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)
(Name and Address of Agent for Service) Copy to:
Ryan M. Louvar, Esq. W. John McGuire, Esq.
State Street Bank and Trust Company Morgan, Lewis & Bockius LLP
One Lincoln Street/CPH0326 1111 Pennsylvania Avenue, N.W.
Boston, MA 02111 Washington, DC 20004
Registrant's telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: September 30, 2009
ITEM 1. REPORTS TO SHAREHOLDERS.
ANNUAL REPORT September 30, 2009
(SPDR LOGO) PRECISE IN A WORLD THAT ISN'T.(SM)
TABLE OF CONTENTS
<Table>
PRESIDENT'S LETTER TO SHAREHOLDERS........................................ 1
MANAGEMENT'S DISCUSSION OF FUNDS' PERFORMANCE AND PORTFOLIO SUMMARIES..... 2
SPDR(R) DJ STOXX 50(R) ETF (FEU)........................................ 2
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ)................................... 6
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF).......................... 10
SPDR(R) S&P(R) CHINA ETF (GXC).......................................... 14
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)............................... 18
SPDR(R) S&P(R) BRIC 40 ETF (BIK)........................................ 22
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)................................ 26
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)......................... 30
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF).................. 34
SPDR(R) S&P(R) WORLD EX-US ETF (GWL).................................... 38
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)........................ 43
SPDR(R) DOW JONES INTERNATIONAL REAL ESTATE ETF (RWX)................... 47
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII).............. 52
SPDR(R) MSCI ACWI EX-US ETF (CWI)....................................... 56
SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)........................ 60
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC).................... 64
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)......................... 68
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD).......................... 72
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)..................... 76
SPDR(R) DOW JONES GLOBAL REAL ESTATE ETF (RWO).......................... 80
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (IPD).... 85
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF (IPS).......... 89
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW).................... 93
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)................. 97
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IRY)............... 101
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)................ 105
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IRV)................. 109
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)................ 113
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (IST)........ 117
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)................. 121
SCHEDULES OF INVESTMENTS
SPDR(R) DJ STOXX 50(R) ETF (FEU)........................................ 125
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ)................................... 126
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF).......................... 127
SPDR(R) S&P(R) CHINA ETF (GXC).......................................... 130
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)............................... 133
SPDR(R) S&P(R) BRIC 40 ETF (BIK)........................................ 139
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)................................ 140
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)......................... 142
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF).................. 144
</Table>
<Table>
SPDR(R) S&P(R) WORLD EX-US ETF (GWL).................................... 146
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)........................ 154
SPDR(R) DOW JONES INTERNATIONAL REAL ESTATE ETF (RWX)................... 161
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII).............. 163
SPDR(R) MSCI ACWI EX-US ETF (CWI)....................................... 165
SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)........................ 172
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC).................... 177
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)......................... 182
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD).......................... 184
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)..................... 189
SPDR(R) DOW JONES GLOBAL REAL ESTATE ETF (RWO).......................... 193
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (IPD).... 196
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF (IPS).......... 198
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW).................... 200
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)................. 201
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IRY)............... 203
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)................ 205
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IRV)................. 207
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)................ 209
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (IST)........ 211
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)................. 212
FINANCIAL STATEMENTS...................................................... 214
FINANCIAL HIGHLIGHTS...................................................... 240
NOTES TO FINANCIAL STATEMENTS............................................. 252
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM................... 271
OTHER INFORMATION......................................................... 272
</Table>
(Logo/annual report)
PRESIDENT'S LETTER TO SHAREHOLDERS
Dear Shareholders,
Enclosed, please find a copy of the annual report for the period ended September
30, 2009. Given State Street's heritage as the pioneer of exchange-traded funds
(ETFs), my colleagues and I take great pride in our family of SPDR ETFs.
2008 was a difficult year for investors everywhere struggling with volatile and
uncertain market conditions. Today, the economy is steadily recovering from the
worst recession of the post-war period; the S&P 500(R) Index has rocketed
upward, rallying 62% from its March 9th low to a September 23(rd) high. Although
we are experiencing one of the strongest rebounds ever and equity volatility has
declined to lows not seen since well before the failure of Lehman Brothers, the
market's forward progress is not positive on all fronts. For example, the
residential real estate market has improved, but commercial real estate
continues to deteriorate. The power of increasing consumer confidence is
tempered by ongoing layoffs. And the tailwinds of the government's stimulus
package must battle the headwinds of tight credit conditions.
In this unprecedented and uncertain market, SPDR Index Shares Funds continued to
allow investors access to precise investment tools across a spectrum of market
benchmarks and industries.
While the recent market conditions will be remembered as difficult on many
levels, there have been moments of clarity. For example, investors have embraced
ETFs for their flexibility, transparency, and low expense ratios. In fact, this
year ETF assets under management hit an all-time high of nearly $700 billion.(*)
Looking ahead, you can count on State Street, the creator of the first ETF, to
continue to provide new products to meet your needs whether you are adjusting
your portfolio to protect your purchasing power or seeking growth opportunities
in today's transitioning market. On behalf of the SPDR Index Shares Funds, I
thank you for your continued support.
Sincerely,
/s/ James Ross
James Ross
President
* SSgA Strategy & Research as of 9/30/2009
1
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) DJ STOXX 50(R) ETF (the "Fund") seeks to replicate, before fees and
expenses, the price and yield performance of the Dow Jones STOXX 50(R) Index
(the "Index"). To accomplish this objective, the Fund uses a passive management
strategy designed to track the price and yield performance of the Index.
For the twelve-month period ended September 30, 2009 (the "Reporting Period"),
the Fund returned 0.69% and the Index returned 0.70%. The Fund and Index returns
reflect the reinvestment of dividends and other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Reporting Period started with markets in the midst of a steep decline.
Economic indicators were falling, corporate earnings were falling, and liquidity
in fixed income markets was poor. Governments and Central Banks around the world
acted to boost a clearly ailing economy. Interest rates were cut, liquidity was
sharply increased, and new and innovative methods of supporting the economy, and
the financial sector in particular, were created by many Central Banks.
The difficult financial conditions led markets lower through the first five
months of the period. Markets hit a low in early March, and began a furious
rally through the end of the year. Through March 31, the Index had fallen over
33%, however in the next six months, the Index rose over 52%. The total return
for the Index at the end of the twelve month period was 0.70%. The positive
return at the end of the year was welcome news given the difficult circumstances
at the outset.
Within the Index stocks, we saw a wide disparity in returns, especially among
financial companies. Three of the best performing names were UniCredit SpA,
Banco Santander and Credit Suisse Group AG. These firms were less affected by
the crisis that struck financial markets and performed better than many of their
peers. When markets rallied, these firms were rewarded by investors. At the
other end of the spectrum was Royal Bank of Scotland ("RBS"). This firm had
recently completed a large acquisition and hit with massive losses on real
estate related investments. The firm posted the largest quarterly loss in
British history during the year and the British government had to rescues the
firm with huge cash injections. The British government now owns a majority of
the outstanding shares of Royal Bank of Scotland.
Several other financial firms were amongst the weakest performers. BNP Paribas,
HSBC, ING, and Intesa SanPaolo posted negative returns for the year, but the
numbers were only a fraction of the Royal Bank of Scotland return.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
2
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
DOW JONES DOW JONES
NET ASSET MARKET STOXX 50 NET ASSET MARKET STOXX 50
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 0.69% -0.70% 0.70% 0.69% -0.70% 0.70%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -11.53% -11.83% -11.58% -4.00% -4.11% -4.02%
----------------------------------------------------------------------------------------------------------------------
FIVE YEARS 26.30% 25.94% 26.94% 4.78% 4.72% 4.89%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 73.99% 74.33% 75.38% 8.28% 8.31% 8.41%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period October 15, 2002 to September 30, 2009.
</Table>
3
(Logo/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)
<Table>
<Caption>
DOW JONES
EURO STOXX
50 INDEX
SPDR DJ - US
STOXX 50 DOLLAR DENOMINATED
ETF (A) (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
12/31/08 13617 13722
3/31/09 11449 11531
6/30/09 14230 14321
9/30/09 17399 17538
</Table>
4
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION HSBC HOLDINGS PLC BP PLC NESTLE SA TOTAL SA BANCO SANTANDER SA
----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,131,382 2,638,100 2,468,602 2,094,543 2,083,767
----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.5 4.7 4.4 3.7 3.7
----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 19.3%
Pharmaceuticals 15.2
Oil, Gas & Consumable Fuels 14.6
Diversified Telecommunication
Services 5.8
Food Products 5.6
Metals & Mining 5.6
Capital Markets 4.9
Insurance 3.9
Electric Utilities 3.4
Wireless Telecommunication
Services 3.3
Multi-Utilities 2.7
Communications Equipment 2.4
Industrial Conglomerates 2.1
Tobacco 1.8
Chemicals 1.4
Food & Staples Retailing 1.4
Automobiles 1.3
Electrical Equipment 1.3
Software 1.2
Beverages 1.1
Diversified Financial Services 1.0
Short Term Investments 2.1
Other Assets & Liabilities (1.4)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
5
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) DJ EURO STOXX 50(R) ETF (the "Fund") seeks to replicate, before fees
and expenses, the price and yield performance of the Dow Jones EUROSTOXX 50(R)
Index (the "Index"). To accomplish this objective, the Fund uses a passive
management strategy designed to track the price and yield performance of the
Index.
For the twelve-month period ended September 30, 2009 (the "Reporting Period"),
the Fund returned 2.35% and the Index returned 2.12%. The Fund and Index returns
reflect the reinvestment of dividends and other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Reporting Period started with markets in the midst of a steep decline.
Economic indicators were falling, corporate earnings were falling, and liquidity
in fixed income markets was poor. Governments and Central Banks around the world
acted to boost a clearly ailing economy. Interest rates were cut, liquidity was
sharply increased, and new and innovative methods of supporting the economy, and
the financial sector in particular, were created by many Central Banks.
The difficult financial conditions led markets lower through the first five
months of the period. Markets hit a low in early March, and began a furious
rally through the end of the year. The benchmark fell just over 35% in the six
months ended March 31, and that was well off the lows set earlier in March. In
the second six months of the period (ended September 30) the Index rallied 57%.
The return for the entire twelve month period was 2.12%. While this was
relatively low, the number is satisfying when compared to the results from just
six months ago.
The returns of individual securities showed wide variation, even within the same
sectors. Financials provide a good example, given the focus on that sector over
the past couple of years. UniCredit SpA and Banco Santander were among the best
performing names during the period. These firms avoided some of the bigger
pitfalls in the financial sector allowing their stock prices to suffer less in
the initial downdraft, and participate strongly in the rebound. Intesa Sanpaolo,
ING and AXA were at the low end of returns.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
6
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
DOW JONES DOW JONES
NET ASSET MARKET EURO STOXX NET ASSET MARKET EURO STOXX
VALUE VALUE 50 INDEX VALUE VALUE 50 INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 2.35% 0.79% 2.12% 2.35% 0.79% 2.12%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -5.71% -5.72% -6.50% -1.94% -1.95% -2.22%
----------------------------------------------------------------------------------------------------------------------
FIVE YEARS 44.16% 44.49% 43.16% 7.59% 7.64% 7.44%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 110.36% 110.97% 108.47% 11.27% 11.32% 11.13%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period October 15, 2002 to September 30, 2009.
</Table>
7
(Logo/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)
<Table>
<Caption>
DOW
JONES EURO
SPDR DJ STOXX 50
EURO STOXX INDEX -
50 ETF US DOLLAR
(A) DENOMINATED (B)
---------- ---------------
10/15/02 10000.0 10000.0
12/31/02 10343.0 10282.5
3/31/03 9148.38 9155.53
6/30/03 11656.9 11640.8
9/30/03 11745.9 11731.5
12/31/03 14658.0 14657.0
3/31/04 14443.1 14452.0
6/30/04 14684.8 14664.0
9/30/04 14590.1 14561.8
12/31/04 17299.4 17325.2
3/31/05 17160.9 17146.8
6/30/05 16957.6 16927.3
9/30/05 18210.7 18212.4
12/31/05 18625.9 18635.7
3/31/06 20603.0 20633.0
6/30/06 21028.1 21004.0
9/30/06 22306.1 22297.0
12/31/06 24590.8 24595.0
3/31/07 25447.9 25237.9
6/30/07 28094.4 28022.0
9/30/07 28944.1 28868.0
12/31/07 29961.4 29884.2
3/31/08 26801.1 26755.3
6/30/08 25335.4 25184.0
9/30/08 20550.1 20414.5
12/31/08 16485.6 16365.0
3/31/09 13366.4 13268.5
6/30/09 16848.7 16678.8
9/30/09 21036.1 20847.4
</Table>
8
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOTAL SA BANCO SANTANDER SA TELEFONICA SA E.ON AG SANOFI-AVENTIS
-------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $10,517,172 10,462,955 9,021,439 6,761,470 6,228,882
-------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.8 5.8 5.0 3.7 3.4
-------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Banks 21.6%
Utilities 11.4
Telecommunications 9.9
Insurance 9.7
Oil & Gas 9.4
Chemicals 6.0
Industrial Goods & Services 5.1
Food & Beverage 5.0
Technology 4.3
Health Care 3.4
Personal & Household Goods 3.2
Construction & Materials 3.1
Automobiles & Parts 2.4
Media 1.7
Basic Resources 1.5
Retail 1.2
Financial Services 0.7
Short Term Investments 3.6
Other Assets & Liabilities (3.2)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
9
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Asia Pacific ETF (the "Fund") seeks to replicate,
before fees and expenses, the total return performance of an equity index based
upon the emerging markets of the Asia Pacific Region. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Asia Pacific Emerging BMI Index
(the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 29.15%, and the total return for the Index was
32.70%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
During the last quarter the Group of 20 reaffirmed its commitment to a series of
policies designed to promote a sustainable recovery. Emerging markets have
benefited from the increasing liquidity of the global financial system,
favorable growth surprise in China, and a perception that the developed world
faces an extended period of sub-par growth. As signs emerged during the quarter
that the global recovery was accelerating, some emerging market currencies
rallied significantly. The technology, consumer discretionary and materials
sectors were the best-performing. While many questions remain as to the long
term pattern of US consumption and, by extension, consumer electronic imports
from Asia, signs of stabilization in the US economy were enough to lead to an
emerging tech-stock rally.
The three largest contributors to the Index return are Taiwan Semiconductor,
Tencent Holdings, and China Construction Bank. The three worst contributors to
the Index return are Satyam Computer, Tan Chong Motor, and Suntech Power.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
10
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P ASIA S&P ASIA
PACIFIC PACIFIC
NET ASSET MARKET EMERGING BMI NET ASSET MARKET EMERGING BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 29.15% 28.62% 32.70% 29.15% 28.62% 32.70%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 18.09% 18.38% 17.87% 6.78% 6.88% 6.69%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
11
(Logo/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)
<Table>
<Caption>
SPDR S&P S&P ASIA
EMERGING ASIA PACIFIC EMERGING
PACIFIC ETF BMI INDEX
(A) (B)
------------- ----------------
10000.00 10000.00
3/20/07 10190.60 10276.00
4/30/07 10650.10 10717.90
5/31/07 11261.70 11399.50
6/30/07 12073.40 12232.80
7/31/07 12790.80 13117.30
8/31/07 12853.60 13016.30
9/30/07 14503.20 14701.90
10/31/07 16435.00 16401.40
11/30/07 14889.90 14923.60
12/31/07 14763.90 14986.30
1/31/08 12700.60 12745.90
2/29/08 13579.80 13726.00
3/31/08 12734.00 12792.60
4/30/08 13877.80 13876.20
5/31/08 13335.20 13254.50
6/30/08 11729.20 11503.60
7/31/08 11657.20 11459.90
8/31/08 11116.30 10949.90
9/30/08 9143.61 8881.49
10/31/08 7040.21 6805.00
11/30/08 6706.93 6476.31
12/31/08 7319.41 7063.72
1/31/09 6757.79 6563.61
2/28/09 6557.56 6426.43
3/31/09 7511.02 7290.21
4/30/09 8766.57 8473.41
5/31/09 10369.90 10208.80
6/30/09 10235.20 10129.10
7/31/09 11316.70 11268.70
8/31/09 10924.90 10867.50
9/30/09 11809.00 11787.00
</Table>
12
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
TAIWAN SEMICONDUCTOR RELIANCE
MANUFACTURING CO., INDUSTRIES, LTD. CHINA LIFE
DESCRIPTION CHINA MOBILE, LTD. LTD. ADR GDR INSURANCE CO., LTD.
----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $15,355,344 14,693,392 11,145,021 10,737,691
----------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.5 3.4 2.6 2.5
----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------
INDUSTRIAL &
COMMERCIAL
DESCRIPTION BANK OF CHINA
-------------------------------------------------------
MARKET VALUE 8,691,507
-------------------------------------------------------
% OF NET ASSETS 2.0
-------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 13.5%
Oil, Gas & Consumable Fuels 12.1
Semiconductors & Semiconductor
Equipment 8.3
Wireless Telecommunication
Services 6.6
Computers & Peripherals 4.7
Electronic Equipment,
Instruments & Components 4.4
Insurance 4.3
Metals & Mining 3.4
Internet Software & Services 3.3
Chemicals 3.1
Automobiles 3.0
Real Estate Management &
Development 2.8
IT Services 2.6
Transportation Infrastructure 2.2
Diversified Telecommunication
Services 2.2
Construction & Engineering 2.1
Electrical Equipment 1.9
Capital Markets 1.9
Food Products 1.8
Hotels, Restaurants & Leisure 1.6
Construction Materials 1.5
Marine 1.4
Electric Utilities 1.3
Diversified Financial Services 1.3
Thrifts & Mortgage Finance 1.2
Industrial Conglomerates 0.9
Independent Power Producers &
Energy Traders 0.9
Energy Equipment & Services 0.8
Household Products 0.6
Textiles, Apparel & Luxury
Goods 0.5
Airlines 0.5
Beverages 0.4
Gas Utilities 0.4
Distributors 0.4
Machinery 0.4
Pharmaceuticals 0.4
Media 0.3
Building Products 0.3
Health Care Providers &
Services 0.3
Tobacco 0.2
Household Durables 0.1
Health Care Equipment &
Supplies 0.1
Paper & Forest Products 0.1
Short Term Investments 3.1
Other Assets & Liabilities (3.2)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
13
(Logo/Annual Report)
SPDR S&P CHINA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P China ETF (the "Fund") seeks to replicate, before fees and
expenses, the total return performance of an equity index based upon the Chinese
equity market. In seeking this objective, the Fund uses a passive management
strategy and "sampling" methodology designed to track the total return
performance of the S&P China BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 33.06%, and the total return for the Index was
34.28%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
While the China market ended 2008 down 51% for the calendar year, the Chinese
government announced a fiscal stimulus package to be implemented over the next
two years to boost domestic demand. In addition, the People's Bank of China
("PBOC") announced a 108 bps cut in both lending and deposit interest rates, and
cut the reserve requirement ratio by 100 bps for large banks and 20 bps for
smaller banks. These large moves in fiscal and monetary policies have
highlighted China's determination to maintain steady domestic growth.
Chinese stocks began 2009 with a slow rise; among the biggest gainers in the
first quarter of 2009 were the automotive stocks and diversified financials.
Despite concern that property market busts in the US and Europe could be
accompanied by a bust in China, real estate stocks rose significantly in the
first quarter of 2009.
Throughout the second quarter of 2009 sentiment improved on China, and Chinese
consumer discretionary stocks surged in the quarter. But the telecom stocks
significantly underperformed and the returns of Chinese industrial stocks were
just in line with the Index.
China finished the Reporting Period on a positive note, and the fact that
China's economy, soon to be the world's second largest in nominal GDP terms, was
accelerating gave some investors confidence about the Asian region as a whole.
The Fund holdings are highly optimized and the use of B shares are excluded from
our available holdings. While the Fund performance benefitted from its top
performers China Construction Bank and China Industrial and Commercial Bank of
China, its relative underweight in the Commercial Banks Industry cost the Fund
performance relative to the Index.
On the contrary, the relative overweight to IT services helped the Fund over the
course of the year.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
14
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
NET ASSET MARKET S&P CHINA NET ASSET MARKET S&P CHINA
VALUE VALUE BMI INDEX VALUE VALUE BMI INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 33.06% 32.20% 34.28% 33.06% 32.20% 34.28%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 31.57% 31.97% 30.91% 11.43% 11.57% 11.22%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
15
(Logo/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)
<Table>
<Caption>
SPDR S&P S&P CHINA
CHINA ETF BMI INDEX
(A) (B)
--------- ---------
10000 10000
3/20/07 10355 10373
4/30/07 10719 10820
5/31/07 11550 11742
6/30/07 12839 12985
7/31/07 14141 14345
8/31/07 15073 15260
9/30/07 18064 18288
10/31/07 21101 21241
11/30/07 18485 18548
12/31/07 17666 17839
1/31/08 13858 14020
2/29/08 15216 15336
3/31/08 13299 13441
4/30/08 15518 15470
5/31/08 14890 14883
6/30/08 13089 13030
7/31/08 13346 13279
8/31/08 12441 12240
9/30/08 9888 9751
10/31/08 7646 7479
11/30/08 7838 7687
12/31/08 8711 8524
1/31/09 7945 7837
2/28/09 7688 7624
3/31/09 8832 8746
4/30/09 9920 9834
5/31/09 11668 11626
6/30/09 12023 12075
7/31/09 13451 13438
8/31/09 12511 12481
9/30/09 13157 13091
</Table>
16
(Logo/Annual Report)
SPDR S&P CHINA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL &
CHINA LIFE CHINA CONSTRUCTION COMMERCIAL
DESCRIPTION CHINA MOBILE, LTD. INSURANCE CO., LTD. BANK CORP. BANK OF CHINA
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $45,593,822 31,363,346 26,798,134 25,281,385
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.2 7.0 6.0 5.7
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
DESCRIPTION PETROCHINA CO., LTD.
--------------------------------------------------------------
MARKET VALUE 22,405,110
--------------------------------------------------------------
% OF NET ASSETS 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 18.0%
Commercial Banks 17.8
Wireless Telecommunication
Services 11.4
Insurance 10.3
Internet Software & Services 6.3
Real Estate Management &
Development 4.7
Metals & Mining 3.5
Transportation Infrastructure 2.8
Electrical Equipment 2.6
Food Products 2.5
Independent Power Producers &
Energy Traders 1.9
Marine 1.8
Diversified Telecommunication
Services 1.7
Automobiles 1.5
Hotels, Restaurants & Leisure 1.2
Construction & Engineering 1.1
Construction Materials 1.1
Textiles, Apparel & Luxury
Goods 0.9
Distributors 0.8
Chemicals 0.6
Communications Equipment 0.6
Computers & Peripherals 0.6
Industrial Conglomerates 0.6
Multiline Retail 0.6
Paper & Forest Products 0.6
Energy Equipment & Services 0.5
Machinery 0.4
Airlines 0.3
Beverages 0.3
Software 0.3
Water Utilities 0.3
Health Care Equipment &
Supplies 0.2
IT Services 0.2
Media 0.2
Road & Rail 0.2
Semiconductors & Semiconductor
Equipment 0.2
Specialty Retail 0.2
Air Freight & Logistics 0.1
Biotechnology 0.1
Commercial Services & Supplies 0.0***
Electronic Equipment,
Instruments & Components 0.0***
Household Durables 0.0***
Short Term Investments 3.5
Other Assets & Liabilities (2.5)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
17
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Markets ETF (the "Fund") seeks to replicate as closely
fees and expenses, the total return performance of an equity index based upon
the emerging markets of the world. In seeking this objective, the Fund uses a
passive management strategy and "sampling" methodology designed to track the
total return performance of the S&P Emerging BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 18.05%, and the total return for the Index was
20.99%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The beginning of the Reporting Period was a difficult time with markets in the
midst of a steep decline. Economic indicators were falling, liquidity in fixed
income markets was poor and concerns were growing around the globe regarding the
potential magnitude of the ongoing recession. Governments and Central Banks
around the world acted to boost a clearly ailing economy. Interest rates were
cut, liquidity was sharply increased, and new and innovative methods of
supporting the economy, and the financial sector in particular, were created by
many Central Banks.
The difficult financial conditions led markets lower through the first five
months of the Reporting Period. Markets hit a low in March, and began to rally
through the end of the Reporting Period. During the first five months, the Index
fell approximately 35%. In the remaining seven months of the period, the Index
rose almost 86%, ending with a cumulative gain of nearly 21%. The strong
relative emerging market performance for the twelve months ended September 30,
2009 was the result of a number of factors. These included continued
expectations of higher relative GDP growth, increased global liquidity, strong
relative currency performances and increases in commodity prices. At the close
of the Reporting Period, there were many positive signs in the global economy
but concerns still lingered regarding the shape and breadth of the recovery.
There were a number of stocks that made significant contributions to the return
of this Fund. Two of these were Avner Oil and Gas and China Shenhua Energy,
which were helped by the rebound in commodity prices. Another pair of strong
performers could be found in the IT Services and Semiconductors & Semiconductors
Equipment Industries as evidenced by the returns of both Infosys Technologies
and UTD Microelectronics. In general, this sector was hurt less in terms of
sales and revenue than other sectors by the economic downturn. A third pair of
stocks making solid contributions to this Fund's return were from the Commercial
Banks Industry. These were Itau Unibanco and Turkiye Garanti Bankasi. These
stocks' strong performance was caused in part by their ability to avoid the
dramatic loss issues faced by many of their developed market counterparts.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
18
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
NET ASSET MARKET S&P EMERGING NET ASSET MARKET S&P EMERGING
VALUE VALUE BMI INDEX VALUE VALUE BMI INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 18.05% 17.57% 20.99% 18.05% 17.57% 20.99%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 12.08% 12.55% 11.77% 4.60% 4.78% 4.48%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
19
(Logo/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
4/30/09 8175 7889
5/31/09 9623 9464
6/30/09 9463 9347
7/31/09 10422 10279
8/31/09 10394 10276
9/30/09 11208 11177
</Table>
20
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
------------------------------------------------------------------------------------------------------------------
PETROLEO TAIWAN SEMICONDUCTOR
DESCRIPTION BRASILEIRO SA ADR GAZPROM OAO ADR MANUFACTURING CO., LTD. ADR
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,995,993 2,635,225 1,828,369
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.2 2.8 1.9
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
ITAU UNIBANCO BANCO
DESCRIPTION MULTIPLO SA ADR CHINA MOBILE, LTD.
-------------------------------------------------------------------------------------
MARKET VALUE 1,762,923 1,741,227
-------------------------------------------------------------------------------------
% OF NET ASSETS 1.9 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 17.1%
Commercial Banks 14.7
Metals & Mining 9.6
Wireless Telecommunication
Services 7.5
Semiconductors & Semiconductor
Equipment 3.4
Insurance 2.3
Pharmaceuticals 2.2
Diversified Telecommunication
Services 2.2
Beverages 1.8
Computers & Peripherals 1.8
Chemicals 1.8
Electric Utilities 1.7
Construction & Engineering 1.7
Real Estate Management &
Development 1.6
Industrial Conglomerates 1.5
Food Products 1.5
Diversified Financial Services 1.4
IT Services 1.3
Construction Materials 1.3
Electronic Equipment,
Instruments & Components 1.3
Internet Software & Services 1.2
Automobiles 1.1
Media 1.1
Food & Staples Retailing 1.1
Independent Power Producers &
Energy Traders 0.9
Specialty Retail 0.9
Transportation Infrastructure 0.8
Hotels, Restaurants & Leisure 0.8
Electrical Equipment 0.8
Multiline Retail 0.8
Capital Markets 0.7
Thrifts & Mortgage Finance 0.6
Household Durables 0.6
Marine 0.5
Software 0.5
Tobacco 0.4
Household Products 0.4
Machinery 0.4
Gas Utilities 0.3
Paper & Forest Products 0.3
Airlines 0.3
Leisure Equipment & Products 0.3
Personal Products 0.2
Textiles, Apparel & Luxury
Goods 0.2
Communications Equipment 0.2
Energy Equipment & Services 0.2
Water Utilities 0.2
Distributors 0.2
Aerospace & Defense 0.1
Building Products 0.1
Health Care Providers &
Services 0.1
Trading Companies &
Distributors 0.1
Consumer Finance 0.1
Road & Rail 0.1
Professional Services 0.1
Air Freight & Logistics 0.0***
Biotechnology 0.0***
Short Term Investment 12.4
Other Assets & Liabilities (6.8)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Banque
Marocaine pour le Commerce et l'Industrie SA, which was Level 2 and part
of the Commercial Banks Industry and Mosel Vitelic, Inc., which was Level
2 and part of the Semiconductors & Semiconductor Equipment Industry, both
representing less than 0.05% of net assets.
*** Amount shown represents less than 0.05% of net assets.
</Table>
21
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P BRIC 40 ETF (the "Fund") seeks to replicate, before fees and
expenses, the total return performance of an equity index based upon the
emerging markets of Brazil, Russia, India and China. In seeking this objective,
the Fund uses a passive management strategy designed to track the total return
performance of the S&P BRIC 40 Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 18.16%, and the total return for the Index was
18.51%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Brazil and China accounted for 85% of the total Fund return for the Reporting
Period. Brazil's contribution might be more impressive given its weight of only
about 25% relative to China's nearly 50%. As global macro data improved during
the period, Brazilian financial stocks rallied significantly. Given its rich
natural resource deposits, materials stocks have historically been a significant
part of the Brazilian Index. Recently, China and Brazil's stock performance has
become more and more intertwined. The perception that Chinese demand for steel
was firming helped to improve sentiment for Brazilian mining stocks,
particularly in the third quarter of 2009. During the quarter, analysts
repeatedly upgraded their estimates for Chinese growth in the fourth quarter of
2009 and 2010. China significantly underperformed in this last quarter, but the
fact that China's economy, soon to be the world's second largest in nominal GDP
terms, was accelerating gave some investors confidence about the Asian region as
a whole.
Not surprisingly, eight out of the top ten contributors to the Fund return were
either Chinese or Brazilian stocks. Itau Unibanco Banco Multiplo SA ADR (Brazil)
was one of the top performers. Also in the top ten were: China Construction Bank
Corp., Industrial and Commercial Bank of China, & Bank of China Ltd. Again, this
speaks volumes to how far Financials have come in the past year. Also in this
group, two were Brazilian basic materials firms: Cia Vale do Rio Doce & Compania
Siderurgica Nacional .Rounding out the top ten were Russian energy company
Surgutneftegaz JSC, two Information Technology companies Baidu Inc. (China), and
Infosys Technologies Ltd. (India), and the land and property developer Chinese
Overseas Land and Seas Ltd.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
22
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
NET ASSET MARKET S&P BRIC 40 NET ASSET MARKET S&P BRIC 40
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 18.16% 18.73% 18.51% 18.16% 18.73% 18.51%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 0.01% 0.79% 0.85% 0.00% 0.34% 0.37%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period June 19, 2007 to September 30, 2009.
</Table>
23
(Logo/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)
-------- --------
10000 10000
6/19/07 9954 9955
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
4/30/09 7313 7350
5/31/09 8820 8870
6/30/09 8576 8625
7/31/09 9279 9339
8/31/09 9110 9173
9/30/09 10001 10085
</Table>
24
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------------------------
PETROLEO BRASILEIRO ITAU UNIBANCO BANCO
DESCRIPTION GAZPROM OAO ADR CHINA MOBILE, LTD. SA ADR MULTIPLO SA ADR
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $26,774,491 24,138,193 23,926,155 20,534,382
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.9 7.1 7.0 6.0
--------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------
DESCRIPTION VALE SA ADR
-----------------------------------------------------
MARKET VALUE 17,157,186
-----------------------------------------------------
% OF NET ASSETS 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 36.8%
Commercia Banks 24.8
Metals & Minings 9.3
Wireless Telecommunication
Services 8.3
Insurance 6.1
Diversified Telecommunication
Services 3.7
IT Services 3.2
Internet Software & Services 3.1
Beverages 1.7
Real Estate Management &
Development 1.1
Electric Utilities 0.7
Construction & Engineering 0.7
Transportation Infrastructure 0.0***
Short Term Investments 8.2
Other Assets & Liabilities (7.7)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
25
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Europe ETF (the "Fund") seeks to replicate, before fees
and expenses, the total return performance of an equity index based upon
European emerging markets. In seeking this objective, the Fund uses a passive
management strategy and "sampling" methodology designed to track the total
return performance of the S&P European Emerging Capped BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was -5.18%, and the total return for the Index was
- -4.79%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
October 2008 was the worst one month performance on record for the emerging
market asset class. In the last quarter of 2008, emerging market equities fell
by the largest margin ever, with Emerging Europe down almost 46%. Russia
performed the worst as the government devalued its currency 7 times in the month
of December alone. In the first quarter of 2009 the global financial system
continued to experience profound stress and global economic releases
disappointed. The majority of emerging markets fell in the quarter, the Europe
region fell over 4%. Russia managed to rally in the quarter, sparked by a 20%
gain in March. During the height of the crisis, the Russian market was
periodically shut, and panic selling dominated. Among the smaller markets, the
most seriously affected by the crisis are the C-3 (Hungary, Poland and the Czech
Republic). Global equities hit a low in mid-March, but rebounded sharply as
evidence mounted that the pace of the decline in output in the US was
moderating. Ongoing policy interventions in both the emerging and developed
world also helped to buoy sentiment. The emerging market rally faltered in June;
however emerging Europe still finished the period of April through June 2009
with gains of almost 40%. Emerging Markets have benefited from the
reliquification of the global financial system and Europe ended the quarter with
gains of almost 27%. The Russian market rose as well; this market is very
volatile, reacting not just to events in Russia, but also to global stresses.
Among the smaller markets, Turkey and Hungary soared.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
26
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P EUROPEAN S&P EUROPEAN
EMERGING EMERGING
NET ASSET MARKET CAPPED BMI NET ASSET MARKET CAPPED BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR -5.18% -6.04% -4.79% -5.18% -6.04% -4.79%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -25.07% -23.86% -24.77% -10.77% -10.20% -10.63%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
27
(Logo/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
4/30/09 5250 5009
5/31/09 6468 6162
6/30/09 5945 5859
7/31/09 6613 6388
8/31/09 6962 6748
9/30/09 7493 7523
</Table>
28
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------
OAO ROSNEFT OIL CO.
DESCRIPTION GAZPROM OAO ADR LUKOIL ADR GDR SBERBANK
--------------------------------------------------------------------------------------------------------------
MARKET VALUE $25,065,314 12,673,857 6,754,855 6,223,566
--------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 18.2 9.2 4.9 4.5
--------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
MOBILE TELESYSTEMS
DESCRIPTION ADR
------------------------------------------------------------
MARKET VALUE 5,305,356
------------------------------------------------------------
% OF NET ASSETS 3.8
------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 41.6%
Commercial Banks 20.0
Metals & Mining 10.7
Diversified Telecommunication
Services 6.0
Wireless Telecommunication
Services 5.2
Electric Utilities 3.0
Media 1.6
Household Durables 1.4
Industrial Conglomerates 1.4
Chemicals 1.3
Pharmaceuticals 1.2
Beverages 0.9
Airlines 0.8
Diversified Financial Services 0.7
Energy Equipment & Services 0.6
Real Estate Management &
Development 0.6
Construction & Engineering 0.5
Distributors 0.4
Software 0.4
Hotels, Restaurants & Leisure 0.3
Insurance 0.3
Auto Components 0.2
Building Products 0.2
Electronic Equipment,
Instruments & Components 0.2
Biotechnology 0.1
Short Term Investments 3.1
Other Assets and Liabilities (2.7)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
29
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Latin America ETF (the "Fund") seeks to replicate,
before fees and expenses, the total return performance of an equity index based
upon the Latin American emerging markets. In seeking this objective, the Fund
uses a passive management strategy and "sampling" methodology designed to track
the total return performance of the S&P Latin America BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 16.99%, and the total return for the Index was
20.33%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Brazilian market comprises nearly two-thirds of the Index, and was the main
contributor toward the Index's return in the Reporting Period. Brazil had
significant returns and contributed positively to the overall region return.
Given Brazil's vast natural resources deposits, metals and mining companies and
oil and gas companies typically lead the way and the nine months ending
September 2009 was no different. Aside from materials and oil companies, a
number of Brazilian banks also rebounded dramatically from 2008. Mexico, a
country whose economy is highly correlated with that of the U.S., fell almost 4%
over this same time period. Its output is expected to fall nearly 7% in 2009,
but signs of a bottoming economy did help the country to stem its losses in the
last 3 months ending September 30, 2009.
Nine of the top ten stocks that contributed most to the overall regional return
were Brazilian. Itau Unibanco led the way, while Banco Bradesco and Itau
Unibanco Banco Multiplo SA ADR also made the top 10. Rounding out the top five
were basic materials firms Cia Vale do Rio Doce and Companhia Siderurgica
Nacional SA ADR and energy company Petroleo Brasileiro. The two worst performers
were telecom company America Movil and basic materials company Cemex, and the
fact that both are Mexican firms underscores the struggles that economy is
facing.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
30
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P LATIN S&P LATIN
NET ASSET MARKET AMERICA BMI NET ASSET MARKET AMERICA BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 16.99% 17.40% 20.33% 16.99% 17.40% 20.33%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 27.39% 27.72% 30.92% 10.02% 10.14% 11.22%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
31
(Logo/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
4/30/09 8523 8808
5/31/09 10316 10658
6/30/09 10138 10429
7/31/09 11118 11401
8/31/09 11374 11762
9/30/09 12739 13092
</Table>
32
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------------------
PETROLEO BRASILEIRO AMERICA MOVIL SAB ITAU UNIBANCO BANCO
DESCRIPTION SA ADR VALE SA ADR DE CV MULTIPLO SA ADR
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $19,988,689 14,161,660 8,222,793 7,722,105
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 15.0 10.7 6.2 5.8
---------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------
BANCO BRADESCO
DESCRIPTION SA ADR
--------------------------------------------------------
MARKET VALUE 5,437,966
--------------------------------------------------------
% OF NET ASSETS 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 22.8%
Commercial Banks 17.0
Oil, Gas & Consumable Fuels 15.7
Wireless Telecommunication
Services 7.3
Beverages 4.4
Electric Utilities 3.4
Diversified Telecommunication
Services 3.2
Food & Staples Retailing 2.8
Food Products 2.5
Multiline Retail 2.3
Industrial Conglomerates 2.2
Household Durables 1.8
Independent Power Producers &
Energy Traders 1.7
Construction Materials 1.5
Media 1.5
Paper & Forest Products 1.5
Diversified Financial Services 1.4
Transportation Infrastructure 1.1
Airlines 0.7
Tobacco 0.7
Household Products 0.6
Building Products 0.5
Chemicals 0.5
Construction & Engineering 0.5
Internet & Catalog Retail 0.5
Personal Products 0.5
Water Utilities 0.5
Aerospace & Defense 0.4
Real Estate Management &
Development 0.2
Short Term Investments 21.9
Other Assets & Liabilities (21.6)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
33
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Middle East & Africa ETF (the "Fund") seeks to
replicate, before fees and expenses, the total return performance of an equity
index based upon the Middle Eastern and African emerging markets. In seeking
this objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the S&P Mid-East &
Africa BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 14.04%, and the total return for the Index was
13.83%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Middle East and Africa markets were down almost 19% for the final quarter of
2008. The South African market, the largest in this region, fell 16% in the
quarter. In December, the country's Reserve Bank reduced its key policy rate by
50bp to 11.50%. This was the first cut since April 2005 and followed a
cumulative hiking cycle of 500 bp from June 2006 to June 2008. Among the smaller
markets, Morocco was a star performer for this quarter while Israel fell. In the
first quarter of 2009 the global financial system continued to experience
profound stress and global economic releases disappointed. The majority of
emerging markets fell in the quarter; the Middle East and Africa region fell
almost 4%. Israel managed to rise in the quarter, spiked by the gain in Teva
Pharmaceuticals. Global equities hit a low in mid-March, but rebounded sharply
as evidence mounted that the pace of output decline in the US was moderating.
Ongoing policy interventions in both the emerging and developed world also
helped to buoy sentiment; however, the emerging market rally faltered in June.
During the period of April through June 2009, global inflation fears increased,
but then ebbed as the magnitude of the global output gap became increasingly
evident, and this region saw gains of over 28%. South Africa rose 31.3%. In the
final quarter of the Reporting Period, the massive policy interventions of the
past 18 months increasingly had an impact. During the quarter the Group of 20
also met, and reaffirmed its commitment to a series of policies designed to
promote a sustainable recovery. Emerging Markets, including Middle East and
Africa have benefited from the reliquification of the global financial system.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
34
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P MID-EAST S&P MID-EAST
& &
NET ASSET MARKET AFRICA BMI NET ASSET MARKET AFRICA BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 14.04% 14.45% 13.83% 14.04% 14.45% 13.83%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 6.51% 7.74% 9.98% 2.52% 2.99% 3.83%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to September 30, 2009.
</Table>
35
(Logo/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 MIDDLE
EAST & EAST &
AFRICA ETF AFRICA BMI
(A) INDEX (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
4/30/09 8083 8358
5/31/09 9174 9472
6/30/09 9373 9682
7/31/09 10002 10345
8/31/09 10368 10710
9/30/09 10651 10998
</Table>
36
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------------------
TEVA PHARMACEUTICAL STANDARD BANK IMPALA PLATINUM
DESCRIPTION INDUSTRIES, LTD. MTN GROUP, LTD. SASOL, LTD. GROUP, LTD. HOLDINGS, LTD.
--------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $13,902,117 8,453,264 7,341,580 4,599,583 4,340,924
--------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.8 6.5 5.7 3.6 3.4
--------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 16.4%
Metals & Mining 13.7
Pharmaceuticals 12.4
Wireless Telecommunication
Services 8.0
Diversified Financial Services 6.0
Oil, Gas & Consumable Fuels 5.9
Industrial Conglomerates 3.6
Media 3.6
Chemicals 3.1
Construction & Engineering 3.0
Food & Staples Retailing 2.7
Specialty Retail 2.4
Real Estate Management &
Development 2.2
Insurance 1.9
Software 1.9
Diversified Telecommunication
Services 1.5
Aerospace & Defense 1.4
Capital Markets 1.2
Construction Materials 1.2
Food Products 1.0
Household Durables 0.8
Tobacco 0.7
Health Care Providers &
Services 0.6
Multiline Retail 0.6
Distributors 0.5
Real Estate Investment Trusts 0.5
Marine 0.4
Semiconductors & Semiconductor
Equipment 0.4
Electrical Equipment 0.3
Electronic Equipment,
Instruments & Components 0.3
Hotels, Restaurants & Leisure 0.3
Paper & Forest Products 0.2
Communications Equipment 0.1
Health Care Equipment &
Supplies 0.1
Internet Software & Services 0.1
Trading Companies &
Distributors 0.1
Short Term Investments 1.0
Other Assets & Liabilities (0.1)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Banque
Marocaine pour le Commerce et l'Industrie SA, which was Level 2 and part
of the Commercial Banks Industry, representing less than 0.05% of net
assets.
</Table>
37
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P World ex-US ETF (the "Fund") seeks to replicate, before fees and
expenses, the total return performance of an equity index based upon the
developed world (ex-US) equity markets. In seeking this objective, the Fund uses
a passive management strategy and "sampling" methodology designed to track the
total return performance of the S&P Developed Ex-US BMI Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 4.68%, and the total return for the Index was
5.34%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Although December brought modest relief for equity prices around the world, the
last three months of 2008 still produced losses. Weighing on stocks through
October and November were overwhelming global liquidity needs in the wake of the
abrupt Lehman Brothers failure in mid-September.
The opening quarter of 2009 followed a pattern similar to that which occurred in
the end of 2008. A robust rally at the close of the quarter did not recover the
losses sustained earlier in the quarter. Weighing on share prices were ongoing
deterioration in the global growth outlook; steep erosion in profits
expectations; and lingering worries about impaired assets and tight credit
conditions. But aggressive approaches to monetary and fiscal stimulus continued
to take shape in the US, Europe, and Asia. Tentative signs of economic
stabilization began to appear, and the first quarter ended with a stronger
rally.
After six consecutive quarters of disruption and disappointment, global equity
markets finally managed a meaningful rebound through the spring of 2009. While
developed countries around the world were still in a recession, hobbled by
excess capacity and job losses, the ongoing application of aggressive stimulus
measures worked effectively to thwart deflationary tendencies. Leading
indicators of economic activity began to turn upward, and investors responded by
selling safe-haven assets and increasing exposure to stocks, corporate bonds,
and commodities.
For equities, the meat of the rally came in April and May, when stock markets
around the world posted consistent gains. Strong rebounds in financial shares
were accompanied by renewed interest in economically sensitive groups, as
investors decided that a retreat in consumer spending may have seen its worst
and that demand for basic materials might prove resilient.
The third quarter of 2009 began quietly, as investors nervously digested the
remarkable relief rally that boosted global equity markets during the spring.
But second-quarter earnings reports were broadly constructive, as aggressive
cost cutting flattered profitability. Leading economic indicators continued to
suggest emergence from recession, with business confidence picking up
consistently. Central bankers acknowledged the budding improvement, but given
weak employment conditions and the tentative flow of credit, they reiterated
that removal of monetary stimulus remained a distant prospect. With liquidity
worldwide staying flush and short-term investments offering minimal return
potential, funds flowed steadily into long-term financial assets from the middle
of July onwards, and global equities easily shook off dips in August and
September to complete a second consecutive quarter with impressively strong
returns.
The Fund is an optimized fund that holds a subset of the broader Index and
therefore does not necessarily hold the stocks in the same proportion as the
Index. Contributing most significantly to the Fund underperforming the Index was
the positive Index performance of country securities that the Fund did not hold,
namely Brazil, China and Taiwan. The Fund performance was helped by its
relative overweight to the United Kingdom, Korea, France, Switzerland and
Germany.
38
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Specifically, the Fund's performance over the 12 month period ended September
30, 2009 was most positively impacted by Samsung Electronics, BHP Billiton Ltd.,
and BP PLC.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
39
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
NET ASSET MARKET EX-US BMI NET ASSET MARKET EX-US BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 4.68% 2.74% 5.34% 4.68% 2.74% 5.34%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -23.54% -23.09% -22.93% -10.38% -10.16% -10.10%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period April 20, 2007 to September 30, 2009.
</Table>
40
(Logo/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
4/30/09 5782 5719
5/31/09 6473 6454
6/30/09 6415 6405
7/31/09 7024 7010
8/31/09 7323 7365
9/30/09 7646 7707
</Table>
41
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-----------------------------------------------------------------------------------------------------------
SAMSUNG
ELECTRONICS CO.,
DESCRIPTION LTD. GDR HSBC HOLDINGS PLC BP PLC NESTLE SA TOTAL SA
-----------------------------------------------------------------------------------------------------------
MARKET VALUE $1,236,125 1,127,545 1,058,437 887,413 842,447
-----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.5 1.3 1.2 1.0 1.0
-----------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 14.7%
Oil, Gas & Consumable Fuels 8.4
Metals & Mining 6.2
Pharmaceuticals 5.6
Insurance 4.6
Diversified Telecommunication
Services 3.1
Chemicals 3.0
Food Products 2.6
Machinery 2.5
Electric Utilities 2.4
Automobiles 2.3
Capital Markets 2.3
Real Estate Management &
Development 2.2
Semiconductors & Semiconductor
Equipment 2.1
Food & Staples Retailing 2.0
Wireless Telecommunication
Services 1.9
Industrial Conglomerates 1.8
Construction & Engineering 1.5
Electronic Equipment,
Instruments & Components 1.5
Electrical Equipment 1.5
Media 1.4
Multi-Utilities 1.4
Diversified Financial Services 1.3
Trading Companies &
Distributors 1.3
Road & Rail 1.2
Beverages 1.2
Real Estate Investment Trusts 1.2
Health Care Equipment &
Supplies 1.2
Hotels, Restaurants & Leisure 1.1
Energy Equipment & Services 1.1
Household Durables 1.1
Specialty Retail 0.9
Textiles, Apparel & Luxury
Goods 0.9
Building Products 0.8
Tobacco 0.7
Commercial Services & Supplies 0.7
Auto Components 0.7
Communications Equipment 0.7
Professional Services 0.7
Software 0.6
IT Services 0.6
Computers & Peripherals 0.6
Aerospace & Defense 0.6
Multiline Retail 0.5
Transportation Infrastructure 0.5
Marine 0.5
Gas Utilities 0.5
Office Electronics 0.4
Construction Materials 0.4
Health Care Providers &
Services 0.4
Household Products 0.4
Air Freight & Logistics 0.3
Distributors 0.2
Paper & Forest Products 0.2
Personal Products 0.2
Biotechnology 0.2
Airlines 0.2
Life Sciences Tools & Services 0.1
Consumer Finance 0.1
Independent Power Producers &
Energy Traders 0.1
Leisure Equipment & Products 0.1
Internet & Catalog Retail 0.0***
Short Term Investments 12.3
Other Assets & Liabilities (11.8)
-----------------------------------------------
TOTAL 100.0 %
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Anglo Irish
Banks Corp. PLC, which was Level 3 and part of the Commercial Banks
Industry, representing less than 0.05% of net assets.
*** Amount represents less than 0.05% of net assets.
</Table>
42
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Small Cap ETF (the "Fund") seeks to replicate,
before fees and expenses, the total return performance of an equity index based
upon the developed world (ex-US) small cap equity markets. In seeking this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the S&P Developed
Ex-US Under USD2 Billion Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 10.45%, and the total return for the Index was
11.91%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Although December 2008 produced modest relief for equity prices, the latest
three months still entailed a 22% decline for international small cap equities.
Weighing on stocks through October and November were overwhelming global
liquidity needs against a backdrop of sharply deteriorating economic data. The
opening quarter of 2009 followed a pattern similar to that which occurred at the
end of 2008. A robust rally into the end of the quarter did not recover losses
earlier in the quarter and developed country small cap equity markets sustained
another quarterly loss as well as another quarter of double-digit declines at
over 11%. Weighing on share prices were ongoing deterioration in the global
growth outlook; steep erosion in profits expectations; and lingering worries
about impaired assets and tight credit conditions. But aggressive approaches to
monetary and fiscal stimulus continued to take shape in the US, Europe, and
Asia. The Fund returned almost 33% in the third quarter. In the final quarter of
the Reporting Period, smaller stocks were, once again, solid outperformers
around the world yielding gains of almost 20% in the Fund.
Japan has contributed significantly to this Fund's performance as it accounts
for over 35% of the weight in this Fund's index and the outlook for Japan's
economy is brighter than once anticipated. Better news coming out of Japan has
led to a rally in small-cap securities. Additionally, Korea, which represents
over 5% of this Index and now exports more to China than to the US, had
significant positive returns led by semi-conductor stocks. The Korean banks,
which are thought not to have major credit problems, also rose significantly.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
43
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
UNDER UNDER
NET ASSET MARKET USD2 BILLION NET ASSET MARKET USD2 BILLION
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 10.45% 7.97% 11.91% 10.45% 7.97% 11.91%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -24.61% -24.26% -25.81% -10.89% -10.72% -11.47%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period April 20, 2007 to September 30, 2009.
</Table>
44
(Logo/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-U.S. UNDER
CAP ETF USD2 BILLION
(A) INDEX (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
4/30/09 5441 5308
5/31/09 6180 6088
6/30/09 6282 6175
7/31/09 6729 6614
8/31/09 7215 7053
9/30/09 7539 7419
</Table>
45
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-----------------------------------------------------------------------------------------------------------
SHOCHIKU HAW PAR CAFE DE CORAL PROGRESS ENERGY
DESCRIPTION CO., LTD. CORP., LTD. HOLDINGS, LTD. RESOURCES CORP. RUBIS
-----------------------------------------------------------------------------------------------------------
MARKET VALUE $3,296,197 2,867,912 2,847,948 2,709,624 2,640,714
-----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.6 0.6 0.6 0.5 0.5
-----------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 6.1%
Machinery 5.2
Commercial Banks 4.4
Oil, Gas & Consumable Fuels 4.2
Real Estate Management &
Development 3.9
Specialty Retail 3.8
Chemicals 3.5
Electronic Equipment,
Instruments & Components 3.5
Commercial Services & Supplies 3.4
Construction & Engineering 3.3
Hotels, Restaurants & Leisure 3.3
Real Estate Investment Trusts 3.3
Media 3.1
Capital Markets 3.0
Health Care Equipment &
Supplies 2.6
Food Products 2.5
Pharmaceuticals 2.4
Electrical Equipment 1.9
Auto Components 1.7
Professional Services 1.7
Health Care Providers &
Services 1.6
Industrial Conglomerates 1.6
Textiles, Apparel & Luxury
Goods 1.6
Building Products 1.5
Software 1.5
Household Durables 1.4
IT Services 1.4
Trading Companies &
Distributors 1.4
Energy Equipment & Services 1.3
Insurance 1.3
Road & Rail 1.3
Semiconductors & Semiconductor
Equipment 1.3
Communications Equipment 1.2
Multiline Retail 1.2
Paper & Forest Products 1.1
Marine 1.0
Beverages 0.9
Distributors 0.9
Gas Utilities 0.8
Biotechnology 0.7
Consumer Finance 0.7
Transportation Infrastructure 0.7
Containers & Packaging 0.6
Diversified Consumer Services 0.6
Diversified Financial Services 0.6
Internet Software & Services 0.6
Automobiles 0.5
Construction Materials 0.5
Aerospace & Defense 0.4
Food & Staples Retailing 0.4
Independent Power Producers &
Energy Traders 0.3
Thrifts & Mortgage Finance 0.3
Airlines 0.2
Electric Utilities 0.2
Internet & Catalog Retail 0.2
Leisure Equipment & Products 0.2
Air Freight & Logistics 0.1
Diversified Telecommunication
Services 0.1
Health Care Technology 0.1
Life Sciences Tools & Services 0.1
Wireless Telecommunication
Services 0.1
Short Term Investments 9.5
Other Assets & Liabilities (8.8)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Carnegie
Investment Bank AB, which was Level 3 and part of the Capital Markets
Industry, New City Residence Investment Corp., which was Level 3 and part
of the Real Estate Investment Trusts Industry, and Record Realty, which
was Level 3 and part of the Real Estate Investment Trusts Industry, all
representing less than 0.05% of net assets.
</Table>
46
(Logo/Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Dow Jones International Real Estate ETF (the "Fund") seeks to
replicate, before fees and expenses, the price and yield performance of an
equity index based upon the international real estate market. In seeking this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the price and yield performance of the Dow Jones
Global ex-U.S. Select Real Estate Securities Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was -1.52%, and the total return for the Index was
- -0.99%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
During the early stages of the current economic downturn, global real estate
faced challenges from illiquidity in the capital markets and from deterioration
in real estate operating fundamentals. The global publicly traded real estate
markets uniformly sold off in 2008 in anticipation of rising commercial loan
defaults and falling direct property values. As secondary public equity raises
unfolded in the spring of 2009, equity buyers re-entered the listed real estate
market to take advantage of historically low prices. Liquidity started to flow
to publicly traded real estate companies and bankruptcy related risks abated. As
public real estate companies re-equitized, de-levered and repaired their balance
sheets, debt buyers followed suit during the summer. Unsecured real estate debt
spreads tightened in most regions to a maximum of 200 basis points over the
prevailing domestic treasury rates. Approximately $30 billion of new equity and
$10 billion of new corporate debt was issued during 2009.
Supported by a global synchronized governmental effort to inject liquidity into
the capital markets, bank lending also began to return to public real estate.
Bank interest rates across the world remained uniformly low and banks now have a
clear preference for better capitalized public companies.
During the year, publicly traded real estate companies have proven their ability
to mobilize capital while private property owners remained under pressure from
looming Commercial Mortgage Backed Securities (CMBS) and bank debt maturities.
As the publicly traded real estate market rallied, the valuation gap between
public and private real estate widened. The Australian, UK and North American
public real estate markets finished the Reporting Period trading at extended
20%-30% Price to Net Asset Value premiums.
The private real estate market valuations have declined since the peak on
average 30%-50% but have more recently shown signs of stabilization. In the UK,
private real estate valuations have declined 44% between June of 2007 and June
of 2009. Subsequently, capital values have been appreciating but at a modest
rate. This trend is backed by a strong demand for commercial quality real estate
with long-term bond-like income. In Singapore, capital values declined 50% for
office, 30% for residential and 10% for retail. However, during the summer,
property values have stabilized led by for-sale residential pricing.
From a regional perspective, Asia-Pacific publically traded real estate market
posted a positive 5% return for the Reporting Period and outperformed the global
universe. Pan European markets declined 10% but had also posted strong positive
returns in the last two quarters of the Reporting Period, 27% for quarter ending
June 30, 2009 and 39% for quarter ending September 30, 2009.
From a sector perspective, Real Estate Operating Companies returned positive 14%
for the Reporting Period and outperformed Real Estate Investment Trusts (REITs)
that returned negative 8%. Residential REITs, Self-Storage REITs and Retail
REITs outperformed their peers with 4%, 4% and 0% returns respectively. Hotel
REITs was the worst performing sector during the Reporting Period, returning
- -24%.
At the individual security level, Austrian Real Estate Operating Company,
IMMOEAST AG was the best performing security in the global universe. BR Malls
Participacoes, a Brazilian Retail Mall owner, Hong Kong developers Wheelock &
Co., Kerry Properties, Hang Lung Properties and Hang Lung Group generated
47
(Logo/Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
higher returns. On the opposite spectrum of the returns were a number of
Australian A-REITs, namely Goodman Group, Macquarie Office Trust and ING
Industrial Fund, UK Office REIT, Workspace Group PLC, was the worst performing
security for the Reporting Period.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
48
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
DOW JONES DOW JONES
GLOBAL GLOBAL
EX-U.S. EX-U.S.
SELECT REAL SELECT REAL
ESTATE ESTATE
NET ASSET MARKET SECURITIES NET ASSET MARKET SECURITIES
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR -1.52% -2.18% -0.99% -1.52% -2.18% -0.99%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -34.40% -34.34% -33.86% -14.00% -13.98% -13.75%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period December 15, 2006 to September 30, 2009.
</Table>
49
(Logo/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
SPDR DOW GLOBAL EX-U.S.
JONES INTERNATIONAL SELECT REAL
REAL ESTATE ESTATE SECURITIES
ETF (A) INDEX (B)
------------------- -----------------
10000 10000
12/15/06 10401 10397
1/31/07 10546 10576
2/29/07 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
2/28/08 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
2/29/09 3682 3691
3/31/09 3934 3950
4/30/09 4471 4495
5/31/09 5140 5163
6/30/09 5228 5255
7/31/09 5723 5771
8/31/09 6220 6263
9/30/09 6560 6614
</Table>
50
(Logo/Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------------
WESTFIELD UNIBAIL- MITSUI FUDOSAN BROOKFIELD ASSET LAND SECURITIES
DESCRIPTION GROUP RODAMCO SE CO., LTD. MANAGEMENT, INC. (CLASS A) GROUP PLC
----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $98,730,213 68,690,243 56,053,789 43,611,015 28,686,732
----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.5 7.3 6.0 4.6 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Retail REITs 36.6%
Real Estate Management &
Development 32.1
Diversified REITs 14.8
Office REITs 12.1
Industrial REITs 2.8
Residential REITs 0.8
Specialized REITs 0.4
Short Term Investments 14.9
Other Assets & Liabilities (14.5)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Martinsa-Fadesa
SA, which was Level 3 and part of the Real Estate Management & Development
Industry, representing less than 0.05% of net assets.
</Table>
51
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) FTSE/Macquarie Global Infrastructure 100 ETF (the "Fund") seeks to
replicate, before fees and expenses, the total return performance of an equity
index based upon the global infrastructure industry market. To accomplish this
objective, the Fund uses a passive management strategy and "sampling"
methodology to track the total return performance of the Macquarie Global
Infrastructure 100 Index (the "Index").
For the twelve-month period ended September 30, 2009 (the "Reporting Period"),
the Fund returned -5.40% and the Index returned -4.66%. The Fund and Index
returns reflect the reinvestment of dividends and other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Reporting Period began with world equity markets in the midst of a
significant downturn. Headlines were dominated by weakening economic data,
falling earnings, assets impairments and poor liquidity in fixed income markets.
Governments and Central Banks across the globe acted to slow the declines by
sharply reducing interest rates and dramatically increasing liquidity in the
financial system. In March of 2009 the Bank of England and the U.S. Federal
Reserve announced they would begin expanding their balance sheets by purchasing
fixed income securities. This action increased liquidity and helped reduce
longer term interest rates. In this same month, equity markets began a rapid
turn. In March, April and May, stocks rose sharply and leading economic
indicators began to rise as well. The rally continued in the final quarter of
the reporting period as corporate earnings were strong, although many of the
numbers were lifted by cost cutting measures. Central Banks kept interest rates
low and liquidity high as the recovery was thought to be fragile.
The recovery was led by riskier and previously beaten down stocks. Cyclical
stocks and financials were among the top performers. The Fund is heavily
weighted in traditionally defensive Utility stocks which served the Fund well on
a relative basis during the sharp market fall. During the recovery, these
securities did not rebound as much as some other sections of the market. That
being said, the Fund rose nearly 29% in the second half of the period, ending
the year with a decline of only -5.40%. After a decline of approximately 26% in
the first half of the period, this was a jolt of good news for investors.
Utility stocks fell 5% during the past year. These securities account for about
90% of the Fund's holdings and lead the performance of the Fund.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
52
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
MACQUARIE MACQUARIE
GLOBAL GLOBAL
INFRASTRUC- INFRASTRUC-
NET ASSET MARKET TURE 100 NET ASSET MARKET TURE 100
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR -5.40% -6.59% -4.66% -5.40% -6.59% -4.66%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -10.07% -10.10% -8.34% -3.88% -3.89% -3.19%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period January 25, 2007 to September 30, 2009.
</Table>
53
(Logo/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 FSTE/MACQUARIE
GLOBAL INFRASTRUCTURE MACQUARIE GLOBAL
100 ETF INFRASTRUCTURE 100
(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
4/30/09 7367 7482
5/31/09 7956 8096
6/30/09 8020 8159
7/31/09 8374 8523
8/31/09 8697 8858
9/30/09 8993 9166
</Table>
54
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-------------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG GDF SUEZ IBERDROLA SA ENEL SPA RWE AG
-------------------------------------------------------------------------------------------------
MARKET VALUE $5,002,087 4,302,595 2,982,754 2,623,644 2,150,318
-------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.5 6.4 4.5 3.9 3.2
-------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Electric Utilities 50.5%
Multi-Utilities 27.2
Oil, Gas & Consumable Fuels 6.1
Gas Utilities 5.4
Independent Power Producers &
Energy Traders 4.6
Transportation Infrastructure 2.7
Wireless Telecommunication
Services 2.1
Water Utilities 0.8
Short Term Investment 17.0
Other Assets & Liabilities (16.4)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
55
(Logo/Annual Report)
SPDR MSCI ACWI ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) MSCI(R) ACWI(SM) ex-US ETF (the "Fund") seeks to replicate, before
fees and expenses, the total return performance of equity index based upon broad
based world ex-US equity markets. To accomplish this objective, the Fund uses a
passive management strategy and "sampling" methodology to track the total return
performance of the MSCI All Country World Index ex-USA Index (the "Index").
For the twelve-month period ended September 30, 2009 (the "Reporting Period"),
the Fund returned 7.41% and the Index returned 6.43%. The Fund and Index returns
reflect the reinvestment of dividends and other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Reporting Period started with markets in the midst of a steep decline.
Economic indicators were falling, corporate earnings were falling, and liquidity
in fixed income markets was poor. Governments and Central Banks around the world
acted to boost a clearly ailing economy. Interest rates were cut, liquidity was
sharply increased, and new and innovative methods of supporting the economy, and
the financial sector in particular, were created by many central banks.
The difficult financial conditions led markets lower through the first five
months of the period. Markets hit a low in early March, and began a furious
rally through the end of the Reporting Period. In the first half of the
Reporting Period (through March 31) the Index fell over 30%, and this was off
lows set earlier in March. In the second six months of the Reporting Period, the
Index rose over 53%, ending the entire Reporting Period with a gain of 6.4%.
At the close of the Reporting Period, leading economic indicators seemed to have
turned, but there was still a great deal of uncertainty in the markets. Some
felt markets had come too far, too fast, and were concerned about the
possibility of a double dip recession. Current economic indicators (such as
unemployment and housing) were still posting bleak numbers, and central banks
continued to keep rates low and liquidity high.
The Fund benefited from its exposure to emerging markets over the past year as
the MSCI EMF Index outperformed the MSCI EAFE Index 19.07% to 3.23%. The strong
returns in emerging markets were aided by the fact that many emerging economies
had less exposure to the world financial crisis and emerging market financial
firms had much less exposure to sub-prime mortgages that caused so much pain in
the U.S. and other developed markets. Eight of the top ten performing stocks in
the Fund were from emerging market countries, and a ninth was from Hong Kong,
which is closely tied to the Chinese market. Nine of those top ten names were
from Asia-Pacific region.
Notable performers at the other end of the spectrum were Royal Bank of Scotland
and Volkswagen. Royal Bank of Scotland required a massive bailout from the
British government and posted the largest corporate loss in British history.
Volkswagen shares had a huge rise late in the start of year during rumors of a
takeover, and a significant short squeeze. Later in the year, the shares fell
sharply when the takeover did not occur. A weak sales environment for
automobiles in generals also contributed to the fall.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
56
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
MSCI ALL MSCI ALL
COUNTRY COUNTRY
NET ASSET MARKET WORLD NET ASSET MARKET WORLD
VALUE VALUE INDEX EX USA VALUE VALUE INDEX EX USA
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 7.41% 5.89% 6.43% 7.41% 5.89% 6.43%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -9.51% -9.21% -9.73% -3.60% -3.49% -3.69%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period January 10, 2007 to September 30, 2009.
</Table>
57
(Logo/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>
SPDR MSCI MSCI ALL
ACWI EX-US COUNTRY WORLD
ETF FUND INDEX EX
(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
4/30/09 6748 6701
5/31/09 7671 7618
6/30/09 7571 7537
7/31/09 8310 8276
8/31/09 8614 8584
9/30/09 9049 9027
</Table>
58
(Logo/Annual Report)
SPDR MSCI ACWI ex-US ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------
DESCRIPTION HSBC HOLDINGS PLC BP PLC NESTLE SA TOTAL SA TELEFONICA SA
---------------------------------------------------------------------------------------------------------
MARKET VALUE $4,378,365 3,907,901 3,821,937 2,831,581 2,780,288
---------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.4 1.3 1.2 0.9 0.9
---------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 16.3%
Oil, Gas & Consumable Fuels 11.0
Metals & Mining 6.7
Pharmaceuticals 5.5
Diversified Telecommunication
Services 4.1
Insurance 4.1
Automobiles 2.7
Chemicals 2.6
Wireless Telecommunication
Services 2.6
Electric Utilities 2.5
Food Products 2.3
Capital Markets 2.1
Semiconductors & Semiconductor
Equipment 2.1
Machinery 1.9
Real Estate Management &
Development 1.8
Electronic Equipment,
Instruments & Components 1.8
Food & Staples Retailing 1.7
Media 1.7
Beverages 1.6
Industrial Conglomerates 1.4
Road & Rail 1.3
Multi-Utilities 1.3
Electrical Equipment 1.1
Construction & Engineering 1.0
Diversified Financial Services 1.0
Household Durables 1.0
Trading Companies &
Distributors 1.0
Real Estate Investment Trusts 0.9
Tobacco 0.9
Communications Equipment 0.8
Hotels, Restaurants & Leisure 0.8
Textiles, Apparel & Luxury
Goods 0.7
Transportation Infrastructure 0.7
Auto Components 0.6
Construction Materials 0.6
Gas Utilities 0.6
IT Services 0.6
Aerospace & Defense 0.5
Building Products 0.5
Health Care Equipment &
Supplies 0.5
Independent Power Producers &
Energy Traders 0.5
Specialty Retail 0.5
Air Freight & Logistics 0.4
Commercial Services & Supplies 0.4
Computers & Peripherals 0.4
Marine 0.4
Multiline Retail 0.4
Office Electronics 0.4
Software 0.4
Airlines 0.3
Household Products 0.3
Professional Services 0.3
Biotechnology 0.2
Consumer Finance 0.2
Distributors 0.2
Energy Equipment & Services 0.2
Health Care Providers &
Services 0.2
Internet Software & Services 0.2
Paper & Forest Products 0.2
Personal Products 0.2
Containers & Packaging 0.1
Leisure Equipment & Products 0.1
Water Utilities 0.1
Short Term Investments 13.1
Other Assets & Liabilities (12.6)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
59
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Russell/Nomura PRIME Japan ETF (the "Fund") seeks to replicate,
before fees and expenses, the total return performance of an equity index based
upon the Japanese equity market. In seeking this objective, the Fund uses a
passive management strategy and "sampling" methodology designed to track the
total return performance of the Russell/Nomura PRIME Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 0.58%, and the total return for the Index was
1.22%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
As the impact of the financial crisis in the US spread across the globe to
continue its impact on Japanese stocks, the Index started off the Reporting
Period with two consecutive quarters of negative returns, resulting in a six
month start of almost -24%. Luckily, as increased stability put investors more
at ease, companies' returns began to rebound. This positive impact was evident
in the following quarter as the Index enjoyed a positive return of almost 23%,
allowing the full period to end in positive territory. Although stocks in Japan
enjoyed positive returns in June, that did not last too long. Japanese stocks
were notable global laggards, as even the rejection of the long-ruling Liberal
Democratic Party in August 30 elections had no impact on markets. The final
quarter ended positive, resulting in close to flat performance for the full
twelve month period.
Much of the positive performance for the Reporting Period was thanks to many of
the electronic and tech companies. Unfortunately, this was dwarfed by some
heavily weighted financial stocks that ended the year in negative territory.
Companies like Nomura Holdings, Mitsubishi UFJ Financial Group and Mizuho
Financial suffered large double digit negative returns for the Reporting Period.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
60
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
RUSSELL/NO- RUSSELL/NO-
NET ASSET MARKET MURA NET ASSET MARKET MURA
VALUE VALUE PRIME INDEX VALUE VALUE PRIME INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 0.58% -2.44% 1.22% 0.58% -2.44% 1.22%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -21.48% -22.27% -20.14% -8.02% -8.34% -7.49%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period November 9, 2006 to September 30, 2009.
</Table>
61
(Logo/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 JAPAN RUSSELL/NOMURA PRIME
ETF (A) INDEX (B)
------------------- --------------------
10000 10000
11/09/06 10320 10323
12/31/06 10514 10520
1/31/07 10605 10611
2/28/07 11002 11024
3/31/07 10858 10898
4/30/07 10656 10702
5/31/07 10799 10848
6/30/07 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
4/30/09 6548 6626
5/31/09 7239 7315
6/30/09 7399 7486
7/31/09 7654 7769
8/31/09 7973 8095
9/30/09 7852 7986
</Table>
62
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
MITSUBISHI UFJ
FINANCIAL GROUP, NIPPON TELEGRAPH & HONDA MOTOR CO.,
DESCRIPTION TOYOTA MOTOR CORP. INC. CANON, INC. TELEPHONE CORP. LTD.
-------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $545,339 325,694 310,477 297,358 267,868
-------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.5 2.1 2.0 1.9 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 8.5%
Automobiles 7.1
Electronic Equipment,
Instruments & Components 5.4
Electric Utilities 4.9
Machinery 4.9
Pharmaceuticals 4.9
Chemicals 4.8
Road & Rail 4.2
Trading Companies &
Distributors 3.6
Household Durables 3.4
Metals & Mining 3.1
Office Electronics 2.6
Wireless Telecommunication
Services 2.5
Auto Components 2.3
Real Estate Management &
Development 2.2
Insurance 2.1
Specialty Retail 2.1
Diversified Telecommunication
Services 1.9
Leisure Equipment & Products 1.8
Computers & Peripherals 1.7
Semiconductors & Semiconductor
Equipment 1.7
Software 1.7
Food & Staples Retailing 1.6
Capital Markets 1.5
Electrical Equipment 1.5
Oil, Gas & Consumable Fuels 1.5
Commercial Services & Supplies 1.4
Beverages 1.1
Construction & Engineering 1.1
Building Products 1.0
Food Products 1.0
Household Products 0.8
Tobacco 0.7
Gas Utilities 0.6
Health Care Equipment &
Supplies 0.6
IT Services 0.6
Media 0.6
Textiles, Apparel & Luxury
Goods 0.6
Consumer Finance 0.5
Marine 0.5
Multiline Retail 0.5
Personal Products 0.5
Airlines 0.4
Industrial Conglomerates 0.4
Paper & Forest Products 0.4
Air Freight & Logistics 0.3
Health Care Providers &
Services 0.3
Internet Software & Services 0.3
Diversified Consumer Services 0.2
Hotels, Restaurants & Leisure 0.2
Independent Power Producers &
Energy Traders 0.2
Internet & Catalog Retail 0.2
Transportation Infrastructure 0.2
Construction Materials 0.1
Containers & Packaging 0.1
Distributors 0.1
Diversified Financial Services 0.1
Communications Equipment 0.0***
Short Term Investments 27.8
Other Assets & Liabilities (26.9)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
63
(Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Russell/Nomura PRIME Japan ETF (the "Fund") seeks to replicate,
before fees and expenses, the total return performance of an equity index based
upon the Japanese small cap equity market. In seeking this objective, the Fund
uses a passive management strategy and "sampling" methodology designed to track
the total return performance of the float-adjusted Russell/Nomura Japan Small
Cap Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 16.35%, and the total return for the Index was
17.55%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Widespread softness in industrial production persisted through the fourth
quarter of 2008, and confidence indicators slumped badly. Japan's Tankan survey
of business sentiment dropped sharply, notching its fifth consecutive quarterly
loss. Despite this dip in confidence, the relative strength of the Japanese yen
made Japan a top EAFE performer for the quarter.
For unhedged dollar-based investors, Japan was the weakest market within the
Morgan Stanley Capital International ("MSCI") Pacific, posting a 16.6% first-
quarter 2009 loss. Global recession weighed especially heavily on Japan's
export-oriented economy, where industrial production fell to levels last seen in
1983. The widely followed Tankan survey of business sentiment released on March
31 posted its lowest reading on record. In a sign that Japanese equities may
already have absorbed the worst of the news, however, the popular Nikkei average
shrugged off the Tankan news and continued its energetic rally off of the 26-
year closing low that appeared on March 10. In addition, the latest declines in
the Japanese yen, which notched a 13-year high in January, may in due course
bring relief to the export sector.
By the second quarter of 2009 the Japanese jobs-to-applicants ratio sank to its
lowest level on record, a snapback in industrial production, and short-term
government yields actually fell over the course of the second quarter. Japanese
stocks continued to be notable global laggards through the third quarter 2009,
as even the unmistakable rejection of the long-ruling Liberal Democratic Party
in August 30 elections had no real effect on the markets. Dragging down Japan
were double-digit losses for major bank shares, whose asset problems indicated
that additional equity capital might need to be raised. At the beginning of the
Reporting Period, small cap stocks began gaining ground versus large caps after
a long period of underperformance. Contributing most significantly to the
positive returns over the Reporting Period was the Fund's overweight to the
Producer Manufacturing, Process Industries and Electronic Technology sectors.
At the individual security level, the top two contributors to performance were
GS Yausa Corp. and Tokyo Rope Manufacturing Co. LTD. The two weakest performers
were Futuba Industrial Co. LTD. and Meitec Corp.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
64
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
RUSSELL/NO- RUSSELL/NO-
MURA MURA
NET ASSET MARKET JAPAN SMALL NET ASSET MARKET JAPAN SMALL
VALUE VALUE CAP INDEX VALUE VALUE CAP INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 16.35% 13.39% 17.55% 16.35% 13.39% 17.55%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -13.06% -13.81% -11.24% -4.72% -5.01% -4.04%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period November 9, 2006 to September 30, 2009.
</Table>
65
(Logo/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
11/09/06 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
4/30/09 6812 6917
5/31/09 7653 7783
6/30/09 8132 8267
7/31/09 8317 8458
8/31/09 8800 8956
9/30/09 8694 8876
</Table>
66
(Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------------
NISSAN CHEMICAL
DESCRIPTION GS YUASA CORP. KAGOME CO., LTD. RINNAI CORP. INDUSTRIES, LTD. DISCO CORP.
---------------------------------------------------------------------------------------------------------------------
MARKET VALUE $652,877 566,618 547,007 462,478 462,117
---------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.8 0.7 0.6 0.5 0.5
---------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Chemicals 8.4%
Machinery 7.3
Commercial Banks 7.0
Electronic Equipment,
Instruments & Components 6.3
Food Products 4.8
Metals & Mining 4.5
Auto Components 4.4
Specialty Retail 4.2
Textiles, Apparel & Luxury
Goods 3.3
Construction & Engineering 3.2
Commercial Services & Supplies 2.6
Pharmaceuticals 2.6
Trading Companies &
Distributors 2.6
Building Products 2.5
Electrical Equipment 2.4
Hotels, Restaurants & Leisure 2.2
Health Care Equipment &
Supplies 2.1
Media 2.1
Household Durables 2.0
IT Services 2.0
Food & Staples Retailing 1.7
Capital Markets 1.6
Real Estate Management &
Development 1.5
Semiconductors & Semiconductor
Equipment 1.3
Internet Software & Services 1.2
Personal Products 1.2
Beverages 1.1
Multiline Retail 1.1
Containers & Packaging 1.0
Communications Equipment 0.9
Diversified Financial Services 0.9
Oil, Gas & Consumable Fuels 0.9
Road & Rail 0.9
Transportation Infrastructure 0.9
Distributors 0.7
Software 0.7
Construction Materials 0.5
Gas Utilities 0.5
Leisure Equipment & Products 0.5
Consumer Finance 0.4
Electric Utilities 0.4
Household Products 0.4
Paper & Forest Products 0.4
Computers & Peripherals 0.3
Insurance 0.3
Internet & Catalog Retail 0.3
Industrial Conglomerates 0.2
Marine 0.2
Office Electronics 0.2
Biotechnology 0.1
Energy Equipment & Services 0.1
Professional Services 0.1
Short Term Investments 28.1
Other Assets & Liabilities (27.1)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Snow Brand Milk
Products Co. Ltd., which was Level 2 and part of the Food Products
Industry and represents 0.4% of net assets, and Suruga Corp., which was
Level 3 and part of the Real Estate Management & Development Industry and
represents less than 0.05% of net assets.
</Table>
67
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Dividend ETF (the "Fund") seeks to replicate,
before expenses, the price and yield performance of an index that tracks
exchange-listed common stocks of companies domiciled in countries outside the
United States that offer high dividend yields. In seeking this objective, the
Fund uses a passive management strategy and "sampling" methodology designed to
track the price and yield performance of the S&P International Dividend
Opportunities Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 13.86%, and the total return for the Index was
15.50%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
With the last quarter of 2008 being full of disruption and disappointment,
global equity markets finally managed a meaningful rebound through the course of
2009. As lingering worries about credit conditions eased, stock markets around
the world rallied significantly and enjoyed better than expected gains. The
massive policy interventions by various governments over the past eighteen
months began to have an effect. The strength was particularly robust in non-US
equities, which got an additional boost from weakness in the US dollar. Strong
rebounds in financial shares, improving economic activity and intermittent
positive earnings from consumer discretionary firms have also helped the Fund in
boosting its performance and seeing double digit gains.
The Fund initially witnessed an erosion of almost 35% of its value in the last
quarter of 2008 and first quarter of 2009. In the following two quarters though,
the Fund experienced strong returns recovering its prior losses. The performance
was particularly spectacular in the financial and consumer staples sectors of
the Fund . On an individual constituent level, the securities that contributed
most to the positive return of the Fund include Barclays, Commonwealth Bank of
Australia, Wesfarmers Ltd. and Metso Corp. On the other hand, some of the
detractors to the Fund were Frontline, Dexia S.A., and Television Franscaise.
Markets have benefited from the substantial improvement of the global financial
system and a conviction that the developed world faces an extended period of
sub-par growth.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
68
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
INTERNA- INTERNA-
TIONAL TIONAL
DIVIDEND DIVIDEND
NET ASSET MARKET OPPORTUNI- NET ASSET MARKET OPPORTUNI-
VALUE VALUE TIES INDEX VALUE VALUE TIES INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 13.86% 12.26% 15.50% 13.86% 12.26% 15.50%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -16.80% -16.42% -15.82% -10.65% -10.40% -10.00%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period February 12, 2008 to September 30, 2009.
</Table>
69
(Logo/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
2/12/08 10577 10510
3/31/08 10432 10373
4/30/08 10433 10393
5/31/08 10267 10264
6/30/08 9266 9239
7/31/08 8833 8827
8/31/08 8777 8776
9/30/08 7307 7289
10/31/08 5256 5236
11/30/08 4889 4870
12/31/08 5260 5246
1/31/09 4577 4577
2/28/09 4092 4084
3/31/09 4642 4626
4/30/09 5828 5840
5/31/09 6734 6768
6/30/09 6623 6661
7/31/09 7305 7370
8/31/09 7783 7859
9/30/09 8320 8418
</Table>
70
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------
BENDIGO AND BANK OF KONINKLIJKE BAM NATIONAL AUSTRALIA
DESCRIPTION ADELAIDE BANK, LTD. QUEENSLAND, LTD. GROEP NV BANK, LTD.
--------------------------------------------------------------------------------------------------------------
MARKET VALUE $4,596,018 4,402,923 4,363,394 4,195,905
--------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.6 3.5 3.5 3.3
--------------------------------------------------------------------------------------------------------------
--------------------------------------------
DESCRIPTION WESFARMERS, LTD.
--------------------------------------------
MARKET VALUE 3,918,256
--------------------------------------------
% OF NET ASSETS 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 20.4%
Oil, Gas & Consumable Fuels 13.1
Construction & Engineering 10.1
Diversified Telecommunication
Services 8.1
Media 4.9
Pharmaceuticals 4.4
Wireless Telecommunication
Services 4.3
Metals & Mining 3.8
Food & Staples Retailing 3.7
Capital Markets 3.5
Machinery 2.9
Multi-Utilities 2.9
Chemicals 2.0
Insurance 1.9
Gas Utilities 1.6
Electric Utilities 1.5
Construction Materials 1.4
Industrial Conglomerates 1.3
Textiles, Apparel & Luxury
Goods 1.2
Real Estate Management &
Development 1.1
Air Freight & Logistics 0.8
Electrical Equipment 0.7
Household Durables 0.7
Transportation Infrastructure 0.7
Communications Equipment 0.5
Diversified Financial Services 0.5
Professional Services 0.5
Office Electronics 0.5
Software 0.4
Semiconductors & Semiconductor
Equipment 0.1
Road & Rail 0.0***
Short Term Investments 6.6
Other Assets & Liabilities (6.1)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
71
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Mid Cap ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the mid capitalization segment
of global markets outside the United States. In seeking this objective, the Fund
uses a passive management strategy and "sampling" methodology designed to track
the total return performance of the S&P Developed Ex-US between USD2 Billion and
USD5 Billion Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 6.87%, and the total return for the Index was
9.66%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
For equities, which had suffered severe losses through the last quarter of 2008
and beginning of 2009, the rally came in March, April and May, when stock
markets around the world posted consistent gains. Mid cap stocks retained a
modest advantage and weathered the storm slightly better than their large cap
peers, but not dramatically so. The Fund gained approximately 7% in the last
twelve months owing to favorable growth surprises in the materials and
technology sectors and non-US equities getting an additional boost from weakness
in the US dollar.
The Fund initially witnessed an erosion of almost 30% of its value in the last
quarter of 2008 and first quarter of 2009. In the following two quarters, the
Fund gained back all of its lost value. The sectors that were able to contribute
the most positive returns to the Fund were information technology, materials and
industries. Autonomy Corporation, Randgold Resources Limited, and Keihen
Electric Express Railway helped the most in creating a positive momentum within
these sectors, respectively. On the other end of the spectrum, utilities and
health care were among the few underperforming sectors in the Fund. Drax Group
and Stada Arzneimittel were amongst the top detractors in these sectors,
respectively. Markets have benefited from the substantial improvement of the
global financial system and a conviction that the developed world faces an
extended period of sub-par growth.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
72
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BETWEEN USD2 BETWEEN USD2
BILLION AND BILLION AND
NET ASSET MARKET USD5 BILLION NET ASSET MARKET USD5 BILLION
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 6.87% 2.57% 9.66% 6.87% 2.57% 9.66%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -21.49% -22.48% -20.60% -15.84% -16.60% -15.19%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 7, 2008 to September 30, 2009.
</Table>
73
(Logo/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 BILLION INDEX
FUND (A) (B)
----------------- ---------------
10000 10000
5/07/08 10042 10041
6/30/08 9351 9309
7/31/08 8917 8876
8/31/08 8587 8572
9/30/08 7346 7241
10/31/08 5570 5462
11/30/08 5401 5254
12/31/08 5775 5632
1/31/09 5371 5217
2/28/09 4901 4693
3/31/09 5258 5102
4/30/09 5923 5835
5/31/09 6609 6535
6/30/09 6716 6621
7/31/09 7158 7131
8/31/09 7560 7575
9/30/09 7851 7940
</Table>
74
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SINGAPORE KEIHIN ELECTRIC
PRESS HOLDINGS, EXPRESS RAILWAY PSP SWISS PROPERTY BASELLANDSCHAFTLICHE
DESCRIPTION LTD. CO., LTD. AG EBRO PULEVA SA KANTONALBANK
----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $230,112 229,486 216,778 199,693 198,448
----------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.1 1.1 1.0 0.9 0.9
----------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 6.5%
Metals & Mining 5.2
Chemicals 4.9
Machinery 4.7
Oil, Gas & Consumable Fuels 4.5
Real Estate Management &
Development 4.2
Construction & Engineering 4.0
Insurance 3.4
Real Estate Investment Trusts 3.2
Food Products 2.9
Diversified Financial Services 2.8
Multiline Retail 2.7
Media 2.6
Capital Markets 2.4
Energy Equipment & Services 2.3
Industrial Conglomerates 2.3
Road & Rail 2.2
IT Services 2.1
Electrical Equipment 2.0
Health Care Providers &
Services 2.0
Food & Staples Retailing 1.9
Auto Components 1.8
Hotels, Restaurants & Leisure 1.8
Health Care Equipment &
Supplies 1.5
Electronic Equipment,
Instruments & Components 1.4
Leisure Equipment & Products 1.4
Commercial Services & Supplies 1.3
Aerospace & Defense 1.2
Construction Materials 1.1
Electric Utilities 1.1
Diversified Telecommunication
Services 1.0
Office Electronics 1.0
Trading Companies &
Distributors 1.0
Automobiles 0.9
Computers & Peripherals 0.9
Household Durables 0.9
Independent Power Producers &
Energy Traders 0.9
Paper & Forest Products 0.9
Professional Services 0.9
Beverages 0.8
Pharmaceuticals 0.8
Building Products 0.7
Air Freight & Logistics 0.6
Transportation Infrastructure 0.6
Airlines 0.5
Semiconductors & Semiconductor
Equipment 0.5
Software 0.5
Biotechnology 0.4
Distributors 0.4
Internet Software & Services 0.4
Personal Products 0.4
Textiles, Apparel & Luxury
Goods 0.4
Water Utilities 0.4
Consumer Finance 0.3
Containers & Packaging 0.3
Internet & Catalog Retail 0.3
Marine 0.3
Specialty Retail 0.2
Communications Equipment 0.1
Gas Utilities 0.1
Household Products 0.1
Short Term Investments 17.8
Other Assets & Liabilities (16.7)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
75
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P Emerging Markets Small Cap ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the small capitalization
segment of global emerging markets countries. In seeking this objective, the
Fund uses a passive management strategy and "sampling" methodology designed to
track the total return performance of the S&P Emerging Markets Under USD2
Billion Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 35.45%, and the total return for the Index was
39.94%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The Fund lost a third of its value in the first two months of the Reporting
Period as markets across the globe plummeted in response to the global credit
crisis, the failure of Lehman, a deep recession in many of the largest economies
and fears of banking failures.
Global equities hit a cyclical low in mid-March, but rebounded sharply as
evidence mounted that the pace of output decline in the US was moderating. The
Fund rallied 54% from March through May as ongoing policy interventions in both
the emerging and developed world also helped to buoy sentiment. However, the
emerging market rally faltered in June as some investors thought that the
markets had gotten ahead of themselves. The rebound was followed by the Fund's
flat return in June. The Fund was up almost 20% for the rest of the year, as
emerging markets benefited from the re-liquification of the global financial
system, favorable growth surprise in China, and perceptions that the developed
world faces an extended period of sub-par growth. The Fund (and small cap
stocks) outperformed emerging large and mid cap stocks by about 15%.
The volatility of the asset class can be seen in the returns of the highest and
lowest contributors to the performance of the Fund. The top three contributors
China Bills Finance Corp, Shimao Property Holdings, and Polymetal, posted
returns in the triple digits for the Reporting Period. China Huiyuan Juice Group
Ltd, Metorex Ltd and KNM Group Bhd were the largest detractors from performance.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
76
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P EMERGING S&P EMERGING
MARKETS MARKETS
UNDER UNDER
NET ASSET MARKET USD2 BILLION NET ASSET MARKET USD2 BILLION
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 35.45% 34.31% 39.94% 35.45% 34.31% 39.94%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -15.46% -14.95% -10.84% -11.39% -11.01% -7.93%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 12, 2008 to September 30, 2009.
</Table>
77
(Logo/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&PEMERGING MARKETS
EMERGING MARKETS UNDER USD2
SMALL CAP BILLION INDEX
ETF (A) (B)
---------------- -------------------
10000 10000
5/12/08 9836 9863
6/30/08 8629 8648
7/31/08 8394 8454
8/31/08 7948 7961
9/30/08 6252 6372
10/31/08 4594 4696
11/30/08 4320 4380
12/31/08 4682 4795
1/31/09 4358 4473
2/29/09 4267 4369
3/31/09 4809 4906
4/30/09 5785 5893
5/31/09 7035 7211
6/30/09 7022 7239
7/31/09 7879 8144
8/31/09 7828 8150
9/30/09 8454 8916
</Table>
78
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-----------------------------------------------------------------------------------------------------------------------------
TURK HAVA YOLLARI CHINA BILLS E.SUN FINANCIAL CHAROEN POKPHAND
DESCRIPTION ANONIM ORTAKLIGI FINANCE CORP. FOSCHINI, LTD. HOLDING CO., LTD. FOODS PCL
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $880,984 727,656 619,918 561,277 534,928
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.3 1.1 0.9 0.9 0.8
-----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Electronic Equipment,
Instruments & Components 5.5%
Semiconductors & Semiconductor
Equipment 5.5
Commercial Banks 4.9
Construction & Engineering 4.8
Metals & Mining 4.8
Capital Markets 4.6
Computers & Peripherals 4.5
Real Estate Management &
Development 3.5
Construction Materials 3.4
Food Products 3.4
Electrical Equipment 3.0
Industrial Conglomerates 2.6
Specialty Retail 2.6
Textiles, Apparel & Luxury
Goods 2.6
Hotels, Restaurants & Leisure 2.5
Software 2.2
Multiline Retail 2.1
Media 2.0
Electric Utilities 1.8
Chemicals 1.7
Machinery 1.7
Marine 1.7
Transportation Infrastructure 1.6
Oil, Gas & Consumable Fuels 1.4
Airlines 1.3
Automobiles 1.2
Health Care Providers &
Services 1.1
Household Durables 1.1
Auto Components 1.0
Building Products 1.0
Independent Power Producers &
Energy Traders 1.0
IT Services 1.0
Diversified Financial Services 0.9
Paper & Forest Products 0.9
Tobacco 0.9
Communications Equipment 0.7
Consumer Finance 0.7
Leisure Equipment & Products 0.7
Pharmaceuticals 0.7
Beverages 0.6
Diversified Consumer Services 0.6
Diversified Telecommunication
Services 0.6
Energy Equipment & Services 0.6
Food & Staples Retailing 0.5
Internet Software & Services 0.5
Real Estate Investment Trusts 0.5
Air Freight & Logistics 0.4
Commercial Services & Supplies 0.4
Insurance 0.4
Gas Utilities 0.3
Life Sciences Tools & Services 0.3
Road & Rail 0.3
Health Care Equipment &
Supplies 0.1
Short Term Investments 1.0
Other Assets & Liabilities 4.3
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
79
(Logo/Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Dow Jones Global Real Estate ETF (the "Fund") seeks to replicate as
closely as possible, before expenses, the price and yield performance of an
index based upon the global real estate market. In seeking this objective, the
Fund uses a passive management strategy and "sampling" methodology designed to
track the price and yield performance of the Dow Jones Global Select Real Estate
Securities Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was -15.97%, and the total return for the Index was
- -16.27%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
During the early stages of the current economic downturn, global real estate
faced challenges from illiquidity in the capital markets and from deterioration
in real estate operating fundamentals. The global publicly traded real estate
markets uniformly sold off in 2008 in anticipation of rising commercial loan
defaults and falling direct property values. As secondary public equity raises
unfolded in the spring of 2009, equity buyers re-entered the listed real estate
market to take advantage of historically low prices. Liquidity started to flow
to publicly traded real estate companies and bankruptcy related risks abated. As
public real estate companies re-equitized, de-levered and repaired their balance
sheets, debt buyers followed suit during the summer. Unsecured real estate debt
spreads tightened in most regions to a maximum of 200 basis points over the
prevailing domestic treasury rates. Approximately $30 billion of new equity and
$10 billion of new corporate debt was issued during 2009.
Supported by a global synchronized governmental effort to inject liquidity into
the capital markets, bank lending also began to return to public real estate.
Bank interest rates across the world remained uniformly low and banks now have a
clear preference for better capitalized public companies.
During the year, publicly traded real estate companies have proven their ability
to mobilize capital while private property owners remained under pressure from
looming Commercial Mortgage Backed Securities (CMBS) and bank debt maturities.
As the publicly traded real estate market rallied, the valuation gap between
public and private real estate widened. The Australian, UK and North American
public real estate markets finished the Reporting Period trading at extended
20%-30% Price to Net Asset Value premiums.
The private real estate market valuations have declined since the peak on
average 30%-50% but have more recently shown signs of stabilization. In the UK,
private real estate valuations have declined 44% between June of 2007 and June
of 2009. Subsequently, capital values have been appreciating but at a modest
rate. This trend is backed by a strong demand for commercial quality real estate
with long-term bond-like income. In Singapore, capital values declined 50% for
office, 30% for residential and 10% for retail. However, during the summer,
property values have stabilized led by for-sale residential pricing.
From a regional perspective, the Asia-Pacific publically traded real estate
market posted a positive 5% return for the Reporting Period and outperformed the
global universe. Pan European markets declined 10% but posted strong positive
returns in the last two quarters of the Reporting Period, 27% for quarter ending
June 30, 2009 and 39% for quarter ending September 30, 2009. North America
lagged with a total negative 28% return for the Reporting Period, mostly held
back by its severe underperformance at the end of 2008 and early 2009.
From a sector perspective, Real Estate Operating Companies returned positive 11%
for the Reporting Period and outperformed Real Estate Investment Trusts (REITs)
that returned negative 22%. Hotel REITs, Diversified REITs and Healthcare REITs
outperformed their peers with -15%, -17% and -18% returns respectively.
Industrial REITs was the worst performing sector during the Reporting Period,
returning -44%.
80
(Logo/Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
At the individual security level, Austrian Real Estate Operating Company,
IMMOEAST AG was the best performing security in the global universe. BR Malls
Participacoes, a Brazilian Retail Mall owner, Hong Kong developers Wheelock
Properties, Kerry Properties, Hang Lung Properties and Hang Lung Group generated
higher returns. On the opposite spectrum of the returns were a number of
Australian and US REITs, namely Australian including Goodman Group, Macquarie
Office Trust and ING Industrial Fund, the US Industrial REITs, including First
Industrial Realty Trust and ProLogis.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
81
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
DOW JONES DOW JONES
GLOBAL GLOBAL
SELECT REAL SELECT REAL
ESTATE ESTATE
NET ASSET MARKET SECURITIES NET ASSET MARKET SECURITIES
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR -15.97% -15.47% -16.27% -15.97% -15.47% -16.27%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -32.68% -32.16% -33.39% -24.58% -24.17% -25.20%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 7, 2008 to September 30, 2009.
</Table>
82
(Logo/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>
DOW JONES
SPDR DOW GLOBAL SELECT
JONES GLOBAL REAL ESTATE
REAL ESTATE SECURITIES INDEX
ETF (A) (B)
------------ ----------------
10000 10000
5/07/08 9840 9836
6/30/08 8747 8722
7/31/08 8791 8769
8/31/08 8671 8637
9/30/08 8012 7955
10/31/08 5669 5618
11/30/08 4734 4689
12/31/08 5218 5160
1/31/09 4511 4463
2/29/09 3727 3687
3/31/09 3930 3886
4/30/09 4771 4719
5/31/09 5217 5156
6/30/09 5187 5131
7/31/09 5700 5648
8/31/09 6339 6271
9/30/09 6732 6661
</Table>
83
(Logo/Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------------------
WESTFIELD SIMON PROPERTY UNIBAIL- MITSUI FUDOSAN BROOKFIELD ASSET
DESCRIPTION GROUP GROUP, INC. RODAMCO SE CO., LTD. MANAGEMENT, INC. (CLASS A)
--------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $4,741,823 3,534,404 3,296,574 2,680,538 2,092,577
--------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.8 4.4 4.1 3.3 2.6
--------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Retail REITs 30.6%
Real Estate Management &
Development 18.9
Office REITs 14.6
Diversified REITs 12.3
Specialized REITs 11.7
Residential REITs 7.4
Industrial REITs 4.1
Short Term Investments 5.0
Other Assets & Liabilities (4.6)
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for Martinsa-Fadesa
SA, which was Level 3 and part of the Real Estate Management & Development
Industry, representing less than 0.05% of net assets.
</Table>
84
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Consumer Discretionary Sector ETF (the "Fund")
seeks to provide investment results that, before fees and expenses, correspond
generally to the total return performance of an index that tracks the consumer
discretionary sector of developed global markets outside the United States. In
seeking this objective, the Fund uses a passive management strategy and
"sampling" methodology designed to track the total return performance of the S&P
Developed Ex-US BMI Consumer Discretionary Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 10.38%, and the total return for the Index was
9.41%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The last quarter of 2008 and the first quarter of 2009 saw steep declines in the
consumer staples sector, with the Fund experiencing a 26% loss. Amidst recession
concerns weighing on share prices were a sharp deterioration in the global
growth outlook; a similar steep erosion in profits expectations; and lingering
worries about impaired assets and tight credit conditions. But in the second
quarter of 2009 the downward momentum in economic activity seemed to slow,
particularly with aggressive monetary stimulus and fiscal measures taking
ongoing shape in the US, Europe, and Asia. Leading economic indicators began to
suggest emergence from recession, with business and consumer confidence picking
up consistently. With liquidity worldwide staying flush and short-term
investments offering minimal return potential, funds flowed steadily into long-
term financial assets and the sector easily shook off dips by the end of the
third quarter to complete two consecutive quarters with impressively strong
returns finishing the Reporting Period in the positive territory. The biggest
positive movers in the sector were specialty retail, media and multiline retail
industries.
The Fund's heavily weighted automobile industry had relatively flat performance
of positive 1% over the Reporting Period. On a security level the biggest
positive movers in the Fund were Hyundai Motor Co., Volkswagen AG, and LG
Electronics Inc. The biggest detractors from the Fund's performance were
Panasonic Corp., Toyota Motor Corp., and Renault S.A.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
85
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
CONSUMER CONSUMER
DISCRETION- DISCRETION-
NET ASSET MARKET ARY NET ASSET MARKET ARY
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 10.38% 7.83% 9.41% 10.38% 7.83% 9.41%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -3.18% -3.34% -4.54% -2.64% -2.77% -3.77%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
86
(Logo/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>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL CONSUMER CONSUMER DISCRETIONARY
DISCRETIONARY SECTOR SECTOR INDEX
ETF (A) (B)
---------------------- ----------------------
10000 10000
7/16/08 10235 10251
8/31/08 10027 10047
9/30/08 8771 8725
10/31/08 7406 7187
11/30/08 6560 6384
12/31/08 6968 6788
1/31/09 6485 6309
2/29/09 6029 5887
3/31/09 6455 6287
4/30/09 7801 7542
5/31/09 8238 8057
6/30/09 8221 8063
7/31/09 9100 8965
8/31/09 9377 9220
9/30/09 9682 9546
</Table>
87
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MOTOR CORP. HONDA MOTOR CO., LTD. DAIMLER AG VIVENDI HYUNDAI MOTOR CO.
-------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $386,765 172,938 170,382 141,526 117,060
-------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.0 3.6 3.5 2.9 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Automobiles 26.7%
Media 18.8
Household Durables 12.3
Hotels, Restaurants & Leisure 10.7
Specialty Retail 8.5
Textiles, Apparel & Luxury
Goods 7.5
Auto Components 6.0
Multiline Retail 4.2
Distributors 2.0
Leisure Equipment & Products 1.7
Internet & Catalog Retail 1.0
Diversified Consumer Services 0.1
Short Term Investments 0.1
Other Assets & Liabilities 0.4
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs except for La Seda de
Barcelona SA, which was Level 3 and part of the Textiles, Apparel & Luxury
Goods Industry, representing less than 0.05% of net assets.
</Table>
88
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Consumer Staples Sector ETF (the "Fund") seeks to
provide investment results that, before fees and expenses, correspond generally
to the total return performance of an index that tracks the consumer staples
sector of developed global markets outside the United States. In seeking this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the S&P Developed
Ex-US BMI Consumer Staples Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 4.48%, and the total return for the Index was
7.19%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
The last quarter of 2008 and the first quarter of 2009 saw steep declines in the
consumer staples sector, with the Fund experiencing a 25% loss. Despite consumer
staples defensive position amidst recession concerns weighing on share prices
there was a sharp deterioration in the global growth outlook; a similar steep
erosion in profits expectations; and lingering worries about impaired assets and
tight credit conditions. But in the second quarter of 2009 the downward momentum
in economic activity seemed to slow, particularly with aggressive monetary
stimulus and fiscal measures taking ongoing shape in the US, Europe, and Asia.
Leading economic indicators began to suggest emergence from recession, with
business confidence picking up consistently. With liquidity worldwide staying
flush and short-term investments offering minimal return potential, funds flowed
steadily into long-term financial assets and the sector easily shook off dips by
the end of the third quarter to complete two consecutive quarters with
impressively strong returns finishing the Reporting Period in the positive
territory. The biggest positive movers in the sector were beverages, food and
staples retailing and food products industries.
The biggest movers in the Fund's positive performance were Nestle S.A.,
Anheuser-Busch InBev., and Wilmar International Ltd. The biggest detractors from
the Fund's performance were Sos Corp Alimentaria S.A., Seven and I Holdings Co.,
and Shiseido Co.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
89
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
CONSUMER CONSUMER
NET ASSET MARKET STAPLES NET ASSET MARKET STAPLES
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 4.48% 1.83% 7.19% 4.48% 1.83% 7.19%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -1.48% -1.40% 1.49% -1.22% -1.16% 1.23%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
90
(Logo/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>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL CONSUMER CONSUMER STAPLES
STAPLES SECTOR SECTOR INDEX
ETF (A) (B)
---------------------- ----------------
10000 10000
7/16/08 10258 10267
8/31/08 10127 10158
9/30/08 9429 9468
10/31/08 8000 8060
11/30/08 7751 7755
12/31/08 8169 8240
1/31/09 7561 7669
2/28/09 6954 7044
3/31/09 7070 7179
4/30/09 7456 7596
5/31/09 8353 8507
6/30/09 8503 8695
7/31/09 9174 9407
8/31/09 9443 9684
9/30/09 9852 10149
</Table>
91
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------
BRITISH AMERICAN
DESCRIPTION NESTLE SA TOBACCO PLC TESCO PLC UNILEVER NV GROUPE DANONE
----------------------------------------------------------------------------------------------------------
MARKET VALUE $756,335 265,698 238,774 234,796 194,122
----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 14.4 5.0 4.5 4.5 3.7
----------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Food Products 35.7%
Food & Staples Retailing 24.8
Beverages 17.7
Tobacco 10.4
Household Products 6.3
Personal Products 4.3
Pharmaceuticals 0.1
Road & Rail 0.0***
Short Term Investments 0.0***
Other Assets & Liabilities 0.7
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
92
(Logo/Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Energy Sector ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the energy sector of developed
global markets outside the United States. In seeking this objective, the Fund
uses a passive management strategy and "sampling" methodology designed to track
the total return performance of the S&P Developed Ex-US BMI Energy Sector Index
(the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 5.09%, and the total return for the Index was
7.91%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
After six consecutive quarters of poor performance, global equity markets
finally managed a rebound through the spring of 2009. While developed countries
around the world were still in the midst of a recession, hobbled by excess
capacity and painful job losses, the ongoing application of aggressive stimulus
measures worked effectively to thwart deflationary tendencies. In the first
quarter of the Reporting Period, equity prices experienced a decline across all
sectors and countries. The Fund lost almost a quarter of its value in the first
quarter, followed by another 10% loss in the first two months of 2009 as
commodity prices dropped. The Fund also rebounded in the spring and rallied over
40% from March through September. The Fund ended the year up about 5%.
The heavily cyclical groups, including energy, performed poorly as the world
growth outlook trended toward the negative in the second half of 2008, a view
aggravated by perceived risk of deflation.
During the Reporting Period, the top performer in the Fund was Transocean, which
recently reincorporated from the Cayman Islands to Switzerland. BP, one of the
largest holdings in the Fund, was the second best performer, followed by Total
SA. The largest detractor was Compania Espanola de Petroleos S.A. losing its
value as the global economic slowdown eroded refining margins. The next largest
detractors were Husky Energy and OPTI Canada.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
93
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
NET ASSET MARKET ENERGY NET ASSET MARKET ENERGY
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 5.09% 2.91% 7.91% 5.09% 2.91% 7.91%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -16.23% -16.39% -15.51% -13.60% -13.74% -13.02%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
94
(Logo/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>
SPDR S&P S&P DEVELOPED
INTERNATIONAL ENERGY EX-U.S. BMI
SECTOR ETF ENERGY SECTOR
(A) INDEX (B)
-------------------- -------------
10000 10000
7/16/08 9937 9918
8/31/08 9760 9686
9/30/08 7972 7830
10/31/08 6535 6403
11/30/08 6354 6197
12/31/08 6234 6138
1/31/09 5961 5862
2/28/09 5633 5541
3/31/09 5993 5924
4/30/09 6519 6497
5/31/09 7785 7778
6/30/09 7318 7352
7/31/09 7623 7681
8/31/09 7861 7945
9/30/09 8377 8449
</Table>
95
(Logo/Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION ROYAL DUTCH SHELL PLC BP PLC TOTAL SA SUNCOR ENERGY, INC. BG GROUP PLC
---------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $786,914 729,876 620,173 350,723 270,353
---------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 12.4 11.5 9.7 5.5 4.2
---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 88.4%
Energy Equipment & Services 11.5
Short Term Investments 0.0***
Other Assets & Liabilities 0.1
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
96
(Logo/Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Financial Sector ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the financial sector of
developed global markets outside the United States. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Developed Ex-US BMI Financials
Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 2.35%, and the total return for the Index was
- -0.24%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Financials were not the worst December performers, but they still posted
negative returns in the last month of 2008. Rebounds in real estate and
insurance names could not overcome residual weakness in major bank shares. With
lending markets still in turmoil before a few hints of light broke through in
late December, the financial sector fell 36.9% for the fourth quarter, lagging
all other sectors by a wide margin.
In the first quarter of 2009 a number of bank stocks saw strong one-month gains.
Thanks to increasingly aggressive government initiatives, financials lead all
sectors in the last month of the first quarter; however financials still
underperformed for the whole of the first quarter.
For the remainder of the Reporting Period, stock markets around the world posted
consistent gains.
The Fund benefitted most significantly from holding a relative overweight to
HSBC Holdings PLC. Among the other top contributors were Westpac Banking Corp.
and Standard Chartered PLC.
Detracting from the Funds' performance most significantly were Japanese
financials, which took credit for having the four worst performing stocks.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
97
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
NET ASSET MARKET FINANCIALS NET ASSET MARKET FINANCIALS
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 2.35% 0.07% -0.24% 2.35% 0.07% -0.24%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -9.96% -9.88% -10.61% -8.30% -8.23% -8.87%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
98
(Logo/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>
SPDR S&P S&P DEVELOPED
INTERNATIONAL FINANCIAL EX-U.S. BMI
SECTOR ETF FINANCIALS SECTOR
(A) INDEX (B)
----------------------- -----------------
10000 10000
7/16/08 10608 10703
8/31/08 9988 10146
9/30/08 8798 8960
10/31/08 6410 6466
11/30/08 5792 5875
12/31/08 6130 6097
1/31/09 5293 5311
2/28/09 4444 4446
3/31/09 5057 4998
4/30/09 6234 6126
5/31/09 7170 7066
6/30/09 7122 7030
7/31/09 7981 7909
8/31/09 8728 8581
9/30/09 9004 8939
</Table>
99
(Logo/Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
------------------------------------------------------------------------------------------------------------
BANCO BILBAO
DESCRIPTION HSBC HOLDINGS PLC BANCO SANTANDER SA VIZCAYA ARGENTARIA SA
------------------------------------------------------------------------------------------------------------
MARKET VALUE $307,503 210,486 126,046
------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.7 3.9 2.4
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
DESCRIPTION ROYAL BANK OF CANADA BNP PARIBAS
------------------------------------------------------------------------------
MARKET VALUE 124,987 121,868
------------------------------------------------------------------------------
% OF NET ASSETS 2.3 2.3
------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 55.9%
Insurance 17.2
Capital Markets 9.1
Real Estate Management &
Development 8.5
Real Estate Investment Trusts 4.1
Diversified Financial Services 3.6
Consumer Finance 1.5
Short Term Investments 0.0***
Other Assets & Liabilities 0.1
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
100
(Logo/Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Health Care Sector ETF (the "Fund") seeks to
provide investment results that, before fees and expenses, correspond generally
to the total return performance of an index that tracks the health care sector
of developed global markets outside the United States. In seeking this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the S&P Developed
Ex-US BMI Health Care Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 2.78%, and the total return for the Index was
4.95%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
There were many notable events during the Reporting Period that affected the
performance of the Fund. The Reporting Period began with poor performance in
October and November as developed markets throughout the world entered into a
global economic recession. Investors continued to maintain widespread skepticism
regarding worldwide efforts of central bank leaders to repair troubled financial
systems and gain a foothold on addressing toxic assets. Investor sentiment
turned positive during the spring as retail sales data came in better than
expected and the housing market showed signs of stabilization. The summer left
investors with continued reassuring news regarding the global economy. The
French and German economies expanded in the spring and summer. In the UK, risk
appetites increased as confidence in the economic recovery continued to grow.
Even Japan, despite some dramatic political news, showed gains as the year
progressed.
One of the strongest performers during the year was William Demant. The Danish
manufacturer of hearing aids became the new regular supplier of hearing aids to
the US Department of Veterans Affairs which makes up around 18% of the US
hearing aid market. Another strong performer was Sonova. Like William Demant,
Sonova is also a hearing aid manufacturer. Companies in the industry enjoy
steady long-term demand and high barriers to entry. Primary Health Care, an
Australian company, benefitted from increases in pathology, radiology and
diagnostic imaging services. Japanese pharmaceutical companies Chugai
Pharmaceutical and Dainippon Sumitomo Pharma performed well as calls for health
care reform (and subsequent lower costs) took a back seat to the new
government's push to reform pensions instead.
Genmab, the Danish pharmaceutical, suffered due to unsuccessful clinical trials.
Data showed that its second most developed drug candidate, zalutumumab, looked
far less promising than initially thought. German health care company Celesio
was hurt by goodwill impairment charges and reduced growth rates in the pharmacy
business. Fresenius was hurt by ongoing delays in FDA approval of Chlorothiazide
Sodium for injection, a drug used to treat high blood pressure as well as water
retention in patients with congestive heart failure, cirrhosis of the liver and
kidney disorders.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
101
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
HEALTH HEALTH
NET ASSET MARKET CARE SECTOR NET ASSET MARKET CARE SECTOR
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 2.78% 1.00% 4.95% 2.78% 1.00% 4.95%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -6.44% -6.21% -4.67% -5.35% -5.16% -3.89%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
102
(Logo/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>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL HEALTH HEALTH CARE
CARE SECTOR SECTOR INDEX
ETF (A) (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 8237
1/31/2009 7708 7708
2/28/2009 6852 6852
3/31/2009 7028 7099
4/30/2009 7217 7282
5/31/2009 7899 7978
6/30/2009 7973 8094
7/31/2009 8605 8741
8/31/2009 8950 9086
9/30/2009 9356 9533
</Table>
103
(Logo/Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------------
DESCRIPTION ROCHE HOLDING AG NOVARTIS AG GLAXOSMITHKLINE PLC SANOFI-AVENTIS
---------------------------------------------------------------------------------------------------------------------
MARKET VALUE $503,298 435,177 427,083 342,624
---------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.8 7.6 7.5 6.0
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------
DESCRIPTION ASTRAZENECA PLC
---------------------------------------------------------
MARKET VALUE 314,593
---------------------------------------------------------
% OF NET ASSETS 5.5
---------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Pharmaceuticals 67.6%
Health Care Equipment &
Supplies 16.5
Health Care Providers &
Services 7.2
Biotechnology 5.3
Chemicals 0.9
Life Sciences Tools & Services 0.8
Short Term Investments 0.0***
Other Assets & Liabilities 1.7
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
104
(Logo/Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Industrial Sector ETF (the "Fund") seeks to
provide investment results that, before fees and expenses, correspond generally
to the total return performance of an index that tracks the industrial sector of
developed global markets outside the United States. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Developed Ex-US BMI Industrial
Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 8.35%, and the total return for the Index was
7.12%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
There were many notable events during the Reporting Period that affected the
performance of the Fund. The Reporting Period began with negative performance in
October and November as developed markets throughout the world moved into a
global economic recession. Investors continued to maintain widespread skepticism
regarding worldwide efforts of central bank leaders to repair troubled financial
systems and gain a foothold on addressing toxic assets. Investor sentiment
turned positive during the spring as retail sales data came in better than
expected and the housing market showed signs of stabilization. The summer left
investors with continued reassuring news regarding the global economy. The
French and German economies expanded in the spring and summer. In the UK, risk
appetites increased as confidence in the economic recovery continued to grow.
Even Japan, despite some dramatic political news, showed gains as the year
progressed.
One of the best performers during the Reporting Period was YIT. The Finnish
company builds apartments and other residential properties and is well
positioned to handle increased demand for properties due to the nascent economic
recovery and low interest rates. Hochtief also performed well last year. The
company is based in Germany and is involved in construction and engineering. It
was helped by better than expected business in Europe as well as some major
projects in the Middle East. Its business in the Americas also performed
surprisingly well. Another Finnish company, Kone, did well last year. Although
the company experienced lower orders and revenue, it did realize greater profits
due to cost cutting and lower raw material prices. The long-running urbanization
trend in China also helped the company.
Q-Cells was the worst performing company last year. The German company was hard
hit by an earlier-than-expected reduction in solar energy subsidies. The company
also faced strong pressure on price reductions on solar cells. In fact, many
solar energy related companies faced the same negative profit pressures.
Although demand for solar energy components was relatively healthy, there was no
recovery in prices resulting in lower margins. Renewable Energy Corporation and
Solarworld are two companies that, like Q-Cells, suffered quite a bit due to the
state of the solar energy market.
The Fund is tracking its benchmark within expected tolerances.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
105
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
NET ASSET MARKET INDUSTRIAL NET ASSET MARKET INDUSTRIAL
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 8.35% 7.41% 7.12% 8.35% 7.41% 7.12%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.77% -12.43% -13.99% -10.67% -10.38% -11.73%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
106
(Logo/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>
SPDR S&P S&P DEVELOPED
INTERNATIONAL INDUSTRIAL EX-U.S. BMI
SECTOR ETF INDUSTRIAL SECTOR
(A) INDEX (B)
------------------------ -----------------
10000 10000
7/16/08 10237 10271
8/31/08 9847 9763
9/30/08 8051 8028
10/31/08 6121 5996
11/30/08 6008 5836
12/31/08 6505 6396
1/31/09 5857 5783
2/28/09 5276 5155
3/31/09 5622 5535
4/30/09 6533 6471
5/31/09 7261 7187
6/30/09 7227 7142
7/31/09 7829 7757
8/31/09 8330 8216
9/30/09 8723 8601
</Table>
107
(Logo/Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------------------
CANADIAN NATIONAL
DESCRIPTION SIEMENS AG ABB, LTD. VINCI SA MITSUBISHI CORP. RAILWAY CO.
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $231,056 126,005 87,759 83,159 75,560
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.0 2.7 1.9 1.8 1.6
---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Machinery 16.6%
Industrial Conglomerates 13.1
Electrical Equipment 10.8
Trading Companies &
Distributors 9.0
Construction & Engineering 8.1
Commercial Services & Supplies 5.8
Road & Rail 5.7
Transportation Infrastructure 5.5
Building Products 5.2
Professional Services 5.2
Aerospace & Defense 4.8
Air Freight & Logistics 3.7
Marine 2.8
Airlines 1.5
Short Term Investments 0.0***
Other Assets & Liabilities 2.2
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
108
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Materials Sector ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the materials sector of
developed global markets outside the United States. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Developed Ex-US BMI Materials
Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 8.87%, and the total return for the Index was
12.15%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Although December brought modest relief for equity prices around the world, in
general, the last three months of 2008 still produced losses. Weighing on stocks
through October and November were overwhelming global liquidity needs in the
wake of the abrupt Lehman Brothers failure in mid-September. Against a backdrop
of sharply deteriorating economic data, the materials sector slumped 30.8% in
the fourth quarter and 45.7% for the full year.
The opening quarter of 2009 followed a pattern similar to that which occurred in
the end 2008. The materials sector surged in March, with a broad range of
metals, chemical, and forest products shares bouncing sharply.
After six consecutive quarters of disruption and disappointment, global equity
markets finally managed a meaningful rebound through the spring of 2009. While
developed countries around the world were still in a recession, hobbled by
excess capacity and job losses, the ongoing application of aggressive stimulus
measures worked effectively to thwart deflationary tendencies. Leading
indicators of economic activity began to turn upward, and investors responded by
selling safe-haven assets and increasing exposure to stocks, corporate bonds,
and commodities. In April and May of 2009 stock markets around the world began
posting gains.
The third quarter of 2009 began quietly, as investors nervously digested the
remarkable relief rally that boosted global equity markets during the spring.
But second-quarter earnings reports were broadly constructive, as aggressive
cost cutting flattered profitability. Leading economic indicators continued to
suggest emergence from recession, with business confidence picking up
consistently. Central bankers acknowledged the budding improvement, but given
weak employment conditions and the tentative flow of credit, they reiterated
that removal of monetary stimulus remained a distant prospect. With liquidity
worldwide staying flush and short-term investments offering minimal return
potential, funds flowed steadily into long-term financial assets from the middle
of July onwards, and global equities easily shook off dips in August and
September to complete a second consecutive quarter with strong returns. Although
their pace of appreciation slowed during the quarter, developed equity markets
outside the US gained ground in each of the latest three months.
The Fund's performance over the Reporting Period was most negatively impacted by
its relative overweight to Xstrata PLC, ArcelorMittal and Potash Corp. of
Saskatchewan Inc.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
109
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
NET ASSET MARKET MATERIALS NET ASSET MARKET MATERIALS
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 8.87% 7.03% 12.15% 8.87% 7.03% 12.15%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -25.35% -25.22% -22.41% -21.45% -21.34% -18.93%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
110
(Logo/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>
SPDR S&P S&P DEVELOPED
INTERNATIONAL MATERIAL EX-U.S. BMI
SECTOR ETF MATERIAL SECTOR
(A) INDEX (B)
---------------------- ---------------
10000 10000
7/16/08 9968 9987
8/31/08 9185 9147
9/30/08 6856 6920
10/31/08 4930 4926
11/30/08 4711 4686
12/31/08 5116 5124
1/31/09 4662 4709
2/29/09 4375 4415
3/31/09 4839 4945
4/30/09 5455 5618
5/31/09 6478 6667
6/30/09 6254 6428
7/31/09 6978 7193
8/31/09 7105 7355
9/30/09 7465 7759
</Table>
111
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
--------------------------------------------------------------------------------------------------------------------------
DESCRIPTION BHP BILLITON, LTD. RIO TINTO PLC BHP BILLITON PLC ANGLO AMERICAN PLC
--------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $783,317 477,873 412,895 295,992
--------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.5 5.2 4.5 3.2
--------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------
DESCRIPTION BASF SE
-------------------------------------------------
MARKET VALUE 290,099
-------------------------------------------------
% OF NET ASSETS 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 SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 60.7%
Chemicals 30.1
Construction Materials 6.5
Paper & Forest Products 2.3
Containers & Packaging 0.1
Short Term Investments 0.0***
Other Assets and Liabilities 0.3
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
112
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Technology Sector ETF (the "Fund") seeks to
provide investment results that, before fees and expenses, correspond generally
to the total return performance of an index that tracks the technology sector of
developed global markets outside the United States. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Developed Ex-US BMI Information
Technology Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 11.81%, and the total return for the Index was
11.39%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
After six consecutive quarters of disruption and disappointment, global equity
markets finally managed a meaningful rebound through the spring of 2009. While
developed countries around the world were still in the midst of a recession,
hobbled by excess capacity and job losses, the ongoing application of aggressive
stimulus measures worked effectively to thwart deflationary tendencies. In the
first quarter of the Reporting Period, equity prices experienced a decline
across all sectors and countries. In the first two months of the Reporting
Period, the Fund fell about 28% as markets across the globe plummeted in
response to the global credit crisis, the failure of Lehman Brothers, a deep
recession in many of the largest economies and fears of banking failures. The
Fund rebounded in the spring and rallied over 50% from March through September.
The Fund ended the Reporting Period up 11% and technology proved to be one the
top performing sectors. Maintaining financial flexibility in this environment
helped the sector outperform the broader market by over 5% for the year.
Despite these tough economic conditions, Samsung Electronics Co. Ltd. GDR was
able to post continued growth in its core business and relatively solid
financial performance. Samsung Electronics Co. Ltd GDR was the largest
contributor to performance. Telefonaktiebolaget LM Ericsson (Class B) was the
next largest contributor. Stocks in Japan were notable laggards over the last
quarter. Nintendo Co Ltd was the largest detractor from performance and Hitachi
Ltd, another Japanese company, also dragged down performance over the Reporting
Period. The Japanese yen gained over 15% during the Reporting Period versus the
US Dollar which may erode the value of profits overseas.
The Fund is tracking its benchmark within expected tolerances.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
113
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
INFORMATION INFORMATION
NET ASSET MARKET TECHNOLOGY NET ASSET MARKET TECHNOLOGY
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 11.81% 10.27% 11.39% 11.81% 10.27% 11.39%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -10.33% -10.26% -10.66% -8.61% -8.55% -8.91%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
114
(Logo/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
SPDR S&P EX-U.S. BMI
INTERNATIONAL TECHNOLOGY INFORMATION TECHNOLOGY
SECTOR ETF SECTOR INDEX
(A) (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 6274
1/31/09 5998 5988
2/29/09 5350 5310
3/31/09 6000 5937
4/30/09 6919 6870
5/31/09 7454 7445
6/30/09 7544 7508
7/31/09 8281 8183
8/31/09 8572 8532
9/30/09 8967 8934
</Table>
115
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
---------------------------------------------------------------------------------------------------------------
SAMSUNG RESEARCH IN
DESCRIPTION ELECTRONICS CO., LTD. GDR NOKIA OYJ CANON, INC. SAP AG MOTION, LTD.
---------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,625,547 675,773 604,088 532,424 441,509
---------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 14.7 6.1 5.5 4.8 4.0
---------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Semiconductors & Semiconductor
Equipment 23.7%
Electronic Equipment &
Instruments 21.2
Communications Equipment 16.2
Software 12.9
IT Services 9.4
Office Electronics 8.1
Computers & Peripherals 7.2
Internet Software & Services 1.2
Short Term Investments 0.0***
Other Assets & Liabilities 0.1
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
116
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Telecommunications Sector ETF (the "Fund") seeks
to provide investment results that, before fees and expenses, correspond
generally to the total return performance of an index that tracks the
telecommunications sector of developed global markets outside the United States.
In seeking this objective, the Fund uses a passive management strategy and
"sampling" methodology designed to track the total return performance of the S&P
Developed Ex-US BMI Telecommunication Services Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was 8.68%, and the total return for the Index was
10.02%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
After six consecutive quarters of disruption and disappointment, global equity
markets finally managed a meaningful rebound through the spring of 2009. While
developed countries around the world were still in the midst of a recession,
hobbled by excess capacity and job losses, the ongoing application of aggressive
stimulus measures worked effectively to thwart deflationary tendencies. In the
first quarter of the Reporting Period, equity prices experienced a decline
across all sectors and countries. The Fund lost about 15% of its value in
October 2008 but posted a 13% gain over the next two months. The Fund also
rebounded in the spring, returning about 31% from March through September, but
telecommunications was one of the worst performing sectors of the second half of
the Reporting Period. The Fund finished the Reporting Period up 8.68% and,
despite the poor performance in the second half of the year, telecommunications
remained one of the top performing sectors on an annual basis.
The top contributors to performance by far were Telefonica SA. Softbank Corp and
Koninklijke KPN N.V., both smaller weights in the Fund, also contributed to
performance. The largest detractors from performance were BT Group and Rogers
Communications.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
117
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-US BMI EX-US BMI
TELECOMMUNI- TELECOMMUNI-
CATION CATION
NET ASSET MARKET SERVICES NET ASSET MARKET SERVICES
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 8.68% 6.93% 10.02% 8.68% 6.93% 10.02%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -8.11% -7.88% -6.97% -6.75% -6.55% -5.81%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
118
(Logo/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 DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL TELECOMMUNICATIONS TELECOMMUNICATION SERVICES
SECTOR ETF SECTOR INDEX
(A) (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 8094
1/31/09 7186 7195
2/29/09 6771 6795
3/31/09 6831 6871
4/30/09 6952 7014
5/31/09 7642 7711
6/30/09 7797 7882
7/31/09 8461 8553
8/31/09 8779 8884
9/30/09 9189 9303
</Table>
119
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
KONINKLIJKE
DESCRIPTION TELEFONICA SA VODAFONE GROUP PLC FRANCE TELECOM SA DEUTSCHE TELEKOM AG ROYAL KPN NV
-------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,594,945 1,519,429 560,864 499,998 447,495
-------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 16.9 16.1 5.9 5.3 4.7
-------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Diversified Telecommunications
Services 67.8%
Wireless Telecommunication
Services 32.0
Short Term Investments 0.0***
Other Assets & Liabilities 0.2
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
*** Amount represents less than 0.05% of net assets.
</Table>
120
(Logo/Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P International Utilities Sector ETF (the "Fund") seeks to provide
investment results that, before fees and expenses, correspond generally to the
total return performance of an index that tracks the utilities sector of
developed global markets outside the United States. In seeking this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the S&P Developed Ex-US BMI Utilities
Sector Index (the "Index").
For the 12-month period ended September 30, 2009 (the "Reporting Period"), the
total return for the Fund was -4.96%, and the total return for the Index was
- -4.16%. The Fund and Index returns reflect the reinvestment of dividends and
other income.
The Fund's performance reflects the expenses of managing the Fund, including
brokerage and advisory expenses. The Index is unmanaged and Index returns do not
reflect fees and expenses of any kind, which would have a negative impact on
returns.
Utilities finished 2008 on a soft note, but their defensive nature and income
orientation allowed them to limit full fourth-quarter losses, making them second
in performance only to telecom over the final three months of 2008.
This stability turned around by the end of the first quarter 2009, when
utilities joined energy and consumer staples' lackluster performance, and the
sector's prospects continued to be clouded by regulatory challenges. Energy
stocks posted a gain of 3.8% in March. Firming crude oil prices could not
prevent investors from switching into consumer-related areas that might be more
sensitive to an economic recovery, and shares of refiners retreated on higher
input costs.
Although crude oil prices remained constant during the quarter ended September
30, 2009, the weakness of the US dollar made the profit outlook tougher for
energy producers who keep their books in non-US currencies, and the advance of
utilities in the latest quarter did not provide a positive 12-month return.
The Fund's performance over the Reporting Period was most negatively impacted by
E.ON AG, National Grid PLC and Scottish & Southern Energy PLC.
The views expressed above reflect those of the Fund's portfolio manager only
through the Reporting Period, and do not necessarily represent the views of the
Adviser as a whole.
121
(Logo/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 SEPTEMBER 30, 2009
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
NET ASSET MARKET UTILITLES NET ASSET MARKET UTILITLES
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
ONE YEAR -4.96% -7.13% -4.16% -4.96% -7.13% -4.16%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -18.14% -17.93% -18.00% -15.24% -15.05% -15.14%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to September 30, 2009.
</Table>
122
(Logo/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>
SPDR S&P S&P DEVELOPED
INTERNATIONAL UTILITIES EX-U.S. BMI
SECTOR ETF UTILITIES SECTOR
(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 7738
1/31/09 7027 7001
2/28/09 6253 6216
3/31/09 6173 6148
4/30/09 6629 6571
5/31/09 7249 7230
6/30/09 7148 7127
7/31/09 7405 7401
8/31/09 7890 7888
9/30/09 8186 8200
</Table>
123
(Logo/Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2009
------------------------------------------------------------------------------------------
DESCRIPTION E. ON AG GDF SUEZ IBERDROLA SA RWE AG ENEL SPA
------------------------------------------------------------------------------------------
MARKET VALUE $532,635 423,194 324,109 287,971 274,965
------------------------------------------------------------------------------------------
% OF NET ASSETS 11.7 9.3 7.1 6.3 6.0
------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2009*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Electric Utilities 55.0%
Multi-Utilities 29.1
Gas Utilities 9.3
Independent Power Producers &
Energy Traders 4.7
Water Utilities 1.2
Short Term Investments 0.1
Other Assets & Liabilities 0.6
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Each security is valued based on Level 1 inputs.
</Table>
124
SPDR DJ STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
FINLAND -- 1.5%
Nokia Oyj............................... 59,618 $ 875,793
FRANCE -- 13.7%
AXA..................................... 26,495 716,463
BNP Paribas (a)......................... 14,276 1,139,351
France Telecom SA....................... 32,289 859,218
GDF Suez................................ 21,227 941,530
Sanofi-Aventis.......................... 16,960 1,243,240
Societe Generale........................ 9,636 774,672
Total SA (a)............................ 35,290 2,094,543
-----------
TOTAL FRANCE............................ 7,769,017
GERMANY -- 15.1%
Allianz SE.............................. 7,203 898,829
BASF SE................................. 14,634 774,550
Bayer AG................................ 13,130 908,747
Daimler AG.............................. 14,190 713,612
Deutsche Bank AG........................ 9,885 757,773
Deutsche Telekom AG..................... 47,408 646,534
E.ON AG................................. 31,786 1,346,457
RWE AG.................................. 6,581 610,546
SAP AG.................................. 14,184 689,986
Siemens AG.............................. 12,971 1,199,770
-----------
TOTAL GERMANY........................... 8,546,804
ITALY -- 5.7%
Assicurazioni Generali SpA.............. 21,192 580,187
Eni SpA (a)............................. 38,810 968,924
Intesa Sanpaolo SpA (b)................. 149,096 658,704
UniCredit SpA (b)....................... 253,462 989,196
-----------
TOTAL ITALY............................. 3,197,011
LUXEMBOURG -- 1.0%
ArcelorMittal........................... 14,652 547,200
NETHERLANDS -- 2.3%
Fortis VVPR Strip (b)................... 33,296 98
ING Groep NV (b)........................ 32,983 588,177
Unilever NV............................. 24,718 711,586
-----------
TOTAL NETHERLANDS....................... 1,299,861
SPAIN -- 9.8%
Banco Bilbao Vizcaya Argentaria SA...... 59,519 1,055,297
Banco Santander SA...................... 129,598 2,083,767
Iberdrola SA............................ 62,258 610,172
Telefonica SA........................... 65,188 1,796,604
-----------
TOTAL SPAIN............................. 5,545,840
SWEDEN -- 0.8%
Telefonaktiebolaget LM Ericsson
(Class B)............................. 46,463 465,105
SWITZERLAND -- 15.8%
ABB, Ltd. (b)........................... 36,980 741,275
Credit Suisse Group AG.................. 17,175 951,730
Nestle SA............................... 58,006 2,468,602
Novartis AG............................. 38,889 1,943,232
Roche Holding AG........................ 11,163 1,801,959
UBS AG (b).............................. 56,665 1,035,932
-----------
TOTAL SWITZERLAND....................... 8,942,730
UNITED KINGDOM -- 33.5%
Anglo American PLC (b).................. 21,364 680,978
AstraZeneca PLC......................... 23,150 1,038,180
Barclays PLC (b)........................ 175,386 1,037,863
BG Group PLC............................ 53,397 928,303
BHP Billiton PLC........................ 35,535 970,706
BP PLC.................................. 298,279 2,638,100
British American Tobacco PLC............ 32,245 1,012,340
Diageo PLC.............................. 39,682 609,268
GlaxoSmithKline PLC..................... 83,194 1,635,928
HSBC Holdings PLC....................... 273,451 3,131,382
Rio Tinto PLC........................... 22,067 941,790
Royal Dutch Shell PLC (Class A)......... 56,354 1,610,385
Tesco PLC............................... 125,094 799,476
Vodafone Group PLC...................... 839,074 1,881,446
-----------
TOTAL UNITED KINGDOM.................... 18,916,145
-----------
TOTAL COMMON STOCKS --
(Cost $75,013,438).................... 56,105,506
RIGHTS -- 0.1%
FRANCE -- 0.1%
BNP Paribas
(expiring 10/13/09) (a)(b)
(Cost $0)............................. 14,276 30,884
SHORT TERM INVESTMENTS -- 2.1%
UNITED STATES -- 2.1%
MONEY MARKET FUNDS -- 2.1%
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 1,175,729 1,175,729
AIM Prime Money Market Fund............. 17,596 17,596
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,193,325)..................... 1,193,325
-----------
TOTAL INVESTMENTS -- 101.4%
(Cost $76,206,763).................... 57,329,715
OTHER ASSETS AND
LIABILITIES -- (1.4)%................. (815,551)
-----------
NET ASSETS -- 100.0%.................... $56,514,164
===========
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 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.
</Table>
See accompanying notes to financial statements.
125
SPDR DJ EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
BELGIUM -- 1.4%
Anheuser-Busch InBev NV................. 55,634 $ 2,537,597
FINLAND -- 2.4%
Nokia Oyj............................... 298,642 4,387,076
FRANCE -- 34.4%
Air Liquide SA (a)...................... 21,150 2,403,637
Alstom SA............................... 16,222 1,182,502
AXA..................................... 133,100 3,599,216
BNP Paribas (a)......................... 71,500 5,706,330
Carrefour SA............................ 48,863 2,214,114
Cie de Saint-Gobain..................... 33,596 1,740,853
Credit Agricole SA...................... 84,700 1,767,949
France Telecom SA....................... 161,698 4,302,823
GDF Suez................................ 106,293 4,714,656
Danone SA (a)........................... 48,833 2,939,395
L'Oreal SA (a).......................... 19,115 1,898,550
LVMH Moet Hennessy Louis Vuitton
SA (a)................................ 20,656 2,075,156
Sanofi-Aventis.......................... 84,973 6,228,882
Schneider Electric SA................... 20,798 2,105,534
Societe Generale........................ 48,257 3,879,549
Total SA................................ 177,199 10,517,172
Vinci SA................................ 41,383 2,338,525
Vivendi................................. 97,544 3,014,855
------------
TOTAL FRANCE............................ 62,629,698
GERMANY -- 26.1%
Allianz SE.............................. 36,071 4,501,131
BASF SE................................. 73,281 3,878,628
Bayer AG................................ 65,924 4,562,698
Daimler AG (a).......................... 71,066 3,573,894
Deutsche Bank AG........................ 49,500 3,794,613
Deutsche Boerse AG...................... 15,635 1,276,378
Deutsche Telekom AG..................... 237,498 3,238,917
E.ON AG................................. 159,619 6,761,470
Muenchener Rueckversicherungs-
Gesellschaft AG....................... 15,829 2,522,654
RWE AG.................................. 32,957 3,057,555
SAP AG.................................. 70,935 3,450,659
Siemens AG.............................. 65,141 6,025,306
Volkswagen AG (a)....................... 4,733 777,124
------------
TOTAL GERMANY........................... 47,421,027
IRELAND -- 0.9%
CRH PLC................................. 56,507 1,561,482
ITALY -- 11.4%
Assicurazioni Generali SpA.............. 106,481 2,915,198
Enel SpA................................ 507,991 3,220,726
Eni SpA................................. 194,340 4,851,860
Intesa Sanpaolo SpA (b)................. 746,666 3,298,761
Telecom Italia SpA...................... 819,708 1,436,602
UniCredit SpA (b)....................... 1,269,219 4,953,430
------------
TOTAL ITALY............................. 20,676,577
LUXEMBOURG -- 1.5%
ArcelorMittal (a)....................... 73,616 2,749,295
NETHERLANDS -- 5.2%
Aegon NV (b)............................ 124,042 1,051,792
Fortis VVPR Strip (b)................... 129,370 378
ING Groep NV (b)........................ 165,720 2,955,241
Koninklijke (Royal) Philips
Electronics NV........................ 77,972 1,896,489
Unilever NV............................. 123,796 3,563,861
------------
TOTAL NETHERLANDS....................... 9,467,761
SPAIN -- 16.2%
Banco Bilbao Vizcaya Argentaria SA...... 298,924 5,300,048
Banco Santander SA...................... 650,734 10,462,955
Iberdrola SA............................ 311,803 3,055,887
Repsol YPF SA........................... 63,434 1,723,692
Telefonica SA........................... 327,334 9,021,439
------------
TOTAL SPAIN............................. 29,564,021
------------
TOTAL COMMON STOCKS --
(Cost $237,770,967)................... 180,994,534
RIGHTS -- 0.1%
FRANCE -- 0.1%
BNP Paribas
(expiring 10/13/09) (a)(b)............ 71,810 155,348
------------
TOTAL RIGHTS --
(Cost $0)............................. 155,348
SHORT TERM INVESTMENTS -- 3.6%
UNITED STATES -- 3.6%
MONEY MARKET FUNDS -- 3.6%
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 6,566,037 6,566,037
AIM Prime Money Market Fund............. 93,088 93,088
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $6,659,125)..................... 6,659,125
------------
TOTAL INVESTMENTS -- 103.2%
(Cost $244,430,092)................... 187,809,007
OTHER ASSETS AND
LIABILITIES -- (3.2)%................. (5,886,715)
------------
NET ASSETS -- 100.0%.................... $181,922,292
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 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.
</Table>
See accompanying notes to financial statements.
126
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.1%
CHINA -- 27.6%
Air China, Ltd. (a)..................... 1,625,414 $ 937,491
Aluminum Corp. of China, Ltd. (a)....... 1,654,304 1,805,848
Angang Steel Co., Ltd. ................. 647,244 1,215,976
Anhui Conch Cement Co., Ltd. ........... 375,750 2,504,176
Baidu, Inc. ADR (a)(b).................. 13,584 5,312,023
Bank of China, Ltd. .................... 7,112,382 3,744,301
Bank of Communications Co., Ltd. ....... 2,243,723 2,732,982
China CITIC Bank........................ 2,004,385 1,321,592
China Communications Construction
Co., Ltd. ............................ 1,014,000 1,097,730
China Construction Bank Corp. .......... 10,401,768 8,307,939
China COSCO Holdings Co., Ltd. ......... 1,526,632 1,828,007
China Life Insurance Co., Ltd. ......... 2,465,708 10,737,691
China Mengniu Dairy Co., Ltd. (a)....... 504,390 1,291,230
China Merchants Bank Co., Ltd. ......... 1,268,467 2,828,254
China Merchants Property Development
Co., Ltd.............................. 512,900 1,142,932
China Oilfield Services, Ltd. .......... 2,366,557 2,207,754
China Petroleum & Chemical Corp. ....... 6,087,462 5,176,273
China Railway Construction Corp. ....... 349,000 463,829
China Shenhua Energy Co., Ltd. ......... 1,248,556 5,453,335
China Shipping Container Lines Co.,
Ltd. (a).............................. 6,623,339 2,410,025
China Shipping Development Co., Ltd. ... 1,009,215 1,276,160
China Telecom Corp., Ltd. .............. 5,961,930 2,815,551
Ctrip.com International, Ltd.
ADR (a)(b)............................ 39,901 2,345,780
Dongfeng Motor Group Co., Ltd. ......... 2,202,763 2,342,019
Focus Media Holding, Ltd. ADR (a)(b).... 36,479 402,728
Guangzhou R&F Properties Co., Ltd. ..... 928,576 1,631,887
Huaneng Power International, Inc. ...... 2,094,472 1,386,396
Industrial & Commercial Bank of China... 11,534,180 8,691,507
Inner Mongolia Yitai Coal Co., Ltd. .... 163,052 904,776
Jiangsu Expressway Co. ................. 1,952,060 1,601,938
Jiangxi Copper Co., Ltd. ............... 891,578 1,994,821
Lenovo Group, Ltd. ..................... 3,097,703 1,378,969
Maanshan Iron & Steel (a)............... 1,510,971 912,426
Mindray Medical International, Ltd.
ADR (b)............................... 16,879 550,931
NetEase.com ADR (a)(b).................. 56,065 2,561,049
PetroChina Co., Ltd. ................... 7,255,379 8,200,866
Ping An Insurance Group Co. of
China, Ltd. .......................... 464,364 3,684,929
Samling Global, Ltd. ................... 3,224,707 237,171
Semiconductor Manufacturing
International Corp. (a)............... 11,316,837 532,983
Shanghai Electric Group Co., Ltd. ...... 2,719,179 1,312,215
SINA Corp. (a)(b)....................... 22,558 856,302
Sinopec Shanghai Petrochemical Co.,
Ltd. (a).............................. 1,973,252 822,395
Sohu.com, Inc. (a)(b)................... 5,818 400,162
Suntech Power Holdings Co., Ltd.
ADR (a)(b)............................ 43,012 653,782
Tencent Holdings, Ltd. ................. 324,194 5,274,916
Tingyi Cayman Islands Holding Corp. .... 1,006,383 2,077,681
Yanzhou Coal Mining Co., Ltd. .......... 1,134,882 1,637,148
Zijin Mining Group Co., Ltd. ........... 1,655,790 1,625,869
------------
TOTAL CHINA............................. 120,632,745
------------
HONG KONG -- 8.4%
Agile Property Holdings, Ltd. .......... 1,884,188 2,217,249
China Merchants Holdings International
Co., Ltd. ............................ 517,785 1,717,031
China Mobile, Ltd. ..................... 1,574,136 15,355,344
China Overseas Land &
Investment, Ltd. ..................... 1,525,084 3,298,096
China Resources Enterprise.............. 628,746 1,829,436
China Unicom, Ltd. ..................... 1,404,172 1,989,382
CNOOC, Ltd. ............................ 5,931,470 7,974,906
COSCO Pacific, Ltd. .................... 762,143 1,093,545
Denway Motors, Ltd. .................... 2,976,205 1,324,883
------------
TOTAL HONG KONG......................... 36,799,872
------------
INDIA -- 19.6%
Anant Raj Industries, Ltd. ............. 96,000 305,432
Apollo Hospitals Enterprise, Ltd. ...... 107,215 1,230,281
Axis Bank, Ltd. ........................ 38,984 792,039
Bharat Heavy Electricals, Ltd. ......... 70,289 3,389,448
Bharti Airtel, Ltd. .................... 648,398 5,634,141
Cipla, Ltd. ............................ 285,414 1,658,314
Godrej Industries, Ltd. ................ 30,600 124,836
Gujarat Mineral Development
Corp., Ltd. .......................... 72,100 173,562
HDFC Bank, Ltd. ........................ 92,237 3,173,313
Hero Honda Motors, Ltd. ................ 103,569 3,627,983
Hindustan Construction Co. ............. 30,200 82,775
Hindustan Unilever, Ltd. ............... 518,699 2,820,200
Hindustan Zinc, Ltd. ................... 60,512 1,041,554
Housing Development & Infrastructure
Ltd. (a).............................. 16,800 112,611
Housing Development Finance
Corp., Ltd. .......................... 87,839 5,048,665
ICICI Bank, Ltd. ....................... 199 3,744
ICICI Bank, Ltd. ADR (b)................ 87,686 3,381,172
Idea Cellular, Ltd. (a)................. 789,513 1,235,025
IFCI, Ltd. ............................. 14,400 16,898
India Infoline, Ltd. ................... 180,200 558,150
Indiabulls Financial Services, Ltd. .... 144,749 573,820
Indiabulls Real Estate, Ltd. (a)........ 27,700 156,509
Indiabulls Securities, Ltd. ............ 162,826 187,518
Indian Hotels Co., Ltd. ................ 932,564 1,492,723
Infosys Technologies, Ltd. ADR (b)...... 139,444 6,761,640
ITC, Ltd. GDR........................... 225,345 1,092,923
IVRCL Infrastructures &
Projects, Ltd. ....................... 34,100 278,124
JAI Corp., Ltd. (a)..................... 30,500 148,743
Jaiprakash Associates, Ltd. ............ 22,900 113,155
Jindal Steel & Power, Ltd. ............. 39,100 477,686
KEC International, Ltd. ................ 5,300 63,489
Lanco Infratech, Ltd. (a)............... 32,000 318,636
Larsen & Toubro, Ltd. GDR............... 106,928 3,731,787
Mahindra & Mahindra, Ltd. .............. 87,663 1,616,403
Mercator Lines, Ltd. ................... 368,786 482,208
Oil & Natural Gas Corp., Ltd. .......... 133,455 3,237,681
Patel Engineering, Ltd. ................ 8,800 90,278
</Table>
See accompanying notes to financial statements.
127
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Reliance Capital, Ltd. ................. 54,406 $ 1,039,714
Reliance Communications, Ltd. (a)....... 321,360 2,062,235
Reliance Industries, Ltd. GDR (a)(c).... 121,010 11,145,021
Reliance Infrastructure, Ltd. .......... 116,562 2,978,201
Satyam Computer Services, Ltd. ADR (b).. 94,649 622,790
Siemens India, Ltd. .................... 120,250 1,392,355
State Bank of India..................... 19,677 904,802
Steel Authority of India, Ltd. ......... 367,348 1,302,003
Sterlite Industries India, Ltd. ........ 70,365 1,133,476
Suzlon Energy, Ltd. (a)................. 217,643 414,655
Tata Consultancy Services, Ltd. ........ 145,934 1,880,260
Tata Motors, Ltd. ...................... 137,055 1,684,946
Unitech, Ltd. .......................... 213,352 476,333
United Spirits, Ltd. ................... 17,555 333,620
Wipro, Ltd. ADR (b)..................... 111,166 1,995,430
Zee Entertainment Enterprises, Ltd. .... 199,158 981,196
------------
TOTAL INDIA............................. 85,580,503
------------
INDONESIA -- 3.8%
Astra International Tbk PT.............. 1,129,220 3,896,481
Bakrieland Development Tbk PT (a)....... 5,304,000 203,050
Bank Central Asia Tbk PT................ 6,986,296 3,343,158
Bank Rakyat Indonesia Tbk PT............ 3,330,148 2,584,181
Bumi Resources Tbk PT................... 5,783,464 1,929,816
Indosat Tbk PT.......................... 1,025,748 578,409
Perusahaan Gas Negara Tbk PT............ 4,928,140 1,861,119
Telekomunikasi Indonesia Tbk PT......... 2,580,094 2,309,137
------------
TOTAL INDONESIA......................... 16,705,351
------------
MALAYSIA -- 5.6%
Alliance Financial Group Bhd............ 2,243,900 1,646,780
Bintulu Port Holdings Bhd............... 774,106 1,366,596
Bursa Malaysia Bhd...................... 610,207 1,440,448
Carlsberg Brewery Bhd................... 1,312,603 1,592,873
Ecm Libra Financial Group Bhd........... 4,749,600 871,423
Genting Bhd............................. 1,259,500 2,496,437
IJM Corp. Bhd........................... 1,377,740 1,791,341
IOI Corp. Bhd........................... 1,614,040 2,425,024
Landmarks Bhd (a)....................... 1,557,800 598,634
Lingkaran Trans Kota Holdings Bhd....... 2,824,200 2,382,740
Malaysian Airline System Bhd (a)........ 1,254,133 1,079,837
Naim Cendera Holding Bhd................ 1,687,913 1,404,562
OSK Holdings Bhd........................ 1,760,300 732,399
OSK Ventures International Bhd (a)...... 283,864 38,959
Sarawake Energy Bhd..................... 2,663,666 1,677,779
Star Publications Malaysia Bhd.......... 86,200 80,447
Tan Chong Motor Holdings Bhd............ 671,300 405,379
Uchi Technologies Bhd................... 2,142,100 798,413
Wah Seong Corp Bhd...................... 1,636,300 1,139,406
Zelan Bhd............................... 1,693,000 435,357
------------
TOTAL MALAYSIA.......................... 24,404,834
------------
PHILIPPINES -- 1.3%
Ayala Land, Inc. ....................... 7,107,858 1,725,208
First Gen Corp. (a)..................... 2,738,850 924,897
First Philippine Holdings Corp. (a)..... 1,286,600 1,031,887
Philippine Long Distance
Telephone Co. ........................ 36,514 1,857,297
------------
TOTAL PHILIPPINES....................... 5,539,289
------------
TAIWAN -- 30.4%
Acer, Inc. ............................. 1,088,071 2,775,346
Advanced Semiconductor
Engineering, Inc. .................... 2,282,758 1,878,156
Asia Cement Corp. ...................... 1,493,260 1,672,184
Asustek Computer, Inc. ................. 1,265,404 2,172,773
AU Optronics Corp. ADR (b).............. 277,190 2,683,199
Catcher Technology Co., Ltd. ........... 407,539 1,082,613
Cathay Financial Holding Co., Ltd. (a).. 1,772,900 2,944,907
Chang Hwa Commercial Bank............... 3,498,000 1,604,936
Chi Mei Optoelectronics Corp. GDR (a)... 70,037 368,180
China Development Financial Holding
Corp. (a)............................. 5,162,553 1,373,019
China Steel Chemical Corp. ............. 1,396,877 3,719,444
China Steel Corp. ...................... 3,062,119 2,847,995
Chinatrust Financial Holding
Co., Ltd. ............................ 3,489,614 2,263,234
Chunghwa Picture Tubes, Ltd. (a)........ 5,099,000 586,858
Chunghwa Telecom Co., Ltd. ............. 1,323,195 2,383,134
Compal Electronics, Inc. ............... 2,250,461 2,621,618
Delta Electronics, Inc. ................ 711,893 2,026,198
Epistar Corp. .......................... 316,170 1,140,840
Everlight Electronics Co., Ltd. ........ 240,527 785,596
Far Eastern Textile Co., Ltd. .......... 2,134,099 2,502,661
First Financial Holding Co., Ltd........ 2,536,796 1,582,144
Formosa Chemicals & Fibre Corp. ........ 1,180,390 2,269,133
Formosa Plastics Corp. ................. 1,739,940 3,545,044
Foxconn Technology Co., Ltd. ........... 432,853 1,227,952
Fubon Financial Holding Co., Ltd. (a)... 2,301,000 2,598,180
High Tech Computer Corp. ............... 276,949 3,041,029
Hon Hai Precision Industry Co., Ltd. ... 2,025,440 8,127,465
Hua Nan Financial Holdings Co., Ltd. ... 2,275,044 1,429,510
King Yuan Electronics Co., Ltd. ........ 3,185,898 1,238,762
Largan Precision Co., Ltd. ............. 65,710 862,561
Lite-On Technology Corp. ............... 969,175 1,270,708
Macronix International Co., Ltd. ....... 2,245,411 1,236,275
MediaTek, Inc. ......................... 365,279 6,090,256
Mega Financial Holding Co., Ltd. ....... 2,921,000 1,849,022
Motech Industries, Inc. ................ 148,510 405,598
Nan Ya Plastics Corp. .................. 1,780,960 2,913,976
Novatek Microelectronics Corp., Ltd. ... 249,062 588,799
Polaris Securities Co., Ltd. (a)........ 7,183,150 4,234,188
Powerchip Semiconductor Corp. (a)....... 3,574,638 329,132
Powertech Technology, Inc. ............. 539,744 1,621,851
ProMOS Technologies, Inc. (a)........... 2,509,000 122,531
Quanta Computer, Inc. .................. 1,540,194 3,233,890
Realtek Semiconductor Corp. ............ 499,463 1,165,227
Shin Kong Financial Holding Co.,
Ltd. (a).............................. 3,164,505 1,259,975
Siliconware Precision Industries Co. ... 1,202,745 1,698,539
SinoPac Financial Holdings Co.,
Ltd. (a).............................. 3,737,000 1,534,416
Tainan Enterprises...................... 2,994,567 2,230,928
Taishin Financial Holdings Co.,
Ltd. (a).............................. 3,669,000 1,597,798
Taiwan Cement Corp. .................... 1,772,322 1,990,196
Taiwan Fu Hsing Industrial Co., Ltd. ... 2,398,000 1,335,206
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 1,340,638 14,693,392
</Table>
See accompanying notes to financial statements.
128
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tatung Co., Ltd. (a).................... 2,672,000 $ 609,237
Tripod Technology Corp. ................ 579,839 1,486,212
Uni-President Enterprises Corp. ........ 1,877,403 2,213,313
United Integrated Services Co., Ltd. ... 1,779,000 877,104
United Microelectronics Corp.
ADR (a)(b)............................ 944,155 3,587,789
Via Technologies, Inc. (a).............. 423,200 313,306
Walsin Lihwa Corp. (a).................. 6,293,000 2,163,047
Wistron Corp. .......................... 971,955 1,807,979
Yageo Corp. ............................ 5,089,000 1,426,275
Yuanta Financial Holding Co., Ltd. ..... 2,031,000 1,503,602
------------
TOTAL TAIWAN............................ 132,744,438
THAILAND -- 3.4%
Advanced Info Service PCL............... 716,223 2,020,473
Bangkok Expressway PCL.................. 2,719,965 1,506,116
Electricity Generating PCL (Foreign
ownership limit)...................... 690,396 1,591,155
IRPC PCL................................ 4,591,439 596,434
Kasikornbank PCL........................ 1,007,498 2,487,836
PTT Exploration & Production PCL........ 602,705 2,606,731
PTT PCL................................. 384,336 3,013,949
Thai Oil PCL............................ 717,591 971,894
------------
TOTAL THAILAND.......................... 14,794,588
------------
TOTAL COMMON STOCKS --
(Cost $400,307,752)................... 437,201,620
PREFERRED STOCK -- 0.0% (D)
MALAYSIA -- 0.0% (D)
Malaysian Airline System Bhd (a)
(Cost $0)............................. 4,092 903
WARRANTS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
IJM Land Bhd
(expiring 09/11/13) (a)
(Cost $0)............................. 27,580 8,288
SHORT TERM INVESTMENTS -- 3.1%
UNITED STATES -- 3.1%
MONEY MARKET FUNDS -- 3.1%
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 13,610,080 13,610,080
AIM Prime Money Market Fund............. 100 100
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $13,610,180).................... 13,610,180
------------
TOTAL INVESTMENTS -- 103.2%
(Cost $413,917,932)................... 450,820,991
OTHER ASSETS AND
LIABILITIES -- (3.2)%................. (14,054,692)
------------
NET ASSETS -- 100.0%.................... $436,766,299
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Security purchased pursuant to Rule 144A of the Securities Act of
1933. This security which represents 2.6% of net assets as of
September 30, 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.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
129
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
CHINA -- 99.0%
AIR FREIGHT & LOGISTICS -- 0.1%
Sinotrans, Ltd. ........................ 2,610,000 $ 616,293
------------
AIRLINES -- 0.3%
Air China, Ltd. (a)..................... 2,506,000 1,445,387
------------
AUTOMOBILES -- 1.5%
Brilliance China Automotive Holdings,
Ltd. (a).............................. 3,070,000 324,824
Denway Motors, Ltd. .................... 5,696,000 2,535,622
Dongfeng Motor Group Co., Ltd. ......... 3,444,000 3,661,726
------------
6,522,172
------------
BEVERAGES -- 0.3%
Tsingtao Brewery Co., Ltd. ............. 406,000 1,534,932
------------
BIOTECHNOLOGY -- 0.1%
American Oriental Bioengineering,
Inc. (a)(b)........................... 55,183 268,189
------------
CHEMICALS -- 0.6%
China Bluechemical, Ltd. ............... 2,136,000 1,157,567
Sinofert Holdings, Ltd. ................ 1,062,000 471,388
Sinopec Shanghai Petrochemical Co.,
Ltd. (a).............................. 2,772,000 1,155,290
------------
2,784,245
------------
COMMERCIAL BANKS -- 17.8%
Bank of China, Ltd. .................... 23,096,000 12,158,848
Bank of Communications Co., Ltd. ....... 5,466,000 6,657,898
China CITIC Bank........................ 1,591,393 1,049,286
China Construction Bank Corp. .......... 33,552,000 26,798,134
China Merchants Bank Co., Ltd. ......... 3,300,450 7,358,892
Industrial & Commercial Bank of China... 33,550,000 25,281,385
------------
79,304,443
------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0% (C)
Bio-Treat Technology, Ltd. (a).......... 1,525,015 75,761
------------
COMMUNICATIONS EQUIPMENT -- 0.6%
AAC Acoustic Technology
Holdings, Inc. ....................... 808,000 883,060
ZTE Corp. .............................. 356,444 1,881,092
------------
2,764,152
------------
COMPUTERS & PERIPHERALS -- 0.6%
Lenovo Group, Ltd. ..................... 3,846,000 1,712,080
TPV Technology, Ltd. ................... 1,628,000 1,008,303
------------
2,720,383
------------
CONSTRUCTION & ENGINEERING -- 1.1%
China Communications Construction
Co., Ltd. ............................ 3,690,394 3,995,123
China Railway Construction Corp. ....... 762,000 1,012,716
------------
5,007,839
------------
CONSTRUCTION MATERIALS -- 1.1%
Anhui Conch Cement Co., Ltd. ........... 406,000 2,705,776
China National Building Material
Co., Ltd. ............................ 942,000 2,217,028
------------
4,922,804
------------
DISTRIBUTORS -- 0.8%
China Resources Enterprise.............. 1,238,000 3,602,157
------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.7%
China Communications Services
Corp., Ltd. .......................... 1,349,369 738,231
China Telecom Corp., Ltd. .............. 14,452,000 6,825,029
------------
7,563,260
------------
ELECTRICAL EQUIPMENT -- 2.6%
Byd Co., Ltd. (a)....................... 763,400 6,289,390
Dongfang Electrical Machinery
Co., Ltd. ............................ 144,200 727,508
Harbin Power Equipment Co., Ltd. ....... 672,000 634,711
Shanghai Electric Group Co., Ltd. ...... 3,738,000 1,803,875
Suntech Power Holdings Co., Ltd.
ADR (a)(b)............................ 126,350 1,920,520
------------
11,376,004
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.0% (C)
China BAK Battery, Inc. (a)(b).......... 12,810 63,410
------------
ENERGY EQUIPMENT & SERVICES -- 0.5%
China Oilfield Services, Ltd. .......... 2,236,000 2,085,958
------------
FOOD PRODUCTS -- 2.5%
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 1,884,254 1,137,839
China Foods, Ltd. ...................... 1,339 924
China Huiyuan Juice Group, Ltd. ........ 734,948 469,415
China Mengniu Dairy Co., Ltd. (a)....... 999,000 2,557,423
China Milk Products Group, Ltd. (a)..... 1,438,000 515,376
China Yurun Food Group, Ltd. ........... 794,000 1,710,931
People's Food Holdings, Ltd. ........... 1,135,000 612,185
Pine Agritech, Ltd. (a)................. 203,000 26,653
Tingyi Cayman Islands Holding Corp. .... 1,968,000 4,062,942
------------
11,093,688
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2%
China Medical Technologies, Inc.
ADR (b)............................... 24,777 401,883
Mindray Medical International, Ltd.
ADR (b)............................... 9,444 308,252
------------
710,135
------------
HOTELS, RESTAURANTS & LEISURE -- 1.2%
China Travel International Investment
Hong Kong, Ltd. ...................... 2,774,000 547,638
Ctrip.com International, Ltd.
ADR (a)(b)............................ 60,428 3,552,562
Home Inns & Hotels Management, Inc.
ADR (a)(b)............................ 3,376 100,773
Shanghai Jin Jiang International Hotels
Group Co., Ltd. ...................... 3,714,000 1,030,329
------------
5,231,302
------------
HOUSEHOLD DURABLES -- 0.0% (C)
China Digital TV Holding Co., Ltd.
ADR (b)............................... 24,889 179,201
------------
</Table>
See accompanying notes to financial statements.
130
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 1.9%
China Power International Development,
Ltd. (a).............................. 2,440,000 $ 698,937
China Resources Power Holdings Co. ..... 1,194,000 2,776,225
Datang International Power Generation
Co., Ltd. ............................ 3,712,000 1,939,807
Huadian Power International Co. (a)..... 2,238,000 721,931
Huaneng Power International, Inc. ...... 3,714,000 2,458,412
------------
8,595,312
------------
INDUSTRIAL CONGLOMERATES -- 0.6%
Shanghai Industrial Holdings, Ltd. ..... 600,000 2,705,789
------------
INSURANCE -- 10.3%
China Insurance International Holdings
Co., Ltd. (a)......................... 715,000 1,914,342
China Life Insurance Co., Ltd. ......... 7,202,000 31,363,346
PICC Property & Casualty Co., Ltd. (a).. 2,630,000 1,808,750
Ping An Insurance Group Co. of
China, Ltd. .......................... 1,387,500 11,010,413
------------
46,096,851
------------
INTERNET SOFTWARE & SERVICES -- 6.3%
Baidu, Inc. ADR (a)(b).................. 19,517 7,632,123
Giant Interactive Group, Inc. ADR (b)... 31,182 236,048
NetEase.com ADR (a)(b).................. 137,034 6,259,713
SINA Corp. (a)(b)....................... 44,184 1,677,224
Sohu.com, Inc. (a)(b)................... 29,710 2,043,454
Tencent Holdings, Ltd. ................. 631,600 10,276,677
The9, Ltd. ADR (b)...................... 2,383 18,468
------------
28,143,707
------------
IT SERVICES -- 0.2%
Travelsky Technology, Ltd. ............. 985,000 754,950
------------
MACHINERY -- 0.4%
China Infrastructure Machinery
Holdings, Ltd. ....................... 1,148 658
Guangzhou Shipyard International
Co., Ltd. ............................ 136,000 251,291
Weichai Power Co., Ltd. ................ 325,800 1,717,270
------------
1,969,219
------------
MARINE -- 1.8%
China COSCO Holdings Co., Ltd. ......... 2,679,375 3,208,315
China Shipping Container Lines Co.,
Ltd. (a).............................. 4,654,500 1,693,627
China Shipping Development Co., Ltd. ... 1,566,000 1,980,219
Yangzijiang Shipbuilding Holdings,
Ltd. (b).............................. 1,362,000 932,777
------------
7,814,938
------------
MEDIA -- 0.2%
Focus Media Holding, Ltd. ADR (a)(b).... 90,035 993,986
------------
METALS & MINING -- 3.5%
Aluminum Corp. of China, Ltd. (a)....... 3,584,000 3,912,316
Angang Steel Co., Ltd. ................. 1,321,720 2,483,112
Hunan Non-Ferrous Metal Corp.,
Ltd. (a).............................. 1,702,000 480,949
Jiangxi Copper Co., Ltd. ............... 1,576,000 3,526,150
Maanshan Iron & Steel (Class H) (a)..... 2,100,000 1,268,121
Zijin Mining Group Co., Ltd. ........... 3,810,500 3,741,641
------------
15,412,289
------------
MULTILINE RETAIL -- 0.6%
Golden Eagle Retail Group, Ltd. ........ 717,000 1,202,702
Parkson Retail Group, Ltd. ............. 1,044,000 1,546,457
------------
2,749,159
------------
OIL, GAS & CONSUMABLE FUELS -- 18.0%
China Coal Energy Co. .................. 3,493,413 4,570,707
China Petroleum & Chemical Corp. ....... 17,122,000 14,559,129
China Shenhua Energy Co., Ltd. ......... 3,204,500 13,996,339
CNOOC, Ltd. ............................ 14,046,000 18,884,952
CNPC Hong Kong, Ltd. ................... 2,690,000 2,131,160
PetroChina Co., Ltd. ................... 19,822,000 22,405,110
Yanzhou Coal Mining Co., Ltd. .......... 2,372,000 3,421,779
------------
79,969,176
------------
PAPER & FOREST PRODUCTS -- 0.6%
Citic Resources Holdings, Ltd. (a)...... 1,779,200 461,441
Lee & Man Paper Manufacturing, Ltd. .... 420,000 740,279
Nine Dragons Paper Holdings, Ltd. ...... 1,253,000 1,613,531
------------
2,815,251
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.7%
Agile Property Holdings, Ltd. .......... 1,700,000 2,000,503
China Overseas Land &
Investment, Ltd. ..................... 3,377,680 7,304,458
China Resources Land, Ltd. ............. 1,098,000 2,405,667
E-House China Holdings Ltd. (a)(b)...... 41,190 879,818
Greentown China Holdings, Ltd. ......... 560,000 780,382
Guangzhou Investment Co., Ltd. ......... 4,264,000 698,741
Guangzhou R&F Properties Co., Ltd. ..... 1,135,600 1,995,713
Shanghai Forte Land Co. ................ 1,430,000 415,159
Shenzhen Investment, Ltd. .............. 1,839,254 711,965
Shimao Property Holdings, Ltd. ......... 1,247,000 2,114,255
Yanlord Land Group, Ltd. (b)............ 1,046,000 1,692,545
------------
20,999,206
------------
ROAD & RAIL -- 0.2%
Guangshen Railway Co., Ltd. ............ 1,970,000 795,621
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2%
Actions Semiconductor Co., Ltd.
ADR (a)(b)............................ 109,852 291,108
Semiconductor Manufacturing
International Corp. (a)............... 15,463,000 728,253
------------
1,019,361
------------
SOFTWARE -- 0.3%
Shanda Interactive Entertainment, Ltd.
ADR (a)(b)............................ 27,531 1,409,587
------------
SPECIALTY RETAIL -- 0.2%
Xinyu Hengdeli Holdings, Ltd. .......... 3,127,360 863,549
------------
</Table>
See accompanying notes to financial statements.
131
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TEXTILES, APPAREL & LUXURY GOODS -- 0.9 %
Li Ning Co., Ltd. ...................... 791,500 $ 2,435,762
Ports Design, Ltd. ..................... 369,500 923,029
Weiqiao Textile Co. .................... 830,500 514,371
------------
3,873,162
TRANSPORTATION INFRASTRUCTURE -- 2.8%
Anhui Expressway Co., Ltd. ............. 1,378,000 814,348
Beijing Capital International Airport
Co., Ltd. (a)......................... 1,968,000 1,223,961
China Merchants Holdings International
Co., Ltd. ............................ 1,131,100 3,750,849
COSCO Pacific, Ltd. .................... 1,250,083 1,793,656
Dalian Port PDA Co., Ltd. .............. 1,232,000 507,104
Jiangsu Expressway Co. ................. 1,834,000 1,505,054
Shenzhen Expressway Co., Ltd. .......... 1,702,000 834,524
Zhejiang Expressway Co., Ltd. .......... 2,100,000 1,839,859
------------
12,269,355
WATER UTILITIES -- 0.3%
Guangdong Investment, Ltd. ............. 2,702,000 1,331,816
WIRELESS TELECOMMUNICATION SERVICES -- 11.4%
China Mobile, Ltd. ..................... 4,674,000 45,593,822
China Unicom, Ltd. ..................... 3,508,492 4,970,709
------------
50,564,531
------------
TOTAL COMMON STOCKS --
(Cost $410,585,090)................... 441,018,530
SHORT TERM INVESTMENTS -- 3.5%
UNITED STATES -- 3.5%
MONEY MARKET FUNDS -- 3.5%
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 14,881,217 14,881,217
AIM Prime Money Market Fund............. 985,257 985,257
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $15,866,474).................... 15,866,474
------------
TOTAL INVESTMENTS -- 102.5%
(Cost $426,451,564)................... 456,885,004
OTHER ASSETS AND
LIABILITIES -- (2.5)%................. (11,346,291)
------------
NET ASSETS -- 100.0%.................... $445,538,713
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 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.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
132
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 94.4%
BRAZIL -- 16.5%
Aracruz Celulose SA ADR (a)(b).......... 2,266 $ 50,441
Banco Bradesco SA ADR (b)............... 54,335 1,080,723
Banco do Brasil SA...................... 12,465 218,501
Bradespar SA Preference Shares.......... 11,023 201,701
Brasil Telecom Participacoes SA
ADR (b)............................... 3,120 166,296
Braskem SA Preference Shares
ADR (a)(b)............................ 4,552 57,310
BRF -- Brasil Foods SA ADR (a).......... 3,111 165,661
Centrais Eletricas Brasileiras SA
ADR (b)............................... 14,579 225,444
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (b)........... 2,879 162,088
Companhia de Bebidas das Americas
Preference Shares ADR (b)............. 7,540 620,240
Companhia de Saneamento Basico do Estado
de Sao Paulo.......................... 5,782 110,668
Companhia Energetica de Minas Gerais
ADR (b)............................... 16,032 243,686
Companhia Siderurgica Nacional SA
ADR (b)............................... 18,644 570,506
Cosan SA Industria e Comercio (a)....... 4,358 47,846
Cyrela Brazil Realty SA................. 12,284 158,928
Cyrela Commercial Properties SA
Empreendimentos e Participacoes....... 1,151 6,712
Duratex SA Preference Shares............ 4,761 74,958
Empresa Brasileira de Aeronautica
SA (a)................................ 18,760 107,931
Gerdau SA ADR (b)....................... 27,769 373,215
Investimentos Itau SA................... 20,119 129,753
Investimentos Itau SA Preference
Shares................................ 107,416 646,329
Itau Unibanco Banco Multiplo SA
ADR (b)............................... 87,490 1,762,923
Lojas Americanas SA Preference Shares... 10,798 72,488
Lojas Renner SA......................... 7,948 138,564
Metalurgica Gerdau SA Preference
Shares................................ 13,689 227,817
MMX Mineracao e Metalicos SA (a)........ 3,706 22,674
Natura Cosmeticos SA.................... 6,715 120,422
Petroleo Brasileiro SA ADR (b)(c)....... 54,323 2,135,437
Petroleo Brasileiro SA ADR (b)(c)....... 40,535 1,860,556
Souza Cruz SA........................... 4,433 154,792
Tam SA ADR (a)(b)....................... 3,468 44,772
Tim Participacoes SA ADR (b)............ 3,435 84,501
Tractebel Energia SA ADR (b)............ 5,853 68,714
Usinas Siderurgicas de Minas Gerais SA
ADR (b)............................... 10,910 286,957
Vale SA Preference Shares ADR (b)(c).... 70,260 1,441,033
Vale SA ADR (b)(c)...................... 54,546 1,261,649
Vivo Participacoes SA Preference
Shares................................ 7,166 179,794
Vivo Participacoes SA, ADR.............. 3,034 76,609
Votorantim Celulose e Papel SA
ADR (a)(b)............................ 5,115 83,937
Weg SA.................................. 10,894 103,217
------------
TOTAL BRAZIL............................ 15,545,793
------------
CHILE -- 1.8%
Administradora de Fondos de Pensiones
Caprum SA............................. 2,584 78,431
Antarchile SA........................... 7,805 125,828
Cementos Bio-Bio SA..................... 36,656 74,951
Companhia General de Electricidad....... 17,576 109,091
Empresa Nacional de Electricidad SA
ADR (b)............................... 4,291 201,119
Empresas COPEC SA....................... 17,977 231,002
Enersis SA ADR.......................... 10,490 193,540
Farmacias Ahumada SA.................... 30,715 63,362
Lan Airlines SA ADR (b)................. 6,910 91,074
Parque Arauco SA........................ 100,523 94,092
SACI Falabella.......................... 54,485 239,647
Vina Concha y Toro SA ADR (b)........... 2,814 117,203
Vina San Pedro SA....................... 12,577,820 93,728
------------
TOTAL CHILE............................. 1,713,068
------------
CHINA -- 13.1%
AAC Acoustic Technology
Holdings, Inc. ....................... 64,000 69,945
Air China, Ltd. (a)..................... 92,000 53,063
Aluminum Corp. of China, Ltd. (a)....... 158,000 172,474
Angang Steel Co., Ltd. ................. 34,640 65,078
Anhui Conch Cement Co., Ltd. ........... 32,000 213,263
Baidu, Inc. ADR (b)(a).................. 1,055 412,558
Bank of China, Ltd. .................... 789,000 415,368
Bank of Communications Co., Ltd. ....... 210,000 255,792
Beijing Capital International Airport
Co., Ltd. (a)......................... 96,000 59,705
China CITIC Bank........................ 182,000 120,002
China Coal Energy Co. .................. 159,000 208,032
China Communications Construction
Co., Ltd. ............................ 149,000 161,304
China Construction Bank Corp. .......... 1,089,000 869,789
China COSCO Holdings Co., Ltd. ......... 114,925 137,613
China Life Insurance Co., Ltd. ......... 276,000 1,201,928
China Mengniu Dairy Co., Ltd. (a)....... 45,000 115,199
China Merchants Bank Co., Ltd. ......... 126,500 282,052
China Oilfield Services, Ltd. .......... 124,000 115,679
China Petroleum & Chemical Corp. ....... 622,000 528,897
China Railway Construction Corp. ....... 80,000 106,322
China Railway Group, Ltd. (a)........... 143,000 122,887
China Shenhua Energy Co., Ltd. ......... 127,000 554,700
China Shipping Container Lines Co.,
Ltd. (a).............................. 260,350 94,733
China Shipping Development Co., Ltd. ... 64,000 80,929
China Telecom Corp., Ltd. .............. 570,000 269,185
CNPC Hong Kong, Ltd. ................... 160,000 126,761
Ctrip.com International, Ltd.
ADR (a)(b)............................ 3,238 190,362
Datang International Power Generation
Co., Ltd. ............................ 192,000 100,335
Dongfang Electrical Machinery
Co., Ltd. ............................ 2,800 14,126
</Table>
See accompanying notes to financial statements.
133
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Dongfeng Motor Group Co., Ltd. ......... 160,000 $ 170,115
Focus Media Holding, Ltd. ADR (a)(b).... 3,610 39,854
Guangshen Railway Co., Ltd. ............ 128,000 51,695
Guangzhou R&F Properties Co., Ltd. ..... 57,600 101,227
Harbin Power Equipment Co., Ltd. ....... 32,000 30,224
Huadian Power International Co. (a)..... 192,000 61,935
Huaneng Power International, Inc. ...... 160,000 105,909
Industrial & Commercial Bank of China... 1,441,000 1,085,856
Jiangsu Expressway Co. ................. 98,000 80,423
Jiangxi Copper Co., Ltd. ............... 34,000 76,072
Li Ning Co., Ltd. ...................... 32,000 98,477
Maanshan Iron & Steel (a)............... 96,000 57,971
NetEase.com ADR (b)(a).................. 3,822 174,589
Nine Dragons Paper Holdings, Ltd. ...... 48,000 61,811
Parkson Retail Group, Ltd. ............. 38,634 57,228
PetroChina Co., Ltd. ................... 696,000 786,699
PICC Property & Casualty Co., Ltd. (a).. 128,000 88,030
Pine Agritech, Ltd. (a)................. 131,000 17,200
Ping An Insurance Group Co. of
China, Ltd. .......................... 48,000 380,901
Shanghai Electric Group Co., Ltd. ...... 160,000 77,212
Shenzhen Expressway Co., Ltd. .......... 128,000 62,761
SINA Corp. (b)(a)....................... 1,837 69,733
Sinopec Shanghai Petrochemical Co.,
Ltd. (a).............................. 128,000 53,347
Sinotrans, Ltd. ........................ 160,000 37,780
Suntech Power Holdings Co., Ltd.
ADR (a)(b)............................ 3,111 47,287
Tencent Holdings, Ltd. ................. 32,000 520,668
Tingyi Cayman Islands Holding Corp. .... 96,000 198,192
TPV Technology, Ltd. ................... 128,000 79,277
Travelsky Technology, Ltd. ............. 77,000 59,016
Weiqiao Textile Co. .................... 40,500 25,084
Yanzhou Coal Mining Co., Ltd. .......... 96,000 138,487
Zhejiang Expressway Co., Ltd. .......... 122,000 106,887
Zijin Mining Group Co., Ltd. ........... 130,000 127,651
ZTE Corp. .............................. 23,752 125,348
------------
TOTAL CHINA............................. 12,373,027
------------
CZECH REPUBLIC -- 0.7%
CEZ AS.................................. 6,682 354,992
Komercni Banka AS....................... 727 144,416
Telefonica O2 Czech Republic AS......... 4,696 115,792
Unipetrol (a)........................... 4,760 38,757
------------
TOTAL CZECH REPUBLIC.................... 653,957
------------
EGYPT -- 0.8%
Commercial International Bank........... 18,428 194,161
Egyptian Co. for Mobile Services........ 2,937 117,859
Egyptian Financial Group-Hermes
Holding............................... 11,504 62,496
Egyptian Kuwait Holding Co. ............ 14,773 35,898
Orascom Construction Industries......... 4,634 196,242
Orascom Telecom Holding SAE (a)......... 4,909 31,228
Orascom Telecom Holding SAE GDR (a)(c).. 3,015 93,736
Orascom Telecom Holding SAE GDR (b)(c).. 200 6,218
------------
TOTAL EGYPT............................. 737,838
------------
HONG KONG -- 4.8%
Agile Property Holdings, Ltd. .......... 96,000 112,970
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 92,550 55,888
China Merchants Holdings International
Co., Ltd. ............................ 33,050 109,597
China Mobile, Ltd. ..................... 178,500 1,741,227
China Overseas Land &
Investment, Ltd. ..................... 131,200 283,729
China Power International Development,
Ltd. (a).............................. 160,000 45,832
China Resources Enterprise.............. 32,000 93,109
China Resources Land, Ltd. ............. 64,000 140,221
China Resources Power Holdings Co. ..... 69,600 161,830
China Travel International Investment
Hong Kong, Ltd. ...................... 154,000 30,402
China Unicom, Ltd. ..................... 133,668 189,376
Citic Pacific, Ltd. .................... 27,000 70,896
CNOOC, Ltd. ............................ 610,000 820,150
COSCO Pacific, Ltd. .................... 64,691 92,821
Denway Motors, Ltd. .................... 220,000 97,935
Guangdong Investment, Ltd. ............. 130,000 64,077
Guangzhou Investment Co., Ltd. ......... 222,000 36,379
Kingboard Chemical Holdings, Ltd. ...... 23,000 87,399
Lenovo Group, Ltd. ..................... 218,000 97,045
Semiconductor Manufacturing
International Corp. (a)............... 540,000 25,432
Shimao Property Holdings, Ltd. ......... 48,000 81,383
Xinyu Hengdeli Holdings, Ltd. .......... 372,000 102,719
------------
TOTAL HONG KONG......................... 4,540,417
------------
HUNGARY -- 0.8%
FHB Mortgage Bank NyRt (a).............. 10,878 77,102
MOL Hungarian Oil and Gas NyRt (a)...... 2,670 222,040
OTP Bank NyRt (b)(a).................... 9,661 274,531
Richter Gedeon NyRt (b)................. 791 163,060
Tiszai Vegyi Kominat NyRt............... 1,124 17,484
------------
TOTAL HUNGARY........................... 754,217
------------
INDIA -- 9.1%
Ambuja Cements Ltd, GDR................. 17,217 35,665
Ambuja Cements, Ltd. ................... 3,954 8,191
Anant Raj Industries, Ltd. ............. 24,206 77,013
Bajaj Holdings & Investment, Ltd. ...... 1,353 11,663
BF Utilities, Ltd. (a).................. 5,559 103,490
Bharat Heavy Electricals, Ltd. ......... 5,618 270,909
Bharti Airtel, Ltd. .................... 73,314 637,049
Cipla, Ltd. ............................ 19,179 111,434
Dr. Reddy's Laboratories, Ltd. ADR (b).. 5,944 115,908
Gail India, Ltd. ....................... 21,101 157,035
Godrej Industries, Ltd. ................ 10,308 42,053
Grasim Industries Ltd, GDR (e).......... 731 42,332
</Table>
See accompanying notes to financial statements.
134
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grasim Industries, Ltd. (e)............. 168 $ 9,687
HCL Technologies, Ltd. ................. 5,395 38,299
HDFC Bank, Ltd. ........................ 7,769 267,284
Hero Honda Motors, Ltd. ................ 6,137 214,977
Hindustan Unilever, Ltd. ............... 48,724 264,916
Housing Development Finance
Corp., Ltd. .......................... 8,339 479,295
ICICI Bank, Ltd. ADR (b)................ 9,229 355,870
India Infoline, Ltd. ................... 75,513 233,893
Indian Hotels Co., Ltd. ................ 26,379 42,224
Infosys Technologies, Ltd. ADR (b)...... 16,069 779,186
ITC, Ltd. .............................. 1,500 7,247
ITC, Ltd. GDR (c)....................... 200 969
ITC, Ltd. GDR (c)....................... 2,611 12,663
ITC, Ltd. GDR (c)(e).................... 22,171 107,410
Jai Corp., Ltd. (a)..................... 24,090 117,483
Larsen & Toubro, Ltd. GDR............... 6,576 229,502
Mahindra & Mahindra, Ltd. GDR........... 5,636 101,504
Maruti Udyog, Ltd. ..................... 4,630 164,487
Mercator Lines, Ltd. ................... 63,932 83,595
Monnet Ispat, Ltd. ..................... 2,432 18,948
Oil & Natural Gas Corp., Ltd. .......... 13,729 333,072
Reliance Capital, Ltd. ................. 2,430 46,438
Reliance Communications, Ltd. (a)....... 29,876 191,721
Reliance Industries, Ltd. GDR (a)(e).... 12,739 1,173,262
Reliance Infrastructure, Ltd. .......... 7,137 182,353
Reliance Mediaworks, Ltd. (a)........... 22,121 160,487
Siemens India, Ltd. .................... 6,509 75,367
State Bank of India GDR................. 1,495 135,895
Suzlon Energy, Ltd. (a)................. 132,884 253,172
Tata Consultancy Services, Ltd. ........ 13,236 170,537
Tata Motors, Ltd. ADR (b)............... 7,703 99,831
Tata Power Co., Ltd. ................... 5,894 160,812
Tata Steel, Ltd. ....................... 10,346 109,493
Unitech, Ltd. .......................... 45,285 101,104
United Breweries Holdings, Ltd. ........ 6,486 26,224
Wipro, Ltd. ADR (b)..................... 9,677 173,702
------------
TOTAL INDIA............................. 8,535,651
------------
INDONESIA -- 2.1%
Astra International Tbk PT.............. 97,000 334,708
Bank Central Asia Tbk PT................ 568,000 271,805
Bank Danamon Indonesia Tbk PT........... 120,210 61,566
Bank Mandiri Persero Tbk PT............. 300,000 145,887
Bank Rakyat Indonesia Tbk PT............ 259,500 201,371
Barito Pacific Tbk PT (a)............... 271,000 42,900
Bumi Resources Tbk PT................... 488,500 163,002
Indofood Sukses Makmur Tbk PT........... 359,000 112,362
Indosat Tbk PT.......................... 70,500 39,754
Kalbe Farma Tbk PT...................... 393,500 54,150
Medco Energi Internasional Tbk PT....... 186,500 55,960
Perusahaan Gas Negara Tbk PT............ 409,500 154,648
Telekomunikasi Indonesia Tbk PT......... 206,000 184,366
United Tractors Tbk PT.................. 105,500 170,285
------------
TOTAL INDONESIA......................... 1,992,764
------------
ISRAEL -- 3.4%
Avner Oil & Gas, Ltd. LP................ 945,625 275,437
Bank Hapoalim BM (a).................... 43,266 153,519
Bank Leumi Le-Israel BM (a)............. 44,092 168,709
Check Point Software
Technologies (b)(a)................... 7,283 206,473
Formula Systems (1985), Ltd. ........... 5,732 52,243
Israel Chemicals, Ltd. ................. 19,905 227,169
Israel Discount Bank, Ltd. ............. 38,025 71,590
Koor Industries, Ltd. .................. 990 29,098
Makhteshim-Agan Industries, Ltd. ....... 17,174 77,309
Mizrahi Tefahot Bank, Ltd. (a).......... 14,694 124,781
NICE Systems, Ltd. (a).................. 3,048 91,041
Ormat Industries, Ltd. ................. 8,644 72,329
Partner Communications Company, Ltd. ... 5,813 109,595
Retalix, Ltd. (a)....................... 3,948 40,144
Teva Pharmaceutical Industries, Ltd. ... 28,723 1,438,242
The Israel Corp., Ltd. (a).............. 144 86,556
------------
TOTAL ISRAEL............................ 3,224,235
------------
JORDAN -- 0.2%
Arab Bank PLC........................... 9,195 179,747
------------
MALAYSIA -- 2.5%
Aeon Co. Bhd............................ 114,300 156,869
Alliance Financial Group Bhd............ 123,700 90,782
Berjaya Sports Toto Bhd................. 60,000 76,799
Bintulu Port Holdings Bhd............... 52,394 92,496
Bursa Malaysia Bhd...................... 25,293 59,706
Carlsberg Brewery Bhd................... 183,497 222,678
Dialog Group Bhd........................ 186,700 66,351
Digi.Com Bhd............................ 16,000 99,023
Genting Bhd............................. 96,600 191,470
IGB Corp. Bhd (a)....................... 130,200 67,338
IOI Corp. Bhd........................... 145,900 219,208
KFC Holdings Bhd........................ 63,000 138,342
KNM Group Bhd........................... 309,650 66,654
Malaysian Airline System Bhd (a)........ 84,900 73,101
Malaysian Resources Corp. Bhd (a)....... 130,100 51,123
Multi Purpose Holdings Bhd.............. 91,960 49,421
Naim Cendera Holding Bhd................ 78,287 65,145
OSK Holdings Bhd........................ 118,800 49,428
OSK Property Holdings Bhd............... 10,764 1,648
OSK Ventures International Bhd (a)...... 18,000 2,470
Padiberas Nasional Bhd.................. 166,700 88,624
Resorts World Bhd....................... 12,600 9,975
Sarawake Energy Bhd..................... 141,234 88,960
SP Setia Bhd............................ 78,300 91,173
Sunrise Bhd (a)......................... 129,776 80,993
Ta Enterprise Bhd....................... 156,900 64,374
Tebrau Teguh Bhd (a).................... 11,000 2,272
UEM Land Holdings Bhd (a)............... 32,325 14,570
WCT Engineering Bhd..................... 144,600 116,984
------------
TOTAL MALAYSIA.......................... 2,397,977
------------
MEXICO -- 5.4%
Alfa SAB de CV (b)...................... 17,027 81,384
America Movil SAB de CV................. 750,610 1,642,381
Axtel, SAB de CV (a).................... 52,165 38,897
Cemex SAB de CV (a)..................... 291,537 376,049
Coca-Cola Femsa SAB de CV............... 26,276 125,999
Consorcio ARA SAB de CV (b)(a).......... 51,829 31,086
Corporacion GEO SAB de CV (a)........... 22,007 59,804
</Table>
See accompanying notes to financial statements.
135
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Desarrolladora Homex SAB de CV (a)(b)... 9,676 $ 60,742
Empresas ICA SAB de CV (a).............. 21,249 50,034
Fomento Economico Mexicano SAB de CV.... 78,831 299,970
Grupo Aeroportuario del Sureste SAB de
CV (b)................................ 20,536 87,739
Grupo Bimbo SAB de CV (b)............... 25,452 141,667
Grupo Elektra SA de CV.................. 3,757 148,832
Grupo Financiero Banorte SAB de CV (b).. 53,414 178,612
Grupo Iusacell SA de CV (a)............. 618 2,091
Grupo Mexico SAB de CV (a).............. 176,738 325,599
Grupo Modelo SAB de CV (a).............. 29,841 111,784
Grupo Televisa SA de CV................. 60,549 223,902
Impulsora Del Desarrollo Y El Empleo en
America Latina SA de CV (a)........... 53,958 50,222
Industrias CH SAB, Series B (a)......... 13,866 48,574
Industrias Penoles SA de CV (b)......... 4,805 80,163
Kimberly-Clark de Mexico SAB de CV...... 27,947 115,905
Sare Holding SAB de CV (Class B) (a).... 61,630 23,958
Telefonos de Mexico SA de CV (b)........ 216,265 188,800
Telmex Internacional SAB de CV.......... 291,000 203,623
TV Azteca SAB de CV..................... 119,235 51,649
Urbi Desarrollos Urbanos SA de
CV (a)(b)............................. 23,223 47,048
Wal-Mart de Mexico SAB de CV (b)........ 98,231 340,406
------------
TOTAL MEXICO............................ 5,136,920
------------
MOROCCO -- 0.7%
Banque Marocaine du Commerce Exterieur.. 8,439 258,691
Banque Marocaine pour le Commerce et
l'Industrie SA (c)(d)(a).............. 31 3,031
Banque Marocaine pour le Commerce et
l'Industrie SA (c).................... 724 70,782
Douja Promotion Groupe Addoha SA........ 4,737 73,793
Holcim Maroc SA......................... 452 109,892
ONA SA.................................. 814 136,333
------------
TOTAL MOROCCO........................... 652,522
------------
PERU -- 0.9%
Compania de Minas Buenaventura SA....... 8,595 300,327
Credicorp, Ltd. ........................ 3,107 241,600
Southern Copper Corp. (b)............... 8,076 247,853
Volcan Compania Minera SAA (Class
B) (a)................................ 74,533 95,664
------------
TOTAL PERU.............................. 885,444
------------
PHILIPPINES -- 0.5%
Ayala Land, Inc. ....................... 414,780 100,675
Banco de Oro Universal Bank............. 71,800 52,282
Bank of the Philippine Islands.......... 123,780 117,562
Filinvest Land, Inc. ................... 1,887,000 37,437
Philippine Long Distance
Telephone Co. ........................ 3,230 164,295
------------
TOTAL PHILIPPINES....................... 472,251
------------
POLAND -- 1.3%
Asseco Poland SA........................ 2,249 47,953
Bank BPH SA (a)......................... 532 11,784
Bank Pekao SA (a)....................... 4,579 240,135
Bioton SA (a)........................... 105,311 9,447
BRE Bank SA (a)......................... 566 46,887
Cersanit Krasnystaw SA (a).............. 5,248 29,170
Getin Holding SA (a).................... 8,965 28,147
Globe Trade Centre SA (a)............... 5,621 46,738
Grupa Lotos SA (a)...................... 3,425 28,939
KGHM Polska Miedz SA.................... 4,911 146,395
Orbis SA (a)............................ 2,346 39,256
PBG SA (a).............................. 631 45,718
Polimex Mostostal SA.................... 21,963 29,553
Polski Koncern Naftowy Orlen GDR (a).... 6,862 137,240
Powszechna Kasa Oszczednosci Bank
Polski SA............................. 14,648 169,556
Telekomunikacja Polska SA............... 30,051 163,817
------------
TOTAL POLAND............................ 1,220,735
------------
RUSSIA -- 7.1%
Comstar United Telesystems GDR.......... 14,193 74,513
Gazprom OAO ADR......................... 113,343 2,635,225
JSC MMC Norilsk Nickel ADR (a).......... 29,998 371,975
LUKOIL ADR.............................. 18,236 988,391
Mechel OAO ADR (b)...................... 5,362 96,409
Mobile TeleSystems ADR.................. 7,171 346,144
NovaTek OAO GDR......................... 3,696 182,213
OAO Rosneft Oil Co. GDR................. 46,841 352,244
Polyus Gold Co. ADR (a)................. 6,100 139,141
Rostelecom ADR (b)...................... 3,171 93,101
Severstal GDR........................... 10,571 81,503
Surgutneftegaz ADR...................... 79,686 682,112
Tatneft GDR............................. 9,284 229,779
Vimpel-Communications ADR (a)........... 16,099 301,051
VTB Bank OJSC GDR (e)................... 24,270 89,799
Wimm-Bill-Dann Foods OJSC ADR (b)(a).... 921 65,861
------------
TOTAL RUSSIA............................ 6,729,461
------------
SOUTH AFRICA -- 9.0%
ABSA Group, Ltd. ....................... 11,005 174,279
Adcock Ingram Holdings, Ltd. ........... 3,385 21,442
Adcorp Holdings, Ltd. .................. 14,615 53,117
Afgri, Ltd. ............................ 80,545 61,332
African Bank Investments, Ltd. ......... 46,196 179,846
African Rainbow Minerals, Ltd. ......... 5,331 105,530
Allied Electronics Corp., Ltd. (a)...... 18,656 65,244
Anglo Platinum, Ltd. (a)................ 2,074 182,561
AngloGold Ashanti, Ltd. ................ 8,058 320,619
Aquarius Platinum, Ltd. (a)............. 13,381 59,494
ArcelorMittal South Africa, Ltd. ....... 6,818 107,972
Aspen Pharmacare Holdings, Ltd. (a)..... 20,533 167,597
Aveng, Ltd. ............................ 18,056 103,058
Avusa, Ltd. ............................ 3,129 7,792
Barloworld, Ltd. ....................... 7,725 49,954
Bidvest Group, Ltd. .................... 11,325 177,180
Business Connexion Group, Ltd. (a)...... 66,476 42,548
Cadiz Holdings.......................... 43,499 17,222
</Table>
See accompanying notes to financial statements.
136
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Coronation Fund Managers, Ltd. ......... 62,133 $ 63,137
Discovery Holdings, Ltd. ............... 10,177 39,217
ElementOne, Ltd. (a).................... 6,197 10,223
Eqstra Holdings, Ltd. (a)............... 7,008 6,742
FirstRand, Ltd. ........................ 171,950 374,648
Foschini, Ltd. ......................... 10,182 83,310
Freeworld Coatings, Ltd. ............... 9,065 10,743
Gold Fields, Ltd. ...................... 24,289 325,349
Grindrod, Ltd. ......................... 30,389 63,766
Group Five, Ltd. ....................... 8,627 50,037
Harmony Gold Mining Co., Ltd. .......... 7,267 76,722
Impala Platinum Holdings, Ltd. ......... 21,086 486,975
Imperial Holdings, Ltd. ................ 5,960 62,789
Investec, Ltd. ......................... 6,589 49,677
Invicta Holdings, Ltd. ................. 18,434 53,690
JD Group, Ltd. ......................... 6,488 38,187
Kagiso Media, Ltd. ..................... 33,820 60,030
Kumba Iron Ore, Ltd. ................... 1,883 61,628
Lewis Group, Ltd. ...................... 7,805 57,156
Massmart Holdings, Ltd. ................ 10,376 120,664
Metorex, Ltd. (a)....................... 22,511 9,804
MTN Group, Ltd. ........................ 59,413 957,743
Murray & Roberts Holdings, Ltd. ........ 15,975 125,123
Mvelaphanda Resources, Ltd. (a)......... 8,337 41,798
Naspers, Ltd. .......................... 14,336 485,598
Nedbank Group, Ltd. .................... 16,716 263,618
Netcare, Ltd. (a)....................... 67,962 93,008
Pretoria Portland Cement Co., Ltd. ..... 6,616 29,598
PSG Group, Ltd. ........................ 13,464 41,578
Reinet Investments SCA ADR (a).......... 5,433 7,528
Remgro, Ltd. ........................... 13,946 163,064
RMB Holdings, Ltd. ..................... 30,921 111,483
Sanlam, Ltd. ........................... 67,356 182,312
Sappi, Ltd. ............................ 9,177 34,274
Sasol, Ltd. ............................ 16,423 612,056
Shoprite Holdings, Ltd. ................ 25,745 210,649
Standard Bank Group, Ltd. .............. 33,472 429,140
Steinhoff International
Holdings, Ltd. ....................... 50,578 110,134
Sun International, Ltd. (a)............. 5,371 62,233
Super Group, Ltd. (a)................... 42,424 4,759
Telkom SA, Ltd. ........................ 8,692 49,577
Tiger Brands, Ltd. ..................... 6,345 126,021
Truworths International, Ltd. .......... 23,479 131,687
Wilson Bayly Holmes-Ovcon, Ltd. ........ 7,478 124,533
Woolworths Holdings, Ltd. .............. 41,440 88,321
------------
TOTAL SOUTH AFRICA...................... 8,487,116
------------
TAIWAN -- 10.2%
Acer, Inc. ............................. 83,640 213,341
Advanced Semiconductor
Engineering, Inc. .................... 164,365 135,233
Asustek Computer, Inc. ................. 94,932 163,004
AU Optronics Corp. ADR (b).............. 35,767 346,225
Cathay Financial Holding Co., Ltd. (a).. 125,550 208,547
Chang Hwa Commercial Bank............... 179,000 82,128
Chi Mei Optoelectronics Corp.
GDR (a)(c)............................ 7,625 40,084
Chi Mei Optoelectronics Corp.
GDR (a)(c)............................ 1,936 10,177
China Development Financial Holding
Corp. (a)............................. 381,758 101,531
China Steel Chemical Corp. ............. 123,345 328,429
China Steel Corp. ...................... 222,719 207,145
Chinatrust Financial Holding
Co., Ltd. ............................ 244,290 158,437
Chunghwa Telecom Co., Ltd. ............. 109,655 197,494
CMC Magnetics Corp. (a)................. 99,000 25,529
Compal Electronics, Inc. ............... 165,342 192,611
Delta Electronics, Inc. ................ 63,340 180,279
Elite Semiconductor Memory
Technology, Inc. ..................... 53,750 85,103
Epistar Corp. .......................... 19,850 71,625
Far Eastern Textile Co., Ltd. .......... 153,063 179,497
Formosa Chemicals & Fibre Corp. ........ 84,460 162,362
Formosa Plastics Corp. ................. 131,610 268,149
Foxconn Technology Co., Ltd. ........... 30,318 86,009
Fubon Financial Holding Co., Ltd. (a)... 179,000 202,118
Giant Manufacturing Co., Ltd. .......... 90,960 245,876
Grape King, Inc. ....................... 85,000 93,334
High Tech Computer Corp. ............... 29,578 324,780
Hon Hai Precision Industry Co., Ltd. ... 125,564 503,850
Hotai Motor Co., Ltd. .................. 41,000 100,115
Hua Nan Financial Holdings Co., Ltd. ... 165,376 103,913
Innolux Display Corp. .................. 59,431 75,611
Lite-On Technology Corp. ............... 84,313 110,545
MediaTek, Inc. ......................... 16,283 271,485
Mosel Vitelic, Inc. (a)(d).............. 11,000 2,806
Nan Ya Plastics Corp. .................. 126,690 207,288
National Petroleum Co., Ltd. ........... 180,000 174,972
Novatek Microelectronics Corp., Ltd. ... 16,225 38,357
POU Chen Corp. ......................... 117,207 75,834
Powerchip Semiconductor Corp. (a)....... 193,660 17,831
Powertech Technology, Inc. ............. 27,714 83,276
Precision Silicon Corp. (a)............. 13,098 14,321
ProMOS Technologies, Inc. (a)........... 183,000 8,937
Quanta Computer, Inc. .................. 107,664 226,058
Shin Kong Financial Holding Co.,
Ltd. (a).............................. 112,883 44,945
Siliconware Precision Industries Co. ... 82,578 116,618
SinoPac Financial Holdings Co.,
Ltd. (a).............................. 259,000 106,346
Solar Applied Materials
Technology Corp. ..................... 54,611 123,158
Taishin Financial Holdings Co.,
Ltd. (a).............................. 221,000 96,242
Taiwan Cement Corp. .................... 122,681 137,762
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 166,822 1,828,369
Taiwan Tea Corp. (a).................... 45,885 30,616
Tatung Co., Ltd. (a).................... 198,000 45,146
Tripod Technology Corp. ................ 26,244 67,267
United Microelectronics Corp.
ADR (a)(b)............................ 121,217 460,625
Visual Photonics Epitaxy Co., Ltd. (a).. 41,924 86,070
Wistron Corp. .......................... 63,635 118,370
------------
TOTAL TAIWAN............................ 9,585,780
------------
THAILAND -- 1.6%
Advanced Info Service PCL............... 58,215 164,225
Bangkok Expressway PCL.................. 167,059 92,505
</Table>
See accompanying notes to financial statements.
137
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Banpu PCL............................... 6,808 $ 87,214
Electricity Generating PCL (Foreign
ownership limit)...................... 37,784 87,081
IRPC PCL................................ 426,758 55,436
Kasikornbank PCL........................ 27,600 68,153
PTT Exploration & Production PCL........ 51,898 224,462
PTT PCL................................. 35,224 276,225
Siam Cement PCL......................... 18,900 125,585
Siam Commercial Bank PCL................ 55,102 140,188
Thai Oil PCL............................ 52,595 71,234
Tisco Financial Group PCL............... 81,775 56,051
TMB Bank PCL (a)........................ 2,135,517 76,063
------------
TOTAL THAILAND.......................... 1,524,422
TURKEY -- 1.8%
Akbank TAS.............................. 36,258 209,788
Anadolu Efes Biracilik Ve Malt
Sanayii AS............................ 10,393 113,275
Dogan Sirketler Grubu Holdings AS (a)... 69,952 52,710
Dogan Yayin Holding AS (a).............. 23,147 16,819
Eregli Demir ve Celik Fabrikalari
TAS (a)............................... 23,466 101,041
Haci Omer Sabanci Holding AS............ 25,790 99,770
KOC Holding AS (a)...................... 36,856 96,706
Migros Ticaret AS (a)................... 407 5,531
Tupras-Turkiye Petrol Rafinerileri AS... 5,859 96,970
Turkcell Iletisim Hizmet AS............. 22,221 158,470
Turkiye Garanti Bankasi AS.............. 112,940 425,515
Turkiye Is Bankasi...................... 41,324 161,254
Ulker Biskuvi Sanayi AS................. 24,550 59,131
Yapi ve Kredi Bankasi AS (a)............ 38,848 84,682
------------
TOTAL TURKEY............................ 1,681,662
UNITED KINGDOM -- 0.1%
British American Tobacco PLC............ 3,465 107,464
------------
TOTAL COMMON STOCKS --
(Cost $80,551,052).................... 89,132,468
RIGHTS -- 0.0% (F)
SOUTH AFRICA -- 0.0% (F)
Paladin Capital, Ltd.
(expiring 10/07/09) (a)
(Cost $0)............................. 5,654 179
SHORT TERM INVESTMENTS -- 12.4%
UNITED STATES -- 12.4%
MONEY MARKET FUNDS -- 12.4%
State Street Navigator Securities
Lending Prime Portfolio (g)(h)........ 8,846,869 8,846,869
AIM Prime Money Market Fund............. 2,814,325 2,814,325
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $11,661,194).................... 11,661,194
------------
TOTAL INVESTMENTS -- 106.8%
(Cost $92,212,246).................... 100,793,841
OTHER ASSETS AND
LIABILITIES -- (6.8)%................. (6,399,002)
------------
NET ASSETS -- 100.0%.................... $ 94,394,839
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Reflects separate holdings of the issuer's common stock traded on
different securities exchanges.
(d) Securities are valued at fair value as determined in good faith by the
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Securities' values are determined
based on Level 2 inputs. (Note 2)
(e) Security purchased pursuant to Rule 144A of the Securities Act of
1933. These securities, which represent 1.5% of net assets as of
September 30, 2009, are considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(f) Amount shown represents less than 0.05% of net assets.
(g) Affiliated Fund managed by SSgA Funds Management, Inc.
(h) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At September 30, 2009, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Index Future...... 10/29/2009 198 $5,415,300 $5,273,333 $141,967
</Table>
See accompanying notes to financial statements.
138
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
BRAZIL -- 28.1%
Banco Bradesco SA ADR (a)............... 690,325 $ 13,730,564
Companhia de Bebidas das Americas
ADR (a)............................... 70,168 5,772,020
Companhia Energetica de Minas Gerais
ADR (a)............................... 163,122 2,479,455
Companhia Siderurgica Nacional SA
ADR (a)............................... 188,646 5,772,568
Gerdau SA ADR (a)....................... 275,903 3,708,136
Itau Unibanco Banco Multiplo SA ADR..... 1,019,076 20,534,382
Petroleo Brasileiro SA ADR (a).......... 521,267 23,926,155
Tele Norte Leste Participacoes SA ADR... 136,741 2,569,363
Vale SA ADR (a)......................... 741,772 17,157,186
------------
TOTAL BRAZIL............................ 95,649,829
CHINA -- 43.5%
Baidu, Inc. ADR (a)(b).................. 12,127 4,742,263
Bank of China, Ltd. .................... 14,885,000 7,836,182
Bank of Communications Co., Ltd. ....... 2,369,000 2,885,576
China Communications Construction
Co., Ltd. ............................ 2,200,000 2,381,662
China Construction Bank Corp. .......... 15,488,000 12,370,336
China Life Insurance Co., Ltd. ......... 3,687,000 16,056,187
China Merchants Bank Co., Ltd. ......... 1,474,550 3,287,750
China Merchants Holdings International
Co., Ltd. ............................ 863 2,862
China Mobile, Ltd. ..................... 2,474,500 24,138,193
China Overseas Land &
Investment, Ltd. ..................... 1,740,560 3,764,077
China Petroleum & Chemical Corp. ....... 9,410,000 8,001,484
China Shenhua Energy Co., Ltd. ......... 1,392,500 6,082,041
China Telecom Corp., Ltd. .............. 7,000,000 3,305,785
China Unicom, Ltd. ..................... 2,984,000 4,227,627
CNOOC, Ltd. ............................ 7,940,000 10,675,389
Industrial & Commercial Bank of China... 22,241,000 16,759,561
PetroChina Co., Ltd. ................... 9,962,000 11,260,201
Ping An Insurance Group Co. of
China, Ltd. .......................... 598,000 4,745,389
Tencent Holdings, Ltd. ................. 362,300 5,894,933
------------
TOTAL CHINA............................. 148,417,498
INDIA -- 6.2%
HDFC Bank, Ltd. ADR (a)................. 23,408 2,770,805
ICICI Bank, Ltd. ADR.................... 109,968 4,240,366
Infosys Technologies, Ltd. ADR.......... 225,540 10,936,434
Reliance Industries, Ltd. GDR (b)(c).... 33,789 3,111,967
------------
TOTAL INDIA............................. 21,059,572
RUSSIA -- 21.7%
Gazprom OAO ADR......................... 1,151,591 26,774,491
JSC MMC Norilsk Nickel ADR (b).......... 425,257 5,273,187
LUKOIL ADR.............................. 225,873 12,242,317
Mobile TeleSystems ADR.................. 82,708 3,992,315
NovaTek OAO GDR......................... 77,148 3,803,396
OAO Rosneft Oil Co. GDR................. 947,670 7,126,479
Rosneft OJSC GDR........................ 5,891 44,300
Surgutneftegaz ADR...................... 1,020,084 8,731,919
Tatneft GDR (d)......................... 142,899 3,536,750
Tatneft GDR (d)......................... 3,019 74,720
Vimpel-Communications ADR (b)........... 134,004 2,505,876
------------
TOTAL RUSSIA............................ 74,105,750
------------
TOTAL COMMON STOCKS --
(Cost $356,394,444)................... 339,232,649
SHORT TERM INVESTMENTS -- 8.2%
UNITED STATES -- 8.2%
MONEY MARKET FUNDS -- 8.2%
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 27,324,270 27,324,270
AIM Prime Money Market Fund............. 528,776 528,776
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $27,853,046).................... 27,853,046
------------
TOTAL INVESTMENTS -- 107.7%
(Cost $384,247,490)................... 367,085,695
OTHER ASSETS AND
LIABILITIES -- (7.7)%................. (26,273,312)
------------
NET ASSETS -- 100.0%.................... $340,812,383
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Security purchased pursuant to Rule 144A of the Securities Act of
1933. This security, which represents 0.9% of net assets as of
September 30, 2009, is considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(d) Reflect 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
</Table>
See accompanying notes to financial statements.
139
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
CZECH REPUBLIC -- 4.6%
CEZ AS.................................. 76,832 $ 4,081,817
Komercni Banka AS....................... 5,937 1,179,367
Telefonica O2 Czech Republic AS......... 23,132 570,381
Unipetrol (a)........................... 58,840 479,088
------------
TOTAL CZECH REPUBLIC.................... 6,310,653
------------
HUNGARY -- 5.4%
Magyar Telekom NyRt..................... 348,180 1,516,509
MOL Hungarian Oil and Gas NyRt (a)...... 18,017 1,498,309
OTP Bank NyRt (a)(b).................... 100,721 2,862,134
Richter Gedeon NyRt (b)................. 7,712 1,589,780
------------
TOTAL HUNGARY........................... 7,466,732
------------
POLAND -- 10.9%
Agora SA (a)............................ 54,467 412,862
Apator SA............................... 53,743 289,074
Asseco Poland SA........................ 23,839 508,298
Bank Pekao SA (a)....................... 39,341 2,063,149
Bank Zachodni WBK SA (a)................ 11,410 590,498
Bioton SA (a)........................... 983,012 88,181
BRE Bank SA (a)......................... 4,514 373,934
Cersanit Krasnystaw SA (a).............. 51,876 288,339
Debica SA............................... 15,049 331,001
Echo Investment SA (a).................. 161,380 233,295
Getin Holding SA (a).................... 97,324 305,565
Globe Trade Centre SA (a)............... 64,996 540,437
ING Bank Slaski SA (a).................. 3,089 682,087
KGHM Polska Miedz SA.................... 42,951 1,280,350
Netia SA (a)............................ 270,312 373,983
Orbis SA (a)............................ 23,885 399,676
PBG SA (a).............................. 5,300 384,005
Polimex Mostostal SA.................... 215,446 289,898
Polski Koncern Naftowy Orlen SA (a)..... 72,509 744,253
Powszechna Kasa Oszczednosci Bank
Polski SA............................. 168,474 1,950,146
Telekomunikacja Polska SA............... 383,504 2,090,589
TVN SA.................................. 99,978 488,093
Zaklad Przetworstwa Hutniczego
Stalprodukt SA........................ 1,743 327,444
------------
TOTAL POLAND............................ 15,035,157
------------
RUSSIA -- 64.0%
Comstar United Telesystems GDR (c)...... 197,052 1,034,523
Comstar United Telesystems GDR (c)...... 31,727 166,567
CTC Media, Inc. (a)(b).................. 40,267 632,997
Evraz Group SA GDR (a)(c)............... 61,249 1,595,536
Evraz Group SA GDR (a)(c)............... 12,813 333,779
Gazprom Neft ADR (c).................... 563 11,879
Gazprom Neft ADR (c).................... 56,094 1,169,560
Gazprom OAO ADR......................... 1,078,078 25,065,314
Integra Group Holdings GDR (a)(c)....... 210,214 674,787
Integra Group Holdings GDR (a)(c)....... 55,293 177,491
JSC MMC Norilsk Nickel ADR (a)(b)....... 404,336 5,013,766
LUKOIL ADR.............................. 233,835 12,673,857
Mechel OAO ADR (a)(b)................... 43,446 781,159
Mobile TeleSystems ADR.................. 109,910 5,305,356
NovaTek OAO GDR......................... 39,870 1,965,591
OAO Rosneft Oil Co. GDR................. 898,252 6,754,855
PIK Group GDR (a)....................... 153,375 598,163
Polymetal GDR (a)(c).................... 362 2,863
Polymetal GDR (a)(c).................... 71,306 564,030
Polyus Gold Co. ADR (c)................. 71,766 1,636,983
Polyus Gold Co. ADR (c)................. 353 8,034
Rosneft OJSC GDR........................ 103,373 777,365
Rostelecom ADR (b)...................... 50,450 1,481,212
Sberbank................................ 3,127,420 6,223,566
Severstal GDR (c)....................... 3,047 23,492
Severstal GDR (c)....................... 287,134 2,213,803
Surgutneftegaz ADR...................... 510,195 4,367,269
Tatneft OAO GDR......................... 59,756 1,478,961
Uralkali GDR (a)........................ 70,748 1,336,430
Vimpel-Communications ADR (a)........... 52,592 983,470
VTB Bank OJSC GDR (b)................... 876,555 3,243,254
------------
TOTAL RUSSIA............................ 88,295,912
------------
TURKEY -- 14.7%
Akbank TAS.............................. 375,363 2,171,845
Anadolu Anonim Turk Sigorta............. 460,583 405,937
Anadolu Efes Biracilik Ve Malt
Sanayii AS............................ 115,694 1,260,970
Arcelik (a)............................. 298,649 863,990
Dogan Sirketler Grubu Holdings AS (a)... 564,625 425,458
Dogan Yayin Holding AS (a).............. 469,341 341,029
Dogus Otomotiv Servis ve Ticaret
AS (a)................................ 158,725 544,621
Enka Insaat ve Sanayi AS................ 156,403 662,925
Eregli Demir ve Celik Fabrikalari
TAS (a)............................... 238,199 1,025,649
Haci Omer Sabanci Holding AS............ 264,865 1,024,640
Hurriyet Gazetecilik ve Gazetecilik
AS (a)................................ 406,706 366,661
KOC Holding AS (a)...................... 340,580 893,640
Tupras-Turkiye Petrol Rafinerileri AS... 49,273 815,498
Turk Hava Yollari Anonim Ortakligi...... 445,641 1,157,314
Turkcell Iletisim Hizmet AS............. 270,995 1,932,618
Turkiye Garanti Bankasi AS.............. 1,006,768 3,793,118
Turkiye Is Bankasi...................... 291,178 1,136,228
Vestel Elektronik Sanayi (a)............ 282,410 446,506
Yapi ve Kredi Bankasi AS (a)............ 471,545 1,027,891
------------
TOTAL TURKEY............................ 20,296,538
------------
TOTAL COMMON STOCKS --
(Cost $150,741,228)................... 137,404,992
------------
</Table>
See accompanying notes to financial statements.
140
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 3.1%
UNITED STATES -- 3.1%
MONEY MARKET FUNDS -- 3.1%
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 4,106,680 $ 4,106,680
AIM Prime Money Market Fund............. 220,190 220,190
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $4,326,870)..................... 4,326,870
------------
TOTAL INVESTMENTS -- 102.7%
(Cost $155,068,098)................... 141,731,862
OTHER ASSETS AND
LIABILITIES -- (2.7)%................. (3,756,610)
------------
NET ASSETS -- 100.0%.................... $137,975,252
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 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.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
141
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.7%
BRAZIL -- 67.5%
AES Tiete SA Preference Shares.......... 40,908 $ 458,768
Aracruz Celulose SA ADR (a)(b).......... 15,150 337,239
B2W Companhia Global Do Varejo.......... 25,312 707,531
Banco Bradesco SA ADR (a)............... 273,402 5,437,966
Banco do Brasil SA...................... 86,670 1,519,255
BM&FBOVESPA SA.......................... 248,526 1,821,817
Bradespar SA Preference Shares.......... 88,034 1,610,860
Brasil Telecom Participacoes SA ADR..... 15,547 828,655
Braskem SA Preference Shares
ADR (a)(b)............................ 25,905 326,144
BRF -- Brasil Foods SA (b).............. 17,975 476,207
BRF -- Brasil Foods SA ADR (a)(b)....... 16,032 853,704
Centrais Eletricas Brasileiras SA....... 7,698 119,255
Centrais Eletricas Brasileiras SA ADR... 56,804 878,394
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (a)........... 16,731 941,955
Companhia de Bebidas das Americas
Preference Shares ADR (a)............. 37,499 3,084,668
Companhia de Concessoes Rodoviarias..... 35,536 604,567
Companhia de Saneamento Basico do Estado
de Sao Paulo.......................... 33,342 638,169
Companhia Energetica de Minas Gerais
ADR (a)............................... 76,848 1,168,090
Companhia Energetica de Sao Paulo
Preference Shares..................... 50,298 615,456
Companhia Paranaense de Energia
Preference Shares..................... 27,523 484,310
Companhia Siderurgica Nacional SA
ADR (a)............................... 97,142 2,972,545
Cosan SA Industria e Comercio (b)....... 32,602 357,934
Cyrela Brazil Realty SA................. 68,114 881,246
Cyrela Commercial Properties SA
Empreendimentos e Participacoes....... 53,239 310,481
Duratex SA Preference Shares............ 38,209 601,573
Empresa Brasileira de Aeronautica
SA (b)................................ 97,386 560,287
Fertilizantes Heringer SA (b)........... 3,906 26,309
Gafisa SA............................... 24,039 359,991
Gerdau SA ADR (a)....................... 146,808 1,973,100
Gerdau SA Preference Shares............. 18,283 243,725
Gol Linhas Aereas Inteligentes SA
Preference Shares (b)................. 31,241 321,949
Investimentos Itau SA................... 84,615 545,704
Investimentos Itau SA Preference
Shares................................ 576,159 3,466,785
Itau Unibanco Banco Multiplo SA
ADR (a)............................... 383,231 7,722,105
JBS SA.................................. 151,513 784,098
LLX Logistica SA (b).................... 89,001 323,713
Lojas Americanas SA Preference Shares... 134,212 900,974
Lojas Renner SA......................... 47,317 824,914
Metalurgica Gerdau SA Preference
Shares................................ 81,778 1,360,978
MMX Mineracao e Metalicos SA (b)........ 11,825 72,346
MRV Engenharia e Participacoes SA....... 950 18,130
Natura Cosmeticos SA.................... 38,960 698,682
NET Servicos de Comunicacao SA
Preference Shares (b)................. 51,298 593,428
OGX Petroleo e Gas Participacoes SA..... 1,200 912,656
Petroleo Brasileiro SA ADR.............. 280,990 11,045,717
Petroleo Brasileiro SA ADR Preference
Shares (a)............................ 194,836 8,942,972
Souza Cruz SA........................... 25,482 889,782
Tam SA ADR (a)(b)....................... 16,639 214,810
Tele Norte Leste Participacoes SA ADR... 42,616 800,755
Tele Norte Leste Participacoes SA
Preference Shares..................... 2,885 54,248
Tim Participacoes SA.................... 33,523 82,980
Tim Participacoes SA ADR (a)............ 19,780 486,588
Tractebel Energia SA ADR (a)............ 5,062 59,428
Usinas Siderurgicas de Minas Gerais SA.. 14,116 370,093
Usinas Siderurgicas de Minas Gerais SA
ADR (a)............................... 49,438 1,300,328
Vale SA ADR (a)......................... 293,488 6,788,377
Vale SA ADR Preference Shares (a)....... 359,497 7,373,283
Vivo Participacoes SA Preference
Shares................................ 35,419 888,656
Votorantim Celulose e Papel SA
ADR (a)(b)............................ 35,360 580,258
------------
TOTAL BRAZIL............................ 89,624,938
------------
CHILE -- 8.4%
Almendral SA............................ 3,250,876 310,198
Antarchile SA........................... 50,285 810,665
Banco de Credito e Inversiones.......... 35,738 1,038,948
Banco Santander Chile ADR (a)........... 3,884 223,485
CAP SA.................................. 25,216 649,420
Cencosud SA ADR (d)..................... 19,192 786,411
Companhia General de Electricidad....... 135,261 839,543
Empresa Nacional de Electricidad
SA ADR................................ 24,526 1,149,534
Empresas CMPC SA........................ 32,111 1,132,231
Empresas COPEC SA....................... 95,176 1,223,000
Enersis SA ADR.......................... 50,876 938,662
Lan Airlines SA ADR (a)................. 34,406 453,471
SACI Falabella.......................... 288,695 1,269,796
Sociedad Quimica y Minera de Chile SA
ADR (a)............................... 9,464 370,326
------------
TOTAL CHILE............................. 11,195,690
------------
MEXICO -- 19.7%
Alfa SAB de CV (a)...................... 95,708 457,453
America Movil SAB de CV (a)............. 3,758,025 8,222,793
Cemex SAB de CV (b)..................... 1,503,263 1,939,034
Corporation GEO SAB de CV (b)........... 127,278 345,877
Desarrolladora Homex SAB de CV (a)(b)... 62,701 393,614
Empresas ICA SAB de CV (b).............. 114,120 268,714
Fomento Economico Mexicano SAB de CV.... 459,393 1,748,096
Grupo Aeroportuario del Sureste SAB
de CV................................. 134,274 573,680
Grupo Bimbo SAB de CV (a)............... 149,604 832,703
Grupo Carso SA de CV (a)................ 147,883 477,536
</Table>
See accompanying notes to financial statements.
142
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Financiero Banorte SAB de CV (a).. 325,708 $ 1,089,142
Grupo Iusacell SA de CV (b)............. 14,057 47,568
Grupo Mexico SAB de CV (b).............. 881,006 1,623,048
Grupo Modelo SAB de CV (b).............. 269,905 1,011,062
Grupo Televisa SA ADR (a)............... 2,307 42,887
Grupo Televisa SA de CV................. 292,540 1,081,773
Impulsora Del Desarrollo Y El Empleo en
America Latina SA de CV (a)(b)........ 370,358 344,714
Kimberly-Clark de Mexico SAB de CV...... 203,963 845,900
Telefonos de Mexico SA de CV (a)........ 1,405,559 1,227,058
Telmex Internacional SAB de CV (a)...... 1,405,559 983,520
TV Azteca SAB de CV..................... 664,923 288,024
Urbi Desarrollos Urbanos SA de
CV (a)(b)............................. 153,961 311,910
Wal-Mart de Mexico SAB de CV (a)........ 578,612 2,005,097
------------
TOTAL MEXICO............................ 26,161,203
PERU -- 4.1%
Companhia de Minas Buenaventura SA...... 44,555 1,556,843
Companhia Minera Milpo SA (b)........... 145,598 371,740
Credicorp, Ltd. ........................ 19,618 1,525,496
Minsur SA............................... 176,376 494,255
Southern Copper Corp. (a)............... 37,591 1,153,668
Volcan Cia Minera SA (b)................ 307,766 395,022
------------
TOTAL PERU.............................. 5,497,024
------------
TOTAL COMMON STOCKS --
(Cost $136,684,904)................... 132,478,855
SHORT TERM INVESTMENTS -- 21.9%
UNITED STATES -- 21.9%
MONEY MARKET FUNDS -- 21.9%
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 29,060,715 29,060,715
AIM Prime Money Market Fund............. 59,868 59,868
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $29,120,583).................... 29,120,583
------------
TOTAL INVESTMENTS -- 121.6%
(Cost $165,805,487)................... 161,599,438
OTHER ASSETS AND
LIABILITIES -- (21.6)%................ (28,755,901)
------------
NET ASSETS -- 100.0%.................... $132,843,537
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(d) Security purchased pursuant to Rule 144A of the Securities Act of
1933. These securities which represent 0.6% of net assets as of
September 30, 2009, are considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(e) Investments of cash collateral for securities loaned.
(f) Affiliated Fund managed by SSgA Funds Management, Inc.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
143
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
EGYPT -- 5.9%
Commercial International Bank........... 167,234 $ 1,762,006
Eastern Tobacco......................... 36,683 885,406
Egyptian Financial Group-Hermes
Holding............................... 100,505 546,000
Egyptian Kuwait Holding Co. ............ 211,056 512,866
ElSwedy Cables Holding Co. ............. 21,051 299,045
Orascom Construction Industries......... 30,324 1,284,168
Orascom Telecom Holding SAE GDR (a)..... 31,635 983,532
Sidi Kerir Petrochemicals Co. .......... 104,351 225,127
Six of October Development & Investment
Co. (a)............................... 12,472 192,702
Suez Cement Co. ........................ 54,968 402,619
Telecom Egypt........................... 171,168 559,360
------------
TOTAL EGYPT............................. 7,652,831
------------
ISRAEL -- 24.4%
Africa-Israel Investments, Ltd. (a)..... 3,302 39,259
Alvarion, Ltd. (a)(b)................... 37,519 154,766
Bank Hapoalim BM (a).................... 419,333 1,487,902
Bank Leumi Le-Israel BM (a)............. 410,659 1,571,302
Bezeq Israeli Telecommunication
Corp., Ltd. .......................... 450,143 965,486
Cellcom Israel, Ltd. ................... 14,096 428,941
Check Point Software
Technologies (a)(b)................... 61,520 1,744,092
Delek Automotive Systems, Ltd. ......... 80,639 950,201
Delek Group, Ltd. ...................... 3,317 557,122
Delek Real Estate, Ltd. (a)............. 30,624 34,058
Elbit Imaging, Ltd. (a)................. 6,274 151,181
Elbit Systems, Ltd. .................... 26,330 1,777,876
Gazit Globe, Ltd. ...................... 46,932 410,104
Harel Insurance Investments & Finances,
Ltd. (a).............................. 911 43,421
Israel Chemicals, Ltd. ................. 204,081 2,329,112
Israel Discount Bank, Ltd. ............. 296,341 557,920
Makhteshim-Agan Industries, Ltd. ....... 138,008 621,246
Mellanox Technologies, Ltd. (a)(b)...... 30,776 504,419
Mizrahi Tefahot Bank, Ltd. (a).......... 110,796 940,879
NICE Systems, Ltd. (a).................. 24,702 737,822
Oil Refineries, Ltd. ................... 524,390 222,170
Ormat Industries, Ltd. ................. 4,462 37,336
Partner Communications Company, Ltd. ... 26,210 494,149
RADVision, Ltd. (a)(b).................. 15,067 133,494
Syneron Medical, Ltd. (a)(b)............ 11,137 127,073
Teva Pharmaceutical Industries, Ltd. ... 277,638 13,902,117
The Israel Corp., Ltd. (a).............. 1,051 631,741
------------
TOTAL ISRAEL............................ 31,555,189
------------
MOROCCO -- 6.7%
Attijariwafa Bank....................... 63,791 2,215,592
Banque Centrale Populaire............... 20,125 693,805
Banque Marocaine du Commerce Exterieur.. 83,755 2,567,447
Banque Marocaine pour le Commerce et
l'Industrie SA (a)(c)................. 234 22,877
Banque Marocaine pour le Commerce et
l'Industrie SA........................ 5,171 505,539
Ciments du Maroc........................ 3,181 617,475
Douja Promotion Groupe Addoha SA........ 31,288 487,403
ONA SA.................................. 8,776 1,469,854
------------
TOTAL MOROCCO........................... 8,579,992
------------
SOUTH AFRICA -- 62.1%
ABSA Group, Ltd. ....................... 109,583 1,735,396
Adcock Ingram Holdings, Ltd. ........... 78,905 499,827
African Bank Investments, Ltd. ......... 219,483 854,470
African Rainbow Minerals, Ltd. ......... 34,016 673,362
Anglo Platinum, Ltd. (a)................ 19,431 1,710,390
AngloGold Ashanti, Ltd. ................ 67,905 2,701,862
Aquarius Platinum, Ltd. (a)............. 102,701 456,628
ArcelorMittal South Africa, Ltd. ....... 61,703 977,151
Aspen Pharmacare Holdings, Ltd. (a)..... 192,005 1,567,207
Assore, Ltd. ........................... 4,714 391,926
Aveng, Ltd. ............................ 180,372 1,029,507
Avusa, Ltd. ............................ 85,568 213,087
Barloworld, Ltd. ....................... 62,102 401,583
Bidvest Group, Ltd. .................... 101,573 1,589,110
DataTec, Ltd. (a)....................... 133,372 426,474
Discovery Holdings, Ltd. ............... 142,690 549,858
ElementOne, Ltd. (a).................... 97,384 160,647
Eqstra Holdings, Ltd. (a)............... 111,983 107,734
Exxaro Resources, Ltd. ................. 58,385 693,454
FirstRand, Ltd. ........................ 1,711,913 3,729,948
Foschini, Ltd. ......................... 87,648 717,146
Fountainhead Property Trust............. 802,069 659,438
Freeworld Coatings, Ltd. ............... 162,209 192,232
Gold Fields, Ltd. ...................... 235,850 3,159,192
Grindrod, Ltd. ......................... 227,192 476,721
Growthpoint Properties, Ltd. ........... 520,504 927,325
Harmony Gold Mining Co., Ltd. .......... 110,003 1,161,365
Hyprop Investments, Ltd. ............... 108,612 606,306
Impala Platinum Holdings, Ltd. ......... 187,962 4,340,924
Imperial Holdings, Ltd. ................ 65,975 695,056
Investec, Ltd. ......................... 72,722 548,282
JD Group, Ltd. ......................... 53,003 311,968
Kumba Iron Ore, Ltd. ................... 30,013 982,280
Massmart Holdings, Ltd. ................ 84,822 986,409
Metorex, Ltd. (a)....................... 160,632 69,955
MTN Group, Ltd. ........................ 524,393 8,453,264
Murray & Roberts Holdings, Ltd. ........ 115,895 907,736
Mvelaphanda Resources, Ltd. (a)......... 81,002 406,106
Naspers, Ltd. .......................... 125,909 4,264,871
Nedbank Group, Ltd. .................... 158,405 2,498,106
Netcare, Ltd. (a)....................... 586,682 802,889
Pick'n Pay Stores, Ltd. ................ 151,759 799,100
Pretoria Portland Cement Co., Ltd. ..... 133,777 598,488
PSG Group, Ltd. ........................ 97,594 301,379
Reinet Investments SCA ADR (a).......... 1 1
Remgro, Ltd. ........................... 155,354 1,816,478
Reunert, Ltd. .......................... 80,138 592,244
RMB Holdings, Ltd. ..................... 295,839 1,066,621
Sanlam, Ltd. ........................... 672,898 1,821,331
Sappi, Ltd. ............................ 83,793 312,945
Sasol, Ltd. ............................ 196,993 7,341,580
Shoprite Holdings, Ltd. ................ 208,948 1,709,637
Standard Bank Group, Ltd. (b)........... 358,758 4,599,583
</Table>
See accompanying notes to financial statements.
144
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Steinhoff International Holdings,
Ltd. (a).............................. 450,532 $ 981,033
Sun International, Ltd. (a)............. 37,456 434,000
Super Group, Ltd. (a)................... 272,192 30,533
Telkom SA, Ltd. ........................ 77,304 440,921
Tiger Brands, Ltd. ..................... 67,516 1,340,964
Truworths International, Ltd. .......... 196,640 1,102,897
Wilson Bayly Holmes-Ovcon, Ltd. ........ 36,628 609,975
Woolworths Holdings, Ltd. .............. 350,264 746,521
------------
TOTAL SOUTH AFRICA...................... 80,283,423
------------
TOTAL COMMON STOCKS --
(Cost $144,161,883)................... 128,071,435
RIGHTS -- 0.0% (D)
SOUTH AFRICA -- 0.0% (D)
Paladin Capital, Ltd.
(expiring 10/07/09) (a)
(Cost $0)............................. 40,989 1,298
SHORT TERM INVESTMENTS -- 1.0%
UNITED STATES -- 1.0%
MONEY MARKET FUNDS -- 1.0 %
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 1,222,307 1,222,307
AIM Prime Money Market Fund............. 39,252 39,252
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $1,261,559)..................... 1,261,559
------------
TOTAL INVESTMENTS -- 100.1%
(Cost $145,423,442)................... 129,334,292
OTHER ASSETS AND
LIABILITIES -- (0.1)%................. (102,056)
------------
NET ASSETS -- 100.0%.................... $129,232,236
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Security is valued at fair value as determined in good faith by the
Trust's Pricing and Investment Committee in accordance with the
procedures approved by the Board of Trustees. Security value is
determined based on Level 2 inputs. (Note 2)
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
145
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 7.3%
Abacus Property Group................... 141,059 $ 54,776
Alesco Corp, Ltd. (a)................... 10,562 42,133
Alumina, Ltd. (a)(b).................... 29,532 47,696
AMP, Ltd. (a)........................... 16,269 93,615
Ansell, Ltd. ........................... 10,901 96,207
APA Group (a)........................... 43,024 120,368
Aristocrat Leisure, Ltd. (a)............ 9,935 46,033
Asciano Group (b)....................... 30,189 44,095
Australia & New Zealand Banking
Group, Ltd. .......................... 13,235 284,889
BHP Billiton, Ltd. ..................... 22,680 755,213
Billabong International, Ltd. (a)....... 8,735 92,509
BlueScope Steel, Ltd. .................. 15,804 40,867
Brambles, Ltd. ......................... 14,535 103,649
Bunnings Warehouse Property Trust....... 119,255 183,659
Carindale Property Trust................ 22,157 86,041
Charter Hall Group...................... 88,545 49,232
Commonwealth Bank of Australia.......... 7,898 360,717
Computershare, Ltd. .................... 8,878 87,442
ConnectEast Group....................... 103,597 32,915
CSL, Ltd. .............................. 5,174 152,789
CSR, Ltd. (a)........................... 34,229 56,793
DUET Group.............................. 58,376 87,326
Envestra, Ltd. ......................... 183,894 93,320
Fortescue Metals Group, Ltd. (b)........ 11,448 38,595
GWA International, Ltd. ................ 35,280 85,936
Harvey Norman Holdings, Ltd. ........... 26,769 101,587
Hills Industries, Ltd. ................. 28,308 47,968
Insurance Australia Group, Ltd. ........ 19,411 64,756
Jabiru Metals, Ltd. (b)................. 149,834 49,588
Lend Lease Corp., Ltd. ................. 6,983 65,326
Macquarie Airports...................... 25,493 63,897
Macquarie Group, Ltd. .................. 2,242 116,326
Mincor Resources NL..................... 19,772 43,275
Mirvac Real Estate Investment Trust..... 141,480 68,675
National Australia Bank, Ltd. .......... 10,251 278,286
Newcrest Mining, Ltd. .................. 4,221 118,835
Origin Energy, Ltd. .................... 6,200 89,300
OZ Minerals, Ltd. (b)................... 43,218 43,482
Perpetual, Ltd. (a)..................... 1,678 57,963
QBE Insurance Group, Ltd. .............. 6,300 133,775
Rio Tinto, Ltd. ........................ 3,241 169,447
Santos, Ltd. ........................... 5,800 77,806
Sonic Healthcare, Ltd. ................. 8,189 102,699
Straits Resources, Ltd. (b)............. 19,977 29,002
Suncorp-Metway, Ltd. ................... 10,293 80,667
Tatts Group, Ltd. ...................... 25,238 56,575
Thakral Holdings Group.................. 151,282 56,743
Toll Holdings, Ltd. (a)................. 8,659 65,186
Transfield Services, Ltd. .............. 11,821 44,339
Wesfarmers, Ltd. ....................... 6,311 147,543
Westfield Group......................... 7,700 94,459
Westpac Banking Corp. (a)............... 11,433 264,868
Woodside Petroleum, Ltd. ............... 4,472 205,745
Woolworths, Ltd. ....................... 9,430 243,432
WorleyParsons, Ltd. (a)................. 2,648 69,432
------------
TOTAL AUSTRALIA......................... 6,187,797
------------
AUSTRIA -- 0.2%
Erste Group Bank AG (a)................. 1,758 78,478
OMV AG.................................. 1,971 79,429
Voestalpine AG.......................... 1,486 52,977
------------
TOTAL AUSTRIA........................... 210,884
------------
BELGIUM -- 1.0%
Anheuser-Busch InBev NV................. 3,808 173,692
Anheuser-Busch InBev NV -- VVPR
Strip (b)............................. 1,702 7
Bekaert NV.............................. 763 100,855
Delhaize Group.......................... 1,344 93,197
Dexia SA (b)............................ 6,731 61,984
Fortis (b).............................. 24,744 115,775
Fortis VVPR Strip (b)................... 592 2
Gimv NV................................. 1,482 79,479
KBC Groep NV (b)........................ 1,435 71,998
UCB SA (a).............................. 1,806 76,133
Umicore................................. 2,633 78,743
------------
TOTAL BELGIUM........................... 851,865
------------
CANADA -- 7.8%
AGF Management, Ltd. ................... 2,949 47,121
Agnico-Eagle Mines, Ltd. (a)............ 1,200 80,958
Agrium, Inc. (a)........................ 2,008 100,129
Bank of Montreal (a).................... 3,213 162,162
Bank of Nova Scotia..................... 4,788 218,009
Barrick Gold Corp. ..................... 6,363 240,339
Bombardier, Inc. (a).................... 14,988 69,403
Brookfield Asset Management, Inc.
(Class A)............................. 3,869 87,848
Brookfield Infrastructure Partners LP... 6 99
CAE, Inc. (a)........................... 4,726 39,849
Cameco Corp. ........................... 3,427 94,863
Canadian Imperial Bank of Commerce...... 2,367 143,987
Canadian National Railway Co. .......... 3,990 196,024
Canadian Natural Resources, Ltd. ....... 4,039 272,076
Canadian Oil Sands Trust................ 3,691 105,747
Canadian Pacific Railway, Ltd. (a)...... 1,894 88,409
Canadian Western Bank................... 4,688 86,702
CGI Group, Inc. (Class A) (b)........... 9,244 108,003
Crescent Point Energy Corp. (a)......... 4,289 144,658
EnCana Corp. (a)........................ 4,923 284,381
Fairfax Financial Holdings, Ltd. ....... 229 84,860
First Quantum Minerals, Ltd. (a)........ 931 60,719
Gildan Activewear, Inc. (a)(b).......... 2,669 52,619
Goldcorp, Inc. ......................... 5,346 214,079
Husky Energy, Inc. (a).................. 3,182 89,356
Iamgold Corp. .......................... 3,500 49,338
Imperial Oil, Ltd. (a).................. 3,206 121,722
International Royalty Corp. ............ 13,649 54,937
Kinross Gold Corp. ..................... 5,842 126,986
Magna International, Inc. (Class A)..... 1,606 68,277
Manulife Financial Corp. ............... 11,311 237,117
MDS, Inc. (b)........................... 4,974 40,643
Nexen, Inc. ............................ 4,163 94,407
Potash Corp. of Saskatchewan, Inc. ..... 2,335 211,288
Research In Motion, Ltd. (a)(b)......... 3,443 232,185
Rogers Communications, Inc. (Class
B) (a)................................ 4,010 112,944
</Table>
See accompanying notes to financial statements.
146
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Royal Bank of Canada (c)................ 7,258 $ 388,811
Royal Bank of Canada (c)................ 525 28,150
Russel Metals, Inc. (a)................. 3,664 58,239
Shaw Communications, Inc. (a)........... 4,340 78,365
Sherritt International Corp. ........... 8,270 59,022
Sino-Forest Corp. (b)................... 2,700 42,539
Sun Life Financial, Inc. (a)............ 4,116 128,661
Suncor Energy, Inc. .................... 11,833 412,330
Talisman Energy, Inc. .................. 9,011 156,410
Teck Resources, Ltd. (Class B) (b)...... 4,274 117,472
TELUS Corp. (Non-Voting)................ 1,981 61,481
Thomson Reuters Corp. .................. 1,594 53,317
TMX Group, Inc. (a)..................... 2,190 73,272
Toronto-Dominion Bank (a)............... 4,882 314,990
TransCanada Corp. (a)................... 4,720 146,750
Yamana Gold, Inc. ...................... 5,800 62,253
------------
TOTAL CANADA............................ 6,604,306
------------
CHINA -- 0.6%
Chong Hing Bank, Ltd. .................. 36,000 69,491
Dah Sing Banking Group, Ltd. (b)........ 62,070 80,010
Dah Sing Financial Holdings, Ltd. (b)... 10,017 57,646
Giordano International, Ltd. ........... 210,000 52,296
Hong Kong Land Holdings, Ltd. (a)....... 21,000 91,350
Sino Land Co., Ltd. .................... 41,336 74,031
Transport International
Holdings, Ltd. ....................... 22,000 63,303
------------
TOTAL CHINA............................. 488,127
------------
DENMARK -- 1.0%
A P Moller -- Maersk A/S................ 18 123,696
Danske Bank A/S (b)..................... 3,500 91,569
DSV A/S (a)(b).......................... 4,865 86,637
FLSmidth & Co. A/S (a).................. 1,151 62,599
GN Store Nord A/S (a)(b)................ 8,763 47,659
Novo-Nordisk A/S (Class B).............. 3,786 236,757
SimCorp A/S............................. 358 73,313
Vestas Wind Systems A/S (b)............. 1,604 115,817
------------
TOTAL DENMARK........................... 838,047
------------
FINLAND -- 1.4%
Amer Sports Oyj (Class A) (a)........... 5,084 43,993
Elisa Oyj............................... 2,952 60,495
Fortum Oyj.............................. 2,396 61,359
Kemira Oyj.............................. 3,913 62,573
Kesko Oyj (Class B) (a)................. 1,884 63,063
Kone Oyj (Class B)...................... 2,830 103,912
Konecranes Oyj.......................... 2,285 65,063
Lassila & Tikanoja Oyj.................. 3,939 94,425
Metso Oyj............................... 1,956 54,980
Neste Oil Oyj (a)....................... 3,103 57,240
Nokia Oyj............................... 2,694 39,575
Pohjola Bank PLC........................ 4,853 55,330
Sampo Oyj (Class A)..................... 3,741 94,108
SanomaWSOY Oyj (a)...................... 3,264 71,994
Stockmann Oyj (Class B)................. 2,094 55,125
Stora Enso Oyj (b)...................... 6,364 44,279
UPM-Kymmene Oyj......................... 4,635 55,555
Uponor Oyj.............................. 2,403 39,937
Wartsila Oyj (a)........................ 1,399 55,990
YIT Oyj (a)............................. 2,877 54,711
------------
TOTAL FINLAND........................... 1,233,707
------------
FRANCE -- 8.5%
Accor SA (a)............................ 1,808 100,530
Air Liquide SA (a)...................... 1,502 170,698
Alcatel-Lucent (a)(b)................... 21,147 94,494
Alstom SA............................... 1,536 111,967
AXA..................................... 11,177 302,242
BNP Paribas (a)......................... 4,725 377,097
Bourbon SA (a).......................... 1,446 66,579
Bouygues SA............................. 2,005 101,842
CA Ile de France CCI.................... 727 65,141
Cap Gemini SA........................... 1,515 79,267
Carrefour SA............................ 4,105 186,009
Casino Guichard-Perrachon SA (a)........ 844 66,865
Cie de Saint-Gobain (a)................. 3,152 163,328
Cie Generale de Geophysique-
Veritas (b)........................... 1,797 41,882
Cie Generale des Etablissements
Michelin.............................. 1,241 97,247
Credit Agricole SA...................... 4,927 102,842
Electricite de France (a)............... 1,601 94,871
Essilor International SA (a)............ 2,236 127,286
France Telecom SA....................... 11,225 298,700
GDF Suez................................ 8,113 359,854
Groupe Danone (a)....................... 4,330 260,635
Guyenne et Gascogne SA.................. 864 87,709
Hermes International (a)................ 791 116,603
L'Oreal SA.............................. 1,552 154,149
Lafarge SA (a).......................... 1,140 101,897
Lagardere SCA........................... 1,647 76,628
LVMH Moet Hennessy Louis Vuitton SA..... 1,323 132,912
Nexans SA............................... 551 44,482
Pernod -- Ricard SA (a)................. 1,640 130,095
Peugeot SA (b).......................... 1,599 48,697
PPR (a)................................. 671 85,908
Publicis Groupe (a)..................... 2,122 85,018
Renault SA (a)(b)....................... 1,451 67,583
Rhodia SA (b)........................... 1,937 29,403
Sanofi-Aventis.......................... 6,304 462,110
Schneider Electric SA................... 1,771 179,291
Societe Generale........................ 2,896 232,820
Sodexo.................................. 1,229 73,546
Suez Environnement SA................... 2,189 49,947
Technip SA.............................. 1,294 82,561
Thomson (a)(b).......................... 34,379 70,001
Total SA................................ 14,194 842,447
Unibail-Rodamco SE (a).................. 516 107,064
Valeo SA (b)............................ 1,546 40,642
Vallourec SA (a)........................ 523 88,526
Veolia Environnement.................... 3,368 128,933
Vinci SA (a)............................ 3,353 189,476
Vivendi................................. 6,475 200,127
------------
TOTAL FRANCE............................ 7,177,951
------------
</Table>
See accompanying notes to financial statements.
147
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
GERMANY -- 6.4%
Adidas AG............................... 2,053 $ 108,541
Allianz SE.............................. 2,814 351,146
BASF SE................................. 5,469 289,464
Bayer AG (a)............................ 5,082 351,733
Bayerische Motoren Werke AG............. 2,330 112,220
Bilfinger Berger AG..................... 809 55,921
Commerzbank AG (a)(b)................... 7,414 93,903
Daimler AG.............................. 6,454 324,570
Deutsche Bank AG........................ 3,633 278,502
Deutsche Boerse AG...................... 1,552 126,699
Deutsche Post AG........................ 5,614 105,037
Deutsche Telekom AG..................... 18,187 248,028
E.ON AG................................. 11,427 484,048
Fresenius Medical Care AG & Co. KGaA.... 1,847 91,873
GEA Group AG............................ 2,781 57,967
Hochtief AG............................. 920 70,008
Infineon Technologies AG (b)............ 13,346 75,203
IVG Immobilien AG (a)(b)................ 1,617 17,680
K+S AG.................................. 900 49,056
Lanxess AG.............................. 1,665 57,314
Linde AG................................ 963 104,276
MAN AG.................................. 934 76,999
Merck KGaA.............................. 705 70,022
Muenchener Rueckversicherungs-
Gesellschaft AG....................... 1,602 255,309
Puma AG Rudolf Dassler Sport............ 162 53,736
Rheinmetall AG.......................... 986 58,312
RWE AG.................................. 2,933 272,106
Salzgitter AG........................... 500 47,871
SAP AG.................................. 6,196 301,407
Siemens AG.............................. 5,727 529,727
ThyssenKrupp AG (a)..................... 2,758 94,858
TUI AG (a)(b)........................... 3,593 37,026
Volkswagen AG........................... 601 98,680
Wincor Nixdorf AG....................... 1,188 76,423
------------
TOTAL GERMANY........................... 5,425,665
------------
GREECE -- 0.4%
Hellenic Telecommunications Organization
SA ADR (a)............................ 12,255 102,452
National Bank of Greece SA ADR (a)...... 34,045 245,464
------------
TOTAL GREECE............................ 347,916
------------
HONG KONG -- 2.0%
Bank of East Asia, Ltd. ................ 22,035 79,610
CLP Holdings, Ltd. ..................... 16,500 111,986
Esprit Holdings, Ltd. .................. 15,500 103,999
Hang Lung Group, Ltd. .................. 26,000 130,167
Hang Lung Properties, Ltd. ............. 37,000 136,302
Hong Kong Exchanges and
Clearing, Ltd. ....................... 10,800 195,792
Hopewell Holdings....................... 18,000 56,555
Hysan Development Co., Ltd. ............ 37,989 95,094
Li & Fung, Ltd. ........................ 38,000 153,225
New World Development Co., Ltd. ........ 39,175 84,314
Pacific Basin Shipping, Ltd. ........... 72,000 47,473
Swire Pacific, Ltd. .................... 16,000 188,076
The Link REIT........................... 43,159 95,005
Wheelock & Co., Ltd. ................... 44,000 144,206
Wing Hang Bank, Ltd. ................... 7,000 68,871
------------
TOTAL HONG KONG......................... 1,690,675
------------
IRELAND -- 0.8%
Anglo Irish Bank Corp. PLC (b)(d)....... 5,635 0
C&C Group PLC........................... 5,869 24,792
Covidien PLC (a)........................ 3,000 129,780
CRH PLC................................. 4,074 112,579
DCC PLC................................. 2,828 72,935
Elan Corp. PLC (b)...................... 3,699 26,499
Governor & Co. of the Bank of
Ireland (b)........................... 6,701 33,498
Grafton Group PLC (b)................... 7,849 44,515
Independent News & Media PLC (b)........ 20,768 6,071
Ingersoll-Rand PLC (a).................. 2,400 73,608
Kingspan Group PLC (b).................. 3,923 36,126
Ryanair Holdings PLC ADR (b)............ 1,589 46,145
United Drug PLC......................... 22,031 74,388
------------
TOTAL IRELAND........................... 680,936
------------
ITALY -- 3.2%
Assicurazioni Generali SpA.............. 7,588 207,741
Atlantia SpA............................ 3,693 89,446
Banca Piccolo Credito
Valtellinese Scarl.................... 8,028 82,670
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 7,151 49,206
Banca Popolare di Milano Scarl.......... 7,096 53,936
Banco Popolare Societa Cooperativa
Scarl (b)............................. 6,076 58,217
Davide Campari-Milano SpA............... 9,968 89,315
Enel SpA................................ 32,521 206,187
Eni SpA (a)............................. 15,186 379,131
EXOR SpA................................ 2,368 23,641
Exor SpA................................ 2,015 37,258
Fiat SpA (b)............................ 6,464 83,052
Finmeccanica SpA........................ 3,514 62,048
Fondiaria-Sai SpA....................... 1,931 40,560
Intesa Sanpaolo SpA (b)................. 65,353 288,729
Parmalat SpA............................ 25,468 70,321
Pirelli & C. SpA (b).................... 112,845 60,370
Saipem SpA.............................. 3,547 106,700
Societa Cattolica di Assicurazioni
Scrl (b).............................. 2,008 69,796
Telecom Italia SpA...................... 94,662 165,902
UBI Banca ScpA.......................... 6,116 93,778
UniCredit SpA (b)....................... 95,920 374,351
------------
TOTAL ITALY............................. 2,692,355
------------
JAPAN -- 18.7%
Advantest Corp. (a)..................... 2,100 58,402
Aeon Co., Ltd. (a)...................... 7,020 67,350
Aoyama Trading Co., Ltd. ............... 3,600 61,960
Asahi Breweries, Ltd. (a)............... 6,636 121,699
Asahi Kasei Corp. (a)................... 17,550 89,578
Astellas Pharma, Inc. .................. 3,510 144,657
Bridgestone Corp. (a)................... 5,265 94,733
Canon, Inc. (a)......................... 7,116 288,503
Casio Computer Co., Ltd. (a)............ 6,000 49,120
</Table>
See accompanying notes to financial statements.
148
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Central Japan Railway Co. (a)........... 18 $ 129,670
Chubu Electric Power Co., Inc. (a)...... 5,265 128,192
Chugai Pharmaceutical Co., Ltd. ........ 3,780 78,399
Chuo Mitsui Trust Holdings, Inc. (a).... 17,550 65,272
Cosmo Oil Co., Ltd. (a)................. 18,513 51,692
Credit Saison Co., Ltd. (a)............. 5,600 66,048
Daiichi Sankyo Co., Ltd. (a)............ 5,265 108,963
Daikin Industries, Ltd. (a)............. 3,510 126,624
Daito Trust Construction Co., Ltd. (a).. 1,755 76,837
Daiwa Securities Group, Inc. (a)........ 17,550 90,754
Denso Corp. (a)......................... 3,510 103,495
Dentsu, Inc. (a)........................ 2,000 46,686
East Japan Railway Co. ................. 1,900 137,086
Eisai Co., Ltd. (a)..................... 1,851 69,876
Fanuc, Ltd. (a)......................... 1,755 157,790
FUJIFILM Holdings Corp. (a)............. 3,510 105,455
Fujitsu, Ltd. (a)....................... 18,513 121,373
Fukuoka Financial Group, Inc. (a)....... 17,550 73,113
Futaba Industrial Co., Ltd. (b)......... 10,300 43,255
Hankyu Hanshin Holdings, Inc. (a)....... 18,513 88,910
Hitachi, Ltd. (a)(b).................... 19,475 60,034
Honda Motor Co., Ltd. (a)............... 8,675 267,899
Hoya Corp. ............................. 3,606 85,382
Ibiden Co., Ltd. (a).................... 2,200 82,068
IHI Corp. (b)........................... 24,000 48,785
Iriso Electronics Co., Ltd. ............ 2,900 42,754
Isetan Mitsukoshi Holdings, Ltd. (a).... 5,554 63,955
Isuzu Motors, Ltd. (a).................. 18,000 38,197
Itochu Corp. (a)........................ 17,550 116,628
Japan Asia Investment Co., Ltd. (b)..... 56,000 37,527
Japan Digital Laboratory Co., Ltd. ..... 8,020 113,401
Japan Tobacco, Inc. .................... 32 110,080
JFE Holdings, Inc. (a).................. 3,510 120,744
JSR Corp. (a)........................... 3,600 73,982
Kajima Corp. (a)........................ 19,475 50,028
Kawasaki Heavy Industries, Ltd. (a)..... 19,000 48,383
KDDI Corp. (a).......................... 18 101,726
Kintetsu Corp. (a)...................... 34,101 132,161
Kiyo Holdings, Inc. (a)................. 52,651 67,038
Komatsu, Ltd. (a)....................... 7,020 131,877
Konica Minolta Holdings, Inc. (a)....... 8,775 83,403
Kubota Corp. (a)........................ 15,550 129,735
Kurita Water Industries, Ltd. (a)....... 2,510 90,269
Kyocera Corp. (a)....................... 1,755 163,279
Marubeni Corp. (a)...................... 17,550 88,794
Mediceo Paltac Holdings Co., Ltd. (a)... 3,799 53,590
MISUMI Group, Inc. (a).................. 5,457 114,644
Mitsubishi Chemical Holdings Corp. (a).. 9,000 37,494
Mitsubishi Corp. ....................... 10,238 207,653
Mitsubishi Electric Corp. (a)........... 17,550 133,289
Mitsubishi Estate Co., Ltd. ............ 6,925 109,210
Mitsubishi Heavy Industries, Ltd. (a)... 35,101 133,292
Mitsubishi Materials Corp. (b).......... 17,550 48,611
Mitsubishi Motors Corp. (a)(b).......... 53,613 88,621
Mitsubishi UFJ Financial Group,
Inc. (a).............................. 68,624 369,428
Mitsui & Co., Ltd. (a).................. 15,326 200,957
Mitsui Chemicals, Inc. (a).............. 17,550 62,724
Mitsui OSK Lines, Ltd. (a).............. 14,550 86,453
Mitsui Sumitomo Insurance Group
Holdings, Inc. (a).................... 3,799 105,015
Mizuho Financial Group, Inc. (a)........ 72,000 143,140
Murata Manufacturing Co., Ltd. (a)...... 1,800 85,643
NEC Corp. (a)(b)........................ 18,513 58,309
NGK Insulators, Ltd. ................... 3,000 69,693
Nidec Corp. (a)......................... 1,800 146,557
Nintendo Co., Ltd. ..................... 300 77,065
Nippon Mining Holdings, Inc. ........... 11,738 57,946
Nippon Oil Corp. (a).................... 17,550 98,790
Nippon Steel Corp. (a).................. 35,101 128,588
Nippon Telegraph & Telephone Corp. ..... 3,100 144,033
Nippon Yusen KK (a)..................... 17,550 68,016
Nissan Motor Co., Ltd. (a)(b)........... 13,941 94,513
Nitto Denko Corp. ...................... 1,800 55,286
Nomura Holdings, Inc. (a)............... 12,185 75,259
NTT Data Corp. (a)...................... 19 61,031
NTT DoCoMo, Inc. (a).................... 120 192,193
Obayashi Corp. (a)...................... 17,550 77,033
ORIX Corp. (a).......................... 691 42,293
Panasonic Corp. (a)..................... 15,550 229,772
Pioneer Corp. (a)(b).................... 11,000 26,537
Resona Holdings, Inc. (a)............... 5,300 68,370
Rohm Co., Ltd. (a)...................... 1,800 126,252
Rohto Pharmaceutical Co., Ltd. ......... 8,701 119,045
Sanyo Electric Co., Ltd. (b)............ 23,000 54,716
SEC Carbon, Ltd. ....................... 6,000 46,172
Secom Co., Ltd. ........................ 1,948 98,341
Seven & I Holdings Co., Ltd. (a)........ 6,828 163,960
Shimizu Corp. (a)....................... 18,513 72,989
Shin-Etsu Chemical Co., Ltd. ........... 3,317 204,499
Softbank Corp. (a)...................... 6,636 146,231
Sompo Japan Insurance, Inc. ............ 15,626 105,412
Sony Corp. (a).......................... 7,020 208,166
Stanley Electric Co., Ltd. (a).......... 3,073 62,466
Sumiseki Holdings, Inc. (b)............. 47,200 53,244
Sumitomo Chemical Co., Ltd. (a)......... 17,550 73,309
Sumitomo Corp. ......................... 8,675 89,623
Sumitomo Electric Industries, Ltd. ..... 7,020 92,048
Sumitomo Metal Industries, Ltd. (a)..... 34,101 84,172
Sumitomo Metal Mining Co., Ltd. ........ 4,000 65,851
Sumitomo Mitsui Financial Group,
Inc. (a).............................. 5,300 185,280
Sumitomo Realty & Development Co.,
Ltd. (a).............................. 4,000 73,401
T&D Holdings, Inc. (a).................. 1,755 47,631
Taisei Corp. (a)........................ 26,438 52,560
Taiyo Yuden Co., Ltd. (a)............... 4,000 47,311
Takeda Pharmaceutical Co., Ltd. (a)..... 5,265 219,926
Takeuchi Manufacturing Co., Ltd. (a).... 6,700 67,348
TDK Corp. (a)........................... 1,755 101,731
Teijin, Ltd. (a)........................ 17,550 54,884
Terumo Corp. (a)........................ 1,948 107,479
The Akita Bank, Ltd. (a)................ 17,550 71,349
The Aomori Bank, Ltd. (a)............... 35,101 140,741
The Awa Bank, Ltd. (a).................. 17,550 101,143
The Bank of Iwate, Ltd. (a)............. 1,755 95,066
The Bank of Okinawa, Ltd. (a)........... 1,755 62,528
</Table>
See accompanying notes to financial statements.
149
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Bank of Yokohama, Ltd. (a).......... 17,550 $ 86,246
The Chiba Bank, Ltd. (a)................ 17,550 108,983
The Daisan Bank, Ltd. (b)............... 52,651 125,255
The Daishi Bank, Ltd. (a)............... 33,176 134,505
The Eighteenth Bank, Ltd. (a)........... 31,251 93,542
The Furukawa Electric Co., Ltd. (a)..... 16,550 67,468
The Higo Bank, Ltd. (a)................. 17,550 103,887
The Hokkoku Bank, Ltd. (a).............. 17,550 73,505
The Hyakugo Bank, Ltd. ................. 17,550 90,558
The Musashino Bank, Ltd. (a)............ 1,755 53,217
The Nanto Bank, Ltd. (a)................ 17,550 95,850
The Ogaki Kyoritsu Bank, Ltd. (a)....... 17,550 60,568
The San-In Godo Bank, Ltd. (a).......... 17,550 149,950
The Shiga Bank, Ltd. (a)................ 17,550 110,355
The Shikoku Bank, Ltd. (a).............. 32,101 114,730
The Sumitomo Trust & Banking Co.,
Ltd. (a).............................. 17,550 93,498
The Toho Bank, Ltd. (a)................. 35,101 156,423
The Tokyo Electric Power Co., Inc. (a).. 7,675 201,872
The Yamagata Bank, Ltd. (a)............. 33,176 171,558
The Yamanashi Chuo Bank, Ltd. .......... 17,550 85,070
Tokio Marine Holdings, Inc. (a)......... 5,265 152,890
Tokyo Electron, Ltd. ................... 1,755 112,315
Tokyo Gas Co., Ltd. (a)................. 19,475 81,132
Tokyu Corp. ............................ 17,550 84,285
Toray Industries, Inc. (a).............. 17,550 106,631
Toshiba Corp. (a)(b).................... 24,513 128,951
Toyota Motor Corp. ..................... 15,888 633,497
USS Co., Ltd. .......................... 1,531 91,482
Yamada Denki Co., Ltd. (a).............. 1,218 82,710
------------
TOTAL JAPAN............................. 15,890,476
------------
LUXEMBOURG -- 0.4%
ArcelorMittal........................... 5,449 203,501
Millicom International Cellular SA (b).. 800 58,192
Tenaris SA.............................. 3,400 60,532
Ternium SA ADR (b)...................... 1,400 37,240
------------
TOTAL LUXEMBOURG........................ 359,465
------------
NETHERLANDS -- 2.4%
Aegon NV (b)............................ 9,318 79,010
Akzo Nobel NV........................... 2,236 138,366
ASML Holding NV......................... 3,951 116,081
European Aeronautic Defence and Space
Co. NV (a)............................ 3,623 81,263
Fugro NV................................ 1,339 77,242
Heineken NV (a)......................... 2,236 102,970
ING Groep NV (b)........................ 14,154 252,405
Koninklijke (Royal) Philips Electronics
NV (a)................................ 7,613 185,169
Koninklijke Ahold NV.................... 10,081 121,125
Koninklijke DSM NV...................... 2,322 96,901
Koninklijke Royal KPN NV................ 9,584 158,791
Randstad Holding NV (a)(b).............. 1,256 54,186
Reed Elsevier NV........................ 3,185 35,894
SBM Offshore NV......................... 2,637 56,006
TNT NV.................................. 3,422 91,735
Unilever NV............................. 10,800 310,912
Wolters Kluwer NV....................... 3,165 67,521
------------
TOTAL NETHERLANDS....................... 2,025,577
------------
NEW ZEALAND -- 0.3%
Calan Healthcare Properties Trust....... 37,907 32,084
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 53,900 127,891
Port of Tauranga, Ltd. ................. 20,600 101,036
------------
TOTAL NEW ZEALAND....................... 261,011
------------
NORWAY -- 0.7%
DnB NOR ASA (b)......................... 7,492 86,382
Norsk Hydro ASA (a)(b).................. 6,322 41,883
Orkla ASA............................... 9,577 89,873
StatoilHydro ASA........................ 7,492 167,728
Storebrand ASA (b)...................... 6,108 37,107
Telenor ASA (b)......................... 5,967 68,799
Yara International ASA.................. 2,652 83,094
------------
TOTAL NORWAY............................ 574,866
------------
PAPUA NEW GUINEA -- 0.1%
Lihir Gold, Ltd. (b).................... 19,100 47,199
------------
PORTUGAL -- 0.4%
Banco Comercial Portugues SA............ 38,708 57,202
Ibersol, SGPS SA........................ 7,200 101,875
Portugal Telecom, SGPS SA............... 10,586 111,951
Teixeira Duarte -- Engenharia
Construcoes SA (b).................... 46,300 74,106
------------
TOTAL PORTUGAL.......................... 345,134
------------
SINGAPORE -- 1.4%
Ascendas REIT........................... 67,000 91,771
CapitaLand, Ltd. ....................... 32,000 84,482
City Developments, Ltd. (a)............. 18,000 131,833
Cosco Corp. Singapore, Ltd. (a)......... 75,000 63,873
Flextronics International, Ltd. (b)..... 14,181 105,790
Genting International PLC (a)(b)........ 74,000 58,820
Keppel Corp., Ltd. ..................... 19,978 114,845
SembCorp Industries, Ltd. .............. 34,000 81,800
Singapore Exchange, Ltd. ............... 18,000 107,562
Stamford Land Corp, Ltd. ............... 537,000 158,160
UOL Group, Ltd. ........................ 39,000 95,213
Wilmar International, Ltd. ............. 15,000 67,279
------------
TOTAL SINGAPORE......................... 1,161,428
------------
SOUTH KOREA -- 3.4%
Hyundai Securities Co., Ltd. ........... 5,720 79,616
KIWOOM Securities Co., Ltd. ............ 2,056 78,262
Korea Electric Power Corp. ADR (a)(b)... 12,668 193,060
KT Corp. ADR............................ 13,298 231,119
LG Display Co., Ltd. ADR (a)............ 11,399 163,348
LG Electronics, Inc. ................... 695 74,027
POSCO ADR (a)........................... 4,226 439,251
Samsung Electronics Co., Ltd. GDR (f)... 3,625 1,236,125
SK Energy Co., Ltd. .................... 906 96,886
SK Telecom Co., Ltd. ADR................ 15,776 275,291
------------
TOTAL SOUTH KOREA....................... 2,866,985
------------
</Table>
See accompanying notes to financial statements.
150
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SPAIN -- 4.7%
Abertis Infraestructuras SA............. 6,020 $ 136,479
Acciona SA (a).......................... 460 62,532
Acerinox SA (a)......................... 3,398 72,963
ACS, Actividades de Construccion y
Servicios SA (a)...................... 2,260 117,735
Banco Bilbao Vizcaya Argentaria SA...... 18,183 322,392
Banco de Sabadell SA (a)................ 12,673 93,639
Banco de Valencia SA (a)................ 8,643 80,981
Banco Guipuzcoano SA (a)................ 5,394 44,153
Banco Pastor SA (a)..................... 4,814 39,405
Banco Popular Espanol SA (a)............ 10,825 108,387
Banco Santander SA...................... 40,133 645,286
Compania Espanola de Petroleos SA (a)... 1,254 46,338
Ebro Puleva SA.......................... 5,507 104,645
Enagas.................................. 5,140 107,288
Faes Farma SA (a)....................... 7,735 49,408
Gamesa Corp. Tecnologica SA............. 2,781 62,235
Gestevision Telecinco SA (a)............ 4,358 54,910
Grupo Ferrovial SA (a).................. 1,244 59,442
Iberdrola SA............................ 26,445 259,179
Iberia Lineas Aereas de Espana (a)(b)... 19,933 61,943
Indra Sistemas SA (a)................... 4,841 120,577
Industria de Diseno Textil SA........... 2,367 135,660
NH Hoteles SA (a)(b).................... 10,841 71,704
Red Electrica Corporacion SA............ 2,240 114,499
Repsol YPF SA........................... 7,461 202,738
Sacyr Vallehermoso SA................... 3,003 56,778
SOS Cuetara SA (a)(b)................... 8,276 40,827
Telefonica SA........................... 25,209 694,769
------------
TOTAL SPAIN............................. 3,966,892
------------
SWEDEN -- 2.0%
Alfa Laval AB (a)....................... 6,223 72,795
Assa Abloy AB (Class B) (a)............. 4,437 71,889
Atlas Copco AB (Class B)................ 12,902 146,680
Boliden AB (a).......................... 3,427 36,706
Electrolux AB (b)....................... 3,568 81,383
Hennes & Mauritz AB (Class B) (a)....... 3,227 180,666
Investor AB............................. 5,789 105,343
Kinnevik Investment AB (Class B) (a).... 4,370 57,024
Nordea Bank AB (a)...................... 13,421 134,731
Sandvik AB (a).......................... 8,031 88,431
Scania AB (Class B)..................... 4,981 61,614
Securitas AB (Class B).................. 7,338 70,622
Skandinaviska Enskilda Banken AB (Class
C) (b)................................ 9,800 71,823
Skanska AB (Class B).................... 6,223 91,038
Tele2 AB (Class B)...................... 4,959 65,597
Telefonaktiebolaget LM Ericsson (Class
B) (a)................................ 22,148 221,706
TeliaSonera AB.......................... 13,556 88,786
Volvo AB ADR (Class A) (a).............. 10,835 96,840
------------
TOTAL SWEDEN............................ 1,743,674
------------
SWITZERLAND -- 7.4%
ABB, Ltd. (b)........................... 14,761 295,889
ACE, Ltd. (a)(b)........................ 1,700 90,882
Adecco SA............................... 1,605 85,227
Alcon, Inc. ............................ 828 114,819
Bachem Holding AG (Class B)............. 1,254 84,716
Cie Financiere Richemont SA (Class A)... 2,067 58,326
Clariant AG (b)......................... 4,024 36,569
Credit Suisse Group AG.................. 6,955 385,402
Foster Wheeler AG (a)(b)................ 1,500 47,865
Geberit AG (a).......................... 481 73,797
Graubuendner Kantonalbank............... 52 60,888
Holcim, Ltd. (a)(b)..................... 1,794 122,925
Julius Baer Holding AG.................. 1,602 79,895
Kuehne & Nagel International AG......... 984 85,394
Lonza Group AG.......................... 893 97,248
Nestle SA............................... 20,852 887,413
Nobel Biocare Holding AG................ 1,957 64,689
Noble Corp. (a)......................... 1,500 56,940
Novartis AG............................. 15,858 792,403
PSP Swiss Property AG (a)(b)............ 1,711 98,935
Roche Holding AG........................ 4,757 767,887
SGS SA.................................. 69 92,762
STMicroelectronics NV (b)............... 9,068 85,824
Sulzer AG............................... 507 43,730
Swatch Group AG......................... 411 96,685
Swiss Life Holding (b).................. 353 41,707
Swiss Reinsurance Co., Ltd. ............ 2,900 130,740
Syngenta AG............................. 744 170,719
Transocean, Ltd. (b).................... 1,800 153,954
Tyco Electronics, Ltd. ................. 3,800 84,664
Tyco International, Ltd. (a)............ 3,100 106,888
UBS AG (b).............................. 20,999 383,897
Weatherford International, Ltd. (a)(b).. 4,200 87,066
Xstrata PLC (b)......................... 12,932 190,799
Zurich Financial Services AG............ 917 217,839
------------
TOTAL SWITZERLAND....................... 6,275,383
------------
UNITED KINGDOM -- 16.7%
3i Group PLC............................ 9,072 41,874
AMEC PLC................................ 6,121 73,912
Anglo American PLC (b).................. 8,374 266,922
AstraZeneca PLC......................... 9,850 441,731
Aviva PLC............................... 16,584 118,852
BAE Systems PLC......................... 23,342 130,363
Balfour Beatty PLC...................... 9,931 51,144
Barclays PLC (b)........................ 68,933 407,918
Barratt Developments PLC (a)(b)......... 9,366 36,760
BG Group PLC............................ 24,212 420,924
BHP Billiton PLC........................ 14,483 395,631
BP PLC.................................. 119,673 1,058,437
British Airways PLC (a)(b).............. 7,133 25,155
British American Tobacco PLC............ 10,384 326,008
British Land Co. PLC.................... 6,945 52,783
British Sky Broadcasting Group PLC...... 10,744 98,203
BT Group PLC............................ 48,841 101,548
Burberry Group PLC...................... 7,009 56,442
Cable & Wireless PLC.................... 21,917 50,301
Cadbury PLC............................. 9,448 121,339
Capita Group PLC........................ 10,395 120,117
Carnival PLC............................ 2,053 70,003
Centrica PLC............................ 32,278 129,885
Compass Group PLC....................... 18,293 111,849
</Table>
See accompanying notes to financial statements.
151
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Diageo PLC.............................. 14,394 $ 221,002
Drax Group PLC.......................... 5,538 41,762
Experian PLC............................ 11,363 95,683
FirstGroup PLC.......................... 6,868 45,442
Friends Provident Group PLC............. 23,676 31,505
G4S PLC................................. 19,120 67,458
GKN PLC (b)............................. 22,475 40,870
GlaxoSmithKline PLC..................... 34,761 683,541
Hays PLC................................ 32,538 54,121
Home Retail Group PLC................... 8,769 38,133
HSBC Holdings PLC....................... 98,464 1,127,545
ICAP PLC................................ 8,515 57,565
Imperial Tobacco Group PLC.............. 6,917 200,014
Inchcape PLC (b)........................ 93,542 42,114
Informa PLC............................. 10,381 52,299
Intercontinental Hotels Group PLC....... 3,592 46,677
International Power PLC................. 13,870 64,109
Invensys PLC............................ 11,147 51,897
Investec PLC............................ 5,967 43,708
ITV PLC................................. 41,882 29,587
J Sainsbury PLC......................... 11,942 62,073
Kingfisher PLC.......................... 22,399 76,269
Land Securities Group PLC............... 3,213 32,117
Legal & General Group PLC............... 38,362 53,869
Lloyds Banking Group PLC (b)............ 101,592 168,493
Logica PLC (a).......................... 24,581 51,147
Lonmin PLC (b).......................... 1,592 42,623
Man Group PLC........................... 13,283 70,361
Marks & Spencer Group PLC............... 12,935 74,910
Michael Page International PLC.......... 9,397 50,287
Mondi PLC............................... 8,767 43,312
National Express Group PLC (a).......... 3,141 24,013
National Grid PLC....................... 16,955 163,787
Next PLC................................ 2,463 70,590
Old Mutual PLC.......................... 44,093 70,520
Pearson PLC............................. 7,619 93,950
Persimmon PLC (b)....................... 5,225 38,139
Prudential PLC.......................... 17,052 164,042
Randgold Resources, Ltd. ............... 700 48,991
Reckitt Benckiser PLC................... 4,410 215,685
Rentokil Initial PLC (b)................ 36,956 67,321
Rio Tinto PLC........................... 8,752 373,524
Rolls-Royce Group PLC (b)............... 15,012 113,036
Royal Bank of Scotland Group PLC (b).... 104,026 88,095
Royal Dutch Shell PLC (Class A)......... 22,990 655,776
Royal Dutch Shell PLC (Class B)......... 17,091 474,527
RSA Insurance Group PLC................. 28,837 61,709
SABMiller PLC........................... 6,322 152,576
Scottish & Southern Energy PLC.......... 6,055 113,594
Serco Group PLC......................... 10,945 88,400
Shire, Ltd. ............................ 5,382 93,307
Smith & Nephew PLC...................... 11,081 99,334
Smiths Group PLC........................ 4,308 61,218
Standard Chartered PLC.................. 9,166 226,052
Standard Life PLC....................... 18,690 65,463
Tate & Lyle PLC......................... 8,926 60,358
Taylor Wimpey PLC (b)................... 46,147 31,087
Tesco PLC............................... 50,230 321,020
The Sage Group PLC...................... 19,070 71,186
Tomkins PLC............................. 18,735 56,512
Tullow Oil PLC.......................... 8,159 147,194
Unilever PLC............................ 8,906 253,255
United Business Media PLC............... 5,181 38,755
Virgin Media, Inc. (a).................. 3,018 42,011
Vodafone Group PLC...................... 331,696 743,758
William Hill PLC........................ 12,848 36,227
William Morrison Supermarkets PLC....... 21,690 96,195
Willis Group Holdings, Ltd. (a)......... 2,535 71,538
Wolseley PLC (b)........................ 2,559 61,677
WPP Group PLC........................... 10,226 87,826
------------
TOTAL UNITED KINGDOM.................... 14,210,842
------------
TOTAL COMMON STOCKS --
(Cost $77,070,932).................... 84,159,163
PREFERRED STOCKS -- 0.3%
GERMANY -- 0.3%
Fresenius SE............................ 1,048 61,259
Henkel AG & Co. KGaA.................... 2,375 102,133
Porsche Automobil Holding SE............ 693 54,446
Volkswagen AG........................... 600 69,802
------------
TOTAL PREFERRED STOCKS --
(Cost $276,853)....................... 287,640
RIGHTS -- 0.0% (E)
FINLAND -- 0.0% (E)
Amer Sports Oyj
(expiring 9/10/19) (a)(b)............. 5,084 12,980
FRANCE -- 0.0% (E)
BNP Paribas
(expiring 10/13/09) (a)(b)............ 4,725 10,221
Casino Guichard-Perrachon SA
(expired 7/10/09) (b)................. 892 3,977
------------
TOTAL FRANCE............................ 14,198
SINGAPORE -- 0.0% (E)
Genting Singapore PLC
(expiring 10/12/09) (a)(b)............ 28,400 6,349
------------
TOTAL RIGHTS --
(Cost $15,386)........................ 33,527
WARRANTS -- 0.0% (E)
ITALY -- 0.0% (E)
UBI Banca ScpA
(expiring 6/30/11) (b)(Cost $0)....... 6,461 769
------------
</Table>
See accompanying notes to financial statements.
152
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 12.3%
UNITED STATES -- 12.3%
MONEY MARKET FUNDS -- 12.3%
State Street Navigator Securities
Lending Prime Portfolio (g)(h)........ 10,410,707 $ 10,410,707
AIM Prime Money Market Fund............. 48,408 48,408
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $10,459,115).................... 10,459,115
------------
TOTAL INVESTMENTS -- 111.8%
(Cost $87,822,286).................... 94,940,214
OTHER ASSETS AND
LIABILITIES -- (11.8)%................ (10,053,879)
------------
NET ASSETS -- 100.0%.................... $ 84,886,335
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock traded on
different securities exchanges.
(d) Security is valued at fair value as determined in good faith by
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Anglo Irish Bank Corp PLC's value
is determined based on Level 3 inputs.
(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 1.5% of net assets as of
September 30, 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.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
153
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 7.9%
Adelaide Brighton, Ltd. ................ 497,449 $ 1,224,876
Andean Resources, Ltd. (a).............. 81,105 164,632
Aquila Resources, Ltd. (a).............. 30,584 192,452
Ausenco, Ltd. (b)....................... 105,764 545,118
Austar United Communications,
Ltd. (a)(b)........................... 762,363 834,301
Austereo Group, Ltd. ................... 1,021,814 1,316,631
Australian Worldwide Exploration,
Ltd. (a).............................. 842,722 2,022,985
Beach Petroleum, Ltd. .................. 1,259,338 833,572
Billabong International, Ltd. .......... 566 5,994
Boart Longyear Group (a)(b)............. 897,095 253,354
Campbell Brothers, Ltd. ................ 74,312 1,940,633
Centennial Coal Co., Ltd. .............. 419,979 1,193,501
Consolidated Media Holdings, Ltd. ...... 48,728 127,725
Cudeco, Ltd. (a)........................ 29,004 131,571
David Jones, Ltd. (b)................... 1,553 8,004
Eastern Star Gas, Ltd. (a).............. 163,157 133,195
Elders Corp., Ltd. (a)(b)............... 1,009,060 213,731
Emeco Holdings, Ltd. ................... 173,594 134,055
Extract Resources, Ltd. (a)............. 25,944 208,591
FKP Property Group...................... 232,541 155,974
Fleetwood Corp., Ltd. .................. 220,758 1,704,763
Goodman Fielder, Ltd. (b)............... 810,236 1,194,174
Healthscope, Ltd. (b)................... 280,097 1,184,086
Iluka Resources, Ltd. (a)............... 230,720 810,416
ING Office Fund......................... 774,229 382,646
International Ferro Metals, Ltd. ....... 218,318 184,186
Invocare, Ltd. (b)...................... 440,251 2,370,116
IOOF Holdings, Ltd. (b)................. 313,709 1,409,237
JB Hi-Fi, Ltd. (b)...................... 140,765 2,467,251
Kagara Zinc, Ltd. (a)................... 159,015 136,830
Karoon Gas Australia, Ltd. (a).......... 39,974 275,529
Linc Energy, Ltd (a)(b)................. 113,856 170,320
MacArthur Coal, Ltd. ................... 31,004 258,303
Mirabela Nickel, Ltd. (a)............... 77,518 190,190
Monadelphous Group, Ltd. ............... 109,745 1,295,926
Mount Gibson Iron, Ltd. (a)............. 383,820 372,614
Oakton, Ltd. ........................... 178,740 512,678
Pacific Brands, Ltd. (a)................ 1,116,217 1,182,141
PanAust, Ltd. (a)....................... 1,622,634 701,707
PaperlinX, Ltd. (a)..................... 489,018 291,318
Programmed Maintenance Services, Ltd. .. 247,035 976,733
Record Realty (c)....................... 213,188 0
Riversdale Mining, Ltd. (a)............. 103,092 493,133
Roc Oil Co., Ltd. (a)................... 729,344 389,428
SAI Global, Ltd. ....................... 643,164 1,878,839
Sigma Pharmaceuticals, Ltd. (b)......... 1,658,266 1,558,631
Silex Systems, Ltd. (a)................. 20,674 127,721
Sino Gold Mining, Ltd. (a)(b)........... 344,966 2,051,992
Spark Infrastructure Group (d).......... 1,062,893 1,092,836
Spotless Group, Ltd. ................... 304,099 673,640
STW Communications Group, Ltd. ......... 610,038 484,550
Transfield Services, Ltd. .............. 153,941 577,408
Transpacific Industries Group,
Ltd. (a)(b)........................... 101,992 137,720
Whitehaven Coal Ltd. ................... 54,948 180,399
WHK Group, Ltd. ........................ 671,771 640,301
------------
TOTAL AUSTRALIA......................... 39,998,657
------------
AUSTRIA -- 0.7%
Atrium European Real Estate, Ltd. (a)... 62,648 449,621
BWIN Interactive Entertainment AG (a)... 16,826 762,431
BWT AG.................................. 27,052 678,539
Eco Business-Immobilien AG (a).......... 8,932 61,755
Immofinanz AG (a)(b).................... 134,366 561,712
Schoeller-Bleckmann Oilfield
Equipment AG.......................... 20,065 961,112
------------
TOTAL AUSTRIA........................... 3,475,170
------------
BELGIUM -- 1.1%
AGFA-Gevaert NV (a)..................... 96,797 531,995
Barco. NV (a)........................... 31,373 1,366,566
EVS Broadcast Equipment SA.............. 15,479 1,156,849
KBC Ancora (a).......................... 7,370 210,607
Nyrstar (a)(b).......................... 13,724 166,100
RHJ International (a)................... 142,971 1,042,814
Tessenderlo Chemie NV................... 29,357 1,130,279
------------
TOTAL BELGIUM........................... 5,605,210
------------
BERMUDA -- 0.4%
Catlin Group, Ltd. ..................... 137,106 770,551
Frontline, Ltd. (b)..................... 28,894 668,780
Golden Ocean Group, Ltd. (a)............ 155,456 198,530
Ship Finance International, Ltd. ....... 22,044 270,921
------------
TOTAL BERMUDA........................... 1,908,782
------------
CANADA -- 10.1%
Alamos Gold, Inc. (a)................... 33,224 291,596
AltaGas Income Trust.................... 81,161 1,335,417
Anvil Mining, Ltd. (a)(b)............... 121,437 316,802
Aurizon Mines, Ltd. (a)(b).............. 51,998 227,700
Bankers Petroleum, Ltd. (a)............. 72,562 319,778
Biovail Corp. (b)....................... 316 4,864
Birchcliff Energy, Ltd. (a)............. 27,524 211,565
Canadian Hydro Developers, Inc. (a)..... 354,644 1,701,683
Canadian Western Bank................... 84,327 1,559,574
CanWest Global Communications
Corp. (a)............................. 1,033 188
Celestica, Inc. (a)..................... 906 8,610
Centerra Gold, Inc. (a)................. 27,734 188,373
Compton Petroleum Corp. (a)(b).......... 163,748 212,065
Corus Entertainment, Inc. (Class B)..... 119,547 2,029,392
Cott Corp. (a).......................... 23,304 170,226
Denison Mines Corp. (a)................. 122,983 228,022
Detour Gold Corp. (a)................... 17,300 213,248
Dundee Corp. (Class A) (a).............. 73,494 764,179
Dundee Real Estate Investment Trust..... 99,019 1,795,313
DundeeWealth, Inc. (b).................. 74,061 837,697
Equinox Minerals, Ltd. (a).............. 184,354 594,302
European Goldfields, Ltd. (a)........... 37,124 172,251
First Uranium Corp. (a)................. 29,534 78,974
FirstService Corp. (a).................. 53,180 1,023,169
FNX Mining Co., Inc. (a)................ 91,578 800,337
Freehold Royalty Trust.................. 68,430 1,035,408
Fronteer Development Group, Inc. (a).... 31,424 135,264
</Table>
See accompanying notes to financial statements.
154
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Gammon Gold, Inc. (a)................... 88,013 $ 751,140
GMP Capital, Inc. ...................... 79,916 1,012,632
Golden Star Resources, Ltd. (a)......... 397,094 1,350,408
Great Canadian Gaming Corp. (a)(b)...... 97,612 740,298
Groupe Aeroplan, Inc. .................. 46,718 430,922
Guardian Capital Group, Ltd. ........... 214,439 1,518,435
Harvest Energy Trust.................... 42,818 278,060
Highpine Oil & Gas, Ltd. (a)............ 122,935 816,665
Home Capital Group, Inc. ............... 44,282 1,578,111
HudBay Minerals, Inc. (a)............... 87,854 1,055,918
Iamgold Corp. .......................... 1,243 17,522
Ivanhoe Energy, Inc. (a)................ 70,238 161,640
Jaguar Mining, Inc. (a)................. 24,784 221,216
Linamar Corp. .......................... 96,534 1,281,664
MacDonald, Dettwiler & Associates,
Ltd. (a).............................. 45,934 1,345,537
Major Drilling Group
International, Inc. .................. 26,230 531,541
Martinrea International, Inc. (a)....... 80,248 539,074
Methanex Corp. ......................... 30,694 533,349
Moto Goldmines, Ltd. (a)................ 30,584 147,891
New Gold, Inc. (a)...................... 232,224 884,931
Northgate Minerals Corp. (a)............ 57,497 154,818
Novagold Resources, Inc. (a)(b)......... 138,186 708,118
NuVista Energy, Ltd. (a)................ 114,128 1,328,108
Open Text Corp. (a)(b).................. 183 6,839
Osisko Mining Corp. (a)................. 67,708 502,148
Pan American Silver Corp. (a)........... 24,574 562,777
Peyto Energy Trust...................... 88,316 879,622
Precision Drilling Trust................ 54,418 363,023
Progress Energy Resources Corp. ........ 210,437 2,709,624
Quadra Mining, Ltd. (a)................. 26,894 364,584
Quebecor, Inc. (Class B)................ 52,933 1,205,825
Red Back Mining, Inc. (a)............... 4,917 55,112
Rubicon Minerals Corp. (a).............. 43,244 178,488
Russel Metals, Inc. (b)................. 67,941 1,079,916
Savanna Energy Services Corp. (b)....... 86,618 540,706
Seabridge Gold, Inc. (a)................ 11,920 341,619
ShawCor, Ltd. (Class A)................. 17,400 469,490
Sherritt International Corp. ........... 66,128 471,947
Silver Standard Resources, Inc. (a)..... 20,460 439,967
Silvercorp Metals, Inc. (b)............. 47,668 226,504
Stantec, Inc. (a)....................... 58,187 1,452,913
The Forzani Group, Ltd. ................ 65,259 820,830
Thompson Creek Metals Co., Inc. (a)..... 42,814 515,778
Trican Well Service, Ltd. (b)........... 35,118 454,803
TriStar Oil & Gas, Ltd. (a)............. 430 6,270
Uni-Select, Inc. ....................... 100,282 2,475,983
Uranium One, Inc. (a)(b)................ 232,462 556,627
UTS Energy Corp. (a).................... 173,914 280,323
Western Canadian Coal Corp. (a)......... 47,564 128,072
WestJet Airlines, Ltd. (a).............. 70,978 732,066
------------
TOTAL CANADA............................ 51,465,851
------------
CHINA -- 3.4%
Allied Properties HK, Ltd. (a).......... 3,206,791 513,083
Cafe de Coral Holdings, Ltd. ........... 1,299,867 2,847,948
China Gas Holdings, Ltd. ............... 780,000 248,592
Chow Sang Sang Holding
International, Ltd. .................. 806,939 691,360
Daphne International Holdings, Ltd. .... 314,000 227,294
Far East Consortium
International, Ltd. .................. 2,753,466 760,307
First Pacific, Co., Ltd. ............... 8,000 5,357
G-Resources Group, Ltd. (a)............. 3,534,000 209,759
Galaxy Entertainment Group, Ltd. (a).... 283,000 124,884
Geely Automobile Holdings, Ltd. ........ 15,000 4,084
Giordano International, Ltd. ........... 4,274,000 1,064,357
Hi Sun Technology China, Ltd. (a)....... 597,000 154,064
HKR International, Ltd. (a)............. 2,162,379 856,576
Integrated Distribution Services
Group, Ltd. .......................... 483,205 683,341
Jinhui Shipping & Transportation,
Ltd. (a).............................. 52,628 157,821
K Wah International Holdings, Ltd. ..... 2,002,565 656,320
Kai Yuan Holdings, Ltd. (a)............. 3,540,000 141,599
Melco International Development,
Ltd. (a).............................. 201,000 128,639
Midland Holdings, Ltd. ................. 325,790 271,980
PCCW, Ltd. ............................. 2,263,000 589,836
Peace Mark Holdings, Ltd. (a)........... 504,228 97,592
REXLot Holdings, Ltd. (a)............... 1,475,000 131,322
Road King Infrastructure, Ltd. ......... 945,544 714,949
Shun Tak Holdings, Ltd. ................ 548,000 415,770
Techtronic Industries Co., Ltd. ........ 1,213,500 1,006,807
Texwinca Holdings, Ltd. ................ 1,702,050 1,344,062
VTech Holdings, Ltd. ................... 120,000 1,033,542
Xinao Gas Holdings, Ltd. ............... 782,000 1,553,900
Xinyi Glass Holdings Co., Ltd. ......... 1,324,315 929,578
------------
TOTAL CHINA............................. 17,564,723
------------
DENMARK -- 1.1%
Bang & Olufsen A/S (Class B) (a)(b)..... 20,528 261,983
D/S Norden A/S.......................... 11,280 425,230
East Asiatic Co., Ltd. (b).............. 28,892 1,038,107
Genmab A/S (a).......................... 8,750 225,487
GN Store Nord A/S (a)(b)................ 162,585 884,247
IC Companys A/S......................... 21,368 570,580
NeuroSearch A/S (a)..................... 19,493 572,181
SimCorp A/S............................. 6,929 1,418,954
------------
TOTAL DENMARK........................... 5,396,769
------------
FINLAND -- 2.6%
Amer Sports Oyj (Class A) (b)........... 84,685 732,802
Atria Group PLC......................... 49,096 853,987
Citycon Oyj............................. 209,928 889,870
Cramo Oyj (Class B)..................... 46,696 735,112
Finnlines Oyj (a)....................... 83,438 963,494
HKScan Oyj.............................. 75,306 1,026,998
Kemira Oyj.............................. 19,514 312,048
Lassila & Tikanoja Oyj.................. 66,053 1,583,414
Outotec Oyj............................. 9,230 293,305
Poyry Oyj............................... 69,715 1,262,571
Talvivaara Mining Co. PLC (a)........... 61,908 375,951
TietoEnator Oyj......................... 57,342 1,139,908
Vacon Oyj............................... 34,001 1,267,331
Vaisala Oyj (Class A)................... 34,591 1,256,457
YIT Oyj................................. 21,890 416,276
------------
TOTAL FINLAND........................... 13,109,524
------------
</Table>
See accompanying notes to financial statements.
155
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FRANCE -- 3.2%
Canal Plus.............................. 31,697 $ 258,344
Carbone Lorraine SA (b)................. 22,897 844,077
Club Mediterranee SA (a)................ 27,914 658,134
GL Events SA............................ 26,117 602,405
Groupe Steria SCA....................... 27,117 963,177
IMS International Metal Service (a)..... 33,324 642,481
Ingenico SA............................. 39,112 1,086,230
IPSOS................................... 46,982 1,456,223
Rhodia SA (a)........................... 54,289 824,094
Rubis................................... 28,952 2,640,714
Saft Groupe SA.......................... 28,406 1,577,800
Sequana Capital SA (a)(b)............... 66,408 935,741
Societe de la Tour Eiffel............... 10,120 680,302
SOITEC (a)(b)........................... 79,665 1,114,973
Sperian Protection...................... 9,048 693,808
STEF-TFE................................ 20,344 1,181,741
UbiSoft Entertainment SA (a)............ 19,884 376,094
------------
TOTAL FRANCE............................ 16,536,338
------------
GERMANY -- 2.6%
Aixtron AG.............................. 22,254 605,684
Aurubis AG.............................. 11,234 467,663
Demag Cranes AG......................... 24,737 887,319
Deutsche Wohnen AG (a)(b)............... 43,044 424,063
DIC Asset AG............................ 30,609 400,433
Draegerwerk AG & Co. KGaA Preference
Shares................................ 12,488 478,247
Gerresheimer AG......................... 19,627 616,809
Gildemeister AG......................... 51,545 718,022
Indus Holding AG........................ 55,743 947,607
Jenoptik AG (a)......................... 123,910 661,085
Kloeckner & Co. AG (a).................. 22,570 516,632
Kontron AG.............................. 70,067 858,254
KUKA AG (a)(b).......................... 42,012 636,197
Leoni AG................................ 35,539 809,340
MLP AG.................................. 51,556 597,600
MTU Aero Engines Holding AG............. 157 7,426
Nordex AG (a)........................... 13,660 238,004
Patrizia Immobilien AG (a)(b)........... 108,859 571,238
Pfleiderer AG (a)....................... 45,009 542,107
Q-Cells SE (a)(b)....................... 15,294 292,630
Solar Millennium AG (a)................. 17,792 613,755
Stada Arzneimittel AG................... 17,030 464,996
Symrise AG.............................. 41,444 789,340
Wirecard AG............................. 22,464 267,282
------------
TOTAL GERMANY........................... 13,411,733
------------
GREECE -- 1.0%
Alapis Holding Industrial and
Commercial SA......................... 452,178 396,569
Diana Shipping, Inc. ................... 17,614 228,982
DryShips, Inc. (b)...................... 87,958 583,161
Ellaktor SA............................. 93,675 816,071
Fourlis Holdings SA..................... 40,442 634,885
Hellenic Exchanges SA................... 64,748 821,494
Intracom Holdings SA (a)................ 337,694 863,813
Michaniki SA............................ 154,524 390,751
Paragon Shipping, Inc. (b) ............. 26,574 112,674
------------
TOTAL GREECE............................ 4,848,400
------------
HONG KONG -- 0.2%
Champion REIT........................... 664,000 276,736
Pacific Basin Shipping, Ltd. ........... 1,152,000 759,572
Sino Union Petroleum & Chemical
International, Ltd. (a)............... 1,580,000 128,438
------------
TOTAL HONG KONG......................... 1,164,746
------------
IRELAND -- 1.1%
C&C Group PLC (e)....................... 144,321 607,548
C&C Group PLC (e)....................... 70,473 297,700
Fyffes PLC.............................. 1,284,427 769,753
Irish Life & Permanent PLC.............. 63,298 519,977
Kingspan Group PLC (a)(e)............... 65,693 601,107
Kingspan Group PLC (a)(e)............... 33,336 306,982
Paddy Power PLC (e)..................... 13,145 398,691
Paddy Power PLC (e)..................... 58,398 1,775,751
Smurfit Kappa Group PLC................. 24,274 191,599
------------
TOTAL IRELAND........................... 5,469,108
------------
ITALY -- 2.3%
Amplifon SpA (a)(b)..................... 233,338 937,943
Astaldi SpA............................. 179,924 1,566,134
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 177,066 1,218,383
Digital Multimedia Technologies
SpA (a)............................... 23,985 361,106
Esprinet SpA............................ 78,763 841,585
IMMSI SpA (a)........................... 591,618 739,377
Interpump Group SpA (a)(b).............. 182,131 1,165,382
Permasteelisa SpA (a)................... 86,675 1,677,413
Recordati SpA........................... 238,501 1,685,562
Sorin SpA (a)........................... 773,454 1,300,141
Tiscali SpA (a)(b)...................... 41,654 222,537
------------
TOTAL ITALY............................. 11,715,563
------------
JAPAN -- 29.7%
Alps Electric Co., Ltd. (a)(b).......... 145,336 840,834
Asahi Holdings, Inc. ................... 37,957 645,653
Bank of the Ryukyus, Ltd. .............. 111,700 1,378,550
Best Denki Co., Ltd. (b)................ 187,769 891,292
Central Glass Co., Ltd. (b)............. 434,145 1,934,705
COMSYS Holdings Corp. (b)............... 167,050 1,835,899
DA Office Investment Corp. (b).......... 257 846,764
Daifuku Co., Ltd. ...................... 99,000 664,533
Daihen Corp. (b)........................ 198,000 813,805
Daiichi Chuo Kisen Kaisha (a)(b)........ 114,834 259,077
Daimei Telecom Engineering Corp. ....... 108,400 1,072,680
Dainippon Screen Manufacturing Co.,
Ltd. (a)(b)........................... 201,000 763,277
DCM Japan Holdings Co., Ltd. (b)........ 141,633 969,688
Disco Corp. ............................ 100 6,679
Don Quijote Co., Ltd. (b)............... 62,800 1,493,986
DOUTOR NICHIRES Holdings Co., Ltd. (b).. 135,732 2,087,485
DTS Corp. .............................. 71,282 653,627
eAccess, Ltd. .......................... 1,646 1,152,669
EDION Corp. (b)......................... 83,700 728,233
</Table>
See accompanying notes to financial statements.
156
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FCC Co., Ltd. .......................... 83,248 $ 1,454,179
Fukuoka REIT Corp. ..................... 257 1,504,082
Furukawa Co., Ltd. (b).................. 583,387 820,984
Glory, Ltd. (b)......................... 59,800 1,472,709
H2O Retailing Corp. (b)................. 198,000 1,247,244
Hanwa Co., Ltd. ........................ 308,000 1,114,559
Heiwa Real Estate Co., Ltd. (b)......... 260,000 894,399
Hitachi Kokusai Electric, Inc. (b)...... 121,372 946,196
Hitachi Zosen Corp. (a)(b).............. 657,000 836,522
Horiba, Ltd. (b)........................ 42,413 1,103,728
Hosiden Corp. .......................... 91,700 1,246,428
Iino Kaiun Kaisha, Ltd. (b)............. 114,400 554,527
IT Holdings Corp. (b)................... 76,808 1,062,882
Izumiya Co., Ltd. ...................... 207,000 1,132,853
Japan Airport Terminal Co., Ltd. (b).... 78,200 982,577
Japan Asia Investment Co., Ltd. (a)(b).. 185,000 123,974
Japan Aviation Electronics Industry,
Ltd. (b).............................. 110,000 658,513
Japan Excellent, Inc. .................. 204 1,116,435
Japan Logistics Fund, Inc. (b).......... 204 1,663,260
Juki Corp. (a)(b)....................... 102,332 120,007
K's Holdings Corp. (b).................. 41,400 1,391,791
Kanematsu Corp. (a)..................... 632,698 565,319
Katakura Industries Co., Ltd. (b)....... 79,174 923,188
Kayaba Industry Co., Ltd. (a)(b)........ 262,832 936,432
Keisei Electric Railway Co., Ltd. ...... 2,000 13,313
Kenedix, Inc. (a)(b).................... 325 129,042
Kitz Corp. (b).......................... 115,000 580,555
Kiyo Holdings, Inc. .................... 940,000 1,196,850
Komori Corp. (b)........................ 87,936 1,070,534
Kurabo Industries, Ltd. ................ 577,000 1,205,104
Kyowa Exeo Corp. (b).................... 108,400 1,066,626
Makino Milling Machine Co., Ltd. (a).... 120,000 463,729
Marudai Food Co., Ltd. ................. 452,656 1,420,633
Maruha Nichiro Holdings, Inc. .......... 638,485 976,964
Marusan Securities Co., Ltd. (b)........ 134,898 828,658
Miraca Holdings, Inc. .................. 65,600 2,146,736
Mitsubishi Rayon Co., Ltd. ............. 1,000 3,440
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)........................... 537,000 1,379,461
Mitsui-Soko Co., Ltd. (b)............... 255,000 971,184
Mitsumi Electric Co., Ltd. ............. 300 6,494
Nabtesco Corp. (b)...................... 110,000 1,315,798
Nakanishi, Inc. (b)..................... 8,483 748,486
Nankai Electric Railway Co., Ltd. (b)... 3,000 13,838
Net One Systems Co., Ltd. (b)........... 768 1,157,983
Neturen Co., Ltd. (b)................... 175,203 1,365,854
New City Residence Investment
Corp. (c)(f).......................... 4 0
Nihon Dempa Kogyo Co., Ltd. (b)......... 21,000 408,578
Nihon Kohden Corp. (b).................. 55,800 934,207
Nikkiso Co., Ltd. ...................... 196,000 1,707,489
Nippon Accommodations Fund, Inc. (b).... 208 1,159,234
Nippon Carbon Co., Ltd. (b)............. 188,712 621,768
Nippon Konpo Unyu Soko Co., Ltd. ....... 182,000 2,175,015
Nippon Light Metal Co., Ltd. (a)........ 1,188,000 1,233,976
Nippon Seiki Co., Ltd. ................. 81,000 922,768
Nippon Shinyaku Co., Ltd. .............. 174,000 2,468,085
Nippon Soda Co., Ltd. .................. 211,000 893,159
Nippon Suisan Kaisha, Ltd. (b).......... 332,399 991,238
Nippon Thompson Co., Ltd. .............. 179,000 1,017,602
Nishimatsu Construction Co., Ltd. ...... 545,000 779,137
Nishimatsuya Chain Co., Ltd. (b)........ 95,793 1,008,910
Nitto Boseki Co., Ltd. (b).............. 440,153 870,130
NOF Corp. (b)........................... 357,000 1,794,270
NSD Co., Ltd. (b)....................... 76,308 824,997
Okasan Holdings, Inc. .................. 213,682 954,630
Oki Electric Industry Co., Ltd. (a)..... 1,141,000 1,019,490
Orix JREIT, Inc. ....................... 311 1,615,178
Osaka Securities Exchange Co.,
Ltd. (b).............................. 249 1,134,662
OSG Corp. (b)........................... 122,700 1,263,522
Park24 Co., Ltd. (b).................... 152,913 1,765,924
Point, Inc. ............................ 20,050 1,330,173
Premier Investment Co. ................. 386 1,608,064
Rengo Co., Ltd. ........................ 158,000 970,570
Rohto Pharmaceutical Co., Ltd. (b)...... 135,000 1,847,043
Ryohin Keikaku Co., Ltd. (b)............ 26,503 1,376,433
Sakai Chemical Industry Co., Ltd. ...... 283,565 1,254,166
Sanden Corp. (a)........................ 390,000 1,110,739
Sankyu, Inc. ........................... 224,000 968,202
Sanyo Shokai, Ltd. (b).................. 154,000 507,399
Sanyo Special Steel Co., Ltd. (b)....... 170,937 635,752
Sato Corp. (b).......................... 97,900 1,336,168
Seiren Co., Ltd. (b).................... 163,400 1,074,916
Shima Seiki Manufacturing, Ltd. (b)..... 56,625 1,318,625
Shimachu Co., Ltd. (b).................. 77,400 2,035,818
Shinko Electric Co., Ltd. (b)........... 366,000 1,009,683
Shochiku Co., Ltd. (b).................. 375,000 3,296,197
Shoei Co., Ltd. ........................ 88,600 713,471
SMK Corp. (b)........................... 196,343 1,269,700
Star Micronics Co., Ltd. (b)............ 52,000 484,950
Sumitomo Osaka Cement Co., Ltd. (b)..... 761,793 1,446,415
Tadano, Ltd. (b)........................ 114,526 565,371
Takara Holdings, Inc. (b)............... 256,000 1,775,574
Takasago International Corp. (b)........ 279,694 1,583,792
Takefuji Corp. (b)...................... 57,370 202,479
Takuma Co., Ltd. (a)(b)................. 215,000 612,330
The Bank of Nagoya, Ltd. ............... 200,000 866,700
The Bank of Okinawa, Ltd. (b)........... 40,400 1,439,392
The Ehime Bank, Ltd. (b)................ 553,000 1,544,089
The Eighteenth Bank, Ltd. .............. 522,730 1,564,658
The Hokuetsu Bank, Ltd. (b)............. 748,000 1,436,935
The Michinoku Bank, Ltd. ............... 568,000 1,300,497
The Minato Bank, Ltd. (a)............... 628,000 876,752
The Miyazaki Bank, Ltd. (b)............. 486,000 2,030,089
The Musashino Bank, Ltd. (b)............ 32,200 976,411
The Oita Bank, Ltd. (b)................. 320,000 1,254,482
The Tochigi Bank, Ltd. ................. 208,000 1,012,878
The Tokushima Bank, Ltd. (b)............ 219,000 900,117
The Tokyo Tomin Bank, Ltd. (b).......... 36,000 589,043
Toagosei Co., Ltd. ..................... 467,818 1,593,617
TOC Co., Ltd. .......................... 163,700 722,192
Toei Co., Ltd. (b)...................... 260,000 1,469,370
Toho Holdings Co., Ltd. (b)............. 60,919 843,688
Toho Zinc Co., Ltd. .................... 190,000 914,614
</Table>
See accompanying notes to financial statements.
157
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tokai Tokyo Financial Holdings,
Inc. (b).............................. 200,000 $ 632,155
Tokuyama Corp. ......................... 1,000 7,349
Tokyo Dome Corp. (b).................... 198,000 608,142
Tokyo Tatemono Co., Ltd. (b)............ 172,000 843,335
Topy Industries, Ltd. .................. 598,381 1,323,275
Toyo Corp/Chuo-ku (b)................... 138,448 1,424,143
Toyo Tire & Rubber Co., Ltd. (a)........ 309,000 745,452
Toyobo Co., Ltd. (b).................... 815,788 1,403,154
Tsumura & Co. .......................... 300 10,856
Ulvac, Inc. (b)......................... 37,900 1,001,100
Unitika, Ltd. (a)(b).................... 829,000 740,716
Yodogawa Steel Works, Ltd. (b).......... 325,000 1,372,089
Zenrin Co., Ltd. (b).................... 46,077 673,130
------------
TOTAL JAPAN............................. 150,991,925
------------
NETHERLANDS -- 2.4%
Aalberts Industries NV (b).............. 71,896 965,781
ASM International NV (a)................ 57,091 1,050,217
BinckBank NV............................ 18,250 322,780
Chicago Bridge & Iron Co. NV............ 33,224 620,624
Crucell NV (a).......................... 61,612 1,414,815
Draka Holdings (a)...................... 22,580 419,496
Exact Holdings NV....................... 39,547 1,036,459
Imtech NV............................... 228 5,807
James Hardie Industries NV (a).......... 1,726 11,973
KAS Bank NV............................. 77,125 1,442,990
Koninklijke BAM Groep NV................ 30,374 350,253
Nutreco Holding NV...................... 10,544 512,300
OPG Groep NV............................ 124,884 2,063,648
Ordina NV (a)........................... 77,573 484,169
Orthofix International N.V. (a)(b)...... 23,838 700,599
ProLogis European Properties............ 31,324 194,866
VistaPrint NV (a)....................... 12,024 610,218
------------
TOTAL NETHERLANDS....................... 12,206,995
------------
NEW ZEALAND -- 0.5%
Auckland International Airport, Ltd. ... 539,251 725,575
Fisher & Paykel Appliances Holdings,
Ltd. (b).............................. 810,650 404,633
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 561,337 1,331,914
Nuplex Industries, Ltd. ................ 88,563 156,322
------------
TOTAL NEW ZEALAND....................... 2,618,444
------------
NORWAY -- 1.7%
Deep Sea Supply PLC (a)................. 141,956 219,211
DET Norske Oljeselskap ASA (a)(b)....... 844,474 591,043
Ekornes ASA............................. 100,284 1,711,066
Ganger Rolf ASA......................... 924 23,887
Norske Skogindustrier ASA (a)........... 209,579 411,407
Norwegian Property ASA (a).............. 333,277 560,028
Petroleum Geo-Services ASA (a).......... 71,718 696,501
Prosafe Production Public, Ltd. (a)..... 102,829 242,793
Sevan Marine ASA (a).................... 138,163 213,234
Songa Offshore SE (a)................... 103,553 492,574
Subsea 7, Inc. (a)...................... 31,424 419,723
TGS Nopec Geophysical Co. ASA (a)....... 37,544 559,701
Tomra Systems ASA....................... 156,395 727,757
Veidekke ASA............................ 208,985 1,555,961
------------
TOTAL NORWAY............................ 8,424,886
------------
PORTUGAL -- 0.4%
Altri SGPS SA (a)(b).................... 150,412 906,251
Semapa-Sociedade de Investimento e
Gestao, SGPS, SA...................... 116,452 1,315,784
------------
TOTAL PORTUGAL.......................... 2,222,035
------------
SINGAPORE -- 2.8%
Bukit Sembawang Estates, Ltd. .......... 216,080 766,758
CapitaCommercial Trust.................. 538,000 397,090
Cosco Corp. Singapore, Ltd. (b)......... 361,000 307,441
Ezra Holdings, Ltd. (a)................. 181,000 241,496
Haw Par Corp., Ltd. .................... 700,352 2,867,912
Hong Leong Finance, Ltd. ............... 1,371,656 2,628,346
Indofood Agri Resources, Ltd. (a)....... 175,000 198,715
Mapletree Logistics Trust............... 3,192,965 1,744,852
Parkway Holdings, Ltd. (b).............. 956,309 1,404,890
Straits Asia Resources, Ltd. ........... 260,000 393,031
Suntec REIT............................. 1,949,000 1,466,194
Verigy, Ltd. (a)(b)..................... 50,918 591,667
Wing Tai Holdings, Ltd. ................ 1,016,000 1,211,369
------------
TOTAL SINGAPORE......................... 14,219,761
------------
SOUTH KOREA -- 5.9%
Asiana Airlines (a)..................... 161,603 539,020
Celltrion, Inc. (a)..................... 15,958 209,929
Cheil Communications, Inc. ............. 7,262 1,790,461
CJ CheilJedang Corp. ................... 2,133 375,640
Daewoo Motor Sales (a).................. 35,921 353,646
Daum Communications Corp. (a)........... 12,515 575,695
Dong-A Pharmaceutical Co., Ltd. ........ 9,202 766,931
Doosan Corp. ........................... 3,963 299,348
Eugene Investment & Securities Co.,
Ltd. (a).............................. 423,058 403,938
Hana Tour Service, Inc. ................ 18,031 589,173
Hanjin Heavy Industries & Construction
Co., Ltd. ............................ 7,420 149,250
Hanjin Shipping Co., Ltd. .............. 17,480 304,871
Hanmi Pharm Co., Ltd. .................. 8,072 822,101
Hansol Paper Co. (a).................... 54,886 556,663
Hanwha Chemical Corp. (b)............... 71,285 774,409
Hanwha Securities Co. .................. 67,313 549,016
Hite Brewery Co., Ltd. (b).............. 6,424 915,962
Hotel Shilla Co., Ltd. ................. 50,962 748,264
Humax Co., Ltd. ........................ 47,691 566,666
Hyundai Department Store Co., Ltd. ..... 14,352 1,339,885
Hyundai Marine & Fire Insurance
Co., Ltd. ............................ 60,592 1,118,503
Jeonbuk Bank............................ 165,385 1,038,701
Korean Reinsurance Co. ................. 85,539 860,290
LG International Corp. ................. 47,849 1,283,283
LG Life Sciences, Ltd. (a).............. 17,276 1,070,357
LG Telecom, Ltd. ....................... 56,400 407,353
LIG Insurance Co., Ltd. ................ 41,252 833,268
LS Industrial Systems Co., Ltd. (b)..... 15,678 1,237,474
MegaStudy Co., Ltd. .................... 3,969 816,875
Meritz Fire & Marine Insurance Co.,
Ltd. (a).............................. 114,807 779,509
Meritz Securities Co., Ltd. ............ 542,110 630,334
Orion Corp. ............................ 4,558 870,401
Poongsan Corp. (a)(e)................... 8 147
</Table>
See accompanying notes to financial statements.
158
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Poongsan Corp. (a)(e)................... 86,345 $ 1,758,778
Samsung Fine Chemicals Co., Ltd. ....... 20,172 927,921
Seoul Semiconductor Co., Ltd. (a)....... 8,335 297,817
SFA Engineering Corp. .................. 15,443 537,376
SK Chemicals Co., Ltd. ................. 21,696 1,209,783
STX Offshore & Shipbuilding Co., Ltd. .. 16,360 202,027
STX Pan Ocean Co. Ltd. ................. 37,400 344,401
Taekwang Industrial Co. Ltd. ........... 306 226,724
Yuhan Corp. ............................ 6,922 1,119,152
------------
TOTAL SOUTH KOREA....................... 30,201,342
------------
SPAIN -- 2.0%
Almirall SA............................. 12,020 155,843
Amper, SA............................... 97,752 1,085,919
Campofrio Alimentacion SA............... 145,907 1,522,764
Construcciones y Auxiliar de
Ferrocarriles SA...................... 4,189 2,130,825
Ercros SA (a)........................... 1,747,122 490,323
Faes Farma SA (b)....................... 143,707 917,947
General de Alquiler de Maquinaria (a)... 46,081 479,579
Grupo Empresarial San Jose (a).......... 14,753 212,841
Tubacex SA.............................. 194,164 957,857
Tubos Reunidos SA....................... 231,983 827,378
Vidrala SA.............................. 51,574 1,331,312
------------
TOTAL SPAIN............................. 10,112,588
------------
SWEDEN -- 2.0%
Boliden AB.............................. 1,053 11,279
Castellum AB (b)........................ 156,568 1,511,307
Carnegie Investment Bank AB (b)(c)...... 59,625 0
Elekta AB (Class B) (b)................. 85,497 1,650,557
Haldex AB (a)(b)........................ 107,494 991,493
Intrum Justitia AB (b).................. 85,055 948,725
Kungsleden AB........................... 130,185 861,961
New Wave Group AB (Class B) (b)......... 195,235 714,732
Q-Med AB (a)............................ 116,730 684,403
TradeDoubler AB (a)..................... 47,199 492,721
Trelleborg AB (Class B) (a)(b).......... 202,550 1,167,302
Wihlborgs Fastigheter AB................ 75,682 1,398,843
------------
TOTAL SWEDEN............................ 10,433,323
------------
SWITZERLAND -- 2.3%
Basilea Pharmaceutica AG (a)(b)......... 7,321 735,875
Belimo Holding AG....................... 1,942 1,918,325
Daetwyler Holding AG.................... 24,971 1,439,084
Georg Fischer AG (a)(b)................. 2,435 637,702
Kudelski SA............................. 51,346 1,190,560
Kuoni Reisen Holding (Class B).......... 3,669 1,361,312
Meyer Burger Technology AG (a).......... 690 166,174
Mobimo Holding AG (a)................... 2,483 392,915
Petroplus Holdings AG (a)............... 30,634 771,718
Temenos Group AG (a)(b)................. 57,484 1,346,178
Valora Holding AG....................... 6,719 1,599,376
------------
TOTAL SWITZERLAND....................... 11,559,219
------------
UNITED KINGDOM -- 11.8%
Arriva PLC.............................. 95,132 761,508
Barratt Developments PLC (a)............ 113,902 447,043
Bellway PLC............................. 72,618 964,556
Berkeley Group Holdings PLC (a)......... 278 3,939
Bodycote PLC............................ 166,242 442,689
Bovis Homes Group PLC (a)............... 141,935 1,060,107
Britvic PLC............................. 180,015 1,014,872
BTG PLC (a)............................. 80,575 233,895
Charter International PLC............... 46,828 513,775
Chemring Group PLC...................... 33,405 1,305,738
Chloride Group (b)...................... 392,206 1,142,267
Connaught PLC........................... 262,212 1,698,444
Cookson Group PLC (a)................... 78,468 515,921
Croda International PLC (b)............. 92,790 973,528
CSR PLC (a)............................. 54,524 409,069
Dairy Crest Group PLC................... 136,237 835,611
Debenhams PLC........................... 425,349 516,674
Dimension Data Holdings PLC............. 1,133,852 1,145,179
DS Smith PLC............................ 257,593 442,056
DSG International PLC (a)............... 1,643,292 703,043
Elementis PLC........................... 702,359 631,866
Emerald Energy PLC (a).................. 26,264 314,200
Enterprise Inns PLC..................... 138,896 276,568
Fenner PLC.............................. 277,314 655,304
Galliford Try PLC....................... 479,488 448,618
Game Group PLC.......................... 320,790 819,350
Gem Diamonds, Ltd. (a).................. 50,308 191,415
Hardy Oil & Gas PLC (a)................. 23,520 178,585
Helphire PLC............................ 294,158 207,003
Henderson Group PLC..................... 398,092 821,328
Hiscox, Ltd. ........................... 945 5,207
HMV Group PLC (b)....................... 614,926 1,031,673
Hochschild Mining PLC................... 40,814 204,313
Hunting PLC............................. 46,194 398,215
Intermediate Capital Group PLC.......... 134,153 641,313
International Personal Finance.......... 226,088 589,760
Interserve PLC.......................... 143,853 529,164
ITE Group PLC (b)....................... 399,490 781,085
Jardine Lloyd Thompson Group PLC........ 153,262 1,190,056
JKX Oil & Gas PLC....................... 54,101 240,284
Keller Group PLC........................ 77,331 899,149
Kier Group PLC.......................... 45,565 862,104
Laird Group PLC......................... 158,571 528,144
Lamprell PLC............................ 59,588 165,540
Melrose PLC............................. 443,996 1,313,694
Michael Page International PLC.......... 207,642 1,111,181
Micro Focus International PLC........... 73,718 419,138
Mitchells & Butlers PLC (a)............. 176,220 731,932
Mitie Group............................. 382,228 1,542,351
Mondi PLC............................... 263,327 1,300,939
Morgan Crucible Co. .................... 231,931 637,644
Morgan Sindall PLC...................... 51,745 549,929
N Brown Group PLC....................... 196,652 773,079
National Express Group PLC.............. 49,888 381,388
Northern Foods PLC...................... 736,184 829,489
Northgate PLC........................... 39,160 147,996
Pace PLC................................ 77,408 282,022
PayPoint PLC............................ 82,267 592,082
Persimmon PLC (a)....................... 849 6,197
Premier Farnell PLC..................... 361,613 858,843
Premier Foods PLC (a)................... 1,017,325 683,365
Punch Taverns PLC (a)................... 144,593 278,431
PV Crystalox Solar PLC.................. 203,864 241,603
</Table>
See accompanying notes to financial statements.
159
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Rank Group PLC (a)...................... 642,460 $ 917,060
Redrow PLC (a).......................... 236,631 813,680
Regus PLC............................... 166,320 266,536
Restaurant Group PLC.................... 261,863 808,304
RPS Group PLC........................... 238,326 857,625
Salamander Energy PLC (a)............... 67,708 244,191
Senior PLC.............................. 519,009 512,573
Shaftesbury PLC......................... 251,993 1,440,008
Shanks Group PLC........................ 325,754 516,566
SIG PLC................................. 230,541 508,828
SOCO International PLC (a)(b)........... 22,884 517,517
Spectris PLC............................ 87,420 987,794
Spirent Communications PLC.............. 228,968 319,509
SSL International PLC................... 156,803 1,605,010
St James's Place PLC.................... 145,485 606,601
Stagecoach Group PLC.................... 239,408 623,357
Taylor Wimpey PLC (a)................... 3,975 2,678
Travis Perkins PLC...................... 375 4,996
Tullett Prebon PLC...................... 198,662 1,241,689
UK Coal PLC (a)......................... 130,469 241,009
Ultra Electronics Holdings PLC.......... 40,179 859,803
Unite Group PLC......................... 195,157 821,667
UTV Media PLC........................... 1,103 1,751
Victrex PLC............................. 120,536 1,471,870
Wellstream Holdings PLC................. 36,704 358,086
Wetherspoon (J.D.) PLC.................. 123,980 948,210
WH Smith PLC............................ 131,581 949,103
Wincanton PLC........................... 184,030 696,087
Yell Group PLC (a)(b)................... 476,869 448,456
------------
TOTAL UNITED KINGDOM.................... 60,012,025
------------
TOTAL COMMON STOCKS --
(Cost $574,243,634)................... 504,673,117
RIGHTS -- 0.1%
FINLAND -- 0.0% (G)
Amer Sports Oyj
(expiring 9/10/19) (a)(b)............. 82,961 211,808
FRANCE -- 0.0% (G)
Carbone Lorraine SA
(expiring 10/2/09) (a)(b)............. 21,733 63,852
GERMANY -- 0.1%
Deutsche Wohnen AG
(expiring 10/7/09) (a)................ 42,168 286,612
UNITED KINGDOM -- 0.0% (G)
UK Coal PLC
(expiring 10/8/09) (a)................ 66,610 43,146
Unite Group PLC
(expiring 10/2/09) (a)................ 32,944 6,981
------------
TOTAL UNITED KINGDOM.................... 50,127
------------
TOTAL RIGHTS --
(Cost $557,204)....................... 612,399
SHORT TERM INVESTMENTS -- 9.5%
UNITED STATES -- 9.5%
MONEY MARKET FUNDS -- 9.5%
State Street Navigator Securities
Lending Prime Portfolio (h)(i)........ 48,381,934 48,381,934
AIM Prime Money Market Fund............. 150,520 150,520
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $48,532,454).................... 48,532,454
------------
TOTAL INVESTMENTS -- 108.8%
(Cost $623,333,292)................... 553,817,970
OTHER ASSETS AND
LIABILITIES -- (8.8)%................. (44,784,881)
------------
NET ASSETS -- 100.0%.................... $509,033,089
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Security is valued at fair value as determined in good faith by
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. New City Residence Investment
Corp., Carnegie Investment Bank AB and Record Reality's are determined
based on Level 3 inputs.
(d) Security purchased pursuant to Rule 144A of the Securities Act of
1933. This security, which represents 0.2% of net assets as of
September 30, 2009, is considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(e) Reflect separate holdings of the issuer's common stock traded on
different securities exchanges.
(f) Company has filed for insolvency.
(g) Amount shown represents less than 0.05% of net assets.
(h) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i) Investments of cash collateral for securities loaned.
</Table>
See accompanying notes to financial statements.
160
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 19.0%
Abacus Property Group................... 4,847,546 $ 1,882,409
Babcock & Brown Japan Property Trust.... 1,907,061 774,216
Bunnings Warehouse Property Trust....... 1,211,819 1,866,262
CFS Retail Property Trust (a)........... 5,090,170 9,029,585
Commonwealth Property Office Fund....... 6,955,476 5,831,629
Dexus Property Group.................... 17,623,861 13,143,081
Goodman Group (a)....................... 19,060,803 11,186,707
GPT Group............................... 34,782,534 21,027,673
ING Industrial Fund (a)................. 4,244,545 2,359,995
ING Office Fund......................... 10,137,401 5,010,189
Macquarie CountryWide Trust (a)......... 5,490,837 3,101,401
Macquarie Office Trust (a).............. 17,090,488 4,524,964
Westfield Group......................... 8,048,146 98,730,213
--------------
TOTAL AUSTRALIA......................... 178,468,324
--------------
AUSTRIA -- 2.7%
Atrium European Real Estate,
Ltd. (a)(b)........................... 851,789 6,113,244
CA Immobilien Anlagen AG (a)(b)......... 294,427 3,804,417
IMMOEAST AG (a)(b)...................... 1,418,306 8,748,640
Immofinanz AG (a)(b).................... 1,524,662 6,373,791
--------------
TOTAL AUSTRIA........................... 25,040,092
--------------
BELGIUM -- 1.1%
Befimmo S.C.A. (a)...................... 51,117 4,632,498
Cofinimmo (a)........................... 41,117 5,740,820
--------------
TOTAL BELGIUM........................... 10,373,318
--------------
CANADA -- 7.6%
Artis REIT.............................. 60,532 516,042
Boardwalk REIT.......................... 88,872 3,192,039
Brookfield Asset Management, Inc. (Class
A) (a)................................ 1,920,710 43,611,015
Calloway REIT........................... 145,843 2,581,773
Canadian Apartment Properties REIT...... 124,798 1,715,057
Canadian REIT........................... 121,488 2,920,330
Chartwell Seniors Housing REIT.......... 183,942 1,139,676
Extendicare REIT........................ 127,421 997,239
First Capital Realty, Inc. (a).......... 127,709 2,290,504
H&R REIT................................ 270,807 3,512,190
Primaris Retail REIT.................... 114,611 1,623,113
RioCan REIT............................. 430,956 7,227,437
--------------
TOTAL CANADA............................ 71,326,415
--------------
CHINA -- 3.4%
Hong Kong Land Holdings, Ltd. (a)....... 4,581,000 19,927,350
Kerry Properties, Ltd. ................. 2,315,670 12,385,020
--------------
TOTAL CHINA............................. 32,312,370
--------------
FRANCE -- 11.2%
Fonciere des Regions (a)................ 83,634 9,729,703
Gecina SA (a)........................... 78,425 9,342,655
Klepierre (a)........................... 329,182 13,041,984
SILIC (a)............................... 31,978 4,119,861
Unibail-Rodamco SE (a).................. 331,056 68,690,243
--------------
TOTAL FRANCE............................ 104,924,446
--------------
GERMANY -- 0.3%
IVG Immobilien AG (a)(b)................ 257,458 2,814,921
--------------
HONG KONG -- 8.4%
Champion REIT........................... 6,554,505 2,731,731
GZI REIT................................ 2,709,000 996,206
Hang Lung Group, Ltd. .................. 3,140,808 15,724,202
Hang Lung Properties, Ltd. ............. 6,861,755 25,277,657
Hysan Development Co., Ltd. ............ 2,307,893 5,777,141
Prosperity REIT......................... 4,216,000 723,515
The Link REIT........................... 8,125,925 17,887,405
Wheelock & Co., Ltd. ................... 3,102,545 10,168,275
--------------
TOTAL HONG KONG......................... 79,286,132
--------------
ITALY -- 0.1%
Beni Stabili SpA (a).................... 1,436,448 1,236,697
--------------
JAPAN -- 19.0%
Aeon Mall Co., Ltd. (a)................. 298,540 6,231,879
DA Office Investment Corp. (a).......... 882 2,906,014
Daibiru Corp. .......................... 214,600 1,871,923
Frontier Real Estate Investment
Corp. (a)............................. 543 4,214,944
Fukuoka REIT Corp. ..................... 310 1,814,263
Global One REIT......................... 360 2,661,752
Hankyu REIT, Inc. (a)................... 317 1,487,016
Heiwa Real Estate Co., Ltd. (a)......... 557,500 1,917,798
Japan Excellent, Inc. .................. 525 2,873,178
Japan Hotel and Resort, Inc. ........... 290 419,445
Japan Office Investment Corp. (a)....... 500 577,986
Japan Prime Realty Investment
Corp. (a)............................. 2,326 5,668,545
Japan Real Estate Investment Corp. (a).. 1,658 13,592,137
Japan Retail Fund Investment Corp. (a).. 1,455 7,914,056
Kenedix Realty Investment Corp. ........ 751 2,826,682
Mitsui Fudosan Co., Ltd. (a)............ 3,304,000 56,053,789
Mori Hills REIT Investment Corp. ....... 416 1,486,793
Mori Trust Sogo REIT, Inc. (a).......... 424 3,433,294
Nippon Building Fund, Inc. (a).......... 2,027 18,133,992
Nippon Commercial Investment Corp. (a).. 967 1,806,881
Nippon Residential Investment
Corp. (a)............................. 934 2,407,631
Nomura Real Estate Office Fund,
Inc. (a).............................. 1,086 7,241,213
NTT Urban Development Corp. (a)......... 4,068 3,743,823
Orix JREIT, Inc. (a).................... 941 4,887,083
Premier Investment Co. ................. 492 2,049,657
Shoei Co., Ltd. (a)..................... 136,690 1,100,726
TOC Co., Ltd. .......................... 362,100 1,597,470
Tokyu Land Corp. (a).................... 1,712,000 6,864,444
Tokyu REIT, Inc. (a).................... 630 3,152,287
Top REIT, Inc. ......................... 579 2,793,634
United Urban Investment Corp. (a)....... 751 4,411,973
--------------
TOTAL JAPAN............................. 178,142,308
--------------
</Table>
See accompanying notes to financial statements.
161
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NETHERLANDS -- 3.0%
Corio NV................................ 286,289 $ 19,722,424
Eurocommercial Properties NV............ 117,073 4,630,658
VastNed Retail NV....................... 63,370 4,074,702
--------------
TOTAL NETHERLANDS....................... 28,427,784
NEW ZEALAND -- 0.7%
AMP NZ Office Trust (a)................. 2,891,071 1,777,691
Goodman Property Trust (a).............. 2,296,644 1,661,392
ING Property Trust (a).................. 2,037,394 1,164,342
Kiwi Income Property Trust (a).......... 2,993,938 2,295,764
--------------
TOTAL NEW ZEALAND....................... 6,899,189
SINGAPORE -- 6.5%
Ascendas REIT (a)....................... 4,864,773 6,663,363
Cambridge Industrial Trust (a).......... 2,616,074 844,763
CapitaCommercial Trust.................. 6,032,769 4,452,702
CapitaLand, Ltd. (a).................... 9,378,999 24,761,276
CapitaMall Trust........................ 7,542,311 9,902,612
Frasers Commercial Trust (a)............ 9,594,280 1,089,447
Guocoland, Ltd. (a)..................... 911,000 1,409,446
Mapletree Logistics Trust............... 3,848,000 2,102,807
Singapore Land, Ltd. ................... 489,000 1,880,969
Starhill Global REIT (a)................ 3,734,000 1,590,007
Suntec REIT............................. 5,915,388 4,450,028
United Industrial Corp., Ltd. (a)....... 1,440,000 1,880,416
--------------
TOTAL SINGAPORE......................... 61,027,836
SOUTH AFRICA -- 0.6%
Capital Property Fund................... 1,348,674 1,190,713
Fountainhead Property Trust............. 3,734,257 3,070,197
SA Corporate Real Estate Fund........... 2,988,577 958,396
Sycom Property Fund..................... 372,563 934,173
--------------
TOTAL SOUTH AFRICA...................... 6,153,479
SPAIN -- 0.0% (E)
Martinsa-Fadesa SA (b)(c)(d)............ 35,998 0
SWEDEN -- 1.3%
Castellum AB (a)........................ 601,696 5,808,001
Fabege AB (a)........................... 472,283 2,769,058
Kungsleden AB........................... 511,759 3,388,381
--------------
TOTAL SWEDEN............................ 11,965,440
SWITZERLAND -- 1.5%
PSP Swiss Property AG (a)(b)............ 156,069 9,024,373
Swiss Prime Site AG (a)(b).............. 89,766 4,736,364
--------------
TOTAL SWITZERLAND....................... 13,760,737
UNITED KINGDOM -- 13.2%
Big Yellow Group PLC (b)................ 353,125 2,117,889
British Land Co. PLC.................... 3,264,699 24,812,076
Derwent London PLC...................... 377,937 7,374,333
Grainger PLC............................ 517,671 2,463,941
Great Portland Estates PLC (a).......... 1,172,252 4,962,705
Hammerson PLC........................... 2,612,812 16,477,012
Land Securities Group PLC............... 2,869,839 28,686,732
Liberty International PLC (a)........... 1,960,226 15,048,420
Segro PLC............................... 2,752,896 16,180,453
Shaftesbury PLC (a)..................... 845,818 4,833,408
Workspace Group PLC..................... 2,962,300 1,042,306
--------------
TOTAL UNITED KINGDOM.................... 123,999,275
--------------
TOTAL COMMON STOCKS --
(Cost $1,181,519,660)................. 936,158,763
SHORT TERM INVESTMENTS -- 14.9%
UNITED STATES -- 14.9%
MONEY MARKET FUNDS -- 14.9%
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 139,519,285 139,519,285
AIM Prime Money Market Fund............. 217,669 217,669
--------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $139,736,954)................... 139,736,954
--------------
TOTAL INVESTMENTS -- 114.5%
(Cost $1,321,256,614)................. 1,075,895,717
OTHER ASSETS AND
LIABILITIES -- (14.5)%................ (136,630,942)
--------------
NET ASSETS -- 100.0%.................... $ 939,264,775
==============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Security value is determined based
on Level 3 inputs.
(d) Company has filed for insolvency.
(e) Amount shown represents less than 0.05% of net assets.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
</Table>
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
162
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
AUSTRALIA -- 1.1%
AGL Energy, Ltd. ....................... 26,577 $ 320,636
Macquarie Infrastructure Group.......... 130,255 169,561
Transurban Group (a).................... 75,360 272,687
------------
TOTAL AUSTRALIA......................... 762,884
------------
AUSTRIA -- 0.2%
Oesterreichische
Elektrizitaetswirtschafts AG.......... 2,670 134,840
------------
BRAZIL -- 0.8%
Centrais Eletricas Brasileiras SA ADR... 16,140 249,583
Companhia Energetica de Minas Gerais
ADR (a)............................... 20,632 313,606
------------
TOTAL BRAZIL............................ 563,189
------------
CANADA -- 3.8%
Enbridge, Inc. (a)...................... 22,120 856,730
Fortis, Inc. (a)........................ 9,793 227,922
TransAlta Corp. (a)..................... 11,864 241,414
TransCanada Corp. (a)................... 39,995 1,243,486
------------
TOTAL CANADA............................ 2,569,552
------------
FINLAND -- 1.0%
Fortum Oyj.............................. 26,239 671,954
------------
FRANCE -- 9.3%
Electricite de France................... 15,110 895,378
GDF Suez................................ 97,003 4,302,595
Veolia Environnement (a)................ 27,627 1,057,615
------------
TOTAL FRANCE............................ 6,255,588
------------
GERMANY -- 10.7%
E.ON AG................................. 118,085 5,002,087
RWE AG.................................. 23,178 2,150,318
------------
TOTAL GERMANY........................... 7,152,405
------------
HONG KONG -- 3.0%
CLP Holdings, Ltd. ..................... 107,500 729,608
Hong Kong & China Gas Co., Ltd. ........ 294,320 743,580
HongKong Electric Holdings, Ltd. ....... 94,500 518,223
------------
TOTAL HONG KONG......................... 1,991,411
------------
ITALY -- 6.3%
A2A SpA................................. 94,241 185,001
Atlantia SpA............................ 25,273 612,121
Enel SpA................................ 413,816 2,623,644
Snam Rete Gas SpA....................... 95,269 463,022
Terna -- Rete Elettrica Nationale SpA... 89,005 346,713
------------
TOTAL ITALY............................. 4,230,501
------------
JAPAN -- 10.0%
Chubu Electric Power Co., Inc. (a)...... 34,470 839,276
Electric Power Development Co.,
Ltd. (a).............................. 9,700 308,220
Hokkaido Electric Power Co., Inc. (a)... 9,700 202,375
Hokuriku Electric Power Co. (a)......... 9,900 252,656
Kyushu Electric Power Co., Inc. (a)..... 21,109 479,777
Osaka Gas Co., Ltd. (a)................. 96,000 337,745
Shikoku Electric Power Co., Inc. (a).... 10,826 331,303
The Chugoku Electric Power Co.,
Inc. (a).............................. 16,200 357,165
The Kansai Electric Power Co.,
Inc. (a).............................. 42,429 1,028,323
The Tokyo Electric Power Co., Inc. (a).. 59,927 1,576,234
Tohoku Electric Power Co., Inc. (a)..... 22,200 495,896
Tokyo Gas Co., Ltd. (a)................. 121,000 504,082
------------
TOTAL JAPAN............................. 6,713,052
------------
PORTUGAL -- 1.5%
Brisa Auto- Estradas de Portugal SA..... 26,751 263,156
EDP -- Energias de Portugal SA.......... 161,537 739,051
------------
TOTAL PORTUGAL.......................... 1,002,207
------------
SOUTH KOREA -- 0.7%
Korea Electric Power Corp. ADR.......... 30,510 464,972
------------
SPAIN -- 6.7%
Abertis Infraestructuras SA............. 20,859 472,894
Enagas.................................. 10,763 224,657
Gas Natural SDG SA...................... 27,062 597,303
Iberdrola Renovables SA................. 50,557 248,301
Iberdrola SA............................ 304,341 2,982,754
------------
TOTAL SPAIN............................. 4,525,909
------------
UNITED KINGDOM -- 7.3%
Centrica PLC............................ 301,220 1,212,098
Drax Group PLC.......................... 21,783 164,264
International Power PLC................. 90,069 416,310
National Grid PLC....................... 144,587 1,396,721
Pennon Group PLC........................ 21,132 160,741
Scottish & Southern Energy PLC.......... 54,044 1,013,886
Severn Trent PLC........................ 13,632 211,592
United Utilities Group PLC.............. 40,084 292,719
------------
TOTAL UNITED KINGDOM.................... 4,868,331
------------
UNITED STATES -- 37.0%
Allegheny Energy, Inc. (a).............. 10,022 265,784
Alliant Energy Corp. (a)................ 6,487 180,663
Ameren Corp. ........................... 13,744 347,448
American Electric Power Co., Inc. ...... 28,173 873,081
American Tower Corp. (Class A) (a)(b)... 23,390 851,396
Aqua America, Inc. (a).................. 8,191 144,489
CenterPoint Energy, Inc. ............... 21,504 267,295
CMS Energy Corp. (a).................... 13,486 180,712
Consolidated Edison, Inc. (a)........... 16,120 659,953
Constellation Energy Group, Inc. ....... 11,854 383,714
Crown Castle International
Corp. (a)(b).......................... 12,689 397,927
Dominion Resources, Inc. (a)............ 34,678 1,196,391
DTE Energy Co. (a)...................... 9,698 340,788
Duke Energy Corp. (a)................... 76,655 1,206,550
Edison International (a)................ 19,105 641,546
El Paso Corp. (a)....................... 41,427 427,527
Entergy Corp. .......................... 11,605 926,775
EQT Corp. (a)........................... 7,544 321,374
Exelon Corp. ........................... 39,005 1,935,428
FirstEnergy Corp. (a)................... 17,975 821,817
FPL Group, Inc. (a)..................... 24,154 1,334,026
Integrys Energy Group, Inc. (a)......... 4,416 158,490
Kinder Morgan Management, LLC........... 4,802 227,375
Mirant Corp. (a)(b)..................... 8,268 135,843
</Table>
See accompanying notes to financial statements.
163
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
National Fuel Gas Co. (a)............... 4,753 $ 217,735
NiSource, Inc. (a)...................... 16,074 223,268
Northeast Utilities (a)................. 10,410 247,133
NRG Energy, Inc. (a)(b)................. 15,675 441,878
NSTAR (a)............................... 6,241 198,589
ONEOK, Inc. ............................ 6,108 223,675
Pepco Holdings, Inc. (a)................ 12,740 189,571
PG&E Corp. (a).......................... 21,939 888,310
Pinnacle West Capital Corp. (a)......... 6,061 198,922
PPL Corp. .............................. 22,193 673,336
Progress Energy, Inc. (a)............... 16,372 639,490
Public Service Enterprise Group, Inc. .. 29,873 939,207
RRI Energy, Inc. (a)(b)................. 20,953 149,604
SBA Communications Corp. (Class A)
(a) (b)............................... 6,862 185,480
SCANA Corp. (a)......................... 7,170 250,233
Sempra Energy (a)....................... 14,343 714,425
Spectra Energy Corp. ................... 37,919 718,186
The AES Corp. (b)....................... 39,007 578,084
The Southern Co. (a).................... 47,004 1,488,617
The Williams Cos., Inc. ................ 34,006 607,687
Wisconsin Energy Corp. (a).............. 6,801 307,201
Xcel Energy, Inc. (a)................... 26,767 514,998
------------
TOTAL UNITED STATES..................... 24,822,021
------------
TOTAL COMMON STOCKS --
(Cost $88,320,503).................... 66,728,816
SHORT TERM INVESTMENTS -- 17.0%
UNITED STATES -- 17.0%
MONEY MARKET FUNDS -- 17.0%
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 11,290,328 11,290,328
AIM Prime Money Market Fund............. 101,816 101,816
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $11,392,144).................... 11,392,144
------------
TOTAL INVESTMENTS -- 116.4%
(Cost $99,712,647).................... 78,120,960
OTHER ASSETS AND
LIABILITIES -- (16.4)%................ (11,022,084)
------------
NET ASSETS -- 100.0%.................... $ 67,098,876
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Affiliated Fund managed by SSgA Funds Management, Inc.
(d) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
164
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 6.1%
Alumina, Ltd. (a)(b).................... 179,960 $ 290,648
Amcor, Ltd. ............................ 77,684 375,709
AMP, Ltd. (a)........................... 52,491 302,045
Australia & New Zealand Banking
Group, Ltd. .......................... 35,910 772,977
BHP Billiton, Ltd. ..................... 79,532 2,648,306
BlueScope Steel, Ltd. .................. 111,915 289,398
Boral, Ltd. (a)......................... 92,781 498,673
Brambles, Ltd. ......................... 41,771 297,869
CFS Retail Property Trust (a)........... 128,459 227,877
Coca-Cola Amatil, Ltd. ................. 55,891 483,894
Commonwealth Bank of Australia (a)...... 27,964 1,277,171
CSL, Ltd. .............................. 16,474 486,479
Fortescue Metals Group, Ltd. (b)........ 49,313 166,251
Foster's Group, Ltd. ................... 68,119 333,657
Insurance Australia Group, Ltd. ........ 61,815 206,217
Lend Lease Corp., Ltd. ................. 49,858 466,423
Macquarie Group, Ltd. .................. 14,414 747,872
Macquarie Infrastructure Group.......... 227,007 295,509
National Australia Bank, Ltd. .......... 35,426 961,718
Newcrest Mining, Ltd. .................. 13,958 392,965
Origin Energy, Ltd. .................... 46,737 673,163
OZ Minerals, Ltd. (b)................... 252,300 253,841
Perpetual, Ltd. (a)..................... 10,993 379,731
Qantas Airways, Ltd. ................... 143,946 363,333
QBE Insurance Group, Ltd. (a)........... 20,294 430,926
Rio Tinto, Ltd. ........................ 7,548 394,627
Santos, Ltd. ........................... 41,081 551,092
Sonic Healthcare, Ltd. ................. 21,141 265,130
Suncorp-Metway, Ltd. ................... 51,747 405,544
Toll Holdings, Ltd. (a)................. 57,331 431,597
Transurban Group (a).................... 48,341 174,920
Wesfarmers, Ltd. PPS.................... 10,524 246,595
Westfield Group......................... 34,395 421,939
Westpac Banking Corp. (a)............... 38,822 899,387
Woodside Petroleum, Ltd. ............... 14,858 683,577
Woolworths, Ltd. ....................... 28,544 736,852
------------
TOTAL AUSTRALIA......................... 18,833,912
------------
AUSTRIA -- 0.5%
Erste Group Bank AG (a)................. 11,434 510,417
OMV AG.................................. 5,793 233,453
Raiffeisen International Bank-Holding
AG (a)................................ 7,728 503,351
Telekom Austria AG...................... 11,842 213,252
------------
TOTAL AUSTRIA........................... 1,460,473
------------
BELGIUM -- 0.7%
Anheuser-Busch InBev NV................. 12,627 575,947
Anheuser-Busch InBev NV -- VVPR
Strip (b)............................. 8,694 38
Delhaize Group.......................... 2,608 180,847
Dexia SA (b)............................ 36,077 332,223
Fortis (b).............................. 91,563 428,414
Fortis VVPR Strip (b)................... 5,332 15
KBC Groep NV (b)........................ 7,494 375,995
Solvay SA............................... 2,313 239,876
UCB SA (a).............................. 3,897 164,280
------------
TOTAL BELGIUM........................... 2,297,635
------------
BRAZIL -- 3.0%
Banco Bradesco SA ADR (a)............... 43,764 870,466
Companhia de Bebidas das Americas
Preference Shares ADR (a)............. 7,396 608,395
Companhia Energetica de Minas Gerais
ADR (a)............................... 37,161 564,847
Companhia Siderurgica Nacional SA
ADR (a)............................... 18,308 560,225
Gerdau SA ADR (a)....................... 41,162 553,217
Itau Unibanco Holding SA ADR (a)........ 74,703 1,505,265
Petroleo Brasileiro SA Preference Shares
ADR (a)............................... 68,489 2,692,303
Tele Norte Leste Participacoes SA
ADR (a)............................... 14,723 276,645
Vale SA Preference Shares ADR........... 86,753 1,779,304
------------
TOTAL BRAZIL............................ 9,410,667
------------
CANADA -- 7.1%
Agnico-Eagle Mines, Ltd. (a)............ 2,624 177,028
Agrium, Inc. (a)........................ 4,295 214,170
Bank of Montreal (a).................... 14,312 722,334
Bank of Nova Scotia (a)................. 21,404 974,577
Barrick Gold Corp. ..................... 22,813 861,678
Brookfield Asset Management, Inc. (Class
A) (a)................................ 14,467 328,483
Brookfield Properties Corp. (a)......... 24,212 273,860
Cameco Corp. ........................... 9,689 268,201
Canadian Imperial Bank of Commerce (a).. 8,778 533,975
Canadian National Railway Co. .......... 13,063 641,770
Canadian Natural Resources, Ltd. ....... 13,280 894,572
Canadian Pacific Railway, Ltd. (a)...... 5,776 269,615
Canadian Tire Corp., Ltd. (Class A)..... 4,309 231,890
Enbridge, Inc. (a)...................... 11,817 457,684
EnCana Corp. (a)........................ 19,142 1,105,752
Enerplus Resources Fund................. 7,605 173,598
Gildan Activewear, Inc. (b)............. 10,131 199,732
Goldcorp, Inc. ......................... 17,902 716,881
Husky Energy, Inc. (a).................. 9,793 275,003
IGM Financial, Inc. (a)................. 8,178 323,524
Imperial Oil, Ltd. (a).................. 10,985 417,068
Kinross Gold Corp. ..................... 11,801 256,515
Loblaw Co., Ltd. (a).................... 7,811 229,971
Manulife Financial Corp. (a)............ 34,412 721,392
National Bank of Canada (a)............. 7,452 413,390
Nexen, Inc. ............................ 9,496 215,348
Onex Corp. ............................. 13,172 322,029
Penn West Energy Trust.................. 10,413 164,737
Potash Corp. of Saskatchewan, Inc. ..... 7,602 687,884
Research In Motion, Ltd. (a)(b)......... 12,127 817,807
Rogers Communications, Inc. (Class
B) (a)................................ 11,666 328,578
Royal Bank of Canada (a)................ 28,018 1,502,316
Shaw Communications, Inc. (a)........... 12,499 225,688
Shoppers Drug Mart Corp. (a)............ 7,848 321,290
SNC-Lavalin Group, Inc. ................ 10,293 463,679
</Table>
See accompanying notes to financial statements.
165
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Sun Life Financial, Inc. (a)............ 13,893 $ 434,278
Suncor Energy, Inc. .................... 28,754 1,001,956
Talisman Energy, Inc. .................. 30,598 531,110
Teck Resources, Ltd. (Class B) (b)...... 17,345 476,733
TELUS Corp. (Non-Voting)................ 6,335 196,607
Thomson Reuters Corp. (a)............... 14,240 476,303
TMX Group, Inc. (a)..................... 5,995 200,578
Toronto-Dominion Bank (a)............... 17,223 1,111,239
TransAlta Corp. (a)..................... 14,943 304,067
TransCanada Corp. (a)................... 14,202 441,555
------------
TOTAL CANADA............................ 21,906,445
------------
CHILE -- 0.3%
Empresa Nacional de Electricidad SA
ADR (a)............................... 12,700 595,249
Enersis SA ADR.......................... 24,735 456,361
------------
TOTAL CHILE............................. 1,051,610
------------
CHINA -- 2.2%
Bank of China, Ltd. .................... 1,430,760 753,221
Bank of Communications Co., Ltd. ....... 249,000 303,296
China Construction Bank Corp. .......... 1,086,000 867,393
China COSCO Holdings Co., Ltd. ......... 261,000 312,524
China Huiyuan Juice Group, Ltd. ........ 128,000 81,754
China Life Insurance Co., Ltd. ......... 198,000 862,253
China Petroleum & Chemical Corp. ....... 508,000 431,961
China Shenhua Energy Co., Ltd. ......... 56,500 246,776
China Telecom Corp., Ltd. .............. 584,000 275,797
Huaneng Power International, Inc. ...... 408,000 270,068
Industrial & Commercial Bank of China... 986,000 742,994
PetroChina Co., Ltd. ................... 492,000 556,115
Ping An Insurance Group Co. of
China, Ltd. .......................... 49,000 388,836
Tencent Holdings, Ltd. ................. 19,600 318,909
Zijin Mining Group Co., Ltd. ........... 304,000 298,507
------------
TOTAL CHINA............................. 6,710,404
------------
DENMARK -- 0.7%
A P Moller -- Maersk A/S................ 49 336,727
Danske Bank A/S (b)..................... 20,260 530,054
DSV A/S (a)(b).......................... 13,022 231,899
Novo-Nordisk A/S (Class B).............. 12,184 761,926
Vestas Wind Systems A/S (a)(b).......... 5,413 390,845
------------
TOTAL DENMARK........................... 2,251,451
------------
FINLAND -- 1.1%
Elisa Oyj............................... 8,328 170,666
Fortum Oyj.............................. 12,407 317,731
Kesko Oyj (Class B) (a)................. 4,997 167,264
Kone Oyj (Class B)...................... 9,172 336,777
Metso Oyj............................... 11,255 316,361
Neste Oil Oyj (a)....................... 7,958 146,798
Nokia Oyj............................... 28,908 424,661
Outokumpu Oyj........................... 14,475 272,093
Sampo Oyj (Class A)..................... 13,253 333,391
Stora Enso Oyj (b)...................... 33,781 235,038
UPM-Kymmene Oyj......................... 21,313 255,456
Wartsila Oyj (a)........................ 7,969 318,930
YIT Oyj................................. 1 19
------------
TOTAL FINLAND........................... 3,295,185
------------
FRANCE -- 7.2%
Accor SA................................ 5,979 332,451
Air France-KLM (b)...................... 15,318 278,088
Air Liquide SA (a)...................... 6,347 721,319
Alcatel-Lucent (a)(b)................... 119,830 535,450
Alstom SA............................... 5,328 388,384
AXA..................................... 31,093 840,800
BNP Paribas (a)......................... 18,431 1,470,956
Bouygues SA............................. 5,685 288,764
Cap Gemini SA........................... 3,921 205,153
Carrefour SA............................ 14,364 650,872
Credit Agricole SA (a).................. 18,150 378,846
Essilor International SA (a)............ 8,267 470,606
France Telecom SA....................... 43,726 1,163,560
GDF Suez (a)............................ 25,657 1,138,023
Groupe Danone (a)....................... 13,515 813,506
Hermes International (a)................ 2,412 355,559
L'Oreal SA (a).......................... 6,739 669,334
Lagardere SCA........................... 4,529 210,716
LVMH Moet Hennessy Louis Vuitton
SA (a)................................ 5,491 551,640
Neopost SA.............................. 2,065 185,119
Pernod -- Ricard SA (a)................. 4,559 361,649
Peugeot SA (b).......................... 10,429 317,610
PPR (a)................................. 3,448 441,448
Publicis Groupe (a)..................... 5,952 238,468
Renault SA (a)(b)....................... 10,605 493,950
Sanofi-Aventis.......................... 22,914 1,679,693
Schneider Electric SA................... 5,995 606,918
Societe Generale........................ 11,686 939,478
Sodexo.................................. 3,533 211,422
Technip SA.............................. 3,674 234,413
Total SA (a)............................ 47,708 2,831,581
Unibail-Rodamco SE...................... 1,622 336,546
Vallourec SA (a)........................ 1,200 203,118
Veolia Environnement (a)................ 7,824 299,518
Vinci SA (a)............................ 11,518 650,874
Vivendi................................. 29,247 903,956
------------
TOTAL FRANCE............................ 22,399,788
------------
GERMANY -- 5.8%
Adidas AG............................... 7,818 413,335
Allianz SE.............................. 10,383 1,295,646
BASF SE................................. 21,200 1,122,077
Bayer AG................................ 16,987 1,175,696
Commerzbank AG (a)(b)................... 42,515 538,479
Daimler AG.............................. 21,120 1,062,120
Deutsche Bank AG........................ 12,694 973,107
Deutsche Boerse AG...................... 6,038 492,918
Deutsche Lufthansa AG................... 9,307 164,745
Deutsche Post AG........................ 24,848 464,900
Deutsche Telekom AG..................... 70,000 954,636
E.ON AG................................. 41,899 1,774,844
Fresenius Medical Care AG & Co. KGaA.... 6,987 347,545
Linde AG................................ 3,284 355,600
</Table>
See accompanying notes to financial statements.
166
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
MAN AG.................................. 3,627 $ 299,009
Merck KGaA.............................. 2,566 254,862
Metro AG................................ 4,579 258,689
Muenchener Rueckversicherungs-
Gesellschaft AG....................... 5,279 841,310
RWE AG.................................. 11,669 1,082,581
Salzgitter AG........................... 1,521 145,623
SAP AG.................................. 21,847 1,062,755
Siemens AG.............................. 18,988 1,756,321
ThyssenKrupp AG (a)..................... 9,111 313,362
TUI AG (a)(b)........................... 25,224 259,933
Volkswagen AG (a)....................... 2,570 421,975
------------
TOTAL GERMANY........................... 17,832,068
------------
GREECE -- 0.4%
Hellenic Telecommunications Organization
SA ADR (a)............................ 30,073 251,411
National Bank of Greece SA ADR (a)...... 144,925 1,044,909
------------
TOTAL GREECE............................ 1,296,320
------------
HONG KONG -- 3.4%
Bank of East Asia, Ltd. ................ 157,504 569,043
Cheung Kong Holdings, Ltd. ............. 51,000 647,202
China Merchants Holdings International
Co., Ltd. ............................ 102,447 339,725
China Mobile, Ltd. ..................... 152,000 1,482,726
China Overseas Land &
Investment, Ltd. ..................... 102,000 220,582
China Resources Enterprise.............. 102,000 296,785
Citic Pacific, Ltd. .................... 102,000 267,831
CNOOC, Ltd. ............................ 448,217 602,631
COSCO Pacific, Ltd. .................... 196,594 282,079
Esprit Holdings, Ltd. .................. 38,668 259,448
Hang Lung Properties, Ltd. ............. 102,000 375,752
Henderson Land Development Co., Ltd. ... 51,000 335,611
Hong Kong & China Gas Co., Ltd. ........ 246,420 622,564
Hong Kong Exchanges and
Clearing, Ltd. ....................... 41,200 746,911
Hutchison Whampoa, Ltd. ................ 49,000 353,746
Li & Fung, Ltd. ........................ 102,000 411,288
Mongolia Energy Corp., Ltd. (b)......... 299,000 106,096
New World Development Co., Ltd. ........ 297,649 640,613
Pacific Basin Shipping, Ltd. ........... 120,000 79,122
Shangri-La Asia, Ltd. .................. 102,000 192,154
Sun Hung Kai Properties, Ltd. .......... 51,000 751,505
Swire Pacific, Ltd. .................... 49,000 575,983
The Link REIT........................... 124,309 273,639
------------
TOTAL HONG KONG......................... 10,433,036
------------
HUNGARY -- 0.3%
MOL Hungarian Oil and Gas NyRt (b)...... 3,126 259,961
Richter Gedeon NyRt (a)................. 2,921 602,146
------------
TOTAL HUNGARY........................... 862,107
------------
INDIA -- 1.7%
Dr. Reddy's Laboratories, Ltd. ADR (a).. 19,756 385,242
HDFC Bank, Ltd. ADR (a)................. 7,053 834,864
ICICI Bank, Ltd. ADR (a)................ 23,130 891,893
Infosys Technologies, Ltd. ADR (a)...... 17,237 835,822
Reliance Industries, Ltd. GDR (b)(d).... 14,965 1,378,276
Tata Motors, Ltd. ADR (a)............... 67,884 879,777
------------
TOTAL INDIA............................. 5,205,874
------------
INDONESIA -- 0.5%
Astra International Tbk PT.............. 196,000 676,317
Bank Rakyat Indonesia Tbk PT............ 686,050 532,372
Telekomunikasi Indonesia Tbk PT......... 279,000 249,700
------------
TOTAL INDONESIA......................... 1,458,389
------------
IRELAND -- 0.1%
CRH PLC................................. 5,238 144,744
Elan Corp. PLC (b)...................... 26,505 189,876
------------
TOTAL IRELAND........................... 334,620
------------
ISRAEL -- 0.6%
Bank Hapoalim BM (b).................... 98,630 349,965
Bank Leumi Le-Israel BM (b)............. 90,054 344,573
Teva Pharmaceutical Industries,
Ltd. ADR.............................. 23,172 1,171,576
------------
TOTAL ISRAEL............................ 1,866,114
------------
ITALY -- 2.7%
Assicurazioni Generali SpA.............. 23,572 645,346
Atlantia SpA............................ 14,716 356,427
Banca Monte dei Paschi di Siena
SpA (a)............................... 149,071 318,566
Banca Popolare di Milano Scarl.......... 39,144 297,527
Enel SpA................................ 139,921 887,116
Eni SpA................................. 55,814 1,393,443
Fiat SpA (b)............................ 36,530 469,350
Finmeccanica SpA........................ 11,190 197,586
Intesa Sanpaolo SpA (b)................. 188,949 834,774
Lottomatica SpA......................... 14,913 333,732
Mediaset SpA............................ 28,560 199,547
Mediobanca SpA.......................... 16,133 220,252
Pirelli & C. SpA (b).................... 663,723 355,080
Saipem SpA.............................. 10,175 306,082
Telecom Italia SpA...................... 332,289 582,362
UBI Banca ScpA.......................... 23,744 364,072
UniCredit SpA........................... 125,876 491,261
------------
TOTAL ITALY............................. 8,252,523
------------
JAPAN -- 15.0%
Aeon Co., Ltd. (a)...................... 14,800 141,991
Aisin Seiki Co., Ltd. .................. 9,700 237,259
Asahi Breweries, Ltd. (a)............... 15,200 278,756
Asahi Glass Co., Ltd. .................. 49,000 396,772
Asahi Kasei Corp. (a)................... 51,000 260,312
Astellas Pharma, Inc. (a)............... 14,800 609,951
Bridgestone Corp. (a)................... 15,200 273,493
Canon, Inc. ............................ 19,800 802,748
Central Japan Railway Co. (a)........... 49 352,990
Chubu Electric Power Co., Inc. (a)...... 20,200 491,830
Credit Saison Co., Ltd. (a)............. 14,500 171,017
Daiichi Sankyo Co., Ltd. (a)............ 20,300 420,125
Daikin Industries, Ltd. (a)............. 14,800 533,914
Daiwa Securities Group, Inc. (a)........ 49,000 253,387
Denso Corp. (a)......................... 10,200 300,754
East Japan Railway Co. ................. 9,900 714,291
</Table>
See accompanying notes to financial statements.
167
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Eisai Co., Ltd. (a)..................... 5,100 $ 192,528
Electric Power Development Co.,
Ltd. (a).............................. 5,100 162,054
Elpida Memory, Inc. (a)(b).............. 20,000 262,914
Fanuc, Ltd. (a)......................... 4,900 440,554
FUJIFILM Holdings Corp. (a)............. 14,700 441,649
Fujitsu, Ltd. (a)....................... 51,000 334,361
Hankyu Hanshin Holdings, Inc. (a)....... 51,000 244,932
Haseko Corp. (a)(b)..................... 86,500 85,017
Hitachi, Ltd. (a)(b).................... 101,000 311,342
Hokuhoku Financial Group, Inc. (a)...... 102,000 239,236
Honda Motor Co., Ltd. (a)............... 35,400 1,093,215
Hoya Corp. ............................. 10,200 241,515
Inpex Holdings, Inc. ................... 49 419,210
Itochu Corp. ........................... 49,000 325,627
Japan Real Estate Investment Corp. ..... 49 401,698
Japan Retail Fund Investment Corp. (a).. 51 277,400
Japan Tobacco, Inc. .................... 98 337,120
JFE Holdings, Inc. ..................... 14,800 509,119
JS Group Corp. (a)...................... 9,900 174,150
JSR Corp. (a)........................... 10,200 209,616
Kajima Corp. (a)........................ 51,000 131,010
Kamigumi Co., Ltd. ..................... 49,000 401,150
KDDI Corp. (a).......................... 51 288,223
Keihin Electric Express Railway Co.,
Ltd. (a).............................. 50,423 428,569
Kintetsu Corp. (a)...................... 101,000 391,434
Kobe Steel, Ltd. (a)(b)................. 102,000 178,857
Komatsu, Ltd. (a)....................... 24,500 460,256
Konica Minolta Holdings, Inc. .......... 25,500 242,369
Kubota Corp. (a)........................ 49,000 408,812
Kyocera Corp. (a)....................... 4,900 455,878
Makita Corp. (a)........................ 4,900 155,973
Marubeni Corp. (a)...................... 48,000 242,855
Marui Group Co., Ltd. (a)............... 30,500 219,037
Mitsubishi Chemical Holdings Corp. (a).. 51,000 212,464
Mitsubishi Corp. ....................... 34,600 701,777
Mitsubishi Electric Corp. (a)........... 49,000 372,145
Mitsubishi Estate Co., Ltd. ............ 49,618 782,494
Mitsubishi Heavy Industries, Ltd. (a)... 101,000 383,537
Mitsubishi Rayon Co., Ltd. (a).......... 48,000 165,120
Mitsubishi UFJ Financial Group,
Inc. (a).............................. 198,200 1,066,984
Mitsui & Co., Ltd. (a).................. 49,300 646,431
Mitsui Chemicals, Inc. (a).............. 51,000 182,275
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)........................... 97,000 249,176
Mitsui Sumitomo Insurance Group
Holdings, Inc. (a).................... 14,700 406,349
Mizuho Financial Group, Inc. (a)........ 266,600 530,014
Murata Manufacturing Co., Ltd. (a)...... 5,100 242,654
NEC Corp. (a)(b)........................ 51,000 160,630
Nidec Corp. (a)......................... 4,900 398,961
Nippon Mining Holdings, Inc. ........... 51,000 251,767
Nippon Oil Corp. ....................... 51,000 287,083
Nippon Steel Corp. (a).................. 148,000 542,179
Nippon Telegraph & Telephone Corp. ..... 10,100 469,269
Nippon Yusen KK (a)..................... 51,000 197,655
Nissan Motor Co., Ltd. (b).............. 50,800 344,397
Nitto Denko Corp. ...................... 10,100 310,214
Nomura Holdings, Inc. (a)............... 55,300 341,552
NTT Data Corp. (a)...................... 51 163,820
NTT DoCoMo, Inc. ....................... 394 631,034
Obayashi Corp. (a)...................... 51,000 223,857
ORIX Corp. (a).......................... 5,380 329,284
Osaka Gas Co., Ltd. (a)................. 101,000 355,336
Panasonic Corp. (a)..................... 50,600 747,683
Resona Holdings, Inc. (a)............... 15,200 196,080
Rohm Co., Ltd. ......................... 4,900 343,687
Secom Co., Ltd. ........................ 5,100 257,464
Seven & I Holdings Co., Ltd. (a)........ 19,700 473,055
Sharp Corp. (a)......................... 49,000 546,177
Shin-Etsu Chemical Co., Ltd. ........... 10,100 622,684
Softbank Corp. (a)...................... 19,900 438,518
Sompo Japan Insurance, Inc. (a)......... 49,000 330,552
Sony Corp. (a).......................... 24,700 732,434
Sumitomo Chemical Co., Ltd. (a)......... 51,000 213,034
Sumitomo Corp. ......................... 25,400 262,411
Sumitomo Electric Industries, Ltd. ..... 20,300 266,177
Sumitomo Metal Industries, Ltd. (a)..... 102,000 251,767
Sumitomo Mitsui Financial Group,
Inc. (a).............................. 15,200 531,368
T&D Holdings, Inc. (a).................. 4,950 134,344
Takeda Pharmaceutical Co., Ltd. (a)..... 19,800 827,073
TDK Corp. (a)........................... 5,100 295,627
Teijin, Ltd. (a)........................ 101,000 315,854
Terumo Corp. (a)........................ 10,100 557,257
The 77 Bank, Ltd. (a)................... 98,697 564,392
The Bank of Yokohama, Ltd. (a).......... 51,000 250,628
The Chiba Bank, Ltd. (a)................ 49,000 304,283
The Furukawa Electric Co., Ltd. (a)..... 51,000 207,908
The Joyo Bank, Ltd. (a)................. 51,000 251,198
The Kansai Electric Power Co., Inc. .... 24,600 596,214
The Shizuoka Bank, Ltd. (a)............. 49,000 518,814
The Sumitomo Trust & Banking Co.,
Ltd. (a).............................. 51,000 271,704
The Tokyo Electric Power Co., Inc. (a).. 35,400 931,111
Tokio Marine Holdings, Inc. (a)......... 15,200 441,392
Tokyo Electron, Ltd. ................... 5,100 326,386
Tokyo Gas Co., Ltd. (a)................. 101,000 420,763
Tokyu Corp. ............................ 51,000 244,932
Toppan Printing Co., Ltd. (a)........... 49,000 465,181
Toray Industries, Inc. (a).............. 51,000 309,868
Toshiba Corp. (a)(b).................... 51,000 268,286
Toyota Motor Corp. ..................... 60,700 2,420,271
Toyota Tsusho Corp. (a)................. 14,500 219,277
West Japan Railway Co. (a).............. 101 383,537
Yahoo! Japan Corp. (a).................. 660 224,828
Yamada Denki Co., Ltd. (a).............. 2,970 201,682
Yamaha Corp. (a)........................ 19,400 230,109
Yamaha Motor Co., Ltd. (a).............. 20,300 250,987
------------
TOTAL JAPAN............................. 46,542,725
------------
LUXEMBOURG -- 0.2%
ArcelorMittal (a)....................... 16,639 621,407
------------
</Table>
See accompanying notes to financial statements.
168
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
MEXICO -- 0.9%
America Movil SAB de CV................. 454,091 $ 993,579
Cemex SAB de CV (b)..................... 217,868 281,024
Fomento Economico Mexicano SAB de CV.... 47,428 180,474
Grupo Financiero Banorte SAB de CV (a).. 105,716 353,506
Grupo Modelo SAB de CV (b).............. 60,306 225,906
Grupo Televisa SA de CV................. 93,478 345,669
Telefonos de Mexico SA de CV (a)........ 354,627 309,591
Telmex Internacional SAB de CV.......... 338,427 236,810
------------
TOTAL MEXICO............................ 2,926,559
NETHERLANDS -- 2.3%
Aegon NV (b)............................ 14,173 120,177
Akzo Nobel NV........................... 7,717 477,536
ASML Holding NV (a)..................... 12,173 357,645
European Aeronautic Defence and Space
Co. NV (a)............................ 11,929 267,565
Heineken NV (a)......................... 6,443 296,706
ING Groep NV (b)........................ 34,358 612,697
James Hardie Industries NV (b).......... 62,555 433,934
Koninklijke (Royal) Philips Electronics
NV (a)................................ 29,621 720,462
Koninklijke Ahold NV.................... 33,055 397,162
Koninklijke DSM NV...................... 6,474 270,170
Koninklijke Royal KPN NV................ 49,177 814,783
Reed Elsevier NV........................ 23,947 269,876
SBM Offshore NV......................... 9,812 208,392
TNT NV.................................. 12,623 338,392
Unilever NV............................. 41,016 1,180,776
Wolters Kluwer NV....................... 11,254 240,087
------------
TOTAL NETHERLANDS....................... 7,006,360
NORWAY -- 0.6%
DnB NOR ASA (b)......................... 54,901 633,004
Norsk Hydro ASA (a)(b).................. 47,250 313,029
StatoilHydro ASA........................ 23,678 530,095
Telenor ASA (b)......................... 19,661 226,690
Yara International ASA.................. 5,035 157,759
------------
TOTAL NORWAY............................ 1,860,577
POLAND -- 0.1%
Telekomunikacja Polska SA GDR (a)....... 66,862 377,770
PORTUGAL -- 0.3%
Banco Comercial Portugues SA............ 205,638 303,887
Portugal Telecom, SGPS SA............... 38,027 402,151
Zon Multimedia Servicos de
Telecomunicacoes e Multimedia, SGPS
SA (a)................................ 34,526 233,863
------------
TOTAL PORTUGAL.......................... 939,901
RUSSIA -- 1.4%
Gazprom OAO ADR......................... 59,647 1,386,793
LUKOIL ADR.............................. 15,186 823,081
Mechel OAO ADR (a)...................... 24,319 437,256
Mobile TeleSystems ADR.................. 9,489 458,034
Tatneft GDR............................. 18,658 461,785
Tatneft OAO GDR......................... 989 24,478
Vimpel-Communications ADR (a)(b)........ 34,507 645,281
------------
TOTAL RUSSIA............................ 4,236,708
SINGAPORE -- 1.2%
CapitaLand, Ltd. (a).................... 101,000 266,648
DBS Group Holdings, Ltd. ............... 50,500 475,952
Fraser and Neave, Ltd. (a).............. 99,000 278,933
Parkway Holdings, Ltd. (a).............. 96,000 141,031
Singapore Exchange, Ltd. (a)............ 101,000 603,541
Singapore Press Holdings, Ltd. (a)...... 152,000 416,394
Singapore Telecommunications, Ltd. ..... 405,000 934,140
United Overseas Bank, Ltd. ............. 51,000 607,345
------------
TOTAL SINGAPORE......................... 3,723,984
SOUTH AFRICA -- 1.3%
Anglo Platinum, Ltd. (b)................ 4,008 352,799
AngloGold Ashanti, Ltd. ................ 10,554 419,932
Discovery Holdings, Ltd. ............... 1 4
FirstRand, Ltd. ........................ 99,229 216,202
Gold Fields, Ltd. ...................... 24,026 321,826
Harmony Gold Mining Co., Ltd. .......... 20,970 221,392
Impala Platinum Holdings, Ltd. ......... 15,241 351,986
MTN Group, Ltd. ........................ 36,061 581,307
Naspers, Ltd. .......................... 10,435 353,461
Sanlam, Ltd. ........................... 97,586 264,136
Sasol, Ltd. ............................ 15,514 578,179
Standard Bank Group, Ltd. .............. 31,114 398,908
Telkom SA, Ltd. ........................ 16,573 94,528
------------
TOTAL SOUTH AFRICA...................... 4,154,660
SOUTH KOREA -- 3.0%
Hana Financial Group, Inc. ............. 16,120 555,461
Hyundai Development Co. ................ 7,870 285,878
Hyundai Heavy Industries................ 1,501 229,306
Hyundai Mobis........................... 3,998 561,569
Hyundai Motor Co. ...................... 3,311 313,326
KB Financial Group, Inc. (b)............ 11,309 580,687
Kia Motors Corp. (b).................... 34,090 538,149
Korea Electric Power Corp. ADR (a)(b)... 14,307 218,039
KT Corp. ADR............................ 10,288 178,806
KT&G Corp. ............................. 3,903 236,515
LG Electronics, Inc. ................... 3,903 415,724
NHN Corp. (b)........................... 1,373 202,177
POSCO ADR (a)........................... 7,535 783,188
Samsung Corp. .......................... 7,048 325,407
Samsung Electronics Co., Ltd. GDR (d)... 5,000 1,705,000
Samsung Fire & Marine Insurance
Co., Ltd. ............................ 1,440 294,539
Samsung Heavy Industries Co., Ltd. ..... 11,110 241,389
Samsung Securities Co., Ltd. ........... 4,564 266,112
Shinhan Financial Group Co., Ltd. (b)... 8,834 352,385
Shinsegae Co., Ltd. .................... 382 192,905
SK Energy Co., Ltd. .................... 3,508 375,139
SK Holdings Co., Ltd. .................. 3,090 295,035
SK Telecom Co., Ltd. ADR................ 11,842 206,643
------------
TOTAL SOUTH KOREA....................... 9,353,379
------------
</Table>
See accompanying notes to financial statements.
169
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SPAIN -- 3.8%
Abertis Infraestructuras SA............. 16,776 $ 380,328
Acciona SA (a).......................... 1,967 267,390
Acerinox SA (a)......................... 17,599 377,892
ACS, Actividades de Construccion y
Servicios SA (a)...................... 8,617 448,903
Banco Bilbao Vizcaya Argentaria SA...... 57,225 1,014,623
Banco Popular Espanol SA (a)............ 47,488 475,480
Banco Santander SA...................... 151,983 2,443,689
Gamesa Corp. Tecnologica SA............. 10,288 230,231
Gas Natural SDG SA...................... 15,870 350,277
Grupo Ferrovial SA (a).................. 7,023 335,580
Iberdrola SA............................ 91,603 897,773
Indra Sistemas SA (a)................... 21,544 536,604
Industria de Diseno Textil SA........... 7,872 451,170
Mapfre SA............................... 53,571 239,378
Repsol YPF SA........................... 22,466 610,469
Telefonica SA........................... 100,880 2,780,288
------------
TOTAL SPAIN............................. 11,840,075
------------
SWEDEN -- 1.9%
Assa Abloy AB (Class B) (a)............. 13,273 215,053
Atlas Copco AB (Class B)................ 30,531 347,099
Hennes & Mauritz AB (Class B) (a)....... 11,190 626,481
Husqvarna AB (Class B) (a)(b)........... 61,560 426,079
Nordea Bank AB (a)...................... 79,408 797,163
Sandvik AB (a).......................... 27,344 301,091
Securitas AB (Class B) (a).............. 16,492 158,721
Skandinaviska Enskilda Banken AB (Class
A) (a)(b)............................. 79,030 531,172
Skanska AB (Class B) (a)................ 16,439 240,490
SKF AB (Class B) (a).................... 15,981 250,244
Svenska Handelsbanken AB (Class A)...... 14,046 357,535
Tele2 AB (Class B)...................... 20,477 270,866
Telefonaktiebolaget LM Ericsson (Class
B) (a)................................ 72,363 724,370
TeliaSonera AB (a)...................... 48,538 317,902
Volvo AB ADR (Class A) (a).............. 44,390 396,744
------------
TOTAL SWEDEN............................ 5,961,010
------------
SWITZERLAND -- 5.6%
ABB, Ltd. (b)........................... 49,617 994,587
Adecco SA............................... 4,095 217,448
Credit Suisse Group AG.................. 21,408 1,186,296
Geberit AG (a).......................... 1,517 232,744
Givaudan SA............................. 399 298,774
Holcim, Ltd. (a)(b)..................... 6,401 438,598
Kuehne & Nagel International AG......... 4,985 432,611
Logitech International SA (a)(b)........ 18,399 334,946
Nestle SA............................... 89,806 3,821,937
Nobel Biocare Holding AG................ 8,254 272,840
Novartis AG............................. 46,987 2,347,878
Roche Holding AG........................ 16,141 2,605,520
SGS SA.................................. 194 260,810
Swatch Group AG......................... 1,571 369,567
Swiss Reinsurance Co., Ltd. (b)......... 6,911 311,566
Syngenta AG............................. 2,818 646,621
UBS AG (b).............................. 69,956 1,278,914
Xstrata PLC (b)......................... 34,965 515,874
Zurich Financial Services AG............ 3,248 771,582
------------
TOTAL SWITZERLAND....................... 17,339,113
------------
TAIWAN -- 2.2%
AU Optronics Corp. ADR (a).............. 68,286 661,009
Hon Hai Precision Industry Co., Ltd.
GDR (e)............................... 243,550 1,997,110
Hon Hai Precision Industry Co., Ltd.
GDR (e)............................... 53,845 441,529
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 208,022 2,279,921
United Microelectronics Corp.
ADR (a)(b)............................ 360,974 1,371,701
------------
TOTAL TAIWAN............................ 6,751,270
------------
THAILAND -- 0.5%
Bangkok Bank PCL........................ 300,276 1,105,476
PTT PCL................................. 38,877 304,872
------------
TOTAL THAILAND.......................... 1,410,348
------------
TURKEY -- 0.2%
Akbank TAS.............................. 86,398 499,897
Turkiye Is Bankasi...................... 57,289 223,552
------------
TOTAL TURKEY............................ 723,449
------------
UNITED KINGDOM -- 14.6%
3i Group PLC............................ 59,627 275,222
Anglo American PLC (b).................. 32,161 1,025,133
AstraZeneca PLC......................... 32,928 1,476,682
BAE Systems PLC......................... 77,933 435,250
Barclays PLC (b)........................ 232,683 1,376,924
BG Group PLC............................ 79,361 1,379,686
BHP Billiton PLC........................ 39,147 1,069,375
BP PLC.................................. 441,850 3,907,901
British American Tobacco PLC............ 43,838 1,376,304
British Land Co. PLC.................... 52,413 398,345
British Sky Broadcasting Group PLC...... 32,746 299,308
BT Group PLC............................ 78,934 164,116
Burberry Group PLC...................... 40,685 327,625
Cable & Wireless PLC.................... 67,311 154,483
Cadbury PLC............................. 33,528 430,593
Capita Group PLC........................ 21,296 246,082
Centrica PLC............................ 154,908 623,344
Cobham PLC.............................. 70,731 247,628
Compass Group PLC....................... 61,250 374,502
Diageo PLC.............................. 62,169 954,528
Experian PLC............................ 35,808 301,524
FirstGroup PLC.......................... 44,242 292,728
G4S PLC................................. 53,093 187,321
GlaxoSmithKline PLC..................... 114,541 2,252,335
Hammerson PLC........................... 43,689 275,513
HSBC Holdings PLC....................... 382,345 4,378,365
ICAP PLC................................ 55,351 374,198
Imperial Tobacco Group PLC.............. 23,740 686,472
Inchcape PLC (b)........................ 436 196
Intercontinental Hotels Group PLC....... 24,747 321,580
International Power PLC................. 41,572 192,151
J Sainsbury PLC......................... 46,008 239,144
Land Securities Group PLC............... 24,278 242,681
Lloyds Banking Group PLC (b)............ 224,392 372,160
</Table>
See accompanying notes to financial statements.
170
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Marks & Spencer Group PLC............... 42,569 $ 246,528
National Grid PLC....................... 70,250 678,620
Next PLC................................ 8,520 244,186
Old Mutual PLC.......................... 297,721 476,160
Pearson PLC............................. 22,878 282,108
Prudential PLC.......................... 30,271 291,210
Reckitt Benckiser PLC................... 16,381 801,164
Reed Elsevier PLC....................... 33,318 249,544
Rio Tinto PLC........................... 29,795 1,271,610
Rolls-Royce Group PLC (b)............... 46,936 353,416
Royal Bank of Scotland Group PLC (b).... 559,762 474,038
Royal Dutch Shell PLC (Class A)......... 84,371 2,406,633
Royal Dutch Shell PLC (Class B)......... 61,520 1,708,085
RSA Insurance Group PLC................. 78,009 166,934
SABMiller PLC........................... 21,605 521,419
Scottish & Southern Energy PLC.......... 24,495 459,535
Severn Trent PLC........................ 14,757 229,054
Smith & Nephew PLC...................... 31,737 284,502
Smiths Group PLC........................ 12,856 182,687
Standard Chartered PLC.................. 25,572 630,656
Standard Life PLC....................... 73,453 257,275
Tesco PLC............................... 181,353 1,159,027
The Sage Group PLC...................... 48,410 180,709
Tomkins PLC............................. 113,686 342,919
Tullow Oil PLC.......................... 5,017 90,510
Unilever PLC............................ 31,201 887,245
United Utilities Group PLC.............. 22,304 162,878
Vodafone Group PLC...................... 1,188,370 2,664,669
Whitbread PLC........................... 17,671 343,667
Wolseley PLC (b)........................ 12,676 305,519
WPP Group PLC........................... 31,936 274,283
------------
TOTAL UNITED KINGDOM.................... 45,286,189
------------
TOTAL COMMON STOCKS --
(Cost $346,792,061)................... 308,214,105
RIGHTS -- 0.0% (C)
FRANCE -- 0.0% (C)
BNP Paribas
(expiring 10/13/09) (a)(b)............ 18,431 39,872
------------
TOTAL RIGHTS --
(Cost $0)............................. 39,872
WARRANTS -- 0.0% (C)
ITALY -- 0.0% (C)
UBI Banca ScpA
(expiring 6/30/11) (b)................ 21,885 2,604
------------
TOTAL WARRANTS --
(Cost $0)............................. 2,604
SHORT TERM INVESTMENTS -- 13.1%
UNITED STATES -- 13.1%
MONEY MARKET FUNDS -- 13.1%
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 40,247,976 40,247,976
AIM Prime Money Market Fund............. 378,205 378,205
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $40,626,181).................... 40,626,181
------------
TOTAL INVESTMENTS -- 112.6%
(Cost $387,418,242)................... 348,882,762
OTHER ASSETS AND
LIABILITIES -- (12.6)%................ (38,981,553)
------------
NET ASSETS -- 100.0%.................... $309,901,209
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Amount shown represents less than 0.05% of net assets.
(d) Securities purchased pursuant to Rule 144A of the Securities Act of
1933. These securities, which represent 1.0% of net assets as of
September 30, 2009, are considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(e) Reflects separate holdings of the issuer's common stock traded on
different securities exchanges.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
171
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
JAPAN -- 99.1%
AIR FREIGHT & LOGISTICS -- 0.3%
Yamato Holdings Co., Ltd. (a)........... 3,180 $ 52,387
-----------
AIRLINES -- 0.4%
All Nippon Airways Co., Ltd. ........... 11,000 31,697
Japan Airlines Corp. (a)(b)............. 17,000 25,063
-----------
56,760
-----------
AUTO COMPONENTS -- 2.3%
Aisin Seiki Co., Ltd. .................. 1,168 28,569
Bridgestone Corp. (a)................... 3,903 70,227
Denso Corp. (a)......................... 2,747 80,997
FCC Co., Ltd. .......................... 884 15,442
Futaba Industrial Co., Ltd. (a)(b)...... 508 2,133
Keihin Corp. (a)........................ 556 9,240
NGK Spark Plug Co., Ltd. ............... 1,160 14,847
NHK Spring Co., Ltd. ................... 1,340 11,090
Nissin Kogyo Co., Ltd. ................. 616 9,006
NOK Corp. .............................. 1,116 16,677
Showa Corp. (a)......................... 2,112 12,950
Stanley Electric Co., Ltd. (a).......... 744 15,123
Sumitomo Rubber Industries, Inc. ....... 1,908 18,050
Tokai Rika Co., Ltd. ................... 120 2,159
Toyo Tire & Rubber Co., Ltd. (b)........ 2,851 6,878
Toyoda Gosei Co., Ltd. ................. 68 1,994
Toyota Boshoku Corp. ................... 100 1,978
Toyota Industries Corp. (a)............. 1,172 32,267
-----------
349,627
-----------
AUTOMOBILES -- 7.1%
Daihatsu Motor Co., Ltd. (a)............ 2,464 25,236
Fuji Heavy Industries, Ltd. (b)......... 6,347 24,740
Honda Motor Co., Ltd. (a)............... 8,674 267,868
Isuzu Motors, Ltd. (a).................. 9,651 20,480
Mazda Motor Corp. (a)(b)................ 6,123 13,746
Mitsubishi Motors Corp. (a)(b).......... 27,173 44,916
Nissan Motor Co., Ltd. (a)(b)........... 11,862 80,418
Suzuki Motor Corp. (a).................. 2,192 51,290
Toyota Motor Corp. ..................... 13,677 545,339
Yamaha Motor Co., Ltd. (a).............. 1,316 16,271
-----------
1,090,304
-----------
BEVERAGES -- 1.1%
Asahi Breweries, Ltd. (a)............... 2,584 47,388
Ito En, Ltd. (a)........................ 1,556 28,883
Kirin Holdings Co., Ltd. ............... 5,207 80,023
Takara Holdings, Inc. (a)............... 2,479 17,194
-----------
173,488
-----------
BUILDING PRODUCTS -- 1.0%
Aica Kogyo Co., Ltd. (a)................ 2,284 24,464
Asahi Glass Co., Ltd. .................. 5,299 42,908
Daikin Industries, Ltd. (a)............. 1,532 55,267
Hitachi Construction Machinery
Co., Ltd. ............................ 100 2,152
JS Group Corp. ......................... 1,872 32,930
-----------
157,721
-----------
CAPITAL MARKETS -- 1.5%
Daiwa Securities Group, Inc. (a)........ 8,482 43,862
JAFCO Co., Ltd. (a)..................... 312 9,565
Mizuho Securities Co., Ltd. ............ 5,587 20,405
Nomura Holdings, Inc. (a)............... 16,476 101,762
Okasan Holdings, Inc. .................. 3,107 13,880
SBI Holdings, Inc. (a).................. 160 31,737
Tokai Tokyo Financial Holdings,
Inc. (a).............................. 3,967 12,539
-----------
233,750
-----------
CHEMICALS -- 4.8%
Asahi Kasei Corp. (a)................... 6,859 35,009
Daicel Chemical Industries, Ltd. (a).... 2,055 12,440
DIC Corp. (a)........................... 6,391 9,137
Hitachi Chemical Co., Ltd. (a).......... 976 19,992
JSR Corp. (a)........................... 1,360 27,949
Kaneka Corp. ........................... 3,224 23,225
Kansai Paint Co., Ltd. ................. 3,092 24,174
Kuraray Co., Ltd. (a)................... 3,471 37,992
Mitsubishi Chemical Holdings Corp. (a).. 6,623 27,591
Mitsubishi Gas Chemical Co., Inc. (a)... 3,268 17,812
Mitsubishi Rayon Co., Ltd. (a).......... 5,291 18,201
Mitsui Chemicals, Inc. (a).............. 4,843 17,309
Nifco, Inc. (a)......................... 1,028 20,563
Nissan Chemical Industries, Ltd. ....... 1,416 20,465
Nitto Denko Corp. ...................... 784 24,080
Sekisui Chemical Co., Ltd. (a).......... 3,079 17,951
Shin-Etsu Chemical Co., Ltd. ........... 2,420 149,198
Showa Denko K.K. (a).................... 6,723 13,741
Sumitomo Chemical Co., Ltd. (a)......... 8,674 36,232
Taiyo Nippon Sanso Corp. (a)............ 3,180 37,968
Teijin, Ltd. (a)........................ 7,367 23,039
Tokai Carbon Co., Ltd. (a).............. 2,828 13,392
Toray Industries, Inc. (a).............. 8,758 53,212
Tosoh Corp. (a)......................... 5,599 14,195
Ube Industries, Ltd. ................... 8,543 22,518
Zeon Corp. (a).......................... 3,132 14,377
-----------
731,762
-----------
COMMERCIAL BANKS -- 8.5%
Chuo Mitsui Trust Holdings, Inc. (a).... 5,981 22,245
Fukuoka Financial Group, Inc. (a)....... 7,000 29,162
Hokuhoku Financial Group, Inc. (a)...... 9,658 22,652
Mitsubishi UFJ Financial Group,
Inc. (a).............................. 60,500 325,694
Mizuho Financial Group, Inc. (a)........ 75,000 149,104
Resona Holdings, Inc. (a)............... 3,200 41,280
Shinsei Bank, Ltd. (a)(b)............... 9,726 14,991
Sumitomo Mitsui Financial Group,
Inc. (a).............................. 5,600 195,767
Suruga Bank, Ltd. (a)................... 2,496 23,668
The 77 Bank, Ltd. ...................... 4,803 27,466
The Awa Bank, Ltd. (a).................. 4,731 27,265
The Bank of Kyoto, Ltd. (a)............. 2,916 26,869
The Bank of Yokohama, Ltd. (a).......... 7,947 39,054
The Chiba Bank, Ltd. ................... 6,063 37,650
The Chugoku Bank, Ltd. ................. 1,504 19,099
The Hachijuni Bank, Ltd. (a)............ 4,719 26,353
The Hiroshima Bank, Ltd. (a)............ 5,811 24,079
The Hyakugo Bank, Ltd. ................. 5,147 26,558
The Iyo Bank, Ltd. (a).................. 3,180 28,769
The Joyo Bank, Ltd. (a)................. 5,155 25,391
The Juroku Bank, Ltd. (a)............... 4,883 16,743
The Musashino Bank, Ltd. (a)............ 520 15,768
</Table>
See accompanying notes to financial statements.
172
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Nanto Bank, Ltd. (a)................ 3,391 $ 18,520
The Nishi-Nippon City Bank, Ltd. ....... 7,799 19,773
The Shizuoka Bank, Ltd. (a)............. 3,363 35,607
The Sumitomo Trust & Banking Co.,
Ltd. (a).............................. 9,634 51,325
Yamaguchi Financial Group, Inc. (a)..... 2,076 21,586
-----------
1,312,438
-----------
COMMERCIAL SERVICES & SUPPLIES -- 1.4%
Aeon Delight Co., Ltd. ................. 200 2,835
Dai Nippon Printing Co., Ltd. .......... 3,739 51,616
Daiseki Co., Ltd. (a)................... 400 7,908
MEITEC Corp. (a)........................ 912 15,523
Nissha Printing Co., Ltd. (a)........... 236 12,098
Park24 Co., Ltd. (a).................... 1,100 12,703
Secom Co., Ltd. ........................ 1,368 69,061
TKC Corp. .............................. 400 8,756
Toppan Printing Co., Ltd. (a)........... 4,299 40,813
-----------
221,313
-----------
COMMUNICATIONS EQUIPMENT -- 0.0% (C)
Aiphone Co., Ltd. ...................... 200 3,596
-----------
COMPUTERS & PERIPHERALS -- 1.7%
Fujitsu, Ltd. (a)....................... 11,498 75,382
NEC Corp. (a)(b)........................ 12,918 40,687
Seiko Epson Corp. (a)................... 1,276 19,182
Toshiba Corp. (a)(b).................... 23,633 124,322
-----------
259,573
-----------
CONSTRUCTION & ENGINEERING -- 1.1%
Chiyoda Corp. .......................... 1,688 13,329
COMSYS Holdings Corp. (a)............... 2,000 21,980
JGS Corp. .............................. 1,460 29,939
Kajima Corp. (a)........................ 7,595 19,510
Kyowa Exeo Corp. (a).................... 548 5,392
Maeda Corp. (a)......................... 4,855 15,671
Obayashi Corp. (a)...................... 5,679 24,927
Shimizu Corp. (a)....................... 4,559 17,974
Taisei Corp. (a)........................ 9,995 19,871
-----------
168,593
-----------
CONSTRUCTION MATERIALS -- 0.1%
Taiheiyo Cement Corp. (a)(b)............ 9,607 12,876
-----------
CONSUMER FINANCE -- 0.5%
Acom Co., Ltd. ......................... 12 185
Aeon Credit Service Co., Ltd. (a)....... 1,040 10,501
Aiful Corp. (a)......................... 1,331 1,561
Credit Saison Co., Ltd. (a)............. 1,264 14,908
Orient Corp. (a)(b)..................... 4,501 4,223
ORIX Corp. (a).......................... 626 38,314
Promise Co., Ltd. (a)(b)................ 764 4,181
Takefuji Corp. (a)...................... 1,054 3,720
-----------
77,593
-----------
CONTAINERS & PACKAGING -- 0.1%
Toyo Seikan Kaisha, Ltd. (a)............ 1,048 20,214
-----------
DISTRIBUTORS -- 0.1%
Canon Marketing Japan, Inc. (a)......... 992 17,605
-----------
DIVERSIFIED CONSUMER SERVICES -- 0.2%
Benesse Corp. .......................... 628 30,862
-----------
DIVERSIFIED FINANCIAL SERVICES -- 0.1%
Mizuho Trust & Banking Co.,
Ltd. (a)(b)........................... 10,370 11,003
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.9%
Nippon Telegraph & Telephone Corp. ..... 6,400 297,358
-----------
ELECTRIC UTILITIES -- 4.9%
Chubu Electric Power Co., Inc. (a)...... 3,963 96,491
Hokkaido Electric Power Co., Inc. (a)... 1,328 27,707
Hokuriku Electric Power Co. ............ 1,412 36,035
Kyushu Electric Power Co., Inc. (a)..... 2,376 54,003
Sanyo Electric Co., Ltd. (a)(b)......... 11,422 27,173
Sharp Corp. (a)......................... 5,519 61,517
Shikoku Electric Power Co., Inc. (a).... 1,572 48,107
The Chugoku Electric Power Co.,
Inc. (a).............................. 1,748 38,539
The Kansai Electric Power Co.,
Inc. (a).............................. 4,811 116,601
The Okinawa Electric Power Co., Inc. ... 136 8,142
The Tokyo Electric Power Co., Inc. (a).. 6,767 177,989
Tohoku Electric Power Co., Inc. (a)..... 2,843 63,506
-----------
755,810
-----------
ELECTRICAL EQUIPMENT -- 1.5%
Fuji Electric Holdings Co., Ltd. (a).... 6,099 11,308
Fujikura, Ltd. (a)...................... 4,107 20,183
Mitsubishi Electric Corp. (a)........... 10,974 83,345
Panasonic Electric Works, Co. Ltd. (a).. 3,151 37,762
Sumitomo Electric Industries, Ltd. ..... 3,887 50,967
Ushio, Inc. (a)......................... 1,136 19,856
-----------
223,421
-----------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 5.4%
Alps Electric Co., Ltd. (a)(b).......... 1,868 10,807
Casio Computer Co., Ltd. (a)............ 2,248 18,404
Dainippon Screen Manufacturing Co.,
Ltd. (a)(b)........................... 4,364 16,572
Hamamatsu Photonics K.K. (a)............ 668 16,041
Hirose Electric Co., Ltd. (a)........... 408 46,116
Hitachi, Ltd. (a)(b).................... 16,933 52,198
Horiba, Ltd. ........................... 504 13,116
Hoya Corp. ............................. 2,732 64,688
Ibiden Co., Ltd. (a).................... 996 37,155
Keyence Corp. (a)....................... 340 72,834
Konica Minolta Holdings, Inc. (a)....... 4,075 38,731
Kyocera Corp. (a)....................... 992 92,292
Murata Manufacturing Co., Ltd. (a)...... 1,328 63,185
Nidec Corp. (a)......................... 964 78,490
Nippon Electric Glass Co., Ltd. ........ 2,548 23,307
Oki Electric Industry Co., Ltd. (a)(b).. 12,166 10,870
Olympus Corp. (a)....................... 492 13,078
OMRON Corp. (a)......................... 1,480 28,002
Shimadzu Corp. (a)...................... 3,312 24,044
Taiyo Yuden Co., Ltd. .................. 776 9,178
TDK Corp. (a)........................... 996 57,734
The Furukawa Electric Co., Ltd. (a)..... 4,899 19,971
Yaskawa Electric Corp. ................. 1,604 11,609
Yokogawa Electric Corp. (a)............. 1,864 16,551
-----------
834,973
-----------
</Table>
See accompanying notes to financial statements.
173
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FOOD & STAPLES RETAILING -- 1.6%
Aeon Co., Ltd. (a)...................... 4,503 $ 43,202
Cawachi, Ltd. .......................... 548 12,578
FamilyMart Co., Ltd. (a)................ 952 30,728
Izumiya Co., Ltd. ...................... 2,740 14,995
Lawson, Inc. (a)........................ 400 18,630
Seven & I Holdings Co., Ltd. (a)........ 4,639 111,396
UNY Co., Ltd. .......................... 2,000 15,011
-----------
246,540
-----------
FOOD PRODUCTS -- 1.0%
Ajinomoto Co., Inc. .................... 4,003 40,193
Hokuto Corp. (a)........................ 500 11,588
Kikkoman Corp. (a)...................... 2,256 28,170
MEIJI Holdings Co. Ltd. (b)............. 400 17,110
Nissin Food Products Co., Ltd. (a)...... 640 24,661
Sakata Seed Corp. (a)................... 1,584 24,255
Yakult Honsha Co., Ltd. (a)............. 464 12,412
-----------
158,389
-----------
GAS UTILITIES -- 0.6%
Saibu Gas Co., Ltd. (a)................. 10,273 29,258
Tokyo Gas Co., Ltd. (a)................. 13,873 57,794
-----------
87,052
-----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.6%
Miraca Holdings, Inc. .................. 636 20,813
Nakanishi, Inc. ........................ 100 8,824
Sysmex Corp. (a)........................ 200 8,667
Terumo Corp. (a)........................ 956 52,746
-----------
91,050
-----------
HEALTH CARE PROVIDERS & SERVICES -- 0.3%
Alfresa Holdings Corp. ................. 84 3,434
Mediceo Paltac Holdings Co., Ltd. (a)... 1,192 16,814
Suzuken Co., Ltd. (a)................... 632 21,882
-----------
42,130
-----------
HOTELS, RESTAURANTS & LEISURE -- 0.2%
Oriental Land Co., Ltd. (a)............. 404 28,517
Round One Corp. (a)..................... 800 6,800
-----------
35,317
-----------
HOUSEHOLD DURABLES -- 3.4%
Daikyo, Inc. (a)(b)..................... 4,256 9,887
Daiwa House Industry Co., Ltd. ......... 3,363 35,307
Funai Electric Co., Ltd. (a)............ 495 22,667
Haseko Corp. (a)(b)..................... 9,139 8,982
Panasonic Corp. (a)..................... 11,981 177,035
Pioneer Corp. (a)(b).................... 2,260 5,452
Sangetsu Co., Ltd. ..................... 176 3,961
Sekisui House, Ltd. .................... 3,679 33,283
Sony Corp. (a).......................... 6,411 190,107
TOTO, Ltd. (a).......................... 4,444 27,895
-----------
514,576
-----------
HOUSEHOLD PRODUCTS -- 0.8%
Kao Corp. (a)........................... 3,339 82,790
Uni-Charm Corp. (a)..................... 444 42,250
-----------
125,040
-----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2%
Electric Power Development Co., Ltd. ... 840 26,691
-----------
INDUSTRIAL CONGLOMERATES -- 0.4%
Hankyu Hanshin Holdings, Inc. (a)....... 8,486 40,755
Keihan Electric Railway Co., Ltd. (a)... 5,747 25,739
-----------
66,494
-----------
INSURANCE -- 2.1%
Aioi Insurance Co., Ltd. ............... 3,579 18,308
Mitsui Sumitomo Insurance Group
Holdings, Inc. (a).................... 3,136 86,688
Nipponkoa Insurance Co., Ltd. (a)....... 4,479 28,114
Sompo Japan Insurance, Inc. ............ 5,111 34,479
T&D Holdings, Inc. (a).................. 1,310 35,554
Tokio Marine Holdings, Inc. (a)......... 3,947 114,616
-----------
317,759
-----------
INTERNET & CATALOG RETAIL -- 0.2%
Rakuten, Inc. (a)....................... 51 34,063
-----------
INTERNET SOFTWARE & SERVICES -- 0.3%
DeNA Co., Ltd. ......................... 1 2,770
Yahoo! Japan Corp. (a).................. 106 36,109
-----------
38,879
-----------
IT SERVICES -- 0.6%
CSK Holdings Corp. (a)(b)............... 756 2,863
IT Holdings Corp. (a)................... 832 11,513
Itochu Techno-Solutions Corp. (a)....... 608 18,776
Net One Systems Co., Ltd. (a)........... 15 22,617
Nomura Research Institute, Ltd. (a)..... 300 7,154
NTT Data Corp. (a)...................... 8 25,697
Otsuka Corp. ........................... 112 6,717
-----------
95,337
-----------
LEISURE EQUIPMENT & PRODUCTS -- 1.8%
Canon Electronics, Inc. ................ 100 1,870
FUJIFILM Holdings Corp. (a)............. 2,927 87,939
Namco Bandai Holdings, Inc. (a)......... 2,332 23,936
Nikon Corp. (a)......................... 2,440 44,748
Roland Corp. ........................... 300 3,424
Sankyo Co., Ltd. (a).................... 640 40,172
Sega Sammy Holdings, Inc. (a)........... 2,131 27,799
Shimano, Inc. .......................... 592 25,654
Yamaha Corp. (a)........................ 1,292 15,325
-----------
270,867
-----------
MACHINERY -- 4.9%
Amada Co., Ltd. ........................ 2,527 17,047
Amano Corp. (a)......................... 1,336 11,609
Fanuc, Ltd. (a)......................... 1,180 106,093
Fuji Machine Manufacturing Co., Ltd. ... 100 1,184
Glory, Ltd. (a)......................... 1,044 25,711
IHI Corp. (b)........................... 10,311 20,960
JTEKT Corp. ............................ 1,508 17,617
Kawasaki Heavy Industries, Ltd. (a)..... 8,978 22,862
</Table>
See accompanying notes to financial statements.
174
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Komatsu, Ltd. (a)....................... 5,539 $ 104,055
Komori Corp. (a)........................ 788 9,593
Kubota Corp. (a)........................ 4,663 38,904
Kurita Water Industries, Ltd. (a)....... 976 35,101
Makita Corp. (a)........................ 976 31,067
Minebea Co., Ltd. (a)................... 3,255 14,978
Mitsubishi Heavy Industries, Ltd. (a)... 18,676 70,920
Mitsui Engineering & Shipbuilding Co.,
Ltd. (a).............................. 6,567 17,090
Mori Seiki Co., Ltd. (a)................ 868 10,460
NGK Insulators, Ltd. ................... 1,320 30,665
NSK, Ltd. (a)........................... 2,463 15,322
NTN Corp. (a)........................... 2,495 10,366
OKUMA Corp. ............................ 1,648 8,320
OSG Corp. (a)........................... 1,112 11,451
SMC Corp. .............................. 320 39,457
Sumitomo Heavy Industries, Ltd. (a)(b).. 3,795 18,565
Tadano, Ltd. ........................... 780 3,851
The Japan Steel Works, Ltd. (a)......... 2,708 31,213
THK Co., Ltd. (a)....................... 1,100 21,598
Toshiba Machine Co., Ltd. .............. 1,944 7,187
-----------
753,246
-----------
MARINE -- 0.5%
Kawasaki Kisen Kaisha, Ltd. (a)(b)...... 4,759 17,700
Mitsui OSK Lines, Ltd. (a).............. 5,491 32,627
Nippon Yusen KK (a)..................... 7,995 30,985
-----------
81,312
-----------
MEDIA -- 0.6%
Dentsu, Inc. (a)........................ 1,600 37,349
Jupiter Telecommunications Co. ......... 24 23,267
Toho Co, Ltd. (a)....................... 1,352 22,967
Tokyo Broadcasting System, Inc. ........ 100 1,705
-----------
85,288
-----------
METALS & MINING -- 3.1%
Daido Steel Co., Ltd. (a)............... 3,199 11,648
Dowa Holdings Co., Ltd. ................ 1,767 10,736
JFE Holdings, Inc. (a).................. 3,447 118,577
Kobe Steel, Ltd. (a)(b)................. 17,645 30,940
Mitsubishi Materials Corp. (b).......... 8,027 22,234
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)........................... 4,839 12,430
Nippon Steel Corp. (a).................. 27,755 101,677
Nisshin Steel Co., Ltd. ................ 6,951 12,421
OSAKA Titanium Technologies Co. ........ 36 1,033
Pacific Metals Co., Ltd. ............... 988 7,515
Sumitomo Metal Industries, Ltd. (a)..... 24,340 60,079
Sumitomo Metal Mining Co., Ltd. ........ 3,575 58,855
Toho Titanium Co., Ltd. ................ 56 761
Tokyo Steel Manufacturing Co.,
Ltd. (a).............................. 1,144 14,055
Yodogawa Steel Works, Ltd. (a).......... 3,963 16,731
-----------
479,692
-----------
MULTILINE RETAIL -- 0.5%
Isetan Mitsukoshi Holdings, Ltd. (a).... 2,441 28,108
Ryohin Keikaku Co., Ltd. (a)............ 236 12,257
Takashimaya Co., Ltd. (a)............... 3,332 26,720
The Daiei, Inc. (a)(b).................. 1,402 5,731
-----------
72,816
-----------
OFFICE ELECTRONICS -- 2.6%
Brother Industries, Ltd. ............... 1,932 23,218
Canon, Inc. ............................ 7,658 310,477
Ricoh Co., Ltd. (a)..................... 4,555 66,543
-----------
400,238
-----------
OIL, GAS & CONSUMABLE FUELS -- 1.5%
Cosmo Oil Co., Ltd. (a)................. 5,927 16,549
Inpex Holdings, Inc. ................... 6 51,332
Nippon Mining Holdings, Inc. ........... 7,751 38,264
Nippon Oil Corp. (a).................... 10,430 58,711
Osaka Gas Co., Ltd. .................... 13,150 46,264
TonenGeneral Sekiyu K.K. (a)............ 2,547 24,948
-----------
236,068
-----------
PAPER & FOREST PRODUCTS -- 0.4%
Nippon Paper Group, Inc. (a)............ 800 23,142
OJI Paper Co., Ltd. (a)................. 5,839 26,412
Sumitomo Forestry Co., Ltd. (a)......... 1,268 10,692
-----------
60,246
-----------
PERSONAL PRODUCTS -- 0.5%
Mandom Corp. (a)........................ 1,116 32,033
Shiseido Co., Ltd. (a).................. 2,232 39,014
-----------
71,047
-----------
PHARMACEUTICALS -- 4.9%
Astellas Pharma, Inc. .................. 2,871 118,322
Chugai Pharmaceutical Co., Ltd. ........ 1,716 35,591
Daiichi Sankyo Co., Ltd. ............... 4,251 87,978
Dainippon Sumitomo Pharma Co.,
Ltd. (a).............................. 960 10,497
Eisai Co., Ltd. (a)..................... 1,140 43,036
Hisamitsu Pharmaceutical Co., Inc. ..... 504 20,490
Kissei Pharmaceutical Co., Ltd. ........ 1,000 25,688
Kyowa Hakko Kogyo Co., Ltd. ............ 1,833 23,277
Mitsubishi Tanabe Pharma Corp. ......... 1,000 13,369
Mochida Pharmaceutical Co., Ltd. ....... 1,000 10,610
Nichi-iko Pharmaceutical Co., Ltd. ..... 200 6,467
Ono Pharmaceutical Co., Ltd. ........... 432 22,532
Santen Pharmaceutical Co., Ltd. (a)..... 956 35,235
Seikagaku Corp. ........................ 800 11,616
Shionogi & Co., Ltd. (a)................ 2,496 59,239
Taisho Pharmaceutical Co., Ltd. ........ 592 12,001
Takeda Pharmaceutical Co., Ltd. ........ 5,055 211,154
Torii Pharmaceutical Co., Ltd. ......... 200 3,829
Tsumura & Co. .......................... 100 3,619
-----------
754,550
-----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.2%
Daito Trust Construction Co., Ltd. (a).. 764 33,449
Heiwa Real Estate Co., Ltd. (a)......... 4,356 14,985
K.K. DaVinci Holdings (a)(b)............ 14 1,399
Leopalace21 Corp. ...................... 1,044 8,407
Mitsubishi Estate Co., Ltd. ............ 7,111 112,143
Mitsui Fudosan Co., Ltd. ............... 4,923 83,521
Sumitomo Realty & Development Co.,
Ltd. (a).............................. 2,843 52,170
</Table>
See accompanying notes to financial statements.
175
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tokyo Tatemono Co., Ltd. ............... 2,540 $ 12,454
Tokyu Land Corp. (a).................... 4,664 18,701
-----------
337,229
ROAD & RAIL -- 4.2%
Central Japan Railway Co. (a)........... 9 64,835
East Japan Railway Co. ................. 2,400 173,161
Keihin Electric Express Railway Co.,
Ltd. (a).............................. 4,355 37,015
Keisei Electric Railway Co., Ltd. (a)... 3,147 20,949
Kintetsu Corp. (a)...................... 12,038 46,654
Nagoya Railroad Co., Ltd. (a)........... 9,362 31,473
Nankai Electric Railway Co., Ltd. (a)... 6,111 28,188
Nippon Express Co., Ltd. ............... 6,555 26,722
Odakyu Electric Railway Co., Ltd. (a)... 4,483 40,557
Sotetsu Holdings, Inc. (a)(b)........... 8,254 36,414
Tobu Railway Co., Ltd. (a).............. 7,007 42,887
Tokyu Corp. ............................ 6,391 30,693
West Japan Railway Co. ................. 15 56,961
-----------
636,509
-----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.7%
Advantest Corp. (a)..................... 1,316 36,598
Disco Corp. ............................ 484 32,326
Elpida Memory, Inc. (a)(b).............. 2,176 28,605
Rohm Co., Ltd. (a)...................... 676 47,415
Sanken Electric Co., Ltd. (a)........... 3,404 11,710
Shinko Electric Industries Co.,
Ltd. (a).............................. 592 10,573
SUMCO Corp. (a)......................... 1,046 23,832
Tokyo Electron, Ltd. ................... 1,140 72,957
-----------
264,016
SOFTWARE -- 1.7%
Konami Corp. (a)........................ 792 16,188
Nintendo Co., Ltd. ..................... 748 192,148
NSD Co., Ltd. (a)....................... 932 10,076
Square Enix Co., Ltd. (a)............... 896 24,318
Trend Micro, Inc. (a)................... 368 13,769
-----------
256,499
SPECIALTY RETAIL -- 2.1%
Aoyama Trading Co., Ltd. ............... 984 16,936
Autobacs Seven Co., Ltd. ............... 180 6,634
Citizen Holdings Co., Ltd. ............. 3,103 17,502
Culture Convenience Club Co., Ltd. (a).. 1,532 9,993
Fast Retailing Co., Ltd. (a)............ 476 60,394
Hikari Tsushin, Inc. ................... 184 4,030
J Front Retailing Co., Ltd. (a)......... 3,778 22,828
Marui Group Co., Ltd. (a)............... 2,616 18,787
Nitori Co., Ltd. (a).................... 510 43,575
Sanrio Co., Ltd. (a).................... 548 4,639
Shimachu Co., Ltd. (a).................. 884 23,251
Shimamura Co., Ltd. .................... 332 32,668
USS Co., Ltd. .......................... 410 24,499
Yamada Denki Co., Ltd. (a).............. 610 41,423
-----------
327,159
TEXTILES, APPAREL & LUXURY GOODS -- 0.6%
Asics Corp. ............................ 1,064 9,923
Gunze, Ltd. ............................ 4,223 19,385
Nisshinbo Industries, Inc. ............. 1,584 16,895
Onward Kashiyama Co., Ltd. ............. 1,580 11,788
The Japan Wool Textile Co., Ltd. (a).... 2,031 15,425
Toyobo Co., Ltd. (a).................... 9,302 16,000
-----------
89,416
TOBACCO -- 0.7%
Japan Tobacco, Inc. .................... 31 106,640
TRADING COMPANIES & DISTRIBUTORS -- 3.6%
Hanwa Co., Ltd. ........................ 3,207 11,605
Inaba Denki Sangyo Co., Ltd. ........... 956 22,956
Itochu Corp. (a)........................ 8,266 54,931
Iwatani Corp. .......................... 7,451 22,969
Marubeni Corp. (a)...................... 10,402 52,629
Mitsubishi Corp. ....................... 7,807 158,346
Mitsui & Co., Ltd. (a).................. 10,202 133,771
Sojitz Corp. (a)........................ 8,528 16,287
Sumitomo Corp. ......................... 6,475 66,894
Toyota Tsusho Corp. .................... 1,039 15,712
-----------
556,100
TRANSPORTATION INFRASTRUCTURE -- 0.2%
Kamigumi Co., Ltd. ..................... 2,395 19,607
Mitsubishi Logistics Corp. ............. 1,216 14,763
-----------
34,370
WIRELESS TELECOMMUNICATION SERVICES -- 2.5%
KDDI Corp. (a).......................... 23 129,983
NTT DoCoMo, Inc. (a).................... 100 160,161
Softbank Corp. (a)...................... 3,915 86,271
-----------
376,415
-----------
TOTAL COMMON STOCKS --
(Cost $19,840,008).................... 15,222,067
SHORT TERM INVESTMENTS -- 27.8 %
UNITED STATES -- 27.8 %
MONEY MARKET FUNDS -- 27.8%
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 4,252,555 4,252,555
AIM Prime Money Market Fund............. 19,323 19,323
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $4,271,878)..................... 4,271,878
-----------
TOTAL INVESTMENTS -- 126.9%
(Cost $24,111,886).................... 19,493,945
OTHER ASSETS AND
LIABILITIES -- (26.9)%................ (4,130,815)
-----------
NET ASSETS -- 100.0%.................... $15,363,130
===========
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 2009.
(b) Non-income producing security.
(c) Amount represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc.
(e) Investments of cash collateral for securities loaned.
</Table>
See accompanying notes to financial statements.
176
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
JAPAN -- 99.0%
AUTO COMPONENTS -- 4.4%
Ahresty Corp. (a)....................... 2,000 $ 15,860
FCC Co., Ltd. .......................... 15,313 267,488
Futaba Industrial Co., Ltd. (a)(b)...... 17,594 73,886
Kayaba Industry Co., Ltd. (a)(b)........ 65,902 234,799
Keihin Corp. (b)........................ 12,941 215,069
Koito Manufacturing Co., Ltd. (b)....... 16,000 222,483
Musashi Seimitsu Industry Co.,
Ltd. (b).............................. 11,452 219,741
NHK Spring Co., Ltd. (b)................ 35,000 289,663
Nippon Seiki Co., Ltd. ................. 9,939 113,227
Nissin Kogyo Co., Ltd. ................. 15,334 224,183
Press Kogyo Co., Ltd. .................. 48,569 97,643
Showa Corp. (b)......................... 20,639 126,552
Takata Corp. (b)........................ 7,900 144,791
The Yokohama Rubber Co., Ltd. .......... 40,986 201,874
Tokai Rika Co., Ltd. (b)................ 10,500 188,926
Topre Corp. ............................ 23,434 218,806
Toyo Tire & Rubber Co., Ltd. (a)(b)..... 64,372 155,295
Toyoda Gosei Co., Ltd. (b).............. 12,098 354,691
Toyota Boshoku Corp. (b)................ 11,200 221,536
TS Tech Co., Ltd. ...................... 7,000 124,074
------------
3,710,587
------------
BEVERAGES -- 1.1%
Ito En, Ltd. (b)........................ 12,700 235,745
Mikuni Coca-Cola Bottling Co.,
Ltd. (b).............................. 36,645 318,830
Takara Holdings, Inc. (b)............... 58,937 408,777
------------
963,352
------------
BIOTECHNOLOGY -- 0.1%
AnGes MG, Inc. (a)...................... 36 61,397
------------
BUILDING PRODUCTS -- 2.5%
Aica Kogyo Co., Ltd. (b)................ 37,019 396,507
Bunka Shutter Co., Ltd. (b)............. 54,577 207,860
Central Glass Co., Ltd. (b)............. 71,309 317,778
Nitto Boseki Co., Ltd. (b).............. 84,020 166,098
Noritz Corp. (b)........................ 23,265 312,591
Sankyo-Tateyama Holdings, Inc. (a)...... 162,467 157,867
Sanwa Holdings Corp. (b)................ 82,910 286,136
Sekisui Jushi Corp. .................... 31,938 281,087
------------
2,125,924
------------
CAPITAL MARKETS -- 1.6%
JAFCO Co., Ltd. (b)..................... 7,500 229,938
Japan Asia Investment Co., Ltd. (a)..... 10,000 6,701
kabu.com Securities Co., Ltd (b)........ 10 12,118
Matsui Securities Co., Ltd (b).......... 19,400 158,606
Mito Securities Co., Ltd. (a)........... 63,129 151,591
Monex Beans Holdings, Inc. (b).......... 371 134,668
Okasan Holdings, Inc. .................. 43,447 194,101
SBI Holdings, Inc. (b).................. 310 61,491
Sparx Group Co., Ltd. (a)............... 40 4,276
Tokai Tokyo Financial Holdings,
Inc. (b).............................. 79,721 251,980
Toyo Securities Co., Ltd. (a)........... 69,457 144,290
------------
1,349,760
------------
CHEMICALS -- 8.4%
ADEKA Corp. (b)......................... 33,213 333,113
Air Water, Inc. (b)..................... 37,390 431,800
Asahi Organic Chemicals Industry Co.,
Ltd. (b).............................. 119,540 320,429
C. Uyemura & Co., Ltd. ................. 4,076 203,493
Daicel Chemical Industries, Ltd. (b).... 54,000 326,889
Denki Kagaku Kogyo Kabushiki
Kaisha (b)............................ 83,000 342,994
DIC Corp. (b)........................... 121,000 172,983
Fujikura Kasei Co., Ltd. ............... 28,438 160,397
Fujimi, Inc. (b)........................ 6,273 112,590
Ishihara Sangyo Kaisha, Ltd. (a)(b)..... 155,811 128,777
Kansai Paint Co., Ltd. ................. 45,000 351,818
Lintec Corp. ........................... 16,508 315,281
Mitsubishi Rayon Co., Ltd. (b).......... 92,000 316,480
Nifco, Inc. (b)......................... 16,579 331,636
Nihon Parkerizing Co., Ltd. (b)......... 9,401 117,493
Nippon Kayaku Co., Ltd. ................ 25,000 221,980
Nippon Paint Co., Ltd. (b).............. 34,000 185,313
Nippon Shokubai Co., Ltd. .............. 20,000 177,584
Nippon Soda Co., Ltd. .................. 43,065 182,293
Nippon Valqua Industries, Ltd. ......... 83,025 167,840
Nissan Chemical Industries, Ltd. (b).... 32,000 462,478
NOF Corp. (b)........................... 65,731 330,362
Okamoto Industries, Inc. (b)............ 99,841 382,481
SK Kaken Co., Ltd. ..................... 780 21,953
Sumitomo Bakelite Co., Ltd. (b)......... 44,000 233,920
Toagosei Co., Ltd. (b).................. 10,000 34,065
Tokai Carbon Co., Ltd. (b).............. 40,542 191,990
Tokuyama Corp. (b)...................... 36,000 264,567
Tokyo Ohka Kogyo Co., Ltd. (b).......... 6,000 135,366
Tosoh Corp. (b)......................... 88,000 223,108
------------
7,181,473
------------
COMMERCIAL BANKS -- 7.0%
Aozora Bank, Ltd. (a)................... 151,290 219,665
Bank of the Ryukyus, Ltd. .............. 16,481 203,401
Kansai Urban Banking Corp. (b).......... 53,000 73,993
Kiyo Holdings, Inc. (b)................. 247,754 315,452
The Aichi Bank, Ltd. ................... 4,049 364,946
The Bank of Iwate, Ltd. (b)............. 4,456 241,376
The Bank of Nagoya, Ltd. (b)............ 41,000 177,673
The Bank of Okinawa, Ltd. (b)........... 4,000 142,514
The Biwako Bank, Ltd. .................. 157,049 147,340
The Daishi Bank, Ltd. .................. 52,000 210,823
The Fukushima Bank, Ltd. (a)............ 175,478 105,834
The Higo Bank, Ltd. (b)................. 41,000 242,698
The Hokkoku Bank, Ltd. (b).............. 50,000 209,415
The Hyakujushi Bank, Ltd. (b)........... 48,000 217,658
The Juroku Bank, Ltd. (b)............... 69,000 236,589
The Kagoshima Bank, Ltd. ............... 41,000 326,956
The Keiyo Bank, Ltd. (b)................ 49,000 251,198
The Musashino Bank, Ltd. (b)............ 5,300 160,714
The Nagano Bank, Ltd. .................. 121,534 272,836
</Table>
See accompanying notes to financial statements.
177
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Nanto Bank, Ltd. (b)................ 45,000 $ 245,770
The San-In Godo Bank, Ltd. ............. 41,000 350,310
The Shikoku Bank, Ltd. (b).............. 42,000 150,109
The Taiko Bank, Ltd. ................... 84,000 234,545
The Tochigi Bank, Ltd. ................. 41,846 203,773
The Tokushima Bank, Ltd. (b)............ 42,305 173,879
The Tokyo Tomin Bank, Ltd. (b).......... 8,405 137,525
Tomato Bank, Ltd. ...................... 125,872 306,473
------------
5,923,465
------------
COMMERCIAL SERVICES & SUPPLIES -- 2.6%
AEON delight Co., Ltd. ................. 1,000 14,173
Daiseki Co., Ltd. (b)................... 10,293 203,480
Duskin Co., Ltd. ....................... 11,000 207,260
MEITEC Corp. (b)........................ 12,344 210,111
Moshi Moshi Hotline, Inc. (b)........... 11,372 222,525
Nippon Kanzai Co., Ltd. ................ 11,052 207,375
Nissha Printing Co., Ltd. (b)........... 7,342 376,387
Okamura Corp. .......................... 35,884 177,947
Oyo Corp. (b)........................... 22,460 226,770
Park24 Co., Ltd. (b).................... 27,985 323,186
------------
2,169,214
------------
COMMUNICATIONS EQUIPMENT -- 0.9%
Aiphone Co., Ltd. (b)................... 15,206 273,431
Denki Kogyo Co., Ltd. .................. 42,303 217,811
Hitachi Kokusai Electric, Inc. (b)...... 33,634 262,205
------------
753,447
------------
COMPUTERS & PERIPHERALS -- 0.3%
Wacom Co., Ltd. (b)..................... 122 291,459
------------
CONSTRUCTION & ENGINEERING -- 3.2%
Chiyoda Corp. (b)....................... 34,000 268,476
Chugai Ro Co., Ltd. .................... 69,522 211,202
COMSYS Holdings Corp. (b)............... 25,000 274,753
Daimei Telecom Engineering Corp. (b).... 14,029 138,825
Kandenko Co., Ltd. (b).................. 21,000 145,652
Kinden Corp. ........................... 21,924 183,894
Kyowa Exeo Corp. (b).................... 35,676 351,042
Kyudenko Corp. ......................... 50,657 322,494
Maeda Corp. (b)......................... 66,158 213,544
Penta-Ocean Construction Co., Ltd. (a).. 110,500 143,162
Sanki Engineering Co., Ltd. ............ 30,196 253,952
Toda Corp. (b).......................... 36,000 127,459
Tokyu Construction Co., Ltd. (a)........ 2 6
Toyo Engineering Corp. (b).............. 26,000 88,859
------------
2,723,320
------------
CONSTRUCTION MATERIALS -- 0.5%
Sumitomo Osaka Cement Co., Ltd. (b)..... 84,000 159,491
Taiheiyo Cement Corp. (a)(b)............ 175,000 234,545
------------
394,036
------------
CONSUMER FINANCE -- 0.4%
Aeon Credit Service Co., Ltd. (b)....... 18,200 183,758
Aiful Corp. (b)......................... 16,700 19,585
OMC Card, Inc. (a)...................... 62 107
Orient Corp. (a)(b)..................... 81,000 75,993
Takefuji Corp. (b)...................... 21,510 75,916
------------
355,359
------------
CONTAINERS & PACKAGING -- 1.0%
FP Corp. (b)............................ 3,000 155,805
Fuji Seal International, Inc. (b)....... 11,370 231,248
Rengo Co., Ltd. ........................ 69,063 424,243
------------
811,296
------------
DISTRIBUTORS -- 0.7%
Canon Marketing Japan, Inc. (b)......... 13,900 246,687
Yokohama Reito Co., Ltd. ............... 52,580 371,733
------------
618,420
------------
DIVERSIFIED FINANCIAL SERVICES -- 0.9%
Japan Securities Finance Co., Ltd. (b).. 28,119 209,789
Osaka Securities Exchange Co.,
Ltd. (b).............................. 69 314,425
Ricoh Leasing Co., Ltd. (b)............. 9,267 204,208
------------
728,422
------------
ELECTRIC UTILITIES -- 0.4%
Japan Wind Dev Co. (b).................. 30 129,335
The Okinawa Electric Power Co., Inc. ... 4,100 245,446
------------
374,781
------------
ELECTRICAL EQUIPMENT -- 2.4%
Daihen Corp. (b)........................ 43,971 180,726
Fuji Electric Holdings Co., Ltd. (b).... 108,000 200,235
Fujikura, Ltd. (b)...................... 73,000 358,742
GS Yuasa Corp. (b)...................... 71,287 652,877
Hitachi Cable Ltd. (b).................. 34,000 99,872
Shinko Electric Co., Ltd. (b)........... 79,826 220,216
SWCC Showa Holdings Co., Ltd. (a)....... 155,075 162,808
Toyo Tanso Co., Ltd. (b)................ 2,800 145,418
------------
2,020,894
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 6.3%
Alps Electric Co., Ltd. (a)(b).......... 32,600 188,606
Arisawa Manufacturing Co., Ltd. (b)..... 16,372 118,125
Dainippon Screen Manufacturing Co.,
Ltd. (a)(b)........................... 46,000 174,680
Enplas Corp. (b)........................ 18,289 352,360
ESPEC Corp. ............................ 31 187
Hakuto Co., Ltd. (b).................... 24,411 238,016
Hitachi High-Technologies Corp. (b)..... 11,600 243,181
Horiba, Ltd. (b)........................ 10,765 280,141
Hosiden Corp. (b)....................... 16,995 231,004
Japan Aviation Electronics Industry,
Ltd. (b).............................. 12,971 77,651
Japan Cash Machine Co., Ltd. ........... 24,824 243,707
Koa Corp. (b)........................... 19,591 176,797
Mabuchi Motor Co., Ltd. ................ 5,214 266,130
Nichicon Corp. (b)...................... 10,000 128,106
Nidec Sankyo Corp. ..................... 27,917 158,706
Nihon Dempa Kogyo Co., Ltd. (b)......... 7,195 139,986
Nippon Ceramic Co., Ltd. (b)............ 15,623 222,301
Nippon Chemi-Con Corp. (a)(b)........... 41,432 202,683
Oki Electric Industry Co., Ltd. (a)(b).. 147,000 131,345
Ryosan Co., Ltd. (b).................... 8,196 211,456
Ryoyo Electro Corp. .................... 19,104 165,148
Star Micronics Co., Ltd. ............... 13,669 127,477
Taiyo Yuden Co., Ltd. (b)............... 29,000 343,005
</Table>
See accompanying notes to financial statements.
178
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Toko, Inc. (a)(b)....................... 87,739 $ 140,132
Topcon Corp. (b)........................ 14,719 67,730
Yamatake Corp. (b)...................... 17,648 398,157
Yokogawa Electric Corp. (b)............. 36,400 323,203
------------
5,350,020
ENERGY EQUIPMENT & SERVICES -- 0.1%
Shinko Plantech Co., Ltd. .............. 11,386 111,781
FOOD & STAPLES RETAILING -- 1.7%
Cawachi, Ltd. .......................... 9,635 221,142
Circle K Sunkus Co., Ltd. (b)........... 22,898 346,533
Izumiya Co., Ltd. ...................... 42,933 234,960
Ministop Co., Ltd. ..................... 19,394 307,583
Sugi Pharmacy Co., Ltd. (b)............. 7,700 163,830
Sundrug Co., Ltd. (b)................... 5,000 135,701
------------
1,409,749
FOOD PRODUCTS -- 4.8%
Ariake Japan Co., Ltd. (b).............. 12,564 208,523
Ezaki Glico Co., Ltd. .................. 13,000 145,049
Fujicco Co., Ltd. ...................... 32,657 388,813
Hokuto Corp. (b)........................ 14,421 334,211
Kagome Co., Ltd. (b).................... 27,967 566,618
Marudai Food Co., Ltd. ................. 103,417 324,568
Maruha Nichiro Holdings, Inc. .......... 59,000 90,278
Mitsui Sugar Co., Ltd. ................. 47,497 168,164
Nakamuraya Co., Ltd. (b)................ 67,952 358,221
Nichirei Corp. (b)...................... 32,000 126,878
Nippon Suisan Kaisha, Ltd. (b).......... 71,175 212,249
Nosan Corp. (b)......................... 95,463 344,385
Riken Vitamin Co., Ltd. ................ 10,280 276,705
Snow Brand Milk Products Co.,
Ltd. (b)(c)........................... 90,255 337,694
Yamazaki Baking Co., Ltd. (b)........... 14,000 190,138
------------
4,072,494
GAS UTILITIES -- 0.5%
Shizuoka Gas Co., Ltd. ................. 49,819 386,155
HEALTH CARE EQUIPMENT & SUPPLIES -- 2.1%
Fukuda Denshi Co., Ltd. (b)............. 8,686 247,381
Miraca Holdings, Inc. .................. 13,900 454,872
Nakanishi, Inc. ........................ 647 57,087
Nihon Kohden Corp. (b).................. 7,600 127,240
Nipro Corp. ............................ 7,000 164,182
Paramount Bed Co., Ltd. (b)............. 17,710 381,951
Sysmex Corp. (b)........................ 8,405 364,231
------------
1,796,944
HOTELS, RESTAURANTS & LEISURE -- 2.2%
DOUTOR NICHIRES Holdings Co., Ltd. (b).. 16,275 250,301
McDonald's Holdings Co. (Japan),
Ltd. (b).............................. 22,700 455,090
MOS Food Services, Inc. ................ 25,314 442,186
Nissin Healthcare Food Service
Co., Ltd. ............................ 18,208 253,389
Round One Corp. (b)..................... 9,700 82,445
Tokyo Dome Corp. (b).................... 69,085 212,189
Zensho Co., Ltd. (b).................... 28,946 201,411
------------
1,897,011
HOUSEHOLD DURABLES -- 2.0%
Clarion Co., Ltd. (a)................... 11,000 10,197
Daikyo, Inc. (a)(b)..................... 67,352 156,466
France Bed Holdings Co., Ltd. (b)....... 162,734 232,646
Funai Electric Co., Ltd. (b)............ 3,000 137,376
Goldcrest Co., Ltd. (b)................. 6,209 188,278
Haseko Corp. (a)(b)..................... 237,500 233,428
Juki Corp. (a)(b)....................... 41,450 48,610
JVC KENWOOD Holdings, Inc. (a).......... 166,115 89,055
Misawa Homes Holdings, Inc. (a)(b)...... 8,866 31,588
Pioneer Corp. (a)(b).................... 26,000 62,724
Rinnai Corp. (b)........................ 11,551 547,007
------------
1,737,375
HOUSEHOLD PRODUCTS -- 0.4%
Lion Corp. (b).......................... 40,000 208,187
Pigeon Corp. ........................... 4,000 159,490
------------
367,677
INDUSTRIAL CONGLOMERATES -- 0.2%
Katakura Industries Co., Ltd. (b)....... 16,980 197,991
INSURANCE -- 0.3%
Nissay Dowa General Insurance
Co., Ltd. ............................ 42,000 215,312
INTERNET & CATALOG RETAIL -- 0.3%
Senshukai Co., Ltd. (b)................. 29,624 211,754
INTERNET SOFTWARE & SERVICES -- 1.2%
Access Co., Ltd. (a)(b)................. 69 195,514
DeNA Co., Ltd. (b)...................... 56 155,113
eAccess, Ltd. .......................... 461 322,831
GMO Internet, Inc. ..................... 1,000 4,389
Index Holdings (a)...................... 50 2,373
Kakaku.com, Inc. ....................... 79 291,171
mixi, Inc. (a)(b)....................... 12 79,477
------------
1,050,868
IT SERVICES -- 2.0%
CSK Holdings Corp. (a)(b)............... 16,900 63,987
INES Corp. ............................. 38,260 326,044
IT Holdings Corp. (b)................... 15,137 209,468
Itochu Techno-Solutions Corp. (b)....... 9,200 284,113
Net One Systems Co., Ltd. (b)........... 98 147,764
OBIC Co., Ltd. (b)...................... 2,051 347,961
Otsuka Corp. (b)........................ 3,800 227,911
Trans Cosmos, Inc. (a)(b)............... 12,367 114,091
------------
1,721,339
LEISURE EQUIPMENT & PRODUCTS -- 0.5%
Aruze Corp. (a)(b)...................... 1,000 16,407
Heiwa Corp. ............................ 12,000 132,685
Mars Engineering Corp. (b).............. 4,558 168,504
Roland Corp. ........................... 9,476 108,164
------------
425,760
MACHINERY -- 7.3%
Amano Corp. (b)......................... 24,432 212,298
Asahi Diamond Industrial Co., Ltd. (b).. 39,942 290,860
CKD Corp. .............................. 24,905 179,969
Daifuku Co., Ltd. (b)................... 21,681 145,533
Ebara Corp. (a)(b)...................... 78,476 346,211
</Table>
See accompanying notes to financial statements.
179
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Fuji Machine Manufacturing Co., Ltd. ... 12,371 $ 146,460
Furukawa Co., Ltd. (b).................. 124,280 174,896
Glory, Ltd. (b)......................... 13,187 324,759
Hino Motors, Ltd. (b)................... 43,998 167,569
Hitachi Zosen Corp. (a)(b).............. 248,226 316,053
Iseki & Co., Ltd. (a)(b)................ 29,000 116,926
Kitz Corp. (b).......................... 41,502 209,515
Komori Corp. (b)........................ 12,840 156,314
Kyokuto Kaihatsu Kogyo Co., Ltd. ....... 40,640 162,497
Makino Milling Machine Co., Ltd. (a).... 40,739 157,432
Meidensha Corp. (b)..................... 28,000 146,982
Minebea Co., Ltd. (b)................... 60,000 276,093
Mori Seiki Co., Ltd. (b)................ 15,800 190,408
Nabtesco Corp. (b)...................... 31,052 371,438
Nachi-Fujikoshi Corp. (b)............... 77,418 175,528
Namura Shipbuilding Co., Ltd. .......... 2,000 12,085
Nippon Sharyo, Ltd. .................... 37,970 245,118
Nippon Thompson Co., Ltd. (b)........... 34,511 196,193
OKUMA Corp. (b)......................... 30,192 152,419
OSG Corp. (b)........................... 17,800 183,298
Ryobi, Ltd. (a)(b)...................... 42,723 135,992
Shima Seiki Manufacturing, Ltd. (b)..... 6,900 160,680
Sintokogio, Ltd. ....................... 20,519 156,754
Tadano, Ltd. (b)........................ 38,913 192,099
Tocalo Co., Ltd. ....................... 36 656
Toshiba Machine Co., Ltd. (b)........... 42,009 155,302
Tsubakimoto Chain Co. .................. 43,124 176,763
Union Tool Co. (b)...................... 4,332 138,618
------------
6,173,718
------------
MARINE -- 0.2%
Iino Kaiun Kaisha, Ltd. (b)............. 32,806 159,019
------------
MEDIA -- 2.1%
Avex Group Holdings, Inc. (b)........... 16,292 151,575
CyberAgent, Inc. (b).................... 72 92,799
Daiichikosho Co., Ltd. ................. 18,081 233,245
Hakuhodo DY Holdings, Inc. (b).......... 4,214 230,150
Kadokawa Group Holdings, Inc. .......... 8,387 188,751
Shochiku Co., Ltd. (b).................. 40,243 353,730
Sky Perfect JSAT Corp. (b).............. 942 433,992
Usen Corp. (a).......................... 4,720 4,850
Zenrin Co., Ltd. (b).................... 8,324 121,604
------------
1,810,696
------------
METALS & MINING -- 4.5%
Daido Steel Co., Ltd. (b)............... 51,000 185,693
Dowa Holdings Co., Ltd. ................ 50,000 303,792
Godo Steel, Ltd. ....................... 27,440 53,939
Hitachi Metals, Ltd. (b)................ 27,000 277,132
Maruichi Steel Tube, Ltd. (b)........... 13,400 268,644
Mitsui Mining & Smelting Co.,
Ltd. (a)(b)........................... 119,000 305,690
Nakayama Steel Works, Ltd. (b).......... 73,212 140,643
Nippon Denko Co., Ltd. (b).............. 16,000 111,867
Nippon Yakin Kogyo Co., Ltd. (b)........ 35,000 175,127
Nisshin Steel Co., Ltd. (b)............. 127,000 226,950
OSAKA Titanium Technologies Co. (b)..... 4,300 123,427
Pacific Metals Co., Ltd. (b)............ 23,759 180,710
Sanyo Special Steel Co., Ltd. (b)....... 41,750 155,277
Sumitomo Light Metal Industries,
Ltd. (a)(b)........................... 164,135 164,987
Toho Titanium Co., Ltd. (b)............. 7,600 103,303
Toho Zinc Co., Ltd. .................... 36,796 177,127
Tokyo Rope Manufacturing Co., Ltd. (b).. 62,654 226,026
Tokyo Steel Manufacturing Co.,
Ltd. (b).............................. 25,300 310,828
Yamato Kogyo Co., Ltd. (b).............. 12,248 346,093
------------
3,837,255
------------
MULTILINE RETAIL -- 1.1%
Don Quijote Co., Ltd. (b)............... 12,900 306,886
H2O Retailing Corp. (b)................. 43,107 271,540
Matsuya Co., Ltd. (a)(b)................ 13,508 108,625
Parco Co., Ltd. (b)..................... 24,725 229,204
------------
916,255
------------
OFFICE ELECTRONICS -- 0.2%
Riso Kagaku Corp. ...................... 13,447 168,510
------------
OIL, GAS & CONSUMABLE FUELS -- 0.9%
Cosmo Oil Co., Ltd. (b)................. 101,000 282,013
Itochu Enex Co., Ltd. .................. 40,204 234,843
Japan Petroleum Exploration Co. (b)..... 5,625 287,737
------------
804,593
------------
PAPER & FOREST PRODUCTS -- 0.4%
Daio Paper Corp. ....................... 15,940 150,080
Sumitomo Forestry Co., Ltd. (b)......... 25,700 216,714
------------
366,794
------------
PERSONAL PRODUCTS -- 1.2%
Aderans Holdings Co., Ltd. ............. 16,204 231,835
Kobayashi Pharmaceutical Co., Ltd. (b).. 5,000 228,402
Mandom Corp. (b)........................ 12,745 365,831
Milbon Co., Ltd. (b).................... 8,408 225,378
------------
1,051,446
------------
PHARMACEUTICALS -- 2.6%
Dainippon Sumitomo Pharma Co.,
Ltd. (b).............................. 14,000 153,080
Kaken Pharmaceutical Co., Ltd. ......... 42,428 399,473
Kyorin Co., Ltd. (b).................... 8,000 136,259
Mochida Pharmaceutical Co., Ltd. ....... 35,483 376,488
Nichi-iko Pharmaceutical Co., Ltd. (b).. 7,465 241,371
Rohto Pharmaceutical Co., Ltd. (b)...... 31,493 430,881
Sawai Pharmaceutical Co., Ltd. ......... 2,000 116,156
Torii Pharmaceutical Co., Ltd. ......... 18,900 361,809
------------
2,215,517
------------
PROFESSIONAL SERVICES -- 0.1%
ARRK Corp. (a)(b)....................... 2,000 1,631
en-japan, Inc. (b)...................... 42 57,651
------------
59,282
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.5%
Daibiru Corp. (b)....................... 23,826 207,831
Heiwa Real Estate Co., Ltd. (b)......... 59,755 205,557
K.K. DaVinci Holdings (a)(b)............ 276 27,589
Kenedix, Inc. (a)(b).................... 140 55,587
Leopalace21 Corp. (b)................... 25,900 208,565
</Table>
See accompanying notes to financial statements.
180
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Nomura Real Estate Holdings, Inc. (b)... 12,700 $ 206,950
Shoei Co., Ltd. ........................ 9,698 78,095
Suruga Corp. (a)(c)(d).................. 10,689 0
TOC Co., Ltd. .......................... 3,000 13,235
Tokyo Tatemono Co., Ltd. (b)............ 49,000 240,253
------------
1,243,662
ROAD & RAIL -- 0.9%
Nishi-Nippon Railroad Co., Ltd. (b)..... 64,000 255,185
Sankyu, Inc. ........................... 78,830 340,730
Seino Holdings Co., Ltd. ............... 24,000 208,276
------------
804,191
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.3%
Disco Corp. (b)......................... 6,919 462,117
NEC Electronics Corp. (a)(b)............ 7,800 69,519
Shinko Electric Industries Co.,
Ltd. (b).............................. 13,900 248,239
SUMCO Corp. (b)......................... 360 8,202
Tokyo Seimitsu Co., Ltd. (a)............ 9,300 125,579
Ulvac, Inc. (b)......................... 8,002 211,367
------------
1,125,023
SOFTWARE -- 0.7%
DTS Corp. .............................. 16,532 151,592
Fuji Soft, Inc. (b)..................... 13,274 224,161
NSD Co., Ltd. (b)....................... 16,478 178,151
------------
553,904
SPECIALTY RETAIL -- 4.2%
ABC-Mart, Inc. (b)...................... 5,800 181,058
Aoyama Trading Co., Ltd. ............... 14,100 242,677
Autobacs Seven Co., Ltd. (b)............ 9,488 349,700
Chiyoda Co., Ltd. ...................... 16,313 232,483
Culture Convenience Club Co., Ltd. (b).. 32,828 214,124
EDION Corp. (b)......................... 20,650 179,665
Gulliver International Co., Ltd. (b).... 3,323 234,931
Honeys Co., Ltd. (b).................... 8,362 60,426
K's Holdings Corp. (b).................. 11,602 390,038
Komeri Co., Ltd. (b).................... 6,430 191,029
Nishimatsuya Chain Co., Ltd. (b)........ 16,466 173,423
Point, Inc. ............................ 5,101 338,414
Right On Co., Ltd. ..................... 1,000 9,829
Sanrio Co., Ltd. (b).................... 16,505 139,731
Shimachu Co., Ltd. (b).................. 11,300 297,219
United Arrows, Ltd. .................... 16,529 145,288
Xebio Co., Ltd. (b)..................... 9,561 225,850
------------
3,605,885
TEXTILES, APPAREL & LUXURY GOODS -- 3.3%
Atsugi Co., Ltd. ....................... 235,470 318,220
Daidoh, Ltd. (b)........................ 24,911 187,524
Daiwabo Co., Ltd. (b)................... 24,635 102,629
Gunze, Ltd. ............................ 71,348 327,515
Nisshinbo Industries, Inc. (b).......... 31,000 330,653
Onward Kashiyama Co., Ltd. (b).......... 32,000 238,745
Sanyo Shokai, Ltd. (b).................. 42,516 140,082
Seiko Corp. (b)......................... 41,649 104,663
The Japan Wool Textile Co., Ltd. (b).... 39,170 297,488
Toyobo Co., Ltd. (b).................... 138,000 237,360
Unitika, Ltd. (a)(b).................... 190,084 169,841
Wacoal Holdings Corp. .................. 29,000 379,606
------------
2,834,326
TRADING COMPANIES & DISTRIBUTORS -- 2.6%
Hanwa Co., Ltd. (b)..................... 84,032 304,086
Inaba Denki Sangyo Co., Ltd. ........... 12,363 296,872
Inabata & Co., Ltd. .................... 49,575 206,528
Iwatani Corp. .......................... 129,422 398,956
MISUMI Group, Inc. (b).................. 20,633 433,469
Nagase & Co., Ltd. ..................... 28,000 347,127
Okaya & Co., Ltd. ...................... 21,105 202,717
------------
2,189,755
TRANSPORTATION INFRASTRUCTURE -- 0.9%
Japan Airport Terminal Co., Ltd. (b).... 18,148 228,028
Mitsui-Soko Co., Ltd. (b)............... 52,686 200,658
The Sumitomo Warehouse Co., Ltd. ....... 67,563 327,496
------------
756,182
------------
TOTAL COMMON STOCKS --
(Cost $97,753,012).................... 84,184,849
SHORT TERM INVESTMENTS -- 28.1%
UNITED STATES -- 28.1%
MONEY MARKET FUNDS -- 28.1%
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 23,849,980 23,849,980
AIM Prime Money Market Fund............. 97,038 97,038
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $23,947,018).................... 23,947,018
------------
TOTAL INVESTMENTS -- 127.1%
(Cost $121,700,030)................... 108,131,867
OTHER ASSETS AND
LIABILITIES -- (27.1)%................ (23,050,927)
NET ASSETS -- 100.0%.................... $ 85,080,940
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Security is valued at fair value as determined in good faith by
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Security value is determined based
on inputs. Snow Brand Milk Products Co., Ltd.'s value is determined
based on Level 2 inputs and Suruga Corp.'s value is determined based
on Level 3 inputs. (Note 2)
(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.
</Table>
See accompanying notes to financial statements.
181
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
ARGENTINA -- 0.0% (A)
Petrobras Energia SA ADR (b)............ 2,065 $ 36,984
------------
AUSTRALIA -- 21.8%
ASX, Ltd. .............................. 16,758 520,600
Australia & New Zealand Banking
Group, Ltd. .......................... 130,269 2,804,092
Bank of Queensland, Ltd. (c)............ 418,178 4,402,923
Bendigo and Adelaide Bank, Ltd. ........ 554,006 4,596,018
Billabong International, Ltd. (c)....... 73,325 776,556
Commonwealth Bank of Australia.......... 55,191 2,520,682
Leighton Holdings, Ltd. (c)............. 75,760 2,418,399
National Australia Bank, Ltd. .......... 154,561 4,195,905
Sims Metal Management, Ltd. ............ 23,860 480,746
United Group, Ltd. ..................... 61,458 803,834
Wesfarmers, Ltd. ....................... 167,599 3,918,256
------------
TOTAL AUSTRALIA......................... 27,438,011
------------
AUSTRIA -- 0.8%
Oesterreichische Post AG................ 34,535 954,068
------------
BELGIUM -- 2.8%
Belgacom SA............................. 70,916 2,759,373
Mobistar SA............................. 10,583 731,537
------------
TOTAL BELGIUM........................... 3,490,910
------------
BERMUDA -- 2.3%
Nordic American Tanker Shipping, Ltd. .. 96,515 2,854,914
------------
CANADA -- 9.0%
ARC Energy Trust........................ 153,811 2,894,794
Bank of Montreal (c).................... 12,823 647,183
Baytex Energy Trust..................... 30,517 671,016
Brookfield Properties Corp. (c)......... 68,494 774,729
Inter Pipeline Fund (Class A)........... 367,981 3,318,789
Manitoba Telecom Services, Inc. (c)..... 32,839 1,019,468
Pembina Pipeline Income Fund............ 40,517 581,349
Telus Corp. ............................ 26,184 842,631
Vermilion Energy Trust.................. 20,297 559,383
------------
TOTAL CANADA............................ 11,309,342
------------
CZECH REPUBLIC -- 1.0%
CEZ AS.................................. 11,141 591,883
Komercni Banka AS....................... 3,629 720,890
------------
TOTAL CZECH REPUBLIC.................... 1,312,773
------------
FINLAND -- 7.0%
Fortum Oyj.............................. 22,651 580,069
Kesko Oyj (Class B)..................... 20,989 702,563
Konecranes Oyj.......................... 25,674 731,039
Nokia Oyj ADR........................... 43,820 640,649
Orion Oyj (Class B)..................... 195,952 3,608,930
Rautaruukki Oyj......................... 25,911 621,135
Sampo Oyj (Class A)..................... 30,993 779,655
YIT Oyj................................. 62,259 1,183,962
------------
TOTAL FINLAND........................... 8,848,002
------------
FRANCE -- 7.2%
Bouygues SA (c)......................... 15,894 807,321
Ciments Francais SA..................... 16,018 1,796,987
ICADE................................... 6,277 671,617
Lagardere SCA........................... 17,105 795,826
M6-Metropole Television................. 34,307 901,133
Neopost SA.............................. 6,344 568,714
Nexity.................................. 22,280 886,953
Schneider Electric SA................... 8,907 901,721
Total SA (c)............................ 13,292 788,911
Vallourec SA (c)........................ 6,013 1,017,789
------------
TOTAL FRANCE............................ 9,136,972
------------
GERMANY -- 7.0%
BASF SE................................. 12,846 679,915
Bilfinger Berger AG..................... 15,821 1,093,608
K+S AG.................................. 9,249 504,133
RWE AG.................................. 39,018 3,619,859
ThyssenKrupp AG......................... 84,464 2,905,038
------------
TOTAL GERMANY........................... 8,802,553
------------
HONG KONG -- 0.4%
Hang Seng Bank, Ltd. ................... 35,600 513,096
------------
ISRAEL -- 4.9%
Cellcom Israel, Ltd. ................... 114,663 3,489,195
Israel Chemicals, Ltd. ................. 50,331 574,412
Koor Industries, Ltd. .................. 28,799 846,469
Mizrahi Tefahot Bank, Ltd. (b).......... 83,656 710,406
Partner Communications Company, Ltd. ... 29,596 557,986
------------
TOTAL ISRAEL............................ 6,178,468
------------
ITALY -- 8.0%
Eni SpA (c)............................. 71,256 1,778,966
Mediaset SpA............................ 545,472 3,811,172
Mediobanca SpA.......................... 273,522 3,734,198
Recordati SpA........................... 108,948 769,970
------------
TOTAL ITALY............................. 10,094,306
------------
JAPAN -- 0.4%
Nintendo Co., Ltd. ..................... 2,200 565,142
------------
NETHERLANDS -- 4.7%
Koninklijke BAM Groep NV................ 378,394 4,363,394
Koninklijke Boskalis Westminster NV..... 22,808 778,119
Koninklijke DSM NV...................... 17,706 738,898
------------
TOTAL NETHERLANDS....................... 5,880,411
------------
PORTUGAL -- 3.3%
Brisa Auto- Estradas de Portugal SA..... 83,787 824,233
Portugal Telecom, SGPS SA............... 314,015 3,320,833
------------
TOTAL PORTUGAL.......................... 4,145,066
------------
RUSSIA -- 0.5%
Mobile TeleSystems ADR.................. 14,012 676,359
------------
SINGAPORE -- 0.5%
DBS Group Holdings, Ltd. ............... 65,000 612,611
------------
SOUTH AFRICA -- 0.7%
Kumba Iron Ore, Ltd. ................... 25,808 844,656
------------
SPAIN -- 7.8%
ACS, Actividades de Construccion y
Servicios SA (c)...................... 11,066 576,483
Banco Bilbao Vizcaya Argentaria SA (c).. 57,112 1,012,620
Banco de Sabadell SA (c)................ 96,117 710,198
Banco Espanol de Credito SA............. 49,975 680,812
Banco Popular Espanol SA (c)............ 79,485 795,855
Banco Santander SA...................... 47,847 769,317
</Table>
See accompanying notes to financial statements.
182
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Enagas.................................. 68,906 $ 1,438,280
Fomento de Construcciones y
Contratas SA.......................... 15,908 744,087
Gas Natural SDG SA...................... 28,328 625,246
Iberdrola SA............................ 79,130 775,529
Repsol YPF SA........................... 23,051 626,365
Telefonica SA........................... 37,539 1,034,588
------------
TOTAL SPAIN............................. 9,789,380
SWEDEN -- 1.2%
Ratos AB (Class B) (c).................. 28,219 673,913
Sandvik AB (c).......................... 76,911 846,886
------------
TOTAL SWEDEN............................ 1,520,799
SWITZERLAND -- 2.3%
Adecco SA............................... 12,439 660,520
Swatch Group AG......................... 15,826 718,359
Swisscom AG............................. 2,119 757,114
Zurich Financial Services AG............ 3,031 720,032
------------
TOTAL SWITZERLAND....................... 2,856,025
TAIWAN -- 0.5%
Chunghwa Telecom Co., Ltd. ADR.......... 28,344 511,331
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 14,334 157,101
------------
TOTAL TAIWAN............................ 668,432
TURKEY -- 0.7%
Tupras-Turkiye Petrol Rafinerileri AS... 51,128 846,200
UNITED KINGDOM -- 4.7%
Admiral Group PLC....................... 46,843 866,805
AstraZeneca PLC......................... 16,822 754,396
BP PLC.................................. 86,873 768,340
GlaxoSmithKline PLC..................... 20,532 403,741
IMI PLC................................. 146,312 1,047,402
Pearson PLC............................. 50,203 619,053
Royal Dutch Shell PLC (Class A)......... 27,037 771,215
Smiths Group PLC........................ 51,323 729,312
------------
TOTAL UNITED KINGDOM.................... 5,960,264
------------
TOTAL COMMON STOCKS --
(Cost $107,417,189)................... 125,335,744
SHORT TERM INVESTMENTS -- 6.6%
UNITED STATES -- 6.6%
MONEY MARKET FUNDS -- 6.6%
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 8,350,180 8,350,180
AIM Prime Money Market Fund............. 100 100
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $8,350,280)..................... 8,350,280
------------
TOTAL INVESTMENTS -- 106.1%
(Cost $115,767,469)................... 133,686,024
OTHER ASSETS AND
LIABILITIES -- (6.1)%................. (7,648,607)
------------
NET ASSETS -- 100.0%.................... $126,037,417
============
</Table>
<Table>
(a) Amount shown represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) Security, or portion thereof, was on loan at September 30, 2009.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
183
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.9%
AUSTRALIA -- 9.9%
Alumina, Ltd. (a)....................... 21,600 $ 34,886
Amcor, Ltd. ............................ 358 1,731
Aristocrat Leisure, Ltd. (b)............ 7,263 33,652
Arrow Energy, Ltd. (a).................. 9,396 35,492
Asciano Group (a)....................... 42,604 62,228
ASX, Ltd. .............................. 1,100 34,172
Bendigo and Adelaide Bank, Ltd. ........ 4,157 34,486
BlueScope Steel, Ltd. .................. 23,300 60,251
Boral, Ltd. (b)......................... 25,251 135,717
Caltex Australia, Ltd. (a).............. 2,828 30,225
CFS Retail Property Trust (b)........... 107,393 190,507
Cochlear, Ltd. ......................... 1,794 105,701
Computershare, Ltd. .................... 5,283 52,034
CSR, Ltd. (b)........................... 39,870 66,152
David Jones, Ltd. ...................... 2,300 11,854
Dexus Property Group.................... 127,729 95,255
Downer EDI, Ltd. ....................... 1,500 10,842
Energy Resources of Australia, Ltd. .... 500 11,125
Fairfax Media, Ltd. .................... 15,700 23,763
Felix Resources, Ltd. (b)............... 1,366 20,675
Goodman Group........................... 72,500 42,550
GPT Group............................... 100,622 60,831
Harvey Norman Holdings, Ltd. ........... 27,714 105,174
Incitec Pivot, Ltd. .................... 19,900 49,703
Lend Lease Corp., Ltd. ................. 1,200 11,226
Macquarie Airports...................... 15,295 38,336
Macquarie Infrastructure Group.......... 12,500 16,272
Metcash, Ltd. .......................... 39,426 156,579
Mirvac Group............................ 58,860 87,271
OneSteel, Ltd. ......................... 14,500 38,775
OZ Minerals, Ltd. (a)................... 44,200 44,470
Paladin Energy, Ltd. (a)(b)............. 13,246 52,606
Qantas Airways, Ltd. ................... 7,500 18,931
Sims Metal Management, Ltd. ............ 1,500 30,223
Sonic Healthcare, Ltd. ................. 11,906 149,314
TABCORP Holdings, Ltd. ................. 7,157 45,036
Tatts Group, Ltd. ...................... 18,429 41,312
Toll Holdings, Ltd. (b)................. 10,740 80,852
Transurban Group........................ 7,500 27,138
-----------
TOTAL AUSTRALIA......................... 2,147,347
-----------
AUSTRIA -- 0.8%
Andritz AG (a).......................... 2,545 126,779
IMMOEAST AG (a)......................... 3,600 22,206
Wienerberger AG (a)..................... 1,458 30,049
-----------
TOTAL AUSTRIA........................... 179,034
-----------
BELGIUM -- 0.4%
Ackermans & Van Haaren NV............... 1,238 90,045
-----------
CANADA -- 7.6%
Alimentation Couche-Tard, Inc.
(Class B)............................. 4,522 78,997
Biovail Corp. (b)....................... 800 12,313
Canadian Tire Corp., Ltd. (Class A)..... 906 48,757
Celestica, Inc. (a)..................... 1,900 18,056
Eldorado Gold Corp. (a)(b).............. 5,087 57,633
Ensign Energy Services, Inc. ........... 700 10,592
Finning International, Inc. ............ 4,824 71,913
First Quantum Minerals, Ltd. (b)........ 1,103 71,937
Fortis, Inc. (b)........................ 6,105 142,088
Franco-Nevada Corp. (b)................. 1,510 39,519
Gerdau Ameristeel Corp. ................ 1,600 12,731
Gildan Activewear, Inc. (a)(b).......... 3,663 72,216
Iamgold Corp. .......................... 4,500 63,435
Inmet Mining Corp. ..................... 1,222 68,267
Ivanhoe Mines, Ltd. (a)(b).............. 3,951 50,653
Lundin Mining Corp. (a)................. 8,500 28,589
Metro, Inc. ............................ 5,291 172,489
Niko Resources, Ltd. ................... 1,222 95,353
Onex Corp. ............................. 4,477 109,454
Open Text Corp. (a)(b).................. 300 11,211
Pacific Rubiales Energy Corp. (a)....... 2,200 27,180
Petrobank Energy & Resources,
Ltd. (a)(b)........................... 1,628 67,119
Red Back Mining, Inc. (a)............... 2,200 24,659
Silver Wheaton Corp. (a)................ 4,317 54,661
Sino-Forest Corp. (a)................... 3,663 57,711
TMX Group, Inc. (b)..................... 2,442 81,703
TransAlta Corp. ........................ 1,500 30,523
TriStar Oil & Gas, Ltd. (a)............. 1,700 24,788
Viterra, Inc. (a)(b).................... 4,885 48,609
-----------
TOTAL CANADA............................ 1,653,156
-----------
CHINA -- 0.1%
Shui On Land Ltd. ...................... 25,000 14,355
-----------
DENMARK -- 1.1%
DSV A/S (a)(b).......................... 6,919 123,215
FLSmidth & Co. A/S...................... 300 16,316
Jyske Bank A/S (a)...................... 2,361 98,276
-----------
TOTAL DENMARK........................... 237,807
-----------
FINLAND -- 2.3%
Elisa Oyj............................... 4,477 91,747
Metso Oyj............................... 2,000 56,217
Neste Oil Oyj........................... 500 9,223
Nokian Renkaat Oyj...................... 1,500 34,927
Orion Oyj (Class B) (b)................. 4,960 91,350
Outokumpu Oyj........................... 2,101 39,494
Pohjola Bank PLC........................ 2,750 31,354
Rautaruukki Oyj......................... 1,000 23,972
Stora Enso Oyj (a)...................... 10,750 74,795
Wartsila Oyj............................ 1,000 40,021
-----------
TOTAL FINLAND........................... 493,100
-----------
FRANCE -- 4.7%
Air France-KLM (a)...................... 2,150 39,032
Atos Origin SA (a)...................... 2,159 108,875
Bourbon SA (b).......................... 2,663 122,614
Compagnie Generale de Geophysique-
Veritas (a)........................... 1,850 43,118
EDF Energies Nouvelles SA (a)........... 200 11,012
Euler Hermes SA (a)..................... 150 12,848
Eurazeo................................. 200 13,056
Fonciere des Regions (a)................ 100 11,634
Groupe Eurotunnel SA.................... 4,363 44,584
Neopost SA.............................. 1,534 137,517
Nexans SA............................... 915 73,868
SCOR SE................................. 5,948 162,408
</Table>
See accompanying notes to financial statements.
184
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Valeo SA (a)(b)......................... 3,274 $ 86,069
Wendel.................................. 550 34,702
Zodiac SA (b)........................... 3,101 122,837
-----------
TOTAL FRANCE............................ 1,024,174
-----------
GERMANY -- 2.7%
Bilfinger Berger AG..................... 1,473 101,819
GEA Group AG............................ 850 17,717
Lanxess AG.............................. 2,985 102,753
MTU Aero Engines Holding AG............. 250 11,825
ProSiebenSat.1 Media AG Preference
Shares................................ 2,300 24,710
Rhoen-Klinikum AG....................... 3,667 93,211
SGL Carbon AG (a)....................... 1,773 72,461
Sky Deutschland AG (a).................. 4,374 23,208
Solarworld AG (a)....................... 1,100 26,691
Tognum AG............................... 1,050 17,926
TUI AG (a).............................. 1,500 15,458
United Internet AG (a)(b)............... 4,563 68,765
-----------
TOTAL GERMANY........................... 576,544
-----------
GREECE -- 0.5%
Marfin Investment Group SA (a).......... 9,500 40,825
Titan Cement Co. SA..................... 1,812 62,507
-----------
TOTAL GREECE............................ 103,332
-----------
HONG KONG -- 2.9%
ASM Pacific Technology, Ltd. ........... 2,000 14,180
Chinese Estates Holdings, Ltd. ......... 42,623 72,046
Fosun International..................... 18,000 12,565
Fushan International Energy Group,
Ltd. (a).............................. 34,000 22,813
GCL Poly Energy Holdings Ltd. .......... 113,000 29,890
GOME Electrical Appliances Holdings,
Ltd. (a).............................. 124,000 33,120
Hopewell Holdings....................... 38,000 119,393
Hopson Development Holdings, Ltd. ...... 6,000 10,436
Melco Crown Entertainment Ltd, ADR (a).. 2,300 16,008
Mongolia Energy Co., Ltd. (a)........... 69,000 24,484
NWS Holdings, Ltd. ..................... 27,405 53,042
Orient Overseas International, Ltd. .... 2,000 10,219
Shangri-La Asia, Ltd. .................. 12,000 22,606
The Link REIT........................... 80,422 177,031
Wing Hang Bank, Ltd. ................... 2,000 19,677
-----------
TOTAL HONG KONG......................... 637,510
-----------
IRELAND -- 1.6%
Allied Irish Banks PLC (a).............. 12,000 56,252
Dragon Oil PLC (a)...................... 5,243 32,417
Elan Corp. PLC (a)...................... 7,000 50,147
Governor & Co. of the Bank of
Ireland (a)........................... 14,000 69,986
Kerry Group PLC (Class A)............... 4,500 128,587
-----------
TOTAL IRELAND........................... 337,389
-----------
ITALY -- 2.5%
Banca Popolare dell'Emilia Romagna
Scrl (a).............................. 1,000 14,910
Banca Popolare di Milano Scarl.......... 8,878 67,480
Davide Campari-Milano SpA............... 19,734 176,821
EXOR SpA................................ 3,300 32,945
Fondiaria-Sai SpA....................... 700 14,703
Geox SpA................................ 1,200 10,375
Mediolanum SpA.......................... 1,700 11,816
Parmalat SpA............................ 28,592 78,947
Pirelli & C. SpA (a).................... 41,800 22,362
Prysmian SpA............................ 2,000 37,478
Saras SpA (b)........................... 9,515 36,683
Unipol Gruppo Finanziario SpA (a)....... 7,600 11,520
Unipol Gruppo Finanziario SpA Preference
Shares (a)............................ 18,200 18,103
-----------
TOTAL ITALY............................. 534,143
-----------
JAPAN -- 26.2%
Advantest Corp. (b)..................... 2,300 63,964
Alfresa Holdings Corp. (b).............. 1,200 49,053
Amada Co., Ltd. (b)..................... 16,000 107,935
Aozora Bank, Ltd. (a)................... 16,000 23,231
Brother Industries, Ltd. ............... 1,000 12,018
Casio Computer Co., Ltd. (b)............ 7,600 62,219
Chuo Mitsui Trust Holdings, Inc. (b).... 9,000 33,473
Cosmo Oil Co., Ltd. (b)................. 39,000 108,896
Credit Saison Co., Ltd. (b)............. 5,100 60,151
Electric Power Development Co., Ltd. ... 1,000 31,775
Elpida Memory, Inc. (a)(b).............. 1,600 21,033
Fuji Heavy Industries, Ltd. (a)(b)...... 35,000 136,427
Fukuoka Financial Group, Inc. (b)....... 27,000 112,481
GS Yuasa Corp. (b)...................... 4,000 36,634
Hirose Electric Co., Ltd. (b)........... 1,200 135,634
Hitachi Metals, Ltd. ................... 1,000 10,264
Hokkaido Electric Power Co., Inc. (b)... 3,100 64,676
Hokuhoku Financial Group, Inc. ......... 39,000 91,473
Idemitsu Kosan Co., Ltd. ............... 1,200 99,313
IHI Corp. (a)........................... 5,000 10,164
Isetan Mitsukoshi Holdings, Ltd. (b).... 9,300 107,090
Isuzu Motors, Ltd. ..................... 8,000 16,977
J Front Retailing Co., Ltd. (b)......... 20,000 120,847
Japan Real Estate Investment Corp. ..... 16 131,167
JGS Corp. .............................. 1,000 20,506
JSR Corp. (b)........................... 1,000 20,551
Kajima Corp. (b)........................ 35,000 89,909
Kawasaki Heavy Industries, Ltd. ........ 4,000 10,186
Kawasaki Kisen Kaisha, Ltd. (a)......... 3,000 11,158
Keihin Electric Express Railway Co.,
Ltd. (b).............................. 27,000 229,486
Konami Corp. (b)........................ 3,500 71,536
Konica Minolta Holdings, Inc. .......... 6,000 57,028
Kuraray Co., Ltd. (b)................... 15,500 169,654
Kurita Water Industries, Ltd. (b)....... 2,700 97,102
Makita Corp. ........................... 1,000 31,831
Marui Group Co., Ltd. (b)............... 14,700 105,569
Mazda Motor Corp. (a)................... 5,000 11,225
Mediceo Paltac Holdings Co., Ltd. (b)... 6,300 88,869
Mitsubishi Gas Chemical Co., Inc. (b)... 16,000 87,206
Mitsubishi Materials Corp. (a).......... 3,000 8,310
Mitsui Chemicals, Inc. (b).............. 12,000 42,888
Mitsui Engineering & Shipbuilding Co.,
Ltd. (b).............................. 31,000 80,672
Mitsumi Electric Co., Ltd. ............. 1,000 21,645
Namco Bandai Holdings, Inc. (b)......... 7,600 78,007
</Table>
See accompanying notes to financial statements.
185
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NGK Spark Plug Co., Ltd. (b)............ 8,000 $ 102,396
Nippon Mining Holdings, Inc. ........... 5,000 24,683
Nippon Paper Group, Inc. (b)............ 1,000 28,927
Nippon Sheet Glass Co., Ltd. (b)........ 27,000 90,467
Nipponkoa Insurance Co., Ltd. .......... 6,000 37,661
Nisshin Steel Co., Ltd. (b)............. 31,000 55,397
NTN Corp. (b)........................... 20,000 83,096
Obayashi Corp. (b)...................... 31,000 136,070
OJI Paper Co., Ltd. .................... 7,000 31,664
OMRON Corp. ............................ 1,000 18,920
SBI Holdings, Inc. (b).................. 283 56,135
Sega Sammy Holdings, Inc. .............. 1,000 13,045
Seiko Epson Corp. (b)................... 1,000 15,033
Shimano, Inc. (b)....................... 3,100 134,339
Shimizu Corp. (b)....................... 20,000 78,852
Shinko Electric Industries Co., Ltd. ... 1,000 17,859
Shinsei Bank, Ltd. (a).................. 16,000 24,661
Showa Denko K.K. (b).................... 43,000 87,887
Showa Shell Sekiyu K.K. (b)............. 15,400 168,732
Sojitz Corp. (b)........................ 18,600 35,524
Stanley Electric Co., Ltd. (b).......... 5,900 119,931
Sumitomo Heavy Industries, Ltd. (a)..... 2,000 9,784
Suzuken Co., Ltd. (b)................... 1,500 51,935
Taisei Corp. (b)........................ 43,000 85,486
Takashimaya Co., Ltd. (b)............... 12,000 96,231
Teijin, Ltd. ........................... 3,000 9,382
The Bank of Kyoto, Ltd. (b)............. 12,000 110,571
The Furukawa Electric Co., Ltd. (b)..... 31,000 126,375
The Gunma Bank, Ltd. ................... 20,000 110,348
The Hachijuni Bank, Ltd. (b)............ 27,000 150,779
The Japan Steel Works, Ltd. ............ 3,000 34,579
The Joyo Bank, Ltd. (b)................. 27,000 132,987
THK Co., Ltd. (b)....................... 5,500 107,991
Tokuyama Corp. ......................... 2,000 14,698
Ube Industries, Ltd. ................... 35,000 92,254
Yakult Honsha Co., Ltd. ................ 1,000 26,749
Yamaguchi Financial Group, Inc. ........ 1,000 10,398
Yamaha Corp. (b)........................ 6,300 74,726
Yokogawa Electric Corp. (b)............. 11,500 102,111
-----------
TOTAL JAPAN............................. 5,688,896
-----------
LUXEMBOURG -- 0.5%
Acergy SA (b)........................... 2,821 35,370
GAGFAH SA............................... 1,000 11,065
Oriflame Cosmetics SA SDR............... 1,424 72,698
-----------
TOTAL LUXEMBOURG........................ 119,133
-----------
NETHERLANDS -- 3.1%
Core Laboratories NV.................... 814 83,915
Fugro NV................................ 700 40,380
Gemalto NV (a).......................... 3,228 150,351
James Hardie Industries NV (a).......... 2,100 14,567
Koninklijke Boskalis Westminster NV..... 1,898 64,752
Qiagen NV (a)........................... 3,318 70,324
SBM Offshore NV......................... 2,915 61,910
SNS REAAL NV (a)........................ 1,800 14,492
TomTom NV (a)........................... 1,806 30,939
Wereldhave NV........................... 1,478 145,395
-----------
TOTAL NETHERLANDS....................... 677,025
-----------
NEW ZEALAND -- 0.2%
Contact Energy, Ltd. (a)(b)............. 5,700 23,751
Fletcher Building, Ltd. ................ 2,700 16,309
-----------
TOTAL NEW ZEALAND....................... 40,060
-----------
NORWAY -- 0.8%
Aker Solutions ASA...................... 1,000 11,211
Marine Harvest (a)(b)................... 37,838 27,343
Renewable Energy Corp AS (a)............ 4,000 34,952
Storebrand ASA (a)...................... 13,031 79,166
Tandberg ASA............................ 1,000 23,835
-----------
TOTAL NORWAY............................ 176,507
-----------
PORTUGAL -- 0.2%
Banco BPI SA (a)........................ 8,300 29,263
Sonae (a)............................... 8,600 11,879
-----------
TOTAL PORTUGAL.......................... 41,142
-----------
SINGAPORE -- 2.3%
CapitaMall Trust........................ 59,000 77,464
Fraser and Neave, Ltd. ................. 55,000 154,963
Golden Agri-Resources, Ltd. (a)......... 72,000 21,972
Neptune Orient Lines, Ltd. ............. 9,000 11,369
Olam International, Ltd. (b)............ 7,000 12,420
Singapore Press Holdings, Ltd. (b)...... 84,000 230,112
-----------
TOTAL SINGAPORE......................... 508,300
-----------
SOUTH KOREA -- 4.4%
Amorepacific Corp. Preference Shares.... 100 20,369
Cheil Industries, Inc. ................. 1,040 45,104
Daelim Industrial Co. Ltd. ............. 500 30,681
Daewoo Engineering & Construction
Co., Ltd. ............................ 2,190 26,022
Daewoo International Corp. ............. 700 20,912
Daewoo Securities Co., Ltd. ............ 1,600 29,264
Daewoo Securities Co., Ltd. Preference
Shares................................ 1,590 10,661
Daewoo Shipbuilding & Marine Engineering
Co. Ltd. ............................. 1,400 20,437
Dongbu Insurance Co., Ltd. ............. 800 24,545
Doosan Infracore Co., Ltd. ............. 1,100 15,918
Glovis Co., Ltd. ....................... 200 18,926
GS Engineering & Construction Corp. .... 400 31,301
GS Holdings Corp. ...................... 460 12,747
Hanjin Heavy Industries & Construction
Co., Ltd. ............................ 1 20
Hanwha Corp. ........................... 2,920 106,689
Hyosung Corp. .......................... 300 17,237
Hyundai Development Co. ................ 540 19,615
Hyundai Merchant Marine Co., Ltd. ...... 1,000 23,637
Hyundai Mipo Dockyard Co., Ltd. ........ 90 9,510
Hyundai Securities Co., Ltd. ........... 3,220 44,819
KCC Corp. .............................. 85 25,538
Kia Motors Corp. (a).................... 2,436 38,455
Korea Investment Holdings Co., Ltd. .... 7 208
Korea Zinc Co., Ltd. ................... 109 16,235
Korean Air Lines Co. Ltd. (a)........... 400 16,295
LG Household & Health Care, Ltd. ....... 100 22,406
LS Corp. ............................... 200 17,483
Mirae Asset Securities Co., Ltd. ....... 508 30,353
NCSoft Corp. ........................... 200 28,687
</Table>
See accompanying notes to financial statements.
186
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
OCI Co., Ltd. .......................... 200 $ 44,812
Samsung Digital Imaging Co., Ltd. (a)... 107 4,491
Samsung Engineering Co., Ltd. .......... 405 35,748
Samsung Securities Co., Ltd. ........... 710 41,398
Samsung Techwin Co., Ltd. .............. 480 38,050
SK Holdings Co., Ltd. .................. 400 38,192
SK Networks Co., Ltd. .................. 1,000 10,779
Woori Investment & Securities
Co., Ltd. ............................ 1,820 25,873
-----------
TOTAL SOUTH KOREA....................... 963,417
-----------
SPAIN -- 2.5%
Bolsas y Mercados Espanoles............. 2,197 85,454
Ebro Puleva SA.......................... 10,509 199,693
Enagas.................................. 1,000 20,873
Grifols SA.............................. 900 17,122
Grupo Catalana Occidente SA............. 500 12,242
Indra Sistemas SA (b)................... 7,586 188,947
Tecnicas Reunidas SA.................... 200 10,922
-----------
TOTAL SPAIN............................. 535,253
-----------
SWEDEN -- 2.3%
Alfa Laval AB........................... 2,500 29,244
Boliden AB.............................. 3,500 37,488
Getinge AB (Class B) (b)................ 6,856 114,710
Hexagon AB (Class B) (a)................ 2,400 28,572
Husqvarna AB (Class B) (a)(b)........... 4,798 33,209
Industrivarden AB (a)................... 1,300 15,384
Kinnevik Investment AB (Class B) (b).... 3,205 41,822
Lundin Petroleum AB (a)(b).............. 7,018 56,703
Meda AB (Class A)....................... 2,870 25,651
Modern Times Group AB (Class B) (b)..... 1,624 70,020
SSAB AB (Series A)...................... 3,200 49,422
-----------
TOTAL SWEDEN............................ 502,225
-----------
SWITZERLAND -- 5.0%
Aryzta AG (a)........................... 1,399 56,626
Baloise Holding AG...................... 997 95,122
Banque Cantonale Vaudoise............... 63 25,925
Basellandschaftliche Kantonalbank....... 208 198,448
Clariant AG (a)......................... 4,497 40,868
EFG International AG (b)................ 1,181 21,226
Foster Wheeler AG (a)................... 1,700 54,247
Logitech International SA (a)........... 1,350 24,576
Nobel Biocare Holding AG................ 2,205 72,887
Panalpina Welttransport Holding AG...... 285 23,511
PSP Swiss Property AG (a)(b)............ 3,749 216,778
Sika AG................................. 88 118,645
Straumann Holding AG (b)................ 126 32,573
Sulzer AG............................... 857 73,919
Swiss Life Holding (a).................. 300 35,446
-----------
TOTAL SWITZERLAND....................... 1,090,797
-----------
UNITED KINGDOM -- 14.3%
3i Group PLC............................ 13,500 62,312
Aberdeen Asset Management PLC........... 6,100 14,634
Admiral Group PLC....................... 5,677 105,050
Aggreko PLC (b)......................... 9,472 106,346
AMEC PLC................................ 1,800 21,735
Ashmore Group PLC....................... 3,000 12,024
Balfour Beatty PLC...................... 14,569 75,029
British Airways PLC (a)................. 7,400 26,097
Bunzl PLC............................... 5,976 60,644
Burberry Group PLC...................... 1,400 11,274
Cobham PLC.............................. 39,029 136,640
Dana Petroleum PLC (a).................. 1,359 30,473
Drax Group PLC.......................... 11,524 86,902
easyJet PLC (a)......................... 2,995 18,164
FirstGroup PLC.......................... 9,569 63,313
Friends Provident Group PLC............. 30,246 40,247
GKN PLC (a)............................. 15,230 27,695
Hammerson PLC........................... 6,700 42,252
Hays PLC................................ 48,625 80,879
Home Retail Group PLC................... 12,782 55,584
ICAP PLC................................ 3,800 25,690
IG Group Holdings PLC................... 2,600 13,855
Inchcape PLC (a)........................ 170,417 76,725
Informa PLC............................. 20,194 101,736
Inmarsat PLC............................ 14,528 128,143
Intercontinental Hotels Group PLC....... 3,199 41,570
Intertek Group PLC...................... 6,038 122,546
Invensys PLC............................ 12,372 57,600
Investec PLC............................ 15,091 110,542
ITV PLC................................. 47,180 33,330
Johnson Matthey PLC..................... 1,000 22,199
Liberty International PLC............... 2,900 22,263
Logica PLC (b).......................... 46,692 97,155
London Stock Exchange Group PLC (b)..... 3,212 43,974
Lonmin PLC (a).......................... 2,000 53,546
Pennon Group PLC........................ 12,475 94,891
Persimmon PLC (a)....................... 2,700 19,708
Petrofac, Ltd. ......................... 3,134 49,497
Petropavlovsk PLC (a)................... 1,900 27,516
Premier Oil PLC (a)..................... 500 9,676
Randgold Resources, Ltd. ............... 1,287 90,074
Rentokil Initial PLC (a)................ 22,523 41,029
Rexam PLC............................... 14,607 60,974
Segro PLC............................... 9,100 53,486
Serco Group PLC......................... 16,284 131,521
Tate & Lyle PLC......................... 6,752 45,657
Taylor Wimpey PLC (a)................... 14,200 9,566
Thomas Cook Group PLC (b)............... 5,780 21,474
Tomkins PLC............................. 35,658 107,558
Travis Perkins PLC...................... 1,800 23,981
Tui Travel PLC (b)...................... 29,788 121,295
Virgin Media, Inc. ..................... 3,726 51,866
William Hill PLC........................ 14,895 41,999
Willis Group Holdings, Ltd. ............ 2,828 79,806
-----------
TOTAL UNITED KINGDOM.................... 3,109,742
-----------
TOTAL COMMON STOCKS --
(Cost $19,276,191).................... 21,480,433
-----------
</Table>
See accompanying notes to financial statements.
187
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 17.8%
UNITED STATES -- 17.8%
MONEY MARKET FUNDS -- 17.8%
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 3,818,689 $ 3,818,689
AIM Prime Money Market Fund............. 43,508 43,508
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $3,862,197)..................... 3,862,197
-----------
TOTAL INVESTMENTS -- 116.7%
(Cost $23,138,388).................... 25,342,630
OTHER ASSETS AND
LIABILITIES -- (16.7)%................ (3,627,128)
-----------
NET ASSETS -- 100.0%.................... $21,715,502
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2009.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
</Table>
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
188
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 94.7%
BRAZIL -- 7.5%
Anhanguera Educacional Participacoes
SA (a)................................ 15,581 $ 176,659
Centrais Eletricas de Santa Catarina SA
Preference Shares..................... 13,270 254,436
Companiha de Tecidos Norte de Minas
Preference Shares..................... 63,963 211,463
Confab Industrial SA Preference Shares.. 114,918 356,700
Diagnosticos da America SA (a).......... 16,906 434,796
Duratex SA Preference Shares............ 11,039 173,801
Eternit SA.............................. 71,387 297,713
LLX Logistica SA (a).................... 102,917 374,328
Localiza Rent a Car SA.................. 17,070 169,684
Lojas Renner SA......................... 20,556 358,368
Lupatech SA (a)......................... 11,666 169,463
Magnesita Refratarios SA (a)............ 29,417 189,883
Marcopolo SA Preference Shares.......... 96,595 330,731
Randon SA Implementos e Participacoes
Preference Shares..................... 43,272 324,006
Sao Martinho SA (a)..................... 20,099 187,272
Terna Participacoes SA.................. 18,359 409,615
Totvs SA................................ 10,795 527,147
-----------
TOTAL BRAZIL............................ 4,946,065
-----------
CHILE -- 2.3%
Almendral SA............................ 2,461,275 234,855
Companiha SudAmericana de Vapores
SA (a)................................ 193,544 153,372
La Polar SA............................. 86,522 385,276
Masisa SA............................... 2,439,096 361,298
Vina Concha Y Toro SA................... 179,732 378,933
-----------
TOTAL CHILE............................. 1,513,734
-----------
CHINA -- 9.8%
AAC Acoustic Technology
Holdings, Inc. ....................... 214,000 233,880
Anhui Expressway Co., Ltd. ............. 506,000 299,028
BBMG Corp. (a).......................... 192,500 190,263
Brilliance China Automotive Holdings,
Ltd. (a).............................. 1,428,000 151,091
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 417,120 251,885
China Green Holdings, Ltd. ............. 225,000 191,031
China Hongxing Sports, Ltd. ............ 569,000 84,802
China Huiyuan Juice Group, Ltd. ........ 284,400 181,648
China Medical Technologies, Inc. ADR.... 5,371 87,118
China Shanshui Cement Group, Ltd. ...... 483,000 360,845
Giant Interactive Group, Inc. ADR....... 26,122 197,743
Great Wall Motor Co., Ltd. ............. 202,000 181,929
Harbin Power Equipment Co., Ltd. ....... 238,000 224,793
Home Inns & Hotels Management, Inc.
ADR (a)............................... 14,189 423,542
Huangshan Tourism Development
Co., Ltd. ............................ 152,051 163,759
Inner Mongolia Eerduosi Cashmere
Products Co., Ltd. ................... 304,568 215,939
Ports Design, Ltd. ..................... 142,000 354,723
Semiconductor Manufacturing
International Corp. (a)............... 4,865,000 229,124
Shanghai Electric Group Co., Ltd. ...... 614,000 296,303
Shenzhen International Holdings, Ltd. .. 3,527,500 236,682
SINA Corp. (a).......................... 9,258 351,434
TPV Technology, Ltd. ................... 598,000 370,372
Wumart Stores, Inc. .................... 146,000 217,397
Xinjiang Xinxin Mining Industry
Co., Ltd. ............................ 505,000 259,340
Zhejiang Southeast Electric Power
Co. (a)............................... 349,100 180,136
Zhuzhou CSR Times Electric Co., Ltd. ... 284,000 493,973
-----------
TOTAL CHINA............................. 6,428,780
-----------
CZECH REPUBLIC -- 0.5%
Philip Morris CR AS..................... 696 353,684
-----------
EGYPT -- 2.4%
Eastern Tobacco......................... 9,642 232,726
Egyptian Financial Group-Hermes
Holding............................... 41,810 227,136
Egyptian for Tourism Resorts (a)........ 221,099 106,491
Egyptian Kuwait Holding Co. ............ 119,776 291,056
Misr Beni Suef Cement Co. .............. 12,953 317,822
Olympic Group Financial Investments..... 16,798 105,941
Six of October Development & Investment
Co. (a)............................... 6,929 107,058
Suez Cement Co. ........................ 28,811 211,029
-----------
TOTAL EGYPT............................. 1,599,259
-----------
HONG KONG -- 1.9%
China Everbright International, Ltd. ... 606,000 246,308
China Power International Development,
Ltd. (a).............................. 1,258,000 360,354
China Travel International Investment
Hong Kong, Ltd. ...................... 1,024,000 202,156
Guangzhou Investment Co., Ltd. ......... 1,280,000 209,753
Shougang Concord International
Enterprises Co., Ltd. ................ 1,320,000 228,231
-----------
TOTAL HONG KONG......................... 1,246,802
-----------
INDIA -- 8.6%
Amtek Auto, Ltd. ....................... 36,133 166,863
Anant Raj Industries, Ltd. ............. 75,059 238,806
Ashok Leyland, Ltd. .................... 314,525 278,859
Bharat Forge, Ltd. ..................... 55,439 318,079
CESC, Ltd. ............................. 28,762 232,583
Divi's Laboratories, Ltd. .............. 18,924 222,186
Educomp Solutions, Ltd. ................ 2,326 226,097
Glenmark Pharmaceuticals, Ltd. ......... 44,765 221,103
GTL, Ltd. .............................. 37,474 248,425
India Cements, Ltd. .................... 48,661 136,206
IRB Infrastructure Developers, Ltd. .... 55,811 245,090
IVRCL Infrastructures &
Projects, Ltd. ....................... 61,419 500,941
MAX India, Ltd. (a)..................... 48,718 187,358
Moser Baer India, Ltd. ................. 92,251 186,784
Nagarjuna Construction Co., Ltd. ....... 70,837 220,146
Patni Computer Systems, Ltd. ........... 42,217 402,994
Punj Lloyd, Ltd. ....................... 52,787 294,194
Sintex Industries, Ltd. ................ 32,327 172,706
United Phosphorus, Ltd. ................ 73,298 252,174
Welspun-Gujarat Stahl, Ltd. ............ 33,719 182,386
</Table>
See accompanying notes to financial statements.
189
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Yes Bank, Ltd. (a)...................... 104,845 $ 446,798
Zee Entertainment Enterprises, Ltd. .... 57,670 284,124
-----------
TOTAL INDIA............................. 5,664,902
-----------
INDONESIA -- 2.1%
Bakrie and Brothers Tbk PT (a).......... 13,509,500 183,109
Bank Panin Indonesia Tbk PT (a)......... 4,261,500 379,192
Darma Henwa PT Tbk (a).................. 10,059,915 218,581
Energi Mega Persada Tbk PT (a).......... 3,399,000 135,397
Kalbe Farma Tbk PT...................... 1,611,500 221,758
Lippo Karawaci Tbk PT (a)............... 3,065,500 212,507
-----------
TOTAL INDONESIA......................... 1,350,544
-----------
ISRAEL -- 3.8%
Clal Industries, Ltd. (a)............... 93,820 424,569
Elbit Imaging, Ltd. (a)................. 6,001 144,602
First International Bank of Israel,
Ltd. (a).............................. 28,911 401,914
Isramco Negev 2 -- LP (a)............... 2,306,750 199,737
Koor Industries, Ltd. .................. 8,114 238,489
NICE Systems, Ltd. (a).................. 16,567 494,839
Orbotech, Ltd. (a)...................... 28,256 267,160
Osem Investments, Ltd. ................. 25,129 319,394
-----------
TOTAL ISRAEL............................ 2,490,704
-----------
MALAYSIA -- 4.8%
Alliance Financial Group Bhd............ 513,500 376,854
Berjaya Land Bhd........................ 10,000 11,557
Bursa Malaysia Bhd...................... 120,000 283,271
Gamuda Bhd.............................. 516,600 473,164
IGB Corp. Bhd (a)....................... 680,300 351,845
KNM Group Bhd........................... 974,850 209,842
Kulim Malaysia Bhd...................... 112,600 240,751
Malaysian Bulk Carriers Bhd............. 171,900 150,990
Media Prima Bhd......................... 587,400 273,249
Parkson Holdings Bhd.................... 132,532 195,677
Sarawake Energy Bhd..................... 406,500 256,045
SP Setia Bhd............................ 288,800 336,280
-----------
TOTAL MALAYSIA.......................... 3,159,525
-----------
MEXICO -- 2.9%
Axtel, SAB de CV (a).................... 248,390 185,210
Consorcio ARA, SAB de CV (a)(b)......... 316,206 189,652
Corporation GEO SAB de CV, Series
B (a)................................. 98,940 268,869
Empresas ICA SAB de CV (a).............. 106,222 250,117
Grupo Aeroportuario del Sureste SAB de
CV (b)................................ 81,375 347,671
Industrias CH SAB, Series B (a)......... 69,267 242,651
Promotora y Operadora de
Infraestructura, SAB de CV (a)........ 83,871 153,892
TV Azteca SAB de CV..................... 638,477 276,569
-----------
TOTAL MEXICO............................ 1,914,631
-----------
MOROCCO -- 0.5%
Societe Anonyme Marocaine de 1'Industrie
du Raffinage (a)...................... 3,779 296,533
-----------
PERU -- 0.3%
Sociedad Minera El Brocal SA............ 11,869 168,355
-----------
PHILIPPINES -- 0.4%
Megaworld Corp. ........................ 7,910,000 250,422
-----------
POLAND -- 2.4%
Agora SA (a)............................ 17,684 134,046
Asseco Poland SA........................ 11,050 235,609
Ciech SA (a)............................ 9,192 129,711
Echo Investment SA (a).................. 104,815 151,523
Emperia Holding SA...................... 3,627 84,280
Grupa Lotos SA (a)...................... 21,340 180,312
LPP SA (a).............................. 254 133,643
Orbis SA (a)............................ 13,677 228,862
PBG SA (a).............................. 2,514 182,149
Polimex Mostostal SA.................... 104,800 141,016
-----------
TOTAL POLAND............................ 1,601,151
-----------
RUSSIA -- 1.2%
AK Transneft OAO Preference Shares...... 381 316,230
Integra Group Holdings GDR (a)(c)....... 57,481 184,514
Integra Group Holdings GDR (a)(c)....... 8,958 28,755
Vsmpo-Avisma Corp. ..................... 2,907 215,118
-----------
TOTAL RUSSIA............................ 744,617
-----------
SOUTH AFRICA -- 9.7%
Afgri, Ltd. ............................ 427,036 325,173
Aquarius Platinum, Ltd. (a)............. 48,580 215,996
Aveng, Ltd. ............................ 59,878 341,765
Coronation Fund Managers, Ltd. ......... 370,152 376,136
DataTec, Ltd. .......................... 78,298 250,368
Foschini, Ltd. ......................... 75,765 619,918
Gold Reef Resorts, Ltd. ................ 111,197 270,453
Grindrod, Ltd. ......................... 120,224 252,268
Hosken Consolidated Investments,
Ltd. (a).............................. 30,539 247,456
Investec, Ltd. ......................... 33,245 250,648
JD Group, Ltd. ......................... 63,507 373,793
JSE, Ltd. .............................. 35,406 289,696
Lewis Group, Ltd. ...................... 66,149 484,409
Merafe Resources, Ltd. (a).............. 558,051 119,306
Metorex, Ltd. (a)....................... 125,731 54,756
Mvelaphanda Resources, Ltd. (a)......... 40,823 204,667
Netcare, Ltd. (a)....................... 228,582 312,820
Northam Platinum, Ltd. ................. 38,817 169,048
Reunert, Ltd. .......................... 56,915 420,619
SA Corporate Real Estate Fund........... 1,089,201 349,292
Wilson Bayly Holmes-Ovcon, Ltd. ........ 12,440 207,166
Woolworths Holdings, Ltd. .............. 104,059 221,782
-----------
TOTAL SOUTH AFRICA...................... 6,357,535
-----------
TAIWAN -- 27.0%
Asia Optical Co., Inc. ................. 81,540 145,843
BES Engineering Corp. .................. 557,000 157,148
Capital Securities Corp. (a)............ 466,100 242,126
Catcher Technology Co., Ltd. ........... 79,000 209,861
Cathay Real Estate Development Co.,
Ltd. (a).............................. 352,000 146,174
Chicony Electronics Co., Ltd. .......... 106,372 240,551
China Bills Finance Corp. .............. 2,551,000 727,656
China Life Insurance Co., Ltd. (a)...... 322,540 229,755
China Petrochemical Development
Corp. (a)............................. 518,780 169,441
</Table>
See accompanying notes to financial statements.
190
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Clevo Co. (a)........................... 135,053 $ 186,943
CMC Magnetics Corp. (a)................. 724,000 186,698
Coretronic Corp. ....................... 286,420 355,486
D-Link Corp. ........................... 223,904 198,496
E.Sun Financial Holding Co., Ltd. (a)... 1,346,562 561,277
Epistar Corp. .......................... 93,000 335,573
Everlight Electronics Co., Ltd. ........ 80,119 261,680
Far Eastern Department Stores, Ltd. .... 178,629 177,251
Far Eastern International Bank (a)...... 651,669 192,574
Faraday Technology Corp. ............... 66,323 119,863
Feng Hsin Iron & Steel Co., Ltd. ....... 118,270 194,615
Formosa Taffeta Co., Ltd. .............. 395,000 264,169
Giant Manufacturing Co., Ltd. .......... 124,660 336,971
Gintech Energy Corp. (a)................ 110,000 170,399
Global Unichip Corp. ................... 26,669 126,095
Goldsun Development & Construction
Co., Ltd. ............................ 398,517 206,399
Greatek Electronics, Inc. .............. 256,900 251,722
HannStar Display Corp. (a).............. 1,075,474 236,184
Himax Technologies, Inc. ADR............ 72,445 241,242
Hotai Motor Co., Ltd. .................. 105,000 256,392
Inventec Co., Ltd. ..................... 799,405 462,515
KGI Securities Co., Ltd. ............... 530,000 285,212
King Yuan Electronics Co., Ltd. ........ 335,994 130,643
Kinsus Interconnect Technology Corp. ... 80,030 233,010
Largan Precision Co., Ltd. ............. 15,220 199,790
Macronix International Co., Ltd. ....... 477,656 262,987
Makalot Industrial Co., Ltd. ........... 243,000 444,457
Mitac International Corp. .............. 349,999 152,964
Nan Kang Rubber Tire Co., Ltd. (a)...... 171,000 183,777
Nanya Technology Corp. (a).............. 308,000 196,404
Novatek Microelectronics Corp., Ltd. ... 86,000 203,310
Polaris Securities Co., Ltd. (a)........ 685,920 404,323
Powertech Technology, Inc. ............. 90,000 270,437
President Securities Corp. (a).......... 388,924 243,168
Qisda Corp. (a)......................... 388,080 216,083
Realtek Semiconductor Corp. ............ 82,000 191,303
RichTek Technology Corp. ............... 23,455 202,098
Ritek Corp. (a)......................... 960,000 255,618
Ruentex Development Co., Ltd. .......... 145,000 139,145
Silicon Motion Technology Corp.
ADR (a)............................... 16,739 66,621
Simplo Technology Co., Ltd. ............ 42,530 241,437
Solar Applied Materials
Technology Corp. ..................... 55,423 124,990
Taichung Commercial Bank................ 517,848 129,510
Taishin Financial Holdings Co.,
Ltd. (a).............................. 479,000 208,598
Taiwan Business Bank (a)................ 712,000 185,154
Taiwan Glass Industrial Corp. .......... 425,787 337,737
Tatung Co., Ltd. (a).................... 760,000 173,286
Teco Electric & Machinery Co., Ltd. .... 1,023,000 445,502
Tripod Technology Corp. ................ 132,255 338,989
TSRC Corp. ............................. 158,000 181,846
Tung Ho Steel Enterprise Corp. ......... 181,258 192,264
Unimicron Technology Corp. ............. 171,130 208,137
Universal Cement Corp. (a).............. 210,800 104,915
Via Technologies, Inc. (a).............. 135,200 100,092
Wafer Works Corp. ...................... 62,675 104,692
Walsin Lihwa Corp. (a).................. 893,000 306,944
Wan Hai Lines, Ltd. (a)................. 401,400 213,511
Winbond Electronics Corp. (a)........... 1,593,000 323,079
Wintek Corp. (a)........................ 284,000 207,602
WPG Holdings Co., Ltd. ................. 144,304 204,238
Yageo Corp. ............................ 867,000 242,991
Yang Ming Marine Transport.............. 440,899 173,490
Yosun Industrial Corp. ................. 278,801 216,811
Young Fast Optoelectronics Co., Ltd. ... 15,000 207,633
Yuen Foong Yu Paper Manufacturing Co.,
Ltd. (a).............................. 751,080 258,163
Yulon Motor Co., Ltd. .................. 376,462 432,695
-----------
TOTAL TAIWAN............................ 17,736,755
THAILAND -- 4.2%
BEC World PCL........................... 473,925 320,584
Cal-Comp Electronics Thailand PCL....... 2,637,266 274,699
Central Pattana PCL..................... 391,904 273,312
Charoen Pokphand Foods PCL.............. 2,248,041 534,928
Glow Energy PCL......................... 141,323 138,531
Hana Microelectronics PCL............... 668,645 382,255
Minor International PCL................. 636,049 236,067
Thanachart Capital PCL.................. 835,481 435,120
Thoresen Thai Agencies PCL.............. 198,114 154,174
-----------
TOTAL THAILAND.......................... 2,749,670
TURKEY -- 2.4%
Albaraka Turk Katilim Bankasi........... 154,809 213,515
Kardemir Karabuk Demir Celik Sanayi ve
Ticaret AS (a)........................ 260,568 110,445
Petkim Petrokimya Holding AS (a)........ 52,624 265,536
Sekerbank TAS (a)....................... 77,114 129,704
Turk Hava Yollari Anonim Ortakligi...... 339,236 880,984
-----------
TOTAL TURKEY............................ 1,600,184
-----------
TOTAL COMMON STOCKS --
(Cost $56,602,831).................... 62,173,852
-----------
SHORT TERM INVESTMENTS -- 1.0%
UNITED STATES -- 1.0%
MONEY MARKET FUND -- 1.0%
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 139,177 139,177
AIM Prime Money Market Fund............. 526,405 526,405
-----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $665,582)....................... 665,582
-----------
TOTAL INVESTMENTS -- 95.7%
(Cost $57,268,413).................... 62,839,434
OTHER ASSETS AND
LIABILITIES -- 4.3%................... 2,834,191
-----------
NET ASSETS -- 100.0%.................... $65,673,625
===========
</Table>
See accompanying notes to financial statements.
191
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 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.
(e) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At September, 2009, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Index Futures..... 10/29/2009 129 $3,528,150 $3,467,385 $60,765
</Table>
See accompanying notes to financial statements.
192
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 10.5%
Abacus Property Group................... 233,027 $ 90,489
Babcock & Brown Japan Property
Trust (a)............................. 93,957 38,144
Bunnings Warehouse Property Trust....... 57,192 88,079
CFS Retail Property Trust (a)........... 244,689 434,060
Commonwealth Property Office Fund....... 334,355 280,331
Dexus Property Group.................... 847,194 631,799
Goodman Group (a)....................... 899,988 528,199
GPT Group............................... 1,672,028 1,010,819
ING Industrial Fund (a)................. 204,040 113,448
ING Office Fund......................... 487,314 240,844
Macquarie CountryWide Trust (a)......... 263,949 149,087
Macquarie Office Trust.................. 821,555 217,519
Westfield Group......................... 386,537 4,741,823
-----------
TOTAL AUSTRALIA......................... 8,564,641
-----------
AUSTRIA -- 1.5%
Atrium European Real Estate, Ltd. (b)... 40,947 293,874
CA Immobilien Anlagen AG (b)............ 14,154 182,890
IMMOEAST AG (b)......................... 68,179 420,554
Immofinanz AG (a)(b).................... 73,335 306,574
-----------
TOTAL AUSTRIA........................... 1,203,892
-----------
BELGIUM -- 0.6%
Befimmo S.C.A. ......................... 2,458 222,757
Cofinimmo............................... 1,975 275,753
-----------
TOTAL BELGIUM........................... 498,510
-----------
CANADA -- 4.9%
Artis REIT.............................. 2,959 25,226
Boardwalk REIT.......................... 4,268 153,295
Brookfield Asset Management, Inc.
(Class A)............................. 92,161 2,092,577
Brookfield Properties Corp. ............ 46,684 525,662
Calloway REIT........................... 6,999 123,899
Canadian Apartment Properties REIT...... 6,043 83,047
Canadian REIT........................... 5,864 140,959
Chartwell Seniors Housing REIT.......... 8,830 54,709
Extendicare REIT (b).................... 6,117 47,874
First Capital Realty, Inc. ............. 6,154 110,374
H&R REIT................................ 12,993 168,511
Primaris Retail REIT.................... 5,504 77,947
RioCan REIT............................. 20,640 346,147
-----------
TOTAL CANADA............................ 3,950,227
-----------
CHINA -- 1.9%
Hong Kong Land Holdings, Ltd. (a)....... 220,000 957,000
Kerry Properties, Ltd. ................. 111,635 597,063
-----------
TOTAL CHINA............................. 1,554,063
-----------
FRANCE -- 6.2%
Fonciere des Regions (a)(b)............. 4,020 467,674
Gecina SA (a)........................... 3,746 446,255
Klepierre (a)........................... 15,824 626,937
SILIC (a)............................... 1,536 197,889
Unibail-Rodamco SE...................... 15,888 3,296,574
-----------
TOTAL FRANCE............................ 5,035,329
-----------
GERMANY -- 0.2%
IVG Immobilien AG (a)(b)................ 12,419 135,783
-----------
HONG KONG -- 4.7%
Champion REIT........................... 313,137 130,507
GZI REIT................................ 133,000 48,909
Hang Lung Group, Ltd. .................. 150,996 755,949
Hang Lung Properties, Ltd. ............. 330,018 1,215,736
Hysan Development Co., Ltd. ............ 110,371 276,282
Prosperity REIT......................... 207,000 35,524
The Link REIT........................... 390,454 859,497
Wheelock & Co., Ltd. ................... 150,016 491,662
-----------
TOTAL HONG KONG......................... 3,814,066
-----------
ITALY -- 0.1%
Beni Stabili SpA (a).................... 69,051 59,449
-----------
JAPAN -- 10.6%
Aeon Mall Co., Ltd. (a)................. 14,500 302,681
DA Office Investment Corp. (a).......... 43 141,676
Daibiru Corp. (a)....................... 10,300 89,845
Frontier Real Estate Investment Corp. .. 26 201,821
Fukuoka REIT Corp. ..................... 16 93,639
Global One REIT......................... 18 133,088
Hankyu REIT, Inc. ...................... 17 79,745
Heiwa Real Estate Co., Ltd. (a)......... 27,000 92,880
Japan Excellent, Inc. .................. 25 136,818
Japan Hotel and Resort, Inc. ........... 15 21,695
Japan Office Investment Corp. .......... 25 28,899
Japan Prime Realty Investment
Corp. (a)............................. 111 270,511
Japan Real Estate Investment Corp. ..... 80 655,833
Japan Retail Fund Investment Corp. (a).. 71 386,184
Kenedix Realty Investment Corp. ........ 35 131,736
Mitsui Fudosan Co., Ltd. (a)............ 158,000 2,680,538
Mori Hills REIT Investment Corp. ....... 21 75,055
Mori Trust Sogo REIT, Inc. (a).......... 21 170,045
Nippon Building Fund, Inc. ............. 98 876,730
Nippon Commercial Investment Corp. (a).. 47 87,822
Nippon Residential Investment Corp. .... 45 115,999
Nomura Real Estate Office Fund, Inc. ... 52 346,725
NTT Urban Development Corp. (a)......... 197 181,301
Orix JREIT, Inc. (a).................... 46 238,901
Premier Investment Co. ................. 24 99,983
Shoei Co., Ltd. (a)..................... 6,700 53,953
TOC Co., Ltd. .......................... 17,500 77,205
Tokyu Land Corp. (a).................... 82,000 328,788
Tokyu REIT, Inc. (a).................... 30 150,109
Top REIT, Inc. ......................... 28 135,098
United Urban Investment Corp. .......... 35 205,618
-----------
TOTAL JAPAN............................. 8,590,921
-----------
NETHERLANDS -- 1.7%
Corio NV................................ 13,764 948,201
Eurocommercial Properties NV............ 5,628 222,608
VastNed Retail NV....................... 3,046 195,858
-----------
TOTAL NETHERLANDS....................... 1,366,667
-----------
NEW ZEALAND -- 0.4%
AMP NZ Office Trust (a)................. 138,977 85,456
Goodman Property Trust (a).............. 110,563 79,981
</Table>
See accompanying notes to financial statements.
193
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
ING Property Trust (a).................. 98,965 $ 56,557
Kiwi Income Property Trust (a).......... 143,921 110,359
-----------
TOTAL NEW ZEALAND....................... 332,353
-----------
SINGAPORE -- 3.6%
Ascendas REIT........................... 232,000 317,774
Cambridge Industrial Trust (a).......... 129,000 41,656
CapitaCommercial Trust.................. 289,000 213,307
CapitaLand, Ltd. ....................... 450,500 1,189,355
CapitaMall Trust........................ 362,086 475,398
Frasers Commercial Trust (a)............ 460,352 52,274
Guocoland, Ltd. (a)..................... 44,000 68,074
Mapletree Logistics Trust............... 184,000 100,550
Singapore Land, Ltd. (a)................ 24,000 92,318
Starhill Global REIT.................... 180,000 76,647
Suntec REIT............................. 284,000 213,647
United Industrial Corp., Ltd. .......... 63,000 82,268
-----------
TOTAL SINGAPORE......................... 2,923,268
-----------
SOUTH AFRICA -- 0.4%
Capital Property Fund................... 64,358 56,820
Fountainhead Property Trust............. 179,509 147,587
SA Corporate Real Estate Fund........... 143,742 46,096
Sycom Property Fund..................... 18,356 46,027
-----------
TOTAL SOUTH AFRICA...................... 296,530
-----------
SPAIN -- 0.0% (C)
Martinsa-Fadesa SA (b)(d)(e)............ 178 0
-----------
SWEDEN -- 0.7%
Castellum AB (a)........................ 28,946 279,407
Fabege AB............................... 22,751 133,392
Kungsleden AB........................... 24,600 162,878
-----------
TOTAL SWEDEN............................ 575,677
-----------
SWITZERLAND -- 0.8%
PSP Swiss Property AG (a)(b)............ 7,506 434,019
Swiss Prime Site AG (a)(b).............. 4,309 227,358
-----------
TOTAL SWITZERLAND....................... 661,377
-----------
UNITED KINGDOM -- 7.3%
Big Yellow Group PLC (b)................ 16,974 101,803
British Land Co. PLC.................... 156,937 1,192,739
Derwent London PLC...................... 18,167 354,476
Grainger PLC............................ 24,825 118,159
Great Portland Estates PLC.............. 56,351 238,561
Hammerson PLC........................... 125,600 792,063
Land Securities Group PLC............... 137,956 1,378,999
Liberty International PLC............... 94,230 723,392
Segro PLC............................... 131,576 773,353
Shaftesbury PLC (a)..................... 40,659 232,345
Workspace Group PLC..................... 142,400 50,104
-----------
TOTAL UNITED KINGDOM.................... 5,955,994
-----------
UNITED STATES -- 43.5%
Acadia Realty Trust..................... 7,183 108,248
Alexander's, Inc. ...................... 473 139,951
Alexandria Real Estate Equities, Inc. .. 7,047 383,004
AMB Property Corp. ..................... 26,317 603,975
American Campus Communities, Inc. ...... 9,499 255,048
Apartment Investment & Management Co.
(Class A)............................. 21,034 310,251
Ashford Hospitality Trust, Inc. (b)..... 17,172 59,415
Avalonbay Communities, Inc. ............ 14,348 1,043,530
BioMed Realty Trust, Inc. .............. 17,330 239,154
Boston Properties, Inc. ................ 24,922 1,633,637
Brandywine Realty Trust................. 23,120 255,245
BRE Properties, Inc. ................... 9,521 298,007
Camden Property Trust................... 11,559 465,828
CBL & Associates Properties, Inc. ...... 24,757 240,143
Cedar Shopping Centers, Inc. ........... 8,110 52,310
Colonial Properties Trust............... 9,009 87,658
Corporate Office Properties Trust....... 10,442 385,101
Cousins Properties, Inc. ............... 14,811 122,635
DCT Industrial Trust, Inc. ............. 36,735 187,716
Developers Diversified Realty Corp. .... 22,912 211,707
DiamondRock Hospitality Co. (b)......... 19,431 157,391
Digital Realty Trust, Inc. ............. 12,623 576,997
Douglas Emmett, Inc. ................... 21,851 268,330
Duke Realty Corp. ...................... 40,285 483,823
DuPont Fabros Technology, Inc. (b)...... 7,460 99,442
EastGroup Properties, Inc. ............. 4,642 177,417
Education Realty Trust, Inc. ........... 9,555 56,661
Equity Lifestyle Properties, Inc. ...... 4,972 212,752
Equity One, Inc. ....................... 7,040 110,317
Equity Residential...................... 49,249 1,511,944
Essex Property Trust, Inc. ............. 4,942 393,284
Extra Space Storage, Inc. .............. 15,548 164,031
Federal Realty Investment Trust......... 10,967 673,045
FelCor Lodging Trust, Inc. ............. 11,720 53,092
First Industrial Realty Trust, Inc. .... 7,188 37,737
First Potomac Realty Trust.............. 5,030 58,147
Forest City Enterprises, Inc.
(Class A)............................. 21,767 291,025
HCP, Inc. .............................. 52,324 1,503,792
Health Care REIT, Inc. ................. 21,495 894,622
Healthcare Realty Trust, Inc. .......... 10,587 223,703
Hersha Hospitality Trust................ 8,858 27,460
Highwoods Properties, Inc. ............. 12,737 400,579
Home Properties, Inc. .................. 5,913 254,791
Hospitality Properties Trust............ 21,956 447,244
Host Hotels & Resorts, Inc. ............ 107,390 1,263,980
HRPT Properties Trust................... 40,592 305,252
Inland Real Estate Corp. ............... 13,187 115,518
Kilroy Realty Corp. .................... 7,718 214,097
Kimco Realty Corp. ..................... 67,737 883,290
Kite Realty Group Trust................. 11,317 47,192
LaSalle Hotel Properties................ 11,381 223,750
Liberty Property Trust.................. 20,057 652,454
Mack-Cali Realty Corp. ................. 14,105 456,015
Mid-America Apartment
Communities, Inc. .................... 5,089 229,667
Nationwide Health Properties, Inc. ..... 19,242 596,310
Parkway Properties, Inc. ............... 3,858 76,003
Pennsylvania Real Estate
Investment Trust...................... 7,204 54,822
Post Properties, Inc. .................. 7,955 143,190
ProLogis................................ 79,663 949,583
PS Business Parks, Inc. ................ 3,360 172,435
Public Storage.......................... 23,136 1,740,753
Ramco-Gershenson Properties Trust....... 5,213 46,500
Regency Centers Corp. .................. 14,392 533,224
</Table>
See accompanying notes to financial statements.
194
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Saul Centers, Inc. ..................... 1,352 $ 43,399
Senior Housing Properties Trust......... 22,785 435,421
Simon Property Group, Inc. ............. 50,906 3,534,404
SL Green Realty Corp. .................. 13,779 604,209
Sovran Self Storage, Inc. .............. 4,171 126,924
Sun Communities, Inc. .................. 3,120 67,142
Sunstone Hotel Investors, Inc. (b)...... 13,369 94,920
Tanger Factory Outlet Centers, Inc. .... 7,147 266,869
Taubman Centers, Inc. .................. 9,476 341,894
The Macerich Co. ....................... 14,335 434,781
U-Store-It Trust........................ 14,060 87,875
UDR, Inc. .............................. 26,842 422,493
Universal Health Realty Income Trust.... 1,974 64,254
Ventas, Inc. ........................... 28,169 1,084,506
Vornado Realty Trust.................... 32,236 2,076,321
Washington Real Estate
Investment Trust...................... 10,485 301,968
Weingarten Realty Investors............. 21,508 428,440
-----------
TOTAL UNITED STATES..................... 35,280,044
-----------
TOTAL COMMON STOCKS --
(Cost $67,048,920).................... 80,798,791
SHORT TERM INVESTMENTS -- 5.0%
UNITED STATES -- 5.0%
MONEY MARKET FUNDS -- 5.0%
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 3,991,795 3,991,795
AIM Prime Money Market Fund............. 52,626 52,626
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $4,044,421)..................... 4,044,421
-----------
TOTAL INVESTMENTS -- 104.6%
(Cost $71,093,341).................... 84,843,212
OTHER ASSETS AND
LIABILITIES -- (4.6)%................. (3,767,426)
-----------
NET ASSETS -- 100.0%.................... $81,075,786
===========
</Table>
<Table>
(a) Security, or portion thereof, was on loan at September 30, 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
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Security value is determined based
on Level 3 inputs.
(e) Company has filed for insolvency.
(f) Affiliated Fund managed by SSgA Funds Management, Inc.
(g) Investments of cash collateral for securities loaned.
</Table>
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
195
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 4.2%
Aristocrat Leisure, Ltd. ............... 7,418 $ 34,370
Crown, Ltd. ............................ 6,663 52,512
Fairfax Media, Ltd. .................... 57,360 86,819
Tatts Group, Ltd. ...................... 11,804 26,461
----------
TOTAL AUSTRALIA......................... 200,162
----------
BELGIUM -- 0.9%
S.A. D'Ieteren NV....................... 118 43,465
----------
CANADA -- 4.2%
Canadian Tire Corp., Ltd. (Class A)..... 627 33,742
Gildan Activewear, Inc. (a)............. 838 16,521
Magna International, Inc. (Class A)..... 692 29,420
Shaw Communications, Inc. .............. 2,087 37,684
Thomson Reuters Corp. .................. 2,586 86,497
----------
TOTAL CANADA............................ 203,864
----------
CHINA -- 0.4%
Giordano International, Ltd. ........... 80,000 19,922
----------
FINLAND -- 1.0%
Nokian Renkaat Oyj...................... 561 13,063
SanomaWSOY Oyj.......................... 1,672 36,879
----------
TOTAL FINLAND........................... 49,942
----------
FRANCE -- 12.0%
Accor SA................................ 972 54,046
Cie Generale des Etablissements
Michelin.............................. 725 56,813
Havas SA................................ 9,322 39,502
Hermes International.................... 267 39,359
LVMH Moet Hennessy Louis Vuitton SA..... 932 93,631
Peugeot SA (a).......................... 829 25,247
PPR..................................... 370 47,371
Renault SA (a).......................... 787 36,656
Sodexo.................................. 588 35,187
Thomson (a)............................. 4,652 9,472
Vivendi................................. 4,579 141,526
----------
TOTAL FRANCE............................ 578,810
----------
GERMANY -- 8.0%
Adidas AG............................... 925 48,904
Bayerische Motoren Werke AG............. 1,319 63,527
Daimler AG.............................. 3,388 170,382
Porsche Automobil Holding SE Preference
Shares................................ 379 29,777
Sky Deutschland AG (a).................. 701 3,719
TUI AG (a).............................. 1,816 18,714
Volkswagen AG........................... 314 51,557
----------
TOTAL GERMANY........................... 386,580
----------
GREECE -- 1.0%
Jumbo SA................................ 1,982 26,074
OPAP SA................................. 874 22,510
----------
TOTAL GREECE............................ 48,584
----------
HONG KONG -- 1.8%
Esprit Holdings, Ltd. .................. 5,700 38,245
Li & Fung, Ltd. ........................ 12,000 48,387
----------
TOTAL HONG KONG......................... 86,632
----------
ITALY -- 2.3%
Fiat SpA (a)............................ 3,783 48,605
Lottomatica SpA......................... 1,377 30,816
Pirelli & C. SpA (a).................... 55,752 29,826
----------
TOTAL ITALY............................. 109,247
----------
JAPAN -- 36.3%
Aisin Seiki Co., Ltd. .................. 1,100 26,906
Aoyama Trading Co., Ltd. ............... 2,000 34,422
Benesse Corp. .......................... 600 29,486
Bridgestone Corp. ...................... 3,100 55,778
Casio Computer Co., Ltd. ............... 1,900 15,555
Denso Corp. ............................ 1,700 50,126
Dentsu, Inc. ........................... 1,500 35,014
Fast Retailing Co., Ltd. ............... 300 38,063
Fuji Heavy Industries, Ltd. (a)......... 6,000 23,387
Gunze, Ltd. ............................ 10,000 45,904
Honda Motor Co., Ltd. .................. 5,600 172,938
Isetan Mitsukoshi Holdings, Ltd. ....... 2,600 29,939
Isuzu Motors, Ltd. ..................... 6,000 12,732
Makita Corp. ........................... 900 28,648
Mazda Motor Corp. (a)................... 7,000 15,715
Mitsubishi Motors Corp. (a)............. 17,000 28,101
Namco Bandai Holdings, Inc. ............ 2,000 20,528
Nikon Corp. ............................ 2,000 36,678
Nissan Motor Co., Ltd. (a).............. 8,000 54,236
Panasonic Corp. ........................ 7,000 103,434
PARIS MIKI HOLDINGS, Inc. .............. 2,000 18,786
Pioneer Corp. (a)....................... 5,200 12,545
Rakuten, Inc. .......................... 31 20,705
Resorttrust, Inc. ...................... 3,200 41,423
Sanyo Electric Co., Ltd. (a)............ 10,000 23,790
Sekisui Chemical Co., Ltd. ............. 4,000 23,320
Sekisui House, Ltd. .................... 3,000 27,140
Sharp Corp. ............................ 4,000 44,586
Shimano, Inc. .......................... 600 26,001
Sony Corp. ............................. 3,700 109,717
Stanley Electric Co., Ltd. ............. 1,200 24,393
Sumitomo Forestry Co., Ltd. ............ 3,400 28,670
Suzuki Motor Corp. ..................... 1,800 42,118
Toyobo Co., Ltd. ....................... 17,000 29,240
Toyota Motor Corp. ..................... 9,700 386,765
Yamada Denki Co., Ltd. ................. 500 33,953
----------
TOTAL JAPAN............................. 1,750,742
----------
LUXEMBOURG -- 0.7%
Reinet Investments SCA (a).............. 133 1,866
SES..................................... 1,421 32,195
----------
TOTAL LUXEMBOURG........................ 34,061
----------
NETHERLANDS -- 1.7%
Reed Elsevier NV........................ 3,632 40,932
Wolters Kluwer NV....................... 1,986 42,368
----------
TOTAL NETHERLANDS....................... 83,300
----------
NORWAY -- 0.6%
Schibsted ASA (a)....................... 1,656 27,827
----------
</Table>
See accompanying notes to financial statements.
196
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SOUTH KOREA -- 4.3%
Hyundai Motor Co. ...................... 1,237 $ 117,060
LG Electronics, Inc. ................... 864 92,028
----------
TOTAL SOUTH KOREA....................... 209,088
SPAIN -- 1.8%
Industria de Diseno Textil SA........... 882 50,550
La Seda de Barcelona SA (Class
B) (a)(b)............................. 23,359 0
NH Hoteles SA (a)....................... 5,176 34,235
----------
TOTAL SPAIN............................. 84,785
SWEDEN -- 4.5%
Electrolux AB (a)....................... 3,140 71,620
Eniro AB (a)............................ 9,823 51,132
Hennes & Mauritz AB (Class B)........... 1,676 93,832
----------
TOTAL SWEDEN............................ 216,584
SWITZERLAND -- 1.8%
Cie Financiere Richemont SA (Class A)... 974 27,484
Swatch Group AG......................... 259 60,928
----------
TOTAL SWITZERLAND....................... 88,412
UNITED KINGDOM -- 12.0%
British Sky Broadcasting Group PLC...... 5,280 48,261
Carnival PLC............................ 1,158 39,486
Compass Group PLC....................... 8,251 50,449
Enterprise Inns PLC..................... 4,020 8,005
Home Retail Group PLC................... 5,828 25,344
Inchcape PLC (a)........................ 8,546 3,847
Kingfisher PLC.......................... 16,050 54,650
Marks & Spencer Group PLC............... 7,561 43,788
Next PLC................................ 1,676 48,035
Pearson PLC............................. 4,836 59,633
Reed Elsevier PLC....................... 5,517 41,321
Tui Travel PLC.......................... 7,923 32,262
Virgin Media, Inc. ..................... 2,897 40,326
Whitbread PLC........................... 1,686 32,789
WPP Group PLC........................... 5,619 48,259
----------
TOTAL UNITED KINGDOM.................... 576,455
----------
TOTAL COMMON STOCKS --
(Cost $5,069,783)..................... 4,798,462
----------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
AIM Prime Money Market Fund
(Cost $6,690)......................... 6,690 6,690
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $5,076,473)..................... 4,805,152
OTHER ASSETS AND
LIABILITIES -- 0.4%................... 19,106
----------
NET ASSETS -- 100.0%.................... $4,824,258
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Security is valued at fair value as determined in good faith by
Trust's Pricing and Investment Committee in accordance with procedures
approved by the Board of Trustees. Security value is based on Level 3
inputs. (Note 2)
</Table>
See accompanying notes to financial statements.
197
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 8.6%
Coca-Cola Amatil, Ltd. ................. 6,175 $ 53,462
Foster's Group, Ltd. ................... 16,055 78,640
Wesfarmers, Ltd. ....................... 6,112 142,891
Woolworths, Ltd. ....................... 6,953 179,489
----------
TOTAL AUSTRALIA......................... 454,482
----------
BELGIUM -- 4.0%
Anheuser-Busch InBev NV................. 3,319 151,387
Anheuser-Busch InBev NV -- VVPR
Strip (a)............................. 2,040 9
Delhaize Group.......................... 836 57,971
----------
TOTAL BELGIUM........................... 209,367
----------
CANADA -- 2.5%
Loblaw Co., Ltd. ....................... 1,585 46,665
Shoppers Drug Mart Corp. ............... 1,667 68,246
Viterra, Inc. (a)....................... 1,572 15,642
----------
TOTAL CANADA............................ 130,553
----------
DENMARK -- 1.0%
Carlsberg A/S (Class B)................. 721 52,166
----------
FINLAND -- 0.6%
Kesko Oyj (Class B)..................... 924 30,929
----------
FRANCE -- 10.6%
Carrefour SA............................ 2,711 122,843
Casino Guichard-Perrachon SA............ 470 37,235
Groupe Danone........................... 3,225 194,122
L'Oreal SA.............................. 1,188 117,995
Pernod -- Ricard SA..................... 1,077 85,435
----------
TOTAL FRANCE............................ 557,630
----------
GERMANY -- 2.4%
Beiersdorf AG........................... 751 44,052
Henkel AG & Co. KGaA Preference Shares.. 1,914 82,308
----------
TOTAL GERMANY........................... 126,360
----------
GREECE -- 0.1%
Alapis Holding Industrial and
Commercial SA......................... 6,089 5,340
----------
IRELAND -- 0.4%
Kerry Group PLC (Class A)............... 703 20,088
----------
ITALY -- 0.8%
Parmalat SpA............................ 16,046 44,305
----------
JAPAN -- 13.3%
Aeon Co., Ltd. ......................... 4,500 43,173
Ajinomoto Co., Inc. .................... 5,000 50,204
Asahi Breweries, Ltd. .................. 3,700 67,855
Japan Tobacco, Inc. .................... 28 96,320
Kao Corp. .............................. 4,000 99,179
Kirin Holdings Co., Ltd. ............... 6,000 92,210
Lawson, Inc. ........................... 1,100 51,231
Nichirei Corp. ......................... 8,000 31,720
Seven & I Holdings Co., Ltd. ........... 3,800 91,249
Shiseido Co., Ltd. ..................... 3,000 52,438
UNY Co., Ltd. .......................... 3,000 22,516
----------
TOTAL JAPAN............................. 698,095
----------
LUXEMBOURG -- 0.2%
Oriflame Cosmetics SA SDR............... 232 11,844
----------
NETHERLANDS -- 7.3%
Heineken NV............................. 1,537 70,780
Koninklijke Ahold NV.................... 6,426 77,210
Unilever NV............................. 8,156 234,796
----------
TOTAL NETHERLANDS....................... 382,786
----------
NORWAY -- 0.2%
Marine Harvest (a)...................... 15,432 11,152
----------
SINGAPORE -- 1.5%
Golden Agri-Resources, Ltd. (a)......... 51,105 15,596
Wilmar International, Ltd. ............. 14,000 62,794
----------
TOTAL SINGAPORE......................... 78,390
----------
SPAIN -- 1.3%
Ebro Puleva SA.......................... 3,137 59,609
SOS Cuetara SA (a)...................... 2,234 11,021
----------
TOTAL SPAIN............................. 70,630
----------
SWEDEN -- 0.7%
Swedish Match AB........................ 1,790 35,837
----------
SWITZERLAND -- 15.5%
Lindt & Spruengli AG.................... 24 58,193
Nestle SA............................... 17,772 756,335
----------
TOTAL SWITZERLAND....................... 814,528
----------
UNITED KINGDOM -- 28.3%
British American Tobacco PLC............ 8,463 265,698
Cadbury PLC............................. 7,797 100,135
Diageo PLC.............................. 12,415 190,617
Imperial Tobacco Group PLC.............. 5,172 149,555
J Sainsbury PLC......................... 7,950 41,323
Reckitt Benckiser PLC................... 3,066 149,952
SABMiller PLC........................... 3,573 86,232
Tate & Lyle PLC......................... 3,592 24,289
Tesco PLC............................... 37,361 238,774
Unilever PLC............................ 6,612 188,022
William Morrison Supermarkets PLC....... 12,312 54,604
----------
TOTAL UNITED KINGDOM.................... 1,489,201
----------
TOTAL COMMON STOCKS --
(Cost $5,351,159)..................... 5,223,683
----------
WARRANTS -- 0.0% (B)
SINGAPORE -- 0.0% (B)
Golden Agri-Resources, Ltd.
(expiring 7/23/12) (a)
(Cost $0)............................. 2,970 274
----------
</Table>
See accompanying notes to financial statements.
198
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUNDS -- 0.0% (B)
AIM Prime Money Market Fund
(Cost $1,480)......................... 1,480 $ 1,480
----------
TOTAL INVESTMENTS -- 99.3%
(Cost $5,352,639)..................... 5,225,437
OTHER ASSETS AND
LIABILITIES -- 0.7%................... 36,876
----------
NET ASSETS -- 100.0%.................... $5,262,313
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
</Table>
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
199
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
---------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.9%
AUSTRALIA -- 5.9%
Origin Energy, Ltd. .................... 5,968 $ 85,958
Santos, Ltd. ........................... 6,265 84,044
Woodside Petroleum, Ltd. ............... 3,418 157,253
WorleyParsons, Ltd. .................... 1,787 46,856
----------
TOTAL AUSTRALIA......................... 374,111
AUSTRIA -- 0.7%
OMV AG.................................. 1,163 46,868
CANADA -- 27.6%
Bonavista Energy Trust.................. 1,750 33,295
Cameco Corp. ........................... 2,623 72,607
Canadian Natural Resources, Ltd. ....... 3,666 246,950
Canadian Oil Sands Trust................ 1,709 48,963
Enbridge, Inc. ......................... 2,291 88,733
EnCana Corp. ........................... 4,582 264,683
Enerplus Resources Fund................. 1,458 33,281
Husky Energy, Inc. ..................... 2,040 57,286
Imperial Oil, Ltd. ..................... 2,040 77,453
Nexen, Inc. ............................ 3,498 79,327
Niko Resources, Ltd. ................... 583 45,492
OPTI Canada, Inc. (a)................... 2,623 5,254
Penn West Energy Trust.................. 1,750 27,720
Provident Energy Trust.................. 5,831 33,683
Suncor Energy, Inc. .................... 10,065 350,723
Talisman Energy, Inc. .................. 6,997 121,452
TransCanada Corp. ...................... 4,167 129,556
Vermilion Energy Trust.................. 1,458 40,182
----------
TOTAL CANADA............................ 1,756,640
FRANCE -- 11.5%
Bourbon SA.............................. 690 31,770
Cie Generale de Geophysique-
Veritas (a)........................... 1,230 28,667
Technip SA.............................. 875 55,828
Total SA................................ 10,449 620,173
----------
TOTAL FRANCE............................ 736,438
HONG KONG -- 0.2%
Mongolia Energy Co., Ltd. (a)........... 30,000 10,645
ITALY -- 5.6%
Eni SpA................................. 10,376 259,045
Saipem SpA.............................. 1,816 54,629
Saras SpA............................... 11,058 42,631
----------
TOTAL ITALY............................. 356,305
JAPAN -- 2.5%
Inpex Holdings, Inc. ................... 6 51,332
Nippon Mining Holdings, Inc. ........... 9,000 44,429
Nippon Oil Corp. ....................... 11,000 61,920
----------
TOTAL JAPAN............................. 157,681
LUXEMBOURG -- 1.1%
Acergy SA............................... 5,721 71,731
NETHERLANDS -- 0.6%
SBM Offshore NV......................... 1,759 37,359
NORWAY -- 3.5%
Aker Solutions ASA...................... 4,173 46,784
StatoilHydro ASA........................ 7,957 178,138
----------
TOTAL NORWAY............................ 224,922
PAPUA NEW GUINEA -- 0.9%
Oil Search, Ltd. ....................... 9,684 55,126
PORTUGAL -- 0.9%
Galp Energia SGPS SA (Class B).......... 3,202 55,322
SPAIN -- 2.9%
Compania Espanola de Petroleos SA....... 910 33,626
Repsol YPF SA........................... 5,519 149,968
----------
TOTAL SPAIN............................. 183,594
SWITZERLAND -- 4.9%
Noble Corp. ............................ 1,336 50,714
Transocean, Ltd. (a).................... 2,253 192,699
Weatherford International, Ltd. (a)..... 3,446 71,436
----------
TOTAL SWITZERLAND....................... 314,849
UNITED KINGDOM -- 31.1%
Amec PLC................................ 3,597 43,434
BG Group PLC............................ 15,551 270,353
BP PLC.................................. 82,524 729,876
Cairn Energy PLC (a).................... 948 42,256
Royal Dutch Shell PLC (Class A)......... 15,761 449,573
Royal Dutch Shell PLC (Class B)......... 12,150 337,341
Tullow Oil PLC.......................... 5,900 106,440
----------
TOTAL UNITED KINGDOM.................... 1,979,273
----------
TOTAL COMMON STOCKS --
(Cost $7,455,381)..................... 6,360,864
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
AIM Prime Money Market Fund
(Cost $1,630)......................... 1,630 1,630
----------
TOTAL INVESTMENTS -- 99.9%
(Cost $7,457,011)..................... 6,362,494
OTHER ASSETS AND
LIABILITIES -- 0.1%................... 6,291
----------
NET ASSETS -- 100.0%.................... $6,368,785
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount represents less than 0.05% of net assets.
</Table>
See accompanying notes to financial statements.
200
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
AUSTRALIA -- 12.0%
ASX, Ltd. .............................. 888 $ 27,586
Australia & New Zealand Banking
Group, Ltd. .......................... 4,287 92,279
Commonwealth Bank of Australia.......... 2,599 118,702
Commonwealth Property Office Fund....... 44 37
Macquarie Group, Ltd. .................. 726 37,669
National Australia Bank, Ltd. .......... 3,695 100,309
QBE Insurance Group, Ltd. .............. 2,119 44,995
Stockland............................... 9,974 35,914
Westfield Group......................... 5,256 64,478
Westpac Banking Corp. .................. 5,236 121,302
----------
TOTAL AUSTRALIA......................... 643,271
----------
AUSTRIA -- 0.9%
Erste Group Bank AG..................... 567 25,311
Sparkassen Immobilien AG (a)............ 2,816 21,486
----------
TOTAL AUSTRIA........................... 46,797
----------
BELGIUM -- 0.8%
Dexia SA (a)............................ 2,503 23,049
Fortis (a).............................. 4,575 21,406
----------
TOTAL BELGIUM........................... 44,455
----------
BERMUDA -- 0.4%
Lancashire Holdings, Ltd. .............. 2,878 23,521
----------
CANADA -- 11.3%
Bank of Montreal........................ 1,056 53,297
Bank of Nova Scotia..................... 1,772 80,684
Brookfield Asset Management, Inc.
(Class A)............................. 1,643 37,305
Canadian Imperial Bank of Commerce...... 689 41,913
IGM Financial, Inc. .................... 751 29,710
Manulife Financial Corp. ............... 3,033 63,582
National Bank of Canada................. 501 27,792
Royal Bank of Canada.................... 2,331 124,987
Sun Life Financial, Inc. ............... 1,310 40,949
Toronto-Dominion Bank................... 1,597 103,039
----------
TOTAL CANADA............................ 603,258
----------
DENMARK -- 1.0%
Danske Bank A/S (a)..................... 1,376 36,000
Sydbank A/S (a)......................... 751 19,648
----------
TOTAL DENMARK........................... 55,648
----------
FINLAND -- 1.0%
Pohjola Bank PLC........................ 2,816 32,106
Technopolis Oyj......................... 3,666 19,237
----------
TOTAL FINLAND........................... 51,343
----------
FRANCE -- 6.4%
AXA..................................... 2,977 80,503
BNP Paribas............................. 1,527 121,868
Credit Agricole SA...................... 1,685 35,171
Societe Generale........................ 923 74,203
Unibail-Rodamco SE...................... 153 31,746
----------
TOTAL FRANCE............................ 343,491
----------
GERMANY -- 5.7%
Allianz SE.............................. 789 98,456
Commerzbank AG (a)...................... 1,314 16,643
Deutsche Bank AG........................ 929 71,216
Deutsche Beteiligungs AG................ 1,060 25,069
Deutsche Boerse AG...................... 387 31,593
Muenchener Rueckversicherungs-
Gesellschaft
AG.................................... 370 58,966
----------
TOTAL GERMANY........................... 301,943
----------
HONG KONG -- 4.6%
Bank of East Asia, Ltd. ................ 8,678 31,353
Cheung Kong Holdings, Ltd. ............. 4,000 50,761
Hang Lung Properties, Ltd. ............. 6,000 22,103
Hong Kong Exchanges and
Clearing, Ltd. ....................... 1,600 29,006
New World Development Co., Ltd. ........ 13,477 29,006
Sun Hung Kai Properties, Ltd. .......... 4,000 58,941
Wharf Holdings, Ltd. ................... 5,000 26,548
----------
TOTAL HONG KONG......................... 247,718
----------
ITALY -- 6.2%
Assicurazioni Generali SpA.............. 2,121 58,068
Banca Monte dei Paschi di Siena SpA..... 13,644 29,157
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 3,996 27,496
Banco Popolare Societa Cooperativa
Scarl (a)............................. 2,276 21,807
Intesa Sanpaolo SpA (a)................. 16,308 72,049
UBI Banca ScpA.......................... 2,093 32,093
UniCredit SpA (a)....................... 23,441 91,484
----------
TOTAL ITALY............................. 332,154
----------
JAPAN -- 10.9%
Chuo Mitsui Trust Holdings, Inc. ....... 5,000 18,596
Daiwa House Industry Co., Ltd. ......... 3,000 31,496
Daiwa Securities Group, Inc. ........... 4,000 20,685
Mitsubishi Estate Co., Ltd. ............ 2,990 47,153
Mitsubishi UFJ Financial Group, Inc. ... 16,800 90,441
Mitsui Fudosan Co., Ltd. ............... 1,928 32,709
Mitsui Sumitomo Insurance Group
Holdings, Inc. ....................... 1,100 30,407
Mizuho Financial Group, Inc. ........... 21,300 42,345
Nomura Holdings, Inc. .................. 5,900 36,441
ORIX Corp. ............................. 260 15,913
Resona Holdings, Inc. .................. 1,800 23,220
Sompo Japan Insurance, Inc. ............ 3,000 20,238
Sumitomo Mitsui Financial Group, Inc. .. 1,500 52,438
Sumitomo Realty & Development
Co., Ltd. ............................ 574 10,533
T&D Holdings, Inc. ..................... 650 17,641
The Sumitomo Trust & Banking
Co., Ltd. ............................ 5,000 26,638
Tokai Tokyo Financial Holdings, Inc. ... 6,000 18,965
Tokio Marine Holdings, Inc. ............ 1,600 46,462
----------
TOTAL JAPAN............................. 582,321
----------
NETHERLANDS -- 1.5%
Aegon NV (a)............................ 2,678 22,708
ING Groep NV (a)........................ 3,059 54,550
----------
TOTAL NETHERLANDS....................... 77,258
----------
NEW ZEALAND -- 0.8%
AMP NZ Office Trust..................... 72,715 44,712
----------
NORWAY -- 0.6%
Sparebanken Rogaland.................... 4,305 32,646
----------
PORTUGAL -- 0.3%
Banif SGPS SA........................... 7,508 15,035
----------
</Table>
See accompanying notes to financial statements.
201
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SINGAPORE -- 2.9%
CapitaLand, Ltd. ....................... 6,000 $ 15,841
Hong Leong Finance, Ltd. ............... 22,000 42,156
Oversea-Chinese Banking Corp., Ltd. .... 9,289 51,750
United Overseas Bank, Ltd. ............. 4,000 47,635
----------
TOTAL SINGAPORE......................... 157,382
SPAIN -- 9.3%
Banco Bilbao Vizcaya Argentaria SA...... 7,109 126,046
Banco de Sabadell SA.................... 4,339 32,060
Banco Guipuzcoano SA.................... 2,744 22,461
Banco Popular Espanol SA................ 3,244 32,481
Banco Santander SA...................... 13,091 210,486
Bolsas y Mercados Espanoles............. 501 19,487
Realia Business SA (a).................. 5,756 16,617
Reyal Urbis SA (a)...................... 6,855 37,575
----------
TOTAL SPAIN............................. 497,213
SWEDEN -- 2.0%
Nordea Bank AB.......................... 5,097 51,168
Skandinaviska Enskilda Banken AB (Class
A) (a)................................ 4,004 26,911
Svenska Handelsbanken AB (Class A)...... 1,126 28,662
----------
TOTAL SWEDEN............................ 106,741
SWITZERLAND -- 6.7%
ACE, Ltd. (a)........................... 751 40,148
Credit Suisse Group AG.................. 1,743 96,586
Julius Baer Holding AG.................. 627 31,270
Swiss Life Holding (a).................. 3 354
Swiss Reinsurance Co., Ltd. ............ 732 33,001
UBS AG (a).............................. 5,157 94,279
Zurich Financial Services AG............ 259 61,527
----------
TOTAL SWITZERLAND....................... 357,165
UNITED KINGDOM -- 14.5%
Aviva PLC............................... 5,300 37,984
Barclays PLC (a)........................ 13,706 81,107
British Land Co. PLC.................... 2,636 20,034
HSBC Holdings PLC....................... 26,853 307,503
Land Securities Group PLC............... 2,252 22,511
Lloyds Banking Group PLC (a)............ 33,074 54,854
Man Group PLC........................... 4,296 22,756
Provident Financial PLC................. 1,502 21,812
Prudential PLC.......................... 4,801 46,186
Royal Bank of Scotland Group PLC (a).... 29,942 25,357
RSA Insurance Group PLC................. 11,186 23,937
Standard Chartered PLC.................. 2,564 63,233
Standard Life PLC....................... 5,800 20,315
Willis Group Holdings, Ltd. ............ 1,001 28,248
----------
TOTAL UNITED KINGDOM.................... 775,837
----------
TOTAL COMMON STOCKS --
(Cost $5,336,484)..................... 5,339,909
RIGHTS -- 0.1%
FRANCE -- 0.1%
BNP Paribas
(expiring 10/13/09) (a)
(Cost $0)............................. 1,527 3,303
PORTUGAL -- 0.0% (B)
Banif SGPS SA
(expiring 10/8/09) (a)
(Cost $0)............................. 6,000 640
----------
TOTAL RIGHTS --
(Cost $0)............................. 3,943
WARRANTS -- 0.0% (B)
ITALY -- 0.0% (b)
UBI Banca ScpA
(expiring 6/30/11) (a)
(Cost $0)............................. 1,679 200
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
AIM Prime Money Market Fund
(Cost $460)........................... 460 460
----------
TOTAL INVESTMENTS -- 99.9%
(Cost $5,336,944)..................... 5,344,512
OTHER ASSETS AND
LIABILITIES -- 0.1%................... 3,950
----------
NET ASSETS -- 100.0%.................... $5,348,462
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
</Table>
See accompanying notes to financial statements.
202
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.3%
AUSTRALIA -- 4.3%
Cochlear, Ltd. ......................... 439 $ 25,866
CSL, Ltd. .............................. 4,764 140,682
Primary Health Care, Ltd. .............. 3,700 20,278
Sonic Healthcare, Ltd. ................. 4,786 60,021
----------
TOTAL AUSTRALIA......................... 246,847
----------
BELGIUM -- 1.1%
UCB SA.................................. 1,463 61,673
----------
CANADA -- 0.2%
MDS, Inc. (a)........................... 1,671 13,654
----------
DENMARK -- 6.3%
Coloplast A/S (Class B)................. 533 44,529
Genmab A/S (a).......................... 279 7,190
H. Lundbeck A/S......................... 1,021 21,149
Novo-Nordisk A/S (Class B).............. 4,174 261,021
William Demant A/S (a).................. 311 23,081
----------
TOTAL DENMARK........................... 356,970
----------
FINLAND -- 0.6%
Orion Oyj (Class A)..................... 919 17,060
Orion Oyj (Class B)..................... 900 16,576
----------
TOTAL FINLAND........................... 33,636
----------
FRANCE -- 10.0%
bioMerieux.............................. 279 30,631
Essilor International SA................ 2,219 126,318
Ipsen SA................................ 524 28,669
Orpea................................... 848 39,045
Sanofi-Aventis.......................... 4,674 342,624
----------
TOTAL FRANCE............................ 567,287
----------
GERMANY -- 10.2%
Bayer AG................................ 3,871 267,918
Celesio AG.............................. 1,236 34,037
Fresenius Medical Care AG & Co. KGaA.... 2,145 106,696
Fresenius SE............................ 326 16,016
Fresenius SE Preference Shares.......... 973 56,875
Merck KGaA.............................. 588 58,402
Rhoen-Klinikum AG....................... 913 23,207
Stada Arzneimittel AG................... 692 18,895
----------
TOTAL GERMANY........................... 582,046
----------
IRELAND -- 0.4%
Elan Corp. PLC (a)...................... 3,348 23,984
----------
ITALY -- 0.3%
Recordati SpA........................... 2,614 18,474
----------
JAPAN -- 18.7%
Alfresa Holdings Corp. ................. 200 8,176
Astellas Pharma, Inc. .................. 3,400 140,124
Chugai Pharmaceutical Co., Ltd. ........ 2,125 44,073
Daiichi Sankyo Co., Ltd. ............... 5,100 105,549
Dainippon Sumitomo Pharma Co., Ltd. .... 1,000 10,934
Eisai Co., Ltd. ........................ 2,400 90,601
Hisamitsu Pharmaceutical Co., Inc. ..... 600 24,393
Kyowa Hakko Kogyo Co., Ltd. ............ 2,422 30,757
Mediceo Paltac Holdings Co., Ltd. ...... 1,600 22,570
Mitsubishi Tanabe Pharma Corp. ......... 2,000 26,738
Olympus Corp. .......................... 2,000 53,164
Ono Pharmaceutical Co., Ltd. ........... 1,200 62,590
Shionogi & Co., Ltd. ................... 3,000 71,201
Suzuken Co., Ltd. ...................... 700 24,236
Taisho Pharmaceutical Co., Ltd. ........ 2,000 40,543
Takeda Pharmaceutical Co., Ltd. ........ 5,600 233,920
Terumo Corp. ........................... 1,400 77,243
----------
TOTAL JAPAN............................. 1,066,812
----------
NETHERLANDS -- 1.1%
OPG Groep NV............................ 1,126 18,607
Qiagen NV (a)........................... 2,154 45,653
----------
TOTAL NETHERLANDS....................... 64,260
----------
NEW ZEALAND -- 0.5%
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 10,766 25,545
----------
SINGAPORE -- 0.4%
Parkway Holdings, Ltd. ................. 16,000 23,505
----------
SPAIN -- 0.8%
Faes Farma SA........................... 1,920 12,264
Grifols SA.............................. 1,583 30,115
----------
TOTAL SPAIN............................. 42,379
----------
SWEDEN -- 1.4%
Elekta AB (Class B)..................... 737 14,228
Getinge AB (Class B).................... 2,936 49,124
Meda AB (Class A)....................... 1,635 14,613
----------
TOTAL SWEDEN............................ 77,965
----------
SWITZERLAND -- 24.9%
Acino Holding AG........................ 67 12,333
Actelion, Ltd. (a)...................... 1,072 66,480
Bachem Holding AG (Class B)............. 497 33,576
Basilea Pharmaceutica AG (a)............ 120 12,062
Galenica AG............................. 78 27,437
Lonza Group AG.......................... 496 54,014
Nobel Biocare Holding AG................ 1,737 57,417
Novartis AG............................. 8,709 435,177
Roche Holding AG (b).................... 228 38,079
Roche Holding AG (b).................... 2,882 465,219
Sonova Holding AG....................... 727 73,215
Straumann Holding AG.................... 116 29,988
Synthes, Inc. .......................... 804 96,776
Tecan Group AG.......................... 314 19,367
----------
TOTAL SWITZERLAND....................... 1,421,140
----------
UNITED KINGDOM -- 17.1%
AstraZeneca PLC......................... 7,015 314,593
Consort Medical PLC..................... 1,395 9,705
GlaxoSmithKline PLC..................... 21,719 427,083
Hikma Pharmaceuticals PLC............... 2,154 16,154
Shire, Ltd. ............................ 5,683 98,526
Smith & Nephew PLC...................... 7,997 71,688
SSL International PLC................... 3,749 38,374
----------
TOTAL UNITED KINGDOM.................... 976,123
----------
TOTAL COMMON STOCKS --
(Cost $6,092,821)..................... 5,602,300
----------
</Table>
See accompanying notes to financial statements.
203
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
AIM Prime Money Market Fund
(Cost $751)........................... 751 $ 751
----------
TOTAL INVESTMENTS -- 98.3%
(Cost $6,093,572)..................... 5,603,051
OTHER ASSETS AND
LIABILITIES -- 1.7%................... 97,618
----------
NET ASSETS -- 100.0%.................... $5,700,669
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Reflect separate holdings of the issuer's common stock traded on
different securities exchanges.
(c) Amount shown represents less than 0.05% of net assets.
</Table>
See accompanying notes to financial statements.
204
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.8%
AUSTRALIA -- 4.8%
Boom Logistics, Ltd. ................... 47,383 $ 21,745
Bradken, Ltd. .......................... 4,707 27,376
Brambles, Ltd. ......................... 5,970 42,572
GWA International, Ltd. ................ 15,444 37,619
Leighton Holdings, Ltd. ................ 364 11,620
Macquarie Infrastructure Group.......... 15,750 20,503
Toll Holdings, Ltd. .................... 4,489 33,794
Transurban Group........................ 7,983 28,886
----------
TOTAL AUSTRALIA......................... 224,115
----------
AUSTRIA -- 1.0%
Andritz AG (a).......................... 455 22,666
Zumtobel AG (a)......................... 1,352 24,643
----------
TOTAL AUSTRIA........................... 47,309
----------
BELGIUM -- 0.6%
Bekaert NV.............................. 233 30,798
----------
CANADA -- 4.5%
Bombardier, Inc. ....................... 4,976 23,042
CAE, Inc. .............................. 2,290 19,309
Canadian National Railway Co. .......... 1,538 75,560
Canadian Pacific Railway, Ltd. ......... 649 30,294
SNC-Lavalin Group, Inc. ................ 721 32,480
Toromont Industries Ltd. ............... 1,304 27,944
----------
TOTAL CANADA............................ 208,629
----------
DENMARK -- 2.4%
A P Moller -- Maersk A/S................ 5 34,360
FLSmidth & Co. A/S...................... 275 14,956
NKT Holding A/S (a)..................... 356 20,760
Vestas Wind Systems A/S (a)............. 563 40,651
----------
TOTAL DENMARK........................... 110,727
----------
FINLAND -- 2.0%
Kone Oyj (Class B)...................... 1,012 37,158
Metso Oyj............................... 648 18,214
Wartsila Oyj............................ 455 18,210
YIT Oyj................................. 943 17,933
----------
TOTAL FINLAND........................... 91,515
----------
FRANCE -- 8.3%
Air France-KLM (a)...................... 1,368 24,835
Alstom SA............................... 627 45,705
Bouygues SA............................. 963 48,915
Cie de Saint-Gobain..................... 1,240 64,254
Eiffage SA.............................. 273 17,374
Schneider Electric SA................... 704 71,271
Vallourec SA............................ 160 27,082
Vinci SA................................ 1,553 87,759
----------
TOTAL FRANCE............................ 387,195
----------
GERMANY -- 9.4%
Deutsche Lufthansa AG................... 1,611 28,517
Deutsche Post AG........................ 2,504 46,849
GEA Group AG............................ 877 18,280
Hochtief AG............................. 279 21,231
Kloeckner & Co. AG (a).................. 634 14,512
MAN AG.................................. 358 29,514
Pfeiffer Vacuum Technology AG........... 308 25,256
Q-Cells SE (a).......................... 165 3,157
SGL Carbon AG (a)....................... 331 13,528
Siemens AG.............................. 2,498 231,056
Solarworld AG (a)....................... 227 5,508
----------
TOTAL GERMANY........................... 437,408
----------
HONG KONG -- 1.6%
Hopewell Highway Infrastructure, Ltd. .. 48,000 29,481
Hutchison Whampoa, Ltd. ................ 6,000 43,316
----------
TOTAL HONG KONG......................... 72,797
----------
IRELAND -- 0.7%
DCC PLC................................. 1,308 33,734
----------
ITALY -- 2.3%
Ansaldo STS SpA......................... 2,741 56,051
Autostrada Torino-Milano SpA............ 2,001 25,695
Finmeccanica SpA........................ 1,496 26,415
----------
TOTAL ITALY............................. 108,161
----------
JAPAN -- 27.6%
Asahi Glass Co., Ltd. .................. 4,000 32,390
Central Japan Railway Co. .............. 6 43,223
Daikin Industries, Ltd. ................ 900 32,468
East Japan Railway Co. ................. 900 64,936
Fanuc, Ltd. ............................ 600 53,945
Futaba Corp. ........................... 2,300 37,633
Hankyu Hanshin Holdings, Inc. .......... 7,000 33,618
IHI Corp. (a)........................... 12,000 24,393
Itochu Corp. ........................... 5,000 33,227
Iwatani Corp. .......................... 14,000 43,156
Kajima Corp. ........................... 7,000 17,982
Kamigumi Co., Ltd. ..................... 6,000 49,120
Kawasaki Heavy Industries, Ltd. ........ 11,000 28,011
Kawasaki Kisen Kaisha, Ltd. (a)......... 3,000 11,158
Kokuyo Co., Ltd. ....................... 3,800 34,844
Komatsu, Ltd. .......................... 2,700 50,722
Kubota Corp. ........................... 5,000 41,716
Marubeni Corp. ......................... 4,000 20,238
MEITEC Corp. ........................... 1,600 27,234
MISUMI Group, Inc. ..................... 2,000 42,017
Mitsubishi Corp. ....................... 4,100 83,159
Mitsubishi Electric Corp. .............. 6,000 45,569
Mitsubishi Heavy Industries, Ltd. ...... 12,000 45,569
Mitsui & Co., Ltd. ..................... 5,000 65,561
Mitsui OSK Lines, Ltd. ................. 4,000 23,767
Nippon Sheet Glass Co., Ltd. ........... 5,000 16,753
Nippon Yusen KK......................... 4,000 15,502
Secom Co., Ltd. ........................ 1,000 50,483
Sojitz Corp. ........................... 6,000 11,459
Sumitomo Corp. ......................... 3,900 40,292
Sumitomo Electric Industries, Ltd. ..... 2,900 38,025
Sumitomo Heavy Industries, Ltd. (a)..... 4,000 19,568
THK Co., Ltd. .......................... 1,400 27,489
Tokyu Corp. ............................ 6,000 28,816
Yamato Holdings Co., Ltd. .............. 3,000 49,422
----------
TOTAL JAPAN............................. 1,283,465
----------
</Table>
See accompanying notes to financial statements.
205
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NETHERLANDS -- 4.5%
Aalberts Industries NV.................. 1,517 $ 20,378
European Aeronautic Defence and Space
Co. NV................................ 1,861 41,742
Koninklijke (Royal) Philips
Electronics NV........................ 2,639 64,187
Koninklijke BAM Groep NV................ 1,225 14,126
Randstad Holding NV (a)................. 677 29,207
TNT NV.................................. 1,502 40,265
----------
TOTAL NETHERLANDS....................... 209,905
NORWAY -- 0.9%
Orkla ASA............................... 3,552 33,333
Renewable Energy Corp AS (a)............ 858 7,497
----------
TOTAL NORWAY............................ 40,830
SINGAPORE -- 3.3%
Fraser and Neave, Ltd. ................. 11,000 30,993
Haw Par Corp., Ltd. .................... 12,000 49,139
Jardine Matheson Holdings, Ltd. ........ 975 29,640
Keppel Corp., Ltd. ..................... 5,000 28,743
Neptune Orient Lines, Ltd. ............. 11,750 14,843
----------
TOTAL SINGAPORE......................... 153,358
SPAIN -- 3.3%
Abertis Infraestructuras SA............. 2,020 45,795
ACS, Actividades de Construccion y
Servicios SA.......................... 1,025 53,397
Gamesa Corp. Tecnologica SA............. 657 14,703
Grupo Ferrovial SA...................... 506 24,178
Sacyr Vallehermoso SA................... 833 15,750
----------
TOTAL SPAIN............................. 153,823
SWEDEN -- 4.5%
Alfa Laval AB........................... 1,813 21,208
Atlas Copco AB (Class B)................ 3,461 39,347
B&B Tools AB............................ 1,164 13,067
Sandvik AB.............................. 2,849 31,371
Securitas AB (Class B).................. 2,464 23,714
Trelleborg AB (Class B) (a)............. 6,720 38,728
Volvo AB ADR (Class A).................. 4,662 41,667
----------
TOTAL SWEDEN............................ 209,102
SWITZERLAND -- 6.2%
ABB, Ltd. (a)........................... 6,286 126,005
Adecco SA............................... 626 33,241
Geberit AG.............................. 220 33,753
Kaba Holding AG......................... 109 26,682
Kuehne & Nagel International AG......... 354 30,721
SGS SA.................................. 27 36,298
----------
TOTAL SWITZERLAND....................... 286,700
UNITED KINGDOM -- 9.9%
Aggreko PLC............................. 1,867 20,962
Babcock International Group PLC......... 2,122 19,294
BAE Systems PLC......................... 10,791 60,267
British Airways PLC (a)................. 4,906 17,301
Capita Group PLC........................ 3,805 43,968
Charter International PLC............... 453 4,970
De La Rue PLC........................... 1,296 18,613
Experian PLC............................ 4,685 39,450
FirstGroup PLC.......................... 3,352 22,179
Intertek Group PLC...................... 1,561 31,682
Invensys PLC............................ 2,175 10,126
Rentokil Initial PLC (a)................ 13,709 24,973
Rolls-Royce Group PLC (a)............... 6,999 52,701
Serco Group PLC......................... 4,137 33,413
Smiths Group PLC........................ 2,177 30,936
Wolseley PLC (a)........................ 1,241 29,911
----------
TOTAL UNITED KINGDOM.................... 460,746
----------
TOTAL COMMON STOCKS --
(Cost $5,338,082)..................... 4,550,317
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
AIM Prime Money Market Fund
(Cost $241)........................... 241 241
----------
TOTAL INVESTMENTS -- 97.8%
(Cost $5,338,323)..................... 4,550,558
OTHER ASSETS AND
LIABILITIES -- 2.2%................... 102,129
----------
NET ASSETS -- 100.0%.................... $4,652,687
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
206
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
---------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.7%
AUSTRALIA -- 16.4%
Alumina, Ltd. (a)....................... 15,364 $ 24,814
Amcor, Ltd. ............................ 1,132 5,475
BHP Billiton, Ltd. ..................... 23,524 783,317
BlueScope Steel, Ltd. .................. 10,429 26,968
Boral, Ltd. ............................ 13,022 69,990
Fortescue Metals Group, Ltd. (a)........ 12,264 41,346
Iluka Resources, Ltd. (a)............... 10,621 37,307
Incitec Pivot, Ltd. .................... 11,033 27,556
Mineral Deposits, Ltd. (a).............. 6,756 5,068
Newcrest Mining, Ltd. .................. 3,772 106,194
OneSteel, Ltd. ......................... 13,381 35,782
Orica, Ltd. ............................ 3,493 72,445
OZ Minerals, Ltd. (a)................... 32,568 32,767
Rio Tinto, Ltd. ........................ 3,672 191,981
Sims Metal Management, Ltd. ............ 2,587 52,124
----------
TOTAL AUSTRALIA......................... 1,513,134
----------
AUSTRIA -- 1.0%
RHI AG (a).............................. 1,577 45,042
Voestalpine AG.......................... 1,277 45,526
----------
TOTAL AUSTRIA........................... 90,568
----------
BELGIUM -- 1.1%
Tessenderlo Chemie NV................... 1,509 58,098
Umicore................................. 1,614 48,269
----------
TOTAL BELGIUM........................... 106,367
----------
CANADA -- 16.3%
Agnico-Eagle Mines, Ltd. ............... 1,324 89,323
Agrium, Inc. ........................... 1,328 66,221
Barrick Gold Corp. ..................... 6,561 247,818
ECU Silver Mining, Inc. (a)............. 3,420 1,752
Eldorado Gold Corp. (a)................. 5,973 67,671
Equinox Minerals, Ltd. (a).............. 6,824 21,999
First Quantum Minerals, Ltd. ........... 788 51,393
FNX Mining Co., Inc. (a)................ 1,734 15,154
Forsys Metals Corp. (a)................. 1,206 4,090
Gammon Gold, Inc. (a)................... 604 5,155
Gerdau Ameristeel Corp. ................ 2,872 22,852
Goldcorp, Inc. ......................... 5,389 215,801
HudBay Minerals, Inc. (a)............... 1,408 16,923
Inmet Mining Corp. ..................... 687 38,379
Ivanhoe Mines, Ltd. (a)................. 3,409 43,704
Kinross Gold Corp. ..................... 4,669 101,489
Lundin Mining Corp. (a)................. 5,737 19,296
Pan American Silver Corp. (a)........... 1,370 31,375
Potash Corp. of Saskatchewan, Inc. ..... 2,260 204,501
Sherritt International Corp. ........... 4,656 33,229
Silver Wheaton Corp. (a)................ 1,590 20,132
Sino-Forest Corp. (a)................... 1,299 20,466
Teck Resources, Ltd. (Class B) (a)...... 3,764 103,455
Thompson Creek Metals Co., Inc. (a)..... 889 10,710
Yamana Gold, Inc. ...................... 4,872 52,292
----------
TOTAL CANADA............................ 1,505,180
----------
DENMARK -- 0.8%
Novozymes A/S........................... 837 78,677
----------
FINLAND -- 1.9%
Rautaruukki Oyj......................... 1,808 43,341
Stora Enso Oyj (a)...................... 8,339 58,021
UPM-Kymmene Oyj......................... 5,962 71,460
----------
TOTAL FINLAND........................... 172,822
----------
FRANCE -- 3.8%
Air Liquide SA.......................... 1,962 222,976
Eramet.................................. 28 9,706
Lafarge SA.............................. 1,282 114,589
----------
TOTAL FRANCE............................ 347,271
----------
GERMANY -- 7.5%
BASF SE................................. 5,481 290,099
K+S AG.................................. 1,178 64,209
Lanxess AG.............................. 1,480 50,946
Linde AG................................ 1,086 117,595
Salzgitter AG........................... 503 48,158
ThyssenKrupp AG......................... 3,407 117,180
----------
TOTAL GERMANY........................... 688,187
----------
HONG KONG -- 0.8%
AMVIG Holdings, Ltd. ................... 12,000 4,970
China Grand Forestry Green Resources
Group, Ltd. (a)....................... 112,000 4,046
China Mining Resources Group, Ltd. (a).. 80,000 3,355
China Rare Earth Holdings, Ltd. ........ 72,000 15,701
Fushan International Energy Group,
Ltd. (a).............................. 56,000 37,574
Sino Union Petroleum & Chemical
International, Ltd. (a)............... 60,000 4,877
----------
TOTAL HONG KONG......................... 70,523
----------
IRELAND -- 1.3%
CRH PLC................................. 4,313 119,183
----------
ITALY -- 0.5%
Buzzi Unicem SpA........................ 2,637 45,483
----------
JAPAN -- 17.2%
Asahi Kasei Corp. ...................... 15,967 81,498
Denki Kagaku Kogyo Kabushiki Kaisha..... 21,949 90,703
JFE Holdings, Inc. ..................... 4,490 154,456
JSR Corp. .............................. 3,100 63,707
Kobe Steel, Ltd. (a).................... 36,916 64,732
Mitsubishi Chemical Holdings Corp. ..... 11,000 45,826
Mitsubishi Materials Corp. (a).......... 16,000 44,318
Mitsubishi Rayon Co., Ltd. ............. 18,000 61,920
Mitsui Chemicals, Inc. ................. 12,000 42,888
Mitsui Mining & Smelting Co., Ltd. (a).. 26,933 69,186
Nippon Steel Corp. ..................... 44,900 164,485
Nitto Denko Corp. ...................... 1,995 61,275
Shin-Etsu Chemical Co., Ltd. ........... 2,893 178,359
Sumitomo Chemical Co., Ltd. ............ 13,967 58,342
Sumitomo Metal Industries, Ltd. ........ 32,933 81,289
Sumitomo Metal Mining Co., Ltd. ........ 5,984 98,514
Taiheiyo Cement Corp. (a)............... 27,000 36,187
Teijin, Ltd. ........................... 19,949 62,386
Toray Industries, Inc. ................. 13,967 84,861
Ube Industries, Ltd. ................... 16,000 42,174
----------
TOTAL JAPAN............................. 1,587,106
----------
</Table>
See accompanying notes to financial statements.
207
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
LUXEMBOURG -- 2.3%
ArcelorMittal........................... 5,652 $ 211,082
NETHERLANDS -- 2.2%
Akzo Nobel NV........................... 2,110 130,569
Koninklijke DSM NV...................... 1,850 77,203
----------
TOTAL NETHERLANDS....................... 207,772
NORWAY -- 0.9%
Norsk Hydro ASA (a)..................... 4,984 33,019
Yara International ASA.................. 1,480 46,372
----------
TOTAL NORWAY............................ 79,391
PAPUA NEW GUINEA -- 0.6%
Lihir Gold, Ltd. (a).................... 22,058 54,508
PORTUGAL -- 0.6%
Semapa-Sociedade de Investimento e
Gestao,
SGPS, SA.............................. 5,241 59,218
SINGAPORE -- 0.3%
Delong Holdings, Ltd. (a)............... 6,000 3,747
Jiutian Chemical Group, Ltd. (a)........ 127,000 22,533
----------
TOTAL SINGAPORE......................... 26,280
SOUTH KOREA -- 1.6%
POSCO ADR............................... 1,398 145,308
SPAIN -- 0.6%
Cementos Portland Valderrivas SA........ 1,082 56,383
SWEDEN -- 1.3%
Boliden AB.............................. 5,766 61,759
SSAB AB (Series A)...................... 3,952 61,036
----------
TOTAL SWEDEN............................ 122,795
SWITZERLAND -- 5.4%
Givaudan SA............................. 188 140,776
Holcim, Ltd. (a)........................ 1,632 111,825
Syngenta AG............................. 773 177,373
Xstrata PLC (a)......................... 4,430 65,360
----------
TOTAL SWITZERLAND....................... 495,334
UNITED KINGDOM -- 15.3%
Anglo American PLC (a).................. 9,286 295,992
Antofagasta PLC......................... 4,398 53,423
BHP Billiton PLC........................ 15,115 412,895
Kazakhmys PLC........................... 1,422 24,426
Lonmin PLC (a).......................... 1,761 47,147
Randgold Resources, Ltd. ............... 971 67,958
Rio Tinto PLC........................... 11,197 477,873
Vedanta Resources PLC................... 951 28,929
----------
TOTAL UNITED KINGDOM.................... 1,408,643
----------
TOTAL COMMON STOCKS --
(Cost $9,876,446)..................... 9,191,215
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
AIM Prime Money Market Fund
(Cost $1,003)......................... 1,003 1,003
----------
TOTAL INVESTMENTS -- 99.7%
(Cost $9,877,449)..................... 9,192,218
OTHER ASSETS AND
LIABILITIES -- 0.3%................... 28,741
----------
NET ASSETS -- 100.0%.................... $9,220,959
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
208
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
---------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.9%
AUSTRALIA -- 1.5%
Computershare, Ltd. .................... 8,586 $ 84,566
Iress Market Technology, Ltd. .......... 10,591 79,357
-----------
TOTAL AUSTRALIA......................... 163,923
-----------
BELGIUM -- 0.4%
BarCo. NV (a)........................... 956 41,642
-----------
CANADA -- 5.0%
CGI Group, Inc. (Class A) (a)........... 6,711 78,409
MacDonald, Dettwiler & Associates,
Ltd. (a).............................. 1,200 35,151
Research In Motion, Ltd. (a)............ 6,547 441,509
-----------
TOTAL CANADA............................ 555,069
-----------
DENMARK -- 0.5%
SimCorp A/S............................. 261 53,449
-----------
FINLAND -- 7.4%
F-Secure Oyj............................ 11,139 47,380
Nokia Oyj............................... 46,002 675,773
TietoEnator Oyj......................... 2,459 48,883
Vaisala Oyj (Class A)................... 1,429 51,906
-----------
TOTAL FINLAND........................... 823,942
-----------
FRANCE -- 3.7%
Alcatel-Lucent (a)...................... 33,515 149,759
Atos Origin SA (a)...................... 897 45,234
Cap Gemini SA........................... 2,211 115,683
Groupe Steria SCA....................... 654 23,230
Neopost SA.............................. 538 48,230
UbiSoft Entertainment SA (a)............ 1,202 22,735
-----------
TOTAL FRANCE............................ 404,871
-----------
GERMANY -- 6.7%
Infineon Technologies AG (a)............ 14,819 83,503
SAP AG.................................. 10,945 532,424
Software AG............................. 262 22,212
United Internet AG (a).................. 3,102 46,747
Wincor Nixdorf AG....................... 817 52,557
-----------
TOTAL GERMANY........................... 737,443
-----------
HONG KONG -- 0.4%
ASM Pacific Technology, Ltd. ........... 6,100 43,251
-----------
IRELAND -- 1.2%
Accenture PLC Class A................... 3,500 130,445
-----------
JAPAN -- 39.8%
Advantest Corp. ........................ 3,600 100,117
Alps Electric Co., Ltd. (a)............. 4,500 26,034
Brother Industries, Ltd. ............... 4,300 51,676
Canon, Inc. ............................ 14,900 604,088
Citizen Holdings Co., Ltd. ............. 5,400 30,457
CSK Holdings Corp. (a).................. 2,900 10,980
Dainippon Screen Manufacturing Co.,
Ltd. (a).............................. 11,000 41,771
Elpida Memory, Inc. (a)................. 2,000 26,291
FUJIFILM Holdings Corp. ................ 6,200 186,273
Fujitsu, Ltd. .......................... 27,000 177,015
Hirose Electric Co., Ltd. .............. 700 79,120
Hitachi High-Technologies Corp. ........ 2,000 41,928
Hitachi, Ltd. (a)....................... 38,000 117,139
Horiba, Ltd. ........................... 1,600 41,637
Hoya Corp. ............................. 5,400 127,861
Ibiden Co., Ltd. ....................... 2,300 85,799
IT Holdings Corp. ...................... 2,300 31,828
Japan Digital Laboratory Co., Ltd. ..... 3,800 53,731
Keyence Corp. .......................... 500 107,109
Konami Corp. ........................... 1,800 36,790
Konica Minolta Holdings, Inc. .......... 7,000 66,533
Kyocera Corp. .......................... 2,000 186,072
Mitsumi Electric Co., Ltd. ............. 2,300 49,784
Murata Manufacturing Co., Ltd. ......... 2,900 137,980
NEC Corp. (a)........................... 29,000 91,339
Nichicon Corp. ......................... 2,000 25,621
Nidec Corp. ............................ 1,400 113,989
Nintendo Co., Ltd. ..................... 1,400 359,636
Nippon Electric Glass Co., Ltd. ........ 7,000 64,031
Nomura Research Institute, Ltd. ........ 2,300 54,844
NTT Data Corp. ......................... 23 73,879
OBIC Co., Ltd. ......................... 290 49,200
Oki Electric Industry Co., Ltd. (a)..... 27,000 24,125
OMRON Corp. ............................ 3,200 60,544
Ricoh Co., Ltd. ........................ 7,000 102,262
Rohm Co., Ltd. ......................... 1,600 112,224
Seiko Epson Corp. ...................... 2,300 34,576
SUMCO Corp. ............................ 2,500 56,961
TDK Corp. .............................. 1,800 104,339
Tokyo Electron, Ltd. ................... 2,300 147,194
Toshiba Corp. (a)....................... 48,000 252,505
Trend Micro, Inc. ...................... 1,000 37,415
Yahoo! Japan Corp. ..................... 234 79,712
Yamatake Corp. ......................... 1,600 36,098
Yaskawa Electric Corp. ................. 7,000 50,662
Yokogawa Electric Corp. ................ 5,900 52,387
-----------
TOTAL JAPAN............................. 4,401,556
-----------
NETHERLANDS -- 2.7%
ASM International NV (a)................ 1,420 26,122
ASML Holding NV......................... 5,907 173,549
Gemalto NV (a).......................... 1,706 79,460
Oce NV.................................. 3,278 21,197
-----------
TOTAL NETHERLANDS....................... 300,328
-----------
NORWAY -- 0.6%
Tandberg ASA............................ 2,877 68,574
-----------
SINGAPORE -- 1.4%
Flextronics International, Ltd. (a)..... 12,669 94,511
Venture Corp., Ltd. .................... 9,000 57,421
-----------
TOTAL SINGAPORE......................... 151,932
-----------
SOUTH KOREA -- 16.1%
LG Display Co., Ltd. ADR................ 10,681 153,059
Samsung Electronics Co., Ltd. GDR (b)... 4,767 1,625,547
-----------
TOTAL SOUTH KOREA....................... 1,778,606
-----------
SPAIN -- 1.2%
Amper, SA............................... 3,613 40,136
Indra Sistemas SA....................... 3,890 96,890
-----------
TOTAL SPAIN............................. 137,026
-----------
SWEDEN -- 3.8%
Telefonaktiebolaget LM Ericsson
(Class B)............................. 41,882 419,248
-----------
</Table>
See accompanying notes to financial statements.
209
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SWITZERLAND -- 2.9%
Logitech International SA (a)........... 2,749 $ 50,044
STMicroelectronics NV (a)............... 12,426 117,606
Temenos Group AG (a).................... 1,389 32,528
Tyco Electronics, Ltd. ................. 5,627 125,370
-----------
TOTAL SWITZERLAND....................... 325,548
UNITED KINGDOM -- 4.6%
ARM Holdings PLC........................ 29,866 68,592
Autonomy Corp. PLC (a).................. 3,471 90,431
Aveva Group PLC......................... 1,695 24,900
Dimension Data Holdings PLC............. 50,272 50,774
Diploma PLC............................. 14,222 39,351
Logica PLC.............................. 30,091 62,612
Misys PLC (a)........................... 16,658 55,042
Spectris PLC............................ 3,213 36,305
The Sage Group PLC...................... 21,224 79,227
-----------
TOTAL UNITED KINGDOM.................... 507,234
-----------
TOTAL COMMON STOCKS --
(Cost $11,043,514).................... 11,044,087
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
AIM Prime Money Market Fund
(Cost $1,668)......................... 1,668 1,668
-----------
TOTAL INVESTMENTS -- 99.9%
(Cost $11,045,182).................... 11,045,755
OTHER ASSETS AND
LIABILITIES -- 0.1%................... 15,893
-----------
NET ASSETS -- 100.0%.................... $11,061,648
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security purchased pursuant to Rule 144A of the Securities Act of
1933. This security, which represents 14.7% of net assets as of
September 30, 2009, is considered liquid and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
(c) Amount shown represents less than 0.05% of net assets.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
210
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
---------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
AUSTRALIA -- 1.3%
Telstra Corp., Ltd. .................... 42,571 $ 122,857
AUSTRIA -- 1.3%
Telekom Austria AG...................... 6,528 117,557
BELGIUM -- 2.2%
Belgacom SA............................. 3,133 121,907
Mobistar SA............................. 592 40,921
Telenet Group Holding NV (a)............ 1,718 45,302
----------
TOTAL BELGIUM........................... 208,130
CANADA -- 5.3%
BCE, Inc. .............................. 4,377 107,981
Bell Aliant Regional Communications
Income Fund........................... 1,095 28,556
Rogers Communications, Inc. ............ 8,790 247,878
Telus Corp. ............................ 2,554 79,404
Telus Corp. (non -- voting)............. 1,095 35,238
----------
TOTAL CANADA............................ 499,057
FINLAND -- 0.6%
Elisa Oyj............................... 2,918 59,799
FRANCE -- 6.4%
France Telecom SA....................... 21,077 560,864
Iliad SA................................ 356 40,068
----------
TOTAL FRANCE............................ 600,932
GERMANY -- 5.3%
Deutsche Telekom AG..................... 36,663 499,998
HONG KONG -- 0.1%
Hutchison Telecommunications
International, Ltd. .................. 40,000 8,258
ITALY -- 4.9%
Telecom Italia SpA (b).................. 180,593 316,504
Telecom Italia SpA (b).................. 117,840 144,687
----------
TOTAL ITALY............................. 461,191
JAPAN -- 14.3%
KDDI Corp. ............................. 52 293,874
Nippon Telegraph & Telephone Corp. ..... 8,300 385,637
NTT DoCoMo, Inc. ....................... 243 389,191
Softbank Corp. ......................... 12,700 279,858
----------
TOTAL JAPAN............................. 1,348,560
LUXEMBOURG -- 1.2%
COLT Telecom Group SA (a)............... 12,013 22,806
Millicom International Cellular SA (a).. 1,270 92,380
----------
TOTAL LUXEMBOURG........................ 115,186
NETHERLANDS -- 4.7%
Koninklijke Royal KPN NV................ 27,009 447,495
NEW ZEALAND -- 0.4%
Telecom Corporation of New
Zealand, Ltd. ........................ 17,618 33,901
NORWAY -- 1.8%
Telenor ASA (a)......................... 14,814 170,804
PORTUGAL -- 2.0%
Portugal Telecom, SGPS SA............... 17,644 186,592
SINGAPORE -- 3.3%
Singapore Telecommunications, Ltd. ..... 127,000 292,928
StarHub, Ltd. .......................... 14,000 21,560
----------
TOTAL SINGAPORE......................... 314,488
SOUTH KOREA -- 2.3%
KT Corp. ADR............................ 5,186 90,133
SK Telecom Co., Ltd. ADR................ 7,119 124,226
----------
TOTAL SOUTH KOREA....................... 214,359
SPAIN -- 16.9%
Telefonica SA........................... 57,871 1,594,945
SWEDEN -- 3.3%
Tele2 AB (Class B)...................... 5,248 69,419
TeliaSonera AB.......................... 36,859 241,410
----------
TOTAL SWEDEN............................ 310,829
SWITZERLAND -- 1.6%
Swisscom AG............................. 413 147,564
UNITED KINGDOM -- 20.6%
BT Group PLC............................ 123,702 257,196
Cable & Wireless PLC.................... 42,682 97,958
Inmarsat PLC............................ 8,162 71,992
Vodafone Group PLC...................... 677,624 1,519,429
----------
TOTAL UNITED KINGDOM.................... 1,946,575
----------
TOTAL COMMON STOCKS --
(Cost $9,563,192)..................... 9,409,077
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
AIM Prime Money Market Fund
(Cost $897)........................... 897 897
----------
TOTAL INVESTMENTS -- 99.8%
(Cost $9,564,089)..................... 9,409,974
OTHER ASSETS AND
LIABILITIES -- 0.2%................... 21,791
----------
NET ASSETS -- 100.0%.................... $9,431,765
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on
different securities exchanges.
(c) Amount shown represents less than 0.05% of net assets.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
211
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2009
---------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 2.1%
AGL Energy, Ltd. ....................... 4,100 $ 49,464
APA Group............................... 11,001 30,778
Envestra, Ltd. ......................... 35,356 17,942
----------
TOTAL AUSTRALIA......................... 98,184
AUSTRIA -- 0.7%
Oesterreichische
Elektrizitaetswirtschafts AG.......... 623 31,463
CANADA -- 2.3%
ATCO, Ltd. ............................. 733 28,683
Fortis, Inc. ........................... 1,605 37,355
TransAlta Corp. ........................ 1,811 36,851
----------
TOTAL CANADA............................ 102,889
FINLAND -- 1.7%
Fortum Oyj.............................. 2,947 75,470
FRANCE -- 14.8%
Electricite de France................... 1,766 104,648
GDF Suez................................ 9,541 423,194
Sechilienne SA.......................... 313 13,314
Suez Environnement SA................... 1,432 32,674
Veolia Environnement.................... 2,673 102,327
----------
TOTAL FRANCE............................ 676,157
GERMANY -- 18.0%
E.ON AG................................. 12,574 532,635
RWE AG.................................. 3,104 287,971
----------
TOTAL GERMANY........................... 820,606
HONG KONG -- 5.4%
CLP Holdings, Ltd. ..................... 12,500 84,838
Hong Kong & China Gas Co., Ltd. ........ 35,000 88,425
HongKong Electric Holdings, Ltd. ....... 13,000 71,290
----------
TOTAL HONG KONG......................... 244,553
ITALY -- 8.7%
A2A SpA................................. 13,472 26,446
Enel SpA................................ 43,369 274,965
Hera SpA................................ 7,327 17,811
Snam Rete Gas SpA....................... 7,242 35,197
Terna -- Rete Elettrica Nationale SpA... 11,302 44,026
----------
TOTAL ITALY............................. 398,445
JAPAN -- 18.2%
Chubu Electric Power Co., Inc. ......... 4,488 109,274
Electric Power Development Co., Ltd. ... 1,300 41,308
Hokuriku Electric Power Co. ............ 1,394 35,576
Kyushu Electric Power Co., Inc. ........ 3,392 77,095
Osaka Gas Co., Ltd. .................... 15,958 56,143
The Chugoku Electric Power Co., Inc. ... 1,987 43,808
The Kansai Electric Power Co., Inc. .... 4,998 121,133
The Tokyo Electric Power Co., Inc. ..... 7,599 199,873
Tohoku Electric Power Co., Inc. ........ 3,372 75,322
Tokyo Gas Co., Ltd. .................... 16,958 70,647
----------
TOTAL JAPAN............................. 830,179
NEW ZEALAND -- 0.3%
Vector, Ltd. ........................... 11,862 16,218
PORTUGAL -- 1.4%
EDP -- Energias de Portugal SA.......... 13,860 63,411
SPAIN -- 12.7%
Acciona SA.............................. 204 27,731
EDP Renovaveis SA (a)................... 2,285 25,100
Enagas.................................. 2,023 42,226
Gas Natural SDG SA...................... 3,849 84,954
Iberdrola Renovables SA................. 6,025 29,591
Iberdrola SA............................ 33,070 324,109
Red Electrica Corporacion SA............ 904 46,209
----------
TOTAL SPAIN............................. 579,920
SWITZERLAND -- 0.3%
BKW FMB Energie AG...................... 153 13,256
UNITED KINGDOM -- 12.7%
Centrica PLC............................ 35,522 142,939
Drax Group PLC.......................... 2,651 19,991
International Power PLC................. 10,695 49,434
National Grid PLC....................... 17,037 164,579
Pennon Group PLC........................ 3,054 23,230
Scottish & Southern Energy PLC.......... 5,970 112,000
Severn Trent PLC........................ 1,919 29,786
United Utilities Group PLC.............. 4,828 35,257
----------
TOTAL UNITED KINGDOM.................... 577,216
----------
TOTAL COMMON STOCKS --
(Cost $5,687,775)..................... 4,527,967
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
AIM Prime Money Market Fund
(Cost $3,316)......................... 3,316 3,316
----------
TOTAL INVESTMENTS -- 99.4%
(Cost $5,691,091)..................... 4,531,283
OTHER ASSETS AND
LIABILITIES -- 0.6%................... 25,522
----------
NET ASSETS -- 100.0%.................... $4,556,805
==========
</Table>
<Table>
(a) Non-income producing security.
</Table>
See accompanying notes to financial statements.
212
(This page intentionally left blank)
213
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR DJ STOXX SPDR DJ EURO EMERGING ASIA SPDR S&P CHINA
50 ETF STOXX 50 ETF PACIFIC ETF ETF
--------------- --------------- --------------- ---------------
ASSETS
Investments in unaffiliated issuers,
at value * (Note 2)................ $ 56,153,986 $181,242,970 $437,210,911 $442,003,787
Investments in affiliated issuers, at
value (Note 2 and Note 3).......... 1,175,729 6,566,037 13,610,080 14,881,217
------------ ------------ ------------ ------------
Total Investments.................. 57,329,715 187,809,007 450,820,991 456,885,004
Foreign currency, at value............ 47,814 171,289 1,384,438 3,409,394
Cash.................................. -- -- -- --
Margin deposit on futures**........... -- -- -- --
Receivable for investments sold....... 139,503 722,387 -- --
Receivable for Fund shares sold in-
kind............................... -- -- -- --
Receivable for foreign taxes
recoverable........................ 143,677 180,689 2,453 --
Dividends receivable.................. 123,626 35,838 440,305 762,065
------------ ------------ ------------ ------------
TOTAL ASSETS..................... 57,784,335 188,919,210 452,648,187 461,056,463
------------ ------------ ------------ ------------
LIABILITIES
Payable upon return of securities
loaned............................. 1,175,729 6,566,037 13,610,080 14,881,217
Accrued advisory fee (Note 3)......... 38,437 124,578 598,204 635,418
Payable for investments purchased..... 55,402 304,832 -- --
Due to custodian...................... -- -- 154,421 --
Payable for Fund shares repurchased
in-kind............................ -- -- -- --
Accrued trustees fees (Note 3)........ 423 1,092 1,176 1,115
Deferred foreign taxes payable........ -- -- 1,518,007 --
Other liabilities..................... 180 379 -- --
------------ ------------ ------------ ------------
TOTAL LIABILITIES................ 1,270,171 6,996,918 15,881,888 15,517,750
------------ ------------ ------------ ------------
NET ASSETS....................... $ 56,514,164 $181,922,292 $436,766,299 $445,538,713
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $ 87,130,647 $263,237,287 $405,091,141 $419,966,125
Undistributed (distribution in excess
of) net investment income.......... 578,837 (379) 3,356,953 1,336,727
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (12,322,360) (24,703,670) (7,075,314) (6,199,821)
Net unrealized appreciation
(depreciation) on:
Investments (net of deferred
foreign taxes of $0, $0,
$1,518,007, $0, $162,986, $0, $0,
$0, $0, $0, $0, $0,
respectively).................... (18,877,048) (56,621,085) 35,385,052 30,433,440
Foreign currency related
transactions..................... 4,088 10,139 8,467 2,242
Futures............................ -- -- -- --
------------ ------------ ------------ ------------
NET ASSETS....................... $ 56,514,164 $181,922,292 $436,766,299 $445,538,713
============ ============ ============ ============
NET ASSETS VALUE PER SHARE
Net asset value per share............. $ 35.31 $ 41.34 $ 69.33 $ 66.50
============ ============ ============ ============
Shares outstanding (unlimited amount
authorized,
$0.01 par value)................... 1,600,365 4,400,958 6,300,000 6,700,000
============ ============ ============ ============
COST OF INVESTMENTS:
Unaffiliated issuers.................. $ 75,031,034 $237,864,055 $400,307,852 $411,570,347
Affiliated issuers.................... 1,175,729 6,566,037 13,610,080 14,881,217
------------ ------------ ------------ ------------
Total cost of investments............. $ 76,206,763 $244,430,092 $413,917,932 $426,451,564
============ ============ ============ ============
Foreign currency, at cost............. $ 48,038 $ 171,928 $ 1,377,777 $ 3,407,436
============ ============ ============ ============
</Table>
<Table>
* Includes $1,091,810, $6,119,398, $13,340,682, $14,474,434, $8,704,684,
$27,111,586, $3,928,943, $28,563,531, $1,209,378, $9,958,903, $46,137,028,
$132,676,239, respectively, of investments in securities on loan, at value.
** Represents the initial margin deposit.
</Table>
See accompanying notes to financial statements.
214
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P EMERGING MIDDLE SPDR S&P SPDR DOW JONES
EMERGING SPDR S&P BRIC EMERGING EUROPE EMERGING LATIN EAST & AFRICA SPDR S&P WORLD INTERNATIONAL INTERNATIONAL
MARKETS ETF 40 ETF ETF AMERICA ETF ETF EX-US ETF SMALL CAP ETF REAL ESTATE ETF
- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$ 91,946,972 $339,761,425 $137,625,182 $132,538,723 $128,111,985 $84,529,507 $505,436,036 $ 936,376,432
8,846,869 27,324,270 4,106,680 29,060,715 1,222,307 10,410,707 48,381,934 139,519,285
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
100,793,841 367,085,695 141,731,862 161,599,438 129,334,292 94,940,214 553,817,970 1,075,895,717
1,966,182 658,816 197,104 196,501 1,135,159 191,078 1,399,731 390,947
-- -- -- -- -- -- -- --
644,915 -- -- -- -- -- -- --
-- -- -- -- -- -- 578,832 --
-- -- 7,884,971 -- -- -- 10,064,269 3,529,477
1,133 -- 12,079 -- -- 31,871 97,141 453,299
127,311 770,736 301,266 261,589 166,244 203,005 1,562,435 3,284,408
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
103,533,382 368,515,247 150,127,282 162,057,528 130,635,695 95,366,168 567,520,378 1,083,553,848
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
8,846,869 27,324,270 4,106,680 29,060,715 1,222,307 10,410,707 48,381,934 139,519,285
128,337 377,570 148,137 152,872 180,387 68,769 590,627 1,157,372
8 -- 1,236,819 -- -- -- 157,882 --
-- -- -- -- -- -- -- --
-- -- 6,660,115 -- -- -- 9,354,512 3,536,916
343 1,024 279 404 765 357 2,334 4,129
162,986 -- -- -- -- -- -- --
-- -- -- -- -- -- -- 71,371
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
9,138,543 27,702,864 12,152,030 29,213,991 1,403,459 10,479,833 58,487,289 144,289,073
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
$ 94,394,839 $340,812,383 $137,975,252 $132,843,537 $129,232,236 $84,886,335 $509,033,089 $ 939,264,775
============ ============ ============ ============ ============ =========== ============ ==============
$ 85,932,835 $395,876,526 $171,911,396 $145,763,630 $157,998,798 $80,369,544 $606,059,782 $1,460,617,415
493,959 626,802 (4,908) 337,166 776,868 342,715 2,529,000 (2,863,800)
(663,000) (38,529,311) (20,584,804) (9,053,901) (13,463,840) (2,949,320) (30,080,733) (273,120,417)
8,428,209 (17,161,795) (13,336,236) (4,206,049) (16,089,150) 7,117,928 (69,515,322) (245,360,897)
60,869 161 (10,196) 2,691 9,560 5,468 40,362 (7,526)
141,967 -- -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
$ 94,394,839 $340,812,383 $137,975,252 $132,843,537 $129,232,236 $84,886,335 $509,033,089 $ 939,264,775
============ ============ ============ ============ ============ =========== ============ ==============
$ 59.00 $ 23.03 $ 39.42 $ 69.92 $ 58.74 $ 23.58 $ 25.45 $ 35.53
============ ============ ============ ============ ============ =========== ============ ==============
1,600,000 14,800,000 3,500,000 1,900,000 2,200,000 3,600,000 20,000,000 26,433,372
============ ============ ============ ============ ============ =========== ============ ==============
$ 83,365,377 $356,923,220 $150,961,418 $136,744,772 $144,201,135 $77,411,579 $574,951,358 $1,181,737,329
8,846,869 27,324,270 4,106,680 29,060,715 1,222,307 10,410,707 48,381,934 139,519,285
------------ ------------ ------------ ------------ ------------ ----------- ------------ --------------
$ 92,212,246 $384,247,490 $155,068,098 $165,805,487 $145,423,442 $87,822,286 $623,333,292 $1,321,256,614
============ ============ ============ ============ ============ =========== ============ ==============
$ 1,906,786 $ 658,800 $ 199,744 $ 198,415 $ 1,123,693 $ 188,746 $ 1,371,800 $ 387,142
============ ============ ============ ============ ============ =========== ============ ==============
</Table>
215
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
FTSE/MACQUARIE SPDR
GLOBAL SPDR RUSSELL/NOMURA
INFRASTRUCTURE SPDR MSCI ACWI RUSSELL/NOMURA SMALL CAP JAPAN
100 ETF EX-US ETF PRIME JAPAN ETF ETF
--------------- --------------- --------------- ---------------
ASSETS
Investments in unaffiliated issuers,
at value* (Note 2)................. $ 66,830,632 $308,634,786 $15,241,390 $ 84,281,887
Investments in affiliated issuers, at
value (Note 2 and Note 3).......... 11,290,328 40,247,976 4,252,555 23,849,980
------------ ------------ ----------- ------------
Total Investments.................. 78,120,960 348,882,762 19,493,945 108,131,867
Foreign currency, at value............ 158,315 673,378 40,048 446,271
Cash.................................. -- -- -- --
Margin deposit on futures**........... -- -- -- --
Receivable for investments sold....... -- -- -- --
Receivable for Fund shares sold in-
kind............................... -- -- -- 1,998,597
Receivable for foreign taxes
recoverable........................ 30,612 157,243 -- --
Dividends receivable.................. 178,081 699,055 100,673 457,192
------------ ------------ ----------- ------------
TOTAL ASSETS..................... 78,487,968 350,412,438 19,634,666 111,033,927
------------ ------------ ----------- ------------
LIABILITIES
Payable upon return of securities
loaned............................. 11,290,328 40,247,976 4,252,555 23,849,980
Accrued advisory fee (Note 3)......... 98,233 232,880 18,858 98,912
Payable for investments purchased..... -- -- -- --
Due to custodian...................... -- -- -- --
Payable for Fund shares repurchased
in-kind............................ -- -- -- 2,003,498
Accrued trustees fees (Note 3)........ 531 1,768 123 597
Deferred foreign taxes payable........ -- 28,605 -- --
Other liabilities..................... -- -- -- --
------------ ------------ ----------- ------------
TOTAL LIABILITIES................ 11,389,092 40,511,229 4,271,536 25,952,987
------------ ------------ ----------- ------------
NET ASSETS....................... $ 67,098,876 $309,901,209 $15,363,130 $ 85,080,940
============ ============ =========== ============
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $ 92,005,582 $390,171,287 $20,881,939 $104,408,493
Undistributed (distribution in excess
of) net investment income.......... 671,861 1,576,835 119,062 580,981
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (3,986,633) (43,289,970) (1,021,687) (6,370,732)
Net unrealized appreciation
(depreciation) on:
Investments (net of deferred foreign
taxes of $0, $28,605, $0, $0, $0,
$0, $175,255, $0, $0, $0, $0, $0,
respectively)...................... (21,591,687) (38,564,085) (4,617,941) (13,568,163)
Foreign currency related
transactions..................... (247) 7,142 1,757 30,361
Futures............................ -- -- -- --
------------ ------------ ----------- ------------
NET ASSETS....................... $ 67,098,876 $309,901,209 $15,363,130 $ 85,080,940
============ ============ =========== ============
NET ASSETS VALUE PER SHARE
Net asset value per share............. $ 41.94 $ 30.38 $ 38.41 $ 40.51
============ ============ =========== ============
Shares outstanding (unlimited amount
authorized,
$0.01 par value)................... 1,600,000 10,200,000 400,000 2,100,075
============ ============ =========== ============
COST OF INVESTMENTS:
Unaffiliated issuers.................. $ 88,422,319 $347,170,266 $19,859,331 $ 97,850,050
Affiliated issuers.................... 11,290,328 40,247,976 4,252,555 23,849,980
------------ ------------ ----------- ------------
Total cost of investments............. $ 99,712,647 $387,418,242 $24,111,886 $121,700,030
============ ============ =========== ============
Foreign currency, at cost............. $ 159,535 $ 673,251 $ 38,920 $ 419,686
============ ============ =========== ============
</Table>
<Table>
* Includes $10,900,296, $38,754,484, $4,061,987, $22,764,914, $8,014,058,
$3,650,234, $129,522, $3,793,761, $0, $0, $0, $0, respectively, of investments in
securities on loan, at value.
** Represents the initial margin deposit.
</Table>
See accompanying notes to financial statements.
216
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
SPDR S&P INTERNATIONAL INTERNATIONAL SPDR S&P SPDR S&P
SPDR S&P SPDR S&P EMERGING SPDR DOW JONES CONSUMER CONSUMER INTERNATIONAL INTERNATIONAL
INTERNATIONAL INTERNATIONAL MARKETS SMALL GLOBAL REAL DISCRETIONARY STAPLES SECTOR ENERGY SECTOR FINANCIAL
DIVIDEND ETF MID CAP ETF CAP ETF ESTATE ETF SECTOR ETF ETF ETF SECTOR ETF
- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$125,335,844 $21,523,941 $62,700,257 $80,851,417 $4,805,152 $5,225,437 $ 6,362,494 $5,344,512
8,350,180 3,818,689 139,177 3,991,795 -- -- -- --
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
133,686,024 25,342,630 62,839,434 84,843,212 4,805,152 5,225,437 6,362,494 5,344,512
185,771 164,015 519,380 78,890 13,082 13,445 4,517 11,382
-- -- 1,500,000 -- -- -- -- --
-- -- 205,655 -- -- -- -- --
1,034,840 -- -- -- -- -- -- --
5,222,692 -- 4,385,510 6,235,022 -- -- -- 1,064,853
17,662 4,361 120 6,319 1,084 6,043 1,230 1,594
233,842 51,665 36,743 227,227 10,655 23,635 6,851 11,364
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
140,380,831 25,562,671 69,486,842 91,390,670 4,829,973 5,268,560 6,375,092 6,433,705
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
8,350,180 3,818,689 139,177 3,991,795 -- -- -- --
96,009 22,347 73,194 73,376 5,686 6,213 6,275 4,881
288,478 6,081 1,762,127 -- -- -- -- --
363,741 -- -- -- -- -- -- --
5,230,404 -- 1,663,417 6,249,536 -- -- -- 1,080,338
255 52 47 177 29 34 32 24
-- -- 175,255 -- -- -- -- --
14,347 -- -- -- -- -- -- --
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
14,343,414 3,847,169 3,813,217 10,314,884 5,715 6,247 6,307 1,085,243
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
$126,037,417 $21,715,502 $65,673,625 $81,075,786 $4,824,258 $5,262,313 $ 6,368,785 $5,348,462
============ =========== =========== =========== ========== ========== =========== ==========
$128,686,656 $19,400,396 $59,591,194 $74,005,337 $5,108,000 $5,493,979 $ 7,587,021 $5,968,186
(91,206) 102,532 54,006 (580,669) 13,245 8,845 (138) 7,449
(20,486,552) 7,600 572,054 (6,100,290) (26,495) (114,644) (123,762) (635,260)
17,918,555 2,204,242 5,395,766 13,749,871 (271,321) (127,202) (1,094,517) 7,568
9,964 732 (160) 1,537 829 1,335 181 519
-- -- 60,765 -- -- -- -- --
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
$126,037,417 $21,715,502 $65,673,625 $81,075,786 $4,824,258 $5,262,313 $ 6,368,785 $5,348,462
============ =========== =========== =========== ========== ========== =========== ==========
$ 52.49 $ 27.14 $ 43.78 $ 31.18 $ 24.12 $ 26.31 $ 25.48 $ 21.39
============ =========== =========== =========== ========== ========== =========== ==========
2,401,053 800,000 1,500,000 2,600,000 200,000 200,000 250,000 250,000
============ =========== =========== =========== ========== ========== =========== ==========
$107,417,289 $19,319,699 $57,129,236 67,101,546 $5,076,473 $5,352,639 $ 7,457,011 $5,336,944
8,350,180 3,818,689 139,177 3,991,795 -- -- -- --
------------ ----------- ----------- ----------- ---------- ---------- ----------- ----------
$115,767,469 $23,138,388 $57,268,413 71,093,341 $5,076,473 $5,352,639 $ 7,457,011 $5,336,944
============ =========== =========== =========== ========== ========== =========== ==========
$ 182,293 $ 163,748 $ 520,237 $ 78,980 $ 12,457 $ 12,932 $ 4,467 $ 11,139
============ =========== =========== =========== ========== ========== =========== ==========
</Table>
217
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL
HEALTH CARE INDUSTRIAL MATERIALS
SECTOR ETF SECTOR ETF SECTOR ETF
--------------- --------------- ---------------
ASSETS
Investments in unaffiliated issuers,
at value (Note 2).................. $5,603,051 $4,550,558 $ 9,192,218
Investments in affiliated issuers, at
value (Note 2 and Note 3).......... -- -- --
---------- ---------- -----------
Total Investments.................. 5,603,051 4,550,558 9,192,218
Foreign currency, at value............ 73,525 96,167 27,280
Cash.................................. -- -- --
Margin deposit on futures*............ -- -- --
Receivable for investments sold....... -- -- --
Receivable for Fund shares sold in-
kind............................... -- -- --
Receivable for foreign taxes
recoverable........................ 9,293 2,642 3,882
Dividends receivable.................. 21,510 8,731 8,860
---------- ---------- -----------
TOTAL ASSETS..................... 5,707,379 4,658,098 9,232,240
---------- ---------- -----------
LIABILITIES
Payable upon return of securities
loaned............................. -- -- --
Accrued advisory fee (Note 3)......... 6,671 5,383 11,252
Payable for investments purchased..... -- -- --
Due to custodian...................... -- -- --
Payable for Fund shares repurchased
in-kind............................ -- -- --
Accrued trustees fees (Note 3)........ 39 28 29
Deferred foreign taxes payable........ -- -- --
Other liabilities..................... -- -- --
---------- ---------- -----------
TOTAL LIABILITIES................ 6,710 5,411 11,281
---------- ---------- -----------
NET ASSETS....................... $5,700,669 $4,652,687 $ 9,220,959
========== ========== ===========
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $6,246,000 $5,492,899 $10,140,105
Undistributed (distribution in excess
of) net investment income.......... 13,624 -- --
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (73,031) (54,627) (234,742)
Net unrealized appreciation
(depreciation) on:
Investments........................ (490,521) (787,765) (685,231)
Foreign currency related
transactions..................... 4,597 2,180 827
Futures............................ -- -- --
---------- ---------- -----------
NET ASSETS....................... $5,700,669 $4,652,687 $ 9,220,959
========== ========== ===========
NET ASSETS VALUE PER SHARE
Net asset value per share............. $ 28.50 $ 23.26 $ 23.05
========== ========== ===========
Shares outstanding (unlimited amount
authorized,
$0.01 par value)................... 200,000 200,000 400,000
========== ========== ===========
COST OF INVESTMENTS:
Unaffiliated issuers.................. $6,093,572 $5,338,323 $ 9,877,449
Affiliated issuers.................... -- -- --
---------- ---------- -----------
Total cost of investments............. $6,093,572 $5,338,323 $ 9,877,449
========== ========== ===========
Foreign currency, at cost............. $ 69,865 $ 94,250 $ 26,847
========== ========== ===========
</Table>
<Table>
* Represents the initial margin deposit.
</Table>
See accompanying notes to financial statements.
218
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P INTERNATIONAL SPDR S&P
INTERNATIONAL TELECOMMUNICA- INTERNATIONAL
TECHNOLOGY TIONS SECTOR UTILITIES
SECTOR ETF ETF SECTOR ETF
- --------------- --------------- ---------------
$11,045,755 $9,409,974 $ 4,531,283
-- -- --
----------- ---------- -----------
11,045,755 9,409,974 4,531,283
3,242 7,980 10,633
-- -- --
-- -- --
-- -- --
-- -- --
599 1,107 6,110
22,612 20,979 14,162
----------- ---------- -----------
11,072,208 9,440,040 4,562,188
----------- ---------- -----------
-- -- --
10,534 8,242 5,349
-- -- --
-- -- --
-- -- --
26 33 34
-- -- --
-- -- --
----------- ---------- -----------
10,560 8,275 5,383
----------- ---------- -----------
$11,061,648 $9,431,765 $ 4,556,805
=========== ========== ===========
$11,067,915 $9,672,656 $ 5,888,963
18,900 12,787 --
(25,991) (99,988) (173,084)
573 (154,115) (1,159,808)
251 425 734
-- -- --
----------- ---------- -----------
$11,061,648 $9,431,765 $ 4,556,805
=========== ========== ===========
$ 24.58 $ 23.58 $ 22.78
=========== ========== ===========
450,000 400,000 200,000
=========== ========== ===========
$11,045,182 $9,564,089 $ 5,691,091
-- -- --
----------- ---------- -----------
$11,045,182 $9,564,089 $ 5,691,091
=========== ========== ===========
$ 3,112 $ 7,738 $ 10,424
=========== ========== ===========
</Table>
219
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR S&P
SPDR DJ EURO EMERGING
STOXX 50 STOXX 50 ASIA PACIFIC SPDR S&P
ETF ETF ETF CHINA ETF
------------ ------------ ------------ ------------
INVESTMENT INCOME
Dividends (Note 2).................... $ 2,332,884 $ 6,393,560 $ 7,724,342 $ 7,328,715
Affiliated securities lending -- net
(Note 2 and Note 3)................ 53,037 287,952 72,031 96,873
Interest (Note 2)..................... 30 958 1,787 201
Foreign taxes withheld................ (219,869) (948,778) (1,102,318) (651,989)
------------ ------------ ----------- ------------
TOTAL INVESTMENT INCOME............... 2,166,082 5,733,692 6,695,842 6,773,800
------------ ------------ ----------- ------------
EXPENSES
Advisory fee (Note 3)................. 148,567 419,666 1,387,383 1,418,719
Trustee fees and expenses (Note 3).... 1,761 4,700 5,317 5,079
Miscellaneous expenses................ 2 5 6,070 72
------------ ------------ ----------- ------------
TOTAL EXPENSES BEFORE WAIVERS......... 150,330 424,371 1,398,770 1,423,870
------------ ------------ ----------- ------------
Expenses waived by Adviser (Note 3)... -- -- -- --
------------ ------------ ----------- ------------
TOTAL EXPENSES........................ 150,330 424,371 1,398,770 1,423,870
------------ ------------ ----------- ------------
NET INVESTMENT INCOME (LOSS).......... 2,015,752 5,309,321 5,297,072 5,349,930
------------ ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on:
Investments and foreign currency
transactions (Note 6)............ (12,958,296) (67,338,032) 586,819 2,444,780
Futures............................ -- -- (189,614) --
Net change in unrealized appreciation
(depreciation) on:
Investments (net of deferred
foreign taxes of $0, $0,
$1,518,007, $0, $162,986, $0, $0,
$0, $0, $0, respectively)........ 7,880,080 43,666,397 86,023,394 95,339,929
Foreign currency transactions...... 21,601 41,611 13,629 1,921
Futures............................ -- -- -- --
------------ ------------ ----------- ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FOREIGN
CURRENCY TRANSACTIONS, AND
FUTURES............................ (5,056,615) (23,630,024) 86,434,228 97,786,630
------------ ------------ ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $ (3,040,863) $(18,320,703) $91,731,300 $103,136,560
============ ============ =========== ============
</Table>
See accompanying notes to financial statements.
220
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
SPDR S&P SPDR S&P EMERGING EMERGING
EMERGING SPDR S&P EMERGING LATIN MIDDLE EAST SPDR S&P
MARKETS BRIC 40 EUROPE AMERICA & AFRICA WORLD EX-US
ETF ETF ETF ETF ETF ETF
-------- ------------ ------------ ----------- ------------ -----------
$ 1,724,841 $ 5,784,305 $ 1,450,599 $ 2,035,665 $ 3,763,394 $ 1,996,617
46,573 117,925 55,548 107,267 14,926 96,102
899 7 -- -- 4,121 132
(188,811) (611,707) (224,724) (188,800) (159,091) (187,096)
----------- ------------ ------------ ----------- ------------ -----------
1,583,502 5,290,530 1,281,423 1,954,132 3,623,350 1,905,755
----------- ------------ ------------ ----------- ------------ -----------
336,474 931,879 336,644 402,888 599,285 193,246
1,433 4,688 1,349 1,785 3,287 1,459
388 437 767 1,307 -- --
----------- ------------ ------------ ----------- ------------ -----------
338,295 937,004 338,760 405,980 602,572 194,705
----------- ------------ ------------ ----------- ------------ -----------
-- (44,529) -- -- -- --
----------- ------------ ------------ ----------- ------------ -----------
338,295 892,475 338,760 405,980 602,572 194,705
----------- ------------ ------------ ----------- ------------ -----------
1,245,207 4,398,055 942,663 1,548,152 3,020,778 1,711,050
----------- ------------ ------------ ----------- ------------ -----------
(264,397) (41,750,849) (27,633,495) (6,562,270) (22,202,027) (1,488,887)
1,147,722 -- -- -- -- --
20,753,720 81,472,268 29,129,189 22,575,401 24,518,352 14,536,169
116,845 (170) 45,364 10,831 88,807 11,515
283,512 -- -- -- -- --
----------- ------------ ------------ ----------- ------------ -----------
22,037,402 39,721,249 1,541,058 16,023,962 2,405,132 13,058,797
----------- ------------ ------------ ----------- ------------ -----------
$23,282,609 $ 44,119,304 $ 2,483,721 17,572,114 $ 5,425,910 $14,769,847
=========== ============ ============ =========== ============ ===========
</Table>
221
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DOW SPDR
SPDR S&P JONES FTSE/MACQUARIE
INTERNATIONAL INTERNATIONAL GLOBAL SPDR MSCI
SMALL CAP REAL ESTATE INFRASTRUCTURE ACWI EX-US
ETF ETF 100 ETF ETF
------------- ------------- -------------- ------------
INVESTMENT INCOME
Dividends (Note 2).................... $ 9,058,218 $ 33,619,367 $ 3,122,554 $ 8,014,039
Affiliated securities lending -- net
(Note 2 and Note 3)................ 721,038 1,481,679 160,625 397,850
Interest (Note 2)..................... 28 -- -- --
Foreign taxes withheld................ (666,746) (3,262,371) (236,733) (723,073)
------------ ------------- ----------- ------------
TOTAL INVESTMENT INCOME............... 9,112,538 31,838,675 3,046,446 7,688,816
------------ ------------- ----------- ------------
EXPENSES
Advisory fee (Note 3)................. 1,871,250 3,453,477 378,191 785,407
Trustee fees and expenses (Note 3).... 9,880 18,024 2,196 7,242
Miscellaneous expenses................ 1,155 3,463 237 1,316
------------ ------------- ----------- ------------
TOTAL EXPENSES........................ 1,882,285 3,474,964 380,624 793,965
------------ ------------- ----------- ------------
NET INVESTMENT INCOME (LOSS).......... 7,230,253 28,363,711 2,665,822 6,894,851
------------ ------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on:
Investments and foreign currency
transactions (Note 6)............ (25,350,032) (270,907,310) (4,208,862) (49,427,689)
Futures............................ -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments (net of deferred
foreign taxes of $0, $0, $0,
$28,605, $0, $0, $0, $0,
$175,255, $0, respectively)...... 54,397,423 232,595,202 (3,256,532) 64,339,284
Foreign currency transactions...... 235,879 44,774 5,550 95,042
Futures............................ -- -- -- --
------------ ------------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FOREIGN
CURRENCY TRANSACTIONS, AND
FUTURES............................ 29,283,270 (38,267,334) (7,459,844) 15,006,637
------------ ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $ 36,513,523 $ (9,903,623) $(4,794,022) $ 21,901,488
============ ============= =========== ============
</Table>
See accompanying notes to financial statements.
222
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR S&P
SPDR RUSSELL/NOMURA SPDR S&P SPDR S&P EMERGING SPDR DOW
RUSSELL/NOMURA SMALL INTERNATIONAL INTERNATIONAL MARKETS JONES GLOBAL
PRIME CAP JAPAN DIVIDEND MID CAP SMALL CAP REAL ESTATE
JAPAN ETF ETF ETF ETF ETF ETF
-------------- -------------- ------------- ------------- ---------- ------------
$ 260,025 $ 1,403,218 $ 2,970,277 $ 334,703 $ 554,961 $ 1,885,340
27,515 304,865 182,954 18,676 2,093 35,007
-- -- -- 76 112 --
(18,188) (98,068) (347,235) (22,901) (72,613) (106,518)
----------- ----------- ------------ ---------- ---------- -----------
269,352 1,610,015 2,805,996 330,554 484,553 1,813,829
----------- ----------- ------------ ---------- ---------- -----------
73,627 385,311 220,884 49,209 121,927 169,810
519 2,392 1,126 231 283 752
120 35 5,959 -- 959 40
----------- ----------- ------------ ---------- ---------- -----------
74,266 387,738 227,969 49,440 123,169 170,602
----------- ----------- ------------ ---------- ---------- -----------
195,086 1,222,277 2,578,027 281,114 361,384 1,643,227
----------- ----------- ------------ ---------- ---------- -----------
(4,213,911) (9,931,441) (13,626,670) 396,765 1,411,873 (6,011,005)
-- -- -- -- (219,575) --
2,756,684 17,755,654 27,901,345 3,745,042 7,573,253 15,499,038
492 28,043 22,103 6,279 6,860 1,542
-- -- -- -- 70,845 --
----------- ----------- ------------ ---------- ---------- -----------
(1,456,735) 7,852,256 14,296,778 4,148,086 8,843,256 9,489,575
----------- ----------- ------------ ---------- ---------- -----------
$(1,261,649) $ 9,074,533 $ 16,874,805 $4,429,200 $9,204,640 $11,132,802
=========== =========== ============ ========== ========== ===========
</Table>
223
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL SPDR S&P SPDR S&P
CONSUMER CONSUMER INTERNATIONAL INTERNATIONAL
DISCRETIONARY STAPLES ENERGY FINANCIAL
SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF
------------- ------------- ------------- -------------
INVESTMENT INCOME
Dividends (Note 2) $112,757 $ 146,492 $ 194,673 $ 117,554
Affiliated securities lending -- net
(Note 2 and Note 3)................ -- -- -- --
Interest (Note 2)..................... -- -- -- --
Foreign taxes withheld................ (8,269) (10,881) (19,547) (10,522)
-------- --------- --------- ---------
TOTAL INVESTMENT INCOME............... 104,488 135,611 175,126 107,032
-------- --------- --------- ---------
EXPENSES
Advisory fee (Note 3)................. 19,159 21,971 21,140 15,795
Trustee fees and expenses (Note 3).... 122 143 133 100
Miscellaneous expenses................ -- 21 -- 54
-------- --------- --------- ---------
TOTAL EXPENSES........................ 19,281 22,135 21,273 15,949
-------- --------- --------- ---------
NET INVESTMENT INCOME (LOSS).......... 85,207 113,476 153,853 91,083
-------- --------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on:
Investments and foreign currency
transactions (Note 6)............ (25,533) (112,708) (126,522) (630,368)
Net change in unrealized appreciation
(depreciation) on:
Investments........................ 379,742 211,435 217,694 616,934
Foreign currency transactions...... 904 2,491 (2,541) 1,316
-------- --------- --------- ---------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS.............. 355,113 101,218 88,631 (12,118)
-------- --------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $440,320 $ 214,694 $ 242,484 $ 78,965
======== ========= ========= =========
</Table>
See accompanying notes to financial statements.
224
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY TELECOMMUNICATIONS UTILITIES
SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF
------------- ------------- ------------- ------------- ------------------ -------------
$152,372 $122,708 $ 124,416 $ 91,346 $261,716 $ 216,696
-- -- -- -- -- --
-- -- -- -- -- --
(13,565) (10,443) (11,673) (8,585) (21,675) (23,969)
-------- -------- ---------- ---------- -------- ---------
138,807 112,265 112,743 82,761 240,041 192,727
-------- -------- ---------- ---------- -------- ---------
24,342 18,147 28,558 23,808 22,795 20,365
162 115 127 118 133 139
-- -- 36 124 -- --
-------- -------- ---------- ---------- -------- ---------
24,504 18,262 28,721 24,050 22,928 20,504
-------- -------- ---------- ---------- -------- ---------
114,303 94,003 84,022 58,711 217,113 172,223
-------- -------- ---------- ---------- -------- ---------
(3,788) (47,131) (36,639) (23,102) (97,089) (163,791)
18,031 295,775 1,297,499 1,112,286 712,511 (273,141)
8,095 2,545 1,660 309 522 908
-------- -------- ---------- ---------- -------- ---------
22,338 251,189 1,262,520 1,089,493 615,944 (436,024)
-------- -------- ---------- ---------- -------- ---------
$136,641 $345,192 $1,346,542 $1,148,204 $833,057 $(263,801)
======== ======== ========== ========== ======== =========
</Table>
225
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ
STOXX 50 ETF
----------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
------------ -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income......................................... $ 2,015,752 $ 4,427,802
Net realized gain (loss) on investments, foreign currency
transactions and futures................................... (12,958,296) (1,084,614)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures..... 7,901,681 (43,646,718)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................. (3,040,863) (40,303,530)
------------ -------------
NET EQUALIZATION CREDITS AND CHARGES.......................... (10,465) (328,048)
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................................... (1,942,749) (4,077,204)
Net realized gains............................................ -- (1,037,078)
------------ -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... (1,942,749) (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........... 2,750 4,412
Cost of shares redeemed....................................... (14,815,663) (90,606,719)
Net income equalization....................................... 10,465 328,048
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS.................................................. (14,802,448) (63,199,535)
------------ -------------
Net increase (decrease) in net assets during the period....... (19,796,525) (108,945,395)
Net assets at beginning of period............................. 76,310,689 185,256,084
------------ -------------
NET ASSETS END OF PERIOD(1)..................................... $ 56,514,164 $ 76,310,689
============ =============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................... -- 550,000
Shares issued to shareholders from reinvestment of
distributions.............................................. 91 95
Shares redeemed............................................... (500,000) (1,900,000)
------------ -------------
NET INCREASE (DECREASE)....................................... (499,909) (1,349,905)
============ =============
(1) Including undistributed (distribution in excess of) net
investment income............................................. $ 578,837 $ 462,794
============ =============
</Table>
See accompanying notes to financial statements.
226
- --------------------------------------------------------------------------------
<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 FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
------------- ------------- ------------ ------------ ------------ -------------
$ 5,309,321 $ 15,145,925 $ 5,297,072 $ 2,565,648 $ 5,349,930 $ 2,184,746
(67,338,032) 26,417,244 397,205 1,566,592 2,444,780 (4,435,411)
43,708,008 (166,078,657) 86,037,023 (62,719,439) 95,341,850 (100,336,806)
------------- ------------- ------------ ------------ ------------ -------------
(18,320,703) (124,515,488) 91,731,300 (58,587,199) 103,136,560 (102,587,471)
------------- ------------- ------------ ------------ ------------ -------------
672,628 (1,789,862) 1,879,909 3,159,166 2,354,899 996,287
------------- ------------- ------------ ------------ ------------ -------------
(5,937,910) (13,251,069) (3,142,983) (1,340,743) (5,529,254) (1,313,923)
-- (7,520,932) -- (145,430) -- --
------------- ------------- ------------ ------------ ------------ -------------
(5,937,910) (20,772,001) (3,142,983) (1,486,173) (5,529,254) (1,313,923)
------------- ------------- ------------ ------------ ------------ -------------
217,466,708 280,051,170 210,046,108 184,794,181 237,818,032 157,208,665
8,865 19,301 -- -- -- --
(235,374,226) (395,244,395) (25,647,964) (22,360,508) (12,994,209) (52,838,902)
(672,628) 1,789,862 (1,879,909) (3,159,166) (2,354,899) (996,287)
------------- ------------- ------------ ------------ ------------ -------------
(18,571,281) (113,384,062) 182,518,235 159,274,507 222,468,924 103,373,476
------------- ------------- ------------ ------------ ------------ -------------
(42,157,266) (260,461,413) 272,986,461 102,360,301 322,431,129 468,369
224,079,558 484,540,971 163,779,838 61,419,537 123,107,584 122,639,215
------------- ------------- ------------ ------------ ------------ -------------
$ 181,922,292 $ 224,079,558 $436,766,299 $163,779,838 $445,538,713 $ 123,107,584
============= ============= ============ ============ ============ =============
6,650,000 5,000,000 3,700,000 2,600,000 4,500,000 1,700,000
256 353 -- -- -- --
(7,600,000) (7,450,000) (400,000) (300,000) (200,000) (600,000)
------------- ------------- ------------ ------------ ------------ -------------
(949,744) (2,449,647) 3,300,000 2,300,000 4,300,000 1,100,000
============= ============= ============ ============ ============ =============
$ (379) $ (231,736) $ 3,356,953 $ 1,517,942 $ 1,336,727 $ 1,518,048
============= ============= ============ ============ ============ =============
</Table>
227
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING MARKETS ETF
--------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 1,245,207 $ 958,799
Net realized gain (loss) on investments, foreign currency
transactions and futures.................................... 883,325 2,058,413
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures...... 21,154,077 (20,109,950)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. 23,282,609 (17,092,738)
----------- ------------
Net equalization credits and charges........................... 766,948 106,486
----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (1,452,964) (458,445)
Net realized gains............................................. -- (520,820)
----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (1,452,964) (979,265)
----------- ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 36,265,917 29,477,491
Cost of shares redeemed........................................ -- (20,231,043)
Net income equalization........................................ (766,948) (106,486)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... 35,498,969 9,139,962
----------- ------------
Net increase (decrease) in net assets during the period........ 58,095,562 (8,825,555)
Net assets at beginning of period.............................. 36,299,277 45,124,832
----------- ------------
NET ASSETS END OF PERIOD(1)...................................... $94,394,839 $ 36,299,277
=========== ============
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 900,000 400,000
Shares redeemed................................................ -- (300,000)
----------- ------------
NET INCREASE (DECREASE)........................................ 900,000 100,000
=========== ============
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 493,959 $ 757,546
=========== ============
</Table>
See accompanying notes to financial statements.
228
- --------------------------------------------------------------------------------
<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 FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
------------ ------------- ------------- ------------ ------------ ------------
$ 4,398,055 $ 3,943,149 $ 942,663 $ 839,635 $ 1,548,152 $ 1,733,636
(41,750,849) (8,467,660) (27,633,495) (1,681,698) (6,562,270) 2,142,603
81,472,098 (116,559,216) 29,174,553 (46,455,065) 22,586,232 (35,725,029)
------------ ------------- ------------- ------------ ------------ ------------
44,119,304 (121,083,727) 2,483,721 (47,297,128) 17,572,114 (31,848,790)
------------ ------------- ------------- ------------ ------------ ------------
113,062 346,383 (543,985) 723,287 508,324 277,544
------------ ------------- ------------- ------------ ------------ ------------
(6,664,146) (1,205,020) (1,309,844) (404,230) (2,110,805) (761,665)
-- -- -- (34,103) -- (36,533)
------------ ------------- ------------- ------------ ------------ ------------
(6,664,146) (1,205,020) (1,309,844) (438,333) (2,110,805) (798,198)
------------ ------------- ------------- ------------ ------------ ------------
133,070,128 249,747,480 158,972,908 90,183,614 70,190,340 95,148,858
(18,446,715) (95,646,406) (103,360,848) -- (27,009,814) (27,544,011)
(113,062) (346,383) 543,985 (723,287) (508,324) (277,544)
------------ ------------- ------------- ------------ ------------ ------------
114,510,351 153,754,691 56,156,045 89,460,327 42,672,202 67,327,303
------------ ------------- ------------- ------------ ------------ ------------
152,078,571 31,812,327 56,785,937 42,448,153 58,641,835 34,957,859
188,733,812 156,921,485 81,189,315 38,741,162 74,201,702 39,243,843
------------ ------------- ------------- ------------ ------------ ------------
$340,812,383 $ 188,733,812 $ 137,975,252 $ 81,189,315 $132,843,537 $ 74,201,702
============ ============= ============= ============ ============ ============
6,800,000 7,900,000 4,900,000 1,300,000 1,200,000 1,100,000
(1,300,000) (3,800,000) (3,300,000) -- (500,000) (400,000)
------------ ------------- ------------- ------------ ------------ ------------
5,500,000 4,100,000 1,600,000 1,300,000 700,000 700,000
============ ============= ============= ============ ============ ============
$ 626,802 $ 3,099,496 $ (4,908) $ 591,542 $ 337,166 $ 1,048,493
============ ============= ============= ============ ============ ============
</Table>
229
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING
MIDDLE EAST &
AFRICA ETF
---------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 3,020,778 $ 4,802,614
Net realized gain (loss) on investments and foreign currency
transactions................................................ (22,202,027) (455,703)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions............... 24,607,159 (42,767,321)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. 5,425,910 (38,420,410)
------------ ------------
Net equalization credits and charges........................... (1,130,621) 1,984,444
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (5,932,397) (1,015,292)
Net realized gains............................................. -- (100,455)
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (5,932,397) (1,115,747)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 14,706,403 164,621,958
Net proceeds from the reinvestment of shares issued............ -- --
Cost of shares redeemed........................................ (37,505,238) --
Net income equalization........................................ 1,130,621 (1,984,444)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... (21,668,214) 162,637,514
------------ ------------
Net increase (decrease) in net assets during the period........ (23,305,322) 125,085,801
Net assets at beginning of period.............................. 152,537,558 27,451,757
------------ ------------
NET ASSETS END OF PERIOD(1)...................................... $129,232,236 $152,537,558
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 300,000 2,400,000
Shares issued to shareholders from reinvestment of
distributions............................................... -- --
Shares redeemed................................................ (900,000) --
------------ ------------
NET INCREASE (DECREASE)........................................ (600,000) 2,400,000
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 776,868 $ 4,024,422
============ ============
</Table>
See accompanying notes to financial statements.
230
- --------------------------------------------------------------------------------
<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 FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
----------- ----------- ------------- ------------- ------------- --------------
$ 1,711,050 $ 602,973 $ 7,230,253 $ 6,703,837 $ 28,363,711 $ 34,442,707
(1,488,887) 15,226 (25,350,032) (7,266,699) (270,907,310) (47,506,451)
14,547,684 (7,844,493) 54,633,302 (125,441,700) 232,639,976 (459,696,978)
----------- ----------- ------------- ------------- ------------- --------------
14,769,847 (7,226,294) 36,513,523 (126,004,562) (9,903,623) (472,760,722)
----------- ----------- ------------- ------------- ------------- --------------
1,683,188 372,476 1,978,065 3,155,093 1,027,510 1,095,614
----------- ----------- ------------- ------------- ------------- --------------
(1,928,626) (228,453) (9,931,796) (1,646,829) (29,224,112) (35,627,956)
-- (34,955) -- (2,785,844) -- --
----------- ----------- ------------- ------------- ------------- --------------
(1,928,626) (263,408) (9,931,796) (4,432,673) (29,224,112) (35,627,956)
----------- ----------- ------------- ------------- ------------- --------------
48,405,229 21,841,734 292,056,790 375,432,673 257,256,740 356,367,190
-- -- -- -- 320,184 751,857
(4,333,053) -- (141,495,234) (23,221,738) (90,302,470) (148,838,147)
(1,683,188) (372,476) (1,978,065) (3,155,093) (1,027,510) (1,095,614)
----------- ----------- ------------- ------------- ------------- --------------
42,388,988 21,469,258 148,583,491 349,055,842 166,246,944 207,185,286
----------- ----------- ------------- ------------- ------------- --------------
56,913,397 14,352,032 177,143,283 221,773,700 128,146,719 (300,107,778)
27,972,938 13,620,906 331,889,806 110,116,106 811,118,056 1,111,225,834
----------- ----------- ------------- ------------- ------------- --------------
$84,886,335 $27,972,938 $ 509,033,089 $ 331,889,806 $ 939,264,775 $ 811,118,056
=========== =========== ============= ============= ============= ==============
2,600,000 800,000 14,200,000 11,800,000 8,600,000 6,800,000
-- -- -- -- 11,050 13,405
(200,000) -- (8,200,000) (800,000) (3,600,000) (2,800,000)
----------- ----------- ------------- ------------- ------------- --------------
2,400,000 800,000 6,000,000 11,000,000 5,011,050 4,013,405
=========== =========== ============= ============= ============= ==============
$ 342,715 $ 542,254 $ 2,529,000 $ 5,289,106 $ (2,863,800) $ (2,892,727)
=========== =========== ============= ============= ============= ==============
</Table>
231
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
FTSE/MACQUARIE
GLOBAL INFRASTRUCTURE 100
ETF
---------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 2,665,822 $ 2,648,246
Net realized gain (loss) on investments and foreign currency
transactions................................................ (4,208,862) (315,720)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions............... (3,250,982) (21,035,048)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. (4,794,022) (18,702,522)
------------ ------------
Net equalization credits and charges........................... 112,019 806,088
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (4,047,042) (1,125,385)
Net realized gains............................................. -- (243,403)
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (4,047,042) (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........................................ (7,347,274) --
Net income equalization........................................ (112,019) (806,088)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... (4,115,970) 53,067,577
------------ ------------
Net increase (decrease) in net assets during the period........ (12,845,015) 33,802,355
Net assets at beginning of period.............................. 79,943,891 46,141,536
------------ ------------
NET ASSETS END OF PERIOD(1) $ 67,098,876 $ 79,943,891
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 100,000 900,000
Shares issued to shareholders from reinvestment of
distributions............................................... -- --
Shares redeemed................................................ (200,000) --
------------ ------------
NET INCREASE (DECREASE)........................................ (100,000) 900,000
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 671,861 $ 2,007,866
============ ============
</Table>
See accompanying notes to financial statements.
232
- --------------------------------------------------------------------------------
<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 FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
-------------- ------------- ----------- ------------- ------------ ------------
$ 6,894,851 $ 7,720,869 $ 195,086 $ 343,143 $ 1,222,277 $ 1,180,850
(49,427,689) 1,181,987 (4,213,911) 3,600,579 (9,931,441) (5,006,498)
64,434,326 (113,298,549) 2,757,176 (13,864,853) 17,783,697 (22,438,534)
------------- ------------- ----------- ------------- ------------ ------------
21,901,488 (104,395,693) (1,261,649) (9,921,131) 9,074,533 (26,264,182)
------------- ------------- ----------- ------------- ------------ ------------
751,207 4,065,058 125,790 (772,463) (304,073) (272,670)
------------- ------------- ----------- ------------- ------------ ------------
(9,566,256) (4,783,573) (536,558) (2,031,837) (1,990,267) (1,188,740)
-- (347,849) -- (190,893) -- --
------------- ------------- ----------- ------------- ------------ ------------
(9,566,256) (5,131,422) (536,558) (2,222,730) (1,990,267) (1,188,740)
------------- ------------- ----------- ------------- ------------ ------------
151,270,608 263,045,750 -- -- 31,690,345 17,054,846
-- -- -- -- 1,830 1,095
(112,343,451) (22,570,680) (6,624,718) (232,461,733) (30,752,771) (50,240,648)
(751,207) (4,065,058) (125,790) 772,463 304,073 272,670
------------- ------------- ----------- ------------- ------------ ------------
38,175,950 236,410,012 (6,750,508) (231,689,270) 1,243,477 (32,912,037)
------------- ------------- ----------- ------------- ------------ ------------
51,262,389 130,947,955 (8,422,925) (244,605,594) 8,023,670 (60,637,629)
258,638,820 127,690,865 23,786,055 268,391,649 77,057,270 137,694,899
------------- ------------- ----------- ------------- ------------ ------------
$ 309,901,209 $ 258,638,820 $15,363,130 $ 23,786,055 $ 85,080,940 $ 77,057,270
============= ============= =========== ============= ============ ============
6,600,000 6,400,000 -- -- 850,000 400,000
-- -- -- -- 50 25
(5,200,000) (600,000) (200,000) (4,200,000) (900,000) (1,100,000)
------------- ------------- ----------- ------------- ------------ ------------
1,400,000 5,800,000 (200,000) (4,200,000) (49,950) (699,975)
============= ============= =========== ============= ============ ============
$ 1,576,835 $ 4,311,569 $ 119,062 $ 410,654 $ 580,981 $ 1,209,725
============= ============= =========== ============= ============ ============
</Table>
233
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
DIVIDEND
ETF
---------------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 2/12/08*-
9/30/09 9/30/08
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 2,578,027 $ 1,629,870
Net realized gain (loss) on investments and foreign currency
transactions................................................ (13,626,670) (5,802,467)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures...... 27,923,448 (9,994,929)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. 16,874,805 (14,167,526)
------------ ------------
Net equalization credits and charges........................... 489,788 615,120
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (2,825,162) (2,270,350)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 84,721,669 59,783,673
Net proceeds from the reinvestment of shares issued............ 28,801 22,962
Cost of shares redeemed........................................ (16,131,455) --
Net income equalization........................................ (489,788) (615,120)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... 68,129,227 59,191,515
------------ ------------
Net increase (decrease) in net assets during the period........ 82,668,658 43,368,759
Net assets at beginning of period.............................. 43,368,759 --
------------ ------------
NET ASSETS END OF PERIOD(1)...................................... $126,037,417 $ 43,368,759
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 1,900,000 900,000
Shares issued to shareholders from reinvestment of
distributions............................................... 673 380
Shares redeemed................................................ (400,000) --
------------ ------------
NET INCREASE (DECREASE)........................................ 1,500,673 900,380
============ ============
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ (91,206) $ (645,245)
============ ============
</Table>
* Commencement of operations.
See accompanying notes to financial statements.
234
- --------------------------------------------------------------------------------
<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 PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 5/7/08*- YEAR ENDED 5/12/08*- YEAR ENDED 5/7/08*-
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
----------- ----------- ----------- ----------- ----------- -----------
$ 281,114 $ 56,973 $ 361,384 $ 61,080 $ 1,643,227 $ 128,151
396,765 (395,366) 1,192,298 (64,629) (6,011,005) (110,381)
3,751,321 (1,546,347) 7,650,958 (2,194,587) 15,500,580 (1,749,172)
----------- ----------- ----------- ----------- ----------- -----------
4,429,200 (1,884,740) 9,204,640 (2,198,136) 11,132,802 (1,731,402)
----------- ----------- ----------- ----------- ----------- -----------
167,045 -- 309,535 111,201 429,766 63,064
----------- ----------- ----------- ----------- ----------- -----------
(229,354) -- (135,395) -- (2,175,297) (155,654)
----------- ----------- ----------- ----------- ----------- -----------
12,307,996 7,092,400 50,908,357 12,004,964 56,386,995 17,618,342
-- -- -- -- -- --
-- -- (4,110,805) -- -- --
(167,045) -- (309,535) (111,201) (429,766) (63,064)
----------- ----------- ----------- ----------- ----------- -----------
12,140,951 7,092,400 46,488,017 11,893,763 55,957,229 17,555,278
----------- ----------- ----------- ----------- ----------- -----------
16,507,842 5,207,660 55,866,797 9,806,828 65,344,500 15,731,286
5,207,660 -- 9,806,828 -- 15,731,286 --
----------- ----------- ----------- ----------- ----------- -----------
$21,715,502 $ 5,207,660 $65,673,625 $ 9,806,828 $81,075,786 $15,731,286
=========== =========== =========== =========== =========== ===========
600,000 200,000 1,300,000 300,000 2,200,000 400,000
-- -- -- -- -- --
-- -- (100,000) -- -- --
----------- ----------- ----------- ----------- ----------- -----------
600,000 200,000 1,200,000 300,000 2,200,000 400,000
=========== =========== =========== =========== =========== ===========
$ 102,532 $ 63,173 $ 54,006 $ 48,547 $ (580,669) $ (27,991)
=========== =========== =========== =========== =========== ===========
</Table>
235
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
CONSUMER DISCRETIONARY
SECTOR ETF
-----------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 7/16/08*-
9/30/09 9/30/08
---------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income............................................ $ 85,207 $ 20,019
Net realized gain (loss) on investments, foreign currency
transactions and futures...................................... (25,533) 4,172
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures........ 380,646 (651,138)
---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.. 440,320 (626,947)
---------- ----------
NET EQUALIZATION CREDITS AND CHARGES............................. -- --
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................................ (90,667) (6,448)
Return of capital................................................ -- --
---------- ----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS.............................. (90,667) (6,448)
---------- ----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares............................. -- 5,108,000
Net proceeds from the reinvestment of shares issued.............. -- --
Cost of shares redeemed.......................................... -- --
Net income equalization.......................................... -- --
---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS..................................................... -- 5,108,000
---------- ----------
Net increase (decrease) in net assets during period.............. 349,653 4,474,605
Net assets at beginning of period................................ 4,474,605 --
---------- ----------
NET ASSETS AT END OF PERIOD (1).................................... $4,824,258 $4,474,605
========== ==========
SHARES OF BENEFICIAL INTEREST:
Shares sold...................................................... -- 200,000
Shares issued to shareholders from reinvestment of
distributions................................................. -- --
Shares redeemed.................................................. -- --
---------- ----------
NET INCREASE (DECREASE)............................................ -- 200,000
========== ==========
(1) Including undistributed (distributions in excess) of net
investment income................................................ $ 13,245 $ 17,373
========== ==========
</Table>
* Commencement of operations.
See accompanying notes to financial statements.
236
- --------------------------------------------------------------------------------
<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 PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08*-
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
---------- ---------- ---------- ----------- ---------- ----------
$ 113,476 $ 25,298 $ 153,853 $ 37,381 $ 91,083 $ 20,816
(112,708) 1,780 (126,522) (10,312) (630,368) (361)
213,926 (339,793) 215,153 (1,309,489) 618,250 (610,163)
---------- ---------- ---------- ----------- ---------- ----------
214,694 (312,715) 242,484 (1,282,420) 78,965 (589,708)
---------- ---------- ---------- ----------- ---------- ----------
-- -- 7,542 -- 2,586 --
---------- ---------- ---------- ----------- ---------- ----------
(112,594) (21,072) (151,090) (27,210) (90,651) (18,330)
-- -- (2,964) -- -- --
---------- ---------- ---------- ----------- ---------- ----------
(112,594) (21,072) (154,054) (27,210) (90,651) (18,330)
---------- ---------- ---------- ----------- ---------- ----------
-- 5,494,000 1,266,652 6,323,333 1,064,853 4,903,333
-- -- -- -- -- --
-- -- -- -- -- --
-- -- (7,542) -- (2,586) --
---------- ---------- ---------- ----------- ---------- ----------
-- 5,494,000 1,259,110 6,323,333 1,062,267 4,903,333
---------- ---------- ---------- ----------- ---------- ----------
102,100 5,160,213 1,355,082 5,013,703 1,053,167 4,295,295
5,160,213 -- 5,013,703 -- 4,295,295 --
---------- ---------- ---------- ----------- ---------- ----------
$5,262,313 $5,160,213 $6,368,785 $ 5,013,703 $5,348,462 $4,295,295
========== ========== ========== =========== ========== ==========
-- 200,000 50,000 200,000 50,000 200,000
-- -- -- -- -- --
-- -- -- -- -- --
---------- ---------- ---------- ----------- ---------- ----------
-- 200,000 50,000 200,000 50,000 200,000
========== ========== ========== =========== ========== ==========
$ 8,845 $ 4,105 $ (138) $ 4,483 $ 7,449 $ 2,125
========== ========== ========== =========== ========== ==========
</Table>
237
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
HEALTH CARE
SECTOR ETF
-----------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 7/16/08*-
9/30/09 9/30/08
---------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income............................................ $ 114,303 $ 21,648
Net realized gain (loss) on investments, foreign currency
transactions and futures...................................... (3,788) (69,952)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures........ 26,126 (512,050)
---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.. 136,641 (560,354)
---------- ----------
NET EQUALIZATION CREDITS AND CHARGES............................. -- --
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................................ (111,716) (9,902)
Return of capital................................................ -- --
---------- ----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS.............................. (111,716) (9,902)
---------- ----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares............................. -- 6,246,000
Net proceeds from the reinvestment of shares issued.............. -- --
Cost of shares redeemed.......................................... -- --
Net income equalization.......................................... -- --
---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS..................................................... -- 6,246,000
---------- ----------
Net increase (decrease) in net assets during period.............. 24,925 5,675,744
Net assets at beginning of period................................ 5,675,744 --
---------- ----------
NET ASSETS AT END OF PERIOD(1)..................................... $5,700,669 $5,675,744
========== ==========
SHARES OF BENEFICIAL INTEREST:
Shares sold...................................................... -- 200,000
Shares issued to shareholders from reinvestment of
distributions................................................. -- --
Shares redeemed.................................................. -- --
---------- ----------
NET INCREASE (DECREASE)............................................ -- 200,000
========== ==========
(1) Including undistributed (distributions in excess) of net
investment income................................................ $ 13,624 $ 11,712
========== ==========
</Table>
* Commencement of operations.
See accompanying notes to financial statements.
238
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNA-
INDUSTRIAL MATERIALS TECHNOLOGY TELECOMMUNICATIONS TIONAL
SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF UTILITIES
- ------------------------- -------------------------- -------------------------- ------------------------ SECTOR ETF
FOR THE FOR THE FOR THE FOR THE ----------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE
YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08*- YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08 9/30/09
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
$ 94,003 $ 17,115 $ 84,022 $ 23,231 $ 58,711 $ 11,770 $ 217,113 $ 33,024 $ 172,223
(47,131) (4,301) (36,639) (21,694) (23,102) (46) (97,089) (697) (163,791)
298,320 (1,083,905) 1,299,159 (1,983,564) 1,112,595 (1,111,771) 713,033 (866,723) (272,233)
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
345,192 (1,071,091) 1,346,542 (1,982,027) 1,148,204 (1,100,047) 833,057 (834,396) (263,801)
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
-- (9,075) 47,598 (14,130) 3,477 -- 5,021 (27,199) --
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
(105,673) -- (134,554) -- (54,548) -- (212,353) -- (163,595)
-- -- -- -- -- -- -- -- (5,037)
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
(105,673) -- (134,554) -- (54,548) -- (212,353) -- (168,632)
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
-- 5,493,334 7,397,033 6,304,667 5,514,039 5,554,000 4,269,323 5,403,333 --
-- -- -- -- -- -- -- -- --
-- -- (3,696,572) -- -- -- -- -- --
-- -- (47,598) -- (3,477) -- (5,021) -- --
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
-- 5,493,334 3,652,863 6,304,667 5,510,562 5,554,000 4,264,302 5,403,333 --
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
239,519 4,413,168 4,912,449 4,308,510 6,607,695 4,453,953 4,890,027 4,541,738 (432,433)
4,413,168 -- 4,308,510 -- 4,453,953 -- 4,541,738 -- 4,989,238
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
$4,652,687 $ 4,413,168 $ 9,220,959 $ 4,308,510 $11,061,648 $ 4,453,953 $9,431,765 $4,541,738 $4,556,805
========== =========== =========== =========== =========== =========== ========== ========== ==========
-- 200,000 400,000 200,000 250,000 200,000 200,000 200,000 --
-- -- -- -- -- -- -- -- --
-- -- (200,000) -- -- -- -- -- --
- ---------- ----------- ----------- ----------- ----------- ----------- ---------- ---------- ----------
-- 200,000 200,000 200,000 250,000 200,000 200,000 200,000 --
========== =========== =========== =========== =========== =========== ========== ========== ==========
$ -- $ 8,057 $ -- $ 8,541 $ 18,900 $ 11,724 $ 12,787 $ 5,128 $ --
========== =========== =========== =========== =========== =========== ========== ========== ==========
<Caption>
SPDR S&P
SPDR S&P INTERNA-
INTERNA- TIONAL
TIONAL UTILITIES
INDUSTRIAL SECTOR ETF
SECTOR ETF ----------
- ---------- FOR THE
FOR THE PERIOD
YEAR ENDED 7/16/08*-
9/30/09 9/30/08
- ---------- ----------
$ 94,003 $ 76,199
(47,131) (6,776)
298,320 (886,841)
- ---------- ----------
345,192 (817,418)
- ---------- ----------
-- (87,344)
- ---------- ----------
(105,673) --
-- --
- ---------- ----------
(105,673) --
- ---------- ----------
-- 5,894,000
-- --
-- --
-- --
- ---------- ----------
-- 5,894,000
- ---------- ----------
239,519 4,989,238
4,413,168 --
- ---------- ----------
$4,652,687 $4,989,238
========== ==========
-- 200,000
-- --
-- --
- ---------- ----------
-- 200,000
========== ==========
$ -- $ (12,774)
========== ==========
</Table>
239
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ STOXX 50 ETF
----------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/07 9/30/06 9/30/05
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD.................. $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20
------- ------- -------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss).......................... 1.11(5) 1.88 1.50 1.30(5) 1.01
Net realized and unrealized gain (loss) (7)........... (1.05) (17.09) 9.22 5.05 6.10
------- ------- -------- ------- -------
Total from investment operations...................... 0.06 (15.21) 10.72 6.35 7.11
------- ------- -------- ------- -------
Net equalization credits and charges (5).............. (0.01) (0.12) (0.03) 0.38 0.00(4)
------- ------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. (1.07) (1.69) (1.47) (1.41) (1.00)
Net realized gains.................................... -- (0.34) (0.01) (0.15) --
------- ------- -------- ------- -------
Total distributions................................... (1.07) (2.03) (1.48) (1.56) (1.00)
------- ------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD........................ $ 35.31 $ 36.33 $ 53.69 $ 44.48 $ 39.31
======= ======= ======== ======= =======
TOTAL RETURN (1)...................................... 0.69% (29.27)% 24.22% 17.40% 21.60%
Net assets, end of period (in 000's).................. $56,514 $76,311 $185,256 $71,175 $31,447
Ratio of expenses to average net assets............... 0.29% 0.29% 0.30% 0.33% 0.32%
Ratio of net investment income (loss) to average net
assets.............................................. 3.93% 3.35% 3.16% 3.13% 2.75%
Portfolio turnover rate (3)........................... 11% 14% 9% 14% 9%
</Table>
See accompanying notes to financial highlights on page 250 and notes to
financial statements.
240
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ EURO STOXX 50 ETF
- --------------------------------------------------------------
SPDR S&P EMERGING
ASIA PACIFIC ETF
----------------------------------------
FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 3/20/07* -
9/30/09 9/30/08 9/30/07 9/30/06 9/30/05 9/30/09 9/30/08 9/30/07
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------------
$ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 54.59 $ 87.74 $ 60.50
-------- -------- -------- -------- -------- -------- -------- -------
1.21(5) 2.17 1.40 1.32(5) 0.94 1.21(5) 0.90 0.64
(0.65) (19.32) 12.80 7.92 7.39 13.92 (35.04) 25.50
-------- -------- -------- -------- -------- -------- -------- -------
0.56 (17.15) 14.20 9.24 8.33 15.13 (34.14) 26.14
-------- -------- -------- -------- -------- -------- -------- -------
0.15 (0.24) 0.35 (0.08) 0.02 0.43 2.13 1.10
-------- -------- -------- -------- -------- -------- -------- -------
(1.25) (1.95) (1.66) (1.24) (0.98) (0.82) (1.03) --
-- (0.90) -- -- -- -- (0.11) --
-------- -------- -------- -------- -------- -------- -------- -------
(1.25) (2.85) (1.66) (1.24) (0.98) (0.82) (1.14) --
-------- -------- -------- -------- -------- -------- -------- -------
$ 41.34 $ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 69.33 $ 54.59 $ 87.74
======== ======== ======== ======== ======== ======== ======== =======
2.35% (29.00)% 29.76% 22.48% 24.82% 29.15% (36.95)% 45.03%
$181,922 $224,080 $484,541 $233,865 $179,688 $436,766 $163,780 $61,420
0.29% 0.29% 0.30% 0.33% 0.32% 0.59% 0.59% 0.63%(2)
3.67% 3.53% 2.86% 2.92% 2.79% 2.25% 2.28% 3.33%(2)
12% 14% 11% 6% 15% 4% 7% 1%
</Table>
241
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 PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED 3/20/07* - YEAR ENDED YEAR ENDED 3/20/07* -
9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/07
---------- ---------- -------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD........ $ 51.29 $ 94.34 $ 52.23 $ 51.86 $ 75.21 $ 55.63
-------- -------- -------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)................ 1.21(5) 0.75 0.50 0.97(5) 1.32 0.42
Net realized and unrealized gain (loss)
(7)....................................... 14.81 (43.64) 40.90 7.00 (23.44) 18.49
-------- -------- -------- ------- ------- -------
Total from investment operations............ 16.02 (42.89) 41.40 7.97 (22.12) 18.91
-------- -------- -------- ------- ------- -------
Net equalization credits and charges (5).... 0.53 0.47 0.71 0.60 0.16 0.67
-------- -------- -------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................... (1.34) (0.63) -- (1.43) (0.65) --
Net realized gains.......................... -- -- -- -- (0.74) --
-------- -------- -------- ------- ------- -------
Total distributions......................... (1.34) (0.63) -- (1.43) (1.39) --
-------- -------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.............. $ 66.50 $ 51.29 $ 94.34 $ 59.00 $ 51.86 $ 75.21
======== ======== ======== ======= ======= =======
TOTAL RETURN (1)............................ 33.06% (45.26)% 80.64% 18.05% (29.77)% 35.20%
Net assets, end of period (in 000's)........ $445,539 $123,108 $122,639 $94,395 $36,299 $45,125
Ratio of expenses to average net assets..... 0.59% 0.59% 0.59%(2) 0.59% 0.59% 0.60%(2)
Ratio of expenses to average net assets
before waiver............................. 0.59% 0.59% 0.59%(2) 0.59% 0.59% 0.60%(2)
Ratio of net investment income (loss) to
average net assets........................ 2.22% 1.33% 2.56%(2) 2.18% 1.97% 2.42%(2)
Portfolio turnover rate (3)................. 0%(6) 4% 0%(6) 1% 11% 0%(6)
</Table>
See accompanying notes to financial highlights on page 250 and notes to
financial statements.
242
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P EMERGING SPDR S&P EMERGING
BRIC 40 ETF EUROPE ETF LATIN AMERICA ETF
- ---------------------------------------- ---------------------------------------- ----------------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED 6/19/07* - YEAR ENDED YEAR ENDED 3/20/07* - YEAR ENDED YEAR ENDED 3/20/07* -
9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/07
- ---------- ---------- -------------- ---------- ---------- -------------- ---------- ---------- --------------
$ 20.29 $ 30.18 $ 24.07 $ 42.73 $ 64.57 $ 54.38 $ 61.83 $ 78.49 $ 57.51
-------- -------- -------- -------- ------- ------- -------- ------- -------
0.42(5) 0.39 0.07 0.50(5) 0.46 0.22 1.13(5) 1.32 0.50
2.97 (10.19) 5.90 (2.77) (22.41) 9.18 8.12 (17.23) 20.32
-------- -------- -------- -------- ------- ------- -------- ------- -------
3.39 (9.80) 5.97 (2.27) (21.95) 9.40 9.25 (15.91) 20.82
-------- -------- -------- -------- ------- ------- -------- ------- -------
0.01 0.04 0.14 (0.29) 0.51 0.79 0.37 0.25 0.16
-------- -------- -------- -------- ------- ------- -------- ------- -------
(0.66) (0.13) -- (0.75) (0.37) -- (1.53) (0.95) --
-- -- -- -- (0.03) -- -- (0.05) --
-------- -------- -------- -------- ------- ------- -------- ------- -------
(0.66) (0.13) -- (0.75) (0.40) -- (1.53) (1.00) --
-------- -------- -------- -------- ------- ------- -------- ------- -------
$ 23.03 $ 20.29 $ 30.18 $ 39.42 $ 42.73 $ 64.57 $ 69.92 $ 61.83 $ 78.49
======== ======== ======== ======== ======= ======= ======== ======= =======
18.16% (32.50)% 25.38% (5.18)% (33.45)% 18.73% 16.99% (20.21)% 36.49%
$340,812 $188,734 $156,921 $137,975 $81,189 $38,741 $132,844 $74,202 $39,244
0.48% 0.40% 0.40%(2) 0.59% 0.60% 0.60%(2) 0.60% 0.60% 0.60%(2)
0.50% 0.50% 0.50%(2) 0.59% 0.60% 0.60%(2) 0.60% 0.60% 0.60%(2)
2.36% 1.43% 2.31%(2) 1.66% 0.96% 1.53%(2) 2.27% 1.94% 1.98%(2)
16% 16% 0%(6) 45% 19% 3% 17% 7% 2%
</Table>
243
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 PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED 3/20/07* - YEAR ENDED YEAR ENDED 4/20/07* -
9/30/09 9/30/08 9/30/07 9/30/09 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)................. 1.36(5) 1.79(8) 0.67 0.57(5) 0.61 0.41
Net realized and unrealized gain (loss) (7).. 5.97 (15.86) 8.49 (0.22) (11.31) 1.07
-------- -------- ------- ------- ------- -------
Total from investment operations............. 7.33 (14.07) 9.16 0.35 (10.70) 1.48
-------- -------- ------- ------- ------- -------
Net equalization credits and charges (5)..... (0.51) 1.04 0.22 0.56 0.62 --
-------- -------- ------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................ (2.56) (1.02) -- (0.64) (0.57) --
Net realized gains........................... -- (0.10) -- -- (0.09) --
-------- -------- ------- ------- ------- -------
Total distributions.......................... (2.56) (1.12) -- (0.64) (0.66) --
-------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD............... $ 58.74 $ 54.48 $ 68.63 $ 23.58 $ 23.31 $ 34.05
======== ======== ======= ======= ======= =======
TOTAL RETURN (1)............................. 14.04% (19.37)% 15.84% 4.68% (30.13)% 4.56%
Net assets, end of period (in 000's)......... $129,232 $152,538 $27,452 $84,886 $27,973 $13,621
Ratio of expenses to average net assets...... 0.59% 0.59% 0.59%(2) 0.34% 0.35% 0.35%(2)
Ratio of net investment income (loss) to
average net assets......................... 2.98% 3.88% 2.65%(2) 3.02% 3.36% 2.89%(2)
Portfolio turnover rate (3).................. 12% 7% 1% 12% 4% 0%(6)
</Table>
See accompanying notes to financial highlights on page 250 and notes to
financial statements.
244
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL SPDR DOW JONES SPDR FTSE/MACQUARIE
SMALL CAP ETF INTERNATIONAL REAL ESTATE ETF GLOBAL INFRASTRUCTURE
- ------------------------------------------ ------------------------------------------ 100 ETF
FOR THE PERIOD FOR THE PERIOD ------------------------
YEAR ENDED YEAR ENDED 4/20/07* - YEAR ENDED YEAR ENDED 12/15/06* - YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/07 9/30/09 9/30/08
- ---------- ---------- -------------- ---------- ---------- -------------- ---------- ----------
$ 23.71 $ 36.71 $ 35.59 $ 37.86 $ 63.83 $ 60.28 $ 47.03 $ 57.68
-------- -------- -------- -------- -------- ---------- ------- -------
0.44(5) 0.51 0.17 1.34(5) 1.80 1.20 1.57(5) 1.53(8)
1.74 (13.04) 0.70 (2.38) (26.03) 3.33 (4.35) (11.64)
-------- -------- -------- -------- -------- ---------- ------- -------
2.18 (12.53) 0.87 (1.04) (24.23) 4.53 (2.78) (10.11)
-------- -------- -------- -------- -------- ---------- ------- -------
0.12 0.35 0.25 0.05 0.06 0.36 0.07 0.60
-------- -------- -------- -------- -------- ---------- ------- -------
(0.56) (0.30) -- (1.34) (1.80) (1.34) (2.38) (0.94)
-- (0.52) -- -- -- -- -- (0.20)
-------- -------- -------- -------- -------- ---------- ------- -------
(0.56) (0.82) -- (1.34) (1.80) (1.34) (2.38) (1.14)
-------- -------- -------- -------- -------- ---------- ------- -------
$ 25.45 $ 23.71 $ 36.71 $ 35.53 $ 37.86 $ 63.83 $ 41.94 $ 47.03
======== ======== ======== ======== ======== ========== ======= =======
10.45% (33.83)% 3.14% (1.52)% (38.38)% 8.09% (5.40)% (16.93)%
$509,033 $331,890 $110,116 $939,265 $811,118 $1,111,226 $67,099 $79,944
0.59% 0.59% 0.59%(2) 0.59% 0.59% 0.60%(2) 0.59% 0.59%
2.27% 2.38% 1.89%(2) 4.85% 3.43% 3.01%(2) 4.16% 3.49%
21% 46% 2% 23% 8% 16% 10% 7%
<Caption>
SPDR
SPDR S&P FTSE/MACQUARIE
INTERNA- GLOBAL
TIONAL INFRASTRUCTURE
SMALL CAP 100 ETF
ETF --------------
- ---------- FOR THE PERIOD
YEAR ENDED 1/25/07* -
9/30/09 9/30/07
- ---------- --------------
$ 23.71 $ 50.41
-------- -------
0.44(5) 0.59
1.74 6.11
-------- -------
2.18 6.70
-------- -------
0.12 0.57
-------- -------
(0.56) --
-- --
-------- -------
(0.56) --
-------- -------
$ 25.45 $ 57.68
======== =======
10.45% 14.43%
$509,033 $46,142
0.59% 0.59%(2)
2.27% 2.50%(2)
21% 6%
</Table>
245
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 PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED 1/10/07* - YEAR ENDED YEAR ENDED 11/9/06* -
9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/07
---------- ---------- -------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD...... $ 29.39 $ 42.56 $ 35.60 $ 39.64 $ 55.91 $ 52.65
-------- -------- -------- ------- ------- --------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss).............. 0.71(5) 0.82 0.44 0.46(5) 1.95 0.42
Net realized and unrealized gain (loss)
(7)..................................... 1.14 (13.76) 6.12 (0.64) (15.75) 2.84
-------- -------- -------- ------- ------- --------
Total from investment operations.......... 1.85 (12.94) 6.56 (0.18) (13.80) 3.26
-------- -------- -------- ------- ------- --------
Net equalization credits and charges (5).. 0.08 0.60 0.40 0.29 (0.62) --
-------- -------- -------- ------- ------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................... (0.94) (0.77) -- (1.34) (1.69) 0.00(4)
Net realized gains........................ -- (0.06) -- -- (0.16) --
-------- -------- -------- ------- ------- --------
Total distributions....................... (0.94) (0.83) -- (1.34) (1.85) --
-------- -------- -------- ------- ------- --------
NET ASSET VALUE, END OF PERIOD............ $ 30.38 $ 29.39 $ 42.56 $ 38.41 $ 39.64 $ 55.91
======== ======== ======== ======= ======= ========
TOTAL RETURN (1).......................... 7.41% (29.53)% 19.55% 0.58% (26.48)% 6.19%
Net assets, end of period (in 000's)...... $309,901 $258,639 $127,691 $15,363 $23,786 $268,392
Ratio of expenses to average net assets... 0.34% 0.34% 0.35%(2) 0.50% 0.50% 0.51%(2)
Ratio of net investment income (loss) to
average net assets...................... 2.98% 3.00% 2.78%(2) 1.32% 0.52% 0.97%(2)
Portfolio turnover rate (3)............... 15% 5% 1% 6% 3% 0%(6)
</Table>
See accompanying notes to financial highlights on page 250 and notes to
financial statements.
246
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL EMERGING MARKETS
SPDR RUSSELL/NOMURA DIVIDEND MID CAP SMALL CAP
SMALL CAP JAPAN ETF ETF ETF ETF
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED 11/9/06* - YEAR ENDED 2/12/08* - YEAR ENDED 5/7/08* - YEAR ENDED 5/12/08* -
9/30/09 9/30/08 9/30/07 9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
- ---------- ---------- -------------- ---------- -------------- ---------- -------------- ---------- --------------
$ 35.84 $ 48.31 $ 48.70 $ 48.17 $ 70.76 $ 26.04 $ 35.46 $ 32.69 $ 52.29
------- ------- -------- -------- ------- -------- ------- -------- -------
0.60(5) 0.71 0.53 2.09(5) 3.56 0.57(5) 0.32 0.66(5) 0.16
5.29 (12.49) (0.77) 3.70 (23.17) 0.72 (9.74) 10.18 (20.81)
------- ------- -------- -------- ------- -------- ------- -------- -------
5.89 (11.78) (0.24) 5.79 (19.61) 1.29 (9.42) 10.84 (20.65)
------- ------- -------- -------- ------- -------- ------- -------- -------
(0.15) (0.12) (0.03) 0.40 1.30 0.34 -- 0.56 1.05
------- ------- -------- -------- ------- -------- ------- -------- -------
(1.07) (0.57) (0.12) (1.87) (4.28) (0.53) -- (0.31) --
-- -- -- -- -- -- -- -- --
------- ------- -------- -------- ------- -------- ------- -------- -------
(1.07) (0.57) (0.12) (1.87) (4.28) (0.53) -- (0.31) --
------- ------- -------- -------- ------- -------- ------- -------- -------
$ 40.51 $ 35.84 $ 48.31 $ 52.49 $ 48.17 $ 27.14 $ 26.04 $ 43.78 $ 32.69
======= ======= ======== ======== ======= ======== ======= ======== =======
16.35% (24.85)% (0.57)% 13.86% (26.93)% 6.87% (26.54)% 35.45% (37.48)%
$85,081 $77,057 $137,695 $126,037 $43,369 $21,716 $5,208 $65,674 $9,807
0.55% 0.55% 0.56%(2) 0.46% 0.48%(2) 0.45% 0.45%(2) 0.66% 0.76%(2)
1.74% 1.24% 1.26%(2) 5.26% 8.77%(2) 2.57% 2.22%(2) 1.93% 3.41%(2)
25% 22% 2% 148% 71% 45% 19% 83% 2%
<Caption>
SPDR
RUSSELL/-
NOMURA
SMALL CAP
JAPAN ETF
- ----------
YEAR ENDED
9/30/09
- ----------
$ 35.84
-------
0.60(5)
5.29
-------
5.89
-------
(0.15)
-------
(1.07)
--
-------
(1.07)
-------
$ 40.51
=======
16.35%
$85,081
0.55%
1.74%
25%
</Table>
247
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 PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 5/7/08* - YEAR ENDED 7/16/08* - YEAR ENDED 7/16/08* -
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
---------- -------------- ---------- -------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD........ $39.33 $49.87 $22.37 $25.54 $25.80 $27.47
------- ------- ------ ------ ------ ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)................ 1.19(5) 0.56 0.43(5) 0.12 0.57(5) 0.13
Net realized and unrealized gain (loss)
(7)....................................... (8.23) (10.80) 1.77 (3.26) 0.50 (1.69)
------- ------- ------ ------ ------ ------
Total from investment operations............ (7.04) (10.24) 2.20 (3.14) 1.07 (1.56)
------- ------- ------ ------ ------ ------
Net equalization credits and charges(5)..... 0.31 0.33 -- -- -- --
------- ------- ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................... (1.42) (0.63) (0.45) (0.03) (0.56) (0.11)
Return of capital........................... -- -- -- -- -- --
------- ------- ------ ------ ------ ------
Total Distributions......................... (1.42) (0.63) (0.45) (0.03) (0.56) (0.11)
------- ------- ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.............. $31.18 $39.33 $24.12 $22.37 $26.31 $25.80
======= ======= ====== ====== ====== ======
TOTAL RETURN (1)............................ (15.97)% (19.89)% 10.38% (12.29)% 4.48% (5.70)%
Net assets, end of period (in 000's)........ $81,076 $15,731 $4,824 $4,475 $5,262 $5,160
Ratio of expenses to average net assets..... 0.50% 0.50%(2) 0.50% 0.52%(2) 0.50% 0.50%(2)
Ratio of net investment income (loss) to
average net assets........................ 4.84% 3.97%(2) 2.22% 1.88%(2) 2.58% 2.17%(2)
Portfolio turnover rate (3)................. 18% 4% 7% 1% 8% 9%
</Table>
See accompanying notes to financial highlights on page 250 and notes to
financial statements.
248
- --------------------------------------------------------------------------------
<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 PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 7/16/08* - YEAR ENDED 7/16/08*- YEAR ENDED 7/16/08* - YEAR ENDED 7/16/08* -
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
- ---------- -------------- ---------- -------------- ---------- -------------- ---------- --------------
$25.07 $31.62 $21.48 $24.52 $28.38 $31.23 $22.07 $27.47
------ ------ ------ ------ ------ ------ ------ ------
0.76(5) 0.16 0.46(5) 0.10 0.57(5) 0.11 0.47(5) 0.09
0.34 (6.57) (0.11) (3.05) 0.11 (2.91) 1.25 (5.44)
------ ------ ------ ------ ------ ------ ------ ------
1.10 (6.41) 0.35 (2.95) 0.68 (2.80) 1.72 (5.35)
------ ------ ------ ------ ------ ------ ------ ------
0.04 -- 0.01 -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------
(0.72) (0.14) (0.45) (0.09) (0.56) (0.05) (0.53) (0.05)
(0.01) -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------
(0.73) (0.14) (0.45) (0.09) (0.56) (0.05) (0.53) (0.05)
------ ------ ------ ------ ------ ------ ------ ------
$25.48 $25.07 $21.39 $21.48 $28.50 $28.38 $23.26 $22.07
====== ====== ====== ====== ====== ====== ====== ======
5.09% (20.28)% 2.35% (12.03)% 2.78% (8.97)% 8.35% (19.49)%
$6,369 $5,014 $5,348 $4,295 $5,701 $5,676 $4,653 $4,413
0.50% 0.50%(2) 0.50% 0.50%(2) 0.50% 0.50%(2) 0.50% 0.50%(2)
3.64% 3.03%(2) 2.88% 2.03%(2) 2.35% 1.67%(2) 2.59% 1.55%(2)
6% 1% 25% 0%(6) 0%(6) 18% 3% 0%(6)
</Table>
249
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 PERIOD FOR THE PERIOD
YEAR ENDED 7/16/08* - YEAR ENDED 7/16/08* -
9/30/09 9/30/08 9/30/09 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)......................... 0.27(5) 0.11 0.24(5) 0.06
Net realized and unrealized gain (loss) (7).......... 1.41 (10.02) 2.32 (5.56)
------ ------ ------- ------
Total from investment operations..................... 1.68 (9.91) 2.56 (5.50)
------ ------ ------- ------
Net equalization credits and charges (5)............. 0.15 -- 0.01 --
------ ------ ------- ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................ (0.32) (0.07) (0.26) --
Return of capital.................................... -- -- -- --
------ ------ ------- ------
Total Distributions.................................. (0.32) (0.07) (0.26) --
------ ------ ------- ------
NET ASSET VALUE, END OF PERIOD....................... $23.05 $21.54 $24.58 $22.27
====== ====== ======= ======
TOTAL RETURN (1)..................................... 8.87% (31.44)% 11.81% (19.81)%
Net assets, end of period (in 000's)................. $9,221 $4,309 $11,062 $4,454
Ratio of expenses to average net assets.............. 0.50% 0.50%(2) 0.51% 0.50%(2)
Ratio of net investment income (loss) to average net
assets............................................. 1.47% 1.99%(2) 1.23% 1.04%(2)
Portfolio turnover rate (3).......................... 7% 4% 5% 0%(6)
</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.
250
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
- --------------------------- ---------------------------
FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 7/16/08* - YEAR ENDED 7/16/08* -
9/30/09 9/30/08 9/30/09 9/30/08
- ---------- -------------- ---------- --------------
$22.71 $27.02 $24.95 $29.47
------ ------ ------ ------
0.97(5) 0.16 0.86(5) 0.37(8)
0.86 (4.33) (2.19) (4.45)
------ ------ ------ ------
1.83 (4.17) (1.33) (4.08)
------ ------ ------ ------
0.02 -- -- --
------ ------ ------ ------
(0.98) (0.14) (0.81) (0.44)
-- -- (0.03) --
------ ------ ------ ------
(0.98) (0.14) (0.84) (0.44)
------ ------ ------ ------
$23.58 $22.71 $22.78 $24.95
====== ====== ====== ======
8.68% (15.45)% (4.96)% (13.87)%
$9,432 $4,542 $4,557 $4,989
0.50% 0.50%(2) 0.50% 0.50%(2)
4.76% 3.11%(2) 4.23% 6.47%(2)
5% 0%(6) 7% 1%
</Table>
251
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
1. ORGANIZATION
The SPDR Index Shares Funds (the "Trust"), which is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), is an open-end
investment management company that was organized as a Massachusetts business
trust on February 14, 2002.
As of September 30, 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 "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, SPDR FTSE/Macquarie Global
Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME
Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International
Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets
Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P 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.
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. The value of each Fund's shares will decline, more or
less, in correlation with any decline in the value of the Fund's benchmark
index. The values of equity securities could decline generally or could
underperform other investments. Further, Funds will not sell an equity security
because the security's issuer is in financial trouble, unless that security is
removed from the Funds' respective 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.
SECURITY VALUATION
The value of each Fund's portfolio securities, including exchange-traded futures
contracts, is generally based on the securities' last sale price on local
markets when available. Investments in open-end investment companies are valued
at their net asset value each business day. If a security's market price is not
readily available or does not otherwise accurately reflect the fair value of the
security, the security will be valued by another method that the Board of
Trustees of the 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
252
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
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 first day of the Funds' fiscal year 2009, the
Funds adopted the authoritative guidance for fair value measurements and the
fair value option for financial assets and financial liabilities. The guidance
for the fair value option for financial assets and financial liabilities
provides funds the irrevocable option to measure many financial assets and
liabilities at fair value with changes in fair value recognized in earnings. The
guidance also establishes a hierarchy for inputs used in measuring fair value
that maximizes the use of observable inputs and minimizes the use of
unobservable inputs by requiring that the most observable inputs be used when
available. The guidance establishes three levels of inputs that may be used to
measure fair value:
- - Level 1 -- quoted prices in active markets for identical investments.
- - Level 2 -- other significant observable inputs (including, but not limited to,
quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
- - Level 3 -- significant unobservable inputs (including the Funds' own
assumptions in determining the fair value of investments)
Investments that use Level 2 or Level 3 inputs may include, but are not limited
to: (i) an unlisted security related to corporate actions; (ii) a restricted
security (e.g., one that may not be publicly sold without registration under the
Securities Act of 1933, as amended); (iii) a security whose trading has been
suspended or which has been de-listed from its primary trading exchange; (iv) a
security that is thinly traded; (v) a security in default or bankruptcy
proceedings for which there is no current market quotation; (vi) a security
affected by currency controls or restrictions; and (vii) a security affected by
a significant event (e.g., an event that occurs after the close of the markets
on which the security is traded but before the time as of which the Funds' net
assets are computed and that may materially affect the value of the Funds'
investments). Examples of events that may be "significant events" are government
actions, natural disasters, armed conflict, acts of terrorism, and significant
market fluctuations.
Fair value pricing could result in a difference between the prices used to
calculate the Funds' net asset value and the prices used by the Funds' benchmark
index, which, in turn, could result in a difference between the Funds'
performance and the performance of the respective benchmark index. The inputs or
methodology used for valuation are not necessarily an indication of the risks
associated with investing in those investments.
253
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
The following table summarizes the inputs used in valuing the Funds' investments
as of September 30, 2009:
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS TOTAL FAIR VALUE
-------------- ----------------- ------------ ----------------
SPDR DJ STOXX 50 ETF.................... $ 57,329,715 $ -- $-- $ 57,329,715
SPDR DJ EURO STOXX 50 ETF............... 187,809,007 -- -- 187,809,007
SPDR S&P Emerging Asia Pacific ETF...... 450,820,991 -- -- 450,820,991
SPDR S&P China ETF...................... 456,885,004 -- -- 456,885,004
SPDR S&P Emerging Markets ETF........... 100,788,004 5,837 -- 100,793,841
SPDR S&P BRIC 40 ETF.................... 367,085,695 -- -- 367,085,695
SPDR S&P Emerging Europe ETF............ 141,731,862 -- -- 141,731,862
SPDR S&P Emerging Latin America ETF..... 161,599,438 -- -- 161,599,438
SPDR S&P Emerging Middle East & Africa
ETF................................... 129,311,415 22,877 -- 129,334,292
SPDR S&P World ex-US ETF................ 94,940,214 -- --* 94,940,214
SPDR S&P International Small Cap ETF.... 553,817,970 -- --* 553,817,970
SPDR Dow Jones International Real Estate
ETF................................... 1,075,895,717 -- --* 1,075,895,717
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 78,120,960 -- -- 78,120,960
SPDR MSCI ACWI ex-US ETF................ 348,882,762 -- -- 348,882,762
SPDR Russell/Nomura PRIME Japan ETF..... 19,493,945 -- -- 19,493,945
SPDR Russell/Nomura Small Cap Japan
ETF................................... 107,794,173 337,694 --* 108,131,867
SPDR S&P International Dividend ETF..... 133,686,024 -- -- 133,686,024
SPDR S&P International Mid Cap ETF...... 25,342,630 -- -- 25,342,630
SPDR S&P Emerging Markets Small Cap
ETF................................... 62,839,434 -- -- 62,839,434
SPDR Dow Jones Global Real Estate ETF... 84,843,212 -- --* 84,843,212
SPDR S&P International Consumer
Discretionary Sector ETF.............. 4,805,152 -- --* 4,805,152
SPDR S&P International Consumer Staples
Sector ETF............................ 5,225,437 -- -- 5,225,437
SPDR S&P International Energy Sector
ETF................................... 6,362,494 -- -- 6,362,494
SPDR S&P International Financial Sector
ETF................................... 5,344,512 -- -- 5,344,512
SPDR S&P International Health Care
Sector ETF............................ 5,603,051 -- -- 5,603,051
SPDR S&P International Industrial Sector
ETF................................... 4,550,558 -- -- 4,550,558
SPDR S&P International Materials Sector
ETF................................... 9,192,218 -- -- 9,192,218
SPDR S&P International Technology Sector
ETF................................... 11,045,755 -- -- 11,045,755
SPDR S&P International
Telecommunications Sector ETF......... 9,409,974 -- -- 9,409,974
SPDR S&P International Utilities Sector
ETF................................... 4,531,283 -- -- 4,531,283
</Table>
<Table>
* Fund held Level 3 securities that were valued at $0 at September 30, 2009.
</Table>
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT
SPDR INDEX SHARES FUNDS -- OTHER QUOTED OBSERVABLE UNOBSERVABLE TOTAL
FINANCIAL INSTRUMENTS * PRICES INPUTS INPUTS FAIR VALUE
- -------------------------------- ---------- ----------------- ------------ ----------
SPDR S&P Emerging Markets ETF........... $-- $141,967 $-- $141,967
SPDR S&P Emerging Markets Small Cap
ETF................................... -- 60,765 -- 60,765
</Table>
<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.
</Table>
254
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
The following table provides the reconciliation of investments in which
significant unobservable inputs (Level 3) were used in determining fair value at
September 30, 2009:
<Table>
<Caption>
NET CHANGE IN
REALIZED UNREALIZED
GAIN (LOSS) APPRECIATION/
ACCRUED AND CHANGE IN (DEPRECIATION)
SPDR INDEX SHARES DISCOUNTS UNREALIZED NET FROM INVESTMENTS
FUNDS -- BALANCES AT (AMORTIZED APPRECIATION/ PURCHASES/ NET TRANSFERS BALANCE AS OF STILL HELD AT
LEVEL 3 SECURITIES 9/30/08 PREMIUMS) DEPRECIATION (SALES) IN OR OUT 9/30/09 9/30/09
- ------------------ ----------- ---------- ------------- ---------- ------------- ------------- ----------------
SPDR S&P World ex-
US ETF*........... $-- $-- $ (16,585) $ 4,539 $ 12,046 $-- $ (16,585)
Commercial Banks.. -- -- (16,585) 4,539 12,046 -- (16,585)
SPDR S&P
International
Small Cap ETF*.... -- -- (814,312) 50,563 763,749 -- 122,474
Real Estate
Investment
Trusts......... -- -- (396,827) 6,252 390,575 -- 532,104
Capital Markets... -- -- (417,485) 44,311 373,174 -- (409,630)
SPDR Dow Jones
International Real
Estate ETF*....... -- -- -- -- -- -- --
Real Estate
Management
& Development.. -- -- -- -- -- -- --
SPDR Russell/Nomura
Small Cap
Japan ETF*........ -- -- -- -- -- -- --
Real Estate
Management
& Development.. -- -- -- -- -- -- --
SPDR Dow Jones
Global Real
Estate ETF*....... -- -- -- -- -- -- --
Real Estate
Management
& Development.. -- -- -- -- -- -- --
SPDR S&P
International
Consumer
Discretionary
ETF*.............. -- -- (15,019) -- 15,019 -- (15,019)
Textiles, Apparel
&
Luxury Goods... -- -- (15,019) -- 15,019 -- (15,019)
</Table>
<Table>
* Funds held Level 3 securities that were valued at $0 at September 30, 2009.
</Table>
SUBSEQUENT EVENT
Management has evaluated the possibility of subsequent events existing in the
Funds' financial statements through November 24, 2009. Management has determined
that there are no material events that would require disclosure in the Funds'
financial statements through this date except as noted below.
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 as an increase to the cost basis of
such securities.
EXPENSES
Advisory fees and other expenses, which are directly identifiable to a specific
Fund, are applied to that Fund. Trustees fees and other expenses which cannot be
attributed to a 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
255
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
on the date of the transaction, is credited or charged to undistributed net
investment income. As a result, undistributed net investment income per share is
unaffected by sales or reacquisition of Fund shares.
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 on the
ex-dividend date.
FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS
The accounting records of the Funds are maintained in U.S. dollars. Portfolio
securities and other assets and liabilities denominated in a foreign currency
are translated to U.S. dollars at the prevailing rates of exchange at period
end. Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the respective
dates of transactions. The effects of changes in foreign currency exchange rates
on portfolio investments are included in the net realized and unrealized gains
and losses on investments and foreign currency transactions on the Statements of
Operations. Net gains and losses on foreign currency transactions include
disposition of foreign currencies, and currency gains and losses between the
accrual and receipt dates of portfolio investment income and between the trade
and settlement dates of portfolio investment transactions.
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in U.S.
companies and securities of the U.S. government. These risks include revaluation
of currencies and the risk of expropriation. Moreover, the markets for
securities of many foreign companies and foreign governments may be less liquid
and the prices of such securities may be more volatile than those of comparable
U.S. companies and the U.S. government.
Some foreign markets in which the Funds invest are considered emerging markets.
Investment in these emerging markets subjects a Fund to a greater risk of loss
than investments in a developed market. This is due to, among other things,
greater market volatility, lower trading volume, political and economic
instability, higher levels of inflation, deflation or currency devaluation,
greater risk of market shut down, and more governmental limitations on foreign
investment policy than those typically found in a developed market.
FUTURES
SPDR S&P Emerging Markets ETF and SPDR S&P Emerging Markets Small Cap ETF use
futures contracts to meet each fund's objectives. Each Fund employs strategies
in differing combinations to permit it to increase, decrease or change the level
of exposure to market risk factors. The achievement of any strategy relating to
derivatives depends on analysis of various risk factors, and if the strategies
for investment do not work as intended, each Fund may not achieve its
objectives.
Equity risk relates to change in value of equity securities such as common
stocks due to general market conditions, such as real or perceived adverse
economic conditions, changes in the general outlook for corporate earnings, or
adverse investor sentiment. Equity securities generally have greater price
volatility than fixed income securities.
Futures contracts generally provide for the future sale by one party and
purchase by another party of a specified commodity at a specified future time
and at a specified price. Stock index futures contracts are settled periodically
with a payment by one party to the other of a cash amount based on the
difference between the level of the stock index specified in the contract from
one day to the next. Futures contracts are standardized as to maturity date and
underlying instrument and are traded on futures exchanges.
Futures traders are required to make a good faith margin deposit in cash or U.S.
government securities with a broker or custodian to initiate and maintain open
positions in futures contracts. A margin deposit is intended to assure
completion of the contract (delivery or acceptance of the underlying commodity
or payment of the cash settlement amount) if it is not terminated prior to the
specified delivery date. Brokers may establish deposit requirements which are
higher than the exchange minimums. Futures contracts are customarily purchased
and sold on margin deposits which may range upward from less than 5% of the
value of the contract being traded.
256
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
After a futures contract position is opened, the value of the contract is marked
to market daily. If the futures contract price changes to the extent that the
margin on deposit does not satisfy margin requirements, payment of additional
"variation" margin will be required. Conversely, change in the contract value
may reduce the required margin, resulting in a repayment of excess margin to the
contract holder. Variation margin payments are made to and from the futures
broker for as long as the contract remains open. In such case, a fund would
expect to earn interest income on its margin deposits. Closing out an open
futures position is done by taking an opposite position ("buying" a contract
which has previously been "sold" or "selling" a contract previously "purchased")
in an identical contract to terminate the position. Brokerage commissions are
incurred when a futures contract position is opened or closed.
Each Fund may use exchange-traded futures, together with positions in cash and
money market instruments, to simulate full investment in its underlying
benchmark index. Under such circumstances, the Adviser (as defined in Note 3)
may seek to utilize other instruments that it believes to be correlated to the
underlying index components or a subset of the components.
Certain risks may arise upon entering into futures contracts, including the risk
that an illiquid market will limit the Fund's ability to close out a futures
contract prior to the settlement date and that a change in the value of a
futures contract may not correlate exactly with the changes in the value of the
underlying hedged security, index or currency. Risk of loss may exceed amounts
recognized in the Statement of Assets and Liabilities.
A summary of the open future contracts as of September 30, 2009 is included in a
table following the Fund's Investment Portfolio.
The following tables summarize the value of the Fund's derivative instruments
held as of September 30, 2009 and the related location in the accompanying
Statements of Assets and Liabilities, presented by primary underlying risk
exposure:
<Table>
<Caption>
RISK
ASSET DERIVATIVES EXPOSURE-EQUITY
- ----------------- ---------------
SPDR S&P Emerging Markets ETF (a)....... $141,967
SPDR S&P Emerging Markets Small Cap ETF
(a)................................... 60,765
</Table>
The derivative is located in the following Statement of Assets and Liabilities
accounts:
(a) Net unrealized appreciation (depreciation) on futures. Payable for
variation margin on open futures contracts reflects unsettled variation
margin, if any.
Additionally, the amount of unrealized and realized gains and losses on
derivative instruments recognized in Fund earnings during the year ended
September 30, 2009 and the related location in the accompanying Statements of
Operations is summarized in the following tables by primary underlying risk
exposure:
<Table>
<Caption>
RISK
REALIZED GAIN (LOSS) EXPOSURE-EQUITY
- -------------------- ---------------
SPDR S&P Emerging Markets ETF (a)....... $1,147,722
SPDR S&P Emerging Markets Small Cap ETF
(a)................................... (219,575)
</Table>
The above derivative is located in the following Statements of Operations
accounts:
(a) Net realized gain (loss) from futures
<Table>
<Caption>
CHANGE IN NET UNREALIZED APPRECIATION RISK
(DEPRECIATION) EXPOSURE-EQUITY
- ------------------------------------- ---------------
SPDR S&P Emerging Markets ETF (a)....... $283,512
SPDR S&P Emerging Markets Small Cap ETF
(a)................................... 70,845
</Table>
The above derivative is located in the following Statement of Operations
account:
(a) Change in unrealized Appreciation (Depreciation) from futures contracts
257
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX
The Funds have qualified and intend to continue to qualify for and elect
treatment as "regulated investment companies" under Subchapter M of the Internal
Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will
not be subject to federal income taxes to the extent it distributes its taxable
income, including any net realized capital gains, for each fiscal year. In
addition, by distributing during each calendar year substantially all of their
net investment income and capital gains, if any, the Funds will not be subject
to federal excise tax. Income and capital gain distributions are determined in
accordance with income tax regulations which may differ from 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 investment companies.
Additionally, based on the Funds' understanding of the tax rules and rates
related to income, gains and transactions for the foreign jurisdictions in which
the applicable Funds invest, the Funds will provide for foreign taxes, and where
appropriate, deferred foreign taxes.
The Funds have reviewed the tax positions for the open tax years as of September
30, 2009 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 year ended September 30, 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.................... $ (4,978,346)
SPDR DJ EURO STOXX 50 ETF............... (48,486,863)
SPDR S&P Emerging Asia Pacific ETF...... 5,827,653
SPDR S&P China ETF...................... 5,966,373
SPDR S&P Emerging Markets ETF........... (1,222)
SPDR S&P BRIC 40 ETF.................... (7,650,679)
SPDR S&P Emerging Europe ETF............ (8,230,911)
SPDR S&P Emerging Latin America ETF..... 502,660
SPDR S&P Emerging Middle East & Africa
ETF................................... (8,897,059)
SPDR S&P World ex-US ETF................ 1,450,050
SPDR S&P International Small Cap ETF.... (2,456,756)
SPDR Dow Jones International Real Estate
ETF................................... (33,261,267)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 513,558
SPDR MSCI ACWI ex-US ETF................ (7,443,015)
SPDR Russell/Nomura PRIME Japan ETF..... (3,615,060)
SPDR Russell/Nomura Small Cap Japan
ETF................................... (6,165,767)
SPDR S&P International Dividend ETF..... 1,650,158
SPDR S&P International Mid Cap ETF...... --
SPDR S&P Emerging Markets Small Cap
ETF................................... 643,205
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................................... --
</Table>
258
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
NET GAIN (LOSS)
RECLASSIFIED TO
PAID IN CAPITAL
---------------
SPDR S&P International Health Care
Sector ETF............................ $ --
SPDR S&P International Industrial Sector
ETF................................... --
SPDR S&P International Materials Sector
ETF................................... 173,411
SPDR S&P International Technology Sector
ETF................................... --
SPDR S&P International
Telecommunications Sector ETF......... --
SPDR S&P International Utilities Sector
ETF................................... --
</Table>
At September 30, 2009, the Funds had capital loss carryforwards which may be
utilized to offset any net realized capital gains expiring September 30:
<Table>
<Caption>
2010 2011 2012 2013 2014 2015 2016 2017
---- ---- ---- ---- ---- ---- ---------- -----------
SPDR DJ STOXX 50 ETF.................... $-- $-- $-- $-- $-- $-- $ -- $ 5,783,115
SPDR DJ EURO STOXX 50 ETF............... -- -- -- -- -- -- -- 6,389,360
SPDR S&P Emerging Asia Pacific ETF...... -- -- -- -- -- -- -- 1,375,979
SPDR S&P China ETF...................... -- -- -- -- -- -- -- $ 2,685,375
SPDR S&P Emerging Markets ETF........... -- -- -- -- -- -- -- 63,724
SPDR S&P BRIC 40 ETF.................... -- -- -- -- -- -- -- 399,946
SPDR S&P Emerging Europe ETF............ -- -- -- -- -- -- -- 5,912,354
SPDR S&P Emerging Latin America ETF..... -- -- -- -- -- -- -- 3,111,522
SPDR S&P Emerging Middle East & Africa
ETF................................... -- -- -- -- -- -- -- 1,967,866
SPDR S&P World ex-US ETF................ -- -- -- -- -- -- -- 75,751
SPDR S&P International Small Cap ETF.... -- -- -- -- -- -- -- 11,957,401
SPDR Dow Jones International Real Estate
ETF................................... -- -- -- -- -- -- 2,568,760 37,378,612
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ -- -- -- -- -- -- -- 246,762
SPDR MSCI ACWI ex-US ETF................ -- -- -- -- -- -- -- 2,856,017
SPDR Russell/Nomura PRIME Japan ETF..... -- -- -- -- -- -- -- 367,543
SPDR Russell/Nomura Small Cap Japan
ETF................................... -- -- -- -- -- -- -- 1,997,862
SPDR S&P International Dividend ETF..... -- -- -- -- -- -- -- 5,689,152
SPDR S&P International Mid Cap ETF...... -- -- -- -- -- -- -- --
SPDR S&P Emerging Markets Small Cap
ETF................................... -- -- -- -- -- -- -- --
SPDR Dow Jones Global Real Estate ETF... -- -- -- -- -- -- -- 103,944
SPDR S&P International Consumer
Discretionary Sector ETF.............. -- -- -- -- -- -- -- --
SPDR S&P International Consumer Staples
Sector ETF............................ -- -- -- -- -- -- -- 7
SPDR S&P International Energy Sector
ETF................................... -- -- -- -- -- -- -- 4,624
SPDR S&P International Financial Sector
ETF................................... -- -- -- -- -- -- -- 39,777
SPDR S&P International Health Care
Sector ETF............................ -- -- -- -- -- -- -- 64,517
SPDR S&P International Industrial Sector
ETF................................... -- -- -- -- -- -- -- 4,087
SPDR S&P International Materials Sector
ETF................................... -- -- -- -- -- -- -- 65,728
SPDR S&P International Technology Sector
ETF................................... -- -- -- -- -- -- -- --
SPDR S&P International
Telecommunications Sector ETF......... -- -- -- -- -- -- -- 2,618
SPDR S&P International Utilities Sector
ETF................................... -- -- -- -- -- -- -- 16,137
</Table>
259
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
Under current tax laws, capital losses realized after October 31, may be
deferred and treated as occurring on the first day of the following year. The
Funds incurred the following losses during the period November 1, 2008 through
September 30, 2009, that are deferred for tax purposes until fiscal 2010:
<Table>
<Caption>
DEFERRED LOSSES
---------------
SPDR DJ STOXX 50 ETF.................... $ (6,178,627)
SPDR DJ EURO STOXX 50 ETF............... (14,921,657)
SPDR S&P Emerging Asia Pacific ETF...... (1,911,790)
SPDR S&P China ETF...................... (3,455,043)
SPDR S&P Emerging Markets ETF........... (192,447)
SPDR S&P BRIC 40 ETF.................... (37,661,979)
SPDR S&P Emerging Europe ETF............ (9,173,376)
SPDR S&P Emerging Latin America ETF..... (2,911,374)
SPDR S&P Emerging Middle East & Africa
ETF................................... (10,114,764)
SPDR S&P World ex-US ETF................ (2,821,253)
SPDR S&P International Small Cap ETF.... (10,557,466)
SPDR Dow Jones International Real Estate
ETF................................... (156,276,211)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ (3,044,553)
SPDR MSCI ACWI ex-US ETF................ (36,975,710)
SPDR Russell/Nomura PRIME Japan ETF..... (574,285)
SPDR Russell/Nomura Small Cap Japan
ETF................................... (4,290,885)
SPDR S&P International Dividend ETF..... (14,671,733)
SPDR S&P International Mid Cap ETF...... (509,574)
SPDR S&P Emerging Markets Small Cap
ETF................................... --
SPDR Dow Jones Global Real Estate ETF... (3,876,210)
SPDR S&P International Consumer
Discretionary Sector ETF.............. (19,705)
SPDR S&P International Consumer Staples
Sector ETF............................ (107,795)
SPDR S&P International Energy Sector
ETF................................... (119,244)
SPDR S&P International Financial Sector
ETF................................... (562,792)
SPDR S&P International Health Care
Sector ETF............................ (3,109)
SPDR S&P International Industrial Sector
ETF................................... (41,800)
SPDR S&P International Materials Sector
ETF................................... (154,398)
SPDR S&P International Technology Sector
ETF................................... (32,218)
SPDR S&P International
Telecommunications Sector ETF......... (97,364)
SPDR S&P International Utilities Sector
ETF................................... (130,798)
</Table>
For the year ended September 30, 2009, there were no significant differences
between the book basis and the tax basis character of distributions to
shareholders.
The tax character of distributions paid during the year ended September 30,
2009, was as follows:
<Table>
<Caption>
LONG-TERM RETURN
ORDINARY INCOME CAPITAL GAIN OF CAPITAL
--------------- ------------ ----------
SPDR DJ STOXX 50 ETF.................... $ 1,942,749 $-- $ --
SPDR DJ EURO STOXX 50 ETF............... 5,937,910 -- --
SPDR S&P Emerging Asia Pacific ETF...... 3,142,983 -- --
SPDR S&P China ETF...................... 5,529,254 -- --
SPDR S&P Emerging Markets ETF........... 1,452,964 -- --
SPDR S&P BRIC 40 ETF.................... 6,664,146 -- --
</Table>
260
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
LONG-TERM RETURN
ORDINARY INCOME CAPITAL GAIN OF CAPITAL
--------------- ------------ ----------
SPDR S&P Emerging Europe ETF............ $ 1,309,844 $-- $ --
SPDR S&P Emerging Latin America ETF..... 2,110,805 -- --
SPDR S&P Emerging Middle East & Africa
ETF................................... 5,932,397 -- --
SPDR S&P World ex-US ETF................ 1,928,626 -- --
SPDR S&P International Small Cap ETF.... 9,931,796 -- --
SPDR Dow Jones International Real Estate
ETF................................... 29,224,112 -- --
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 4,047,042 -- --
SPDR MSCI ACWI ex-US ETF................ 9,566,256 -- --
SPDR Russell/Nomura PRIME Japan ETF..... 536,558 -- --
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,990,267 -- --
SPDR S&P International Dividend ETF..... 2,825,162 -- --
SPDR S&P International Mid Cap ETF...... 229,354 -- --
SPDR S&P Emerging Markets Small Cap
ETF................................... 135,395 -- --
SPDR Dow Jones Global Real Estate ETF... 2,175,297 -- --
SPDR S&P International Consumer
Discretionary Sector ETF.............. 90,667 -- --
SPDR S&P International Consumer Staples
Sector ETF............................ 112,594 -- --
SPDR S&P International Energy Sector
ETF................................... 151,090 -- 2,964
SPDR S&P International Financial Sector
ETF................................... 90,651 -- --
SPDR S&P International Health Care
Sector ETF............................ 111,716 -- --
SPDR S&P International Industrial Sector
ETF................................... 105,673 -- --
SPDR S&P International Materials Sector
ETF................................... 134,554 -- --
SPDR S&P International Technology Sector
ETF................................... 54,548 -- --
SPDR S&P International
Telecommunications Sector ETF......... 212,353 -- --
SPDR S&P International Utilities Sector
ETF................................... 163,595 -- 5,037
</Table>
The tax character of distributions paid during the year ended September 30,
2008, was as follows:
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
--------------- ------------
SPDR DJ STOXX 50 ETF.................... $ 4,945,259 $ 169,023
SPDR DJ EURO STOXX 50 ETF............... 15,641,539 5,130,462
SPDR S&P Emerging Asia Pacific ETF...... 1,486,173 --
SPDR S&P China ETF...................... 1,313,923 --
SPDR S&P Emerging Markets ETF........... 979,265 --
SPDR S&P BRIC 40 ETF.................... 1,205,020 --
SPDR S&P Emerging Europe ETF............ 438,333 --
SPDR S&P Emerging Latin America ETF..... 798,198 --
SPDR S&P Emerging Middle East & Africa
ETF................................... 1,115,747 --
SPDR S&P World ex-US ETF................ 263,408 --
SPDR S&P International Small Cap ETF.... 4,432,673 --
SPDR Dow Jones International Real Estate
ETF................................... 35,627,956 --
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 1,368,788 --
SPDR MSCI ACWI ex-US ETF................ 5,131,422 --
SPDR Russell/Nomura PRIME Japan ETF..... 2,222,730 --
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,188,740 --
</Table>
261
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
--------------- ------------
SPDR S&P International Dividend ETF..... $ 2,270,350 $ --
SPDR S&P International Mid Cap ETF...... -- --
SPDR S&P Emerging Markets Small Cap
ETF................................... -- --
SPDR Dow Jones Global Real Estate ETF... 155,654 --
SPDR S&P International Consumer
Discretionary Sector ETF.............. 6,448 --
SPDR S&P International Consumer Staples
Sector ETF............................ 21,072 --
SPDR S&P International Energy Sector
ETF................................... 27,210 --
SPDR S&P International Financial Sector
ETF................................... 18,330 --
SPDR S&P International Health Care
Sector ETF............................ 9,902 --
SPDR S&P International Industrial Sector
ETF................................... 9,075 --
SPDR S&P International Materials Sector
ETF................................... 14,130 --
SPDR S&P International Technology Sector
ETF................................... -- --
SPDR S&P International
Telecommunications Sector ETF......... 27,199 --
SPDR S&P International Utilities Sector
ETF................................... 87,344 --
</Table>
There were no significant differences between the book basis and the tax basis
of components of net assets other than differences in the net unrealized
appreciation (depreciation) in the value of investments attributable to the tax
deferral of losses on wash sales, the cumulative return of capital payment,
PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend
payables and the deferral of post-October losses.
As of September 30, 2009, the components of distributable earnings on a tax
basis were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED
ORDINARY LONG-TERM APPRECIATION
FUND INCOME CAPITAL GAIN (DEPRECIATION)
- ---- ------------- ------------- --------------
SPDR DJ STOXX 50 ETF.................... $ 579,017 $ -- $ (19,233,578)
SPDR DJ EURO STOXX 50 ETF............... -- -- (60,003,599)
SPDR S&P Emerging Asia Pacific ETF...... 3,356,953 -- 31,605,974
SPDR S&P China ETF...................... 1,336,727 -- 30,376,279
SPDR S&P Emerging Markets ETF........... 493,959 -- 8,224,216
SPDR S&P BRIC 40 ETF.................... 626,802 -- (17,629,021)
SPDR S&P Emerging Europe ETF............ -- -- (18,850,414)
SPDR S&P Emerging Latin America ETF..... 337,166 -- (7,234,363)
SPDR S&P Emerging Middle East & Africa
ETF................................... 776,868 -- (17,460,800)
SPDR S&P World ex-US ETF................ 373,662 -- 7,040,133
SPDR S&P International Small Cap ETF.... 2,675,316 -- (77,187,562)
SPDR Dow Jones International Real Estate
ETF................................... 6,667,348 -- (331,725,032)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 671,861 -- (22,287,252)
SPDR MSCI ACWI ex-US ETF................ 1,794,980 -- (42,233,332)
SPDR Russell/Nomura PRIME Japan ETF..... 119,062 -- (4,696,043)
SPDR Russell/Nomura Small Cap Japan
ETF................................... 580,981 -- (13,619,787)
SPDR S&P International Dividend ETF..... -- -- 17,725,994
SPDR S&P International Mid Cap ETF...... 648,856 -- 2,175,825
SPDR S&P Emerging Markets Small Cap
ETF................................... 1,686,532 13,889 4,382,056
SPDR Dow Jones Global Real Estate ETF... 411,001 -- 10,639,603
SPDR S&P International Consumer
Discretionary Sector ETF.............. 13,245 -- (277,282)
</Table>
262
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED
ORDINARY LONG-TERM APPRECIATION
FUND INCOME CAPITAL GAIN (DEPRECIATION)
- ---- ------------- ------------- --------------
SPDR S&P International Consumer Staples
Sector ETF............................ $ 8,845 $ -- $ (132,709)
SPDR S&P International Energy Sector
ETF................................... -- -- (1,094,367)
SPDR S&P International Financial Sector
ETF................................... 9,037 -- (26,192)
SPDR S&P International Health Care
Sector ETF............................ 13,624 -- (491,329)
SPDR S&P International Industrial Sector
ETF................................... -- -- (794,326)
SPDR S&P International Materials Sector
ETF................................... -- -- (699,019)
SPDR S&P International Technology Sector
ETF................................... 25,127 -- 824
SPDR S&P International
Telecommunications Sector ETF......... 12,787 -- (153,696)
SPDR S&P International Utilities Sector
ETF................................... -- -- (1,185,223)
</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 net investment income 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 declares and
distributes net realized capital gains, if any, at least annually. Distributions
are recorded on the ex-dividend date. Income and capital gain distributions are
determined in accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Effective October 30, 2009, the Trust's Dividend Reinvestment Service is no
longer available. Broker-dealers, at their own discretion, may offer a dividend
reinvestment service under which additional shares of the Fund(s) are purchased
in the secondary market at current market prices. Investors should consult their
broker-dealer for further information regarding any dividend reinvestment
service offered by such broker-dealer.
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,
263
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
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>
<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.
</Table>
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).
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
264
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
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 September 30, 2009, State Street earned
securities lending agent fees, which are presented net of income earned, as
follows:
<Table>
<Caption>
SECURITIES LENDING
AGENT FEES
------------------
SPDR DJ STOXX 50 ETF.................... $ 9,354
SPDR DJ EURO STOXX 50 ETF............... 50,791
SPDR S&P Emerging Asia Pacific ETF...... 12,701
SPDR S&P China ETF...................... 17,090
SPDR S&P Emerging Markets ETF........... 8,218
SPDR S&P BRIC 40 ETF.................... 20,785
SPDR S&P Emerging Europe ETF............ 9,798
SPDR S&P Emerging Latin America ETF..... 18,910
SPDR S&P Emerging Middle East & Africa
ETF................................... 2,631
SPDR S&P World ex-US ETF................ 17,061
SPDR S&P International Small Cap ETF.... 127,078
SPDR Dow Jones International Real Estate
ETF................................... 261,235
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 28,324
SPDR MSCI ACWI ex-US ETF................ 70,162
SPDR Russell/Nomura PRIME Japan ETF..... 4,865
SPDR Russell/Nomura Small Cap Japan
ETF................................... 53,782
SPDR S&P International Dividend ETF..... 32,278
SPDR S&P International Mid Cap ETF...... 3,258
SPDR S&P Emerging Markets Small Cap
ETF................................... 369
SPDR Dow Jones Global Real Estate ETF... 6,178
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.
The Distributor has established an assisted trading program to aid Authorized
Participants in certain creation and redemption activity for which the
Distributor receives commissions from Authorized Participants. In addition, the
Distributor receives compensation from State Street associated with on-line
creation and redemption activity of Authorized Participants.
265
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
TRUSTEES' FEES
The Trust and SPDR Series Trust ("SST Trust") pay, in the aggregate, each
Independent Trustee an annual fee of $90,000 plus $5,000 per in-person meeting
attended and $1,250 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 $10,000. 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. Prior to April 20, 2009, the Trust paid each
Independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting
attended and $1,000 for each meeting attended via telephone or video conference.
The Audit Chair received an additional annual fee of $9,000.
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 September 30, 2009
and for the period then ended are:
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT REALIZED
9/30/08 COST SHARES PROCEEDS SHARES 9/30/09 INCOME GAIN/(LOSS)
------------ ------------ ----------- ------------ ----------- ------------ ---------- -----------
SPDR DJ STOXX
50 ETF............ $ 1,426,057 $ 27,750,451 27,750,451 $ 28,000,779 28,000,779 $ 1,175,729 $ 53,037 $--
SPDR DJ EURO STOXX
50 ETF............ 5,351,935 126,400,376 126,400,376 125,186,274 125,186,274 6,566,037 287,952 --
SPDR S&P Emerging
Asia Pacific ETF.. 6,821,576 99,873,560 99,873,560 93,085,056 93,085,056 13,610,080 72,023 --
SPDR S&P China ETF.. 3,900,607 95,923,807 95,923,807 84,943,197 84,943,197 14,881,217 96,873 --
SPDR S&P Emerging
Markets ETF....... 2,859,970 48,757,372 48,757,372 42,770,473 42,770,473 8,846,869 46,573 --
SPDR S&P BRIC
40 ETF............ 14,901,275 185,936,112 185,936,112 173,513,117 173,513,117 27,324,270 117,925 --
SPDR S&P Emerging
Europe ETF........ 3,774,091 40,533,008 40,533,008 40,200,419 40,200,419 4,106,680 55,548 --
SPDR S&P Emerging
Latin
America ETF....... 8,828,249 151,114,306 151,114,306 130,881,840 130,881,840 29,060,715 107,245 --
SPDR S&P Emerging
Middle East &
Africa ETF........ 1,202,100 29,050,419 29,050,419 29,030,212 29,030,212 1,222,307 14,926 --
SPDR S&P World ex-
US ETF............ 2,150,629 27,853,810 27,853,810 19,593,732 19,593,732 10,410,707 96,015 --
SPDR S&P
International
Small Cap ETF..... 48,309,606 111,958,427 111,958,427 111,886,099 111,886,099 48,381,934 720,093 --
SPDR Dow Jones
International Real
Estate ETF........ 122,547,301 511,030,355 511,030,355 494,058,371 494,058,371 139,519,285 1,481,338 --
SPDR FTSE/Macquarie
Global
Infrastructure
100 ETF........... 15,292,308 98,860,484 98,860,484 102,862,464 102,862,464 11,290,328 160,625 --
SPDR MSCI ACWI ex-
US ETF............ 28,071,322 114,956,353 114,956,353 102,779,699 102,779,699 40,247,976 397,682 --
SPDR Russell/Nomura
PRIME Japan ETF... 5,538,108 14,732,210 14,732,210 16,017,763 16,017,763 4,252,555 27,112 --
SPDR Russell/Nomura
Small Cap
Japan ETF......... 20,878,980 58,263,254 58,263,254 55,292,254 55,292,254 23,849,980 304,731 --
SPDR S&P
International
Dividend ETF...... 4,529,771 44,317,586 44,317,586 40,497,177 40,497,177 8,350,180 182,556 --
SPDR S&P
International Mid
Cap ETF........... 479,486 9,424,890 9,424,890 6,085,687 6,085,687 3,818,689 18,420 --
SPDR S&P Emerging
Markets Small
Cap ETF........... 20,014 846,309 846,309 727,146 727,146 139,177 2,093 --
SPDR Dow Jones
Global Real
Estate ETF........ 499,627 16,949,133 16,949,133 13,456,965 13,456,965 3,991,795 35,007 --
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>
266
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
4. SHAREHOLDER TRANSACTIONS
With the exception of the Trust's Dividend Reinvestment Service (See Note 2),
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, SPDR S&P International Mid Cap ETF, SPDR S&P
International Consumer Discretionary Sector ETF, SPDR S&P International Consumer
Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P
International Financial Sector ETF, SPDR S&P International Health Care Sector
ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International
Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P
International Telecommunications Sector ETF, and SPDR S&P International
Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF,
SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR
S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging
Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones
International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100
ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap
ETF, SPDR Dow Jones Global Real Estate ETF, and 200,000 shares for SPDR World
ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF.
Such transactions are 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 Funds 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.
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
Accordingly, gross unrealized appreciation and depreciation at September 30,
2009 was as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
-------------- ------------ ------------ --------------
SPDR DJ STOXX 50 ETF.................... $ 76,567,381 $ 695,457 $ 19,933,123 $ (19,237,666)
SPDR DJ EURO STOXX 50 ETF............... 247,822,745 256,727 60,270,465 (60,013,738)
SPDR S&P Emerging Asia Pacific ETF...... 417,705,477 49,673,322 16,557,808 33,115,514
SPDR S&P China ETF...................... 426,510,967 51,854,751 21,480,714 30,374,037
SPDR S&P Emerging Markets ETF........... 92,619,075 12,272,683 4,097,917 8,174,766
SPDR S&P BRIC 40 ETF.................... 384,714,876 22,319,554 39,948,735 (17,629,181)
SPDR S&P Emerging Europe ETF............ 160,581,416 7,308,090 26,157,644 (18,849,554)
SPDR S&P Emerging Latin America ETF..... 168,836,492 8,693,066 15,930,120 (7,237,054)
SPDR S&P Emerging Middle East & Africa
ETF................................... 146,804,652 7,063,229 24,533,589 (17,470,360)
SPDR S&P World ex-US ETF................ 87,905,549 9,783,567 2,748,902 7,034,665
SPDR S&P International Small Cap ETF.... 631,051,880 22,232,120 99,466,030 (77,233,910)
SPDR Dow Jones International Real Estate
ETF................................... 1,407,613,223 319,988 332,037,494 (331,717,506)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 100,407,965 431,827 22,718,832 (22,287,005)
SPDR MSCI ACWI ex-US ETF................ 391,095,175 14,697,307 56,909,720 (42,212,413)
SPDR Russell/Nomura PRIME Japan ETF..... 24,191,745 559,127 5,256,927 (4,697,800)
SPDR Russell/Nomura Small Cap Japan
ETF................................... 121,782,016 5,223,567 18,873,716 (13,650,149)
SPDR S&P International Dividend ETF..... 115,969,994 17,981,680 265,650 17,716,030
SPDR S&P International Mid Cap ETF...... 23,167,537 2,578,923 403,830 2,175,093
SPDR S&P Emerging Markets Small Cap
ETF................................... 58,343,491 5,457,963 962,020 4,495,943
SPDR Dow Jones Global Real Estate ETF... 74,202,387 10,794,867 154,042 10,640,825
SPDR S&P International Consumer
Descretionary Sector ETF.............. 5,083,263 410,636 688,747 (278,111)
</Table>
267
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
-------------- ------------ ------------ --------------
SPDR S&P International Consumer Staples
Sector ETF............................ $ 5,359,481 $ -- $ 134,044 $ (134,044)
SPDR S&P International Energy Sector
ETF................................... 7,457,042 162,636 1,257,184 (1,094,548)
SPDR S&P International Financial Sector
ETF................................... 5,371,223 543,867 570,578 (26,711)
SPDR S&P International Health Care
Sector ETF............................ 6,098,977 -- 495,926 (495,926)
SPDR S&P International Industrial Sector
ETF................................... 5,347,063 190,672 987,177 (796,505)
SPDR S&P International Materials Sector
ETF................................... 9,892,064 440,764 1,140,610 (699,846)
SPDR S&P International Technology Sector
ETF................................... 11,045,182 810,005 809,432 573
SPDR S&P International
Telecommunications Sector ETF......... 9,564,095 319,988 474,109 (154,121)
SPDR S&P International Utilities Sector
ETF................................... 5,717,240 74,785 1,260,742 (1,185,957)
</Table>
6. INVESTMENT TRANSACTIONS
For the year ended September 30, 2009, the Trust had in-kind contributions, in-
kind redemptions and in-kind realized gain/loss as follows:
<Table>
<Caption>
REALIZED
CONTRIBUTIONS REDEMPTIONS GAIN/(LOSS)
------------- ------------ ------------
SPDR DJ STOXX 50 ETF.................... $ -- $ 14,818,108 $ (4,978,346)
SPDR DJ EURO STOXX 50 ETF............... 209,314,801 235,424,761 (48,486,863)
SPDR S&P Emerging Asia Pacific ETF...... 118,527,176 14,558,216 5,827,653
SPDR S&P China ETF...................... 237,403,992 12,959,821 5,966,373
SPDR S&P Emerging Markets ETF........... 25,978,964 -- (1,222)
SPDR S&P BRIC 40 ETF.................... 132,945,205 18,464,983 (7,650,679)
SPDR S&P Emerging Europe ETF............ 139,808,652 89,991,287 (8,230,911)
SPDR S&P Emerging Latin America ETF..... 53,039,669 20,405,516 502,660
SPDR S&P Emerging Middle East & Africa
ETF................................... 12,462,242 30,640,823 (8,897,059)
SPDR S&P World ex-US ETF................ 47,646,189 4,313,876 1,450,050
SPDR S&P International Small Cap ETF.... 268,289,095 130,890,210 (2,456,756)
SPDR Dow Jones International Real Estate
ETF................................... 277,200,588 90,083,381 (33,261,267)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 3,341,127 7,346,150 513,558
SPDR MSCI ACWI ex-US ETF................ 148,040,376 109,916,548 (7,443,015)
SPDR Russell/Nomura PRIME Japan ETF..... -- 6,504,981 (3,615,060)
SPDR Russell/Nomura Small Cap Japan
ETF................................... 31,875,196 30,642,975 (6,165,767)
SPDR S&P International Dividend ETF..... 84,251,610 15,724,087 1,650,158
SPDR S&P International Mid Cap ETF...... 11,876,309 -- --
SPDR S&P Emerging Markets Small Cap
ETF................................... 19,928,555 1,640,345 643,205
SPDR Dow Jones Global Real Estate ETF... 56,373,449 -- --
SPDR S&P International Consumer
Discretionary Sector ETF.............. -- -- --
SPDR S&P International Consumer Staples
Sector ETF............................ -- -- --
SPDR S&P International Energy Sector
ETF................................... 1,264,271 -- --
SPDR S&P International Financial Sector
ETF................................... 1,080,339 -- --
SPDR S&P International Health Care
Sector ETF............................ -- -- --
SPDR S&P International Industrial Sector
ETF................................... -- -- --
SPDR S&P International Materials Sector
ETF................................... 7,370,240 3,689,661 173,411
SPDR S&P International Technology Sector
ETF................................... 5,551,981 -- --
SPDR S&P International
Telecommunications Sector ETF......... 4,269,312 -- --
SPDR S&P International Utilities Sector
ETF................................... -- -- --
</Table>
268
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
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 Funds' daily net shareholder
transactions while the Statements of Changes reflects gross shareholder
transactions including any cash component of the transaction.
For the year ended September 30, 2009, the Trust had purchases and sales of
investment securities as follows:
<Table>
<Caption>
PURCHASES SALES
------------ ------------
SPDR DJ STOXX 50 ETF.................... $ 6,048,263 $ 6,033,387
SPDR DJ EURO STOXX 50 ETF............... 25,746,130 18,168,730
SPDR S&P Emerging Asia Pacific ETF...... 93,070,851 9,655,388
SPDR S&P China ETF...................... 1,127,462 3,922,636
SPDR S&P Emerging Markets ETF........... 8,798,832 613,503
SPDR S&P BRIC 40 ETF.................... 31,419,849 34,049,143
SPDR S&P Emerging Europe ETF............ 32,976,663 27,627,473
SPDR S&P Emerging Latin America ETF..... 22,486,211 12,103,645
SPDR S&P Emerging Middle East & Africa
ETF................................... 13,140,906 19,349,311
SPDR S&P World ex-US ETF................ 6,919,771 6,517,871
SPDR S&P International Small Cap ETF.... 82,777,767 69,275,570
SPDR Dow Jones International Real Estate
ETF................................... 138,431,742 146,586,102
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 6,800,489 8,240,000
SPDR MSCI ACWI ex-US ETF................ 35,953,522 37,583,779
SPDR Russell/Nomura PRIME Japan ETF..... 871,180 1,169,498
SPDR Russell/Nomura Small Cap Japan
ETF................................... 17,775,934 18,865,733
SPDR S&P International Dividend ETF..... 76,549,489 77,289,893
SPDR S&P International Mid Cap ETF...... 5,565,772 5,022,863
SPDR S&P Emerging Markets Small Cap
ETF................................... 42,433,324 16,544,910
SPDR Dow Jones Global Real Estate ETF... 6,385,703 7,424,222
SPDR S&P International Consumer
Discretionary Sector ETF.............. 287,088 318,350
SPDR S&P International Consumer Staples
Sector ETF............................ 354,710 397,071
SPDR S&P International Energy Sector
ETF................................... 345,205 278,476
SPDR S&P International Financial Sector
ETF................................... 843,156 868,771
SPDR S&P International Health Care
Sector ETF............................ 24,854 11,122
SPDR S&P International Industrial Sector
ETF................................... 99,049 167,057
SPDR S&P International Materials Sector
ETF................................... 389,182 441,832
SPDR S&P International Technology Sector
ETF................................... 276,961 294,294
SPDR S&P International
Telecommunications Sector ETF......... 234,231 293,873
SPDR S&P International Utilities Sector
ETF................................... 283,177 407,873
</Table>
For the year ended September 30, 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.
269
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
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.
The market value of securities on loan as of September 30, 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, represent 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.
270
SPDR INDEX SHARES FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
SEPTEMBER 30, 2009
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of the
SPDR Index Shares Funds
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the thirty funds (each a "Fund")
compromising the SPDR Index Shares Funds (the "Trust") at September 30, 2009,
the results of each of their operations, the changes in each of their net assets
and the financial highlights for the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 2009 by
correspondence with the custodian and brokers, and the application of
alternative auditing procedures where confirmations of securities purchased had
not been received, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 24, 2009
271
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV AS OF SEPTEMBER 30, 2009
The following charts are provided to show the frequency at which the daily
market price on the NYSE Arca, Inc. ("Exchange"), the secondary market for
shares of each Fund, was at a discount or premium to such Fund's daily net asset
value ("NAV"). The market price of each Fund generally is determined using the
midpoint between the highest bid and lowest offer on the Exchange, as of the
time that the Fund's NAV is calculated (referred to as the "Bid/Offer
Midpoint"). Each Fund's Bid/Offer Midpoint may at times be at, above or below
its NAV. The discount or premium is the percentage difference between the NAV
and the Bid/Offer Midpoint of a Fund. A discount is the amount that a Fund is
trading below the reported NAV, expressed as a percentage of NAV. A premium is
the amount that a Fund is trading above the reported NAV, expressed as a
percentage of NAV. The NAV of each Fund will fluctuate with changes in the
market value of its portfolio holdings. The Bid/Offer Midpoint of each Fund will
fluctuate in accordance with changes in its NAV, as well as supply and demand.
SPDR DJ STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
5 Years Ended: 9/30/2009................ 193 87 28 114 66 31
</Table>
SPDR DJ EURO STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
5 Years Ended: 9/30/2009................ 159 69 32 136 85 35
</Table>
SPDR S&P EMERGING ASIA PACIFIC ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 80 129 71 49 80 49
</Table>
SPDR S&P CHINA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 81 95 103 59 66 87
</Table>
272
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P EMERGING MARKETS ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 106 100 43 74 52 20
</Table>
SPDR S&P BRIC 40 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (6/22/2007)
through 9/30/2009..................... 111 108 41 62 61 33
</Table>
SPDR S&P EMERGING EUROPE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 126 89 37 60 69 33
</Table>
SPDR S&P EMERGING LATIN AMERICA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 72 29 14 47 16 2
</Table>
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2009..................... 115 96 56 61 72 47
</Table>
273
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P WORLD EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (4/26/2007)
through 9/30/2009..................... 16 3 1 10 4 0
</Table>
SPDR S&P INTERNATIONAL SMALL CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (4/26/2007)
through 9/30/2009..................... 149 114 43 50 36 27
</Table>
SPDR S&P INTERNATIONAL DIVIDEND ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (2/19/2008)
through 9/30/2009..................... 111 70 25 24 15 13
</Table>
SPDR S&P INTERNATIONAL MID CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (5/13/08)
through 9/30/2009..................... 60 53 36 34 26 14
</Table>
SPDR S&P EMERGING MARKETS SMALL CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (5/16/2008)
through 9/30/2009..................... 51 77 37 21 36 19
</Table>
274
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR DOW JONES GLOBAL REAL ESTATE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (05/13/08)
through 9/30/2009..................... 90 85 27 21 18 4
</Table>
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (12/20/2006)
through 9/30/2009..................... 189 126 34 59 47 29
</Table>
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (1/30/2007)
through 9/30/2009..................... 160 45 8 36 14 5
</Table>
SPDR MSCI ACWI EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (1/17/2007)
through 9/30/2009..................... 151 69 29 58 50 26
</Table>
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (11/14/2006)
through 9/30/2009..................... 78 63 37 88 113 86
</Table>
275
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (11/14/2006)
through 9/30/2009..................... 119 116 47 78 82 67
</Table>
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 52 38 28 38 39 18
</Table>
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 38 32 14 36 21 12
</Table>
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 53 44 13 31 22 12
</Table>
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 58 27 41 33 27 36
</Table>
276
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 57 49 19 17 19 10
</Table>
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 70 62 26 16 13 5
-- -- -- -- -- -
</Table>
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 62 65 36 18 17 15
</Table>
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 65 65 24 12 9 4
</Table>
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 10 6 2 5 2 1
</Table>
277
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (07/22/08)
through 9/30/2009..................... 39 36 20 37 34 19
</Table>
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs
which may include creation and redemption fees or brokerage charges and (2)
ongoing costs, including management fees, 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 April 1, 2009 and held for the six
months ended September 30, 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 below provides information about hypothetical account values
and hypothetical expenses based on a Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not a Fund's actual
return. Thus, you should not use the hypothetical account values and expenses to
estimate the actual ending account balance or your expenses for the period.
Rather, these figures are provided to enable you to compare the ongoing costs of
investing in a Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds. The Funds charge transaction fees at scheduled amounts
ranging from $500 to $12,000 per transaction to those persons creating or
redeeming Creation Units. If you buy or sell Shares of the Fund 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.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
ACTUAL 4/1/09 9/30/09 4/1/09 TO 9/30/09
- ------ ------------- ------------- -----------------
SPDR DJ STOXX 50 ETF.................... $1,000 $1,519.68 $1.83
SPDR DJ EURO STOXX 50 ETF............... 1,000 1,573.53 1.87
SPDR S&P Emerging Asia Pacific ETF...... 1,000 1,572.22 3.80
SPDR S&P China ETF...................... 1,000 1,489.85 3.68
SPDR S&P Emerging Markets ETF........... 1,000 1,606.55 3.86
SPDR S&P BRIC 40 ETF.................... 1,000 1,583.50 3.24
SPDR S&P Emerging Europe ETF............ 1,000 1,738.08 4.05
SPDR S&P Emerging Latin America ETF..... 1,000 1,754.39 4.07
SPDR S&P Emerging Middle East & Africa
ETF................................... 1,000 1,459.82 3.64
</Table>
278
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
ACTUAL 4/1/09 9/30/09 4/1/09 TO 9/30/09
- ------ ------------- ------------- -----------------
SPDR S&P World ex-US ETF................ $1,000 $1,494.30 $2.13
SPDR S&P International Small Cap ETF.... 1,000 1,593.60 3.84
SPDR Dow Jones International Real Estate
ETF................................... 1,000 1,667.30 3.95
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 1,000 1,286.93 3.38
SPDR MSCI ACWI ex-US ETF................ 1,000 1,530.89 2.16
SPDR Russell/Nomura PRIME Japan ETF..... 1,000 1,300.71 2.88
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,000 1,351.24 3.24
SPDR S&P International Dividend ETF..... 1,000 1,792.30 3.15
SPDR S&P International Mid Cap ETF...... 1,000 1,493.00 2.81
SPDR S&P Emerging Markets Small Cap
ETF................................... 1,000 1,758.20 4.49
SPDR Dow Jones Global Real Estate ETF... 1,000 1,713.00 3.40
SPDR S&P International Consumer
Discretionary Sector ETF.............. 1,000 1,499.80 3.13
SPDR S&P International Consumer Staples
Sector ETF............................ 1,000 1,393.50 3.00
SPDR S&P International Energy Sector
ETF................................... 1,000 1,398.00 3.01
SPDR S&P International Financial Sector
ETF................................... 1,000 1,780.40 3.49
SPDR S&P International Health Care
Sector ETF............................ 1,000 1,331.30 2.92
SPDR S&P International Industrial Sector
ETF................................... 1,000 1,551.50 3.20
SPDR S&P International Materials Sector
ETF................................... 1,000 1,542.60 3.19
SPDR S&P International Technology Sector
ETF................................... 1,000 1,494.40 3.13
SPDR S&P International
Telecommunications Sector ETF......... 1,000 1,345.20 2.94
SPDR S&P International Utilities Sector
ETF................................... 1,000 1,326.10 2.92
</Table>
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
HYPOTHETICAL 4/1/09 9/30/09 4/1/09 TO 9/30/09
- ------------ ------------- ------------- -----------------
SPDR DJ STOXX 50 ETF.................... $1,000 $1,023.61 $1.47
SPDR DJ EURO STOXX 50 ETF............... 1,000 1,023.61 1.47
SPDR S&P Emerging Asia Pacific ETF...... 1,000 1,022.11 2.99
SPDR S&P China ETF...................... 1,000 1,022.11 2.99
SPDR S&P Emerging Markets ETF........... 1,000 1,022.11 2.99
SPDR S&P BRIC 40 ETF.................... 1,000 1,022.56 2.54
SPDR S&P Emerging Europe ETF............ 1,000 1,022.11 2.99
SPDR S&P Emerging Latin America ETF..... 1,000 1,022.11 2.99
SPDR S&P Emerging Middle East & Africa
ETF................................... 1,000 1,022.11 2.99
SPDR S&P World ex-US ETF................ 1,000 1,023.36 1.72
SPDR S&P International Small Cap ETF.... 1,000 1,022.11 2.99
SPDR Dow Jones International Real Estate
ETF................................... 1,000 1,022.11 2.99
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 1,000 1,022.11 2.99
SPDR MSCI ACWI ex-US ETF................ 1,000 1,023.36 1.72
SPDR Russell/Nomura PRIME Japan ETF..... 1,000 1,022.56 2.54
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,000 1,022.31 2.79
SPDR S&P International Dividend ETF..... 1,000 1,022.81 2.28
SPDR S&P International Mid Cap ETF...... 1,000 1,022.81 2.28
</Table>
279
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OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
HYPOTHETICAL 4/1/09 9/30/09 4/1/09 TO 9/30/09
- ------------ ------------- ------------- -----------------
SPDR S&P Emerging Markets Small Cap
ETF................................... $1,000 $1,021.81 $3.29
SPDR Dow Jones Global Real Estate ETF... 1,000 1,022.56 2.54
SPDR S&P International Consumer
Descretionary Sector ETF.............. 1,000 1,022.56 2.54
SPDR S&P International Consumer Staples
Sector ETF............................ 1,000 1,022.56 2.54
SPDR S&P International Energy Sector
ETF................................... 1,000 1,022.56 2.54
SPDR S&P International Financial Sector
ETF................................... 1,000 1,022.56 2.54
SPDR S&P International Health Care
Sector ETF............................ 1,000 1,022.56 2.54
SPDR S&P International Industrial Sector
ETF................................... 1,000 1,022.56 2.54
SPDR S&P International Materials Sector
ETF................................... 1,000 1,022.56 2.54
SPDR S&P International Technology Sector
ETF................................... 1,000 1,022.56 2.54
SPDR S&P International
Telecommunications Sector ETF......... 1,000 1,022.56 2.54
SPDR S&P International Utilities Sector
ETF................................... 1,000 1,022.56 2.54
</Table>
<Table>
* Expenses are equal to the Fund's annualized net expense ratios of
0.29%, 0.29%, 0.59%, 0.59%, 0.59%, 0.50%, 0.59%, 0.59%, 0.59%, 0.34%,
0.59%, 0.59%, 0.59%, 0.34%, 0.50%, 0.55%, 0.45%, 0.45%, 0.65%, 0.50%,
0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 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.
</Table>
TAX INFORMATION
For federal income tax purposes, the following information is furnished with
respect to the distributions of the Trust for its fiscal year ended September
30, 2009:
The following Fund paid a percentage of distributions which qualify for the
corporate dividends paid deduction:
<Table>
<Caption>
PERCENTAGE
----------
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 32.02%
</Table>
QUALIFIED DIVIDEND INCOME
A portion of dividends distributed by the Funds during the fiscal year ended
September 30, 2009, are considered qualified dividend income, and are eligible
for reduced tax rates. These lower rates range from 5% to 15% depending on an
individual's tax bracket. These amounts are noted below:
<Table>
<Caption>
AMOUNT
-----------
SPDR DJ STOXX 50 ETF.................... $ 2,318,612
SPDR DJ EURO STOXX 50 ETF............... 6,163,751
SPDR S&P Emerging Asia Pacific ETF...... 3,822,470
SPDR S&P China ETF...................... 6,460,150
SPDR S&P Emerging Markets ETF........... 1,001,987
SPDR S&P BRIC 40 ETF.................... 3,949,006
SPDR S&P Emerging Europe ETF............ 1,295,185
SPDR S&P Emerging Latin America ETF..... 235,679
SPDR S&P Emerging Middle East & Africa
ETF................................... 3,799,895
SPDR S&P World ex-US ETF................ 1,886,042
SPDR S&P International Small Cap ETF.... 6,943,521
SPDR Dow Jones International Real Estate
ETF................................... 10,286,241
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 3,007,692
</Table>
280
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OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
AMOUNT
-----------
SPDR MSCI ACWI ex-US ETF................ 7,203,509
SPDR Russell/Nomura PRIME Japan ETF..... 181,368
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,409,893
SPDR S&P International Dividend ETF..... 2,223,959
SPDR S&P International Mid Cap ETF...... 334,703
SPDR S&P Emerging Markets Small Cap
ETF................................... 185,490
SPDR Dow Jones Global Real Estate ETF... 374,378
SPDR S&P International Consumer
Discretionary Sector ETF.............. 112,713
SPDR S&P International Consumer Staples
Sector ETF............................ 145,592
SPDR S&P International Energy Sector
ETF................................... 180,201
SPDR S&P International Financial Sector
ETF................................... 97,618
SPDR S&P International Health Care
Sector ETF............................ 152,253
SPDR S&P International Industrial Sector
ETF................................... 110,677
SPDR S&P International Materials Sector
ETF................................... 112,355
SPDR S&P International Technology Sector
ETF................................... 89,350
SPDR S&P International
Telecommunications Sector ETF......... $ 214,862
SPDR S&P International Utilities Sector
ETF................................... 213,667
</Table>
None of the Funds paid long term capital gains dividends during the year ended
September 30, 2009.
For the fiscal year ended September 30, 2009, certain dividends paid by SPDR DJ
STOXX 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 Dow Jones International Real Estate ETF, SPDR MacQuarie Global
Infrastructure 100 ETF, SPDR MSCI ACWI (ex-US) ETF, SPDR Russell/Nomura PRIME
Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International
Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets
Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF
may be subject to a minimum tax rate of 15% as provided for by the Internal
Revenue Code. The Funds noted above hereby designate the maximum amount of such
dividends allowable up to the amount of dividends that were paid during the
year. Complete information will be reported in conjunction with the 2009 form
1099-DIV.
FOREIGN TAX CREDIT
The Trust has made an election under Internal Revenue Code Section 853 to pass
through foreign taxes paid by a Fund to its shareholders. For the year ended
September 30, 2009, the total amount of foreign taxes that will be passed
through are:
<Table>
<Caption>
AMOUNT
----------
SPDR DJ STOXX 50 ETF.................... $ 201,642
SPDR DJ EURO STOXX 50 ETF............... 589,787
SPDR S&P Emerging Asia Pacific ETF...... 357,536
SPDR S&P China ETF...................... 648,245
SPDR S&P Emerging Markets ETF........... 165,561
SPDR S&P BRIC 40 ETF.................... 530,971
</Table>
281
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OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
AMOUNT
----------
SPDR S&P Emerging Europe ETF............ 221,198
SPDR S&P Emerging Latin America ETF..... 125,118
SPDR S&P Emerging Middle East & Africa
ETF................................... 154,492
SPDR S&P World ex-US ETF................ 93,296
SPDR S&P International Small Cap ETF.... 510,531
SPDR Dow Jones International Real Estate
ETF................................... 1,652,295
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 163,085
SPDR MSCI ACWI ex-US ETF................ 650,572
SPDR Russell/Nomura PRIME Japan ETF..... 12,683
SPDR Russell/Nomura Small Cap Japan
ETF................................... 81,906
SPDR S&P International Dividend ETF..... 282,655
SPDR S&P International Mid Cap ETF...... 16,926
SPDR S&P Emerging Markets Small Cap
ETF................................... 11,118
SPDR Dow Jones Global Real Estate ETF... 59,636
SPDR S&P International Consumer
Discretionary Sector ETF.............. 7,698
SPDR S&P International Consumer Staples
Sector ETF............................ 10,119
SPDR S&P International Energy Sector
ETF................................... 16,913
SPDR S&P International Financial Sector
ETF................................... 9,826
SPDR S&P International Health Care
Sector ETF............................ 12,945
SPDR S&P International Industrial Sector
ETF................................... 9,950
SPDR S&P International Materials Sector
ETF................................... 10,944
SPDR S&P International Technology Sector
ETF................................... 8,471
SPDR S&P International
Telecommunications Sector ETF......... 20,120
SPDR S&P International Utilities Sector
ETF................................... 23,325
</Table>
The amount of foreign source income earned on the following Funds during the
year ended September 30, 2009 were as follows:
<Table>
<Caption>
AMOUNT
-----------
SPDR DJ STOXX 50 ETF.................... $ 2,331,906
SPDR DJ EURO STOXX 50 ETF............... 6,387,410
SPDR S&P Emerging Asia Pacific ETF...... 7,720,765
SPDR S&P China ETF...................... 7,326,555
SPDR S&P Emerging Markets ETF........... 1,724,841
SPDR S&P BRIC 40 ETF.................... 5,780,722
SPDR S&P Emerging Europe ETF............ 1,449,381
SPDR S&P Emerging Latin America ETF..... 2,033,441
SPDR S&P Emerging Middle East & Africa
ETF................................... 3,832,726
SPDR S&P World ex-US ETF................ 2,003,566
SPDR S&P International Small Cap ETF.... 9,058,218
SPDR Dow Jones International Real Estate
ETF................................... 33,618,906
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 2,071,285
SPDR MSCI ACWI ex-US ETF................ 8,014,039
SPDR Russell/Nomura PRIME Japan ETF..... 260,025
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,403,218
SPDR S&P International Dividend ETF..... 2,970,277
</Table>
282
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
AMOUNT
-----------
SPDR S&P International Mid Cap ETF...... 334,703
SPDR S&P Emerging Markets Small Cap
ETF................................... 554,517
SPDR Dow Jones Global Real Estate ETF... 1,127,689
SPDR S&P International Consumer
Discretionary Sector ETF.............. 112,757
SPDR S&P International Consumer Staples
Sector ETF............................ 146,472
SPDR S&P International Energy Sector
ETF................................... 194,638
SPDR S&P International Financial Sector
ETF................................... 117,554
SPDR S&P International Health Care
Sector ETF............................ 152,372
SPDR S&P International Industrial Sector
ETF................................... 125,505
SPDR S&P International Materials Sector
ETF................................... 124,416
SPDR S&P International Technology Sector
ETF................................... 91,346
SPDR S&P International
Telecommunications Sector ETF......... 261,671
SPDR S&P International Utilities Sector
ETF................................... 216,696
</Table>
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 will
be available upon request without charge, by calling 1-866-787-2257 (toll free),
and on the Funds' website at www.spdrs.com.
INVESTMENT ADVISORY CONTRACT RENEWAL
During the most recent fiscal six-month period covered by this report, the Board
of Trustees of the Trust (the "Board") held in-person meetings to evaluate
proposals to continue the Investment Advisory Agreement with respect to the
operational and non-operational series of the Trust (each, a "SPDR ETF" and
collectively, the "SPDR ETFs"). The Trustees who are not "interested persons" of
the Trust within the meaning of the Investment Company Act of 1940, as amended
(the "Independent Trustees") also met separately with their independent legal
counsel to consider the Investment Advisory Agreement.
In evaluating the Investment Advisory Agreement, the Board drew on materials
provided to them by the Adviser and on other materials provided by State Street
Bank and Trust Company, the Trust's Administrator, Transfer Agent, Custodian and
Securities Lending Agent ("State Street"). In deciding whether to approve the
Investment Advisory Agreement, the Board considered various factors, including
(i) the nature, extent and quality of services provided by the Adviser with
respect to the SPDR ETFs under the Investment Advisory Agreement, (ii)
investment performance of the SPDR ETFs, (iii) costs to the Adviser of its
services and profits realized by the Adviser from its relationship with the
Trust, and (iv) the extent to which economies of scale would be realized if and
as the SPDR ETFs grow and whether fee levels in the Investment Advisory
Agreement reflect these economies of scale.
The Board considered the nature, extent and quality of services provided by, or
to be provided by, the Adviser. In doing so, they relied on their prior
experience with the Trust and materials provided prior to and at the meeting.
The Board reviewed the Investment Advisory Agreement and the Adviser's
responsibilities for managing investment operations of the SPDR ETFs in
accordance with each SPDR ETF's investment objective, investment policies, and
applicable legal and regulatory requirements. The Board appreciated the
relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the
experience and expertise of the Adviser with exchange-traded funds. The Board
considered the
283
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
background and experience of the Adviser's senior management, including those
individuals responsible for portfolio management and compliance of the SPDR
ETFs. The Board also considered the portfolio management resources, structures
and practices, including those associated with monitoring and securing each SPDR
ETF's compliance with its investment objectives and policies and with applicable
laws and regulations. The Board also considered information about the Adviser's
best execution procedures and overall investment management business, noting
that the Adviser serves a wide range of clients across a broad spectrum of asset
classes. The Board looked at the Adviser's general knowledge of the investment
business and that of its affiliates which make up State Street Global Advisors,
with which the Adviser shares all of its senior personnel. The Board considered
that the Adviser and its affiliates constitute one of the world's largest
investment management enterprises for indexed products generally and exchange-
traded funds in particular. The Board considered the Adviser's experience in
managing equity exchange-traded funds. The Board then determined that the
nature, extent and quality of services provided by the Adviser to the SPDR ETFs
were necessary and appropriate.
The Board reviewed the SPDR ETFs' performance, noting that the distinctive
indexed investment objective of each of the SPDR ETFs made analysis of
investment performance, in absolute terms, less of a priority than that which
normally attaches to performance of actively-managed funds. The Board was more
concerned with the extent to which each SPDR ETF achieved its objective as a
passively managed index fund. The Board reviewed information regarding each SPDR
ETF's index tracking and tracking error, noting that each SPDR ETF
satisfactorily tracked its benchmark index. The Board also discussed the tax
efficiency of the SPDR ETFs. The Board then determined that the performance of
each SPDR ETF was satisfactory.
The Board considered the profitability of the advisory arrangement with the SPDR
ETFs to the Adviser, including data on the SPDR ETFs' historical profitability
to the Adviser. The Independent Trustees, through their counsel, had the
opportunity to discuss, with representatives of the Adviser and State Street,
methodologies used in computing costs that formed the bases of profitability
calculations and determined that these methodologies were reasonable. The Board
concluded that, to the extent that the Adviser's relationships with the SPDR
ETFs had been profitable, profitability was not excessive.
The Board considered whether the Adviser or its affiliates benefited in other
ways from its relationship with the Trust, noting that the Adviser does not
maintain soft-dollar arrangements in connection with the Trust's brokerage
transactions. The Board concluded that, to the extent that the Adviser or its
affiliates derive benefits from their relationship with the Trust, those
benefits are not so significant as to cause the Adviser's fees with respect to
the SPDR ETFs to be excessive.
The Board determined that the Adviser is likely to realize economies of scale in
managing the SPDR ETFs as assets grow in size. The Board further determined that
such economies of scale are currently shared with the SPDR ETFs by way of the
relatively low advisory fee and unitary fee structure of the Trust, although the
Board intends to continue to monitor fees as SPDR ETFs grow in size and assess
whether fee breakpoints may be warranted.
The Board evaluated the SPDR ETFs' unitary fee through review of comparative
information with respect to fees paid by similar funds -- i.e., exchange-traded
funds tracking equity indexes. The Board reviewed the universe of similar
exchange-traded funds for the SPDR ETFs based upon data from Lipper Analytical
Services and related comparative information for similar exchange-traded funds.
The Board also reviewed the historical expense ratios of the SPDR ETFs,
estimated expense ratios of the new SPDR ETFs, and the unitary fee structure.
The Board used a fund by fund analysis of the data. The Board concluded, based
on the information presented, that each SPDR ETF's fees were fair and reasonable
in light of those of their direct competitors.
The Board, including the Independent Trustees voting separately, approved the
Investment Advisory Agreement after weighing the foregoing factors, none of
which was dispositive in itself. The Board's conclusions regarding the
Investment Advisory Agreement were as follows: (a) the nature and extent of the
services provided by, or expected to be provided by, the Adviser with respect to
the SPDR ETFs were appropriate; (b) the performance and, more importantly, the
index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser's fees
for each SPDR ETF and the unitary fee, considered in relation to services
provided or expected to be provided, were fair and reasonable; (d) profitability
of the Trust's relationship with the Adviser was not excessive; (e) any
additional benefits to the Adviser or its affiliates were not of a magnitude
materially to affect the Board's conclusions; and (f) fees paid to the
284
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
Adviser adequately shared the economies of scale with the SPDR ETFs by way of
the relatively low fee structure of the Trust.
The Board also considered the renewal of the Sub-Advisory Agreement (the "Sub-
Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate
of the Adviser (the "Sub-Adviser") with respect to the real estate series of the
Trust (the "Real Estate ETFs"), after review of materials provided to them at
their request by the Adviser, Sub-Adviser and State Street. In deciding whether
to approve the Sub-Advisory Agreement, the Board considered various factors,
including (i) the nature, extent and quality of services provided by the Sub-
Adviser with respect to the Real Estate ETFs under the Sub-Advisory Agreement,
(ii) investment performance of the Real Estate ETFs, (iii) fees charged by the
Sub-Adviser and any additional benefits received by the Sub-Adviser due to its
relationship with the Adviser and the Trust, and (iv) the extent to which
economies of scale would be realized if and as the Real Estate ETFs grow and
whether fee levels in the Sub-Advisory Agreement reflect these economies of
scale.
The Board considered the background and experience of the Sub-Adviser's senior
management and in particular the Sub-Adviser's experience in investing in real
estate investment trusts and international real estate securities. The Board
considered that each Real Estate ETF satisfactorily tracked its benchmark index.
In light of the Board's determination that the unitary fee paid to the Adviser
by each Real Estate ETF was fair and reasonable and that the Sub-Adviser's fees
are paid by the Adviser, the Board did not believe it necessary to evaluate the
Sub-Adviser's profitability.
The Board, including the Independent Trustees voting separately, approved the
Sub-Advisory Agreement after weighing the foregoing factors, none of which was
dispositive in itself. The Board's conclusions with respect to the Sub-Advisory
Agreement were as follows: (a) the nature and extent of the services provided by
the Sub-Adviser to each Real Estate ETF was appropriate; (b) the performance
and, more importantly, the index tracking, of each Real Estate ETF had been
satisfactory; (c) the Sub-Adviser's fees for each Real Estate ETF and the
unitary fee, considered in relation to the services provided, were fair and
reasonable; (d) any additional benefits to the Sub-Adviser were not of a
magnitude to materially affect the Board's conclusions; and (e) the fees paid to
the Sub-Adviser adequately shared the economies of scale with each Real Estate
ETF.
285
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
TRUSTEES AND OFFICERS OF THE TRUST
<Table>
<Caption>
NUMBER OF
PORTFOLIOS
TERM OF PRINCIPAL IN FUND
OFFICE AND OCCUPATION(S) COMPLEX OTHER
NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST OVERSEEN DIRECTORSHIPS
AND YEAR OF BIRTH WITH FUNDS TIME SERVED 5 YEARS BY TRUSTEE HELD BY TRUSTEE
- ----------------- ------------ ------------ ---------------------- ---------- --------------------
TRUSTEES
INDEPENDENT TRUSTEES
DAVID M. KELLY Independent Unlimited Retired. 102 Chicago Stock
c/o SPDR Index Shares Funds Trustee Elected: Exchange (Public
State Street Financial Center July 2004 Governor/
One Lincoln Street Director);Penson
Boston, MA 02111-2900 Worldwide Inc.
1938 (Director); SPDR
Series Trust
(Trustee).
FRANK NESVET Independent Unlimited Group, Inc. (1998- 102 SPDR Series Trust
c/o SPDR Index Shares Funds Trustee, Elected: present) (a financial (Trustee).
State Street Financial Center Chairman July 2004 services consulting
One Lincoln Street company).
Boston, MA 02111-2900
1943
HELEN F. PETERS Independent Unlimited Professor of Finance, 102 Federal Home Loan
c/o SPDR Index Shares Funds Trustee, Elected: Carroll School of Bank of Boston
State Street Financial Center Chair of July 2004 Management, Boston (Director); BJ's
One Lincoln Street Audit College (2003- Wholesale Clubs
Boston, MA 02111-2900 Committee present); Dean, Boston (Director); SPDR
1948 College (August 2000- Series Trust
2003). (Trustee); Eaton
Vance Funds
(Trustee).
INTERESTED TRUSTEE
JAMES E. ROSS* Interested Unlimited President, SSgA Funds 133 SPDR Series Trust
SSgA Funds Management, Inc. Trustee, Elected Management, Inc. (Trustee); Select
State Street Financial Center President President: (2005-present); Sector SPDR Trust
One Lincoln Street May 2005, Principal, SSgA Funds (Trustee); State
Boston, MA 02111 elected Management, Inc. Street Master Funds
1965 Trustee: (2001-present); Senior (Trustee); and State
November Managing Director, Street Institutional
2005 State Street Global Investment Trust
Advisors (2006- (Trustee); President
present); Principal, and Principal
State Street Global Executive Officer,
Advisors (2000-2006). State Street
Navigator Securities
Lending Trust (2009-
present)
</Table>
<Table>
* Mr. Ross is an Interested Trustee because of his employment with the
Adviser and ownership interest in an affiliate of the Adviser.
</Table>
The Statement of Additional Information includes additional information about
the Board of Trustees and is available without charge upon request, by calling
1-866-787-2257 (toll-free).
286
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TERM OF PRINCIPAL
OFFICE AND OCCUPATION(S)
NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST
AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS
- ----------------- ------------ ------------ ----------------------
OFFICERS
ELLEN M. NEEDHAM Vice Unlimited Principal, SSgA Funds
SSgA Funds Management, Inc. President Elected: Management, Inc.
State Street Financial Center March 2008 (1992-Present)*;
One Lincoln Street Managing Director,
Boston, MA 02111 State Street Global
1967 Advisors (1992 to
Present)*
MICHAEL P. RILEY Vice Unlimited Vice President, State
SSgA Funds Management, Inc. President Elected: Street Global Advisors
State Street Financial Center February (2008-present);
One Lincoln Street 2005 Principal, State
Boston, MA 02111 Street Global Advisors
1969 (2005-2008); Assistant
Vice President, State
Street Bank and Trust
Company (2000-2004).
GARY L. FRENCH Treasurer Unlimited Senior Vice President,
State Street Bank and Trust Elected: May State Street Bank and
Company 2005 Trust Company (2002-
Two Avenue de Lafayette present); Managing
Boston, MA 02111 Director, Deutsche
1951 Bank (2001-2002).
RYAN M. LOUVAR Secretary Unlimited Vice President and
State Street Bank and Trust Elected: Senior Counsel, State
Company August 2008 Street Bank and Trust
Four Copley Place Company (2005-
Boston, MA 02116 present)*; Counsel,
1972 BISYS Group, Inc.
(2000-2005) (a
financial services
company).
MARK E. TUTTLE Assistant Unlimited Vice President and
State Street Bank and Trust Secretary Elected: Counsel, State Street
Company August 2007 Bank and Trust Company
Four Copley Place (2007-Present)*;
Boston, MA 02116 Assistant Counsel,
1970 BISYS Group, Inc.
(2005-2007)*; (a
financial services
company); Sole
Practitioner, Mark E.
Tuttle Attorney at Law
(2004-2005);
Paralegal, John
Hancock Financial
Services, Inc. (2000-
2004).
MATTHEW FLAHERTY Assistant Unlimited Assistant Vice
State Street Bank and Trust Treasurer Elected: May President, State
Company 2005 Street Bank and Trust
Two Avenue de Lafayette (1994-present).*
Boston, MA 02111
1971
CHAD C. HALLETT Assistant Unlimited Vice President, State
State Street Bank and Trust Treasurer Elected: May Street Bank and Trust
Company 2006 Company (2001-
Two Avenue de Lafayette Present).*
Boston, MA 02111
1969
</Table>
287
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2009 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TERM OF PRINCIPAL
OFFICE AND OCCUPATION(S)
NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST
AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS
- ----------------- ------------ ------------ ----------------------
LAURA F. HEALY Assistant Unlimited Vice President, State
State Street Bank and Trust Treasurer Elected: Street Bank and Trust
Company November Company (2002-
Two Avenue de Lafayette 2007 present).*
Boston, MA 02111
1964
JULIE B. PIATELLI Chief Unlimited Principal and Senior
SSgA Funds Management, Inc. Compliance Elected: Compliance Officer,
State Street Financial Center Officer August 2007 SSgA Funds Management,
One Lincoln Street Inc. (2004-present);
Boston, MA 02111 Vice President, State
1967 Street Global Advisors
(2004-present); Senior
Manager,
PricewaterhouseCoop-
ers, LLP (1999-2004).
</Table>
<Table>
* Served in various capacities during noted time period.
</Table>
288
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.
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 Wells Fargo Preferred Stock ETF (PSK)
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)
SPDR Barclays Capital TIPS ETF (IPE)
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)
SPDR Barclays Capital Long Term Treasury ETF (TLO)
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)
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)
SPDR Barclays Capital Aggregate Bond ETF (LAG)
SPDR Barclays Capital Municipal Bond ETF (TFI)
SPDR Barclays Capital California Municipal Bond ETF (CXA)
SPDR Barclays Capital New York Municipal Bond ETF (INY)
SPDR Barclays Capital Short Term Municipal Bond ETF (SHM)
SPDR S&P VRDO Municipal Bond ETF (VRD)
SPDR DB International Government Inflation-Protected Bond ETF (WIP)
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)
SPDR Barclays Capital International Treasury Bond ETF (BWX)
SPDR Barclays Capital High Yield Bond ETF (JNK)
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)
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
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, 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, 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.
"This information must be preceded or accompanied by a current prospectus or
summary prospectus. Read the prospectus carefully before you invest or send
money."
(C) 2009 State Street Corporation STISFAR
For more complete information, please call 866.787.2257 or visit spdrs.com today
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party (the "Code of Ethics"). During
the period covered by this report, no substantive amendments were made to the
Code of Ethics. During the period covered by this report, the registrant did not
grant any waivers, including any implicit waivers, from any provision of the
Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 12(a)(1).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The Board of Trustees of the registrant has determined that the
registrant has one Board member serving on the Audit Committee that possess the
attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert."
(2) Frank Nesvet is the registrant's audit committee financial expert. The
Board also determined that Mr. Nesvet is not an "interested person(s)" of the
registrant as that term is defined in Section 2(a)(19) of the Investment Company
Act of 1940, as amended.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees.
For the fiscal years ending September 30, 2009 and September 30, 2008, the
aggregate audit fees billed for professional services rendered by the principal
accountant were $506,100 and $459,900, respectively. The nature of the services
are (1) auditing of the statements of assets and liabilities, related statements
of operations and changes in net assets, and the financial highlights of each
series of the registrant; (2) auditing and reporting on the financial statements
to be included in the amendment to the registrant's registration statement on
Form N-1A to be filed with the Securities and Exchange Commission; (3) review of
the amendment to the registration statement; (4) issuance of a Report on
Internal Control for inclusion in the registrant's Form N-SAR; and (5) Rule
17f-2 securities counts.
(b) Audit-Related Fees.
For the fiscal years ending September 30, 2009 and September 30, 2008, the
principal accountant did not bill the registrant any fees for assurances and
related services that are reasonably related to the performance of the audit of
the registrant's financial statements and are not reported under paragraph (a)
of this Item.
(c) Tax Fees.
For the fiscal years ending September 30, 2009 and September 30, 2008, the
aggregate tax fees billed for professional services rendered by the principal
accountant were $240,000 and $240,000, respectively. Services included the
review of the registrant's federal, state and local income, franchise and other
tax returns.
(d) All Other Fees.
There were no other fees billed by the principal accountant for the fiscal years
ending September 30, 2009 and September 30, 2008.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The registrant's Audit Committee Charter states the following with respect to
pre-approval procedures:
Before the independent auditors are engaged by the Trust to render audit or
non-audit services, either:
a. The Audit Committee shall pre-approve all auditing services and
permissible non-audit services (e.g., tax services) provided to the
Trust. The Audit Committee may delegate to one or more of its members
the authority to grant pre-approvals. Any decision of any member to
whom authority is delegated under this section shall be presented to
the full Audit Committee at its next regularly scheduled meeting;
or
b. The engagement to render the auditing service or permissible non-audit
service is entered into pursuant to pre-approval policies and
procedures established by the Audit Committee. Any such policies and
procedures must (1) be detailed as to the particular service and (2)
not involve any delegation of the Audit Committee's responsibilities
to the investment adviser. The Audit Committee must be informed of
each service entered into pursuant to the policies and procedures. A
copy of any such policies and procedures shall be attached as an
exhibit to the Audit Committee Charter.
c. De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a
service provided to the Trust other than audit, review or attest
services is not required if: (1) the aggregate amount of all such
non-audit services provided to the Trust constitutes not more than 5
percent of the total amount of revenues paid by the Trust to the
independent auditors during the fiscal year in which the non-audit
services are provided; (2) such services were not recognized by the
Trust at the time of the engagement to be non-audit services; and (3)
such services are promptly brought to the attention of the Audit
Committee and are approved by the Audit Committee or by one or more
members of the Audit Committee to whom authority to grant such
approvals has been delegated by the Audit Committee prior to the
completion of the audit.
d. Pre-Approval of Non-Audit Services Provided to the investment adviser
and Certain Control Persons. The Audit Committee shall pre-approve any
non-audit services proposed to be provided by the independent auditors
to (a) the investment adviser and (b) any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the Trust, if the independent
auditors' engagement with the investment adviser or any such control
persons relates directly to the operations and financial reporting of
the Trust. It shall be the responsibility of the independent auditors
to notify the Audit Committee of any non-audit services that need to
be pre-approved.
e. Application of De Minimis Exception: The De Minimis exception set
forth above applies to pre-approvals under this Section as well,
except that the "total amount of revenues" calculation is based on the
total amount of revenues paid to the independent auditors by the Trust
and any other entity that has its services approved under this Section
(i.e., the investment adviser or any control person).
(e)(2) Percentage of Services.
One hundred percent of the services described in each of paragraphs (b) through
(d) of this Item were approved by the registrant's Audit Committee pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) For the fiscal years ending September 30, 2009 and September 30, 2008, the
aggregate non-audit fees for services rendered by PwC to the registrant and SSgA
Funds Management, Inc. (the "Adviser") and any entity controlling, controlled
by, or under common control with the Adviser that provided ongoing services to
the registrant were $7,670,000 and $7,631,000, respectively.
(h) Not applicable.
ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES.
The registrant has an audit committee which was established by the Board of
Trustees of the registrant in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended. The members of the registrant's
audit committee are Frank Nesvet, David Kelly and Helen Peters.
ITEM 6. SCHEDULE OF INVESTMENTS.
The schedule of investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Registrant has not adopted any material changes to the procedures by which
shareholders may recommend nominees to the registrant's Board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Within 90 days of the filing date of this Form N-CSR, James Ross, the
registrant's President and Principal Executive Officer, and Gary L. French, the
registrant's Treasurer and Principal Financial Officer, reviewed the
registrant's disclosure controls and procedures and evaluated their
effectiveness. Based on their review, Messrs. Ross and French determined that
the disclosure controls and procedures adequately ensure that information
required to be disclosed by the registrant in its periodic reports is recorded,
processed, summarized and reported within the time periods required by the
Securities and Exchange Commission.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the Investment
Company Act of 1940 for each principal executive officer and principal financial
officer of the registrant are attached.
(a)(3) Not applicable
(b) A single certification required by Rule 30a-2(b) under the Investment
Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities
Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United
States Code for the principal executive officer and principal financial officer
of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SPDR(R) Index Shares Funds
By: /s/ James Ross
---------------------------------
James Ross
President and Principal Executive
Officer
Date: December 4, 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 Ross
---------------------------------
James Ross
President and Principal Executive
Officer
Date: December 4, 2009
By: /s/ Gary L. French
---------------------------------
Gary L. French
Treasurer and Principal Financial
Officer
Date: December 4, 2009