,400 30,800
Wolseley PLC (a)(b)............ 4,684 15,492
-----------
TOTAL UNITED KINGDOM........... 1,094,915
-----------
UNITED STATES -- 0.1%
WABCO Holdings, Inc. .......... 334 4,112
-----------
TOTAL COMMON STOCKS --
(Cost $10,302,173)........... 7,190,154
-----------
PREFERRED STOCK -- 0.2%
ITALY -- 0.1%
Istituto Finanziario
Industriale SpA (a).......... 1,211 8,103
-----------
SOUTH KOREA -- 0.1%
Daewoo Securities Co., Ltd.
(a).......................... 790 3,764
-----------
TOTAL PREFERRED STOCK --
(Cost $14,417)............... 11,867
-----------
RIGHTS -- 0.1%
SWEDEN -- 0.0% (D)
Husqvarna AB (expired 3/30/09)
(a)(e)....................... 1,188 1,128
-----------
UNITED KINGDOM -- 0.1%
William Hill PLC (expiring
4/7/09) (a).................. 7,375 6,766
-----------
TOTAL RIGHTS --
(Cost $13,303)............... 7,894
-----------
SHORT TERM INVESTMENTS -- 22.2%
UNITED STATES -- 22.2%
MONEY MARKET FUNDS -- 22.2%
State Street Navigator
Securities Lending
Prime Portfolio (f)(g)....... 1,613,247 1,613,247
STIC Prime Portfolio........... 4,837 4,837
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,618,084)............ 1,618,084
-----------
TOTAL INVESTMENTS -- 121.0%
(Cost $11,947,977)........... 8,827,999
OTHER ASSETS AND
LIABILITIES -- (21.0)%....... (1,532,113)
-----------
NET ASSETS -- 100.0%........... $ 7,295,886
===========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(d) Amount shown represents less than 0.05% of net assets.
(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.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
152
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
ARGENTINA -- 0.8%
Banco Macro SA ADR............. 3,523 $ 35,794
MercadoLibre, Inc. (a)......... 1,191 22,093
----------
TOTAL ARGENTINA................ 57,887
----------
BRAZIL -- 8.6%
B2W Companhia Global Do
Varejo....................... 1,896 17,764
Banco do Estado do Rio Grande
do Sul SA Preference Shares.. 9,097 27,620
BR Malls Participacoes SA (a).. 6,128 38,329
Braskem SA Preference Shares
(a).......................... 5,000 10,446
Centrais Eletricas de Santa
Catarina SA Preference
Shares....................... 2,606 35,441
Companiha de Tecidos Norte de
Minas Preference Shares (a).. 11,687 15,483
Confab Industrial SA Preference
Shares....................... 20,110 34,940
Cyrela Brazil Realty SA........ 5,000 19,937
Diagnosticos da America SA
(a).......................... 3,330 35,871
Eternit SA..................... 13,811 35,093
Lojas Renner SA................ 3,100 19,188
Lupatech SA (a)................ 2,291 24,480
Marcopolo SA Preference
Shares....................... 18,967 27,187
NET Servicos de Comunicacao SA
Preference Shares (a)........ 4,241 31,482
PDG Realty SA Empreendimentos e
Participacoes................ 4,601 25,860
Randon SA Implementos e
Participacoes Preference
Shares....................... 8,484 20,378
Sao Martinho SA (a)............ 3,947 19,716
Suzano Papel e Celulose SA
(a).......................... 6,400 29,189
Tam SA Preference Shares....... 1,552 8,561
Telemig Celular Participacoes
SA Preference Shares......... 2,496 43,475
Terna Participacoes SA......... 3,605 35,091
Totvs SA....................... 2,120 37,524
Ultrapar Participacoes SA
Preference Shares............ 2,000 48,335
----------
TOTAL BRAZIL................... 641,390
----------
CHILE -- 2.8%
Almendral SA................... 483,345 39,182
Companiha SudAmericana de
Vapores SA................... 33,723 17,723
La Polar SA.................... 16,991 37,323
Masisa SA...................... 583,532 50,110
Vina Concha Y Toro SA.......... 41,363 68,909
----------
TOTAL CHILE.................... 213,247
----------
CHINA -- 13.7%
Anhui Expressway Co., Ltd. .... 98,000 43,879
Brilliance China Automotive
Holdings, Ltd. (a)........... 282,000 17,830
Chaoda Modern Agriculture
Holdings, Ltd. .............. 81,120 48,463
China Everbright, Ltd. ........ 28,000 43,499
China Green Holdings, Ltd. .... 45,000 26,535
China Hongxing Sports, Ltd. ... 113,000 7,062
China Huiyuan Juice Group,
Ltd. ........................ 56,400 35,950
China Medical Technologies,
Inc. ADR..................... 1,063 14,637
China Mengniu Dairy Co.,
Ltd. ........................ 36,000 50,353
China Power International
Development, Ltd. ........... 248,000 49,280
China Yurun Food Group, Ltd. .. 34,000 43,344
CNPC Hong Kong, Ltd. .......... 80,000 33,858
Great Wall Motor Co., Ltd. .... 40,000 16,258
Home Inns & Hotels Management,
Inc. ADR (a)................. 2,808 27,715
Huangshan Tourism Development
Co., Ltd. ................... 29,900 32,083
Inner Mongolia Eerduosi
Cashmere Products Co.,
Ltd. ........................ 59,900 43,368
Inner Mongolia Yitai Coal Co.,
Ltd. ........................ 12,000 57,192
Kingboard Chemical Holdings,
Ltd. ........................ 32,000 65,652
Li Ning Co., Ltd. ............. 40,500 66,890
New Oriental Education &
Technology Group, Inc. ADR
(a).......................... 500 25,125
Ports Design, Ltd. ............ 27,500 31,723
Shenzhen International
Holdings, Ltd. .............. 700,000 32,064
Shimao Property Holdings,
Ltd. ........................ 64,000 56,072
SINA Corp. (a)................. 1,100 25,575
Sohu.com, Inc. (a)............. 910 37,592
TPV Technology, Ltd. .......... 116,000 35,474
Zhuzhou CSR Times Electric Co.,
Ltd. ........................ 55,000 55,923
----------
TOTAL CHINA.................... 1,023,396
----------
CZECH REPUBLIC -- 0.5%
Philip Morris CR AS............ 138 38,097
----------
EGYPT -- 1.9%
Eastern Tobacco................ 947 24,373
Egyptian Financial Group-Hermes
Holding...................... 4,276 11,946
Egyptian for Tourism Resorts... 43,420 11,637
Egyptian Kuwait Holding Co. ... 23,522 26,345
Misr Beni Suef Cement Co. ..... 3,012 28,334
Olympic Group Financial
Investments.................. 3,299 10,259
Six of October Development &
Investment Co. (a)........... 950 5,902
Suez Cement Co. ............... 6,067 25,855
----------
TOTAL EGYPT.................... 144,651
----------
INDIA -- 6.6%
Amtek Auto, Ltd. .............. 7,096 10,420
Anant Raj Industries, Ltd. .... 19,200 15,213
Ashok Leyland, Ltd. ........... 61,766 21,975
Bharat Forge, Ltd. ............ 10,887 20,922
CESC, Ltd. .................... 4,506 18,562
Divi's Laboratories, Ltd. ..... 1,858 34,388
GTL, Ltd. ..................... 7,359 34,753
India Cements, Ltd. ........... 9,556 19,928
Infrastructure Development
Finance Co., Ltd. ........... 31,968 34,088
IVRCL Infrastructures &
Projects, Ltd. .............. 12,061 28,884
Jaiprakash Associates, Ltd. ... 25,662 42,386
Lanco Infratech, Ltd. (a)...... 12,295 35,999
Moser Baer India, Ltd. ........ 13,801 14,458
Mphasis, Ltd. ................. 12,009 48,050
Nagarjuna Construction Co.,
Ltd. ........................ 11,764 13,982
Patni Computer Systems, Ltd. .. 8,291 20,868
Sintex Industries, Ltd. ....... 4,408 8,502
United Phosphorus, Ltd. ....... 15,508 30,551
United Spirits, Ltd. .......... 1,467 18,840
</Table>
See accompanying notes to financial statements.
153
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Yes Bank, Ltd. (a)............. 20,589 $ 20,210
----------
TOTAL INDIA.................... 492,979
----------
INDONESIA -- 1.4%
Bank Panin Indonesia Tbk PT
(a).......................... 843,500 39,419
Energi Mega Persada Tbk PT
(a).......................... 391,000 2,335
Indofood Sukses Makmur Tbk PT.. 247,500 20,134
Lippo Karawaci Tbk PT (a)...... 606,500 44,090
----------
TOTAL INDONESIA................ 105,978
----------
ISRAEL -- 3.6%
Clal Industries, Ltd. ......... 18,567 41,798
Elbit Imaging, Ltd. ........... 1,188 17,567
First International Bank of
Israel, Ltd. (a)............. 5,721 40,806
Koor Industries, Ltd. (a)...... 928 14,261
NICE Systems, Ltd. (a)......... 3,279 82,363
Orbotech, Ltd. (a)............. 5,592 21,194
Osem Investments, Ltd. (a)..... 4,973 48,693
----------
TOTAL ISRAEL................... 266,682
----------
MALAYSIA -- 4.8%
Alliance Financial Group Bhd... 100,800 46,729
Bursa Malaysia Bhd............. 18,000 25,429
Gamuda Bhd..................... 101,400 55,074
IGB Corp. Bhd.................. 133,600 49,475
KNM Group Bhd.................. 162,650 17,178
Kulim Malaysia Bhd............. 22,100 30,190
Malaysian Bulk Carriers Bhd.... 33,700 28,657
Media Prima Bhd................ 82,300 22,011
Sarawake Energy Bhd............ 79,800 37,432
SP Setia Bhd................... 56,700 43,394
----------
TOTAL MALAYSIA................. 355,569
----------
MEXICO -- 2.4%
Consorcio ARA, SAB de CV....... 62,577 16,462
Grupo Aeroportuario del Sureste
SAB de CV.................... 16,104 46,418
Industrias CH SAB, (a)......... 13,708 27,604
Mexichem SAB de CV (b)......... 31,800 22,436
Promotora y Operadora de
Infraestructura, SAB de CV
(a).......................... 16,598 22,644
TV Azteca SAB de CV............ 126,354 40,765
----------
TOTAL MEXICO................... 176,329
----------
MOROCCO -- 1.6%
Banque Centrale Populaire...... 2,360 71,939
Societe Anonyme Marocaine de
1'Industrie du Raffinage..... 742 51,224
----------
TOTAL MOROCCO.................. 123,163
----------
PERU -- 0.3%
Sociedad Minera El Brocal SA... 3,824 24,222
----------
PHILIPPINES -- 0.7%
Ayala Land, Inc. .............. 352,000 41,519
Megaworld Corp. ............... 1,232,000 14,276
----------
TOTAL PHILIPPINES.............. 55,795
----------
POLAND -- 2.3%
Agora SA....................... 3,473 13,109
Asseco Poland SA............... 1,873 23,246
Ciech SA....................... 1,280 8,721
Echo Investment SA (a)......... 20,583 14,322
Emperia Holding SA............. 712 9,251
Grupa Lotos SA (a)............. 4,191 19,687
LPP SA (a)..................... 49 13,353
Orbis SA....................... 2,686 22,641
PBG SA (a)..................... 494 26,797
Polimex Mostostal SA........... 20,580 17,476
----------
TOTAL POLAND................... 168,603
----------
RUSSIA -- 1.7%
Pharmstandard GDR (a)(c)....... 2,215 21,264
Pharmstandard GDR (a)(c)....... 3,447 33,091
Polymetal GDR (a).............. 10,919 73,157
----------
TOTAL RUSSIA................... 127,512
----------
SOUTH AFRICA -- 10.0%
Afgri, Ltd. ................... 84,510 38,212
African Bank Investments,
Ltd. ........................ 10,554 27,966
Aspen Pharmacare Holdings,
Ltd. ........................ 21,288 102,075
Coronation Fund Managers,
Ltd. ........................ 73,253 37,743
DataTec, Ltd. (a).............. 15,495 23,951
Foschini, Ltd. ................ 14,994 69,278
Gold Reef Resorts, Ltd. ....... 22,006 39,315
Grindrod, Ltd. ................ 23,792 30,272
Hosken Consolidated
Investments, Ltd. ........... 6,044 25,555
JD Group, Ltd. ................ 12,568 43,625
JSE, Ltd. ..................... 7,007 32,788
Lewis Group, Ltd. ............. 13,091 58,765
Massmart Holdings, Ltd. ....... 3,737 27,350
Merafe Resources, Ltd. (a)..... 110,438 8,129
Metorex, Ltd. (a).............. 24,882 4,317
Mvelaphanda Resources, Ltd.
(a).......................... 8,079 24,619
Northam Platinum, Ltd. ........ 7,682 20,760
Reunert, Ltd. ................. 11,263 43,323
SA Corporate Real Estate Fund.. 215,552 54,398
Sappi, Ltd. ................... 4,056 7,784
Sentula Mining, Ltd. .......... 7,478 2,217
Steinhoff International
Holdings, Ltd. .............. 22,601 23,979
----------
TOTAL SOUTH AFRICA............. 746,421
----------
TAIWAN -- 29.9%
Asia Optical Co., Inc. ........ 19,090 22,770
BES Engineering Corp. ......... 128,000 24,723
Capital Securities Corp. ...... 107,100 30,161
Cathay Real Estate Development
Co., Ltd. ................... 64,000 17,174
Chicony Electronics Co.,
Ltd. ........................ 22,630 29,028
China Bills Finance Corp. (a).. 594,000 127,516
China Life Insurance Co.,
Ltd. ........................ 73,540 23,963
China Petrochemical Development
Corp. (a).................... 119,780 25,820
Clevo Co. ..................... 29,450 27,442
CMC Magnetics Corp. (a)........ 166,000 31,279
Coretronic Corp. .............. 66,420 39,760
D-Link Corp. .................. 43,320 30,722
E.Sun Financial Holding Co.,
Ltd. ........................ 299,400 73,278
Everlight Electronics Co.,
Ltd. ........................ 18,119 33,340
Far Eastern Department Stores,
Ltd. ........................ 39,650 20,578
Far Eastern International Bank
(a).......................... 181,000 30,796
Faraday Technology Corp. ...... 15,069 19,707
Feng Hsin Iron & Steel Co.,
Ltd. ........................ 27,270 30,638
Formosa Taffeta Co., Ltd. ..... 89,000 47,634
Giant Manufacturing Co.,
Ltd. ........................ 23,550 48,472
Global Unichip Corp. .......... 5,109 22,448
</Table>
See accompanying notes to financial statements.
154
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Goldsun Development &
Construction Co., Ltd. ...... 89,350 $ 28,851
Greatek Electronics, Inc. ..... 55,020 39,425
HannStar Display Corp. ........ 246,474 44,117
Himax Technologies, Inc. ADR... 14,337 40,144
Hotai Motor Co., Ltd. ......... 24,000 33,652
Inventec Co., Ltd. ............ 166,550 67,038
KGI Securities Co., Ltd. ...... 122,000 35,472
King Yuan Electronics Co.,
Ltd. ........................ 76,546 22,572
Kinsus Interconnect Technology
Corp. ....................... 18,030 22,835
Largan Precision Co., Ltd. .... 3,020 25,291
Macronix International Co.,
Ltd. ........................ 105,429 39,949
Makalot Industrial Co., Ltd. .. 55,000 53,521
Mitac International Corp. ..... 64,999 26,355
Nan Kang Rubber Tire Co.,
Ltd. ........................ 39,000 21,851
Polaris Securities Co., Ltd. .. 156,920 54,602
President Securities Corp. .... 89,924 33,411
Qisda Corp. ................... 89,080 26,137
RichTek Technology Corp. ...... 3,100 14,626
Ritek Corp. (a)................ 221,000 36,951
Ruentex Development Co.,
Ltd. ........................ 33,000 21,700
Silicon Motion Technology Corp.
ADR (a)...................... 3,312 9,207
Simplo Technology Co., Ltd. ... 9,300 25,559
Solar Applied Materials
Technology Corp. ............ 9,788 14,013
Taichung Commercial Bank....... 118,848 21,729
Taiwan Business Bank (a)....... 163,000 31,867
Taiwan Glass Industrial
Corp. ....................... 95,240 50,552
Teco Electric & Machinery Co.,
Ltd. ........................ 234,000 75,902
Tripod Technology Corp. ....... 29,540 39,416
TSRC Corp. .................... 36,000 32,166
Tung Ho Steel Enterprise
Corp. ....................... 39,000 31,281
Unimicron Technology Corp. .... 39,130 23,308
Universal Cement Corp. ........ 47,800 18,465
Via Technologies, Inc. (a)..... 70,000 34,265
Wafer Works Corp. ............. 6,060 8,720
Walsin Lihwa Corp. ............ 204,000 40,906
Wan Hai Lines, Ltd. ........... 92,400 39,781
Winbond Electronics Corp. (a).. 365,000 45,743
Wintek Corp. .................. 64,000 29,347
WPG Holdings Co., Ltd. ........ 32,304 20,909
Yageo Corp. ................... 198,000 35,207
Yang Ming Marine Transport..... 100,899 31,687
Yosun Industrial Corp. ........ 55,680 28,979
Yuen Foong Yu Paper
Manufacturing Co., Ltd. ..... 172,080 50,286
Yulon Motor Co., Ltd. ......... 87,462 47,584
----------
TOTAL TAIWAN................... 2,232,628
----------
THAILAND -- 3.6%
BEC World PCL.................. 93,800 49,194
Cal-Comp Electronics Thailand
PCL.......................... 521,900 18,984
Central Pattana PCL............ 77,600 27,351
Charoen Pokphand Foods PCL..... 444,900 40,645
Glow Energy PCL................ 28,200 16,698
Hana Microelectronics PCL...... 132,300 37,678
Minor International PCL........ 125,900 22,897
Thanachart Capital PCL......... 165,300 44,745
Thoresen Thai Agencies PCL..... 39,270 13,952
----------
TOTAL THAILAND................. 272,144
----------
TURKEY -- 2.0%
Albaraka Turk Katilim Bankasi
(a).......................... 15,318 23,805
BIM Birlesik Magazalar AS...... 1,298 27,348
Kardemir Karabuk Demir Celik
Sanayi ve Ticaret AS (a)..... 39,030 11,898
Petkim Petrokimya Holding AS
(a).......................... 10,414 25,396
Sekerbank TAS.................. 13,454 7,559
Turk Hava Yollari Anonim
Ortakligi (a)................ 13,427 52,568
----------
TOTAL TURKEY................... 148,574
----------
TOTAL COMMON STOCKS --
(Cost $11,008,935)........... 7,415,267
----------
RIGHTS -- 0.0% (D)
CHILE -- 0.0% (D)
Masisa SA (expiring 4/21/09)
(a)
(Cost $0).................... 136,688 1,056
----------
SHORT TERM INVESTMENTS -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUNDS -- 0.4%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............. 11,925 11,925
STIC Prime Portfolio........... 20,447 20,447
----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $32,372)............... 32,372
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $11,041,307)........... 7,448,695
OTHER ASSETS AND
LIABILITIES -- 0.4%.......... 30,128
----------
NET ASSETS -- 100.0%........... $7,478,823
==========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31, 2009.
(c) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
155
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 9.4%
Abacus Property Group.......... 148,528 $ 28,379
Babcock & Brown Japan Property
Trust........................ 61,257 11,917
Bunnings Warehouse Property
Trust........................ 27,164 29,632
Centro Retail Group............ 38,652 752
CFS Retail Property Trust (a).. 154,472 174,943
Commonwealth Property Office
Fund......................... 211,078 132,725
Dexus Property Group........... 395,572 206,133
Goodman Group.................. 292,583 66,068
GPT Group...................... 508,271 153,619
ING Industrial Fund (a)........ 134,753 11,703
ING Office Fund................ 204,627 60,424
ING Real Estate Community
Living Group................. 9,018 244
Macquarie CountryWide Trust
(a).......................... 159,221 26,550
Macquarie DDR Trust............ 19,836 538
Macquarie Office Trust......... 523,649 61,851
Tishman Speyer Office Fund..... 7,419 397
Valad Property Group (a)....... 37,644 889
Westfield Group................ 238,703 1,658,509
-----------
TOTAL AUSTRALIA................ 2,625,273
-----------
AUSTRIA -- 0.9%
Atrium European Real Estate,
Ltd. (a)(b).................. 25,691 77,430
CA Immobilien Anlagen AG (b)... 9,021 43,357
IMMOEAST AG (b)................ 43,456 61,735
Immofinanz Immobilien Anlagen
AG (a)(b).................... 48,213 55,691
-----------
TOTAL AUSTRIA.................. 238,213
-----------
BELGIUM -- 0.8%
Befimmo S.C.A. ................ 1,199 95,483
Cofinimmo REIT................. 1,231 131,160
-----------
TOTAL BELGIUM.................. 226,643
-----------
CANADA -- 5.0%
Artis REIT..................... 1,803 9,100
Boardwalk REIT................. 2,641 54,577
Brookfield Asset Management,
Inc.
(Class A) (a)................ 57,907 808,668
Brookfield Properties Corp. ... 22,959 131,785
Calloway REIT.................. 4,272 33,921
Canadian Apartment Properties
REIT......................... 3,785 37,605
Canadian REIT.................. 3,293 52,320
Chartwell Seniors Housing
REIT......................... 5,306 16,869
Extendicare REIT (b)........... 3,778 12,852
First Capital Realty, Inc.
(a).......................... 3,903 46,470
H&R REIT....................... 8,201 50,191
Primaris Retail REIT........... 3,407 24,588
RioCan REIT.................... 12,270 122,393
-----------
TOTAL CANADA................... 1,401,339
-----------
CHINA -- 7.5%
Champion REIT.................. 192,000 45,832
GZI REIT....................... 83,000 21,634
Hang Lung Group, Ltd. ......... 94,996 289,278
Hang Lung Properties, Ltd. .... 208,018 488,507
Hong Kong Land Holdings,
Ltd. ........................ 139,000 316,920
Hysan Development Co., Ltd. ... 69,096 116,795
Kerry Properties, Ltd. ........ 69,135 166,816
Prosperity REIT................ 130,000 15,097
The Link REIT.................. 246,447 487,170
Wheelock & Co., Ltd. .......... 94,016 158,189
-----------
TOTAL CHINA.................... 2,106,238
-----------
FRANCE -- 6.3%
Fonciere des Regions (a)....... 2,238 105,054
Gecina SA REIT (a)............. 2,351 90,147
Klepierre (a).................. 9,079 159,658
Societe Immobiliere de Location
pour l'Industrie et le
Commerce (a)................. 1,198 89,852
Unibail-Rodamco (a)............ 9,266 1,311,812
-----------
TOTAL FRANCE................... 1,756,523
-----------
GERMANY -- 0.2%
IVG Immobilien AG (a).......... 8,577 51,700
-----------
ITALY -- 0.1%
Beni Stabili SpA (a)........... 48,458 26,700
-----------
JAPAN -- 14.2%
Aeon Mall Co., Ltd. ........... 9,100 115,627
Creed Office Investment
Corp. ....................... 15 10,479
DA Office Investment Corp.
(a).......................... 24 33,775
Daibiru Corp. ................. 6,500 51,924
Frontier Real Estate Investment
Corp. ....................... 16 78,566
Fukuoka REIT Corp. (a)......... 10 38,777
Global One REIT................ 11 70,497
Hankyu REIT, Inc. ............. 10 41,004
Heiwa Real Estate Co., Ltd. ... 17,000 36,661
Japan Excellent, Inc. ......... 16 57,021
Japan Hotel and Resort, Inc. .. 10 11,593
Japan Prime Realty Investment
Corp. (a).................... 66 121,482
Japan Real Estate Investment
Corp. ....................... 50 382,707
Japan Retail Fund Investment
Corp. (a).................... 44 167,500
Kenedix Realty Investment Corp.
(a).......................... 23 42,358
Mitsui Fudosan Co., Ltd. ...... 100,000 1,080,288
Mori Hills REIT Investment
Corp. ....................... 15 42,250
Mori Trust Sogo REIT, Inc.
(a).......................... 15 106,763
Nippon Building Fund, Inc. .... 61 522,487
Nippon Commercial Investment
Corp. (a).................... 30 24,937
Nippon Residential Investment
Corp. (a).................... 29 21,522
Nomura Real Estate Office Fund,
Inc. ........................ 34 188,296
NTT Urban Development Corp.
(a).......................... 123 98,131
Orix JREIT, Inc. (a)........... 29 118,619
Premier Investment Co. (a)..... 15 46,320
Shoei Co., Ltd. (a)............ 4,200 23,430
TOC Co., Ltd. ................. 12,000 43,009
Tokyu Land Corp. (a)........... 52,000 142,148
Tokyu REIT, Inc. (a)........... 18 95,495
Top REIT, Inc. (a)............. 17 61,790
United Urban Investment
Corp. ....................... 23 93,146
-----------
TOTAL JAPAN.................... 3,968,602
-----------
NETHERLANDS -- 1.8%
Corio NV (a)................... 7,605 314,425
Eurocommercial Properties NV
(a).......................... 3,531 95,872
VastNed Retail NV (a).......... 1,941 78,317
-----------
TOTAL NETHERLANDS.............. 488,614
-----------
</Table>
See accompanying notes to financial statements.
156
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NEW ZEALAND -- 0.5%
AMP NZ Office Trust (a)........ 61,090 $ 31,381
Goodman Property Trust (a)..... 77,333 35,310
ING Property Trust............. 62,223 20,953
Kiwi Income Property Trust
(a).......................... 82,932 45,440
-----------
TOTAL NEW ZEALAND.............. 133,084
-----------
SINGAPORE -- 3.6%
Ascendas REIT (a).............. 118,000 94,698
Cambridge Industrial Trust
(a).......................... 81,000 13,321
CapitaCommercial Trust (a)..... 92,000 53,256
CapitaLand, Ltd. .............. 284,500 436,051
CapitaMall Trust (a)........... 228,900 198,755
Frasers Commercial Trust (a)... 75,000 6,907
Guocoland, Ltd. (a)............ 21,000 13,538
Macquarie Prime REIT........... 78,000 23,346
Mapletree Logistics Trust...... 153,000 37,742
Singapore Land, Ltd. (a)....... 15,000 31,377
Suntec REIT (a)................ 171,000 70,866
United Industrial Corp., Ltd.
(a).......................... 58,000 38,916
-----------
TOTAL SINGAPORE................ 1,018,773
-----------
SOUTH AFRICA -- 0.5%
Capital Property Fund.......... 33,635 20,337
Fountainhead Property Trust.... 114,416 67,976
SA Corporate Real Estate Fund.. 92,847 23,431
Sycom Property Fund............ 11,416 20,527
-----------
TOTAL SOUTH AFRICA............. 132,271
-----------
SPAIN -- 0.0% (C)
Martinsa-Fadesa SA (b)(d)(e)... 178 0
-----------
SWEDEN -- 0.8%
Castellum AB (a)............... 18,342 102,722
Fabege AB (a).................. 14,479 50,789
Kungsleden AB (a).............. 15,680 59,934
-----------
TOTAL SWEDEN................... 213,445
-----------
SWITZERLAND -- 1.1%
PSP Swiss Property AG (b)...... 4,771 201,406
Swiss Prime Site AG (b)........ 2,630 117,963
-----------
TOTAL SWITZERLAND.............. 319,369
-----------
UNITED KINGDOM -- 6.7%
Big Yellow Group PLC........... 9,756 26,569
British Land Co. PLC........... 98,468 509,160
Brixton PLC.................... 28,680 7,297
Capital & Regional PLC......... 1,578 384
Derwent London PLC (a)......... 11,399 108,653
Grainger PLC................... 14,853 21,822
Great Portland Estates PLC
(a).......................... 20,794 72,650
Hammerson PLC (a).............. 78,806 287,475
Land Securities Group PLC (a).. 86,558 542,487
Liberty International PLC (a).. 34,428 192,085
Minerva PLC (b)................ 3,774 365
Quintain Estates & Development
PLC.......................... 3,042 367
Segro PLC (a).................. 89,967 29,337
Shaftesbury PLC................ 15,549 64,911
Workspace Group PLC............ 120,154 21,097
-----------
TOTAL UNITED KINGDOM........... 1,884,659
-----------
UNITED STATES -- 39.8%
Acadia Realty Trust............ 3,432 36,413
Alexander's, Inc. ............. 295 50,262
Alexandria Real Estate
Equities, Inc. .............. 4,370 159,068
AMB Property Corp. ............ 15,519 223,474
American Campus Communities,
Inc. ........................ 4,850 84,196
Apartment Investment &
Management Co. (Class A)..... 13,384 73,344
Ashford Hospitality Trust,
Inc. ........................ 10,640 16,386
Associated Estates Realty
Corp. ....................... 1,906 10,826
Avalonbay Communities, Inc. ... 8,959 421,611
BioMed Realty Trust, Inc. ..... 9,194 62,243
Boston Properties, Inc. ....... 13,490 472,555
Brandywine Realty Trust........ 10,140 28,899
BRE Properties, Inc. .......... 5,817 114,188
Camden Property Trust.......... 5,995 129,372
CBL & Associates Properties,
Inc. ........................ 7,598 17,931
Cedar Shopping Centers, Inc. .. 5,171 8,998
Colonial Properties Trust...... 4,807 18,315
Corporate Office Properties
Trust........................ 5,870 145,752
Cousins Properties, Inc. ...... 4,739 30,519
DCT Industrial Trust, Inc. .... 19,752 62,614
Developers Diversified Realty
Corp. ....................... 13,716 29,215
DiamondRock Hospitality Co. ... 10,378 41,616
Digital Realty Trust, Inc. .... 7,922 262,852
Douglas Emmett, Inc. .......... 12,471 92,161
Duke Realty Corp. ............. 16,664 91,652
DuPont Fabros Technology,
Inc. ........................ 4,029 27,719
EastGroup Properties, Inc. .... 2,821 79,185
Education Realty Trust, Inc. .. 3,046 10,631
Equity Lifestyle Properties,
Inc. ........................ 2,564 97,688
Equity One, Inc. .............. 3,877 47,261
Equity Residential............. 30,632 562,097
Essex Property Trust, Inc. .... 3,045 174,600
Extra Space Storage, Inc. ..... 9,740 53,667
Federal Realty Investment
Trust........................ 6,644 305,624
FelCor Lodging Trust, Inc. .... 7,183 9,769
First Industrial Realty Trust,
Inc. ........................ 5,179 12,689
First Potomac Realty Trust..... 3,131 23,013
Forest City Enterprises, Inc.
(Class A).................... 8,023 28,883
HCP, Inc. ..................... 28,569 509,957
Health Care REIT, Inc. ........ 12,522 383,048
Healthcare Realty Trust,
Inc. ........................ 6,692 100,313
Hersha Hospitality Trust....... 5,672 10,777
Highwoods Properties, Inc. .... 7,183 153,860
Home Properties, Inc. ......... 3,689 113,068
Hospitality Properties Trust... 10,676 128,112
Host Hotels & Resorts, Inc. ... 58,934 231,021
HRPT Properties Trust.......... 25,491 81,316
Inland Real Estate Corp. ...... 6,802 48,226
Kilroy Realty Corp. ........... 3,768 64,772
Kimco Realty Corp. ............ 26,084 198,760
Kite Realty Group Trust........ 3,926 9,619
LaSalle Hotel Properties....... 4,718 27,553
Liberty Property Trust......... 11,090 210,045
Mack-Cali Realty Corp. ........ 7,425 147,089
Mid-America Apartment
Communities, Inc. ........... 3,206 98,841
Nationwide Health Properties,
Inc. ........................ 11,574 256,827
Parkway Properties, Inc. ...... 1,723 17,747
Pennsylvania Real Estate
Investment Trust............. 4,528 16,074
</Table>
See accompanying notes to financial statements.
157
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Post Properties, Inc. ......... 5,054 $ 51,248
ProLogis....................... 30,225 196,462
PS Business Parks, Inc. ....... 1,746 64,340
Public Storage................. 14,536 803,114
Ramco-Gershenson Properties
Trust........................ 2,102 13,558
Regency Centers Corp. ......... 7,826 207,937
Saul Centers, Inc. ............ 1,336 30,688
Senior Housing Properties
Trust........................ 13,658 191,485
Simon Property Group, Inc. .... 26,912 932,232
SL Green Realty Corp. ......... 6,450 69,660
Sovran Self Storage, Inc. ..... 2,467 49,537
Sun Communities, Inc. ......... 1,908 22,572
Sunstone Hotel Investors,
Inc. ........................ 6,210 16,332
Tanger Factory Outlet Centers,
Inc. ........................ 3,576 110,355
Taubman Centers, Inc. ......... 5,986 102,001
The Macerich Co. .............. 8,683 54,356
U-Store-It Trust............... 5,629 11,371
UDR, Inc. ..................... 15,382 132,439
Universal Health Realty Income
Trust........................ 1,284 37,531
Ventas, Inc. .................. 16,156 365,287
Vornado Realty Trust........... 16,538 549,723
Washington Real Estate
Investment Trust............. 5,984 103,523
Weingarten Realty Investors.... 9,228 87,851
-----------
TOTAL UNITED STATES............ 11,127,915
-----------
TOTAL COMMON STOCKS --
(Cost $40,054,434)........... 27,719,361
-----------
RIGHTS -- 0.1%
UNITED KINGDOM -- 0.1%
Segro PLC (expiring 4/6/09) (b)
(Cost $176,633).............. 562,164 38,677
-----------
SHORT TERM INVESTMENTS -- 7.0%
UNITED STATES -- 7.0%
MONEY MARKET FUNDS -- 7.0%
State Street Navigator
Securities Lending Prime
Portfolio (f)(g)............. 1,733,000 1,733,000
STIC Prime Portfolio........... 207,766 207,766
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,940,766)............ 1,940,766
-----------
TOTAL INVESTMENTS -- 106.3%
(Cost $42,171,833)........... 29,698,804
OTHER ASSETS AND
LIABILITIES -- (6.3)%........ (1,758,237)
-----------
NET ASSETS -- 100.0%........... $27,940,567
===========
</Table>
(a) Security, or portion thereof, was on loan at March 31, 2009.
(b) Non-income producing security.
(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.
(e) Company has filed for insolvency.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
158
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 3.4%
Aristocrat Leisure, Ltd. ........ 7,418 $ 17,575
Crown, Ltd. ..................... 6,663 29,397
Fairfax Media, Ltd. ............. 57,360 40,452
Tatts Group, Ltd. ............... 11,364 21,871
----------
TOTAL AUSTRALIA.................. 109,295
----------
BELGIUM -- 0.5%
S.A. D'Ieteren NV................ 118 16,850
----------
CANADA -- 3.5%
Canadian Tire Corp., Ltd. (Class
A)............................. 627 21,828
Gildan Activewear, Inc. (a)...... 838 6,834
Magna International, Inc. (Class
A)............................. 692 18,447
Shaw Communications, Inc. ....... 2,087 31,882
Thomson Reuters Corp. ........... 1,397 35,976
----------
TOTAL CANADA..................... 114,967
----------
CHINA -- 2.3%
Esprit Holdings, Ltd. ........... 5,700 29,052
Giordano International, Ltd. .... 80,000 15,174
GOME Electrical Appliances
Holdings, Ltd. ................ 26,000 3,757
Li & Fung, Ltd. ................. 12,000 28,181
----------
TOTAL CHINA...................... 76,164
----------
FINLAND -- 0.8%
Nokian Renkaat Oyj............... 561 6,584
SanomaWSOY Oyj................... 1,672 21,356
----------
TOTAL FINLAND.................... 27,940
----------
FRANCE -- 11.4%
Accor SA......................... 923 32,126
Cie Generale des Etablissements
Michelin....................... 705 26,143
Havas SA......................... 9,322 24,011
Hermes International............. 267 31,040
LVMH Moet Hennessy Louis Vuitton
SA............................. 932 58,517
PPR.............................. 370 23,718
PSA Peugeot Citroen.............. 829 15,673
Renault SA....................... 787 16,180
Sodexo........................... 588 26,797
Thomson (a)...................... 4,652 4,243
Vivendi.......................... 4,231 111,929
----------
TOTAL FRANCE..................... 370,377
----------
GERMANY -- 9.1%
Adidas AG........................ 925 30,777
Bayerische Motoren Werke AG...... 1,319 38,159
Daimler AG....................... 3,388 85,827
Porsche Automobil Holding SE..... 379 17,803
Premiere AG (a).................. 701 1,927
TUI AG........................... 1,816 9,693
Volkswagen AG.................... 364 111,783
----------
TOTAL GERMANY.................... 295,969
----------
GREECE -- 1.2%
Jumbo SA......................... 1,982 15,000
OPAP SA.......................... 874 22,999
----------
TOTAL GREECE..................... 37,999
----------
ITALY -- 1.9%
Fiat SpA (a)..................... 3,783 26,469
Lottomatica SpA.................. 1,377 22,634
Pirelli & C. SpA................. 55,752 13,013
----------
TOTAL ITALY...................... 62,116
----------
JAPAN -- 39.7%
Aisin Seiki Co., Ltd. ........... 1,100 17,218
Aoyama Trading Co., Ltd. ........ 2,000 26,162
Benesse Corp. ................... 600 21,990
Bridgestone Corp. ............... 3,100 44,223
Casio Computer Co., Ltd. ........ 1,900 13,331
Denso Corp. ..................... 1,700 33,597
Dentsu, Inc. .................... 1,500 22,719
Fast Retailing Co., Ltd. ........ 300 33,927
Fuji Heavy Industries, Ltd. ..... 6,000 19,561
Gunze, Ltd. ..................... 10,000 28,551
Honda Motor Co., Ltd. ........... 5,600 131,254
Isetan Mitsukoshi Holdings,
Ltd. .......................... 2,600 19,927
Isuzu Motors, Ltd. .............. 6,000 7,229
Makita Corp. .................... 900 20,047
Mazda Motor Corp. (a)............ 7,000 11,623
Mitsubishi Motors Corp. (a)...... 17,000 21,515
Namco Bandai Holdings, Inc. ..... 2,000 19,905
Nikon Corp. ..................... 2,000 22,395
Nissan Motor Co., Ltd. .......... 8,000 28,349
Panasonic Corp. ................. 7,000 75,762
PARIS MIKI HOLDINGS, Inc. ....... 2,000 17,414
Pioneer Corp. (a)................ 5,200 6,792
Rakuten, Inc. ................... 31 14,814
Resorttrust, Inc. ............... 3,200 29,418
Sanyo Electric Co., Ltd. ........ 10,000 14,782
Sekisui Chemical Co., Ltd. ...... 4,000 19,844
Sekisui House, Ltd. ............. 4,000 30,131
Sharp Corp. ..................... 4,000 31,427
Shimano, Inc. ................... 600 18,011
Sony Corp. ...................... 3,700 74,847
Stanley Electric Co., Ltd. ...... 1,200 13,291
Sumitomo Forestry Co., Ltd. ..... 3,400 22,478
Suzuki Motor Corp. .............. 1,800 29,687
Toyobo Co., Ltd. ................ 17,000 21,859
Toyota Motor Corp. .............. 9,700 306,409
Yamada Denki Co., Ltd. .......... 500 19,540
----------
TOTAL JAPAN...................... 1,290,029
----------
LUXEMBOURG -- 0.9%
Reinet Investments SCA (a)....... 133 1,227
SES.............................. 1,421 27,130
----------
TOTAL LUXEMBOURG................. 28,357
----------
NETHERLANDS -- 2.1%
Reed Elsevier NV................. 3,490 37,366
Wolters Kluwer NV................ 1,892 30,672
----------
TOTAL NETHERLANDS................ 68,038
----------
NORWAY -- 0.2%
Schibsted ASA.................... 1,035 6,016
----------
SOUTH KOREA -- 3.3%
Hyundai Motor Co. ............... 1,237 49,632
LG Electronics, Inc. ............ 864 57,090
----------
TOTAL SOUTH KOREA................ 106,722
----------
</Table>
See accompanying notes to financial statements.
159
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SPAIN -- 1.6%
Industria de Diseno Textil SA.... 882 $ 34,370
La Seda de Barcelona SA (Class B)
(a)............................ 23,359 8,994
NH Hoteles SA.................... 3,106 8,247
----------
TOTAL SPAIN...................... 51,611
----------
SWEDEN -- 3.0%
Electrolux AB.................... 3,140 24,498
Eniro AB......................... 12,323 9,391
Hennes & Mauritz AB (Class B).... 1,676 62,642
----------
TOTAL SWEDEN..................... 96,531
----------
SWITZERLAND -- 1.4%
Cie Financiere Richemont SA
(Class A) (a).................. 974 15,230
Swatch Group AG.................. 259 31,320
----------
TOTAL SWITZERLAND................ 46,550
----------
UNITED KINGDOM -- 13.2%
British Sky Broadcasting Group
PLC............................ 5,280 32,808
Carnival PLC..................... 1,158 26,308
Compass Group PLC................ 8,251 37,727
Enterprise Inns PLC.............. 4,020 3,904
Home Retail Group PLC............ 5,828 18,775
Inchcape PLC..................... 8,546 9,218
Kingfisher PLC................... 15,757 33,810
Marks & Spencer Group PLC........ 7,561 32,079
Next PLC......................... 1,676 31,806
Pearson PLC...................... 4,836 48,626
Reed Elsevier PLC................ 5,517 39,618
Thomson Reuters PLC.............. 1,189 26,586
Tui Travel PLC................... 7,923 25,978
Virgin Media, Inc. .............. 2,897 13,906
Whitbread PLC.................... 1,637 18,489
WPP Group PLC.................... 5,619 31,632
----------
TOTAL UNITED KINGDOM............. 431,270
----------
TOTAL COMMON STOCKS --
(Cost $5,098,048).............. 3,236,801
----------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio (Cost
$4,292)........................ 4,292 4,292
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $5,102,340).............. 3,241,093
OTHER ASSETS AND
LIABILITIES -- 0.4%............ 11,400
----------
NET ASSETS -- 100.0%............. $3,252,493
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
160
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.0%
AUSTRALIA -- 7.8%
Coca-Cola Amatil, Ltd. .......... 5,988 $ 36,071
Foster's Group, Ltd. ............ 15,698 55,190
Wesfarmers, Ltd. ................ 6,612 86,597
Woolworths, Ltd. ................ 6,922 120,283
----------
TOTAL AUSTRALIA.................. 298,141
----------
BELGIUM -- 3.8%
Anheuser-Busch InBev NV -- VVPR
Strip (a)...................... 2,040 8
Anheuser-Busch InBev NV.......... 3,319 91,416
Delhaize Group................... 836 54,177
----------
TOTAL BELGIUM.................... 145,601
----------
CANADA -- 2.8%
Loblaw Co., Ltd. ................ 1,585 39,494
Shoppers Drug Mart Corp. ........ 1,667 57,424
Viterra, Inc. (a)................ 1,572 10,970
----------
TOTAL CANADA..................... 107,888
----------
DENMARK -- 1.0%
Carlsberg A/S (Class B).......... 921 37,760
----------
FINLAND -- 0.5%
Kesko Oyj (Class B).............. 924 19,175
----------
FRANCE -- 10.4%
Carrefour SA..................... 2,711 105,822
Casino Guichard-Perrachon SA..... 470 30,589
Groupe Danone.................... 2,519 122,609
L'Oreal SA....................... 1,188 81,705
Pernod -- Ricard SA.............. 1,077 60,021
----------
TOTAL FRANCE..................... 400,746
----------
GERMANY -- 0.9%
Beiersdorf AG.................... 751 33,692
----------
GREECE -- 0.1%
Alapis Holding Industrial and
Commercial SA.................. 6,089 4,285
----------
IRELAND -- 0.4%
Kerry Group PLC (Class A)........ 703 14,234
----------
ITALY -- 0.9%
Parmalat SpA..................... 17,146 35,308
----------
JAPAN -- 14.8%
Aeon Co., Ltd. .................. 4,500 29,341
Ajinomoto Co., Inc. ............. 5,000 35,183
Asahi Breweries, Ltd. ........... 3,700 44,054
Japan Tobacco, Inc. ............. 28 74,245
Kao Corp. ....................... 4,000 77,716
Kirin Holdings Co., Ltd. ........ 6,000 63,298
Lawson, Inc. .................... 1,100 45,439
Nichirei Corp. .................. 8,000 28,268
Seven & I Holdings Co., Ltd. .... 4,800 104,971
Shiseido Co., Ltd. .............. 3,000 43,586
UNY Co., Ltd. ................... 3,000 23,327
----------
TOTAL JAPAN...................... 569,428
----------
LUXEMBOURG -- 0.2%
Oriflame Cosmetics SA SDR........ 232 7,212
----------
NETHERLANDS -- 7.0%
Heineken NV...................... 1,537 43,671
Koninklijke Ahold NV............. 6,426 70,387
Unilever NV...................... 7,963 157,001
----------
TOTAL NETHERLANDS................ 271,059
----------
NORWAY -- 0.1%
Marine Harvest (a)............... 15,432 4,845
----------
SINGAPORE -- 1.0%
Golden Agri-Resources, Ltd. ..... 43,680 7,902
Wilmar International, Ltd. ...... 15,000 31,279
----------
TOTAL SINGAPORE.................. 39,181
----------
SPAIN -- 1.3%
Ebro Puleva SA................... 3,062 35,938
SOS Cuetara SA................... 2,234 14,979
----------
TOTAL SPAIN...................... 50,917
----------
SWEDEN -- 0.7%
Swedish Match AB................. 1,790 25,765
----------
SWITZERLAND -- 16.5%
Lindt & Spruengli AG............. 24 32,168
Nestle SA........................ 17,772 601,439
----------
TOTAL SWITZERLAND................ 633,607
----------
UNITED KINGDOM -- 27.8%
British American Tobacco PLC..... 8,463 195,664
Cadbury PLC...................... 7,646 57,756
Diageo PLC....................... 12,415 139,958
Imperial Tobacco Group PLC....... 5,172 116,166
J Sainsbury PLC.................. 7,720 34,635
Reckitt Benckiser PLC............ 3,013 113,106
SABMiller PLC.................... 3,573 53,109
Tate & Lyle PLC.................. 3,592 13,412
Tesco PLC........................ 37,361 178,541
Unilever PLC..................... 6,438 121,624
William Morrison Supermarkets
PLC............................ 12,075 44,221
----------
TOTAL UNITED KINGDOM............. 1,068,192
----------
TOTAL COMMON STOCKS --
(Cost $5,306,080).............. 3,767,036
----------
PREFERRED STOCK -- 1.4%
GERMANY -- 1.4%
Henkel AG & Co. KGaA (Cost
$70,891)....................... 1,914 52,044
----------
SHORT TERM INVESTMENTS -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUND -- 0.4%
STIC Prime Portfolio (Cost
$16,751)....................... 16,751 16,751
----------
TOTAL INVESTMENTS -- 99.8%
(Cost $5,393,722).............. 3,835,831
OTHER ASSETS AND
LIABILITIES -- 0.2%............ 8,684
----------
NET ASSETS -- 100.0%............. $3,844,515
==========
</Table>
(a) Non-income producing security.
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
161
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 4.8%
Origin Energy, Ltd. ............. 4,706 $ 48,392
Santos, Ltd. .................... 3,575 41,854
Woodside Petroleum, Ltd. ........ 2,690 71,209
WorleyParsons, Ltd. ............. 1,428 17,859
----------
TOTAL AUSTRALIA.................. 179,314
----------
AUSTRIA -- 0.8%
OMV AG........................... 929 31,083
----------
CANADA -- 25.8%
Bonavista Energy Trust........... 1,398 17,001
Cameco Corp. .................... 2,096 35,901
Canadian Natural Resources,
Ltd. .......................... 2,929 113,864
Canadian Oil Sands Trust......... 1,365 26,309
Enbridge, Inc. .................. 2,130 61,539
EnCana Corp. .................... 3,661 150,147
Enerplus Resources Fund.......... 1,165 19,260
Husky Energy, Inc. .............. 1,630 34,656
Imperial Oil, Ltd. .............. 1,630 59,336
Nexen, Inc. ..................... 2,795 47,496
Niko Resources, Ltd. ............ 466 21,734
OPTI Canada, Inc. (a)............ 2,096 1,649
Penn West Energy Trust........... 1,398 13,267
Petro-Canada..................... 2,329 62,698
Provident Energy Trust........... 4,659 17,812
Suncor Energy, Inc. ............. 5,060 113,173
Talisman Energy, Inc. ........... 5,590 59,315
TransCanada Corp. ............... 3,329 78,929
Vermilion Energy Trust........... 1,165 24,908
----------
TOTAL CANADA..................... 958,994
----------
FRANCE -- 12.8%
Bourbon SA....................... 771 25,172
Cie Generale de Geophysique-
Veritas (a).................... 983 11,417
Technip SA....................... 699 24,696
Total SA......................... 8,348 414,805
----------
TOTAL FRANCE..................... 476,090
----------
HONG KONG -- 0.2%
Mongolia Energy Co., Ltd. (a).... 24,000 6,937
----------
ITALY -- 5.6%
Eni SpA.......................... 8,290 160,917
Saipem SpA....................... 1,451 25,815
Saras SpA........................ 8,835 23,132
----------
TOTAL ITALY...................... 209,864
----------
JAPAN -- 2.9%
Inpex Holdings, Inc. ............ 5 34,575
Nippon Mining Holdings, Inc. .... 7,000 27,640
Nippon Oil Corp. ................ 9,000 44,376
----------
TOTAL JAPAN...................... 106,591
----------
LUXEMBOURG -- 0.8%
Acergy SA........................ 4,571 28,501
----------
NETHERLANDS -- 0.5%
SBM Offshore NV.................. 1,374 18,297
----------
NORWAY -- 3.6%
Aker Solutions ASA............... 3,334 21,504
StatoilHydro ASA................. 6,357 111,942
----------
TOTAL NORWAY..................... 133,446
----------
PAPUA NEW GUINEA -- 0.8%
Oil Search, Ltd. ................ 7,668 28,024
----------
PORTUGAL -- 0.8%
Galp Energia SGPS SA (Class B)... 2,558 30,498
----------
SPAIN -- 2.9%
Cia Espanola de Petroleos SA..... 727 30,637
Repsol YPF SA.................... 4,409 76,275
----------
TOTAL SPAIN...................... 106,912
----------
SWITZERLAND -- 3.7%
Transocean, Ltd. (a)............. 1,800 105,912
Weatherford International, Ltd.
(a)............................ 2,753 30,476
----------
TOTAL SWITZERLAND................ 136,388
----------
UNITED KINGDOM -- 33.5%
Amec PLC......................... 2,874 21,976
BG Group PLC..................... 12,424 187,874
BP PLC........................... 65,932 445,585
Cairn Energy PLC (a)............. 757 23,600
Royal Dutch Shell PLC (Class A).. 13,252 298,408
Royal Dutch Shell PLC (Class B).. 9,707 213,016
Tullow Oil PLC................... 4,714 54,257
----------
TOTAL UNITED KINGDOM............. 1,244,716
----------
TOTAL COMMON STOCKS --
(Cost $6,198,618).............. 3,695,655
----------
SHORT TERM INVESTMENTS -- 0.7%
UNITED STATES -- 0.7%
MONEY MARKET FUNDS -- 0.7%
STIC Prime Portfolio (Cost
$25,378)....................... 25,378 25,378
----------
TOTAL INVESTMENTS -- 100.2%
(Cost $6,223,996).............. 3,721,033
OTHER ASSETS AND
LIABILITIES -- (0.2)%.......... (8,844)
----------
NET ASSETS -- 100.0%............. $3,712,189
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
162
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.4%
AUSTRALIA -- 12.2%
AMP, Ltd. ...................... 5,392 $ 17,608
Australia & New Zealand Banking
Group, Ltd. .................. 3,439 37,633
Commonwealth Bank of Australia.. 2,285 55,141
Commonwealth Property Office
Fund.......................... 30,335 19,074
Macquarie Group, Ltd. .......... 780 14,660
National Australia Bank, Ltd. .. 2,888 40,332
QBE Insurance Group, Ltd. ...... 1,962 26,275
Westfield Group................. 4,088 28,403
Westpac Banking Corp. .......... 4,393 58,268
----------
TOTAL AUSTRALIA................. 297,394
----------
BELGIUM -- 1.7%
Fortis.......................... 3,678 6,754
Gimv NV......................... 647 27,996
RHJ International (a)........... 2,069 7,389
----------
TOTAL BELGIUM................... 42,139
----------
CANADA -- 11.9%
Bank of Montreal................ 1,044 27,375
Bank of Nova Scotia............. 1,616 39,907
Brookfield Asset Management,
Inc. (Class A)................ 1,313 18,336
Canadian Imperial Bank of
Commerce...................... 751 27,386
Manulife Financial Corp. ....... 2,424 27,358
Royal Bank of Canada............ 2,263 66,155
Sun Life Financial, Inc. ....... 1,247 22,638
TMX Group, Inc. ................ 586 16,651
Toronto-Dominion Bank........... 1,276 44,077
----------
TOTAL CANADA.................... 289,883
----------
CHINA -- 5.4%
Bank of East Asia, Ltd. ........ 6,870 13,261
Cheung Kong Holdings, Ltd. ..... 4,000 34,452
GZI REIT........................ 101,000 26,325
Hong Kong Exchanges and
Clearing, Ltd. ............... 2,300 21,724
New World Development Co.,
Ltd. ......................... 10,410 10,383
Sun Hung Kai Properties, Ltd. .. 3,000 26,865
----------
TOTAL CHINA..................... 133,010
----------
DENMARK -- 0.5%
Jyske Bank A/S (a).............. 519 11,842
----------
FINLAND -- 0.7%
Sponda Oyj (a).................. 3,010 8,272
Technopolis Oyj................. 2,680 8,362
----------
TOTAL FINLAND................... 16,634
----------
FRANCE -- 5.5%
AXA............................. 2,389 28,705
BNP Paribas..................... 1,187 49,044
Societe Generale................ 817 32,000
Store Electronic (a)............ 532 7,749
Unibail-Rodamco................. 122 17,272
----------
TOTAL FRANCE.................... 134,770
----------
GERMANY -- 5.9%
Allianz SE...................... 632 53,082
Deutsche Bank AG................ 841 33,833
Deutsche Boerse AG.............. 361 21,751
Muenchener Rueckversicherungs-
Gesellschaft AG............... 297 36,199
----------
TOTAL GERMANY................... 144,865
----------
ITALY -- 6.0%
Assicurazioni Generali SpA...... 1,444 24,732
Banca Monte dei Paschi di Siena
SpA........................... 10,944 15,141
Banca Popolare dell'Etruria e
del Lazio Scrl................ 3,307 15,368
Banco Popolare Societa
Cooperativa Scarl............. 1,519 6,978
Intesa Sanpaolo SpA............. 11,982 32,970
UniCredit SpA................... 19,618 32,350
Unione di Banche Italiane ScpA.. 1,679 18,491
----------
TOTAL ITALY..................... 146,030
----------
JAPAN -- 17.2%
Chuo Mitsui Trust Holdings,
Inc. ......................... 3,000 9,112
Daito Trust Construction Co.,
Ltd. ......................... 600 20,046
Daiwa House Industry Co.,
Ltd. ......................... 3,000 24,056
Daiwa Securities Group, Inc. ... 4,000 17,333
Mitsubishi Estate Co., Ltd. .... 1,990 22,203
Mitsubishi UFJ Financial Group,
Inc. ......................... 14,400 69,398
Mitsui Fudosan Co., Ltd. ....... 1,928 20,828
Mitsui Sumitomo Insurance Group
Holdings, Inc. ............... 900 20,730
Mizuho Financial Group, Inc. ... 17,000 32,358
Nomura Holdings, Inc. .......... 3,800 19,044
ORIX Corp. ..................... 220 7,061
Resona Holdings, Inc. .......... 1,400 18,568
Sompo Japan Insurance, Inc. .... 3,000 15,339
Sumitomo Mitsui Financial Group,
Inc. ......................... 1,200 41,429
Sumitomo Realty & Development
Co., Ltd. .................... 574 6,294
T&D Holdings, Inc. ............. 500 11,922
The Bank of Yokohama, Ltd. ..... 4,000 16,928
The Sumitomo Trust & Banking
Co., Ltd. .................... 4,000 15,106
Tokio Marine Holdings, Inc. .... 1,300 31,523
----------
TOTAL JAPAN..................... 419,278
----------
NETHERLANDS -- 1.7%
Aegon NV........................ 2,940 11,414
ING Groep NV.................... 3,259 17,957
Van Lanschot NV................. 267 13,513
----------
TOTAL NETHERLANDS............... 42,884
----------
NORWAY -- 0.5%
Sparebanken Rogaland............ 3,561 12,394
----------
PORTUGAL -- 0.4%
Banco Comercial Portugues SA
(a)........................... 11,226 9,211
----------
SINGAPORE -- 2.9%
City Developments, Ltd. ........ 4,000 13,419
Oversea-Chinese Banking Corp.,
Ltd. ......................... 10,000 31,838
United Overseas Bank, Ltd. ..... 4,000 25,576
----------
TOTAL SINGAPORE................. 70,833
----------
</Table>
See accompanying notes to financial statements.
163
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SPAIN -- 7.9%
Banco Bilbao Vizcaya Argentaria
SA............................ 5,613 $ 45,534
Banco de Sabadell SA............ 3,480 17,465
Banco Guipuzcoano SA............ 1,792 11,658
Banco Pastor SA................. 1,785 9,859
Banco Popular Espanol SA........ 3,651 23,122
Banco Santander SA.............. 9,701 66,848
Corporacion Financiera Alba SA.. 462 17,359
----------
TOTAL SPAIN..................... 191,845
----------
SWEDEN -- 1.6%
Investor AB..................... 1,589 20,037
Nordea Bank AB.................. 3,725 18,473
----------
TOTAL SWEDEN.................... 38,510
----------
SWITZERLAND -- 6.2%
Credit Suisse Group AG.......... 1,548 47,187
Julius Baer Holding AG.......... 503 12,386
Swiss Life Holding (a).......... 2 138
Swiss Reinsurance............... 735 12,049
UBS AG.......................... 4,139 38,949
Zurich Financial Services AG.... 257 40,707
----------
TOTAL SWITZERLAND............... 151,416
----------
UNITED KINGDOM -- 10.2%
Aviva PLC....................... 4,152 12,870
Barclays PLC.................... 13,553 28,751
British Land Co. PLC............ 2,076 10,734
Hardy Underwriting Bermuda
Ltd. ......................... 2,925 10,817
HSBC Holdings PLC............... 15,018 85,028
Lloyds Banking Group PLC........ 15,004 15,205
Man Group PLC................... 3,033 9,499
Prudential PLC.................. 3,491 16,863
Royal Bank of Scotland Group
PLC........................... 23,118 8,118
RSA Insurance Group PLC......... 6,039 11,261
Safestore Holdings PLC.......... 11,889 9,117
Standard Chartered PLC.......... 1,793 22,269
Standard Life PLC............... 3,774 8,985
----------
TOTAL UNITED KINGDOM............ 249,517
----------
TOTAL COMMON STOCKS --
(Cost $4,493,335)............. 2,402,455
----------
RIGHTS -- 0.7%
BELGIUM -- 0.0% (B)
Fortis (expiring 7/4/14)
(a)(c)........................ 3,678 0
----------
SWEDEN -- 0.2%
Nordea Bank AB (expiring 4/3/09)
(a)........................... 40,975 4,659
----------
UNITED KINGDOM -- 0.5%
HSBC Holdings PLC (expiring
4/3/09) (a)................... 5,537 11,190
Royal Bank of Scotland Group PLC
(expiring 4/6/09) (a)......... 9,907 0
----------
TOTAL UNITED KINGDOM............ 11,190
----------
TOTAL RIGHTS --
(Cost $11,250)................ 15,849
----------
SHORT TERM INVESTMENT -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
STIC Prime Portfolio (Cost
$967)......................... 967 967
----------
TOTAL INVESTMENTS -- 99.1%
(Cost $4,505,552)............. 2,419,271
OTHER ASSETS AND
LIABILITIES -- 0.9%........... 21,826
----------
NET ASSETS -- 100.0%............ $2,441,097
==========
</Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
(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.
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
164
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.6%
AUSTRALIA -- 4.0%
Cochlear, Ltd. .................. 439 $ 15,282
CSL, Ltd. ....................... 4,764 107,543
Primary Health Care, Ltd. ....... 3,658 11,564
Sonic Healthcare, Ltd. .......... 4,786 36,811
----------
TOTAL AUSTRALIA.................. 171,200
----------
BELGIUM -- 1.0%
UCB SA........................... 1,463 43,102
----------
CANADA -- 0.2%
MDS, Inc. (a).................... 1,671 7,849
----------
DENMARK -- 6.3%
Coloplast A/S (Class B).......... 533 32,779
Genmab A/S (a)................... 279 10,544
H. Lundbeck A/S.................. 1,021 17,381
Novo-Nordisk A/S (Class B)....... 4,174 199,777
William Demant A/S (a)........... 311 12,501
----------
TOTAL DENMARK.................... 272,982
----------
FINLAND -- 0.6%
Orion Oyj (Class A).............. 919 13,287
Orion Oyj (Class B).............. 900 13,025
----------
TOTAL FINLAND.................... 26,312
----------
FRANCE -- 9.8%
bioMerieux....................... 279 21,796
Essilor International SA......... 2,219 85,733
Ipsen SA......................... 524 20,169
Orpea (a)........................ 848 33,518
Sanofi-Aventis................... 4,674 262,996
----------
TOTAL FRANCE..................... 424,212
----------
GERMANY -- 9.4%
Bayer AG......................... 3,871 185,023
Celesio AG....................... 1,236 22,778
Fresenius Medical Care AG & Co.
KGaA........................... 2,145 83,330
Fresenius SE..................... 326 12,357
Merck KGaA....................... 588 51,962
Rhoen-Klinikum AG................ 913 16,971
Schwarz Pharma AG................ 141 21,454
Stada Arzneimittel AG............ 692 11,319
----------
TOTAL GERMANY.................... 405,194
----------
IRELAND -- 0.5%
Elan Corp. PLC (a)............... 3,348 23,470
----------
ITALY -- 0.3%
Recordati SpA.................... 2,614 14,230
----------
JAPAN -- 19.0%
Alfresa Holdings Corp. .......... 200 7,249
Astellas Pharma, Inc. ........... 3,400 103,959
Chugai Pharmaceutical Co.,
Ltd. .......................... 2,125 35,714
Daiichi Sankyo Co., Ltd. ........ 5,100 85,095
Dainippon Sumitomo Pharma Co.,
Ltd. .......................... 1,000 8,282
Eisai Co., Ltd. ................. 2,400 69,981
Hisamitsu Pharmaceutical Co.,
Inc. .......................... 600 18,467
Kyowa Hakko Kogyo Co., Ltd. ..... 2,422 20,279
Mediceo Paltac Holdings Co.,
Ltd. .......................... 1,600 17,025
Mitsubishi Tanabe Pharma Corp. .. 2,000 19,662
Olympus Corp. ................... 2,000 31,994
Ono Pharmaceutical Co., Ltd. .... 1,200 52,364
Shionogi & Co., Ltd. ............ 3,000 51,149
Suzuken Co., Ltd. ............... 700 18,250
Taisho Pharmaceutical Co.,
Ltd. .......................... 2,000 37,015
Takeda Pharmaceutical Co.,
Ltd. .......................... 5,600 192,771
Terumo Corp. .................... 1,400 51,453
----------
TOTAL JAPAN...................... 820,709
----------
NETHERLANDS -- 1.0%
OPG Groep NV..................... 1,126 10,300
Qiagen NV (a).................... 2,154 34,433
----------
TOTAL NETHERLANDS................ 44,733
----------
NEW ZEALAND -- 0.4%
Fisher & Paykel Healthcare Corp.,
Ltd. .......................... 10,469 18,882
----------
SINGAPORE -- 0.3%
Parkway Holdings, Ltd. .......... 16,000 12,209
----------
SPAIN -- 0.7%
Faes Farma SA (b)................ 213 758
Faes Farma SA (b)................ 1,707 6,074
Grifols SA....................... 1,583 22,804
----------
TOTAL SPAIN...................... 29,636
----------
SWEDEN -- 1.0%
Elekta AB (Class B).............. 737 7,377
Getinge AB (Class B)............. 2,936 28,322
Meda AB (Class A)................ 1,635 9,651
----------
TOTAL SWEDEN..................... 45,350
----------
SWITZERLAND -- 25.9%
Acino Holding AG................. 67 9,016
Actelion, Ltd. (a)............... 1,072 48,978
Bachem Holding AG (Class B)...... 497 27,100
Basilea Pharmaceutica AG (a)..... 120 7,493
Coltene Holding AG............... 202 8,128
Galenica AG...................... 78 22,552
Lonza Group AG................... 496 49,074
Nobel Biocare Holding AG......... 1,737 29,667
Novartis AG...................... 8,709 329,962
Roche Holding AG (b)............. 228 32,564
Roche Holding AG (b)............. 2,882 395,909
Sonova Holding AG................ 727 43,989
Straumann Holding AG............. 116 17,996
Synthes, Inc. ................... 804 89,659
Tecan Group AG................... 314 8,423
----------
TOTAL SWITZERLAND................ 1,120,510
----------
UNITED KINGDOM -- 17.2%
AstraZeneca PLC.................. 7,015 246,447
Consort Medical PLC.............. 1,395 6,783
GlaxoSmithKline PLC.............. 21,719 338,549
Hikma Pharmaceuticals PLC........ 2,154 11,146
Shire, Ltd. ..................... 5,683 70,298
Smith & Nephew PLC............... 7,997 49,518
SSL International PLC............ 3,749 24,127
----------
TOTAL UNITED KINGDOM............. 746,868
----------
TOTAL COMMON STOCKS --
(Cost $6,047,665).............. 4,227,448
----------
PREFERRED STOCK -- 1.0%
GERMANY -- 1.0%
Fresenius SE (Cost $79,650)...... 973 44,646
----------
</Table>
See accompanying notes to financial statements.
165
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENT -- 1.0%
UNITED STATES -- 1.0%
MONEY MARKET FUND -- 1.0%
STIC Prime Portfolio (Cost
$42,282)....................... 42,282 $ 42,282
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $6,169,597).............. 4,314,376
OTHER ASSETS AND
LIABILITIES -- 0.4%............ 15,558
----------
NET ASSETS -- 100.0%............. $4,329,934
==========
</Table>
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
See accompanying notes to financial statements.
166
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
AUSTRALIA -- 4.4%
Boom Logistics, Ltd. ............ 47,383 $ 14,979
Bradken, Ltd. ................... 4,610 5,301
Brambles, Ltd. .................. 5,970 19,910
GWA International, Ltd. ......... 14,674 24,469
Leighton Holdings, Ltd. ......... 581 7,791
Macquarie Infrastructure Group... 15,750 16,086
Toll Holdings, Ltd. ............. 4,399 19,103
Transurban Group................. 7,768 25,205
Virgin Blue Holdings, Ltd. (a)... 4,321 766
----------
TOTAL AUSTRALIA.................. 133,610
----------
AUSTRIA -- 0.8%
Andritz AG....................... 455 13,991
Zumtobel AG...................... 1,352 9,783
----------
TOTAL AUSTRIA.................... 23,774
----------
BELGIUM -- 0.5%
Bekaert NV....................... 233 15,712
----------
CANADA -- 4.7%
Bombardier, Inc. ................ 4,976 11,628
CAE, Inc. ....................... 2,290 13,887
Canadian National Railway Co. ... 1,538 55,254
Canadian Pacific Railway, Ltd. .. 649 19,354
SNC-Lavalin Group, Inc. ......... 721 18,367
Toromont Industries Ltd. ........ 1,304 24,315
----------
TOTAL CANADA..................... 142,805
----------
CHINA -- 2.4%
Hopewell Highway Infrastructure,
Ltd. .......................... 48,000 27,066
Hutchison Whampoa, Ltd. ......... 6,000 29,419
Jardine Matheson Holdings,
Ltd. .......................... 951 17,308
----------
TOTAL CHINA...................... 73,793
----------
DENMARK -- 1.9%
A P Moller -- Maersk A/S......... 5 21,926
FLSmidth & Co. A/S............... 275 6,986
NKT Holding A/S.................. 356 6,171
Vestas Wind Systems A/S (a)...... 563 24,688
----------
TOTAL DENMARK.................... 59,771
----------
FINLAND -- 1.5%
Kone Oyj (Class B)............... 1,012 20,961
Metso Oyj........................ 648 7,657
Wartsila Oyj (Class B)........... 455 9,599
YIT Oyj.......................... 943 6,323
----------
TOTAL FINLAND.................... 44,540
----------
FRANCE -- 8.0%
Air France-KLM................... 1,368 12,169
Alstom SA........................ 627 32,454
Bouygues SA...................... 963 34,419
Cie de Saint-Gobain.............. 1,188 33,313
Eiffage SA....................... 273 12,697
Schneider Electric SA............ 698 46,439
Vallourec SA..................... 180 16,684
Vinci SA......................... 1,496 55,525
----------
TOTAL FRANCE..................... 243,700
----------
GERMANY -- 8.6%
Deutsche Lufthansa AG............ 1,611 17,475
Deutsche Post AG................. 2,504 26,962
GEA Group AG..................... 877 9,350
Hochtief AG...................... 279 10,561
Kloeckner & Co. AG............... 445 4,390
MAN AG........................... 358 15,590
Pfeiffer Vacuum Technology AG.... 308 18,197
Q-Cells AG (a)................... 165 3,216
SGL Carbon AG (a)................ 331 7,889
Siemens AG....................... 2,498 142,647
Solarworld AG.................... 362 7,411
----------
TOTAL GERMANY.................... 263,688
----------
IRELAND -- 0.6%
DCC PLC.......................... 1,308 19,798
----------
ITALY -- 2.4%
Ansaldo STS SpA.................. 2,741 43,525
Autostrada Torino-Milano SpA..... 2,001 11,424
Finmeccanica SpA................. 1,496 18,611
----------
TOTAL ITALY...................... 73,560
----------
JAPAN -- 32.3%
Asahi Glass Co., Ltd. ........... 4,000 21,019
Central Japan Railway Co. ....... 6 33,654
Daikin Industries, Ltd. ......... 900 24,420
East Japan Railway Co. .......... 1,000 51,939
Fanuc, Ltd. ..................... 600 40,275
Futaba Corp. .................... 2,300 35,908
Hankyu Hanshin Holdings, Inc. ... 7,000 31,680
IHI Corp. (a).................... 12,000 13,607
Itochu Corp. .................... 5,000 24,198
Iwatani Corp. ................... 14,000 31,042
Jgc Corp. ....................... 1,000 11,299
Kajima Corp. .................... 7,000 17,151
Kamigumi Co., Ltd. .............. 6,000 39,789
Kawasaki Heavy Industries,
Ltd. .......................... 11,000 21,828
Kawasaki Kisen Kaisha, Ltd. ..... 3,000 9,264
Kokuyo Co., Ltd. ................ 3,800 27,701
Komatsu, Ltd. ................... 2,700 29,250
Kubota Corp. .................... 5,000 27,083
Marubeni Corp. .................. 5,000 15,440
MEITEC Corp. .................... 1,600 19,698
MISUMI Group, Inc. .............. 2,000 24,036
Mitsubishi Corp. ................ 4,100 53,341
Mitsubishi Electric Corp. ....... 6,000 26,790
Mitsubishi Heavy Industries,
Ltd. .......................... 12,000 36,205
Mitsui & Co., Ltd. .............. 5,000 49,914
Mitsui OSK Lines, Ltd. .......... 4,000 19,480
NGK Insulators, Ltd. ............ 1,000 15,237
Nippon Sheet Glass Co., Ltd. .... 5,000 12,251
Nippon Yusen KK.................. 4,000 15,268
Secom Co., Ltd. ................. 1,000 36,752
Sojitz Corp. .................... 6,000 7,107
Sumitomo Corp. .................. 3,900 33,286
Sumitomo Electric Industries,
Ltd. .......................... 2,900 24,106
Sumitomo Heavy Industries,
Ltd. .......................... 4,000 13,162
The Japan Steel Works, Ltd. ..... 2,000 18,730
THK Co., Ltd. ................... 1,400 18,738
Tokyu Corp. ..................... 6,000 25,028
Yamato Holdings Co., Ltd. ....... 3,000 28,156
----------
TOTAL JAPAN...................... 983,832
----------
</Table>
See accompanying notes to financial statements.
167
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NETHERLANDS -- 3.9%
Aalberts Industries NV........... 1,457 $ 7,854
European Aeronautic Defence and
Space Co. NV................... 1,861 21,645
Koninklijke (Royal) Philips
Electronics NV................. 2,829 41,617
Koninklijke BAM Groep NV......... 1,225 10,883
Randstad Holding NV.............. 677 11,487
TNT NV........................... 1,450 24,796
----------
TOTAL NETHERLANDS................ 118,282
----------
NORWAY -- 1.0%
Orkla ASA........................ 3,552 24,304
Renewable Energy Corp AS (a)..... 638 5,509
----------
TOTAL NORWAY..................... 29,813
----------
SINGAPORE -- 2.3%
Fraser and Neave, Ltd. .......... 11,000 18,307
Haw Par Corp., Ltd. ............. 12,000 27,628
Keppel Corp., Ltd. .............. 5,000 16,478
Neptune Orient Lines, Ltd. ...... 9,000 6,986
----------
TOTAL SINGAPORE.................. 69,399
----------
SPAIN -- 3.2%
Abertis Infraestructuras SA...... 1,924 30,067
ACS, Actividades de Construccion
y Servicios SA................. 1,025 42,514
Gamesa Corp. Tecnologica SA...... 657 8,426
Grupo Ferrovial SA............... 506 10,789
Sacyr Vallehermoso SA............ 833 6,415
----------
TOTAL SPAIN...................... 98,211
----------
SWEDEN -- 3.9%
Alfa Laval AB.................... 1,813 13,651
Atlas Copco AB (Class B)......... 3,461 23,444
B&B Tools AB..................... 1,164 6,223
Loomis AB (Class B) (a).......... 492 3,779
Sandvik AB....................... 3,464 19,735
Securitas AB (Class B)........... 2,464 17,882
Trelleborg AB (Class B).......... 2,240 8,481
Volvo AB ADR (Class A)........... 4,662 24,699
----------
TOTAL SWEDEN..................... 117,894
----------
SWITZERLAND -- 6.4%
ABB, Ltd. (a).................... 6,498 90,808
Adecco SA........................ 626 19,589
Geberit AG....................... 220 19,793
Kaba Holding AG.................. 109 16,776
Kuehne & Nagel International AG.. 354 20,688
SGS SA........................... 27 28,376
----------
TOTAL SWITZERLAND................ 196,030
----------
UNITED KINGDOM -- 10.3%
Aggreko PLC...................... 1,867 13,160
Babcock International Group PLC.. 2,122 13,064
BAE Systems PLC.................. 10,791 51,738
British Airways PLC.............. 4,906 9,901
Capita Group PLC................. 3,805 37,005
Charter International PLC........ 999 6,530
De La Rue PLC.................... 1,296 18,056
Experian PLC..................... 4,685 29,329
FirstGroup PLC................... 3,352 12,852
Intertek Group PLC............... 1,561 19,813
Invensys PLC (a)................. 3,313 7,897
Rentokil Initial PLC............. 13,709 8,744
Rolls-Royce Group PLC (a)........ 6,999 29,494
Serco Group PLC.................. 4,137 21,688
Smiths Group PLC................. 2,177 20,875
Wolseley PLC (a)................. 3,888 12,859
----------
TOTAL UNITED KINGDOM............. 313,005
----------
TOTAL COMMON STOCKS --
(Cost $5,478,658).............. 3,021,217
----------
SHORT TERM INVESTMENT -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUND -- 0.4%
STIC Prime Portfolio (Cost
$11,288)....................... 11,288 11,288
----------
TOTAL INVESTMENTS -- 99.5%
(Cost $5,489,946).............. 3,032,505
OTHER ASSETS AND
LIABILITIES -- 0.5%............ 14,413
----------
NET ASSETS -- 100.0%............. $3,046,918
==========
</Table>
(a) Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
168
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
AUSTRALIA -- 15.7%
Alumina, Ltd. ................... 7,639 $ 6,794
Amcor, Ltd. ..................... 562 1,738
BHP Billiton, Ltd. .............. 12,139 269,135
BlueScope Steel, Ltd. ........... 5,261 9,394
Boral, Ltd. ..................... 6,619 16,602
Fortescue Metals Group, Ltd.
(a)............................ 6,257 11,086
Iluka Resources, Ltd. (a)........ 5,281 14,787
Incitec Pivot, Ltd. ............. 5,420 7,984
Mineral Deposits, Ltd. (a)....... 3,359 1,564
Newcrest Mining, Ltd. ........... 1,947 44,276
OneSteel, Ltd. .................. 6,585 10,294
Orica, Ltd. ..................... 1,773 18,219
OZ Minerals, Ltd. ............... 16,193 6,188
Rio Tinto, Ltd. ................. 1,018 40,012
Sims Metal Management, Ltd. ..... 1,329 15,513
----------
TOTAL AUSTRALIA.................. 473,586
----------
AUSTRIA -- 0.6%
RHI AG (a)....................... 798 11,030
Voestalpine AG................... 635 8,304
----------
TOTAL AUSTRIA.................... 19,334
----------
BELGIUM -- 1.3%
Tessenderlo Chemie NV............ 784 23,837
Umicore.......................... 824 15,212
----------
TOTAL BELGIUM.................... 39,049
----------
CANADA -- 17.9%
Agnico-Eagle Mines, Ltd. ........ 660 38,016
Agrium, Inc. .................... 662 24,041
Barrick Gold Corp. .............. 3,315 107,527
ECU Silver Mining, Inc. (a)...... 1,700 621
Eldorado Gold Corp. (a).......... 2,904 26,313
Equinox Minerals, Ltd. (a)....... 3,393 4,989
First Quantum Minerals, Ltd. .... 392 11,061
FNX Mining Co., Inc. (a)......... 862 3,090
Forsys Metals Corp. (a).......... 600 1,908
Gammon Gold, Inc. (a)............ 300 1,974
Gerdau Ameristeel Corp. ......... 1,428 4,313
Goldcorp, Inc. .................. 2,735 92,257
HudBay Minerals, Inc. (a)........ 700 3,288
Inmet Mining Corp. .............. 342 8,486
Ivanhoe Mines, Ltd. (a).......... 1,695 10,481
Kinross Gold Corp. .............. 2,376 43,265
Lundin Mining Corp. (a).......... 2,852 4,534
Pan American Silver Corp. (a).... 681 12,054
Potash Corp. of Saskatchewan,
Inc. .......................... 1,126 91,242
Sherritt International Corp. .... 2,315 5,428
Silver Wheaton Corp. (a)......... 791 6,507
Sino-Forest Corp. (a)............ 646 4,513
Teck Cominco, Ltd. (Class B)..... 1,925 10,787
Thompson Creek Metals Co., Inc.
(a)............................ 442 1,746
Yamana Gold, Inc. ............... 2,472 23,126
----------
TOTAL CANADA..................... 541,567
----------
CHINA -- 0.7%
AMVIG Holdings, Ltd. ............ 6,000 3,368
China Grand Forestry Green
Resources Group, Ltd. (a)...... 56,000 2,204
China Mining Resources Group,
Ltd. (a)....................... 40,000 1,342
China Rare Earth Holdings,
Ltd. .......................... 36,000 4,088
Fushan International Energy
Group, Ltd. (a)................ 28,000 5,889
Sino Union Petroleum & Chemical
International, Ltd.(a)......... 30,000 2,903
----------
TOTAL CHINA...................... 19,794
----------
DENMARK -- 1.0%
Novozymes A/S.................... 416 30,033
----------
FINLAND -- 1.6%
Rautaruukki Oyj.................. 899 14,395
Stora Enso Oyj (a)............... 4,345 15,403
UPM-Kymmene Oyj.................. 3,049 17,609
----------
TOTAL FINLAND.................... 47,407
----------
FRANCE -- 3.8%
Air Liquide SA................... 1,012 82,291
Eramet........................... 14 3,078
Lafarge SA....................... 662 29,787
----------
TOTAL FRANCE..................... 115,156
----------
GERMANY -- 6.9%
BASF SE.......................... 2,829 85,601
K+S AG........................... 608 28,197
Lanxess AG....................... 736 12,537
Linde AG......................... 560 38,053
Salzgitter AG.................... 257 14,358
ThyssenKrupp AG.................. 1,770 30,950
----------
TOTAL GERMANY.................... 209,696
----------
IRELAND -- 1.6%
CRH PLC.......................... 2,201 47,393
----------
ITALY -- 0.5%
Buzzi Unicem SpA................. 1,346 15,092
----------
JAPAN -- 18.6%
Asahi Kasei Corp. ............... 8,000 28,754
Denki Kagaku Kogyo Kabushiki
Kaisha......................... 11,000 19,713
JFE Holdings, Inc. .............. 2,300 49,949
JSR Corp. ....................... 1,600 18,548
Kobe Steel, Ltd. ................ 19,000 24,238
Mitsubishi Chemical Holdings
Corp. ......................... 5,500 18,710
Mitsubishi Materials Corp. ...... 8,000 21,464
Mitsubishi Rayon Co., Ltd. ...... 9,000 17,222
Mitsui Chemicals, Inc. .......... 6,000 14,519
Mitsui Mining & Smelting Co.,
Ltd.(a)........................ 14,000 22,963
Nippon Steel Corp. .............. 23,000 61,243
Nitto Denko Corp. ............... 1,000 20,300
Shin-Etsu Chemical Co., Ltd. .... 1,500 72,441
Sumitomo Chemical Co., Ltd. ..... 7,000 23,600
Sumitomo Metal Industries,
Ltd. .......................... 17,000 33,907
Sumitomo Metal Mining Co.,
Ltd. .......................... 3,000 28,582
Taiheiyo Cement Corp. ........... 14,000 20,411
Teijin, Ltd. .................... 10,000 21,565
Toray Industries, Inc. .......... 7,000 27,994
Ube Industries, Ltd. ............ 8,000 14,417
----------
TOTAL JAPAN...................... 560,540
----------
LUXEMBOURG -- 2.0%
ArcelorMittal.................... 2,916 59,138
----------
</Table>
See accompanying notes to financial statements.
169
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NETHERLANDS -- 2.2%
Akzo Nobel NV.................... 1,088 $ 41,162
Koninklijke DSM NV............... 925 24,335
----------
TOTAL NETHERLANDS................ 65,497
----------
NORWAY -- 0.8%
Norsk Hydro ASA.................. 2,478 9,322
Yara International ASA........... 736 16,050
----------
TOTAL NORWAY..................... 25,372
----------
PAPUA NEW GUINEA -- 0.9%
Lihir Gold, Ltd. (a)............. 11,255 25,650
----------
PORTUGAL -- 0.8%
Semapa-Sociedade de Investimento
e Gestao, SGPS, SA............. 2,724 22,966
----------
SINGAPORE -- 0.1%
Delong Holdings, Ltd. ........... 3,000 1,381
Jiutian Chemical Group, Ltd. .... 63,000 1,658
----------
TOTAL SINGAPORE.................. 3,039
----------
SOUTH KOREA -- 1.6%
POSCO ADR........................ 720 48,118
----------
SPAIN -- 0.4%
Cementos Portland Valderrivas
SA............................. 563 13,268
----------
SWEDEN -- 1.0%
Boliden AB Mines................. 2,867 14,704
SSAB Svenskt Stal AB (Series A).. 1,965 16,638
----------
TOTAL SWEDEN..................... 31,342
----------
SWITZERLAND -- 5.5%
Givaudan SA...................... 81 42,030
Holcim, Ltd. .................... 803 28,658
Syngenta AG...................... 399 80,498
Xstrata PLC...................... 2,265 15,153
----------
TOTAL SWITZERLAND................ 166,339
----------
UNITED KINGDOM -- 13.5%
Anglo American PLC............... 4,792 81,462
Antofagasta PLC.................. 2,244 16,227
BHP Billiton PLC................. 7,799 154,825
Kazakhmys PLC.................... 707 3,759
Lonmin PLC....................... 717 14,624
Randgold Resources, Ltd. ........ 492 25,987
Rio Tinto PLC.................... 3,184 107,249
Vedanta Resources PLC............ 473 4,580
----------
TOTAL UNITED KINGDOM............. 408,713
----------
TOTAL COMMON STOCKS --
(Cost $6,158,711).............. 2,988,089
----------
SHORT TERM INVESTMENT -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio (Cost
$2,209)........................ 2,209 2,209
----------
TOTAL INVESTMENTS -- 99.1%
(Cost $6,160,920).............. 2,990,298
OTHER ASSETS AND
LIABILITIES -- 0.9%............ 27,220
----------
NET ASSETS -- 100.0%............. $3,017,518
==========
</Table>
(a) Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
170
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
AUSTRALIA -- 1.2%
Computershare, Ltd. ............. 3,814 $ 23,267
Iress Market Technology, Ltd. ... 4,705 18,306
----------
TOTAL AUSTRALIA.................. 41,573
----------
BELGIUM -- 0.2%
Barco NV......................... 425 6,066
----------
CANADA -- 4.8%
CGI Group, Inc. (Class A) (a).... 2,981 24,120
MacDonald Dettwiler & Associates,
Ltd. (a)....................... 533 10,544
Research In Motion, Ltd. (a)..... 2,908 125,945
----------
TOTAL CANADA..................... 160,609
----------
CHINA -- 0.3%
ASM Pacific Technology, Ltd. .... 2,700 9,459
----------
DENMARK -- 0.4%
SimCorp A/S (a).................. 116 12,407
----------
FINLAND -- 8.9%
F-Secure Oyj..................... 4,948 13,468
Nokia Oyj........................ 21,568 254,286
TietoEnator Oyj.................. 1,092 11,323
Vaisala Oyj (Class A)............ 635 17,890
----------
TOTAL FINLAND.................... 296,967
----------
FRANCE -- 3.4%
Alcatel-Lucent (a)............... 14,888 28,029
Atos Origin SA................... 576 14,783
Cap Gemini SA.................... 982 31,578
Groupe Steria SCA................ 786 11,098
Neopost SA....................... 239 18,533
UbiSoft Entertainment SA (a)..... 534 9,756
----------
TOTAL FRANCE..................... 113,777
----------
GERMANY -- 6.9%
Infineon Technologies AG (a)..... 5,387 6,223
SAP AG........................... 4,862 172,227
Software AG...................... 304 21,654
United Internet AG............... 1,378 11,508
Wincor Nixdorf AG................ 363 16,439
----------
TOTAL GERMANY.................... 228,051
----------
JAPAN -- 43.1%
Advantest Corp. ................. 1,600 23,667
Alps Electric Co., Ltd. ......... 2,000 6,824
Brother Industries, Ltd. ........ 1,900 13,908
Canon, Inc. ..................... 6,600 188,438
Citizen Holdings Co., Ltd. ...... 2,400 9,720
CSK Holdings Corp. (a)........... 1,300 3,185
Dainippon Screen Manufacturing
Co., Ltd. (a).................. 5,000 8,403
Elpida Memory, Inc. (a).......... 900 6,196
FUJIFILM Holdings Corp. ......... 2,200 47,332
Fujitsu, Ltd. ................... 12,000 44,345
Hirose Electric Co., Ltd. ....... 300 28,733
Hitachi High-Technologies
Corp. ......................... 900 12,602
Hitachi, Ltd. ................... 17,000 45,783
Horiba, Ltd. .................... 700 11,921
Hoya Corp. ...................... 2,400 46,897
Ibiden Co., Ltd. ................ 1,000 23,944
IT Holdings Corp. ............... 1,000 11,481
Japan Aviation Electronics
Industry, Ltd. ................ 2,000 9,780
Japan Digital Laboratory Co.,
Ltd. .......................... 1,700 14,028
Keyence Corp. ................... 220 41,207
Konami Corp. .................... 800 11,971
Konica Minolta Holdings, Inc. ... 3,000 25,453
Kyocera Corp. ................... 900 59,046
Mitsumi Electric Co., Ltd. ...... 1,000 14,276
Murata Manufacturing Co., Ltd. .. 1,300 49,752
NEC Corp. (a).................... 13,000 34,747
Nichicon Corp. .................. 2,400 18,030
Nidec Corp. ..................... 600 26,729
Nintendo Co., Ltd. .............. 600 172,826
Nippon Electric Glass Co.,
Ltd. .......................... 3,000 20,836
Nomura Research Institute,
Ltd. .......................... 1,000 15,491
NTT Data Corp. .................. 10 27,053
OBIC Co., Ltd. .................. 130 16,189
Oki Electric Industry Co., Ltd.
(a)............................ 12,000 7,654
OMRON Corp. ..................... 1,400 16,400
Ricoh Co., Ltd. ................. 3,000 35,324
Rohm Co., Ltd. .................. 700 34,656
Seiko Epson Corp. ............... 1,000 13,486
Shimadzu Corp. .................. 2,000 12,737
SUMCO Corp. ..................... 1,100 16,060
Taiyo Yuden Co., Ltd. ........... 2,000 15,065
TDK Corp. ....................... 800 29,564
Tokyo Electron, Ltd. ............ 1,000 36,853
Toshiba Corp. ................... 17,000 43,718
Trend Micro, Inc. ............... 500 14,022
Yahoo! Japan Corp. .............. 104 27,240
Yamatake Corp. .................. 700 11,970
Yaskawa Electric Corp. .......... 3,000 12,909
Yokogawa Electric Corp. ......... 2,600 10,372
----------
TOTAL JAPAN...................... 1,428,823
----------
NETHERLANDS -- 2.3%
ASM International NV (a)......... 631 5,236
ASML Holding NV.................. 2,624 46,510
Gemalto NV (a)................... 758 21,638
Oce NV........................... 1,456 4,332
----------
TOTAL NETHERLANDS................ 77,716
----------
NORWAY -- 0.6%
Tandberg ASA..................... 1,278 18,757
----------
SINGAPORE -- 0.9%
Flextronics International, Ltd.
(a)............................ 5,628 16,265
Venture Corp., Ltd. ............. 4,000 13,261
----------
TOTAL SINGAPORE.................. 29,526
----------
SOUTH KOREA -- 14.7%
LG Display Co., Ltd. ADR......... 5,009 51,192
Samsung Electronics Co., Ltd. GDR
(b)............................ 2,131 435,257
----------
TOTAL SOUTH KOREA................ 486,449
----------
SPAIN -- 1.3%
Amper, SA........................ 1,605 10,953
Indra Sistemas, SA............... 1,728 33,313
----------
TOTAL SPAIN...................... 44,266
----------
SWEDEN -- 4.6%
Telefonaktiebolaget LM Ericsson
(Class B)...................... 18,605 151,904
----------
</Table>
See accompanying notes to financial statements.
171
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SWITZERLAND -- 1.4%
Logitech International SA (a).... 1,221 $ 12,661
STMicroelectronics NV............ 5,520 27,630
Temenos Group AG (a)............. 617 6,674
----------
TOTAL SWITZERLAND................ 46,965
----------
UNITED KINGDOM -- 4.0%
ARM Holdings PLC................. 13,267 19,492
Autonomy Corp. PLC (a)........... 1,542 28,843
Aveva Group PLC.................. 753 6,087
Dimension Data Holdings PLC...... 22,332 13,044
Diploma PLC...................... 6,318 8,377
Logica PLC....................... 13,367 12,214
Misys PLC........................ 7,400 13,365
Spectris PLC..................... 1,427 8,233
The Sage Group PLC............... 9,428 22,865
----------
TOTAL UNITED KINGDOM............. 132,520
----------
TOTAL COMMON STOCKS --
(Cost $5,516,628).............. 3,285,835
----------
SHORT TERM INVESTMENT -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio (Cost
$2,146)........................ 2,146 2,146
----------
TOTAL INVESTMENTS -- 99.1%
(Cost $5,518,774).............. 3,287,981
OTHER ASSETS AND
LIABILITIES -- 0.9%............ 30,057
----------
NET ASSETS -- 100.0%............. $3,318,038
==========
</Table>
(a) Non-income producing security.
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 13.12% of net assets as of March 31, 2009, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
172
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
AUSTRALIA -- 1.3%
Telstra Corp., Ltd. ............ 21,156 $ 47,184
----------
AUSTRIA -- 1.4%
Telekom Austria AG.............. 3,244 49,100
----------
BELGIUM -- 2.3%
Belgacom SA..................... 1,557 48,787
Mobistar SA..................... 294 18,561
Telenet Group Holding NV (a).... 854 14,445
----------
TOTAL BELGIUM................... 81,793
----------
CANADA -- 6.1%
BCE, Inc. ...................... 2,175 43,283
Bell Aliant Regional
Communications Income Fund.... 544 10,420
Rogers Communications, Inc. .... 5,168 117,985
Telus Corp. .................... 1,269 33,451
Telus Corp. (non -- voting)..... 544 14,995
----------
TOTAL CANADA.................... 220,134
----------
CHINA -- 0.7%
Hutchison Telecommunications
International, Ltd. .......... 20,000 6,245
PCCW, Ltd. ..................... 40,000 20,542
----------
TOTAL CHINA..................... 26,787
----------
FINLAND -- 0.6%
Elisa Oyj....................... 1,450 21,158
----------
FRANCE -- 6.5%
France Telecom SA............... 10,346 235,579
----------
GERMANY -- 6.2%
Deutsche Telekom AG............. 18,220 226,183
----------
ITALY -- 4.6%
Telecom Italia SpA (b).......... 89,746 115,700
Telecom Italia SpA (b).......... 49,715 50,594
----------
TOTAL ITALY..................... 166,294
----------
JAPAN -- 13.7%
KDDI Corp. ..................... 25 116,938
Nippon Telegraph & Telephone
Corp. ........................ 3,600 135,952
NTT DoCoMo, Inc. ............... 121 163,792
Softbank Corp. ................. 6,300 80,114
----------
TOTAL JAPAN..................... 496,796
----------
LUXEMBOURG -- 0.8%
COLT Telecom Group SA (a)....... 5,970 7,445
Millicom International Cellular
SA............................ 531 19,668
----------
TOTAL LUXEMBOURG................ 27,113
----------
NETHERLANDS -- 5.0%
Koninklijke Royal KPN NV........ 13,422 179,273
----------
NEW ZEALAND -- 0.3%
Telecom Corporation of New
Zealand, Ltd. ................ 8,459 11,008
----------
NORWAY -- 1.0%
Telenor ASA..................... 6,162 35,135
----------
PORTUGAL -- 1.9%
Portugal Telecom, SGPS SA....... 8,768 67,869
----------
SINGAPORE -- 3.4%
Singapore Telecommunications,
Ltd. ......................... 69,000 114,834
StarHub, Ltd. .................. 7,000 9,071
----------
TOTAL SINGAPORE................. 123,905
----------
SOUTH KOREA -- 2.8%
KT Corp. ADR.................... 3,377 46,569
SK Telecom Co., Ltd. ADR........ 3,538 54,662
----------
TOTAL SOUTH KOREA............... 101,231
----------
SPAIN -- 15.8%
Telefonica SA................... 28,759 573,514
----------
SWEDEN -- 3.3%
Tele2 AB (Class B).............. 2,608 21,924
TeliaSonera AB.................. 20,717 99,234
----------
TOTAL SWEDEN.................... 121,158
----------
SWITZERLAND -- 1.6%
Swisscom AG..................... 205 57,648
----------
UNITED KINGDOM -- 20.1%
BT Group PLC.................... 68,874 77,200
Cable & Wireless PLC............ 21,211 42,412
Inmarsat PLC.................... 4,056 28,443
Vodafone Group PLC.............. 330,117 580,821
----------
TOTAL UNITED KINGDOM............ 728,876
----------
TOTAL COMMON STOCKS --
(Cost $5,331,534)............. 3,597,738
----------
SHORT TERM INVESTMENT -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio (Cost
$4,985)....................... 4,985 4,985
----------
TOTAL INVESTMENTS -- 99.5%
(Cost $5,336,519)............. 3,602,723
OTHER ASSETS AND
LIABILITIES -- 0.5%........... 18,133
----------
NET ASSETS -- 100.0%............ $3,620,856
==========
</Table>
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different
securities exchanges.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
173
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.0%
AUSTRALIA -- 2.3%
AGL Energy, Ltd. ................ 3,871 $ 40,236
APA Group........................ 10,653 21,761
Envestra, Ltd. .................. 77,924 18,950
----------
TOTAL AUSTRALIA.................. 80,947
----------
AUSTRIA -- 0.7%
Oesterreichische
Elektrizitaetswirtschafts AG... 611 23,193
----------
CANADA -- 2.1%
ATCO, Ltd. ...................... 733 20,974
Fortis, Inc. .................... 1,605 28,244
TransAlta Corp. ................. 1,816 26,630
----------
TOTAL CANADA..................... 75,848
----------
CHINA -- 5.9%
CLP Holdings, Ltd. .............. 12,000 82,452
Hong Kong & China Gas Co.,
Ltd. .......................... 35,000 55,187
HongKong Electric Holdings,
Ltd. .......................... 12,500 74,193
----------
TOTAL CHINA...................... 211,832
----------
FINLAND -- 1.5%
Fortum Oyj....................... 2,890 55,062
----------
FRANCE -- 13.2%
Electricite de France............ 1,732 67,918
GDF Suez......................... 9,295 319,014
Sechilienne SA................... 298 9,441
Suez Environnement SA (a)........ 1,400 20,586
Veolia Environnement............. 2,620 54,683
----------
TOTAL FRANCE..................... 471,642
----------
GERMANY -- 16.7%
E.ON AG.......................... 13,355 370,764
RWE AG........................... 3,190 223,670
----------
TOTAL GERMANY.................... 594,434
----------
ITALY -- 6.7%
A2A SpA.......................... 13,174 19,992
Enel SpA......................... 28,171 135,117
Hera SpA......................... 7,165 11,787
Snam Rete Gas SpA................ 7,082 37,987
Terna -- Rete Elettrica Nationale
SpA............................ 11,081 34,500
----------
TOTAL ITALY...................... 239,383
----------
JAPAN -- 21.4%
Chubu Electric Power Co., Inc. .. 4,400 96,669
Electric Power Development Co.,
Ltd. .......................... 1,300 38,433
Hokuriku Electric Power Co. ..... 1,394 33,449
Kyushu Electric Power Co.,
Inc. .......................... 3,300 73,838
Osaka Gas Co., Ltd. ............. 16,000 49,894
The Chugoku Electric Power Co.,
Inc. .......................... 1,992 43,160
The Kansai Electric Power Co.,
Inc. .......................... 4,912 106,426
The Tokyo Electric Power Co.,
Inc. .......................... 7,419 184,780
Tohoku Electric Power Co.,
Inc. .......................... 3,280 71,896
Tokyo Gas Co., Ltd. ............. 18,000 62,873
----------
TOTAL JAPAN...................... 761,418
----------
NEW ZEALAND -- 0.4%
Vector, Ltd. .................... 11,600 15,095
----------
PORTUGAL -- 1.3%
EDP -- Energias de Portugal SA... 13,590 47,148
----------
SPAIN -- 14.5%
Acciona SA....................... 200 20,566
EDP Renovaveis SA (a)............ 2,626 21,439
Enagas........................... 2,081 29,481
Gas Natural SDG SA (c)........... 2,178 29,756
Gas Natural SDG SA (a)(b)........ 2,378 32,488
Iberdrola Renovables SA (a)...... 5,892 24,407
Iberdrola SA..................... 33,597 235,524
Red Electrica Corporacion SA..... 886 34,584
Union Fenosa SA.................. 3,687 88,114
----------
TOTAL SPAIN...................... 516,359
----------
SWITZERLAND -- 0.3%
BKW FMB Energie AG............... 150 10,817
----------
UNITED KINGDOM -- 13.0%
Centrica PLC..................... 34,828 113,695
Drax Group PLC................... 2,592 19,189
International Power PLC.......... 10,584 31,934
National Grid PLC................ 16,713 128,282
Pennon Group PLC................. 2,986 17,334
Scottish & Southern Energy PLC... 5,854 93,054
Severn Trent PLC................. 1,877 26,635
United Utilities Group PLC....... 4,734 32,808
----------
TOTAL UNITED KINGDOM............. 462,931
----------
TOTAL COMMON STOCKS --
(Cost $5,844,344).............. 3,566,109
----------
SHORT TERM INVESTMENT -- 0.0% (C)
UNITED STATES -- 0.0%(C)
MONEY MARKET FUND -- 0.0% (C)
STIC Prime Portfolio (Cost
$872).......................... 872 872
----------
TOTAL INVESTMENTS -- 100.0%
(Cost $5,845,216).............. 3,566,981
OTHER ASSETS AND
LIABILITIES -- 0.0% (C)........ 136
----------
NET ASSETS -- 100.0%............. $3,567,117
==========
</Table>
(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.
See accompanying notes to financial statements.
174
(This page intentionally left blank)
175
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
SPDR DJ
DJ EURO
STOXX 50 STOXX 50
ETF ETF
------------ -------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)....... $ 43,324,015 $ 106,913,482
Investments in affiliated issuers, at value (Note 2 and Note
3)......................................................... 1,433,086 4,865,021
------------ -------------
Total Investments.......................................... 44,757,101 111,778,503
Foreign currency, at value.................................... 533,086 65,189
Margin deposit on futures..................................... -- --
Receivable for investments sold............................... -- --
Receivable for fund shares sold in-kind....................... -- --
Receivable for foreign taxes recoverable...................... 102,101 100,247
Dividends receivable.......................................... 123,089 79,064
------------ -------------
TOTAL ASSETS............................................. 45,515,377 112,023,003
------------ -------------
LIABILITIES
Cash collateral for securities loaned......................... 1,433,086 4,865,021
Payable for investments purchased............................. -- --
Income distributions payable.................................. 96,150 240,287
Payable for fund shares repurchased in-kind................... -- --
Payable for variation margin on futures contracts............. -- --
Accrued advisory fee (Note 3)................................. 32,334 81,186
Accrued trustees' fees (Note 3)............................... 310 817
------------ -------------
TOTAL LIABILITIES........................................ 1,561,880 5,187,311
------------ -------------
NET ASSETS............................................... $ 43,953,497 $ 106,835,692
============ =============
NET ASSETS CONSISTS OF:
Paid in capital (Note 4)...................................... $ 97,628,210 $ 255,780,888
Undistributed (distributions in excess of) net investment
income..................................................... 485,040 (192,247)
Accumulated net realized gain (loss) on investments, foreign
currency transactions and futures.......................... (7,911,947) (10,206,847)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0,
$52,804, $0, $14,698, $0, $0, respectively).............. (46,234,073) (138,539,626)
Foreign currency related transactions...................... (13,733) (6,476)
Futures.................................................... -- --
------------ -------------
NET ASSETS............................................... $ 43,953,497 $ 106,835,692
============ =============
NET ASSET VALUE PER SHARE
Net asset value per share..................................... $ 23.75 $ 27.04
============ =============
Shares outstanding (unlimited amount authorized, $0.01 par
value)..................................................... 1,850,316 3,950,756
============ =============
COST OF INVESTMENTS:
Unaffiliated issuers.......................................... $ 89,558,088 $ 245,453,108
Affiliated issuers (Note 3)................................... 1,433,086 4,865,021
------------ -------------
Total cost of investments..................................... $ 90,991,174 $ 250,318,129
============ =============
Foreign currency, at cost..................................... $ 541,593 $ 66,475
============ =============
</Table>
* Includes $1,405,135, $4,803,180, $4,883,273, $4,226,748, $5,037,897,
$16,184,503, $1,119,389 respectively, of investments in securities on loan, at
value.
See accompanying notes to financial statements.
176
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P
EMERGING S&P EMERGING S&P EMERGING
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE
ETF ETF ETF ETF ETF
------------ ------------ ------------ ------------- ------------
$166,468,436 $180,192,513 $ 45,869,620 $ 120,455,370 $ 36,407,340
4,962,281 4,204,649 5,180,203 17,096,911 1,160,605
------------ ------------ ------------ ------------- ------------
171,430,717 184,397,162 51,049,823 137,552,281 37,567,945
674,852 65,351 1,051,387 181 79,232
9,350 -- 782,013 -- --
-- -- -- 1,974,628 5,025
4,374,478 -- -- -- --
2,302 -- 887 -- 9,946
133,284 55,052 153,480 390,822 56,993
------------ ------------ ------------ ------------- ------------
176,624,983 184,517,565 53,037,590 139,917,912 37,719,141
------------ ------------ ------------ ------------- ------------
4,962,281 4,204,649 5,180,203 17,096,911 1,160,605
749,377 -- -- 2,111,322 4,934
-- -- -- -- --
2,486,448 -- -- -- 5,023
600 -- 1,300 -- --
213,486 205,899 65,420 135,434 41,727
843 765 236 760 203
------------ ------------ ------------ ------------- ------------
8,413,035 4,411,313 5,247,159 19,344,427 1,212,492
------------ ------------ ------------ ------------- ------------
$168,211,948 $180,106,252 $ 47,790,431 $ 120,573,485 $ 36,506,649
============ ============ ============ ============= ============
$248,639,184 $258,841,929 $ 72,062,428 $ 266,176,050 $ 94,908,556
(65,544) (889,714) (350,332) 289,867 113,283
(4,844,196) (4,626,614) (2,020,461) (29,379,324) (11,786,844)
(75,522,011) (73,217,435) (21,772,486) (116,513,116) (46,720,707)
(4,235) (1,914) (49,377) 8 (7,639)
8,750 -- (79,341) -- --
------------ ------------ ------------ ------------- ------------
$168,211,948 $180,106,252 $ 47,790,431 $ 120,573,485 $ 36,506,649
============ ============ ============ ============= ============
$ 44.27 $ 45.03 $ 36.76 $ 14.70 $ 22.82
============ ============ ============ ============= ============
3,800,000 4,000,000 1,300,000 8,200,000 1,600,000
============ ============ ============ ============= ============
$241,990,447 $253,409,948 $ 67,637,007 $ 236,968,486 $ 83,128,047
4,962,281 4,204,649 5,180,203 17,096,911 1,160,605
------------ ------------ ------------ ------------- ------------
$246,952,728 $257,614,597 $ 72,817,210 $ 254,065,397 $ 84,288,652
============ ============ ============ ============= ============
$ 674,572 $ 67,260 $ 1,100,017 $ 181 $ 81,066
============ ============ ============ ============= ============
</Table>
177
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P EMERGING
EMERGING MIDDLE EAST &
LATIN AMERICA AFRICA
ETF ETF
------------- -------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)..... $ 47,741,007 $ 80,847,766
Investments in affiliated issuers, at value (Note 2 and Note
3)....................................................... 13,084,121 1,508,608
------------ ------------
Total Investments........................................ 60,825,128 82,356,374
Foreign currency, at value.................................. 84,136 537,270
Cash........................................................ -- --
Receivable for investments sold............................. -- 26,855
Receivable for fund shares sold in-kind..................... -- --
Receivable for foreign taxes recoverable.................... -- --
Dividends receivable........................................ 406,241 322,193
------------ ------------
TOTAL ASSETS........................................... 61,315,505 83,242,692
------------ ------------
LIABILITIES
Cash collateral for securities loaned....................... 13,084,121 1,508,608
Payable for investments purchased........................... -- --
Income distributions payable................................ -- --
Accrued advisory fee (Note 3)............................... 68,589 125,698
Accrued trustees' fees (Note 3)............................. 291 579
------------ ------------
TOTAL LIABILITIES...................................... 13,153,001 1,634,885
------------ ------------
NET ASSETS............................................. $ 48,162,504 $ 81,607,807
============ ============
NET ASSETS CONSISTS OF:
Paid in capital (Note 4).................................... $102,260,330 $147,369,953
Undistributed (distributions in excess of) net investment
income................................................... 359,964 908,765
Accumulated net realized gain (loss) on investments and
foreign currency transactions............................ (5,798,357) (13,002,637)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0,
$0, $7,707, $0, $2,180, respectively).................. (48,658,255) (53,669,752)
Foreign currency related transactions.................... (1,178) 1,478
------------ ------------
NET ASSETS............................................. $ 48,162,504 $ 81,607,807
============ ============
NET ASSET VALUE PER SHARE
Net asset value per share................................... $ 40.14 $ 40.80
============ ============
Shares outstanding (unlimited amount authorized, $0.01 par
value)................................................... 1,200,000 2,000,000
============ ============
COST OF INVESTMENTS:
Unaffiliated issuers........................................ $ 96,399,262 $134,517,518
Affiliated issuers (Note 3)................................. 13,084,121 1,508,608
------------ ------------
Total cost of investments................................... $109,483,383 $136,026,126
============ ============
Foreign currency, at cost................................... $ 83,198 $ 528,528
============ ============
</Table>
* Includes $12,723,836, $1,502,928, $7,316,436, $38,718,621, $74,380,867,
$12,859,721, $27,489,891 respectively, of investments in securities on loan,
at value.
See accompanying notes to financial statements.
178
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
SPDR SPDR S&P SPDR DOW JONES FTSE/MACQUARIE SPDR
S&P INTERNATIONAL INTERNATIONAL GLOBAL MSCI ACWI
WORLD EX-US SMALL CAP REAL ESTATE INFASTRUCTURE 100 EX-US
ETF ETF ETF ETF ETF
----------- ------------- -------------- ----------------- -------------
$ 46,891,313 $ 240,637,796 $ 424,107,310 $ 56,538,023 $ 188,401,782
7,648,559 41,109,651 76,508,635 13,193,864 28,512,317
------------ ------------- -------------- ------------ -------------
54,539,872 281,747,447 500,615,945 69,731,887 216,914,099
251,140 1,732,117 4,095,443 239,997 610,576
1,992 -- -- -- --
-- 1,113,311 7,057,863 103,129 51,572
-- -- 346,138 -- --
18,129 45,720 361,511 15,200 122,420
212,087 1,901,310 2,863,079 160,540 861,125
------------ ------------- -------------- ------------ -------------
55,023,220 286,539,905 515,339,979 70,250,753 218,559,792
------------ ------------- -------------- ------------ -------------
7,648,559 41,109,651 76,508,635 13,193,864 28,512,317
-- -- 41,676 259,096 126,430
-- -- 8,230,318 -- --
40,506 412,815 666,711 89,322 186,670
247 1,792 3,164 396 1,297
------------ ------------- -------------- ------------ -------------
7,689,312 41,524,258 85,450,504 13,542,678 28,826,714
------------ ------------- -------------- ------------ -------------
$ 47,333,908 $ 245,015,647 $ 429,889,475 $ 56,708,075 $ 189,733,078
============ ============= ============== ============ =============
$ 68,058,168 $ 494,002,447 $1,262,951,476 $ 96,882,573 $ 365,660,910
(849,154) 1,982,405 (2,500,741) 395,129 1,483,572
(1,817,566) (36,458,177) (187,969,003) (2,950,158) (35,553,656)
(18,056,392) (214,535,450) (642,397,395) (37,617,363) (141,847,676)
(1,148) 24,422 (194,862) (2,106) (10,072)
------------ ------------- -------------- ------------ -------------
$ 47,333,908 $ 245,015,647 $ 429,889,475 $ 56,708,075 $ 189,733,078
============ ============= ============== ============ =============
$ 15.78 $ 16.12 $ 21.79 $ 33.36 $ 20.18
============ ============= ============== ============ =============
3,000,000 15,200,000 19,727,493 1,700,000 9,400,000
============ ============= ============== ============ =============
$ 64,947,705 $ 455,173,246 $1,066,504,705 $ 94,155,386 $ 330,249,458
7,648,559 41,109,651 76,508,635 13,193,864 28,512,317
------------ ------------- -------------- ------------ -------------
$ 72,596,264 $ 496,282,897 $1,143,013,340 $107,349,250 $ 358,761,775
============ ============= ============== ============ =============
$ 252,195 $ 1,747,735 $ 4,110,708 $ 241,352 $ 614,940
============ ============= ============== ============ =============
</Table>
179
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
SPDR RUSSELL/NOMURA
RUSSELL/NOMURA SMALL CAP
PRIME JAPAN JAPAN
ETF ETF
-------------- --------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)... $11,679,006 $ 67,439,833
Investments in affiliated issuers, at value (Note 2 and
Note 3)................................................ 3,389,000 19,736,192
----------- ------------
Total Investments...................................... 15,068,006 87,176,025
Foreign currency, at value................................ 27,896 115,318
Receivable for investments sold........................... -- --
Receivable for foreign taxes recoverable.................. -- --
Dividends receivable...................................... 122,239 771,238
----------- ------------
TOTAL ASSETS......................................... 15,218,141 88,062,581
----------- ------------
LIABILITIES
Cash collateral for securities loaned..................... 3,389,000 19,736,192
Payable for investments purchased......................... -- --
Income distributions payable.............................. -- --
Payable for fund shares repurchased in-kind............... -- --
Accrued advisory fee (Note 3)............................. 15,487 97,386
Accrued trustees' fees (Note 3)........................... 94 436
----------- ------------
TOTAL LIABILITIES.................................... 3,404,581 19,834,014
----------- ------------
NET ASSETS........................................... $11,813,560 $ 68,228,567
=========== ============
NET ASSETS CONSISTS OF:
Paid in capital (Note 4).................................. $20,883,676 $112,358,096
Undistributed (distributions in excess of) net investment
income................................................. (14,197) 744,604
Accumulated net realized gain (loss) on investments and
foreign currency transactions.......................... (958,592) (4,715,573)
Net unrealized appreciation (depreciation) on:
Investments............................................ (8,095,801) (40,150,081)
Foreign currency related transactions.................. (1,526) (8,479)
----------- ------------
NET ASSETS........................................... $11,813,560 $ 68,228,567
=========== ============
NET ASSET VALUE PER SHARE
Net asset value per share................................. $ 29.53 $ 30.32
=========== ============
Shares outstanding (unlimited amount authorized, $0.01 par
value)................................................. 400,000 2,250,056
=========== ============
COST OF INVESTMENTS:
Unaffiliated issuers...................................... $19,774,807 $107,589,914
Affiliated issuers (Note 3)............................... 3,389,000 19,736,192
----------- ------------
Total cost of investments................................. $23,163,807 $127,326,106
=========== ============
Foreign currency, at cost................................. $ 28,889 $ 119,685
=========== ============
</Table>
* Includes $3,171,350, $18,307,084, $4,978,575, $1,527,710, $11,098, $1,678,671,
$0 respectively, of investments in securities on loan, at value.
See accompanying notes to financial statements.
180
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P SPDR DOW JONES INTERNATIONAL
INTERNATIONAL INTERNATIONAL EMERGING MARKETS GLOBAL CONSUMER DISCRETIONARY
DIVIDEND MID CAP SMALL CAP REAL ESTATE SECTOR
ETF ETF ETF ETF ETF
------------- ------------- ---------------- -------------- ----------------------
$ 33,175,778 $ 7,214,752 $ 7,436,770 $ 27,965,804 $ 3,241,093
5,091,391 1,613,247 11,925 1,733,000 --
------------ ----------- ----------- ------------ -----------
38,267,169 8,827,999 7,448,695 29,698,804 3,241,093
384,275 47,205 46,635 144,159 7,039
888 -- -- 265,061 --
6,709 1,692 14 2,240 151
142,659 40,397 6,595 155,622 11,304
------------ ----------- ----------- ------------ -----------
38,801,700 8,917,293 7,501,939 30,265,886 3,259,587
------------ ----------- ----------- ------------ -----------
5,091,391 1,613,247 11,925 1,733,000 --
329,635 -- -- 1,189 --
83,960 -- -- 454,220 3,047
-- -- -- 107,989 --
32,632 8,123 11,147 28,802 4,026
176 37 44 119 21
------------ ----------- ----------- ------------ -----------
5,537,794 1,621,407 23,116 2,325,319 7,094
------------ ----------- ----------- ------------ -----------
$ 33,263,906 $ 7,295,886 $ 7,478,823 $ 27,940,567 $ 3,252,493
============ =========== =========== ============ ===========
$ 63,472,025 $10,889,388 $12,004,964 $ 43,758,540 $ 5,108,000
(502,160) (27,511) 19,957 (212,332) 7,734
(21,733,764) (445,128) (953,153) (3,128,770) (1,841)
(7,963,052) (3,119,978) (3,592,612) (12,473,029) (1,861,247)
(9,143) (885) (333) (3,842) (153)
------------ ----------- ----------- ------------ -----------
$ 33,263,906 $ 7,295,886 $ 7,478,823 $ 27,940,567 $ 3,252,493
============ =========== =========== ============ ===========
$ 30.22 $ 18.24 $ 24.93 $ 18.63 $ 16.26
============ =========== =========== ============ ===========
1,100,680 400,000 300,000 1,500,000 200,000
============ =========== =========== ============ ===========
$ 41,138,830 $10,334,730 $11,029,382 $ 40,438,833 $ 5,102,340
5,091,391 1,613,247 11,925 1,733,000 --
------------ ----------- ----------- ------------ -----------
$ 46,230,221 $11,947,977 $11,041,307 $ 42,171,833 $ 5,102,340
============ =========== =========== ============ ===========
$ 391,128 $ 47,955 $ 46,953 $ 145,629 $ 7,119
============ =========== =========== ============ ===========
</Table>
181
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
CONSUMER STAPLES ENERGY
SECTOR SECTOR
ETF ETF
---------------- -------------
ASSETS
Investments in securities, at value (Note 2)............... $ 3,835,831 $ 3,721,033
Foreign currency, at value................................. 4,141 8,855
Receivable for investments sold............................ -- --
Receivable for foreign taxes recoverable................... 316 965
Dividends receivable....................................... 24,576 5,546
----------- -----------
TOTAL ASSETS.......................................... 3,864,864 3,736,399
----------- -----------
LIABILITIES
Payable for investments purchased.......................... -- --
Income distributions payable............................... 15,414 19,610
Payable for fund shares repurchased in-kind................ -- --
Accrued advisory fee (Note 3).............................. 4,909 4,577
Accrued trustees' fees (Note 3)............................ 26 23
----------- -----------
TOTAL LIABILITIES..................................... 20,349 24,210
----------- -----------
NET ASSETS............................................ $ 3,844,515 $ 3,712,189
=========== ===========
NET ASSETS CONSISTS OF:
Paid in capital (Note 4)................................... $ 5,494,000 $ 6,323,333
Undistributed (distributions in excess of) net investment
income.................................................. 8,949 7,498
Accumulated net realized gain (loss) on investments and
foreign currency transactions........................... (100,875) (115,686)
Net unrealized appreciation (depreciation) on:
Investments............................................. (1,557,891) (2,502,963)
Foreign currency related transactions................... 332 7
----------- -----------
NET ASSETS............................................ $ 3,844,515 $ 3,712,189
=========== ===========
NET ASSET VALUE PER SHARE
Net asset value per share.................................. $ 19.22 $ 18.56
=========== ===========
Shares outstanding (unlimited amount authorized, $0.01 par
value).................................................. 200,000 200,000
=========== ===========
COST OF INVESTMENTS:
Investments in securities, at cost......................... $ 5,393,722 $ 6,223,996
=========== ===========
Foreign currency, at cost.................................. $ 4,219 $ 8,827
=========== ===========
</Table>
See accompanying notes to financial statements.
182
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY
SECTOR SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF ETF
------------- ------------- ------------- ------------- -------------
$ 2,419,271 $ 4,314,376 $ 3,032,505 $ 2,990,298 $ 3,287,981
34,521 33,394 9,770 27,739 19,469
-- -- -- 2,550 --
65 6,455 1,367 518 117
12,522 22,575 17,444 13,051 14,518
----------- ----------- ----------- ----------- -----------
2,466,379 4,376,800 3,061,086 3,034,156 3,322,085
----------- ----------- ----------- ----------- -----------
10,055 -- -- -- --
12,166 41,162 10,268 12,946 --
-- -- -- -- --
3,044 5,675 3,880 3,674 4,027
17 29 20 18 20
----------- ----------- ----------- ----------- -----------
25,282 46,866 14,168 16,638 4,047
----------- ----------- ----------- ----------- -----------
$ 2,441,097 $ 4,329,934 $ 3,046,918 $ 3,017,518 $ 3,318,038
=========== =========== =========== =========== ===========
$ 4,903,333 $ 6,246,000 $ 5,493,334 $ 6,304,667 $ 5,554,000
8,843 15,359 14,233 8,337 12,739
(384,934) (75,680) (3,077) (125,497) (17,306)
(2,086,281) (1,855,221) (2,457,441) (3,170,622) (2,230,793)
136 (524) (131) 633 (602)
----------- ----------- ----------- ----------- -----------
$ 2,441,097 $ 4,329,934 $ 3,046,918 $ 3,017,518 $ 3,318,038
=========== =========== =========== =========== ===========
$ 12.21 $ 21.65 $ 15.23 $ 15.09 $ 16.59
=========== =========== =========== =========== ===========
200,000 200,000 200,000 200,000 200,000
=========== =========== =========== =========== ===========
$ 4,505,552 $ 6,169,597 $ 5,489,946 $ 6,160,920 $ 5,518,774
=========== =========== =========== =========== ===========
$ 34,362 $ 34,071 $ 10,069 $ 27,360 $ 20,025
=========== =========== =========== =========== ===========
</Table>
183
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
------------------ -------------
ASSETS
Investments in unaffiliated issuers, at value (Note 2).... $ 3,602,723 $ 3,566,981
Investments in affiliated issuers, at value (Note 2 and
Note 3)................................................ -- --
----------- -----------
Total Investments...................................... 3,602,723 3,566,981
Foreign currency, at value................................ 12,241 8,396
Receivable for foreign taxes recoverable.................. -- 30,700
Dividends receivable...................................... 10,578 10,360
----------- -----------
TOTAL ASSETS......................................... 3,625,542 3,616,437
----------- -----------
LIABILITIES
Payable for investments purchased......................... -- 40,766
Income distributions payable.............................. -- 3,757
Accrued advisory fee (Note 3)............................. 4,662 4,772
Accrued trustees' fees (Note 3)........................... 24 25
----------- -----------
TOTAL LIABILITIES.................................... 4,686 49,320
----------- -----------
NET ASSETS........................................... $ 3,620,856 $ 3,567,117
=========== ===========
NET ASSETS CONSISTS OF:
Paid in capital (Note 4).................................. $ 5,403,333 $ 5,894,000
Undistributed (distributions in excess of) net investment
income................................................. 3,539 14,211
Accumulated net realized gain (loss) on investments and
foreign currency transactions.......................... (52,367) (63,064)
Net unrealized appreciation (depreciation) on:
Investments............................................ (1,733,796) (2,278,235)
Foreign currency related transactions.................. 147 205
----------- -----------
NET ASSETS........................................... $ 3,620,856 $ 3,567,117
=========== ===========
NET ASSET VALUE PER SHARE
Net asset value per share................................. $ 18.10 $ 17.84
=========== ===========
Shares outstanding (unlimited amount authorized, $0.01 par
value)................................................. 200,000 200,000
=========== ===========
COST OF INVESTMENTS:
Investments in securities, at cost........................ $ 5,336,519 $ 5,845,216
=========== ===========
Foreign currency, at cost................................. $ 12,294 $ 8,349
=========== ===========
</Table>
See accompanying notes to financial statements.
184
185
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
DJ DJ EURO
STOXX 50 STOXX 50
ETF ETF
------------ ------------
INVESTMENT INCOME
Dividends (Note 2)............................................. $ 878,645 $ 1,323,578
Interest (Note 2).............................................. 55 1,055
Affiliated securities lending -- net (Note 3 and Note 8)....... 12,718 76,230
Foreign taxes withheld......................................... (73,547) (201,689)
------------ ------------
TOTAL INVESTMENT INCOME........................................ 817,871 1,199,174
------------ ------------
EXPENSES
Advisory fee (Note 3).......................................... 73,033 191,963
Trustees' fees and expenses (Note 3)........................... 743 2,016
Miscellaneous expenses......................................... -- --
------------ ------------
TOTAL EXPENSES BEFORE WAIVERS.................................. 73,776 193,979
Expenses waived by Adviser (Note 3)............................ -- --
------------ ------------
NET EXPENSES................................................... 73,776 193,979
------------ ------------
NET INVESTMENT INCOME (LOSS)................................... 744,095 1,005,195
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions............... (5,141,365) (47,619,742)
Futures..................................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments................................................. (19,476,945) (38,252,144)
Foreign currency transactions............................... 3,780 24,996
Futures..................................................... -- --
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS AND FUTURES................... (24,614,530) (85,846,890)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.. $(23,870,435) $(84,841,695)
============ ============
</Table>
See accompanying notes to financial statements.
186
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P SPDR S&P EMERGING
EMERGING S&P EMERGING S&P EMERGING EMERGING MIDDLE EAST &
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE LATIN AMERICA AFRICA
ETF ETF ETF ETF ETF ETF ETF
------------ ------------ ----------- ------------ ------------ ------------- -------------
$ 682,803 $ 377,162 $ 399,096 $ 1,510,740 $ 374,179 $ 829,248 $ 1,614,033
1,522 201 225 8,774 -- -- 789
36,596 31,608 26,784 73,212 28,916 65,983 11,340
(80,914) (27,660) (33,473) (168,283) (70,526) (69,635) (74,792)
------------ ------------ ----------- ------------ ------------ ------------ ------------
640,007 381,311 392,632 1,424,443 332,569 825,596 1,551,370
------------ ------------ ----------- ------------ ------------ ------------ ------------
408,980 374,532 114,754 310,345 97,789 140,582 277,300
1,851 1,633 492 1,809 525 690 1,395
3,442 -- 151 100 138 1,308 --
------------ ------------ ----------- ------------ ------------ ------------ ------------
414,273 376,165 115,397 312,254 98,452 142,580 278,695
-- -- -- (44,529) -- -- --
------------ ------------ ----------- ------------ ------------ ------------ ------------
414,273 376,165 115,397 267,725 98,452 142,580 278,695
------------ ------------ ----------- ------------ ------------ ------------ ------------
225,734 5,146 277,235 1,156,718 234,117 683,016 1,272,675
------------ ------------ ----------- ------------ ------------ ------------ ------------
(2,595,342) (1,941,237) (283,134) (32,911,592) (27,315,286) (3,480,826) (21,415,313)
(288,910) -- (135,172) -- -- -- --
(24,883,669) (8,310,946) (9,446,975) (17,879,053) (4,255,282) (21,876,805) (13,062,250)
927 (2,235) 6,599 (323) 47,921 6,962 80,725
8,750 -- 62,204 -- -- -- --
------------ ------------ ----------- ------------ ------------ ------------ ------------
(27,758,244) (10,254,418) (9,796,478) (50,790,968) (31,522,647) (25,350,669) (34,396,838)
------------ ------------ ----------- ------------ ------------ ------------ ------------
$(27,532,510) $(10,249,272) $(9,519,243) $(49,634,250) $(31,288,530) $(24,667,653) $(33,124,163)
============ ============ =========== ============ ============ ============ ============
</Table>
187
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR S&P
S&P INTERNATIONAL
WORLD EX-US SMALL CAP
ETF ETF
------------ -------------
INVESTMENT INCOME
Dividends (Note 2)............................................ $ 618,509 $ 4,046,587
Interest (Note 2)............................................. 150 59,735
Affiliated securities lending -- net (Note 3 and Note 8)...... 37,645 493,162
Foreign taxes withheld........................................ (49,481) (307,019)
------------ -------------
TOTAL INVESTMENT INCOME....................................... 606,823 4,292,465
------------ -------------
EXPENSES
Advisory fee (Note 3)......................................... 69,108 858,407
Trustees' fees and expenses (Note 3).......................... 497 4,103
Miscellaneous expenses........................................ -- 2,812
------------ -------------
TOTAL EXPENSES................................................ 69,605 865,322
------------ -------------
NET INVESTMENT INCOME (LOSS).................................. 537,218 3,427,143
------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions.............. (1,804,804) (23,582,003)
Net change in unrealized appreciation (depreciation) on:
Investments................................................ (10,638,151) (90,622,705)
Foreign currency transactions.............................. 4,899 219,939
------------ -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS.............................. (12,438,056) (113,984,769)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................... $(11,900,838) $(110,557,626)
============ =============
</Table>
See accompanying notes to financial statements.
188
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
SPDR DOW JONES FTSE/MACQUARIE SPDR SPDR RUSSELL/NOMURA SPDR S&P SPDR S&P
INTERNATIONAL GLOBAL MSCI ACWI RUSSELL/NOMURA SMALL CAP INTERNATIONAL INTERNATIONAL
REAL ESTATE INFASTRUCTURE 100 EX-US PRIME JAPAN JAPAN DIVIDEND MID CAP
ETF ETF ETF ETF ETF ETF ETF
-------------- ----------------- ------------ -------------- -------------- ------------- -------------
$ 15,024,207 $ 1,078,568 $ 3,013,846 $ 139,588 $ 895,047 $ 581,426 $ 103,571
1,132 61 851 2,198 -- -- --
923,823 84,891 210,250 18,158 204,944 67,082 8,533
(1,744,863) (61,956) (220,972) (10,074) (65,021) (63,413) (7,137)
------------- ------------ ------------ ----------- ------------ ------------ -----------
14,204,299 1,101,564 3,003,975 149,870 1,034,970 585,095 104,967
------------- ------------ ------------ ----------- ------------ ------------ -----------
1,514,237 189,746 358,700 37,938 195,740 65,243 13,752
7,655 920 2,887 225 979 406 75
1,082 328 -- -- 35 3,389 --
------------- ------------ ------------ ----------- ------------ ------------ -----------
1,522,974 190,994 361,587 38,163 196,754 69,038 13,827
------------- ------------ ------------ ----------- ------------ ------------ -----------
12,681,325 910,570 2,642,388 111,707 838,216 516,057 91,140
------------- ------------ ------------ ----------- ------------ ------------ -----------
(175,261,274) (2,329,279) (42,485,777) (4,198,959) (3,325,610) (17,782,115) (43,562)
(164,441,296) (19,282,208) (38,944,310) (721,176) (8,826,264) 2,019,738 (1,579,178)
(142,562) 3,691 77,828 (2,791) (10,797) 2,996 4,662
------------- ------------ ------------ ----------- ------------ ------------ -----------
(339,845,132) (21,607,796) (81,352,259) (4,922,926) (12,162,671) (15,759,381) (1,618,078)
------------- ------------ ------------ ----------- ------------ ------------ -----------
$(327,163,807) $(20,697,226) $(78,709,871) $(4,811,219) $(11,324,455) $(15,243,324) $(1,526,938)
============= ============ ============ =========== ============ ============ ===========
</Table>
189
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
SPDR S&P SPDR DOW JONES CONSUMER
EMERGING MARKETS GLOBAL DISCRETIONARY
SMALL CAP REAL ESTATE SECTOR
ETF ETF ETF
---------------- -------------- -------------
INVESTMENT INCOME
Dividends (Note 2)............................. $ 61,702 $ 752,380 $ 45,106
Interest (Note 2).............................. 125 -- --
Affiliated securities lending -- net (Note 3
and Note 8)................................. 534 15,569 --
Foreign taxes withheld......................... (4,091) (41,813) (1,646)
----------- ------------ -----------
TOTAL INVESTMENT INCOME........................ 58,270 726,136 43,460
----------- ------------ -----------
EXPENSES
Advisory fee (Note 3).......................... 23,103 49,152 8,553
Trustees' fees and expenses (Note 3)........... 98 241 49
Miscellaneous expenses......................... 144 -- --
----------- ------------ -----------
TOTAL EXPENSES................................. 23,345 49,393 8,602
----------- ------------ -----------
NET INVESTMENT INCOME (LOSS)................... 34,925 676,743 34,858
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency
transactions.............................. (824,697) (3,018,877) (2,211)
Futures..................................... (76,360) -- --
Net change in unrealized appreciation
(depreciation) on:
Investments................................. (1,415,125) (10,723,862) (1,210,184)
Foreign currency transactions............... 6,687 (3,837) (78)
Futures..................................... 10,080 -- --
----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS AND FUTURES.................... (2,299,415) (13,746,576) (1,212,473)
----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $(2,264,490) $(13,069,833) $(1,177,615)
=========== ============ ===========
</Table>
See accompanying notes to financial statements.
190
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
CONSUMER STAPLES ENERGY FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY
SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF ETF ETF ETF
---------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 43,738 $ 80,574 $ 49,993 $ 76,111 $ 59,711 $ 33,196 $ 26,923
-- -- -- -- -- -- --
-- -- -- -- -- -- --
(1,793) (7,194) (4,505) (6,540) (3,874) (2,155) (2,090)
----------- ----------- ----------- ----------- ----------- ----------- -----------
41,945 73,380 45,488 69,571 55,837 31,041 24,833
----------- ----------- ----------- ----------- ----------- ----------- -----------
10,423 9,475 6,979 11,907 8,181 7,534 8,387
59 53 41 67 46 42 47
21 -- 54 -- -- -- 124
----------- ----------- ----------- ----------- ----------- ----------- -----------
10,503 9,528 7,074 11,974 8,227 7,576 8,558
----------- ----------- ----------- ----------- ----------- ----------- -----------
31,442 63,852 38,414 57,597 47,610 23,465 16,275
----------- ----------- ----------- ----------- ----------- ----------- -----------
(102,776) (111,062) (384,934) (5,762) 1,241 (104,362) (17,306)
-- -- -- -- -- -- --
(1,219,254) (1,190,752) (1,476,915) (1,346,669) (1,373,901) (1,187,892) (1,119,080)
1,488 (2,715) 933 2,974 234 1,466 (544)
-- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,320,542) (1,304,529) (1,860,916) (1,349,457) (1,372,426) (1,290,788) (1,136,930)
----------- ----------- ----------- ----------- ----------- ----------- -----------
$(1,289,100) $(1,240,677) $(1,822,502) $(1,291,860) $(1,324,816) $(1,267,323) $(1,120,655)
=========== =========== =========== =========== =========== =========== ===========
</Table>
191
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
------------------ -------------
INVESTMENT INCOME
Dividends (Note 2)........................................ $ 72,553 $ 54,943
Foreign taxes withheld.................................... (4,653) (5,867)
--------- -----------
TOTAL INVESTMENT INCOME................................... 67,900 49,076
--------- -----------
EXPENSES
Advisory fee (Note 3)..................................... 9,748 10,141
Trustees' fees and expenses (Note 3)...................... 55 57
--------- -----------
TOTAL EXPENSES............................................ 9,803 10,198
--------- -----------
NET INVESTMENT INCOME (LOSS).............................. 58,097 38,878
--------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions.......... (52,367) (57,917)
Net change in unrealized appreciation (depreciation) on:
Investments............................................ (867,170) (1,391,568)
Foreign currency transactions.......................... 244 379
--------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS.......................... (919,293) (1,449,106)
--------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $(861,196) $(1,410,228)
========= ===========
</Table>
See accompanying notes to financial statements.
192
(This page intentionally left blank)
193
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ
STOXX 50 ETF
--------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08
---------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 744,095 $ 4,427,802
Net realized gain (loss) on investments, foreign currency
transactions and futures................................ (5,141,365) (1,084,614)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures.. (19,473,165) (43,646,718)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (23,870,435) (40,303,530)
------------ -------------
NET EQUALIZATION CREDITS AND CHARGES....................... (8,825) (328,048)
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... (721,849) (4,077,204)
Net realized gains......................................... -- (1,037,078)
------------ -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................ (721,849) (5,114,282)
------------ -------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares....................... -- 27,074,724
Net proceeds from the reinvestment of shares issued........ 1,300 4,412
Cost of shares redeemed.................................... (7,766,208) (90,606,719)
Net income equalization.................................... 8,825 328,048
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS...................................... (7,756,083) (63,199,535)
------------ -------------
Net increase (decrease) in net assets during the period.... (32,357,192) (108,945,395)
Net assets at beginning of period.......................... 76,310,689 185,256,084
------------ -------------
NET ASSETS END OF PERIOD(1).................................. $ 43,953,497 $ 76,310,689
============ =============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................ -- 550,000
Shares issued to shareholders from reinvestment of
distributions........................................... 42 95
Shares redeemed............................................ (250,000) (1,900,000)
------------ -------------
NET INCREASE (DECREASE).................................... (249,958) (1,349,905)
============ =============
(1) Including undistributed (distribution in excess of) net
investment income.......................................... $ 485,040 $ 462,794
============ =============
</Table>
See accompanying notes to financial statements.
194
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR S&P EMERGING SPDR S&P
EURO STOXX 50 ETF ASIA PACIFIC ETF CHINA ETF
-------------------------------- ------------------------------- --------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED 3/31/09 YEAR ENDED 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ------------- ---------------- ------------ ---------------- -------------
$ 1,005,195 $ 15,145,925 $ 225,734 $ 2,565,648 $ 5,146 $ 2,184,746
(47,619,742) 26,417,244 (2,884,252) 1,566,592 (1,941,237) (4,435,411)
(38,227,148) (166,078,657) (24,873,992) (62,719,439) (8,313,181) (100,336,806)
------------- ------------- ------------ ------------ ------------ -------------
(84,841,695) (124,515,488) (27,532,510) (58,587,199) (10,249,272) (102,587,471)
------------- ------------- ------------ ------------ ------------ -------------
(21,159) (1,789,862) 995,143 3,159,166 1,389,869 996,287
------------- ------------- ------------ ------------ ------------ -------------
(965,706) (13,251,069) (1,809,220) (1,340,743) (2,412,908) (1,313,923)
-- (7,520,932) -- (145,430) -- --
------------- ------------- ------------ ------------ ------------ -------------
(965,706) (20,772,001) (1,809,220) (1,486,173) (2,412,908) (1,313,923)
------------- ------------- ------------ ------------ ------------ -------------
146,228,615 280,051,170 33,773,840 184,794,181 69,660,848 157,208,665
2,001 19,301 -- -- -- --
(177,667,081) (395,244,395) -- (22,360,508) -- (52,838,902)
21,159 1,789,862 (995,143) (3,159,166) (1,389,869) (996,287)
------------- ------------- ------------ ------------ ------------ -------------
(31,415,306) (113,384,062) 32,778,697 159,274,507 68,270,979 103,373,476
------------- ------------- ------------ ------------ ------------ -------------
(117,243,866) (260,461,413) 4,432,110 102,360,301 56,998,668 468,369
224,079,558 484,540,971 163,779,838 61,419,537 123,107,584 122,639,215
------------- ------------- ------------ ------------ ------------ -------------
$ 106,835,692 $ 224,079,558 $168,211,948 $163,779,838 $180,106,252 $ 123,107,584
============= ============= ============ ============ ============ =============
4,500,000 5,000,000 800,000 2,600,000 1,600,000 1,700,000
54 353 -- -- -- --
(5,900,000) (7,450,000) -- (300,000) -- (600,000)
------------- ------------- ------------ ------------ ------------ -------------
(1,399,946) (2,449,647) 800,000 2,300,000 1,600,000 1,100,000
============= ============= ============ ============ ============ =============
$ (192,247) $ (231,736) $ (65,544) $ 1,517,942 $ (889,714) $ 1,518,048
============= ============= ============ ============ ============ =============
</Table>
195
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING MARKETS ETF
-------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 277,235 $ 958,799
Net realized gain (loss) on investments, foreign currency
transactions and futures................................ (418,306) 2,058,413
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures.. (9,378,172) (20,109,950)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (9,519,243) (17,092,738)
----------- ------------
Net equalization credits and charges....................... 619,536 106,486
----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... (1,385,113) (458,445)
Net realized gains......................................... -- (520,820)
----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................ (1,385,113) (979,265)
----------- ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares....................... 22,395,510 29,477,491
Cost of shares redeemed.................................... -- (20,231,043)
Net income equalization.................................... (619,536) (106,486)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS...................................... 21,775,974 9,139,962
----------- ------------
Net increase (decrease) in net assets during the period.... 11,491,154 (8,825,555)
Net assets at beginning of period.......................... 36,299,277 45,124,832
----------- ------------
NET ASSETS END OF PERIOD(1).................................. $47,790,431 $ 36,299,277
=========== ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................ 600,000 400,000
Shares redeemed............................................ -- (300,000)
----------- ------------
NET INCREASE (DECREASE).................................... 600,000 100,000
=========== ============
(1) Including undistributed (distribution in excess of) net
investment income.......................................... $ (350,332) $ 757,546
=========== ============
</Table>
See accompanying notes to financial statements.
196
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P EMERGING
BRIC 40 ETF EMERGING EUROPE ETF LATIN AMERICA ETF
-------------------------------- ------------------------------- -------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED 3/31/09 YEAR ENDED 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ------------- ---------------- ------------ ---------------- ------------
$ 1,156,718 $ 3,943,149 $ 234,117 $ 839,635 $ 683,016 $ 1,733,636
(32,911,592) (8,467,660) (27,315,286) (1,681,698) (3,480,826) 2,142,603
(17,879,376) (116,559,216) (4,207,361) (46,455,065) (21,869,843) (35,725,029)
------------ ------------- ------------ ------------ ------------ ------------
(49,634,250) (121,083,727) (31,288,530) (47,297,128) (24,667,653) (31,848,790)
------------ ------------- ------------ ------------ ------------ ------------
(317,292) 346,383 (585,739) 723,287 -- 277,544
------------ ------------- ------------ ------------ ------------ ------------
(3,966,347) (1,205,020) (712,376) (404,230) (1,371,545) (761,665)
-- -- -- (34,103) -- (36,533)
------------ ------------- ------------ ------------ ------------ ------------
(3,966,347) (1,205,020) (712,376) (438,333) (1,371,545) (798,198)
------------ ------------- ------------ ------------ ------------ ------------
1,937,359 249,747,480 20,038,471 90,183,614 -- 95,148,858
(16,497,089) (95,646,406) (32,720,231) -- -- (27,544,011)
317,292 (346,383) 585,739 (723,287) -- (277,544)
------------ ------------- ------------ ------------ ------------ ------------
(14,242,438) 153,754,691 (12,096,021) 89,460,327 -- 67,327,303
------------ ------------- ------------ ------------ ------------ ------------
(68,160,327) 31,812,327 (44,682,666) 42,448,153 (26,039,198) 34,957,859
188,733,812 156,921,485 81,189,315 38,741,162 74,201,702 39,243,843
------------ ------------- ------------ ------------ ------------ ------------
$120,573,485 $ 188,733,812 $ 36,506,649 $ 81,189,315 $ 48,162,504 $ 74,201,702
============ ============= ============ ============ ============ ============
100,000 7,900,000 800,000 1,300,000 -- 1,100,000
(1,200,000) (3,800,000) (1,100,000) -- -- (400,000)
------------ ------------- ------------ ------------ ------------ ------------
(1,100,000) 4,100,000 (300,000) 1,300,000 -- 700,000
============ ============= ============ ============ ============ ============
$ 289,867 $ 3,099,496 $ 113,283 $ 591,542 $ 359,964 $ 1,048,493
============ ============= ============ ============ ============ ============
</Table>
197
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING
MIDDLE EAST &
AFRICA ETF
-------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 1,272,675 $ 4,802,614
Net realized gain (loss) on investments and foreign
currency transactions................................... (21,415,313) (455,703)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions........... (12,981,525) (42,767,321)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (33,124,163) (38,420,410)
------------ ------------
Net equalization credits and charges....................... (1,077,959) 1,984,444
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... (4,388,332) (1,015,292)
Net realized gains......................................... -- (100,455)
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................ (4,388,332) (1,115,747)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares....................... 4,087,983 164,621,958
Net proceeds from the reinvestment of shares issued........ -- --
Cost of shares redeemed.................................... (37,505,239) --
Net income equalization.................................... 1,077,959 (1,984,444)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS...................................... (32,339,297) 162,637,514
------------ ------------
Net increase (decrease) in net assets during the period.... (70,929,751) 125,085,801
Net assets at beginning of period.......................... 152,537,558 27,451,757
------------ ------------
NET ASSETS END OF PERIOD(1).................................. $ 81,607,807 $152,537,558
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................ 100,000 2,400,000
Shares issued to shareholders from reinvestment of
distributions........................................... -- --
Shares redeemed............................................ (900,000) --
------------ ------------
NET INCREASE (DECREASE).................................... (800,000) 2,400,000
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.......................................... $ 908,765 $ 4,024,422
============ ============
</Table>
See accompanying notes to financial statements.
198
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR DOW JONES
SPDR S&P INTERNATIONAL INTERNATIONAL
WORLD EX-US ETF SMALL CAP ETF REAL ESTATE ETF
------------------------------ -------------------------------- ---------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED 3/31/09 YEAR ENDED 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ----------- ---------------- ------------- ---------------- --------------
$ 537,218 $ 602,973 $ 3,427,143 $ 6,703,837 $ 12,681,325 $ 34,442,707
(1,804,804) 15,226 (23,582,003) (7,266,699) (175,261,274) (47,506,451)
(10,633,252) (7,844,493) (90,402,766) (125,441,700) (164,583,858) (459,696,978)
------------ ----------- ------------- ------------- ------------- --------------
(11,900,838) (7,226,294) (110,557,626) (126,004,562) (327,163,807) (472,760,722)
------------ ----------- ------------- ------------- ------------- --------------
1,502,258 372,476 1,040,519 3,155,093 (290,777) 1,095,614
------------ ----------- ------------- ------------- ------------- --------------
(1,928,626) (228,453) (6,733,844) (1,646,829) (12,289,339) (35,627,956)
-- (34,955) -- (2,785,844) -- --
------------ ----------- ------------- ------------- ------------- --------------
(1,928,626) (263,408) (6,733,844) (4,432,673) (12,289,339) (35,627,956)
------------ ----------- ------------- ------------- ------------- --------------
33,190,434 21,841,734 137,941,061 375,432,673 48,349,779 356,367,190
-- -- -- -- 177,255 751,857
-- -- (107,523,750) (23,221,738) (90,302,469) (148,838,147)
(1,502,258) (372,476) (1,040,519) (3,155,093) 290,777 (1,095,614)
------------ ----------- ------------- ------------- ------------- --------------
31,688,176 21,469,258 29,376,792 349,055,842 (41,484,658) 207,185,286
------------ ----------- ------------- ------------- ------------- --------------
19,360,970 14,352,032 (86,874,159) 221,773,700 (381,228,581) (300,107,778)
27,972,938 13,620,906 331,889,806 110,116,106 811,118,056 1,111,225,834
------------ ----------- ------------- ------------- ------------- --------------
$ 47,333,908 $27,972,938 $ 245,015,647 $ 331,889,806 $ 429,889,475 $ 811,118,056
============ =========== ============= ============= ============= ==============
1,800,000 800,000 7,600,000 11,800,000 1,900,000 6,800,000
-- -- -- -- 5,171 13,405
-- -- (6,400,000) (800,000) (3,600,000) (2,800,000)
------------ ----------- ------------- ------------- ------------- --------------
1,800,000 800,000 1,200,000 11,000,000 (1,694,829) 4,013,405
============ =========== ============= ============= ============= ==============
$ (849,154) $ 542,254 $ 1,982,405 $ 5,289,106 $ (2,500,741) $ (2,892,727)
============ =========== ============= ============= ============= ==============
</Table>
199
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
FTSE/MACQUARIE
GLOBAL INFRASTRUCTURE 100
ETF
-------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 910,570 $ 2,648,246
Net realized gain (loss) on investments and foreign
currency transactions................................... (2,329,279) (315,720)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions........... (19,278,517) (21,035,048)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (20,697,226) (18,702,522)
------------ ------------
Net equalization credits and charges....................... 136,715 806,088
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... (2,523,307) (1,125,385)
Net realized gains......................................... -- (243,403)
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................ (2,523,307) (1,368,788)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares....................... 3,343,323 53,873,665
Net proceeds from the reinvestment of shares issued........ -- --
Cost of shares redeemed.................................... (3,358,606) --
Net income equalization.................................... (136,715) (806,088)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS...................................... (151,998) 53,067,577
------------ ------------
Net increase (decrease) in net assets during the period.... (23,235,816) 33,802,355
Net assets at beginning of period.......................... 79,943,891 46,141,536
------------ ------------
NET ASSETS END OF PERIOD(1) $ 56,708,075 $ 79,943,891
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................ 100,000 900,000
Shares issued to shareholders from reinvestment of
distributions........................................... -- --
Shares redeemed............................................ (100,000) --
------------ ------------
NET INCREASE (DECREASE).................................... -- 900,000
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.......................................... $ 395,129 $ 2,007,866
============ ============
</Table>
See accompanying notes to financial statements.
200
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
SPDR RUSSELL/NOMURA RUSSELL/NOMURA
MSCI ACWI PRIME JAPAN SMALL CAP JAPAN
EX-US ETF ETF ETF
-------------------------------- -------------------------------- -------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
3/31/09 YEAR ENDED 3/31/09 YEAR ENDED 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ------------- ---------------- ------------- ---------------- ------------
$ 2,642,388 $ 7,720,869 $ 111,707 $ 343,143 $ 838,216 $ 1,180,850
(42,485,777) 1,181,987 (4,198,959) 3,600,579 (3,325,610) (5,006,498)
(38,866,482) (113,298,549) (723,967) (13,864,853) (8,837,061) (22,438,534)
------------- ------------- ------------ ------------- ------------ ------------
(78,709,871) (104,395,693) (4,811,219) (9,921,131) (11,324,455) (26,264,182)
------------- ------------- ------------ ------------- ------------ ------------
630,267 4,065,058 125,790 (772,463) (52,558) (272,670)
------------- ------------- ------------ ------------- ------------ ------------
(5,470,385) (4,783,573) (536,558) (2,031,837) (1,303,337) (1,188,740)
-- (347,849) -- (190,893) -- --
------------- ------------- ------------ ------------- ------------ ------------
(5,470,385) (5,131,422) (536,558) (2,222,730) (1,303,337) (1,188,740)
------------- ------------- ------------ ------------- ------------ ------------
117,430,040 263,045,750 -- -- 11,940,263 17,054,846
-- -- -- -- 1,109 1,095
(102,155,526) (22,570,680) (6,624,718) (232,461,733) (8,142,283) (50,240,648)
(630,267) (4,065,058) (125,790) 772,463 52,558 272,670
------------- ------------- ------------ ------------- ------------ ------------
14,644,247 236,410,012 (6,750,508) (231,689,270) 3,851,647 (32,912,037)
------------- ------------- ------------ ------------- ------------ ------------
(68,905,742) 130,947,955 (11,972,495) (244,605,594) (8,828,703) (60,637,629)
258,638,820 127,690,865 23,786,055 268,391,649 77,057,270 137,694,899
------------- ------------- ------------ ------------- ------------ ------------
$ 189,733,078 $ 258,638,820 $ 11,813,560 $ 23,786,055 $ 68,228,567 $ 77,057,270
============= ============= ============ ============= ============ ============
5,400,000 6,400,000 -- -- 350,000 400,000
-- -- -- -- 31 25
(4,800,000) (600,000) (200,000) (4,200,000) (250,000) (1,100,000)
------------- ------------- ------------ ------------- ------------ ------------
600,000 5,800,000 (200,000) (4,200,000) 100,031 (699,975)
============= ============= ============ ============= ============ ============
$ 1,483,572 $ 4,311,569 $ (14,197) $ 410,654 $ 744,604 $ 1,209,725
============= ============= ============ ============= ============ ============
</Table>
201
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
DIVIDEND
ETF
-------------------------------
FOR THE FOR THE
SIX MONTHS ENDED PERIOD
3/31/09 2/12/08*-
(UNAUDITED) 9/30/08
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 516,057 $ 1,629,870
Net realized gain (loss) on investments and foreign
currency transactions................................... (17,782,115) (5,802,467)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures.. 2,022,734 (9,994,929)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (15,243,324) (14,167,526)
------------ ------------
Net equalization credits and charges....................... (10,256) 615,120
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... (372,972) (2,270,350)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares....................... 9,064,841 59,783,673
Net proceeds from the reinvestment of shares issued........ 13,136 22,962
Cost of shares redeemed.................................... (3,566,534) --
Net income equalization.................................... 10,256 (615,120)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS...................................... 5,521,699 59,191,515
------------ ------------
Net increase (decrease) in net assets during the period.... (10,104,853) 43,368,759
Net assets at beginning of period.......................... 43,368,759 --
------------ ------------
NET ASSETS END OF PERIOD(1).................................. $ 33,263,906 $ 43,368,759
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................ 300,000 900,000
Shares issued to shareholders from reinvestment of
distributions........................................... 300 380
Shares redeemed............................................ (100,000) --
------------ ------------
NET INCREASE (DECREASE).................................... 200,300 900,380
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.......................................... $ (502,160) $ (645,245)
============ ============
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
202
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL EMERGING MARKETS SPDR DOW JONES
MID CAP SMALL CAP GLOBAL REAL ESTATE
ETF ETF ETF
------------------------------ ------------------------------ ------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED PERIOD SIX MONTHS ENDED PERIOD SIX MONTHS ENDED PERIOD
3/31/09 5/7/08*- 3/31/09 5/12/08*- 3/31/09 5/7/08*-
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ----------- ---------------- ----------- ---------------- -----------
$ 91,140 $ 56,973 $ 34,925 $ 61,080 $ 676,743 $ 128,151
(43,562) (395,366) (901,057) (64,629) (3,018,877) (110,381)
(1,574,516) (1,546,347) (1,398,358) (2,194,587) (10,727,699) (1,749,172)
----------- ----------- ----------- ----------- ------------ -----------
(1,526,938) (1,884,740) (2,264,490) (2,198,136) (13,069,833) (1,731,402)
----------- ----------- ----------- ----------- ------------ -----------
80,186 -- -- 111,201 250,738 63,064
----------- ----------- ----------- ----------- ------------ -----------
(181,824) -- (63,515) -- (861,084) (155,654)
----------- ----------- ----------- ----------- ------------ -----------
3,796,988 7,092,400 -- 12,004,964 26,140,198 17,618,342
-- -- -- -- -- --
-- -- -- -- -- --
(80,186) -- -- (111,201) (250,738) (63,064)
----------- ----------- ----------- ----------- ------------ -----------
3,716,802 7,092,400 -- 11,893,763 25,889,460 17,555,278
----------- ----------- ----------- ----------- ------------ -----------
2,088,226 5,207,660 (2,328,005) 9,806,828 12,209,281 15,731,286
5,207,660 -- 9,806,828 -- 15,731,286 --
----------- ----------- ----------- ----------- ------------ -----------
$ 7,295,886 $ 5,207,660 $ 7,478,823 $ 9,806,828 $ 27,940,567 $15,731,286
=========== =========== =========== =========== ============ ===========
200,000 200,000 -- 300,000 1,100,000 400,000
-- -- -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ----------- ------------ -----------
200,000 200,000 -- 300,000 1,100,000 400,000
=========== =========== =========== =========== ============ ===========
$ (27,511) $ 63,173 $ 19,957 $ 48,547 $ (212,332) $ (27,991)
=========== =========== =========== =========== ============ ===========
</Table>
203
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
CONSUMER DISCRETIONARY
SECTOR ETF
-----------------------------
FOR THE FOR THE
SIX MONTHS ENDED PERIOD
3/31/09 7/16/08*-
(UNAUDITED) 9/30/08
---------------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income........................................ $ 34,858 $ 20,019
Net realized gain (loss) on investments and foreign currency
transactions.............................................. (2,211) 4,172
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions............. (1,210,262) (651,138)
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ (1,177,615) (626,947)
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................................ (44,497) (6,448)
----------- ----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares......................... -- 5,108,000
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................. -- 5,108,000
----------- ----------
Net increase (decrease) in net assets during the period...... (1,222,112) 4,474,605
Net assets at beginning of period............................ 4,474,605 --
----------- ----------
NET ASSETS END OF PERIOD(1).................................... $ 3,252,493 $4,474,605
=========== ==========
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................. -- 200,000
=========== ==========
(1) Including undistributed (distribution in excess of) net
investment income............................................ $ 7,734 $ 17,373
=========== ==========
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
204
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL
CONSUMER STAPLES ENERGY FINANCIAL
SECTOR ETF SECTOR ETF SECTOR ETF
----------------------------- ------------------------------ -----------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED PERIOD SIX MONTHS ENDED PERIOD SIX MONTHS ENDED PERIOD
3/31/09 7/16/08*- 3/31/09 7/16/08*- 3/31/09 7/16/08*-
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- ---------- ---------------- ----------- ---------------- ----------
$ 31,442 $ 25,298 $ 63,852 $ 37,381 $ 38,414 $ 20,816
(102,776) 1,780 (111,062) (10,312) (384,934) (361)
(1,217,766) (339,793) (1,193,467) (1,309,489) (1,475,982) (610,163)
----------- ---------- ----------- ----------- ----------- ----------
(1,289,100) (312,715) (1,240,677) (1,282,420) (1,822,502) (589,708)
----------- ---------- ----------- ----------- ----------- ----------
(26,598) (21,072) (60,837) (27,210) (31,696) (18,330)
----------- ---------- ----------- ----------- ----------- ----------
-- 5,494,000 -- 6,323,333 -- 4,903,333
----------- ---------- ----------- ----------- ----------- ----------
-- 5,494,000 -- 6,323,333 -- 4,903,333
----------- ---------- ----------- ----------- ----------- ----------
(1,315,698) 5,160,213 (1,301,514) 5,013,703 (1,854,198) 4,295,295
5,160,213 -- 5,013,703 -- 4,295,295 --
----------- ---------- ----------- ----------- ----------- ----------
$ 3,844,515 $5,160,213 $ 3,712,189 $ 5,013,703 $ 2,441,097 $4,295,295
=========== ========== =========== =========== =========== ==========
-- 200,000 -- 200,000 -- 200,000
=========== ========== =========== =========== =========== ==========
$ 8,949 $ 4,105 $ 7,498 $ 4,483 $ 8,843 $ 2,125
=========== ========== =========== =========== =========== ==========
</Table>
205
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
HEALTH CARE
SECTOR ETF
------------------------
FOR THE
SIX MONTHS FOR THE
ENDED PERIOD
3/31/09 7/16/08*-
(UNAUDITED) 9/30/08
----------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income........................................... $ 57,597 $ 21,648
Net realized gain (loss) on investments and foreign currency
transactions................................................. (5,762) (69,952)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions................ (1,343,695) (512,050)
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................... (1,291,860) (560,354)
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................................... (53,950) (9,902)
----------- ----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares............................ -- 6,246,000
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS
Net increase (decrease) in net assets during the period......... (1,345,810) 5,675,744
Net assets at beginning of period............................... 5,675,744 --
----------- ----------
NET ASSETS END OF PERIOD(1)....................................... $ 4,329,934 $5,675,744
=========== ==========
SHARES OF BENEFICIAL INTEREST:
Share sold...................................................... -- 200,000
=========== ==========
(1) Including undistributed (distribution in excess of) net
investment income............................................... $ 15,359 $ 11,712
=========== ==========
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
206
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P SPDR S&P INTERNA-
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL TIONAL
INDUSTRIAL MATERIALS TECHNOLOGY TELECOMMUNICATIONS UTILITIES
SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF
- -------------------------- -------------------------- -------------------------- ------------------------- -----------
FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
3/31/09 7/16/08*- 3/31/09 7/16/08*- 3/31/09 7/16/08*- 3/31/09 7/16/08*- 3/31/09
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------- -----------
$ 47,610 $ 17,115 $ 23,465 $ 23,231 $ 16,275 $ 11,770 $ 58,097 $ 33,024 $ 38,878
1,241 (4,301) (104,362) (21,694) (17,306) (46) (52,367) (697) (57,917)
(1,373,667) (1,083,905) (1,186,426) (1,983,564) (1,119,624) (1,111,771) (866,926) (866,723) (1,391,189)
- ----------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- -----------
(1,324,816) (1,071,091) (1,267,323) (1,982,027) (1,120,655) (1,100,047) (861,196) (834,396) (1,410,228)
- ----------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- -----------
(41,434) (9,075) (23,669) (14,130) (15,260) -- (59,686) (27,199) (11,893)
- ----------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- -----------
-- 5,493,334 -- 6,304,667 -- 5,554,000 -- 5,403,333 --
- ----------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- -----------
(1,366,250) 4,413,168 (1,290,992) 4,308,510 (1,135,915) 4,453,953 (920,882) 4,541,738 (1,422,121)
4,413,168 -- 4,308,510 -- 4,453,953 -- 4,541,738 -- 4,989,238
- ----------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- -----------
$ 3,046,918 $ 4,413,168 $ 3,017,518 $ 4,308,510 $ 3,318,038 $ 4,453,953 $3,620,856 $4,541,738 $ 3,567,117
=========== =========== =========== =========== =========== =========== ========== ========== ===========
-- 200,000 -- 200,000 -- 200,000 -- 200,000 --
=========== =========== =========== =========== =========== =========== ========== ========== ===========
$ 14,233 $ 8,057 $ 8,337 $ 8,541 $ 12,739 $ 11,724 $ 3,539 $ 5,128 $ 14,211
=========== =========== =========== =========== =========== =========== ========== ========== ===========
<Caption>
SPDR S&P
INTERNA- SPDR S&P
TIONAL INTERNA-
INDUSTRIAL TIONAL
SECTOR ETF UTILITIES
- ----------- SECTOR ETF
FOR THE ----------
SIX MONTHS FOR THE
ENDED PERIOD
3/31/09 7/16/08*-
(UNAUDITED) 9/30/08
- ----------- ----------
$ 47,610 $ 76,199
1,241 (6,776)
(1,373,667) (886,841)
- ----------- ----------
(1,324,816) (817,418)
- ----------- ----------
(41,434) (87,344)
- ----------- ----------
-- 5,894,000
- ----------- ----------
(1,366,250) 4,989,238
4,413,168 --
- ----------- ----------
$ 3,046,918 $4,989,238
=========== ==========
-- 200,000
=========== ==========
$ 14,233 $ (12,774)
=========== ==========
</Table>
207
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ STOXX 50 ETF
----------------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED
3/31/09 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/08 9/30/07 9/30/06 9/30/05 9/30/04+
---------------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD......... $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20 $ 27.89
------- ------- -------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)................. 0.39(5) 1.88 1.50 1.30(5) 1.01 0.99
Net realized and unrealized gain (loss) (7).. (12.58) (17.09) 9.22 5.05 6.10 5.16
------- ------- -------- ------- ------- -------
Total from investment operations............. (12.19) (15.21) 10.72 6.35 7.11 6.15
------- ------- -------- ------- ------- -------
Net equalization credits and charges (5)..... 0.00(4) (0.12) (0.03) 0.38 0.00(4) 0.01
------- ------- -------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................ (0.39) (1.69) (1.47) (1.41) (1.00) (0.85)
Net realized gains........................... -- (0.34) (0.01) (0.15) -- --
------- ------- -------- ------- ------- -------
Total distributions.......................... (0.39) (2.03) (1.48) (1.56) (1.00) (0.85)
------- ------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD............... $ 23.75 $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20
======= ======= ======== ======= ======= =======
TOTAL RETURN (1)............................. (33.74)% (29.27)% 24.22% 17.40% 21.60% 22.13%
Net assets, end of period (in 000's)......... $43,953 $76,311 $185,256 $71,175 $31,447 $24,896
Ratio of expenses to average net assets...... 0.29%(2) 0.29% 0.30% 0.33% 0.32% 0.33%
Ratio of net investment income (loss) to
average net assets......................... 2.95%(2) 3.35% 3.16% 3.13% 2.75% 2.98%
Portfolio turnover rate (3).................. 3% 14% 9% 14% 9% 7%
</Table>
See accompanying notes to financial highlights on page 218 and notes to
financial statements.
208
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING
SPDR DJ EURO STOXX 50 ETF ASIA PACIFIC ETF
- --------------------------------------------------------------------------------- ----------------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED SIX MONTHS ENDED FOR THE PERIOD
3/31/09 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 3/31/09 YEAR ENDED 3/20/07* -
(UNAUDITED) 9/30/08 9/30/07 9/30/06 9/30/05 9/30/04+ (UNAUDITED) 9/30/08 9/30/07
- ---------------- ---------- ---------- ---------- ---------- ---------- ---------------- ---------- --------------
$ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 27.97 $ 54.59 $ 87.74 $ 60.50
-------- -------- -------- -------- -------- ------- -------- -------- -------
0.23 2.17 1.40 1.32(5) 0.94 0.64 0.06 0.90 0.64
(14.83) (19.32) 12.80 7.92 7.39 6.14 (10.10) (35.04) 25.50
-------- -------- -------- -------- -------- ------- -------- -------- -------
(14.60) (17.15) 14.20 9.24 8.33 6.78 (10.04) (34.14) 26.14
-------- -------- -------- -------- -------- ------- -------- -------- -------
0.00(4) (0.24) 0.35 (0.08) 0.02 0.01 0.30 2.13 1.10
-------- -------- -------- -------- -------- ------- -------- -------- -------
(0.24) (1.95) (1.66) (1.24) (0.98) (0.82) (0.58) (1.03) --
-- (0.90) -- -- -- -- -- (0.11) --
-------- -------- -------- -------- -------- ------- -------- -------- -------
(0.24) (2.85) (1.66) (1.24) (0.98) (0.82) (0.58) (1.14) --
-------- -------- -------- -------- -------- ------- -------- -------- -------
$ 27.04 $ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 44.27 $ 54.59 $ 87.74
======== ======== ======== ======== ======== ======= ======== ======== =======
(34.96)% (29.00)% 29.76% 22.48% 24.82% 24.21% (17.85)% (36.95)% 45.03%
$106,836 $224,080 $484,541 $233,865 $179,688 $93,325 $168,212 $163,780 $61,420
0.29%(2) 0.29% 0.30% 0.33% 0.32% 0.33% 0.60%(2) 0.59% 0.63%(2)
1.52%(2) 3.53% 2.86% 2.92% 2.79% 1.92% 0.33%(2) 2.28% 3.33%(2)
3% 14% 11% 6% 15% 11% 3% 7% 1%
</Table>
209
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P EMERGING
CHINA ETF MARKETS ETF
----------------------------------------------- ----------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 YEAR ENDED 3/20/07* - 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08
---------------- ---------- -------------- ---------------- ----------
NET ASSET VALUE, BEGINNING OF
PERIOD............................. $ 51.29 $ 94.34 $ 52.23 $ 51.86 $ 75.21
-------- -------- -------- ------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)......... 0.00(4)(5) 0.75 0.50 0.25 1.32
Net realized and unrealized gain
(loss) (7)......................... (5.92) (43.64) 40.90 (14.52) (23.44)
-------- -------- -------- ------- -------
Total from investment operations..... (5.92) (42.89) 41.40 (14.27) (22.12)
-------- -------- -------- ------- -------
Net equalization credits and charges
(5)................................ 0.46 0.47 0.71 0.56 0.16
-------- -------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................ (0.80) (0.63) -- (1.39) (0.65)
Net realized gains................... -- -- -- -- (0.74)
-------- -------- -------- ------- -------
Total distributions.................. (0.80) (0.63) -- (1.39) (1.39)
-------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD....... $ 45.03 $ 51.29 $ 94.34 $ 36.76 $ 51.86
======== ======== ======== ======= =======
TOTAL RETURN (1)..................... (10.69)% (45.26)% 80.64% (26.52)% (29.77)%
Net assets, end of period (in
000's)............................. $180,106 $123,108 $122,639 $47,790 $36,299
Ratio of expenses to average net
assets............................. 0.59%(2) 0.59% 0.59%(2) 0.59%(2) 0.59%
Ratio of expenses to average net
assets before waiver............... 0.59%(2) 0.59% 0.59%(2) 0.59%(2) 0.59%
Ratio of net investment income (loss)
to average net assets.............. 0.01%(2) 1.33% 2.56%(2) 1.43%(2) 1.97%
Portfolio turnover rate (3).......... 1% 4% 0% 1% 11%
<Caption>
SPDR S&P
EMERGING
MARKETS ETF
--------------
FOR THE PERIOD
3/20/07* -
9/30/07
--------------
NET ASSET VALUE, BEGINNING OF
PERIOD............................. $ 55.63
-------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)......... 0.42
Net realized and unrealized gain
(loss) (7)......................... 18.49
-------
Total from investment operations..... 18.91
-------
Net equalization credits and charges
(5)................................ 0.67
-------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................ --
Net realized gains................... --
-------
Total distributions.................. --
-------
NET ASSET VALUE, END OF PERIOD....... $ 75.21
=======
TOTAL RETURN (1)..................... 35.20%
Net assets, end of period (in
000's)............................. $45,125
Ratio of expenses to average net
assets............................. 0.60%(2)
Ratio of expenses to average net
assets before waiver............... 0.60%(2)
Ratio of net investment income (loss)
to average net assets.............. 2.42%(2)
Portfolio turnover rate (3).......... 0%(6)
</Table>
See accompanying notes to financial highlights on page 218 and notes to
financial statements.
210
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P EMERGING SPDR S&P EMERGING
BRIC 40 ETF EUROPE ETF LATIN AMERICA ETF
- ---------------------------------------------- ---------------------------------------------- -----------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 YEAR ENDED 6/19/07* - 3/31/09 YEAR ENDED 3/20/07* - 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08
- ---------------- ---------- -------------- ---------------- ---------- -------------- ---------------- ----------
$ 20.29 $ 30.18 $ 24.07 $ 42.73 $ 64.57 $ 54.38 $ 61.83 $ 78.49
-------- -------- -------- ------- ------- ------- ------- -------
0.15 0.39 0.07 0.31 0.46 0.22 0.57 1.32
(5.25) (10.19) 5.90 (19.24) (22.41) 9.18 (21.12) (17.23)
-------- -------- -------- ------- ------- ------- ------- -------
(5.10) (9.80) 5.97 (18.93) (21.95) 9.40 (20.55) (15.91)
-------- -------- -------- ------- ------- ------- ------- -------
(0.04) 0.04 0.14 (0.43) 0.51 0.79 0.00(4) 0.25
-------- -------- -------- ------- ------- ------- ------- -------
(0.45) (0.13) -- (0.55) (0.37) -- (1.14) (0.95)
-- -- -- -- (0.03) -- -- (0.05)
-------- -------- -------- ------- ------- ------- ------- -------
(0.45) (0.13) -- (0.55) (0.40) -- (1.14) (1.00)
-------- -------- -------- ------- ------- ------- ------- -------
$ 14.70 $ 20.29 $ 30.18 $ 22.82 $ 42.73 $ 64.57 $ 40.14 $ 61.83
======== ======== ======== ======= ======= ======= ======= =======
(25.38)% (32.50)% 25.38% (45.45)% (33.45)% 18.73% (33.32)% (20.21)%
$120,573 $188,734 $156,921 $36,507 $81,189 $38,741 $48,163 $74,202
0.43%(2) 0.40% 0.40%(2) 0.59%(2) 0.60% 0.60%(2) 0.60%(2) 0.60%
0.50%(2) 0.50% 0.50%(2) 0.59%(2) 0.60% 0.60%(2) 0.60%(2) 0.60%
1.86%(2) 1.43% 2.31%(2) 1.41%(2) 0.96% 1.53%(2) 2.87%(2) 1.94%
11% 16% 0% 18% 19% 3% 5% 7%
<Caption>
SPDR S&P
SPDR S&P EMERGING
BRIC 40 ETF LATIN AMERICA
- ---------------- ETF
FOR THE --------------
SIX MONTHS ENDED FOR THE PERIOD
3/31/09 3/20/07* -
(UNAUDITED) 9/30/07
- ---------------- --------------
$ 20.29 $ 57.51
-------- -------
0.15 0.50
(5.25) 20.32
-------- -------
(5.10) 20.82
-------- -------
(0.04) 0.16
-------- -------
(0.45) --
-- --
-------- -------
(0.45) --
-------- -------
$ 14.70 $ 78.49
======== =======
(25.38)% 36.49%
$120,573 $39,244
0.43%(2) 0.60%(2)
0.50%(2) 0.60%(2)
1.86%(2) 1.98%(2)
11% 2%
</Table>
211
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING SPDR S&P
MIDDLE EAST & AFRICA ETF WORLD EX-US ETF
-------------------------------------------- --------------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD
3/31/09 YEAR ENDED 3/20/07* - 3/31/09 YEAR ENDED 4/20/07* -
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08 9/30/07
---------------- ---------- -------------- ---------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.. $ 54.48 $ 68.63 $ 59.25 $ 23.31 $ 34.05 $ 32.57
------- -------- ------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss).......... 0.85 1.79(8) 0.67 0.22(4) 0.61 0.41
Net realized and unrealized gain
(loss) (7).......................... (12.24) (15.86) 8.49 (7.73) (11.31) 1.07
------- -------- ------- ------- ------- -------
Total from investment operations...... (11.39) (14.07) 9.16 (7.51) (10.70) 1.48
------- -------- ------- ------- ------- -------
Net equalization credits and charges
(5)................................. (0.46) 1.04 0.22 0.62 0.62 --
------- -------- ------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (1.83) (1.02) -- (0.64) (0.57) --
Net realized gains.................... -- (0.10) -- -- (0.09) --
------- -------- ------- ------- ------- -------
Total distributions................... (1.83) (1.12) -- (0.64) (0.66) --
------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD........ $ 40.80 $ 54.48 $ 68.63 $ 15.78 $ 23.31 $ 34.05
======= ======== ======= ======= ======= =======
TOTAL RETURN (1)...................... (21.88)% (19.37)% 15.84% (29.95)% (30.13)% 4.56%
Net assets, end of period (in 000's).. $81,608 $152,538 $27,452 $47,334 $27,973 $13,621
Ratio of expenses to average net
assets.............................. 0.59%(2) 0.59% 0.59%(2) 0.34%(2) 0.35% 0.35%(2)
Ratio of net investment income (loss)
to average net assets............... 2.71%(2) 3.88% 2.65%(2) 2.64%(2) 3.36% 2.89%(2)
Portfolio turnover rate (3)........... 10% 7% 1% 3% 4% 0%(6)
<Caption>
NET ASSET VALUE, BEGINNING OF PERIOD..
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)..........
Net realized and unrealized gain
(loss) (7)..........................
Total from investment operations......
Net equalization credits and charges
(5).................................
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.................
Net realized gains....................
Total distributions...................
NET ASSET VALUE, END OF PERIOD........
TOTAL RETURN (1)......................
Net assets, end of period (in 000's)..
Ratio of expenses to average net
assets..............................
Ratio of net investment income (loss)
to average net assets...............
Portfolio turnover rate (3)...........
</Table>
See accompanying notes to financial highlights on page 218 and notes to
financial statements.
212
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
FTSE/MACQUARIE
GLOBAL
SPDR S&P INTERNATIONAL SPDR DOW JONES INFRASTRUCTURE
SMALL CAP ETF INTERNATIONAL REAL ESTATE ETF 100 ETF
- ------------------------------------------------ ------------------------------------------------ ----------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 YEAR ENDED 4/20/07* - 3/31/09 YEAR ENDED 12/15/06* - 3/31/09
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08 9/30/07 (UNAUDITED)
- ---------------- ---------- -------------- ---------------- ---------- -------------- ----------------
$ 23.71 $ 36.71 $ 35.59 $ 37.86 $ 63.83 $ 60.28 $ 47.03
-------- -------- -------- -------- -------- ---------- -------
0.11 0.51 0.17 0.63 1.80 1.20 0.54
(7.40) (13.04) 0.70 (16.07) (26.03) 3.33 (12.81)
-------- -------- -------- -------- -------- ---------- -------
(7.29) (12.53) 0.87 (15.44) (24.23) 4.53 (12.27)
-------- -------- -------- -------- -------- ---------- -------
0.06 0.35 0.25 (0.01) 0.06 0.36 0.08
-------- -------- -------- -------- -------- ---------- -------
(0.36) (0.30) -- (0.62) (1.80) (1.34) (1.48)
-- (0.52) -- -- -- -- --
-------- -------- -------- -------- -------- ---------- -------
(0.36) (0.82) -- (0.62) (1.80) (1.34) (1.48)
-------- -------- -------- -------- -------- ---------- -------
$ 16.12 $ 23.71 $ 36.71 $ 21.79 $ 37.86 $ 63.83 $ 33.36
======== ======== ======== ======== ======== ========== =======
(30.69)% (33.83)% 3.14% (40.93)% (38.38)% 8.09% (26.49)%
$245,016 $331,890 $110,116 $429,889 $811,118 $1,111,226 $56,708
0.59%(2) 0.59% 0.59%(2) 0.59%(2) 0.59% 0.60%(2) 0.59%(2)
2.36%(2) 2.38% 1.89%(2) 4.94%(2) 3.43% 3.01%(2) 2.83%(2)
7% 46% 2% 12% 8% 16% 5%
<Caption>
SPDR S&P
INTERNATIONAL SPDR FTSE/MACQUARIE
SMALL CAP ETF GLOBAL INFRASTRUCTURE 100
- ---------------- ETF
FOR THE ----------------------------
SIX MONTHS ENDED FOR THE PERIOD
3/31/09 YEAR ENDED 1/25/07* -
(UNAUDITED) 9/30/08 9/30/07
- ---------------- ---------- --------------
$ 23.71 $ 57.68 $ 50.41
-------- ------- -------
0.11 1.53(8) 0.59
(7.40) (11.64) 6.11
-------- ------- -------
(7.29) (10.11) 6.70
-------- ------- -------
0.06 0.60 0.57
-------- ------- -------
(0.36) (0.94) --
-- (0.20) --
-------- ------- -------
(0.36) (1.14) --
-------- ------- -------
$ 16.12 $ 47.03 $ 57.68
======== ======= =======
(30.69)% (16.93)% 14.43%
$245,016 $79,944 $46,142
0.59%(2) 0.59% 0.59%(2)
2.36%(2) 3.49% 2.50%(2)
7% 7% 6%
</Table>
213
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR MSCI ACWI SPDR RUSSELL/NOMURA
EX-US ETF PRIME JAPAN ETF
---------------------------------------------- -----------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 YEAR ENDED 1/10/07* - 3/31/09 YEAR ENDED
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08
---------------- ---------- -------------- ---------------- ----------
NET ASSET VALUE, BEGINNING OF
PERIOD............................ $ 29.39 $ 42.56 $ 35.60 $ 39.64 $ 55.91
-------- -------- -------- ------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)........ 0.27(5) 0.82 0.44 0.62 1.95
Net realized and unrealized gain
(loss) (7)........................ (9.03) (13.76) 6.12 (9.67) (15.75)
-------- -------- -------- ------- -------
Total from investment operations.... (8.76) (12.94) 6.56 (9.05) (13.80)
-------- -------- -------- ------- -------
Net equalization credits and charges
(5)............................... 0.06 0.60 0.40 0.28 (0.62)
-------- -------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............... (0.51) (0.77) -- (1.34) (1.69)
Net realized gains.................. -- (0.06) -- -- (0.16)
-------- -------- -------- ------- -------
Total distributions................. (0.51) (0.83) -- (1.34) (1.85)
-------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD...... $ 20.18 $ 29.39 $ 42.56 $ 29.53 $ 39.64
======== ======== ======== ======= =======
TOTAL RETURN (1).................... (29.84)% (29.53)% 19.55% (22.67)% (26.48)%
Net assets, end of period (in
000's)............................ $189,733 $258,639 $127,691 $11,814 $23,786
Ratio of expenses to average net
assets............................ 0.34%(2) 0.34% 0.35%(2) 0.50%(2) 0.50%
Ratio of net investment income
(loss) to average net assets...... 2.50%(2) 3.00% 2.78%(2) 1.47%(2) 0.52%
Portfolio turnover rate (3)......... 10% 5% 1% 4% 3%
<Caption>
SPDR
RUSSELL/NOMURA
PRIME JAPAN
ETF
--------------
FOR THE PERIOD
11/9/06* -
9/30/07
--------------
NET ASSET VALUE, BEGINNING OF
PERIOD............................ $ 52.65
--------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)........ 0.42
Net realized and unrealized gain
(loss) (7)........................ 2.84
--------
Total from investment operations.... 3.26
--------
Net equalization credits and charges
(5)............................... --
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............... 0.00(4)
Net realized gains.................. --
--------
Total distributions................. --
--------
NET ASSET VALUE, END OF PERIOD...... $ 55.91
========
TOTAL RETURN (1).................... 6.19%
Net assets, end of period (in
000's)............................ $268,392
Ratio of expenses to average net
assets............................ 0.51%(2)
Ratio of net investment income
(loss) to average net assets...... 0.97%(2)
Portfolio turnover rate (3)......... 0%(6)
</Table>
See accompanying notes to financial highlights on page 218 and notes to
financial statements.
214
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
SPDR RUSSELL/NOMURA DIVIDEND MID CAP
SMALL CAP JAPAN ETF ETF ETF
- ---------------------------------------------- --------------------------------- ---------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD
3/31/09 YEAR ENDED 11/9/06* - 3/31/09 2/12/08* - 3/31/09 5/7/08* -
(UNAUDITED) 9/30/08 9/30/07 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
- ---------------- ---------- -------------- ---------------- -------------- ---------------- --------------
$ 35.84 $ 48.31 $ 48.70 $ 48.17 $ 70.76 $ 26.04 $ 35.46
------- ------- -------- ------- ------- ------- -------
0.40(5) 0.71 0.53 0.70 3.56 0.07 0.32
(5.26) (12.49) (0.77) (18.20) (23.17) (7.67) (9.74)
------- ------- -------- ------- ------- ------- -------
(4.86) (11.78) (0.24) (17.50) (19.61) (7.60) (9.42)
------- ------- -------- ------- ------- ------- -------
(0.02) (0.12) (0.03) (0.01) 1.30 0.25 --
------- ------- -------- ------- ------- ------- -------
(0.64) (0.57) (0.12) (0.44) (4.28) (0.45) --
-- -- -- -- -- -- --
------- ------- -------- ------- ------- ------- -------
(0.64) (0.57) (0.12) (0.44) (4.28) (0.45) --
------- ------- -------- ------- ------- ------- -------
$ 30.32 $ 35.84 $ 48.31 $ 30.22 $ 48.17 $ 18.24 $ 26.04
======= ======= ======== ======= ======= ======= =======
(13.89)% (24.85)% (0.57)% (36.47)% (26.93)% (28.42)% (26.54)%
$68,229 $77,057 $137,695 $33,264 $43,369 $7,296 $5,208
0.55%(2) 0.55% 0.56%(2) 0.48%(2) 0.48%(2) 0.45%(2) 0.45%(2)
2.36%(2) 1.24% 1.26%(2) 3.56%(2) 8.77%(2) 2.98%(2) 2.22%(2)
16% 22% 2% 57% 71% 1% 19%
<Caption>
SPDR SPDR S&P
RUSSELL/NOMURA EMERGING MARKETS
SMALL CAP JAPAN SMALL CAP
ETF ETF
- ---------------- ---------------------------------
FOR THE FOR THE
SIX MONTHS ENDED SIX MONTHS ENDED FOR THE PERIOD
3/31/09 3/31/09 5/12/08* -
(UNAUDITED) (UNAUDITED) 9/30/08
- ---------------- ---------------- --------------
$ 35.84 $ 32.69 $ 52.29
------- ------- -------
0.40(5) 0.12 0.16
(5.26) (7.67) (20.81)
------- ------- -------
(4.86) (7.55) (20.65)
------- ------- -------
(0.02) -- 1.05
------- ------- -------
(0.64) (0.21) --
-- -- --
------- ------- -------
(0.64) (0.21) --
------- ------- -------
$ 30.32 $ 24.93 $ 32.69
======= ======= =======
(13.89)% (23.08)% (37.48)%
$68,229 $7,479 $9,807
0.55%(2) 0.66%(2) 0.76%(2)
2.36%(2) 0.98%(2) 3.41%(2)
16% 15% 2%
</Table>
215
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
SPDR DOW CONSUMER CONSUMER
JONES GLOBAL DISCRETIONARY STAPLES
REAL ESTATE SECTOR SECTOR
ETF ETF ETF
-------------------------------- -------------------------------- ----------------
FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 5/7/08* - 3/31/09 7/16/08* - 3/31/09
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED)
---------------- -------------- ---------------- -------------- ----------------
NET ASSET VALUE, BEGINNING OF
PERIOD........................... $39.33 $49.87 $22.37 $25.54 $25.80
------- ------- ------ ------ ------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)....... 0.70 0.56 0.17 0.12 0.15
Net realized and unrealized gain
(loss) (7)....................... (20.90) (10.80) (6.06) (3.26) (6.60)
------- ------- ------ ------ ------
Total from investment operations... (20.20) (10.24) (5.89) (3.14) (6.45)
------- ------- ------ ------ ------
Net equalization credits and
charges(5)....................... 0.28 0.33 -- -- --
------- ------- ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............. (0.78) (0.63) (0.22) (0.03) (0.13)
------- ------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD..... $18.63 $39.33 $16.26 $22.37 $19.22
======= ======= ====== ====== ======
TOTAL RETURN (1)................... (50.95)% (19.89)% (26.41)% (12.29)% (25.02)%
Net assets, end of period (in
000's)........................... $27,941 $15,731 $3,252 $4,475 $3,845
Ratio of expenses to average net
assets........................... 0.50%(2) 0.50%(2) 0.50%(2) 0.52%(2) 0.50%(2)
Ratio of net investment income
(loss) to average net assets..... 6.88%(2) 3.97%(2) 2.04%(2) 1.88%(2) 1.51%(2)
Portfolio turnover rate (3)........ 9% 4% 6% 1% 8%
<Caption>
SPDR S&P
INTERNATIONAL
CONSUMER
STAPLES
SECTOR
ETF
--------------
FOR THE PERIOD
7/16/08* -
9/30/08
--------------
NET ASSET VALUE, BEGINNING OF
PERIOD........................... $27.47
------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)....... 0.13
Net realized and unrealized gain
(loss) (7)....................... (1.69)
------
Total from investment operations... (1.56)
------
Net equalization credits and
charges(5)....................... --
------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............. (0.11)
------
NET ASSET VALUE, END OF PERIOD..... $25.80
======
TOTAL RETURN (1)................... (5.70)%
Net assets, end of period (in
000's)........................... $5,160
Ratio of expenses to average net
assets........................... 0.50%(2)
Ratio of net investment income
(loss) to average net assets..... 2.17%(2)
Portfolio turnover rate (3)........ 9%
</Table>
See accompanying notes to financial highlights on page 218 and notes to
financial statements.
216
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
ENERGY FINANCIAL HEALTH CARE INDUSTRIAL
SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF
- --------------------------------- --------------------------------- --------------------------------- ----------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED
3/31/09 7/16/08* - 3/31/09 7/16/08*- 3/31/09 7/16/08* - 3/31/09
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08 (UNAUDITED)
- ---------------- -------------- ---------------- -------------- ---------------- -------------- ----------------
$25.07 $31.62 $21.48 $24.52 $28.38 $31.23 $22.07
------ ------ ------ ------ ------ ------ ------
0.32 0.16 0.19 0.10 0.29 0.11 0.24
(6.53) (6.57) (9.30) (3.05) (6.75) (2.91) (6.87)
------ ------ ------ ------ ------ ------ ------
(6.21) (6.41) (9.11) (2.95) (6.46) (2.80) (6.63)
------ ------ ------ ------ ------ ------ ------
-- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
(0.30) (0.14) (0.16) (0.09) (0.27) (0.05) (0.21)
------ ------ ------ ------ ------ ------ ------
$18.56 $25.07 $12.21 $21.48 $21.65 $28.38 $15.23
====== ====== ====== ====== ====== ====== ======
(24.83)% (20.28)% (42.51)% (12.03)% (22.80)% (8.97)% (30.17)%
$3,712 $5,014 $2,441 $4,295 $4,330 $5,676 $3,047
0.50%(2) 0.50%(2) 0.51%(2) 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2)
3.37%(2) 3.03%(2) 2.75%(2) 2.03%(2) 2.42%(2) 1.67%(2) 2.91%(2)
6% 1% 8% 0% 0%(6) 18% 0%(6)
<Caption>
SPDR S&P
INTERNATIONAL SPDR S&P
ENERGY INTERNATIONAL
SECTOR INDUSTRIAL
ETF SECTOR
- ---------------- ETF
FOR THE --------------
SIX MONTHS ENDED FOR THE PERIOD
3/31/09 7/16/08* -
(UNAUDITED) 9/30/08
- ---------------- --------------
$25.07 $27.47
------ ------
0.32 0.09
(6.53) (5.44)
------ ------
(6.21) (5.35)
------ ------
-- --
------ ------
(0.30) (0.05)
------ ------
$18.56 $22.07
====== ======
(24.83)% (19.49)%
$3,712 $4,413
0.50%(2) 0.50%(2)
3.37%(2) 1.55%(2)
6% 0%
</Table>
217
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
MATERIALS TECHNOLOGY
SECTOR SECTOR
ETF ETF
-------------------------------- --------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD
3/31/09 7/16/08* - 3/31/09 7/16/08* -
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
---------------- -------------- ---------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD............... $21.54 $31.52 $22.27 $27.77
------ ------ ------ ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)....................... 0.12 0.11 0.08(5) 0.06
Net realized and unrealized gain (loss) (7)........ (6.45) (10.02) (5.68) (5.56)
------ ------ ------ ------
Total from investment operations................... (6.33) (9.91) (5.60) (5.50)
------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............................. (0.12) (0.07) (0.08) --
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD..................... $15.09 $21.54 $16.59 $22.27
====== ====== ====== ======
TOTAL RETURN (1)................................... (29.42)% (31.44)% (25.18)% (19.81)%
Net assets, end of period (in 000's)............... $3,018 $4,309 $3,318 $4,454
Ratio of expenses to average net assets............ 0.50%(2) 0.50%(2) 0.51%(2) 0.50%(2)
Ratio of net investment income (loss) to average
net assets....................................... 1.56%(2) 1.99%(2) 0.97%(2) 1.04%(2)
Portfolio turnover rate (3)........................ 2% 4% 1% 0%
</Table>
* Commencement of operations
(1) 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.
(2) Annualized.
(3) Portfolio Turnover rate excludes securities received or delivered from
processing of creations or redemptions.
(4) Amount is less than $0.005 per share.
(5) Per share numbers have been calculated using average shares outstanding.
(6) Amount shown represents less than 0.5%.
(7) 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 timing of sales and repurchases of Fund shares in
relation to fluctuating market values for the Fund.
(8) Net investment income per share reflects receipt of a special one time
dividend from a Portfolio holding. The effect of these dividends amounted
to $0.38 per share on SPDR S&P Emerging Middle East & Africa ETF, $0.44
per share on SPDR FTSE/Macquarie Global Infrastructure 100 ETF, and $0.31
per share on SPDR S&P International Utilities Sector ETF, respectively.
+ Effective on July 1, 2004, SSgA Funds Management, Inc. succeeded UBS
Global Asset Management (US) Inc. as the Fund's Adviser.
See accompanying notes to financial statements.
218
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
- --------------------------------- ---------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD SIX MONTHS ENDED FOR THE PERIOD
3/31/09 7/16/08* - 3/31/09 7/16/08* -
(UNAUDITED) 9/30/08 (UNAUDITED) 9/30/08
- ---------------- -------------- ---------------- --------------
$22.71 $27.02 $24.95 $29.47
------ ------ ------ ------
0.29 0.16 0.19 0.37(8)
(4.60) (4.33) (7.24) (4.45)
------ ------ ------ ------
(4.31) (4.17) (7.05) (4.08)
------ ------ ------ ------
(0.30) (0.14) (0.06) (0.44)
------ ------ ------ ------
$18.10 $22.71 $17.84 $24.95
====== ====== ====== ======
(19.21)% (15.45)% (28.33)% (13.87)%
$3,621 $4,542 $3,567 $4,989
0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2)
2.98%(2) 3.11%(2) 1.92%(2) 6.47%(2)
4% 0% 4% 1%
</Table>
219
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
The 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 March 31, 2009, the Trust offered thirty (30) portfolios, each of which
represents a separate series of beneficial interest in the Trust (each referred
to as a "Fund" and collectively as the "Funds"). Accordingly, the financial
statements herein relate to the following Funds: SPDR DJ STOXX 50 ETF, SPDR DJ
EURO STOXX 50 ETF, 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 World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones
International Real Estate ETF (formerly, SPDR DJ Wilshire 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 (formerly, SPDR DJ Wilshire 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.
Each Fund operates as a non-diversified investment company. The investment
objective of each Fund is to replicate as closely as possible, before expenses,
the price and yield or total return performance of a specified market index.
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.
The Trust invests in various investments which 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. You should anticipate that the value of a 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. Further, a Fund would not sell an
equity security because the security's issuer was in financial trouble unless
that security is removed from a Fund's benchmark index.
2. 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.
220
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY VALUATION
The value of each Fund's portfolio securities, including exchange-traded futures
contracts, is based on the market price of the securities, which generally means
a valuation obtained from an exchange or other market (or based on a price
quotation or other equivalent indication of value supplied by an exchange or
other market) or a valuation obtained from an independent pricing service.
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 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.
Effective October 1, 2008, the Funds adopted Financial Accounting Standards
Board ("FASB") Statement of Financial Accounting Standards No. 157 ("FAS 157"),
"Fair Value Measurements." This standard defines fair value, establishes a
framework for measuring fair value in accordance with generally accepted
accounting principles and expands disclosure about fair value measurements.
Various inputs are used in determining the value of the Funds' investments.
These inputs are summarized in the three broad levels listed below.
- 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 Fund's 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 risk
associated with investing in those investments.
221
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
The following table summarizes the inputs used in valuing the Funds'
investments, as of March 31, 2009:
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
OTHER SIGNIFICANT SIGNIFICANT
LEVEL 1 -- QUOTED OBSERVABLE UNOBSERVABLE
SPDR INDEX SHARES FUNDS PRICES INPUTS INPUTS TOTAL
- -----------------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF....................... $ 44,757,101 $ -- $-- $ 44,757,101
SPDR DJ EURO STOXX 50 ETF.................. 111,778,503 -- --* 111,778,503
SPDR S&P Emerging Asia Pacific ETF......... 171,430,717 -- -- 171,430,717
SPDR S&P China ETF......................... 184,397,162 -- -- 184,397,162
SPDR S&P Emerging Markets ETF.............. 51,049,823 -- -- 51,049,823
SPDR S&P BRIC 40 ETF....................... 137,552,281 -- -- 137,552,281
SPDR S&P Emerging Europe ETF............... 37,567,946 -- -- 37,567,945
SPDR S&P Emerging Latin America ETF........ 60,825,128 -- -- 60,825,128
SPDR S&P Emerging Middle East & Africa
ETF...................................... 82,356,374 -- -- 82,356,374
SPDR S&P World ex-US ETF................... 54,537,296 2,576 --* 54,539,872
SPDR S&P International Small Cap ETF....... 280,054,310 1,693,137 --* 281,747,447
SPDR Dow Jones International Real Estate
ETF...................................... 500,615,945 -- --* 500,615,945
SPDR FTSE/Macquarie Global Infrastructure
100 ETF.................................. 69,731,887 -- -- 69,731,887
SPDR MSCI ACWI ex-US ETF................... 216,914,099 -- --* 216,914,099
SPDR Russell/Nomura PRIME Japan ETF........ 15,050,675 17,331 --* 15,068,006
SPDR Russell/Nomura Small Cap Japan ETF.... 87,176,025 -- --* 87,176,025
SPDR S&P International Dividend ETF........ 38,267,169 -- -- 38,267,169
SPDR S&P International Mid Cap ETF......... 8,826,871 1,128 -- 8,827,999
SPDR S&P Emerging Markets Small Cap ETF.... 7,448,695 -- -- 7,448,695
SPDR Dow Jones Global Real Estate ETF...... 29,698,804 -- --* 29,698,804
SPDR S&P International Consumer
Discretionary Sector ETF................. 3,241,093 -- -- 3,241,093
SPDR S&P International Consumer Staples
Sector ETF............................... 3,835,831 -- -- 3,835,831
SPDR S&P International Energy Sector ETF... 3,721,033 -- -- 3,721,033
SPDR S&P International Financial Sector
ETF...................................... 2,419,271 -- --* 2,419,271
SPDR S&P International Health Care Sector
ETF...................................... 4,314,376 -- -- 4,314,376
SPDR S&P International Industrial Sector
ETF...................................... 3,032,505 -- -- 3,032,505
SPDR S&P International Materials Sector
ETF...................................... 2,990,298 -- -- 2,990,298
SPDR S&P International Technology Sector
ETF...................................... 3,287,981 -- -- 3,287,981
SPDR S&P International Telecommunications
Sector ETF............................... 3,602,723 -- -- 3,602,723
SPDR S&P International Utilities Sector
ETF...................................... 3,566,981 -- -- 3,566,981
</Table>
* Fund held Level 3 securities that were valued at $0 at March 31, 2009.
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
OTHER SIGNIFICANT SIGNIFICANT
SPDR INDEX SHARES FUNDS - OTHER FINANCIAL LEVEL 1 -- QUOTED OBSERVABLE UNOBSERVABLE
INSTRUMENTS * PRICES INPUTS INPUTS TOTAL
- ----------------------------------------------------------------------------------------------------------------------
SPDR S&P Emerging Asia Pacific ETF............ $-- $ 8,750 $-- $ 8,750
SPDR S&P Emerging Markets ETF................. -- (79,341) -- (79,341)
</Table>
* Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards, and swap contracts, which
are valued at the unrealized appreciation/depreciation on the instrument.
222
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
The following table provides the reconciliation of investments in which
significant unobservable inputs (Level 3) were used in determining fair value at
March 31, 2009:
<Table>
<Caption>
NET CHANGE IN
REALIZED UNREALIZED
GAIN (LOSS) APPRECIATION/
ACCRUED AND CHANGE NET (DEPRECIATION)
BALANCES DISCOUNTS IN UNREALIZED NET TRANSFERS BALANCE FROM INVESTMENTS
SPDR INDEX SHARES FUNDS -- LEVEL 3 AT (AMORTIZED APPRECIATION/ PURCHASES/ IN AND/ AT STILL HELD
SECURITIES 9/30/08 PREMIUMS) (DEPRECIATION) (SALES) OR OUT 3/31/09 AT 3/31/09
- -----------------------------------------------------------------------------------------------------------------------------------
SPDR DJ EURO STOXX 50 ETF*........... -- -- -- -- -- -- --
SPDR S&P World ex-US ETF*............ -- -- (22,009) 7,933 14,076 -- (22,009)
SPDR S&P International Small Cap
ETF*............................... -- -- (814,312) 50,563 763,749 -- 122,474
SPDR Dow Jones International Real
Estate ETF*........................ -- -- -- -- -- -- --
SPDR MSCI ACWI ex-US ETF*............ -- -- (6,337) (9,795) 16,132 -- 181,238
SPDR Russell/Nomura PRIME Japan
ETF*............................... -- -- -- -- -- -- --
SPDR Russell/Nomura Small Cap Japan
ETF*............................... -- -- -- -- -- -- --
SPDR Dow Jones Global Real Estate
ETF*............................... -- -- -- -- -- -- --
SPDR S&P International Financial
Sector ETF*........................ -- -- -- -- -- -- --
</Table>
* Funds held Level 3 securities that were valued at $0 at March 31, 2009.
In April 2009, the FASB issued FASB Staff Position No. 157-4, "Determining Fair
Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP
157-4"). FSP 157-4 provides additional guidance for estimating fair value in
accordance with FAS 157 when the volume and level of activity for the asset or
liability have significantly decreased as well as guidance on identifying
circumstances that indicate a transaction is not orderly. FSP 157-4 is effective
for fiscal years and interim periods ending after June 15, 2009. Management is
currently evaluating the impact the adoption of FSP 157-4 will have on the
Funds' financial statement 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 additional securities received as
dividend payments is recorded as income and or 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 Fund are allocated in such a manner as deemed equitable, taking
into consideration the relative net assets of the Funds.
EQUALIZATION
The Funds follow the accounting practice known as "Equalization" by which a
portion of the proceeds from sales and costs of reacquiring Fund shares,
equivalent on a per share basis to the amount of distributable net investment
income on the date of the transaction, is credited or charged to undistributed
net investment income. As a result, undistributed net investment income per
share is unaffected by sales or reacquisitions of Fund shares.
INVESTMENT TRANSACTIONS
Investment transactions are recorded for 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.
223
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
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 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
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.
224
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX
The Funds have qualified and intend to continue to qualify for and elect
treatment as a "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
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 U.S.
generally accepted accounting principles. These book-tax differences are
primarily due to differing treatments for income equalization, in-kind
transactions, foreign currencies, losses deferred due to wash sales, and the
realization of unrealized gains on investments in passive foreign investments
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.
The Funds have reviewed the tax positions for the open tax years as of September
30, 2008 and have determined that no provision for income tax is required in the
Funds' Financial Statements. The Funds' federal tax returns for the prior three
fiscal years remain subject to examination by the Internal Revenue Service.
For the six months ended March 31, 2009, the 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:
<Table>
<Caption>
NET GAIN (LOSS)
RECLASSIFIED TO
PAID IN CAPITAL
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF........................................... $ (3,241,781)
SPDR DJ EURO STOXX 50 ETF...................................... (45,254,710)
SPDR S&P Emerging Asia Pacific ETF............................. --
SPDR S&P China ETF............................................. --
SPDR S&P Emerging Markets ETF.................................. (1,222)
SPDR S&P BRIC 40 ETF........................................... (8,142,781)
SPDR S&P Emerging Europe ETF................................... (17,233,294)
SPDR S&P Emerging Latin America ETF............................ --
SPDR S&P Emerging Middle East & Africa ETF..................... (8,916,162)
SPDR S&P World ex-US ETF....................................... --
SPDR S&P International Small Cap ETF........................... 738,273
SPDR Dow Jones International Real Estate ETF................... (33,261,267)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. 123,210
SPDR MSCI ACWI ex-US ETF....................................... (9,088,344)
SPDR Russell/Nomura PRIME Japan ETF............................ (3,615,061)
SPDR Russell/Nomura Small Cap Japan ETF........................ (1,128,427)
SPDR S&P International Dividend ETF............................ (1,846,053)
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........... --
SPDR S&P International Utilities Sector ETF.................... --
</Table>
225
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
At March 31, 2009, SPDR Dow Jones International Real Estate ETF had capital loss
carryforwards of $2,568,760, which may be utilized to offset any realized
capital gains expiring September 30, 2016.
The Funds incurred the following losses during the period November 1, 2007
through September 30, 2008 that are deferred for tax purposes until fiscal 2009:
<Table>
<Caption>
DEFERRED LOSSES
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF........................................... $ (5,602,002)
SPDR DJ EURO STOXX 50 ETF...................................... (6,627,159)
SPDR S&P Emerging Asia Pacific ETF............................. (1,002,009)
SPDR S&P China ETF............................................. (2,685,375)
SPDR S&P Emerging Markets ETF.................................. (1,195,842)
SPDR S&P BRIC 40 ETF........................................... (399,946)
SPDR S&P Emerging Europe ETF................................... (1,695,144)
SPDR S&P Emerging Latin America ETF............................ (2,291,916)
SPDR S&P Emerging Middle East & Africa ETF..................... (439,473)
SPDR S&P World ex-US ETF....................................... (10,674)
SPDR S&P International Small Cap ETF........................... (10,426,429)
SPDR Dow Jones International Real Estate ETF................... (34,141,023)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. (246,762)
SPDR MSCI ACWI ex-US ETF....................................... (2,033,696)
SPDR Russell/Nomura PRIME Japan ETF............................ (370,261)
SPDR Russell/Nomura Small Cap Japan ETF........................ (2,258,682)
SPDR S&P International Dividend ETF............................ (5,603,156)
SPDR S&P International Mid Cap ETF............................. (400,918)
SPDR S&P Emerging Markets Small Cap ETF........................ (52,093)
SPDR Dow Jones Global Real Estate ETF.......................... (87,494)
SPDR S&P International Consumer Discretionary Sector ETF....... --
SPDR S&P International Consumer Staples Sector ETF............. --
SPDR S&P International Energy Sector ETF....................... (4,624)
SPDR S&P International Financial Sector ETF.................... --
SPDR S&P International Health Care Sector ETF.................. (64,535)
SPDR S&P International Industrial Sector ETF................... (4,318)
SPDR S&P International Materials Sector ETF.................... (21,135)
SPDR S&P International Technology Sector ETF................... --
SPDR S&P International Telecommunications Sector ETF........... --
SPDR S&P International Utilities Sector ETF.................... (5,147)
</Table>
DISTRIBUTIONS
The Trust declares and distributes dividends from net investment income, if any,
to its shareholders quarterly for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50
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 semi-annually: 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 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. The Trust 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.
226
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
RECENT ACCOUNTING PRONOUNCEMENTS
In March, 2008, FASB issued Statement of Financial Accounting Standards No. 161,
"Disclosures about Derivative Instruments and Hedging Activities" ("FAS 161").
FAS 161 is effective for fiscal years and interim periods beginning after
November 15, 2008. FAS 161 requires enhanced disclosures about Funds' derivative
and hedging activities. Management is currently evaluating the impact, if any,
the adoption of FAS 161 will have on the Funds' financial statement disclosures.
3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY
TRANSACTIONS
ADVISORY FEE
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 expenses borne by the Adviser, each Fund
pays the Adviser a fee accrued daily and paid monthly, based on a percentage of
each Fund's average daily net assets as shown in the following table:
<Table>
<Caption>
ANNUAL RATE
-----------
SPDR DJ STOXX 50 ETF............................................. 0.29%
SPDR DJ EURO STOXX 50 ETF........................................ 0.29
SPDR S&P Emerging Asia Pacific ETF............................... 0.59
SPDR S&P China ETF............................................... 0.59
SPDR S&P Emerging Markets 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 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
</Table>
* The Adviser contractually agreed to limit its management fee to the extent
necessary to limit annual operating expenses to 0.40% until January 31, 2009.
Such agreement was not continued after January 31, 2009.
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.
State Street Bank and Trust Company ("State Street"), an affiliate of the
Adviser, receives fees for its services as Custodian, Administrator and Transfer
Agent. See also Note 4.
227
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
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 for which SSgA FM serves as the investment adviser. The State
Street Navigator Securities Lending 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 period October 1, 2008 through March 31, 2009, State Street earned
securities lending agent fees as follows:
<Table>
<Caption>
SECURITIES LENDING
AGENT FEES
- ----------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.......................................... $ 2,241
SPDR DJ EURO STOXX 50 ETF..................................... 13,450
SPDR S&P Emerging Asia Pacific ETF............................ 6,448
SPDR S&P China ETF............................................ 5,572
SPDR S&P Emerging Markets ETF................................. 4,724
SPDR S&P BRIC 40 ETF.......................................... 12,899
SPDR S&P Emerging Europe ETF.................................. 5,098
SPDR S&P Emerging Latin America ETF........................... 11,625
SPDR S&P Emerging Middle East & Africa ETF.................... 1,999
SPDR S&P World ex-US ETF...................................... 6,746
SPDR S&P International Small Cap ETF.......................... 86,859
SPDR Dow Jones International Real Estate ETF.................. 162,803
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............. 14,960
SPDR MSCI ACWI ex-US ETF...................................... 37,067
SPDR Russell/Nomura PRIME Japan ETF........................... 3,206
SPDR Russell/Nomura Small Cap Japan ETF....................... 36,139
SPDR S&P International Dividend ETF........................... 11,830
SPDR S&P International Mid Cap ETF............................ 1,508
SPDR S&P Emerging Markets Small Cap ETF....................... 94
SPDR Dow Jones Global Real Estate ETF......................... 2,746
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................... --
</Table>
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.
TRUSTEES' FEES
The Trust and SPDR Series Trust ("SST Trust") pay, in the aggregate, each
Independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting
attended and $1,000 for each telephonic or video conference meeting attended.
The Chair of the Board receives an additional annual fee of $25,000 and the
Chair of the Audit Committee receives an additional annual fee of $9,000. 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 SST Trust and each of their respective
series in such a manner as deemed equitable, taking into consideration the
relative net assets of the series.
228
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATES
Each Fund invests its cash collateral for securities lending in the shares of
the State Street Navigator Securities Lending Prime Portfolio, an affiliated
fund of the Adviser. Amounts relating to these investments at March 31, 2009 and
for the six month period then ended are:
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT
FUND 9/30/08 COST SHARES PROCEEDS SHARES 3/31/09 INCOME
- ----------------------------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF................... $ 1,426,057 $ 11,250,290 11,250,290 $ 11,243,261 11,243,261 $ 1,433,086 $ 12,718
SPDR DJ EURO STOXX 50 ETF.............. 5,351,935 65,606,090 65,606,090 66,093,004 66,093,004 4,865,021 76,230
SPDR S&P Emerging Asia Pacific ETF..... 6,821,576 37,819,531 37,819,531 39,678,826 39,678,826 4,962,281 36,596
SPDR S&P China ETF..................... 3,900,607 17,215,050 17,215,050 16,911,008 16,911,008 4,204,649 31,608
SPDR S&P Emerging Markets ETF.......... 2,859,970 19,337,331 19,337,331 17,017,098 17,017,098 5,180,203 26,784
SPDR S&P BRIC 40 ETF................... 14,901,275 57,743,653 57,743,653 55,548,017 55,548,017 17,096,911 73,212
SPDR S&P Emerging Europe ETF........... 3,774,091 15,366,140 15,366,140 17,979,626 17,979,626 1,160,605 28,916
SPDR S&P Emerging Latin America ETF.... 8,828,249 62,759,590 62,759,590 58,503,718 58,503,718 13,084,121 65,983
SPDR S&P Emerging Middle East & Africa
ETF.................................. 1,202,100 13,829,608 13,829,608 13,523,100 13,523,100 1,508,608 11,340
SPDR S&P World ex-US ETF............... 2,150,629 11,957,913 11,957,913 6,459,983 6,459,983 7,648,559 37,645
SPDR S&P International Small Cap ETF... 48,309,606 64,870,306 64,870,306 72,070,261 72,070,261 41,109,651 493,162
SPDR Dow Jones International Real
Estate ETF........................... 122,547,301 262,413,500 262,413,500 308,452,166 308,452,166 76,508,635 923,823
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF............... 15,292,308 62,449,140 62,449,140 64,547,584 64,547,584 13,193,864 84,891
SPDR MSCI ACWI ex-US ETF............... 28,071,322 60,063,226 60,063,226 59,622,231 59,622,231 28,512,317 210,250
SPDR Russell/Nomura PRIME Japan ETF.... 5,538,108 7,239,141 7,239,141 9,388,249 9,388,249 3,389,000 18,158
SPDR Russell/Nomura Small Cap Japan
ETF.................................. 20,878,980 28,494,163 28,494,163 29,636,951 29,636,951 19,736,192 204,944
SPDR S&P International Dividend ETF.... 4,529,771 12,227,388 12,227,388 11,665,768 11,665,768 5,091,391 67,082
SPDR S&P International Mid Cap ETF..... 479,486 2,543,831 2,543,831 1,410,070 1,410,070 1,613,247 22,921
SPDR S&P Emerging Markets Small Cap
ETF.................................. 20,014 194,276 194,276 202,365 202,365 11,925 534
SPDR Dow Jones Global Real Estate ETF.. 499,627 6,530,772 6,530,772 5,297,399 5,297,399 1,733,000 15,569
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.................................. -- -- -- -- -- -- --
</Table>
4. SHAREHOLDER TRANSACTIONS
With the exception of the Trust's dividend reinvestment plan, Shares are issued
and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares
for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR Russell/Nomura Small
Cap Japan 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 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, SPDR Dow Jones Global Real Estate
ETF, and 200,000 shares for SPDR World ex-US ETF, SPDR S&P International Small
Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME 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. Such transactions are only
permitted 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 Fund on the transaction date. Transaction fees at scheduled amounts
ranging from $500 to $12,000 per transaction are charged to those persons
creating or redeeming Creation Units. An additional fee of up to three times
these amounts may be charged for certain transactions. Transaction fees from
certain transactions 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.
229
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
The identified cost of investments in securities owned by each Fund for federal
income tax purposes was substantially the same as the cost for financial
reporting purposes. Accordingly, gross unrealized appreciation and depreciation
at March 31, 2009 were as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................. $ 90,991,174 $ 196,391 $ 46,430,464 $ (46,234,073)
SPDR DJ EURO STOXX 50 ETF......................... 250,318,129 172 138,539,798 (138,539,626)
SPDR S&P Emerging Asia Pacific ETF................ 246,952,728 1,809,147 77,331,158 (75,522,011)
SPDR S&P China ETF................................ 257,614,597 1,481,725 74,699,160 (73,217,435)
SPDR S&P Emerging Markets ETF..................... 72,817,210 348,686 22,116,073 (21,767,387)
SPDR S&P BRIC 40 ETF.............................. 254,065,397 474,274 116,987,390 (116,513,116)
SPDR S&P Emerging Europe ETF...................... 84,288,652 102,035 46,822,742 (46,720,707)
SPDR S&P Emerging Latin America ETF............... 109,483,383 53,877 48,712,132 (48,658,255)
SPDR S&P Emerging Middle East & Africa ETF........ 136,026,126 210,485 53,880,237 (53,669,752)
SPDR S&P World ex-US ETF.......................... 72,596,264 221,491 18,277,883 (18,056,392)
SPDR S&P International Small Cap ETF.............. 496,282,897 2,658,208 217,193,658 (214,535,450)
SPDR Dow Jones International Real Estate ETF...... 1,143,013,340 -- 642,397,395 (642,397,395)
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................. 107,349,250 198,035 37,815,398 (37,617,363)
SPDR MSCI ACWI ex-US ETF.......................... 358,761,775 688,943 142,536,619 (141,847,676)
SPDR Russell/Nomura PRIME Japan ETF............... 23,163,807 122,746 8,218,547 (8,095,801)
SPDR Russell/Nomura Small Cap Japan ETF........... 127,326,106 1,074,933 41,225,014 (40,150,081)
SPDR S&P International Dividend ETF............... 46,230,221 1,121,128 9,084,180 (7,963,052)
SPDR S&P International Mid Cap ETF................ 11,947,977 77,434 3,197,412 (3,119,978)
SPDR S&P Emerging Markets Small Cap ETF........... 11,041,307 267,895 3,860,507 (3,592,612)
SPDR Dow Jones Global Real Estate ETF............. 42,171,833 28,075 12,501,104 (12,473,029)
SPDR S&P International Consumer Discretionary
Sector ETF...................................... 5,102,340 21,490 1,882,737 (1,861,247)
SPDR S&P International Consumer Staples Sector
ETF............................................. 5,393,722 2,958 1,560,849 (1,557,891)
SPDR S&P International Energy Sector ETF.......... 6,223,996 30,551 2,533,514 (2,502,963)
SPDR S&P International Financial Sector ETF....... 4,505,552 31,446 2,117,727 (2,086,281)
SPDR S&P International Health Care Sector ETF..... 6,169,597 6,007 1,861,228 (1,855,221)
SPDR S&P International Industrial Sector ETF...... 5,489,946 5,476 2,462,917 (2,457,441)
SPDR S&P International Materials Sector ETF....... 6,160,920 5,817 3,176,439 (3,170,622)
SPDR S&P International Technology Sector ETF...... 5,518,774 3,935 2,234,728 (2,230,793)
SPDR S&P International Telecommunications Sector
ETF............................................. 5,336,519 -- 1,733,796 (1,733,796)
SPDR S&P International Utilities Sector ETF....... 5,845,216 31,114 2,309,349 (2,278,235)
</Table>
230
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
6. INVESTMENT TRANSACTIONS
For the six months ended March 31, 2009, the Trust had in-kind contributions and
in-kind redemptions as follows:
<Table>
<Caption>
CONTRIBUTIONS REDEMPTIONS
- -------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................ $ -- $ 7,768,088
SPDR DJ EURO STOXX 50 ETF....................................... 146,275,056 177,719,949
SPDR S&P Emerging Asia Pacific ETF.............................. 19,040,313 --
SPDR S&P China ETF.............................................. 69,585,604 --
SPDR S&P Emerging Markets ETF................................... 16,132,382 --
SPDR S&P BRIC 40 ETF............................................ 1,942,304 16,516,310
SPDR S&P Emerging Europe ETF.................................... 17,347,520 27,807,946
SPDR S&P Emerging Latin America ETF............................. -- --
SPDR S&P Emerging Middle East & Africa ETF...................... 3,272,112 30,640,823
SPDR S&P World ex-US ETF........................................ 32,558,774 --
SPDR S&P International Small Cap ETF............................ 127,318,224 99,800,962
SPDR Dow Jones International Real Estate ETF.................... 47,977,197 90,083,381
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 3,341,127 3,357,366
SPDR MSCI ACWI ex-US ETF........................................ 115,073,537 100,089,674
SPDR Russell/Nomura PRIME Japan ETF............................. -- 6,504,981
SPDR Russell/Nomura Small Cap Japan ETF......................... 11,937,022 8,100,478
SPDR S&P International Dividend ETF............................. 9,068,208 3,565,783
SPDR S&P International Mid Cap ETF.............................. 3,573,631 --
SPDR S&P Emerging Markets Small Cap ETF......................... -- --
SPDR Dow Jones Global Real Estate ETF........................... 26,156,629 --
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..................... -- --
</Table>
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 the Fund's daily net shareholder
transactions while the Statements of Changes reflect gross shareholder
transactions including any cash component of the transaction.
231
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
For the six months ended March 31, 2009, the Trust had purchases and sales of
investment securities as follows:
<Table>
<Caption>
PURCHASES SALES
- -----------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................. $ 1,363,178 $ 1,685,705
SPDR DJ EURO STOXX 50 ETF........................................ 4,613,479 4,045,982
SPDR S&P Emerging Asia Pacific ETF............................... 18,294,677 4,884,342
SPDR S&P China ETF............................................... 954,051 1,760,576
SPDR S&P Emerging Markets ETF.................................... 5,099,787 217,199
SPDR S&P BRIC 40 ETF............................................. 14,033,356 15,022,501
SPDR S&P Emerging Europe ETF..................................... 7,064,086 9,415,963
SPDR S&P Emerging Latin America ETF.............................. 2,486,230 3,055,040
SPDR S&P Emerging Middle East & Africa ETF....................... 9,934,523 17,832,760
SPDR S&P World ex-US ETF......................................... 1,257,758 2,264,837
SPDR S&P International Small Cap ETF............................. 20,615,605 19,642,889
SPDR Dow Jones International Real Estate ETF..................... 62,242,483 67,985,555
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................ 3,460,116 4,556,976
SPDR MSCI ACWI ex-US ETF......................................... 20,717,097 22,544,722
SPDR Russell/Nomura PRIME Japan ETF.............................. 605,802 1,024,023
SPDR Russell/Nomura Small Cap Japan ETF.......................... 11,667,761 12,258,201
SPDR S&P International Dividend ETF.............................. 17,722,491 17,630,090
SPDR S&P International Mid Cap ETF............................... 410,403 58,709
SPDR S&P Emerging Markets Small Cap ETF.......................... 2,102,699 1,061,274
SPDR Dow Jones Global Real Estate ETF............................ 1,791,397 2,339,240
SPDR S&P International Consumer Discretionary Sector ETF......... 223,746 235,982
SPDR S&P International Consumer Staples Sector ETF............... 330,880 338,716
SPDR S&P International Energy Sector ETF......................... 303,675 245,023
SPDR S&P International Financial Sector ETF...................... 228,601 237,488
SPDR S&P International Health Care Sector ETF.................... 24,854 1,650
SPDR S&P International Industrial Sector ETF..................... 41,598 10,295
SPDR S&P International Materials Sector ETF...................... 70,954 90,754
SPDR S&P International Technology Sector ETF..................... 19,479 19,332
SPDR S&P International Telecommunications Sector ETF............. 171,621 204,491
SPDR S&P International Utilities Sector ETF...................... 152,984 199,098
</Table>
For the six months ended March 31, 2009, 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.
8. SECURITIES LENDING
Each Fund may lend securities up to 33 1/3% 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 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.
232
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
The market value of securities on loan as of March 31, 2009 and the value of the
invested cash collateral are disclosed in the 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.
233
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
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 on brokerage charges and (2)
ongoing costs, including management fees, administration, custodian and transfer
agent 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 mutual funds. It is
based on an investment of $1,000 invested at October 1, 2008 and held for the
six months ended March 31, 2009.
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 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. The Funds charge transaction fees ranging from $500 to
$12,000 per transaction to those persons creating or redeeming Creation Units.
If you buy or sell Shares of the Funds 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 on 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.
234
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
ACTUAL 10/1/08 3/31/09 10/1/08 TO 3/31/09
- ------ ------------- ------------- ------------------
SPDR DJ STOXX 50 ETF............................. $1,000 $662.60 $1.20
SPDR DJ EURO STOXX 50 ETF........................ 1,000 650.40 1.19
SPDR S&P Emerging Asia Pacific ETF............... 1,000 821.50 2.72
SPDR S&P China ETF............................... 1,000 893.10 2.78
SPDR S&P Emerging Markets ETF.................... 1,000 734.80 2.55
SPDR S&P BRIC 40 ETF............................. 1,000 746.20 1.87
SPDR S&P Emerging Europe ETF..................... 1,000 545.50 2.27
SPDR S&P Emerging Latin America ETF.............. 1,000 666.80 2.49
SPDR S&P Emerging Middle East & Africa ETF....... 1,000 781.20 2.62
SPDR S&P World ex-US ETF......................... 1,000 700.50 1.44
SPDR S&P International Small Cap ETF............. 1,000 693.10 2.91
SPDR Dow Jones International Real Estate ETF..... 1,000 590.70 2.34
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................ 1,000 735.10 2.55
SPDR MSCI ACWI ex-US ETF......................... 1,000 701.60 1.44
SPDR Russell/Nomura PRIME Japan ETF.............. 1,000 773.30 2.21
SPDR Russell/Nomura Small Cap Japan ETF.......... 1,000 861.10 2.55
SPDR S&P International Dividend ETF.............. 1,000 635.30 1.96
SPDR S&P International Mid Cap ETF............... 1,000 715.80 1.92
SPDR S&P Emerging Markets Small Cap ETF.......... 1,000 769.20 2.91
SPDR Dow Jones Global Real Estate ETF............ 1,000 490.50 1.86
SPDR S&P International Consumer Descretionary
Sector ETF..................................... 1,000 735.90 2.16
SPDR S&P International Consumer Staples Sector
ETF............................................ 1,000 749.80 2.18
SPDR S&P International Energy Sector ETF......... 1,000 751.70 2.18
SPDR S&P International Financial Sector ETF...... 1,000 574.90 2.00
SPDR S&P International Health Care Sector ETF.... 1,000 772.00 2.21
SPDR S&P International Industrial Sector ETF..... 1,000 698.30 2.12
SPDR S&P International Materials Sector ETF...... 1,000 705.80 2.13
SPDR S&P International Technology Sector ETF..... 1,000 748.20 2.22
SPDR S&P International Telecommunications Sector
ETF............................................ 1,000 807.90 2.25
SPDR S&P International Utilities Sector ETF...... 1,000 716.70 2.14
</Table>
235
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
HYPOTHETICAL 10/1/08 3/31/09 10/1/08 TO 3/31/09
- ------------ ------------- ------------- ------------------
SPDR DJ STOXX 50 ETF............................. $1,000 $1,023.49 $1.46
SPDR DJ EURO STOXX 50 ETF........................ 1,000 1,023.49 1.46
SPDR S&P Emerging Asia Pacific ETF............... 1,000 1,021.94 3.02
SPDR S&P China ETF............................... 1,000 1,021.99 2.97
SPDR S&P Emerging Markets ETF.................... 1,000 1,021.99 2.97
SPDR S&P BRIC 40 ETF............................. 1,000 1,022.79 2.17
SPDR S&P Emerging Europe ETF..................... 1,000 1,021.99 2.97
SPDR S&P Emerging Latin America ETF.............. 1,000 1,021.94 3.02
SPDR S&P Emerging Middle East & Africa ETF....... 1,000 1,021.99 2.97
SPDR S&P World ex-US ETF......................... 1,000 1,023.24 1.72
SPDR S&P International Small Cap ETF............. 1,000 1,021.99 2.97
SPDR Dow Jones International Real Estate ETF..... 1,000 1,021.99 2.97
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................ 1,000 1,021.99 2.97
SPDR MSCI ACWI ex-US ETF......................... 1,000 1,023.24 1.72
SPDR Russell/Nomura PRIME Japan ETF.............. 1,000 1,022.44 2.52
SPDR Russell/Nomura Small Cap Japan ETF.......... 1,000 1,022.19 2.77
SPDR S&P International Dividend ETF.............. 1,000 1,022.54 2.42
SPDR S&P International Mid Cap ETF............... 1,000 1,022.69 2.27
SPDR S&P Emerging Markets Small Cap ETF.......... 1,000 1,021.64 3.33
SPDR Dow Jones Global Real Estate ETF............ 1,000 1,022.44 2.52
SPDR S&P International Consumer Discretionary
Sector ETF..................................... 1,000 1,022.44 2.52
SPDR S&P International Consumer Staples Sector
ETF............................................ 1,000 1,022.44 2.52
SPDR S&P International Energy Sector ETF......... 1,000 1,022.44 2.52
SPDR S&P International Financial Sector ETF...... 1,000 1,022.39 2.57
SPDR S&P International Health Care Sector ETF.... 1,000 1,022.44 2.52
SPDR S&P International Industrial Sector ETF..... 1,000 1,022.44 2.52
SPDR S&P International Materials Sector ETF...... 1,000 1,022.44 2.52
SPDR S&P International Technology Sector ETF..... 1,000 1,022.39 2.57
SPDR S&P International Telecommunications Sector
ETF............................................ 1,000 1,022.44 2.52
SPDR S&P International Utilities Sector ETF...... 1,000 1,022.44 2.52
</Table>
* Expenses are equal to the Fund's annualized net expense ratios of 0.29%,
0.29%, 0.60%, 0.59%, 0.59%, 0.43%, 0.59%, 0.60%, 0.59%, 0.34%, 0.59%, 0.59%,
0.59%, 0.34%, 0.50%, 0.55%, 0.48%, 0.45%, 0.66%, 0.50%, 0.50%, 0.50%, 0.50%,
0.51%, 0.50%, 0.50%, 0.50%, 0.51%, 0.50%, and 0.50% respectively. Expenses are
equal to the Funds' annualized 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.
PROXY VOTING POLICIES AND PROCEDURES AND RECORD
A description of the Trust's proxy voting policies and procedures 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 ("SEC") at www.sec.gov.
Information regarding how the Funds voted proxies for the prior 12 months 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 Funds' Forms N-Q
are available on the SEC's website at www.sec.gov and may be reviewed and copied
at the SEC Public Reference Room in Washington, DC. Information on Form N-Q is
available upon request, without charge, by calling 1-866-787-2257 (toll-free),
and on the Funds' website www.spdrs.com.
236
THE SPDR(R) 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.
THE SELECT SECTOR 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 INDEX SHARES FUNDS
- -----------------------
SPDR DJ STOXX 50 ETF (FEU)
SPDR DJ EURO STOXX 50 ETF (FEZ)
SPDR S&P Emerging Asia Pacific ETF (GMF)
SPDR S&P China ETF (GXC)
SPDR S&P Emerging Markets ETF (GMM)
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 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 Dow Jones Large Cap Growth ETF (ELG)
SPDR Dow Jones Large Cap Value ETF (ELV)
SPDR Dow Jones Mid Cap ETF (EMM)
SPDR Dow Jones Mid Cap Growth ETF (EMG)
SPDR Dow Jones Mid Cap Value ETF (EMV)
SPDR Dow Jones Small Cap ETF (DSC)
SPDR Dow Jones Small Cap Growth ETF (DSG)
SPDR Dow Jones Small Cap Value ETF (DSV)
SPDR DJ Global Titans ETF (DGT)
SPDR Dow Jones REIT ETF (RWR)
SPDR KBW Bank ETF (KBE)
SPDR KBW Capital Markets ETF (KCE)
SPDR KBW Insurance ETF (KIE)
SPDR Morgan Stanley Technology ETF (MTK)
SPDR S&P Dividend ETF (SDY)
SPDR S&P Biotech ETF (XBI)
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 KBW Regional Banking ETF (KRE)
SPDR KBW Mortgage Finance ETF (KME)
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)
SPDR Barclays Capital Short Term Municipal Bond ETF (SHM)
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)
SPDR Barclays Capital Long Term Treasury ETF (TLO)
SPDR Barclays Capital TIPS ETF (IPE)
SPDR Barclays Capital California Municipal Bond ETF (CXA)
SPDR Barclays Capital New York Municipal Bond ETF (INY)
SPDR Barclays Capital Municipal Bond ETF (TFI)
SPDR Barclays Capital Aggregate Bond ETF (LAG)
SPDR Barclays Capital International Treasury Bond ETF (BWX)
SPDR Barclays Capital High Yield Bond ETF (JNK)
SPDR DB International Government Inflation-Protected Bond ETF (WIP)
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)
SPDR Barclays Capital Intermediate Term Credit Bond ETF (ITR)
SPDR Barclays Capital Long Term Credit Bond ETF (LWC)
SPDR Barclays Capital Convertible Bond ETF (CWB)
DIAMONDS TRUST, SERIES 1 (DIA)
SPDR TRUST, SERIES 1 (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 Trust
and DIAMONDS Trust, both unit investment trusts; and all investment portfolios
of The Select Sector SPDR Trust.
SPDR INDEX SHARES FUNDS
TRUSTEES
David M. Kelly
Frank Nesvet, Chairman
Helen F. Peters
James E. Ross
OFFICERS
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Gary L. French, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Chad C. Hallett, Assistant Treasurer
Laura F. Healy, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Julie B. Piatelli, Chief Compliance Officer
INVESTMENT MANAGER
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
CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT
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
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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.
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.
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 and will fluctuate in
market value.
SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, 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 World ex-US ETF, SPDR S&P
International Small Cap 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 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 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, Standard & Poor's and Wilshire
Associates. 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 and 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.
Please read the prospectus carefully before you invest or send money.
(C) 2009 State Street Corporation STISFSAR
For more complete information, please call 866.787.2257 or visit www.spdrs.com
today
ITEM 2. CODE OF ETHICS
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 6. SCHEDULE OF INVESTMENTS
A Schedule of Investments is included as a part report to shareholders filed
under Item 1 of the Form N-CSR.
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
Not applicable to the Registrant.
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 Chief Executive Officer, and Gary L. French, the
Registrant's Treasurer and Chief Financial Officer, reviewed the Registrant's
disclosure controls and procedures (the "Procedures") and evaluated their
effectiveness. Based on the review, Messrs. Ross and French determined that the
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's rules and regulations.
(b) In the Registrant's second fiscal quarter covered by this form N-CSR filing,
there were no significant changes in the Registrant's internal controls or in
other factors that have materially affected, or are reasonably likely to
materially affect, its controls over financial reporting subsequent to the date
of their evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
ITEM 12. EXHIBITS
(a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual
Report.
(2) Certifications of principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are
attached hereto.
(3) Not applicable
(b) Certifications of principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
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 Chief Executive Officer
Date: May 22, 2009
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 Chief Executive Officer
Date: May 22, 2009
By: /s/ Gary L. French
-----------------------
Gary L. French
Treasurer and Chief Financial Officer
Date: May 22, 2009